Federal Reserve Bulletin, 1937-04

FEDERAL RESERVE BULLETIN APRIL 1937 Recent Money Market Developments Interest Rates Charged by Banks French Financial Measures 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—Recent money market developments 283-289 National summary of business conditions 290-291 Summary of financial and business statistics 293 Law Department: Deduction of withdrawable dividends from amount of demand for margin under Regulation T 294 Determination of market value of stock for loan under Regulation U 294 Interest rates charged by member banks 295-298 United States Government corporations and credit agencies in 1936 299-303 Earnings and expenses of State member banks 304 Earnings and expenses of nonmember insured banks 305 French financial measures 306-308 Annual report of the Bank of France 309-313 Annual report of the Bank of Canada 314-318 Annual report of the Swiss National Bank 318-323 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 326 Federal Reserve bank statistics 327-331 Reserve position of member banks; deposits in larger and smaller centers 332 Money in circulation 333 Gold stock and gold movements 334 All banks in the United States i 335 All member banks 336-337 Reporting member banks in leading cities 338-341 Bank suspensions; bank debits; Postal Savings System 342 Acceptances, commercial paper, and brokers' balances 343 Federal Reserve bank discount rates 344 Money rates and bond yields 345 Security markets 346 Treasury finance 347 Governmental corporations and credit agencies 348-349 Production, employment, and trade 350-358 Wholesale prices 359 International financial statistics: Gold reserves of central banks and governments 362 Gold production 363 Gold movements 363-364 Central banks 365-368 Bank for International Settlements 368 Commercial banks 369 Discount rates of central banks 370 Money rates 370 Foreign exchange rates . 371 Price movements: Wholesale prices 372 Retail food prices and cost of living 373 Security prices 373 Federal Reserve directory: Board of Governors and staff; Open market Committee and staff; Federal Advisory Council 374 Senior officers of Federal Reserve banks; managing directors of branches 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 23 APRIL 1937 No. 4 REVIEW OF THE MONTH of banks, taken as a whole, early in March had excess reserves more than sufficient to On March 1 an increase of 16 2/3 percent cover the increase in requirements to take in reserve requirements of member banks place on May 1, which will amount to onewent into effect, in accordseventh, or 14% percent, of present require- Increase in reserve ance with the action of the ments. Country banks had the largest requirements Board of Governors of Janamount of excess reserves relative to their uary 30, which also prorequirements and central reserve city banks vided for a final increase of the same amount the smallest. to become effective May 1. As a result of the In view of the large amount of excess change on March 1 required reserves of memreserves remaining after the increase in ber banks increased from about $4,600,000,requirements on March 1 and their broad 000 to $5,400,000,000 and excess reserves dedistribution, member banks were able to clined from about $2,100,000,000 to $1,300,make the change with very little borrowing. 000,000. Changes in total reserves held, in The great majority of banks had sufficient required reserves, and in excess reserves by reserves in excess of requirements to meet classes of banks over the period of the change the increase; some banks, in addition, drew and the amounts of excess reserves held after upon their balances with other banks; and a the change are shown in the following table: certain number of banks found it necessary to liquidate some earning assets. RESERVE POSITION OF MEMBER BANKS, BY CLASSES In February and March there was a sub- [Dollar amounts in millions. Figures partly estimated] stantial volume of sales of Government obligations, both by banks and by other holders. Change between last half Excess reserves of February and week week ending These sales reflected in part adjustment of ending March 12 March 12 Class of bank reserve positions by banks in connection with Total qu R i e re - d Excess Amount P o e f r c r e e n - t the increase in reserve requirements, and in reservesreservesreserves r q es u e i r r v ed es part other influences, particularly profit-taking at the high levels of prices reached in C Re e s n e t r r v al e r c e i s ty er v b e a n c k it s y banks._ + -1 1 6 0 5 3 + + 3 24 8 6 5 - - 5 1 5 4 0 3 4 49 3 9 5 2 1 9 6 recent months. Country banks _._ _ +61 +130 -69 443 50 As a result of the selling of securities yields All member banks -1 +761 -762 1,377 26 on Government obligations, both long-term and short-term, showed sharp advances in Country banks and reserve city banks February and March. There were also ingained reserves in the period, while central creases in open-market money rates on bankreserve city banks lost reserves owing in part ers' acceptances and commercial paper and to shifts in bankers' balances. Each class in yields on corporate bonds. Variations in 283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN APRIL 1937 short-term money rates and in high-grade that had been placed with them, in many bond yields during the past 40 years are cases replenished their reserves by drawing shown in the chart on page 285. upon their own balances with other banks. In addition some of these banks withdrew Excess reserves of member banks after a part of their balances to meet the increase March 1, when the new reserve requirements in their own reserve requirements. Altowent into effect, showed gether $130,000,000 was withdrawn from Excess reserves smaller changes than are New York City banks and $170,000,000 from and Treasury j iod of Treasury usual per reporting banks in other leading cities. It operations m ^ / would appear that during this three-week pe- March fiscal operations. Usually in riod there were only small withdrawals of quarterly tax-payment pebankers' balances by member banks outside riods Treasury receipts exceed expenditures, the leading cities, that is, by country banks, Treasury balances at the Reserve banks conpartly because these banks were gaining resequently increase, and the resulting withserves through other operations. In the week drawal of funds from the market results in ending March 24 bankers' balances were decreases in member bank reserves. In the again reduced, reflecting in large part withpast two years the loss of reserves at these drawals to meet a Treasury call for funds periods has been more than usually profrom depositary banks and the payment of nounced because, in addition to the customary Federal taxes by other depositors. excess of receipts over disbursements, the Treasury's balance was further augmented There has been continued reduction in by proceeds from the sale of new securities to recent weeks in the amount of United States the public. This year the Treasury arranged Government securities held for $300,000,000 of bills to mature during the Decline in bank by reporting banks. Unlike March tax-payment period, in addition to the holdings of the decline in these holdings regular weekly amount, and the paying off of Government these bills out of tax receipts restored to the obligations during the last half of 1936, market reserves that would otherwise have which occurred only at membeen temporarily withdrawn. ber banks in New York City, the decline since Transfers of reserves among member the beginning of this year has been at reportbanks for the purpose of meeting the increase ing banks outside as well as in New York. in reserve requirements Reductions were substantial in the three Withdrawals of that became effective March weeks ending February 10 and were particubankers' balances l were not on a large scale larly large in the three weeks ending March owing to the wide distribu- 24. From the end of December to March 24, tion of excess reserves. There was little United States Government securities held by borrowing by banks and withdrawals of reporting member banks declined by $545,bankers' balances, which represent in large 000,000, of which $370,000,000 was in the part idle funds that banks place with city last three weeks of the period. A portion correspondents, were not unusually large. of the reduction in the two weeks ending Between February 17 and March 10 deposits March 24 reflected the net retirement of $200,of other banks with weekly reporting mem- 000,000 of maturing Treasury bills, a part of ber banks in 101 leading cities declined by which was held by weekly reporting member about $300,000,000. This figure includes a banks. Holdings of New York City banks desubstantial amount of duplication, however, clined by $110,000,000 in January and Febsince reporting banks outside New York, ruary and by $240,000,000 in the three weeks losing funds through withdrawal of balances ending March 24, and those of reporting banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 285 APRIL 1937 outside New York City declined by $120,000,- The accompanying chart shows fluctua- 000 in the five weeks ending March 3 and tions in short-term money rates and highby an additional $130,000,000 in the two grade bond yields for the weeks ending March 24. Money rates and Past 40 years. The principal bond yields fact brought out by the chart Commercial loans of weekly reporting is that, while we are at presmember banks, following a sharp seasonal ent in a period of low rates both for shortdecline in January, inand long-term money, short-term rates are Renewed increase creased in the following in commercial two months. In the eight much lower than in the past in relation both loans weeks ending March 24 so-to their own previous levels and to long-term called "other" loans, which include loans rates. Principal factors in the low level of made for commercial, industrial, and agri- short-term rates in recent years have been cultural purposes, increased at reporting the large amount of excess reserves held by banks by an aggregate of $225,000,000, of member banks together with the relatively which $100,000,000 was at banks in New small demand for loans by trade and industry. York City and $40,000,000 in Chicago. On The decline in long-term rates in recent years, March 24 these loans, both at New York City which has not been as great as the decline in banks and at other reporting banks, exceeded short-term rates, has been due principally to the amount outstanding on December 30, thethe great abundance of funds in the hands of maximum since 1932. all classes of investors, as well as to the small MONEY RATES AND BOND YIELDS 1900 1905 1910 1915 1920 1925 1930 1935 Commercial paper rates are averages of open-market rates on 4-6 months prime commercial paper. The index of yields of railroad bonds is computed by the National Bureau of Economic Research to represent changes in yields of bonds of a high and unchanging- grade; the general level of this index is somewhat below averages of actual yields on high-grade bonds in all industries. Corporate bond yields are averages of yields on Moody's Aaa bonds. United States Government bond yields are averages for bonds callable or maturing after 8 years. Latest figure in each case is for the last week in March 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN APRIL 1937 volume of capital issues offered in the market. Offerings of new securities have been With regard to the relationship between long- smaller in recent weeks. Security issues term and short-term rates, the chart shows during January, aggregating $600,that long-term rates have shown much Capital 000,000, were larger than for most smaller fluctuations and less responsiveness issues months of 1936 and included an unto changes in business conditions. usually large amount of State and municipal issues. The volume of issues was Money rates on short-term paper in the also large during February, totaling $500,open market have advanced somewhat fur- 000,000, but offerings declined sharply in the ther in recent weeks. Rates on bankers' aclast week of the month and continued small ceptances have had several advances this during March, with the exception of one large year. On March 24 the offered rate on 90-day issue. Corporate issues in 1937 have included bankers' acceptances was % of 1 percent, 6 a substantial amount of common stock offercompared with % at the beginning of the 6 ings both for refunding and for new capital year. The buying rate for acceptances at the purposes. During January and February Federal Reserve Bank of New York has rethere were about $150,000,000 of foreign mained unchanged at V2 of 1 percent. The issues for refunding purposes. average yield on 3-5 year Treasury notes increased from .94 percent in December to 1.26 Prices of common stocks, which rose to percent at the end of February and to 1.50 new high levels in the early part of March, percent on March 24. The rate on prime comdeclined somewhat after the middle mercial paper was advanced in the week end- Stock of the month. The increase during ing March 27 from % f 1 percent to 1 pero market the first two months of the year occent. Rates on call and time money on the curred principally in prices of in- New York Stock Exchange have remained dustrial and railroad shares, while stocks of unchanged and rates charged on customers' utility companies declined steadily after the loans by banks in leading cities have shown early part of January. little change. Following a temporary decline in stock In the long-term bond market yields have prices in April 1936, a practically uninteradvanced since last December, as prices of rupted advance for ten months, accompany- United States Government, municipal, and ing improvement in earnings reports, carried corporate bonds have declined. The decline average prices from 100 to 130 percent of was shown first for municipal bonds, which their 1926 level, according to the weekly had risen sharply in November and Decem- index of prices of 419 common stocks, comber. Prices of corporate bonds began to de- puted by the Standard Statistics Company. cline in the latter part of January, and by the During the twelve months ending March 31, last week of March average yields on high- 1936, stock prices had advanced from 65 to grade corporate issues, as computed by 110 percent of the 1926 average. Average Moody's Investors Service, had risen to about prices of industrial and of railroad stocks the level of January 1936. The decline in showed sharp advances in both periods. United States Government obligations oc- Prices of utility stocks rose moderately after curred first in short- and medium-term issues, April 1936 as compared with a rapid advance but in March longer-term bonds also declined. during the preceding year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1937 FEDERAL RESERVE BULLETIN 287 Outstanding advances of stock exchange Over the past year output and distribution members to customers for margin trading of both durable and nondurable products have increased by about $150,000,- shown continued expansion. Currently out- Stock market ^^0 in the five months ending put of electric power and of many manufaccredit January 31, 1937, and in Feb- tures, including textiles, shoes, leather, and ruary there was a further in- petroleum products, is at a higher rate than crease of $50,000,000 to a total of $1,480,000,- in 1929. Reflecting strong demand from the 000, approximately the highest level reached machinery and automobile industries and at any time in recent years. These advances from many other sources, output of steel is at had shown little change from May to August approximately the high level reached in the last year, following increases in margin summer of 1929. Construction, however, is requirements effective February 1 and April still in considerably smaller volume than in 1, 1936. predepression years, and this is reflected in Loans by banks to brokers and dealers in industries producing materials such as lumsecurities, which showed little more than cus- ber and cement, where output, though intomary seasonal fluctuations from last May creasing, is at a lower rate than in most other until February of this year, increased by industries. As compared with a year ago, $150,000,000 in the three weeks ending March construction is substantially larger, reflecting 10. In the following two weeks they declined an increased volume of private work, includslightly. Most of the wide short-period fluc- ing factory and commercial construction as tuations in those loans in recent months have well as residential building. The number of reflected borrowings by dealers in Govern- non-farm dwelling units built in 1936, accordment securities, but loans to brokers alone ing to recent comprehensive estimates, was have increased substantially. Other loans on nearly 300,000 as compared with a low of 55,000 in 1933 and in 1934, a post-war high securities by banks, including loans for purof 935,000 in 1925, and 520,000 in 1929. Furchasing listed stocks which also were made ther discussion of recent business developsubject to margin requirements last May, ments is given in the national summary of have shown little change since the autumn of business conditions on pages 290-291. 1935, following a decline lasting for several years. Wholesale commodity prices have con- Industrial production increased more than tinued to advance during the first quarter seasonally in February and March and the and since the end of October the level for the first quarter as a Commodity index of the Bureau of Labor Recent business whole is estimated at 116 per- prices Statistics has risen from 81.2 developments cent of the 1923-1925 average, percent of the 1926 average to as compared with 115 for the 87.6 percent, as shown in the chart on page fourth quarter of 1936. In many industries, 290. Until the middle of January this upfurthermore, there is a substantial volume ward movement reflected a rapid general of unfilled orders on hand. Construction con- advance and since that time many commodtracts have shown a further increase, with ities have shown further substantial ina greater proportion of privately-financed creases. Since October prices of industrial work. Employment has continued to expand materials, such as iron and steel, nonferrous although a number of industries have been metals, lumber, wool, cotton, rubber, and affected by strikes, and payrolls have in- hides, have advanced considerably more than creased, partly as a result of advances in prices of finished products. The following wage rates. table shows the index of the Bureau of Labor Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 FEDERAL RESERVE BULLETIN APRIL 1937 Statistics for three principal groups of com- zation Fund and advise the Government remodities at the end of October, the middle of garding the maintenance of orderly condi- January, and the week ending March 20. tions in the money market. The committee is composed of Messrs. Labeyrie, Governor WHOLESALE PRICES of the Bank of France; Rist, honorary vice- (1926 = 100) governor of the Bank of France; Baudouin, general manager of the Bank of Indo-China; Week ending and Rueff, manager of the General Movement of Funds in the French Treasury. Es- 1936 1937 tablishment of the new committee came at a Oct. 31 Jan. 16 Mar. 20 time of considerable unsettlement in the exchange market. The franc, which had been All commodities 81.2 85.7 pegged to sterling since the middle of October, Farm products 92. 3 94.4 Foods 82.3 87.3 87.9 was allowed to decline sharply and the sub- Other commodities 80.2 83.1 85.6 sequent rise was checked at a level about 1 percent lower than that which had prevailed The French Cabinet stated on March 5 during the previous five months. The new that steps were being taken to establish a free committee, according to the official statement, gold market in France, to is to administer the Fund with the object of French financial create a new administration assuring the security of commerce and the measures of the Stabilization Fund, to stability of prices. control Government expendi- In conjunction with these monetary meastures, and to issue a large loan for national ures assurance was given that, save for cerdefense. Translations of the official statetain necessary increases in small salaries, the ment and of several legislative measures im- Government would request no further explementing the program are given on pages penditures from Parliament. On the con- 306-308 of the BULLETIN. trary it was anticipated that expenditures One of these measures, the law of March already budgeted could be reduced by 6,000,- 10, abolishes the system created by the Mone- 000,000 francs in view of the improving ecotary Law of October 1, 1936, under which all nomic situation in France. To cover extraortransactions in gold (including exports and dinary credits for armaments a large loan imports) were made subject to authorization was announced payable in francs, pounds, by the Bank of France and owners of gold and dollars. were required to sell their holdings to the This loan was authorized by the law of Bank of France at the old legal parity or to March 10. It was limited to 10,500,000,000 pay to the Government as a tax the full profit francs. A first instalment of 5,000,000,000 from the altered gold value of the franc. francs was offered on March 12 and a second Provision is made for reimbursing those who instalment of 3,000,000,000 on March 16. complied with the October law. The new law Both were immediately oversubscribed. does not restore the obligation of the Bank of France to redeem its notes in gold, which They were issued at 98 with interest at 4Vk was suspended by the law of October 1; nor percent and maturities of 60 years, and are is the Bank required to buy gold at current subject to call beginning March 1, 1942. market prices. Such purchases are, how- Holders may elect to receive payment of inever, freely being made as a matter of policy. terest and principal either in French francs A committee of four was established on in France or in Swiss francs in Switzerland, March 6 to administer the Exchange Stabili- with an exchange guarantee of not less than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

289 FEDERAL RESERVE BULLETIN the equivalent of £9.7s. or $45.66 per 1,000 higher than either of these rates, and sub- French francs. The holder will benefit by sequently it rose further. payment on the basis of dollars or pounds if the French franc at the time of payment has Appointment of Class C Director at Federal Reserve Bank a market value less than 4.566 cents per franc On March 4, 1937, Mr. Jay Taylor was or 106.95 francs per pound. At the time the appointed as Class C Director of the Federal Reserve Bank of Dallas for the unexpired first instalment was issued, the franc had a portion of the three-year term ending Decemvalue in the exchange market somewhat ber 31, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL RESERVE BULLETIN APRIL 1937 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 25 and released for publication March 27] Volume of production, employment, and Factory employment and pay rolls intrade increased more than seasonally in Feb-creased from the middle of January to the ruary and wholesale prices of industrial com- middle of February by more than the usual modities continued to advance. seasonal amount. The number employed in Production and employment.—The Board's the machinery industries increased considerindex of industrial production, which makes ably and there were smaller increases at auallowance for changes in the number of tomobile and plate-glass factories. In the working days and for usual seasonal varia- nondurable goods industries as a group there tions, was 116 percent of the 1923-1925 aver- was a seasonal rise in employment. age in February as compared with 114 in Distribution.—Department store sales in- January and an average of 115 in the last creased from January to February and the quarter of 1936. At steel mills activity con- Board's seasonally adjusted index advanced tinued to increase in February and the first from 93 to 95 percent of the 1923-1925 average. Sales at variety stores also increased INDUSTRIAL PRODUCTION more than seasonally, while mail-order sales, PERCENT largely in rural areas, showed less expansion 140 than is usual at this time of year. Total 130 130 freight-car loadings increased in February 120 120 / and the first half of March, owing in part to 110 / 110 seasonal influences. 100 IT J 100 Commodity prices.—The general level of 90 wholesale commodity prices advanced from 90 TV A li 1 80 the middle of February to the third week of 80 March, reflecting principally further sub- 70 V £T 70 stantial increases in the prices of industrial 60 60 1 materials. Prices of iron and steel, non- 50 50 1929 1930 1931 1932 1933 1934 1935 1936 1937 WHOLESALE PRICES Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. three weeks of March and, although the 110 - no growth was somewhat less than seasonal, 100 - 100 output currently is at about the peak level reached in the summer of 1929. Automobile 90 90 \ production, while fluctuating considerably 80 80 with strikes at important plants, has been larger for the year to date than in the cor- 70 J - 70 responding period last year. Output of plate glass in February showed a sharp rise from 60 I i 60 the low level of the two preceding months 50 50 when strikes curtailed production. At textile 1929 1930 1931 1932 1933 1934 1935 1936 1937 mills and shoe factories activity continued at I[:ndex compiled by U. S. Bureau of Labor Statistics, 1926 = ). By months, 1929 to 1931 ; by weeks, January 2, 1932, to a high level, while output at meatpacking Ma•™^ 20, 1937. establishments declined somewhat further. Mineral production increased, reflecting ferrous metals, lumber, cotton, rubber, and chiefly greater output of coal and a further hides advanced considerably and there were rise in crude petroleum production. also increases in the prices of cotton goods, Value of construction contracts awarded paper, and furniture. Wheat prices have adthis year, according to the F. W. Dodge Cor- vanced in recent weeks following a decline in poration, has been considerably larger than the latter part of February. a year ago, reflecting an increased volume of Bank credit.—On March 1, when the first private residential building and other types half of the recent increase in reserve requireof private construction, while the volume of ments went into effect, excess reserves of publicly-financed work has been smaller. member banks declined from $2,100,000,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

291 APRIL 1937 FEDERAL RESERVE BULLETIN to about $1,300,000,000. In the next three were above last year's high level reached on weeks, which included the March tax collec- December 30. Loans to brokers and dealers tion period, excess reserves showed moder- in securities increased sharply. ate fluctuations around the new level. In Money rates. — Since the beginning of connection with the increase in reserve re- March the rate on 90-day bankers' acceptquirements there were some withdrawals of ances advanced from 5/i of 1 percent to % 6 6 of 1 percent and commercial paper rose from MEMBER BANK LOANS AND INVESTMENTS a flat % percent to a range of between % BILLIONS OF DOLLARS BILLIONS OF DOLLARS and 1 percent. MONEY RATES IN NEW YORK °a<ri Dealers*" ijf^S^^J^/ ^*l^ - A«?ptqneM I • I '34 1935 1936 1937 '34 1935 19 Wednesday figures for reporting member banks in 101 leading cities, Sept. 5, 1934, to March 17, 1937. Loans on real estate and loans to banks excluded. 1934 1935 1936 bankers' balances from city banks but practically no borrowing by member banks from Minimum rate on rediscounts for and advances to member banks by Federal Reserve Bank, and weekly prevailing rates on the Reserve banks. prime commercial paper, 4 to 6 months, and prime bankers' acceptances, 90 days. For weeks ending January 3, 1931, to March Holdings of United States Government ob- 20, 1937. ligations at reporting member banks in leading cities declined by $280,000,000 in the Bond yields, which until recently had been four weeks ending March 17, a part of the near the extreme low point reached last Dedecline reflecting large maturities of Treas- cember, advanced by between 14 and y% perury bills. Commercial loans increased fur- cent and on March 24 were at about the levels ther at reporting banks and on March 17 prevailing early in 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 FEDERAL RESERVE BULLETIN APRIL 1937 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 12 12 11 11 10 * 10 GOLD STOCK / r 8 8 J i 7 MOMEY IN CIRCULATION y !!X 4 n 4 TREASLRY CASH 3 3 2 i RESERVE BANK 2 j (DREDiT .....•.'••••••. " 1 1 | IREASURY DEPOSITS 1 \ II i V i^ 0 1932 1933 1934 1935 1936 1937 MEMBER BANK RESERVE BALANCES 1932 1933 1934 1935 1936 1937 Latest figures for March 24, 1937. See table on page 326. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 293 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1937 Annual averages Feb. Jan. Dec. Feb. Jan. Dec. 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. 475 2, 485 2,498 2, 493 2.484 2, 494 2,481 2, 475 2, 502 2, 429 2,077 1 1, 459 Bills discounted 3 3 7 8 6 6 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. 431 2,430 2,434 2, 430 2, 430 2, 430 2, 430 2,431 2, 432 2,052 1,461 208 Monetary gold stock 11,399 11,310 11,220 10,163 10,158 10.072 10, 578 9, 059 7,512 4, 059 3, 952 3. 996 Treasury currency 2, 531 2,531 2,528 2,495 2, 486 2,454 2, 503 2,478 2, 381 2,271 2, 096 2,015 Money in circulation 6, 369 6,400 6, 563 5, 779 5, 757 5, 897 6.101 5, 585 5, 403 5, 576 5, 328 4, 476 Treasury cash 2, 569 2,450 2,357 2, 515 2, 564 2, 545 2,474 2,791 2, 798 288 236 207 Treasury deposits with F. R. banks 167 200 155 466 494 324 446 128 81 55 39 22 Nonmember deposits and other accounts 554 560 506 584 533 539 551 507 438 497 407 406 Member bank reserve balances: Total 6, 747 6, 716 6, 665 5,808 5, 780 5, 716 5, 989 5,001 3,676 2, 343 2, 114 2, 358 Excess 2,152 2,093 2, 046 3,038 3, 033 2, 983 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, 600 22, 734 22, 760 21,053 20, 928 20, 769 22, 064 19, 997 18, 672 17, 505 19,080 22, 599 Loans to brokers and dealers in New York City 982 993 1,021 901 923 921 969 820 815 591 337 1, 405 Other loans on securities 2. 256 2,242 2, 261 2,230 2,247 2,281 2, 267 2, 301 2, 711 3, 343 4, 508 6, 251 All other loans 5, 744 5,763 5,748 4,850 4,910 4,982 5,226 4,907 4,965 5,222 6,578 9, 231 IT. S. Government obligations: Direct 9,118 9,263 9,241 8,708 8, 599 8,433 9,080 7,989 6, 856 5, 228 4,413 2, 865 Fully guaranteed 1,212 1,230 1,242 1,194 1,155 1,131 1, 250 928 e325 Other securities 3.288 3, 243 3,247 3,170 3,094 3,021 3,272 3,053 «3,000 3,121 3. 245 2,847 Reserve with Federal Reserve banks 5, 326 5,292 5,264 4,782 4,773 4, 694 4,799 4,024 2,875 1,822 1, 673 1,725 Cash in vault 387 401 427 356 354 376 383 326 271 240 214 248 Balances with domestic banks 2, 252 2,307 2,439 2, 335 2, 336 2,312 2, 358 2,112 1,688 1, 322 1, 250 1,142 D T D B i o e e m r p m r o e o a s w n d it d e i s n p g d o o s e f s p i d t o s o s m i ( t e s e x — s c t l i a u c d d b j i u n a s g n t k e i d s n 3 terbank)2 15 5 5 , , . 0 9 5 9 8 7 4 8 2 1 15 6 5 , , , 0 0 5 5 1 8 2 3 6 5 15 6 5 , , , 1 0 5 5 4 1 4 5 5 1 4 1 4 4 5 , , , 8 6 0 4 9 6 7 3 4 2 13 4 5 , , , 8 6 8 2 9 2 2 0 2 4 13 4 5 , , , 8 3 9 7 8 0 2 8 4 2 1 4 4 5 , , , 8 9 6 1 9 1 0 9 5 9 1 4 4 2 , , , 8 9 7 8 3 2 3 6 8 9 4 3, , 0 8 9 ) 1 3 4 7 4 2 , , 0 9 8 1 ) 4 2 1 6 2 5 2 5 , , 0 7 2 ) 6 7 2 6 2 8 6 2 6 0 , , ) 7 6 7 8 7 8 7 8 4 MONEY RATES AND BOND YIELDS Averages of weekly figures; percent per annum C ommercial 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 .75 .91 .56 1.00 1.16 2.05 7.61 U. S. Treasury bills .38 .36 .21 .08 .10 .09 .14 .14 .26 .52 .88 U. S. Treasury bonds, long term 2.31 2.29 2.27 2.62 2.68 2.73 2.47 2.70 3.10 3.31 3.65 3.60 Corporate high grade bonds (Moody's Aaa). 3.22 3.09 3.10 -3.32 3.37 3.44 3.24 3.60 4.00 4.49 5.01 4.73 CAPITAL ISSUES Amounts permonth;in millions of dollars All issues—total 497 610 '726 '303 400 422 518 392 180 89 146 959 New 168 249 266 107 122 221 '164 121 116 60 100 841 Refunding 329 362 r459 r196 278 201 r354 270 64 29 46 118 Domestic corporate issues-—total- 354 306 626 195 266 167 382 189 41 32 54 781 New 130 102 218 13 65 67 99 34 15 13 27 667 Refunding 225 204 408 181 201 101 282 155 26 18 27 115 Index numbers Common stocks (1926=100) 130 126 123 106 100 95 111 78 72 63 48 Wholesale commodity prices (1926=100): All commodities 86 86 84 81 81 81 81 80 75 66 65 95 Farm products 91 91 89 80 78 78 81 79 65 51 48 105 Foods 87 87 86 83 84 86 82 84 71 61 61 100 Other commodities 85 83 82 79 79 79 80 78 78 71 70 92 Retail food prices (1923-25=100) 85 85 83 81 82 82 82 80 74 66 68 105 BUSINESS INDEXES Indexnumbers, adjusted for seasonal variat1i9o2n3,-25=100 Industrial production "116 114 121 94 97 101 105 90 79 76 64 119 Manufactures "116 115 121 92 96 101 105 90 78 75 63 119 Minerals /> 114 109 117 111 104 102 104 91 86 82 71 115 Construction—total "64 63 66 52 62 68 55 37 32 25 28 117 Residential "47 45 45 25 25 26 37 21 12 11 13 87 All other.. "78 77 83 75 92 103 70 50 48 37 40 142 Factory employment PIOO 99 99 87 89 89 92 86 83 72 66 105 Factory payrolls (unadjusted). "96 91 95 74 74 78 82 71 63 49 46 109 Freight-car loadings 80 80 86 70 70 71 72 63 62 58 56 106 Department store sales 95 93 92 83 81 83 88 79 75 67 69 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports. 222 230 182 199 223 205 190 178 140 13-1 437 General imports._. 240 245 193 187 187 202 171 138 121 110 367 p Preliminary. c Partly estimated. r Revised. 1 Figures not available. 2 Include time deposits of banks, domestic and foreign, 1929-1934. 3 Do not include time deposits 1929-1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 FEDERAL RESERVE BULLETIN APRIL 1937 LAW DEPARTMENT Deduction of withdrawable dividends from amount Determination of market value of stock for loan of demand for margin under Regulation T. under Regulation U. The Board recently had occasion to con- The Board recently considered a quessider the question whether cash dividends tion regarding the determination of the marwhich had been received in an account under ket value of a stock in connection with a loan Regulation T within the preceding 35 days on the stock under Regulation U. In the case might be deducted from the amount of the presented, a bank made an agreement with demand for margin for a transaction in the an out-of-town customer to lend a certain account if the dividends had not been with- sum of money on a registered stock, the drawn and there had been no transactions in amount being 45 percent of its then market the account subsequent to the crediting of the value and the purpose being to purchase regdividends until the subject transaction. istered stocks. The borrower delivered the Section 8(b) of the regulation permits the stock and the note as promptly as possible on withdrawal of cash dividends in such a situa- the next day, but the market value of the tion and the question presented was in effect stock had become lower in the interval so that whether the broker should demand the full the amount the bank had agreed to lend was amount of margin that would ordinarily be in excess of 45 percent. The question arose required on the transaction, possibly for- as to whether Regulation U permits the bank warding with the demand for margin a check to carry out its commitment. for the amount of dividends, or whether it is It appeared that the bank had entered into permissible for the broker in such a case to an enforceable commitment, the details of the deduct the amount of the withdrawable divi- loan had been perfected in so far as pracdends from the amount of the demand for ticable on the first day, and the negotiations margin. The Board expressed the opinion for and completion of the loan were to take that it is permissible in such circumstances place as nearly contemporaneously as the cirfor the broker to deduct the amount of the cumstances of the case would permit. In the withdrawable dividends from the amount of circumstances, the Board expressed the view the demand for margin instead of demanding that the market value of the stock for the purthe full amount of margin without deduction pose of completing the loan might properly of the dividends. The Board stated further, be determined as of the time when the bank however, that in order to make it clear that and the customer agreed upon the amount the dividends are not thereafter available for and terms of the loan. The Board pointed other purposes, and also to comply fully with out, however, that any clearly foreseeable the requirement of the regulation that margin change in the stock during the interval, such be demanded upon the basis of the aggregate as a split-up of shares or the stock selling transactions in the account on a given day, "ex" a dividend of any kind, should be taken the notation that the dividends are no longer into account in such a determination. withdrawable (which in effect amounts to a withdrawal and redeposit of the dividends) should be made on the date of the transaction in question rather than on the later date on which margin is deposited in response to the demand. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 295 APRIL 1937 INTEREST RATES CHARGED BY MEMBER BANKS Results of a recent survey made by the a considerable proportion of the total volume Board of Governors and the Federal Reserve of bank loans. banks with regard to interest rates charged For central reserve city banks in New York by member banks indicate that as of last Oc- and Chicago, as shown in the following table, tober the rate most frequently charged by no rates higher than 6 percent were reported. banks on loans to their customers was 6 per- In New York City 13 banks reported 6 percent. In the larger cities a rate of 5 percent cent as the rate most frequently charged on and frequently considerably less was com- commercial and industrial loans, but 7 banks mon, while at many country banks the most reported rates of 1*4 or 1% percent, 9 banks common rate was 8 percent. It would appear reported rates between 2 and 3% percent, and that the rates reported for last October were 9 others rates between 4 and 5% percent as lower than those in effect in pre-depression most commonly charged. Of the rates redays, when a 5 percent rate was much less ported on urban property loans in New York frequent and 10 percent was charged more City and in Chicago and on commercial and often than at present. industrial loans in Chicago 5 percent is prob- The survey, which was made as of October ably a representative rate. 1, 1936, covered information as to interest rates charged by each member bank (1) on RATES CHARGED GREATEST NUMBER OF BORROWERS, the largest number of loans of specified types, OCTOBER 1936, CENTRAL RESERVE CITY BANKS (2) on the largest amount of such loans, and [Number of banks charging rates indicated] (3) the lowest and highest rates charged. The inquiry was made as simple as possible Com- Loans on Loans on mercial urban urban in order to enable banks readily to comply Cities and rates and com- residenwith it from their records without the neces- industrial mercial tial loans property property sity of special compilations of figures. The results were compiled to show the rates re- New York City: ported most frequently under the various 7 1 0 2-3% 9 1 1 headings, treating each bank as a unit with- 4-4% . 4 5 4 out regard to size of bank or volume of loans 5 7 6 13 5 7 made at the respective rates. As a conse- Total number of banks reportquence, the results of the survey show rates ing 38 19 19 most frequently charged, rather than the Chicago: average rate of interest actually received by 2 0 0 member banks on the total volume of their 4 5 _ -5 4 K 3/ 2 5 4 1 0 6 customer loans. Small banks, which consti- 6 3 0 3 tute a large proportion of the banks but ac- Total number of banks recount for a small portion of all loans, domi- porting 12 5 9 nate the results. The fact is that the bulk of bank loans is made by relatively few large At reserve city and country banks, as banks and to large borrowers at relatively shown in the following table, 6 percent was low rates. Rates charged, as indicated by the by far most frequently reported as charged survey, are, therefore, higher than the aver- the greatest number of borrowers on all types age returns earned by banks on their loans, of loans. The next most frequent rate at as indicated by the banks' earning state- banks in the reserve and larger nonreserve ments. cities was 5 percent, which was especially Rates charged greatest number of bor- common as to loans on urban real estate. In rowers.—The single rate most frequently re- the smaller cities, however, country banks ported by banks as charged the greatest num- frequently reported rates of 8 percent and ber of borrowers was 6 percent for all types many borrowers were being charged 10 perof loans. In general the rates charged the cent. The higher rates were especially comgreatest number of borrowers were some- mon on agricultural loans. what higher than rates charged on the largest Rates charged on largest volume of loans.— volume of loans, because loans made at low In view of the fact that large loans are usurates to borrowers of the best credit stand- ally made at lower rates of interest than ing, though not great in number, constitute small loans, rates charged the largest number Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 FEDERAL RESERVE BULLETIN APRIL 1937 RATES CHARGED GREATEST NUMBER OF BORROWERS, affect the comparability of the two sets of OCTOBER 1936, RESERVE CITY AND COUNTRY BANKS rates. The differences shown in case of reserve city banks and of country banks are [Number of banks charging rates indicated] due principally to methods used in compiling Com- Loans Loans the figures. m a e n rc d ial ur o b n an ur o b n an Lo o a n ns Agri- In New York City IV2 percent was com- Classes of cities indus- com- resi- farm cultural monly reported as charged on the largest and rates l t o r a ia n l s m p e r r o c p ia - l d p e r n o t p ia - l e r s e ta a t l e loans volume of commercial loans, whereas the erty erty average rate earned by New York City banks Reserve city banks and country banks in nonreserve VOLUME OF LOANS AND RATES CHARGED BY MEMBER cities of over 100,000 population: BANKS IN 1936 5 percent 74 78 110 23 33 6 " 330 222 282 155 110 [Amounts in thousands of dollars ; rates in percent per annum] 10 12 18 20 16 8 " _""" 22 5 7 22 A 10 l loth " eri 85 0 4 0 7 6 0 2 1 0 3 18 1 First half of 1936 r m a O t o e c s t t o . c n 1 o , l m a 1 r 9 m g 3 e 6 o s ; n t Total number of banks volume of loans reporting 521 364 479 218 200 Other country banks: Classes of banks Com- A 1 6 8 5 0 l l p o e t r h c • ' " • ; e e ' r n i t IIZIIZIIZIIIZII 3 1 , ,1 0 2 3 7 3 5 2 4 0 2 4 3 7 6 2, 2 4 1 1 4 5 9 1 7 9 5 8 3 0 5 8 0 3,0 4 2 4 6 1 1 4 0 9 2 3 1 8 7 8 5 7 2, 4 8 2 3 8 1 1 1 8 0 4 9 6 8 6 2 8 5 2 1 , , 6 7 0 3 3 2 3 9 6 4 3 7 4 2 A v l o v o l e a o u n r f m a s g 1 e e I e n l a o t o r e a n n r n e e s d st e A a r a a v r g n t e e e e r- d m c i u l t n a e o r l d g r i t a c a u r u n i i l r s - a , s a - l l , e l R s o t e a a a n t l e s Total number of banks reporting 5,551 3,584 4,926 4,865 4,949 Central reserve city banks: New York City 3, 469, 549 40, 789 2. 36 V 5-6 Chicago 494,921 7,983 3.22 V4, 1 All other rates reported, including all fractional rates and ranges of Reserve city banks 4, 356, 536 93,153 4.28 5 " 6 rates. Country banks 3, 950, 815 111,134 5.62 6-8 6-8 of borrowers do not indicate what rates are All member banks__ 12, 271, 821 253,059 4.12 6 paid on the bulk of the loans. Figures were obtained in the survey as to rates charged on 1 Averages of amounts from reports of condition for three call dates December 31, 1935; March 4, 1936; and June 30, 1936. the largest volume of loans of each class by each reporting bank. The results of this (2.36 percent) was somewhat larger, reflectphase of the inquiry are also dominated by ing the influence of other loans, including figures for small banks, since in compiling some commercial loans, made at higher rates. them each bank, whether large or small, was In Chicago it was not possible to select from given equal consideration. Although, as the October survey a single most common rate brought out by the following table, significant because both IV2 and 5 percent were reported differences are found when the banks are most frequently; the average rate earned, 3.22 divided into classes, it is still clear that the percent, was midway between these. The most common rates reported as charged by most common rates reported as charged on member banks are generally somewhat higher the largest volume of loans by banks in rethan average rates actually earned by these serve cities were generally above the average banks on their loans. rate earned in those cities, and the same is Differences between these two sets of rates true for country banks. It is clear from the are due in part to the fact that rates actually relationship shown and from other available earned relate to the total volume of loans, in-information that member banks have made an cluding open-market paper, brokers' loans, appreciable volume of loans at rates lower and personal loans, as well as commercial, in-than those reported as the most common rates dustrial, agricultural, and real estate loans. charged on the largest volume of loans. The ratio of earnings to loans outstanding is Rates in large cities.—Detailed analysis of also affected by loans on which interest may the figures obtained by the survey show that not be received by banks in the period many banks in large cities were making loans covered. Rates actually earned apply to theat lower rates, in some cases appreciably first half of 1936, since complete earnings re- lower, than those reported by most member ports for the last half of the year are not yet banks. In Boston, Cleveland, Richmond, Atavailable, but partial data for the last half of lanta, New Orleans, Detroit, St. Louis, 1936 indicate that this difference does not Minneapolis, and San Francisco, as well as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

297 FEDERAL RESERVE BULLETIN in New York City and Chicago, the majority RATES CHARGED AND INTEREST EARNED ON LOANS AT of banks reported rates on commercial and RESERVE CITY BANKS industrial loans of 4 percent or less charged on the largest volume of their loans, with l1/^ Most p r c e i e t p r ie c o s e r t n e r t d a t f e m r s e o q r b u e e e t n f w r t e l e y q e u n e r n e 4 p t l o y a r n t t e d h d a . 5 n p h I e i n r g c h e 3 e n 5 r t r o w a t t h e e e r s e r . R F d e i e s d s t e e r r i r v c a t e l r c a o t o c t r n e o m l i o a m c i m a l n h m n a d a e s r n r u o , g c d s n i e - a d l c P O o r r m c l e a o t v t m . a e a 1 n e i o 9 s l r 3 n i , c 6 n i 2 g al f o I o i e n n r f a s t r t e l 1 o n 9 r h 3 a e e a 6 d n s l 3 t s f Real estate loans at most banks in these cities Oct. 1, 19361 were most commonly made at 6 percent, with 5 percent in a number of cases, especially in Boston 1 14 3.22 2.88 New York4 5 4.40 3.98 the central western cities, and lower rates Philadelphia- 5 4.17 3.58 occasionally. Loans on commercial properties Cleveland 4 Yi 4.04 4.38 Richmond 5 3.99 4.62 were in some cases reported at rates of 3 or Atlanta 4 ?2 4.14 4.34 Chicago4 5 3.22 4.02 4 percent. St. Louis 4 3. 66 3.78 These 46 cities, in which customers' rates Minneapolis.. i Vi 3.61 3.72 Kansas City- 5 } 9 4.09 4.46 seem to be more sensitive to changing money- Dallas 5 5.07 5.00 San Francisco. 5 4.38 4.90 market conditions than in other cities, include all cities with Reserve banks, 17 with 1 Most common rate reported as charged on largest volume of loans Reserve bank branches, 8 other reserve cities, by reserve city banks. 2 Weighted average of rates charged by leading banks in cities with a and 9 country bank cities with population Federal Reserve bank or branch, except New York City and Chicago. of over 100,000. The country bank cities 3 Ratio of interest earned (doubled to put on annual basis) to average amount of loans outstanding. are mostly in the Boston and New York Fed- 4 Central reserve city banks not included. eral Reserve districts. There were 8 Reserve bank branch cities, 16 other reserve cities and The lowest rates seem to be charged by city 35 country bank cities with population of banks in the Boston, Minneapolis, and St. over 100,000 not included in this list. In most Louis districts, while higher rates are charged of these excluded cities a rate of 6 percent in the Dallas, Kansas City, and San Francisco was most common, but rates of less than 6 districts. Customers' rates reported by repercent w7ere found more frequently than at serve city banks in the New York and Philabanks in smaller places. delphia districts are higher than rates earned Rates in reserve cities by Federal Reserve on loans, a difference that may reflect holddistricts.—The following table compares rates ings of open-market paper, an appreciable charged by banks in principal cities, other volume of loans at low rates in a few banks, or than New York and Chicago, by Federal Re- differences in reporting rates charged. Since serve districts. The first column shows the the two sets of figures shown for rates most common rates charged on the largest charged—most common rates and prevailing volume of their industrial and commercial rates 1—are based on data reported by indiloans by reserve city banks as indicated by vidual banks with little or no allowance for the survey of last October, the second column volume of loans made at different rates, they shows prevailing rates charged in October on are likely to be higher than rates actually the bulk of commercial loans by selected earned, which are more influenced by the banks in Federal Reserve bank and branch large loans and large banks. This does not cities as reported monthly to the Board, and seem to have been the case, however, in Bosthe third column shows the annual rate of ton and Minneapolis, where the rates reinterest earned on loans by reserve city banks ported as charged on the largest volume of in the first half of 1936. loans are considerably lower than those These three sets of figures generally show a earned and also lower than the prevailing reasonable similarity in each district, when rates reported monthly. allowance is made for differences in cities Rates at country banks.—At country banks covered, in loans included, and in methods of there is less variation in rates charged than collection and compilation. Prevailing rates in the monthly series and interest earned are 1 Figures for prevailing rates are based on rates charged on prime customer loans of three types—commercial loans and demore similar to each other than they are to mand and time loans on securities—as reported by large banks the most common rates derived from the in cities containing Federal Reserve banks or branches. The method of computing the averages takes into account the relative recent survey. Although rates in some dis- importance of each of these types of loans and the relative importance of each reporting bank, as measured by total loans. In tricts are lower than in others there appear the district averages, the average rate for each city included is to be few marked geographical differences. weighted according to the importance of that city in the group, as measured by loans of all banks in the city. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN APRIL 1937 at city banks. At a large majority of country RATES CHARGED AND INTEREST EARNED ON LOANS AT banks 6 percent is the most common rate COUNTRY BANKS charged on loans; in a great many banks 7 and 8 percent is more common, and 10 per- Most common rate charged, cent is not infrequent, especially on agricul- October 1, 1930, on tural loans. A rate of 5 percent is seldom re- Federal p 1 o 00 rt , e 0 d 0 0 b , y e x c c o e u p n t t r o y n b r a e n a k l s e s i t n a t c e i t l i o e a s n o s f . less than R di e s s t e r r ic v t e m C a e o n r m c d i - al cu A l g tu ri r - al The following table shows by Federal Re- in tr d i u al s- loans loans serve districts the annual rate of earnings on loans at all country banks and the most com- Boston 6 4.88 mon rates charged on various types of loans New York 6 4.94 at country banks other than those in country P C h le i v la e d la e n l d phia- 6 6 6 5 . . 0 1 0 6 bank cities with a population of more than Richmond 6 5.68 Atlanta 6-8 6.32 100,000. The reason that rates earned by Chicago 6 5.66 country banks in the Boston, New York, and S M t. i n L n o e u ap is olis-_ 6 7-8 5 5 . . 4 9 8 0 Philadelphia districts are considerably lower Kansas City_. 7.58 Dallas 10 8.80 than the most common rates charged is prob- San Francisco. 8 6. 32 ably that in these districts there are a number of larger cities with a country bank status 1 Most common rate charged on largest volume of loans at country where rates charged are lower than in the banks excluding banks in country bank cities with population of more than 100,000. smaller communities. In most of the other 2 All country banks; rate per annum. districts, except perhaps Minneapolis, the comparisons of rates reported as charged and There is a marked geographical variation rates earned seem reasonable, considering in rates among country banks. In the eastern the various factors, previously mentioned, and central western districts the prevailing that may account for differences. At country rate is 6 percent. In the southern and westbanks variations in size of loans and in rates ern districts of Atlanta, Minneapolis, Kansas charged are smaller than at city banks, and City, Dallas, and San Francisco higher rates the average rates earned on the total amount prevailed on commercial and agricultural of loans are therefore more nearly compar- loans—generally 8 percent, with 10 percent able with rates charged on the largest volume as most common on agricultural loans in the of loans. The figures shown in the table areDallas district. On real estate loans a 6 perprobably fairly typical, not only of rates cent rate was more nearly universal, with 8 charged on the largest volume of loans by allpercent ruling in the Dallas district and a banks, but also of those charged largest num- range of 6-8 percent reported by the other ber of borrowers. southern and western districts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

299 FEDERAL RESERVE BULLETIN APRIL 1937 UNITED STATES GOVERNMENT CORPORATIONS AND CREDIT AGENCIES IN 1936 Outstanding loans of Government corpora- the Treasury Department. The three printions and credit agencies, together with cipal groups of agencies are (1) the Reconinvestments in the stock of financial insti- struction Finance Corporation, together with tutions, decreased by $400,000,000 in 1936 certain affiliated corporations, and the Public and at the end of the year totaled $8,900,- Works Administration; (2) the farm mort- 000,000. The proprietary share of the United gage institutions under the Farm Credit States in these corporations and agencies de- Administration; and (3) the institutions creased by $500,000,000 to $3,900,000,000. under the Federal Home Loan Bank Board. There was almost no change during the year Other agricultural loans amounted to $550,in the combined equity of private stockhold- 000,000, and miscellaneous loans of various ers in Government credit agencies, but out- agencies accounted for the remaining $140,standing bonds and notes of the agencies 000,000. The major part of these miscelwere over $200,000,000 larger at the end of laneous loans are ship construction and war- 1936, when they totaled $6,100,000,000. time railroad loans. The decrease in loans and investments of TABLE 1.—ASSETS AND LIABILITIES OF GOVERNMENT these agencies reflected principally declines CORPORATIONS AND CREDIT AGENCIES, DECEMBER in loans to financial institutions, and in hold- 31, 1936. [In millions of dollars] ings of preferred stock and capital notes and debentures of banks. Loans by the Commodity Credit Corporation declined, and Dec. 3L, 1936 D Ch ec a . n g 3 e 1 , fr 1 o 9 m 35 other agricultural production and commodity loans showed little change, but there was an na F nc i- ed na F n i c - ed na F n i c - ed na F n i c - ed increase in outstanding rehabilitation loans wholly partly wholly partly from from from from to farmers. Farm mortgage loans showed a Govt. Govt. Govt. Govt. much smaller increase than in other recent funds funds funds funds years and home mortgage loans declined, but ASSETS other assets of the home mortgage agencies Loans and preferred stock: increased. Loans to financial institutions_.. 369 152 -204 +46 Table 1 shows for December 31, 1936, the Preferred stock, etc. 651 i 126 -224 +106 Home mortgage loans 2,765 -132 combined assets and liabilities of agencies Farm mortgage loans 2,937 +13 classified by the Treasury as wholly financed A O l t l h o er th a e g r r l i o c a u n lt s u ral loans .__ 1,2 3 0 8 0 1 218 - + 1 7 01 9 +22 from Government funds and of those classi- Total loans and preferred stock- 2,600 6,197 -450 +55 fied as financed partly from Government funds and partly from private funds. U Ca n s i h ted States direct obligations 8 3 1 2 4 1 7 7 4 8 — + 2 6 4 + — 5 3 0 5 Changes in the various items from the end of Obligations of Government credit agencies: the preceding year are also indicated. Simi- Fully guaranteed by U. S 14 181 -6 -13 lar data for January 31, 1937, for important Prod O u t c h t e io r n credit association class A 28 22 +5 —3 groups of agencies, as derived from the stock_ _ 75 -2 Shares of Fed. sav. and loan associamonthly statement published by the Treasury tions held by U. S. Treasury 49 Department, appear in the regular BULLETIN A O c th c e o r u n a t s s s e a t n s d other receivables 2 7 2 4 8 2 3 1 8 1 8 + +2 1 7 3 + + 2 2 4 9 6 table on page 348. Data given in these tables Total assets other than interdiffer from those in statements released by agency 3,133 7,680 -431 +329 the various agencies themselves in that LIABILITIES interagency assets and liabilities are here Bonds, notes, and debentures: excluded. Guaranteed by United States- 252 4,417 -1 +124 Other 72 +72 +21 Out of the total of outstanding loans and Other liabilities (including reserves). 92 370 +33 +144 investments of $8,920,000,000 at the end of Total liabilities other than in- 1936, $8,230,000,000 was held by three groups teragency— 416 6,143 +105 +289 of agencies, as is shown in Table 2, which Excess of assets over liabilities, exgroups the agencies in such a way as to show Pr c i l v u a d t i e n ly g o in w te n r e a d g e i n nt c e y re s t t r s a . n — sactions.__ 2,716 1,5 3 3 3 7 8 -536 + - 4 2 0 separately those agencies which are not pri- U. S. Government interests... 2,716 1,199 -536 +41 marily lending agencies and so as to arrange the lending agencies in four important classes * Shares of Federal and other savings and loan associations held by and a miscellaneous group. This table is Home Owners' Loan Corporation. 2 Excludes $761,000,000 of Federal Land bank bonds held by Federal based in part on additional data furnished by Farm Mortgage Corporation. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 FEDERAL RESERVE BULLETIN TABLE 2.—LOANS AND INVESTMENTS OF GOVERNMENT The Government's proprietary share in CORPORATIONS AND CREDIT AGENCIES AND PRO-agencies which are or have been engaged pri- PRIETARY INTEREST OF UNITED STATES, DECEMBER marily in lending, also shown in Table 2, 31, 1936. amounted to $3,420,000,000 at the end of 1936. The equity of the United States in the [In millions of dollars] assets of the Federal Deposit Insurance Cor- Outstanding poration and the Federal Savings and Loan loans; nvest- Proprietary Insurance Corporation, which are not priments in pre- interest ferred stock, of U. S. marily lending agencies, totaled $260,000,000. an c d a p d i e t b al e n n t o u t r e e s s! Government Certain other Government corporations and Agency or group of agencies agencies have no loans outstanding. The Change Change Government's equity in three of these agen- Dec. from Dec. from cies, the Tennessee Valley Authority, the 31, Dec. 31, Dec. 1936 31, 1936 31, Panama Railroad Company and the Federal 1935 1935 Housing Administration, amounted to $200,- 000,000. Agencies engaged primarily in lending: Reconstruction Finance Corporation and affiliated agencies 2 2,207 -512 1,900 -621 Farm mortgage agencies 3 2, 937 +13 459 +8 Reconstruction Finance Corporation and Home mortgage agencies.. ._ _ . 3,085 +16 230 +20 affiliated agencies.—The decrease in out- Other agricultural credit agencies: Federal intermediate credit banks standing loans and investments of Governand banks for cooperatives 218 +22 253 +9 Regional agricultural credit cor- ment corporations and credit agencies during porations and production credit corporations __ __ 100 -20 147 -20 1936 was principally in assets held by the Congressional appropriations Reconstruction Finance Corporation, the administered by Farm Credit Administration _ ... * 145 (5) 182 +15 Commodity Credit Corporation and the Pub- Resettlement Administration 87 +79 87 +79 Other lending agencies: lic Works Administration. Table 3 shows U. S. Maritime Commission 82 -11 115 -45 details concerning the loans of the Recon- Loans to railroads 30 -1 30 _1 Other lending agencies financed struction Finance Corporation, three corpowholly by United States 18 +17 17 +16 rations to which it supplies funds, and Total, lending agencies 8,910 -397 3,422 -539 the Public Works Administration, for whose Other agencies: loans the Reconstruction Finance Corpora- Federal Deposit Insurance Corporation and Federal Savings tion acts as distributing agent in sales to and Loan Insurance Corporation 7 +4 256 +4 Tennessee Valley Authority 127 +45 private investors. Other non-lending agencies fi- As shown in this table, Reconstruction nanced wholly by United States. _ 6 -4 110 ~5 Finance Corporation investments in pre- Total, all agencies 8,922 -397 3,915 -494 ferred stock, capital notes and debentures of banks were reduced during 1936 by $225,- NOTE.—Farm mortgage and home mortgage agencies, the Federal intermediate credit banks and banks for cooperatives and the Federal De- 000,000; at the end of the year the Reconposit Insurance Corporation and Federal Savings and Loan Insurance Corporation are classified in Treasury statements as agencies "partly struction Finance Corporation's holdings financed by the United States" as is also the War Finance Corporation, which is not included in groups shown in this table and for which the were about three-quarters of the peak level. amounts were less than $500,000. About two-thirds of the year's retirements 1 Including also investment in Class A stock of production credit occurred in June and July, when along with associations and in shares of Federal savings and loan associations which retirements by other banks a few very large are Federally chartered institutions. 2 Including Commodity Credit Corporation, Export-Import Bank banks completely retired their outstanding and RFC Mortgage Company. Including also, though not an affili- preferred stock. Reconstruction Finance ated agency, the Public Works Administration. Corporation loans to banks, including all 3 The difference between this figure, derived from the Treasury Department statement, and the sum of corresponding figures in the regular loans to aid in the reorganization or liquida- BULLETIN table on Farm Credit Administration loans is due to the in- tion of closed banks, were also reduced furclusion of Federal Land bank "loans called for foreclosure" and matured "extensions" in the Treasury figure. On earlier dates other differ- ther in 1936 by $180,000,000, and are now ences existed between the data from the two sources. As a result of these about $500,000,000 below the peak in 1933. differences and changes, the Treasury figure for Federal Land bank loans shows a decline of $29,000,000 in 1936 but the Farm Credit Adminis- The major part of the repayments of bank tration figure shows a decline of $8,000,000; on an accounting basis comparable for the two dates it appears that there would have been shown loans were on loans originally made to rean increase of somewhat more than $10,000,000. Federal Farm Mort- ceivers of closed banks and for reorganizagage Corporation loans, also included in the figure in the table increased $42,000,000. tion of closed banks. Outstanding loans on 4 The difference between this figure and the sum of corresponding commodities by the Reconstruction Finance figures shown in the regular BULLETIN table on Farm Credit Adminis- Corporation, Commodity Credit Corporation tration loans is due chiefly to deduction in the Treasury figure of reserves for uncollectible items. and Export-Import Bank also declined cons Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1937 FEDERAL RESERVE BULLETIN 301 siderably. These loans are principally Com- commitments made in earlier years, loans to modity Credit Corporation loans on cotton industrial and commercial businesses by made in 1934 to farmers who signed agricul- $24,000,000, and loans to refinance indebtedtural adjustment contracts. The combined ness of drainage, levee and irrigation districts holdings of the Reconstruction Finance Cor- by $14,000,000. Outstanding loans of the poration and the Public Works Administra- RFC Mortgage Company increased by $17,tion of securities acquired by the Public 000,000, and there was also an increase of Works Administration in making loans for $14,000,000, not shown in table 3, in investpublic works to various state and local gov- ments held. The loans of the RFC Mortgage ernment units and to railroads were smaller Company are largely made to refinance mortgages on such properties as apartment houses, hotels and office buildings. The company has TABLE 3.—LOANS AND INVESTMENTS OF THE RECON- also purchased a considerable number of STRUCTION FINANCE CORPORATION AND AFFILIATED Federal Housing Administration insured AGENCIES1 DURING 1936. loans on newly constructed homes. In summary, the net decline during 1936 [In millions of dollars in outstanding loans and investments of the bu D r i s s e - d p R a e id - s O t i a n u n g t d - - C f h ro a m nge R af e fi c li o a n te s d tr uc a t g io en n c ie F s in a a m nc o e u nte C d o r t p o o ra m ti o o r n e th an a d n 1 i 9 n 36 1 i 9 n 36 D 3 e 1 c , . D 3 e 1 c , . $500,000,000. Funds returned to the Treas- 1936 1935 ury during 1936 as the result of realization of the loans and investments of these agencies Investment in preferred stock, etc., of banks 2 22 248 664 -225 and of other changes in their assets and Loans for distribution to depositors of closed banks 54 191 109 -137 liabilities exceeded this amount by more than Other loans to banks 1 46 122 45 $100,000,000. The difference is accounted Miscellaneous loans _____ 25 43 343 -18 Loans on commodities 3 231 -67 for largely by the sale in July of an issue of P.W.A. loans held by P.W.A. and RFC 248 six-month notes of the Commodity Credit Loans to railroads _ 30 80 346 -50 Corporation. The combined earned surplus Self-liquidating loans 60 12 195 +47 Loans to industrial and commercial of these agencies showed a small increase; businesses _ 32 9 64 +24 the earned surplus of the Reconstruction Loans to drainage, levee and irrigation districts 15 4 64 +14 Finance Corporation increased by $33,000,- RFC Mortgage Company loans 22 +17 000, but the Commodity Credit Corporation Total 2,207 -512 showed a deficit for the year. 1 Including Commodity Credit Corporation, Export-Import Bank, and RFC Mortgage Company. Including also, though not an affili- Farm mortgage loans.—Outstanding loans ated corporation, the Public Works Administration. Except as other- of the permanent Federal Land banks and of wise indicated by title or footnote all items are R.F.C. loans or investments. the emergency Federal Farm Mortgage Cor- 2 Including loans secured by preferred stock, etc., of banks. 3 Including all loans of Commodity Credit Corporation and Export- poration increased by a relatively small Import Bank in addition to Reconstruction Finance Corporation loans. amount during 1936. Outstanding loans of 4 Less than $500,000. the Federal Farm Mortgage Corporation, at the end of 1936 than a year earlier, which are known as "Land Bank Commisalthough a substantial amount of new ad- sioner loans" and may be made until Febvances continued to be disbursed by the Pub- ruary 1, 1940, were $837,000,000 on Decemlic Works Administration. Reconstruction ber 31, 1936. The rate at which these loans Finance Corporation loans to railroads de- have been made has declined sharply since clined and there was a further small reduc- 1934; new loans were made in 1936 in the tion in the outstanding amount of miscel- amount of $77,000,000 and there was a net laneous Reconstruction Finance Corporation increase of $42,000,000 in the amount outloans to mortgage loan companies, building standing. These loans are made to farmers, and loan associations, insurance companies, either on first or second mortgage security, other financial institutions and certain other frequently in connection with a loan from borrowers. a Federal Land bank. They are to be amor- Four classes of loans made from Recon- tized in periods up to forty years, beginning struction Finance Corporation funds con- three years after the loan is made. tinued to increase during 1936. Outstanding Loans to farmers by the Federal Land loans for self-liquidating projects increased banks have also been made in declining by $47,000,000, in large part as the result of amounts in the past two years. These mort- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 FEDERAL RESERVE BULLETIN APRIL 1937 gage loans are amortized generally over a Outstanding loans of the Federal Home period of 30 or more years, and the amount Loan banks on December 31, 1936, were now outstanding is about twice as large as in $145,000,000; these loans are almost enthe years 1926-1932, before the program of tirely to member building and loan associaemergency refinancing commenced. New tions and the outstanding volume has been loans made in 1936 totaled $109,000,000, but increasing steadily since March 1935. An foreclosures and voluntary repayments re- increase of $43,000,000 in 1936 was financed sulted in there being only a small increase in to the extent of $24,000,000 by increase in unpaid balances outstanding. Principal pay- capital paid in by the United States, $4,000,ments on loans in good standing which were 000 by payments on private capital subscripoutstanding in June 1935 are not required at tions, and $7,000,000 by increase in mempresent until July 1938; this applies to a bers' deposits. large majority of the banks' loans. Home Owners' Loan Corporation loans to The following table, derived from a con- home owners were reduced by a net amount solidation of Treasury statements for the of $132,000,000 in 1936. These loans are to Federal Land banks and the Federal Farm be amortized in 15 years. Principal instal- Mortgage Corporation, gives a general indi- ments on a considerable proportion of the cation of the sources from which funds were Corporation's loans were not required until obtained to finance increased assets in 1936: June 13, 1936. Foreclosures and voluntary transfers of title completed in 1936 appear to Assets and liabilities1 other than funded debt: have accounted for about half the gross reduc- Cash and United States Government direct obligations tion of $285,000,000 in outstanding loans. increased $34,000,000 Loans outstanding at the end of the year ag- Loans and other assets less miscellaneous liabilities increased 58,000,000 gregated $2,765,000,000. A total increase of $93,000,000 The Home Owners' Loan Corporation is Funded debt and net worth: authorized to invest up to $300,000,000 in F.F.M.C. bonds fully guaranteed by United States in- shares of Federal and other savings and loan creased $35,000,000 Federal Land bank bonds and private capital stock in- associations. Investments of this kind increased 28,000,000 creased to $126,000,000 by the end of 1936. Earned surplus increased 22,000,000 United States Government proprietary interests: In addition, the Treasury holds $49,000,000 Paid-in capital and surplus increased ___ $35,000,000 Net liability to other agencies decreased. 26,000,000 of shares of Federal savings and loan asso- —a net increase of 8,000,000 ciations which were acquired in 1934 and $93,000,000 1935. 1 Exclusive of interagency liabilities. There follows a summary of changes in the The increase in earned surplus during the condition statement of the Home Owners' year and new funds obtained from the United Loan Corporation during 1936: States totaled $30,000,000, or a little less than the increase in cash and Government Assets and liabilities other than funded debt: securities held. New issues of securities to Loans decreased 1 $132,000,000 Cash and United States Government direct obligations private investors were a little larger than the decreased 53,000,000 net increase in loans and other assets less Shares of Federal and other savings and loan associamiscellaneous liabilities. Outstanding loans tions increased 106,000,000 Other assets (largely property held for sale) less misare not shown separately from other assets cellaneous liabilities increased 147,000,000 because of changes during the year in the An aggregate net increase of $68,000,000 accounting classification in the Treasury Funded debt and net worth: statement. (These changes were referred to Bonds fully guaranteed by United States increased *__ $71,000,000 in a footnote to Table 2.) Deficit increased 3,000,000 Home mortgage loans.—Government lend- $68,000,000 ing agencies under the supervision of the 1 New loans made from January 1 to June 12 were $163,000,000. 2 Data include a small amount of bonds guaranteed as to interest only Federal Home Loan Bank Board include the which were called for redemption on July 1, 1935. permanent Federal Home Loan banks, which lend to private home-financing institutions, There was an increase in outstanding and the emergency Home Owners' Loan Cor- bonds of the Home Owners' Loan Corporaporation, whose loans were made directly to tion and a decline in cash and Government home owners in a refinancing program which securities held, and a nearly corresponding terminated on June 12, 1936. increase of $106,000,000 in holdings of shares Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

303 APRIL 1937 FEDERAL RESERVE BULLETIN of Federal and other savings and loan asso- chartered agricultural credit corporations), ciations. and cooperatives increased by $22,000,000 Other agricultural loans. — Agricultural during 1936, to $218,000,000, as shown in the loans and investments, other than those of following table. Outstanding debentures of the Reconstruction Finance Corporation and the Federal intermediate credit banks were its affiliated agencies and other than farm $13,000,000 larger on December 31, 1936, mortgage loans discussed above, totaled than a year earlier and payments by the $550,000,000 at the end of 1936, an increase United States for capital stock of the banks of $80,000,000 in the year, as shown in for cooperatives made in 1936 were $3,- Table 2. The most important change during 500,000. 1936 was the growth of outstanding rehabilitation loans made by the Resettlement Ad- DISCOUNTS AND LOANS OF FEDERAL INTERMEDIATE CREDIT BANKS AND OF BANKS FOR COOPERATIVES. ministration from $8,000,000 to $87,000,000. Loans and investments of corporations and [In millions of dollars] banks under the supervision of the Farm Change Credit Administration aggregated $318,000,- Dec. from 000 on December 31, 1936. This includes 31, Dec. 1936 31, credit extended by the regional agricultural 1935 credit corporations, the production credit corporations, the Federal intermediate credit Discounts for production credit associations 1 108 +11 Discounts for other financing institutions.._ 39 banks and the banks for cooperatives. Loans Loans to cooperatives 71 +19 of the regional agricultural credit corpora- Total 2 218 +22 tions, which were originally financed by the Reconstruction Finance Corporation and are 1 This figure, which is that of rediscounts for and loans to the production credit associations by the Federal intermediate credit banks, is now in liquidation, declined in 1936 to $25,- $2,000,000 larger than total outstanding loans of the production credit associations to farmers on the same date. 000,000. Investments of the production 2 This figure differs from the total of similar items in the regular BULcredit corporations in class A stock of the LETIN table on Farm Credit Administration loans by $22,000,000, the amount of loans and discounts by the Federal intermediate credit banks the Federally chartered but privately man- to the banks for cooperatives. aged production credit associations were Other agricultural loans outstanding at the $75,000,000 at the end of the year, only end of 1936 were loans financed by special slightly smaller than a year earlier. The appropriations from Congress. Rural refunction of the production credit corpora- habilitation loans of the Resettlement Adtions is to organize, to assist in capitalizing ministration, made principally in 1936, and to supervise the operations of the local amounted to $87,000,000. Emergency crop associations. Their investments in stock of loans and drought relief loans administered the associations were made almost entirely by the Farm Credit Administration were in 1933 and 1934, when associations were outstanding in the amount of $105,000,000 being organized, and provide capital funds after reserves of $60,000,000 for uncollectwhich are largely invested by the associations ibles; $17,000,000 of these loans were made in marketable securities to be offered as ad- in 1936. Loans of the old Federal Farm ditional collateral for rediscounts obtained Board and of the Agricultural Marketing from the Federal intermediate credit banks. Act Revolving Fund, to which the assets of Discounts and loans of the Federal inter- the Federal Farm Board were transferred in mediate credit banks and the banks for co- 1933, totaled $40,000,000 after reserves for operatives to production credit associations, uncollectibles; these are principally loans to other financing institutions (chiefly State- cooperative marketing associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 FEDERAL RESERVE BULLETIN APRIL 1937 EARNINGS AND EXPENSES OF STATE MEMBER BANKS Earnings and expense reports of State of State member banks increased from $64,member banks show a further substantial 000,000 in the first half to $76,000,000 in the increase in their net profits during the last second half of 1936. With losses on loans and half of 1936. Similar reports for National investments about the same in both halves of member banks are not yet available. Growth the year and with recoveries on loans and in profits at State member banks reflected investments somewhat larger in the second increased net earnings from current opera- half, there was considerable improvement in tion and a larger amount of recoveries on net profits before payment of dividends. In loans and investments. Banks also had sub-the last 6 months net profits amounted to $87,stantial profits on securities sold. Income 000,000 as compared with $65,000,000 in the from interest and dividends and the amount first 6 months. of collection and service charges and earnings The following table gives the detailed reof trust departments increased somewhat, port of earnings and expenses of State memwhile expenses showed little change. As aber banks during each half of 1936 and for result, net earnings from current operations the years 1935 and 1936. [In thousands of dollars] First : Second Year Year First Second Year Year of h a 1 l 9 f 3 6 i o h f a 1 l 9 f 36 um 1936 of h a 1 l 9 f 3 6 ' o h f a 1 l 9 f 36 1935 1936 Earnings: Expenses (continued): Interest and discount on Real estate taxes 6,301 G'lOS 1} 21,052 ( 12, 409 loans 81, 330 ! 85,118 159,147 ; 166, 448 Other taxes 9,279 9; 955 j/ ^»«^\i 19,234 Interest and dividends on ! O ther expenses 45, 642 46,274 I 82,126 ! 91,916 investments 77, 135 ' 84,194 I 151, 491 : 161.329 Interest on balances with ! Total current expenses 152, 024 ; 155, 759 j 284, 739 j 307, 783 other banks 153 I 149 i 558 j 302 Collection charges, commis- Net earnings 63, 603 • 75, 695 ! 129, 673 | 139, 298 sions, fees, etc 4,446 • 4, 784 ; 8, 533 ! 9,230 Foreign department 1,942 i 2, 566 j 5, 395 | 4,508 Recoveries, profits on securities. Trust department 26,751 | 29,834 ; 49,163 j 56, 585 etc.: Service charges on deposit Recoveries on loans 11, 326 I 13, 406 . 24, 574 | 24, 732 Re a n c t c o re u c n e t i s ved 14 5 , , 8 9 3 0 9 5 i 1 6 5 , , 1 3 0 9 9 8 : 1 10, 747 j i 3 1 0 1 , ,9 3 4 0 8 3 P R r e o c f o it v s e r o i n es s e o c n u r in it v ie e s s t s m ol e d nts.. 3 1 6 6 , , 8 9 1 9 0 9 i | 2 35 2 , , 9 6 9 6 7 5 \ / q Jb fi ' 5 K 8b Q \i fi /j 7 3 2 9 ,8 ,6 07 64 Other current earnings 3,126 3,302 1 6,428 All other 4,118 ; 6,503 ! 14,769 i 10,621 Total earnings from cur- Total.. 69, 253 78, 571 ! 135, 929 J 147, 824 rent operations 215,627 : 231,454 . 414,412 ', 447,081 Losses and depreciation: Expenses: On loans 24,143 i 28, 093 92,396 ! 52, 236 Interest on deposits: On investments-.- 20,336 ! 19, 135 82,583 ; 39,471 Time 24,436 ! 24,553 i 53,970 48, 989 On banking house, furniture Demand 1,049 • 944 ! 2, 572 ; 1, 993 and fixtures 4,958 : 7,347 10,257 : 12, 305 Bank 379 ; 371 i 992 750 Allother 18, 525 12, 848 26,587 ; 31,363 Total 25,864 I 25, 868 57, 534 51, 732 Total losses and deprecia- Salaries—officers 22, 184 ! 22, 769 :) f 44, 953 tion 67, 962 ! 67, 423 : 211, 823 j 135, 375 Salaries and wages — employees (other than offi- :!l23,226J Net profits 64,894 i 86,843 | 53,779 151,747 cers) 41, 646 ; 43,674 j [' Cash dividends declared2.. 37.451 ! 39,857 j 73,892 77,308 Fees paid to directors and members of executive dis- Capital funds34 , 076, 115 2, 110, 555 2, 046, 123|2, 110, 555 count and advisory com- Number of officers * 7, 523 ; 7, 653 j 7, 337; 7, 653 mittees 930 911 1,871 Number of employees (full and Interest and discount. 01; part time)4 55,392 ! 55,739 I 52,670; 55,739 borrowed money 178 170 801 348 Number of banks 4 . 1,032 i 1,051 j 1,001J 1,051 1 Not reported separately ; included partly in "salaries" and in "other expenses". - Includes interest on capital notes and debentures. 3 The aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, etc. 1 At end of period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1937 FEDERAL RESERVE BULLETIN 305 EARNINGS AND EXPENSES OF NON-MEMBER INSURED BANKS The Federal Deposit Insurance Corpora- 7. Losses charged off on assets were more tion has just released the following report: than 30 percent lower than in 1935. Tabulation of statements of 1936 earnings, expenses and disposition of profits submitted PRELIMINARY STATEMENT OF EARNINGS, EXPENSES to the Federal Deposit Insurance Corpora- AND DISPOSITION OF PROFITS OF OPERATING INSURED tion by 7,584 insured State banks not mem- COMMERCIAL BANKS NOT MEMBERS OF THE FEDERAL bers of the Federal Reserve System disclosed RESERVE SYSTEM the following picture of their operations dur- Calendar Year 1936 Compared With Calendar Year ing the year: 1935 1. Net profits before dividends amounted [Amounts in millions of dollars] to $76 million, compared with a net loss of $5 million in 1935. Net profits amounted to Calendar year Change about 7V2 percent on total capital account. 1936 1935 Amount 2. Cash dividends declared and interest paid on common and preferred capital Current operating earnings: amounted to $25 million, compared with $20 I I n n t t e e r r e e s s t t a a n n d d d d i i v sc id o e u n n d t s o o n n l o s a e n cu s rities 15 8 0 9 1 8 4 0 3 + + 9 7 million in 1935. For the banks as a whole Commissions, exchange, service charges, etc 34 25 -f 9 dividends and interest averaged approxi- Other current operating earnings.. 22 28 — 6 mately 2% percent on total capital account Gross current operating earnings. 295 276 +19 and approximately 4 percent on common and Current operating expenses: preferred capital. Interest on time and savings deposits _-_ - . 63 65 3. Gross current earnings were 7 percent Salaries, wages, and fees 80 76 Taxes (other than on income) 14 115 greater than in 1935, amounting to $295 mil- Other current operating expenses _. 254 52 lion. Total current operating expenses. 211 208 4. Notwithstanding the inclusion of regu- Net current operating earnings ._.- 84 68 lar annual depreciation on banking house, Profits on assets sold or exchanged, furniture and fixtures with expenses in 1936, recoveries, etc.: Profits on securities sold or exwhich was not done in 1935, net current oper- changed 37 28 ating earnings were 24 percent greater in All other profits, recoveries, etc— 39 28 the year just closed. Net current operating Total profits on assets sold or ex- changed, recoveries, etc 76 56 earnings were $84 million in 1936, $68 mil- Losses, charge-ofls, etc.: lion in 1935. On loans .. 35 66 On securities. -._ .- 23 40 5. Comparative items of expense were All other losses, charge-oils, etc 24 223 lower than in 1935 except salaries and wages, Total losses, charge-offs, etc 82 129 which increased by 5 percent. Total cur- Income taxes, Federal and State 2 (3) rent operating expenses were $211 million in Net profits before dividends 76 1936, $208 million in 1935. Cash dividends declared and interest paid on capital.- _._ __ 25 20 6. Profits on assets sold and recoveries on Net profits after dividends.. . 51 -25 assets previously charged off were 36 percent higher than in 1935 and amounted to $76 Number of banks 7,584 7, 723 million. Approximately half of this amount represented profits on securities sold or exchanged. 1 + 1 + ot-4-1 ot Percent + 4.9 + 11.3 +36. 0 -21.4 + 6.9 - 3.1 + 5.3 - 6.7 + 3.8 + 3 + 1.4 + 16 +23. 5 4_ Q +32, 1 +11 +39. 3 +20 +35.7 -31 -47. 0 -17 -42. 5 + 4.3 + 1 -17 -36. 4 +S1 + 0 +25. 0 +76 1 Includes income taxes. 2 Includes regular annual depreciation on banking house. 3 Included with "Taxes" under "Current operating expense"'. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDERAL RESERVE BULLETIN APRIL 1937 FRENCH FINANCIAL MEASURES There are published herewith translations 000,000 francs. Taking account of this reduction and of several recent laws and administrative of that which the Government has decided to make during the year in the railway deficit, and of the orders affecting the financial situation in 8,000,000,000 francs already paid since January 1, France, together with a translation of the the requirements of the Treasury will be reduced to a statement issued on March 5 in which the figure which should not exceed the normal capacity of French Government announced its new fi- the Treasury to sell its obligations or to issue loans. About half of these requirements represent extraornancial program. As a result of the recent dinary armament credits which the Government has legislation, the Monetary Law of October 1, decided to cover by a large National Defense Loan 1936, which was published in the FEDERAL with exchange guarantees and options, that is, under RESERVE BULLETIN for November 1936, pp. such conditions that no French citizen can plead the excuse of his personal interest to evade his civic obli- 878-880, has been altered in several respects. gation. For launching this loan the French Government STATEMENT ISSUED BY FRENCH CABINET, makes and will make an appeal to all elements in MARCH 5, 1937 the nation. The National Defense Loan is the only one which The Council of Ministers has examined the finan- the Treasury will issue during the course of the cial situation in its essential and related elements: year; the rest of the Treasury requirements should be currency, the budget, and the Treasury. On proposal easily covered by normal operations in the shortof M. Vincent Auriol, Minister of Finance, it has term market. unanimously reached the following decisions: These measures represent a coherent whole, in Currency: The tripartite agreement concluded Sep- which the solutions applied to the problems of the tember 25 with the United States and Great Britain currency and the Treasury, of budgetary equilibrium remains the basis of French monetary policy. and prices, act and react on one another. They are Recourse to exchange control is thus excluded. of such a nature as to assure to the nation the finan- The Government is asking the Bank of France to cial security which economic progress permits and give a general authorization for free importation without which this progress would be threatened. of and free trading in gold within the country. Be- The Government believes it has done its duty. It ginning Monday, March 8, the Bank of France will counts on every Frenchman to do his. purchase gold at the current price without requiring identification of the owner. ADMINISTRATIVE COMMITTEE ESTABLISHED FOR THE A commission composed of Messrs. Labeyrie, Gov- EXCHANGE EQUALIZATION FUND ernor of the Bank of France; Charles Rist, honor- The Minister of Finance, ary governor; Paul Baudouin, general manager of the bank of issue of Indo-China, and Jacques Rueff, By virtue of article 3 of the monetary law of Ocmanager of the General Movement of Funds [in the tober 1, 1936, reading as follows [text omitted], French Treasury] will manage the exchange equal- Orders: ization fund—which was granted by the monetary ARTICLE 1. There is established for the Exchange law all the means necessary to assure defense of the Stabilization Fund, created by article 3 of the monfranc—with a view to assuring the security of cometary law of October 1, 1936, an administrative commerce and the stability of prices. mittee composed of: The authority of this commission shall extend to M. Labeyrie, Governor of the Bank of France. supervising the market for rentes in agreement with M. Charles Rist, honorary governor of the Bank the general manager of the Caisse des Depots. of France. Budget: Tax receipts for the month of January M. Paul Baudouin, general manager of the bank and other factors indicating economic recovery give of issue of Indo-China. reason to hope that the small deficit shown in the M. Jacques Rueff, manager of the General Movefinance law will not be exceeded and will even diminment of Funds. ish to an important degree in the course of the budget year. ART. 2. This committtee will also be called upon to The Government is resolved not to allow unfore- give advice regarding supervision and regularization seen expenditures to hinder a return to real equilib- of the financial market. rium. The strictest instructions have been given Done at Paris, March 6, 1937. to all departments to forbid additional credits. VINCENT AURIOL. With the single exception of appropriations necessary to increase small salaries, the Government LAW AUTHORIZING THE ISSUE OF A LOAN WITH GUAR- ANTEES OR OPTIONS OF EXCHANGE AND ABROGATING pledges itself not to introduce in Parliament requests for new credits. The effort for stabilization applied VARIOUS PROVISIONS OF THE MONETARY LAW OF to public expenditures will be applied simultaneously OCTOBER 1, 1936 to prices which already appear to have risen suffi- The Senate and the Chamber of Deputies have ciently far; unjustified increases will be prevented adopted, or restrained. The President of the Republic promulgates the Treasury: Improvement in the economic situation following law: and progressive reabsorption of the unemployed in ARTICLE 1. Within the scope of the authorizations certain industries make it possible to change the given in the finance law of December 31, 1936, the rate of certain capital expenditures by the State or Minister of Finance is authorized, in order to insure public bodies. Under the circumstances and taking the financing of expenditures for national defense, account of the actual state of its commitments, the to issue a loan with guarantees or options of ex- Government estimates that payments to be charged to change on principal and interest. the Treasury during 1937 can be reduced by! 6,000,- The said loan may be issued in several instalments Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

307 APRIL 1937 FEDERAL RESERVE BULLETIN provided that the net proceeds do not exceed direct ARTICLE 1. The Minister of Finance is authorized, expenditures for national defense in the budget year for the purpose of financing expenditures for na- 1937, either under the heading of ordinary expendi- tional security, to issue a first instalment of a loan tures for new public works or under the heading of for an effective amount of 5,000,000,000 francs in the capital investments, the entire amount being limited form of 4.50 percent rentes, amortizable in 60 years to 10,500,000,000 francs. This authorization includes at the maximum, which will be inscribed in a special that given by article 25 of the finance law of Decem- section of the Great Book of the Public Debt. ber 31, 1936, as set forth in section I (national de- ART. 2. Both principal and interest of these fense) of the capital investment account.1 rentes will carry an exchange guarantee on the basis of: ART. 2. The provisions of articles 8, 10, 11, and 12 of the monetary law of October 1, 1936,2 are 1000 French francs: 9 pounds sterling 7 shillings; 1000 French francs: 45 dollars 66 cents of the abrogated. United States of North America. Any measure having as its objective the establish- They will also carry an exchange option, the terms ment of an exchange control may only be enacted by law. of which are indicated in articles 4 and 5. ART. 3. The new rentes will bear interest from ART. 3. The Minister of Finance is authorized to March 1,1937. pay to holders of receipts delivered by the Bank of France at the time of surrender of gold or foreign During the entire life of the securities these rentes exchange in application of article 10 of the mon- may be registered or made out to bearer at the option etary law of October 1, 1936, and of article 553 ofof the holders. the finance law of December 31, 1936, the difference Bearer bonds will be delivered to subscribers, at between the value of gold as determined by the aver- their option, in denominations of 500, 1,000, 10,000, age of the rates established by the Bank of France or 100,000 francs. on March 8, 9, and 10, on the one hand, and, on the Bonds issued in registered form will be for a other hand, the amount of cash paid to them in principal amount of 500 francs or a multiple of 500 return for gold surrendered, increased, if necessary, francs.by the value of negotiable certificates delivered to ART. 4. The interest on the 4.50 percent rentes them at the time of issuance of the 3% percent will be payable semi-annually on March 1 and national defense bonds. The value of the said cer- September 1 of each year, and for the first time tificates shall be equal to the average of the rates on September 1, 1937. quoted on the Bourse from December 28, 1936, to On 500-franc bonds the semi-annual coupons will January 28, 1937. be payable at the holder's option as follows: Notwithstanding the provisions of article 2 above, In France for the amount in French francs persons who, having surrendered to the Bank of corresponding to the highest of the three follow- France, at the market price, the gold which they ing amounts: had declared to the administration of direct taxes, Nominal amount in French francs, i.e., 11.25 have obtained delivery of negotiable certificates, refrancs. main subject to a levy equal to the value of the said Equivalent in French francs of 0 pounds certificates determined as set forth above. sterling 2 shillings 1 penny calculated on the The present law, deliberated and adopted by the basis of the average closing rates of exchange Senate and the Chamber of Deputies, shall be exeofficially quoted at Paris at the three meetings cuted as law of the State. of the Bourse preceding the second day before Done at Paris, March 10, 1937. that on which the coupon is due. ALBERT LEBRUN, Equivalent in French francs of 0 dollars 51 By the President of the Republic: cents of the United. States of North America calculated on the basis of the average closing The President of the Council, rates of exchange officially quoted at Paris at LEON BLUM. the three meetings of the Bourse preceding The Minister of Finance the second day before that on which the cou- VINCENT AURIOL. pon is due. An order of the Minister of Finance, to be pub- ISSUE OF A 4.50 PERCENT LOAN, AMORTIZABLE IN 60 lished in the Journal Officiel not later than the day YEARS, TO FINANCE EXPENDITURES FOR NATIONAL before that on which the coupon is due, shall fix SECURITY the French franc amounts of the coupons on bonds The President of the French Republic, of different denominations for the corresponding in- By virtue of article 25 of the law of December 31,terest date. 1936; The amounts thus fixed shall apply also to all By virtue of article 1 of the law of March 10, coupons paid on and after the said coupon date what- 1937; ever their due date may have been. On the report of the Minister of Finance, Through the intermediary of the Bank for Decrees: International Settlements, at institutions desig- 1 The authorization referred to amounts to 9,500,000,000 francs. nated by the Bank in agreement with the French 2 See BULLETIN for November 1936, pp. 878-880. Government, in Swiss francs equivalent at the 8 Article 55 of the finance law of December 31, 1936, provided sight rate of exchange on the day of payment to that persons holding gold abroad or freely disposable foreign 11.25 French francs, or to 0 pounds sterling 2 exchange could, without being subjected to penalties imposed by other legislation (see BULLETIN for September 1936, pp. 706-707, shillings 1 penny, or to 0 dollars 51 cents of the and articles 10-12 of the law of October 1, 1936) utilize these United States of North America. resources in payment for the 3% percent national defense bonds The coupons of bonds of other denominations issued under decree of December 16, 1936. These bonds, which shall be paid as provided above at the following are payable on December 15, 1939, at 140 percent of their nominal value, were made available to persons who should deliver equivalents: gold to the Bank of France at the old legal parity or who had Coupon of 22.50 French francs—Pounds: so delivered gold in accordance with article 10 of the law of October 1, 1936. 0,4,2; dollars: 1.03. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 FEDERAL RESERVE BULLETIN APRIL 1937 Coupon of 225 French francs—Pounds: advance of all or part of the securities then out- 2,2,1; dollars: 10.27. standing. The redemption price shall include, in Coupon of 2,250 French francs—Pounds: this case, the principal amount of the bonds and 21,0,9; dollars: 102.74. accrued interest. ART. 5. The principal amount of the 4.50 percent The said principal amount and accrued interest rentes amortizable in 60 years will be divided into shall be payable as provided above, the calculation series. of the equivalent in French francs of the amounts Amortization shall be effected either by purchase in pounds sterling and in dollars of the United States on the Bourse or by redemption through drawings by of North America being effected on the basis of ; the lot. The number of securities to be amortized each average closing rates of exchange officially quoted at year shall be fixed by an amortization table based on Paris at the three meetings of the Bourse preceding a constant annuity. This table shall be published in the second day before that fixed for redemption. the Journal Offlciel within two months from the clos- ART. 6. All privileges and immunities applying to ing of the loan. Drawings by lot shall take place, the 3 percent perpetual rentes are also guaranteed to if occasion arises, on January 15 and July 15 of each the 4.50 percent rentes amortizable in 60 years. year, the redemption price being payable on and after The latter are also exempt from all special French the due date of the coupon following each drawing. taxes on securities. In addition, they may be em- On 500-franc bonds this redemption price shall be ployed for the uses and investments specified in arpayable, at the holder's option, as follows: ticle 29 of the law of September 16, 1871. The receipts, acknowledgments, and releases de- In France, for the amount in French francs livered for operations authorized by the present decorresponding to the highest of the three followcree shall be exempt from the special stamp tax on ing amounts: receipts. Nominal amount in French francs, i.e., 500 Also exempt from the stamp tax shall be posters francs. which have as their sole purpose an appeal to the Equivalent in French francs of 4 pounds public. sterling 13 shillings 6 pence calculated on the ART. 7. Subscriptions must be taken up in a basis of the average closing rates of exchange single cash payment. officially quoted in Paris at the three meetings ART. 8. AH transactions relative to transfer, conof the Bourse preceding the second day before version, and exchange of the 60-year 4.50 percent that on which the coupon is due. rentes shall be effected in accordance with the pro- Equivalent in French francs of 22 dollars visions governing rentes entered in the Great Book 83 cents of the United States of North Amerof the Public Debt. ica calculated on the basis of the average ART. 9. The Minister of Finance is charged with closing rates of exchange officially quoted in Paris at the three meetings of the Bourse fixing, by order, other conditions governing transacpreceding the second day before that on which tions and assuring the execution of the present decree the coupon is due. which shall be published in the Journal Officiel. Done at Paris, March 11, 1937. The order of the Minister of Finance provided for ALBERT LEBRUN, in article 4 above for the purpose of fixing the By the President of the Republic: amount of the coupons shall also fix the redemption The Minister of Finance, price in French francs of bonds of different denominations. This redemption price shall likewise apply VINCENT AURIOL. to all bonds drawn at preceding drawings which are redeemed on and after the coupon date to which the LAW MODIFYING ARTICLE 6 OF THE MONETARY LAW OF ministerial order applies. OCTOBER 1, 1936 The Senate and the Chamber of Deputies have Through the intermediary of the Bank for adopted, International Settlements, at institutions desig- The President of the Republic promulgates the nated by the Bank in agreement with the French following law: Government, in Swiss francs equivalent at the ARTICLE 1. Article 6 of the monetary law of Ocsight rate of exchange on the day of payment tober 1, 1936,1 is abrogated. to 500 French francs, or to 4 pounds sterling ART. 2. The provisions of the monetary law of 13 shillings 6 pence, or to 22 dollars 83 cents October 1, 1936, are not applicable to international of the United States of North America. payments which, prior to the promulgation of that Redemption of bonds of other denominations law, were validly to be made in gold francs. shall be effected as provided above at the follow- ART. 3. Payments made between France, Algeria, ing equivalents: Tunisia, Morocco, the colonies, the protectorates, the Bonds of 1,000 French francs—Pounds: states and territories under French mandate are not 9,7,0; dollars: 45.66. international payments. Bonds of 10,000 French francs—Pounds: ART. 4. The provisions of the present law shall be 93,9,10; dollars: 456.60. effective as of October 1, 1936. Bonds of 100,000 French francs—Pounds: The present law, deliberated and adopted by the 934,18,7; dollars: 4,566.00. Senate and the Chamber of Deputies, shall be exe- The interest on securities belonging to the series cuted as law of the State. designated by lot for redemption in principal shall Done at Paris, February 18, 1937. cease on the date of redemption and the principal ALBERT LEBRUN, amount shall be held at the disposal of the rightful By the President of the Republic: holder, not including the amount of the subsequent coupons which should not be presented, the value of The President of the Council, the coupon being calculated on the same basis as that LEON BLUM. of the principal to be redeemed. The Minister of Finance, The State reserves the right to proceed at any time VINCENT AURIOL. on and after March 1, 1942, to the redemption in 1 See BULLETIN for November 1936, pp. 878-8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

309 FEDERAL RESERVE BULLETIN ANNUAL REPORT OF THE BANK OF FRANCE The annual report of the Bank of France ever, was of short duration. In August the for the year ending December 24, 1936, was outflow was resumed and 431,000,000 francs submitted on January 28, 1937, to the first were withdrawn from the reserves. In Sepannual general meeting of stockholders since tember the outflow increased sharply as withits statutory reorganization in July 1936. The drawals of gold reached almost 4,400,000,000 main text of the address of the governor of francs. the bank, M. Emile Labeyrie, is given here- The October currency revaluation.—In with.1 view of this gradual weakening of our mone- Gold and capital movements.—The past tary position and, more particularly, in order year was marked by a further considerable to establish a better balance between French decline in the metallic reserve of the Bank of prices and those in other countries, the Gov- France. This impairment of the national ernment, after negotiations with the authorigold stock, following upon the sharp reduc- ties of Great Britain and the United States, tion recorded in 1935, compelled the Govern- decided to readjust the value of the currency ment last September to ask Parliament for and to set up a new monetary regime in legislation amending the monetary law of France. June 1928. This reform, which was effected by the law The outflow of gold, like that of the preced- of October 1, 1936,2 freed the Bank of France ing year, was the result of large exports of from the obligation to deliver gold in ex- French capital. Neither the deterioration of change for its notes. The convertibility of our foreign trade balance, nor the changes the franc is assured by a special organization, which occurred in other elements of our bal- called the Stabilization Fund, which is manance of payments, could explain the reduction aged by the Governor of the central bank of more than 16,000,000,000 francs in our within the limit of instructions given by the gold reserve during the first three quarters Minister of Finance. of 1936. Parliament assigned to the Government the Except for one month during that period responsibility of fixing the new value of the the outflow of capital was continuous, though franc, stipulating that it should be neither its pace was irregular. In January the gold lower than 43 milligrams, nor higher than withdrawals amounted to 1,073,000,000 49 milligrams of gold .900 fine per franc. francs. Although in February and March the Under the law as it now stands, franc exgold reserve rose by 363,000,000 francs, this change can fluctuate between these new increase was the consequence of the loan of limits. 40,000,000 pounds sterling contracted by the During the final quarter of last year a co- French Treasury with a group of British operative effort to avoid appreciable foreign banks. The realization of the proceeds of this exchange fluctuations was made by the councredit in foreign exchange made it possible tries in which trade is unhampered. In the during these two months to maintain the Paris market the quotation of the pound sterequilibrium of the exchange market without ling fluctuated only between 104.72 and drawing upon the reserves of the central 105.82, whereas during the first 9 months of bank. the year the range had exceeded 2!/2 points, Beginning with April the export movement and in 1935 had amounted to almost 5 points. of gold was augmented. During this month The dollar remained attached to gold, under gold exports rose to 4,818,000,000 francs; in the conditions established by the President of May they amounted to 3,747,000,000 francs, the United States in January 1934. and to 3,023,000,000 francs in June. The greater stability of Franco-British ex- In July the stock of gold was increased by change is one of the fortunate results of the a return flow of 943,000,000 francs, as the collaboration established between the various international movement of gold again became exchange stabilization funds as a result of the favorable to France owing to the repatriation joint declaration made by the Governments of French funds. This improvement, howof Great Britain, the United States, and 1 The report, available in French, contains in addition an intro- France on September 25, 1936, and adhered ductory section paying tribute to the previous administration of the Bank, together with tables showing the operations of the Bank in detail. For earlier reports, see BULLETIN for March, 1936, 1935, 1934, 1933, 1932, 1931, 1930, etc. - See BULLETIN for November, 1936, pp. 878-880. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL RESERVE BULLETIN APRIL 1937 to later by Belgium, Switzerland, and Hol-At the time when this loan was granted, the land. Bank had agreed to deliver to the Govern- The spirit of cooperation that unites these ment against a payment in francs the quantity nations is one of the most valuable guar- of gold required for final settlement of the antees for the maintenance of the inter- transaction. national monetary system. During these past The money market.—The considerable gold months, in spite of the large movements of movements of the first 9 months of the year capital that took place, it made possible an —when the Bank was obligated to convert exchange stability similar to that which its notes into gold—could not fail to influence would have been achieved through the normal the money market and, in particular, to refunctioning of the gold standard. Thanks are duce the volume of available funds. The due to the British and American authorities Bank of France nevertheless tried to give for their cooperation. commerce, industry, and agriculture the benefit of the best possible terms of discount. Revaluation of the reserves.—In accordance Accordingly, the official rate was reduced with the provisions of the convention of Sepfrom 5 to 4 percent on January 9 and to ?>y» tember 25, entered into between the Governpercent on February 6, even though during ment and the Bank and approved by the law this period gold was being withdrawn from of October 1, the Bank proceeded to revalue the reserve. its metallic stock, and its reserves of foreign The resumption of the gold outflow, howexchange carried on the balance sheet under ever, compelled the former Council of the following heads: Funds available on de- Regents to raise the discount rate again to 5 mand abroad, commercial bills discounted on percent on March 28, and to 6 percent on foreign countries, negotiable bills and other May 6. As soon as the situation improved the short-term foreign assets. The gold, and the rate was again lowered, and by July 9 it had foreign exchange convertible into gold, were been reduced to 3 percent, where it remained revalued on the basis of 49 milligrams of until September 24. gold .900 fine per franc; foreign exchange not linked to gold was revalued on the basis On the eve of the currency alignment, beof the average quotation on the Paris market. cause of the heavy demand for gold, it was considered necessary to raise the rate to 5 The increment resulting from this new percent. After the passage of the law, that is valuation of our gold and foreign exchange to say, on October 1, it was reduced to 3 perholdings was slightly in excess of 17,000,cent, to 21/2 percent on October 8, and to 2 000,000 francs. The entire amount was depercent on October 15. The latter rate is still voted to the repayment of advances by the effective.3 In the entire history of the Bank Bank to the Treasury, except for a sum of of France it has been in effect only 4 times. 10,000,000,()00 francs which was allocated to France has, therefore, seldom had the benefit the Stabilization Fund and was at once of such favorable short-term credit conalmost entirely converted into gold. ditions as during the last 3 months of 1936. The Stabilization Fund has not continued The private discount rate has remained, for to keep the total sum allocated in the form of the most part, fairly close to the official rate. gold. During the last quarter of 1936, the This situation, reflecting a considerable strin- Bank had occasion both to buy gold from and gency in the money market, induced money to sell gold to the Fund in accordance with market institutions to rediscount part of the provisions of the monetary law. These their portfolios with the bank of issue. transactions gave rise to effective transfers of the metal. Discount policy.—According to custom, the The gold reserve of the Bank of France Bank freely accepted for discount such paper amounted after revaluation to 57,962,000,000 as met our statutory requirements. In spite francs; it rose to 62,359,000,000 francs on of various needs for credit which became ap- October 9 and to 64,359,000,000 francs on parent from time to time, the volume of the October 23, and declined to 60,359,000,000 commercial portfolio was on the whole fairly francs on December 4. This decline occurred stable from April to December 1936, showing in connection with the repayment of the a difference of somewhat less than 2,500,credit of 40,000,000 pounds sterling con- 000,000 francs between the maximum of tracted by the Treasury in February and March 1936, which matured in November. 3 On January 28, 1937, the rate was advanced from 2 to 4 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 311 APRIL 1937 8,159,000,000 francs and the minimum of made in 1935 and renewed thereafter from 5,676,000,000 francs. quarter to quarter. The advance in prices of agricultural pro- In order to regularize these operations, a ducts, especially wine, made it possible to convention between the Bank and the offer better terms for advances secured by Treasury was signed on June 18, 1936, and such products. Operations of this character approved by the law of June 23.7 Under this are included in the commercial portfolio, and arrangement, a new account of temporary supplement the assistance rendered by the advances to the State was opened, to which Bank to agriculture through the medium of Treasury bills were transferred as they mathe National Bank for Agricultural Credit. tured. By this means the portfolio, which The creation of the National Wheat Board had risen from 9,735,000,000 francs on Dein August 1936 4 was accompanied by legis- cember 24, 1935, to 21,221,000,000 francs on lative provisions which enabled the Bank in- June 26 following, was gradually reduced to directly to render even greater assistance to 7,174,000,000 francs on September 25. producers. On December 24, 1936, the Afterwards it rose steadily to 8,901,000,000 volume of bills rediscounted for the National francs at the end of the year. This increase Bank for Agricultural Credit amounted to of more than 1,700,000,000 francs repre- 584,000,000 francs. sented loans granted exclusively for economic In execution of the law of August 19, purposes. 1936,5 moreover, the bank discounted By the aforementioned convention of June through the medium of the Central Office of 18, 1936, the Bank also agreed to grant the the Banques Populaires, notes drawn by the Government a new temporary advance for a beneficiaries of loans granted by virtue of maximum amount of 10,000,000,000 francs. this law. On December 24 the total of bills The Treasury immediately made use of this of this kind included in our portfolio privilege, and at the end of September these amounted to 757,000,000 francs. loans totaled 2,070,000,000 francs. After In collaboration with the Commission of having been completely liquidated on October Insurance Credit, the Bank participated in 1, 1936, by means of the increment from rethe mobilization of old or new credits 6 held valuation of the metallic reserve, the debt of by French exporters in countries having the Government rose to 3,800,000,000 francs transfer restrictions, by discounting large on December 24. amounts of receipts representing these The convention of June 18, 1936, provided credits. that the Bank should receive three months' The Bank will continue to furnish the noninterest bearing Treasury bills, renewgreatest possible facilities to commerce, in- able at maturity, to represent its advances to dustry, and agriculture, and is firmly re- the State. It also provided that, as reimsolved to keep its discount rate as low as the bursement for expenses, the Bank should monetary position permits. It will endeavor receive an annual commission of 0.2 percent also, by collaborating with private money of the effective amount of the aforesaid market institutions, to establish a better or- advances. ganization of credit. The law of July 24, 1936,8 reforming the statutes of the Bank, provided in article 13, Assistance of the Bank to the Treasury.— that all bills of the floating debt, issued by the In addition to assisting the productive ac- Treasury and maturing within a maximum tivity of the country, the Bank cooperated period of 3 months, should be admitted withwith the Treasury. During the first half out limit to rediscount at the central bank, year, large amounts of Treasury bills were except for the benefit of the Treasury. discounted. The increase of 11,486,000,000 francs in the bill portfolio between December The Bank issued such instructions as were 24, 1935, and June 26, 1936, represented in required for full application of article 13, large measure new loans granted to the which regulates the conditions on which Government. On June 26 the Bank held a Treasury bills and National Defense bills total of 13,833,000,000 francs of Government may be admitted to rediscount. On the other bills, part of which represented advances hand, by agreement with the Government, the Bank took measures to insure that these 4 See BULLETIN for October, 1936, p. 786. "See BULLETIN for October, 1936, p. 788. 7 See BULLETIN for July, 1936, p. 536. « See BULLETIN for October, 1936, p. 787. 8 See BULLETIN for September, 1936, p. 705. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 FEDERAL RESERVE BULLETIN APRIL 1937 facilities should be granted only to bona fide 1936, on the eve of the currency revaluation, holders of short-term securities, and that it had declined to 54.42 percent. they should not provide the basis for making Economic recovery—During the past year indirect loans to the Government, as was business activity experienced a revival. It is done in 1935 and during the first half of true that the revival was by no means steady. 1936. After an improvement during the first Advances.—Advances on securities have months of 1936, business operations again risen from 3,347,000,000 francs to 3,521,- slowed down. Beginning in the autumn, 000,000 francs. Their increase was especially however, a marked recovery took place and marked during the first 5 months of the year. conditions at the end of the year would indi- Thereafter, with the exception of a sharp and cate that France has definitely passed the temporary increase at the end of September, most acute period of the depression. they showed only moderate fluctuations. The economic improvement was aided by Variations in the rate on advances in general the general advance in prices. The index of paralleled those in the discount rate. wholesale prices, computed by the Sta- Thirty-day advances on Government se- tistique Generate de la France, rose during curities having a maturity of not more than the year from 357 to 499, an advance of 39.8 2 years9 showed somewhat wider fluc- percent. The index of retail prices showred a tuations. They varied between a minimum of similar but slower movement, and advanced 269,000,000 francs and a maximum of 1,627,- by not more than 22.5 percent. 000,000 francs. The magnitude of credit Freight-car loadings showed an apprecidemands on certain occasions demonstrated able increase as compared with last year; the the usefulness of this new form of loan. It volume of industrial production, on the other relieved temporary end-of-month stringency hand, has shown no marked increase as yet. and thus brought about greater flexibility in In November last the general index stood at the functioning of the money market. 98 as compared with 95 a year ago. Advances on bullion rose from 1,205,- Unemployment in December was substan- 000,000 francs at the beginning of the year tially below that in December a year ago. to 1,671,000,000 francs in May and declined The improvement in this distressing condithereafter. At the end of 1936 they totaled tion is certainly one of the most significant only 1,259,000,000 francs. The Bank no symptoms and at the same time one of the longer makes advances of this kind to indi- most hopeful aspects in the economic reviduals or private enterprises. Operations of covery of the country. this character still outstanding, except those Foreign trade during the past year showed concluded with foreign central banks, have an increase in the import surplus from 5,been in gradual process of liquidation. 478,000,000 francs to 9,944,000,000 francs. In the aggregate, the total amount lent by This, however, is chiefly the result of larger the Bank of France to business—that is, ex- purchases of raw materials, which increased clusive of advances granted directly or indi- by 2,488,000,000 francs, and thus to a great rectly to the Government—increased by al- extent reflects an improvement in the ecomost 3,000,000,000 francs during 1936, that nomic situation. is, from 10,160,000,000 francs to 13,060,- It is reasonable to hope that the recovery 000,000 francs. recorded in 1936 will make further progress This expansion in the volume of Bank of during 1937. It is, indeed, an essential con- France credit, together with the increase in dition for the reestablishment of budgetary the debt of the Government and the revalua- equilibrium and restoration of Government tion of the Bank's reserve, brought about an credit. Solution of the financial problem, as expansion in note circulation, current ac- well as improvement of the general business counts, and deposits. Total sight liabilities situation, would, moreover, be greatly faciliwere 102,211,000,000 francs on December 24, tated if the investors of the nation would peras compared with 92,799,000,000 francs on form their proper function. December 24, 1935. The reserve ratio was France is being deprived at present of a 59.05 percent, as compared with 71.44 per- vast amount of capital, which either has been cent at the end of 1935. On September 25, sent abroad or continues to be hoarded within the country. The return of these funds to the money market would have the advantage 9 See BULLETIN for March, 1934, p. 175. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

313 FEDERAL RESERVE BULLETIN APRIL 1937 not only of accelerating the flpw of income which, by facilitating the reduction of longand of increasing business activity, but also term money rates, would afford valuable supof creating an abundance of available funds port to the entire economic system. BALANCE SHEET OF THE BANK OF FRANCE AS OF DECEMBER 24, 1936, AND DECEMBER 24, 1935 [In thousands of francs] De 1 c 9 . 3 6 24, De 1 c 9 . 35 24, Liabilities De 1 c 9 . 3 6 24. De 1 c 9 . 3 5 24. Gold reserve (coin and bullion) 60, 358. 742 66. 297, 836 Demand liabilities: Silver and copper coins 552, 350 664, 412 Notes in circulation 87, 419. 591 80, 668, 784 Funds available on demand abroad 9, 648 11,204 Current account of the Treasury 136, 687 85, 148 Foreign bills: Current account of the Caisse Autonome Negotiable 1.436.914 1,111,213 d'Amortissement 1.968, 446 2, 750, 809 Other 15,313 206, 942 Other current accounts and deposits. 12,612,957 9, 144, 788 Domestic bills: Other demand liabilities 73,525 149,909 Negotiable 307,291 172. 203 Capital 182,500 182, 500 Other 7, 544, 433 9, 527, 776 Surplus (laws of June 9, 1857, and Nov. 17, Agricultural bills and warehouse receipt- 1897) 294,980 274,097 guaranteed by the National Wheat Board Reserve invested in legal securities (law of (law of Aug. 15, 1936) j 584, 457 May 17, 1834; decree of Apr. 27 and May 2, Bills rediscounted at the Central Coordinat-j 1848; law of June 9, 1857) 22, 106 22,106 ing Committee for the Banques Populairesj Depreciation reserve (real estate) 4, 000 4,000 (law of Aug. 19, 1936) 756. 743 Profit and loss: Advances against gold coin and bullion 1,258.498 1.205,455 Special reserve . 23,000 Advances against securities 3, 508, 784 3. 247, 060 Provision against risks on foreign ex- Advances for 30 days against Government change 47, 000 securities having a maturity of not more Provision for exceptional payment 266 2 years 342, 263 464,941 Gross dividends 1251 francs ... 22,813. 22. 398 Postal current accounts 769,210 669, 289 Carried forward 25, 826 25,000 Negotiable bills of the Caisse Autonome Miscellaneous 1 labilities 2, 141, 652 1,705,951 d'Amortissement (convention of June 23, 1928, and Dec. 7, 1931) 5, 639,", 5, 800, 394 Total liabilities 104, 975, 349 95.131,564 Loans to the Government without interest (law of June 9, 1857; convention of Mar. 29. Total demand liabilities 102, 211, 206 92, 799, 437 1878; law of June 13, 1878, extended; laws of Ratio of gold reserve to demand liabilities Nov. 17, 1897, Dec. 29, 1918, and June 25, (percent) 59. 05 71.44 1928) 3, 200. 000 3, 200, 000 Temporary noninterest bearing advances to the Government: Convention of June 18, 1936 (approved by law of June 23, 1936): Articles I and 2 12,298.092 Article 3 3. 800, 000 Rentes earmarked for special purposes,. 1.12,981 112.981 Bank buildings and equipment 4. 000 4. 000 Miscellaneous resources 2, 475, 860 2. 435, 859 Total assets _ 104, 975, 349 95,131.564 1 For second half year 1936. Gross dividend for first half year 1936, 125 francs. In accordance with the law of Dec. 23, 1933, and the decree of July 11, 1934, which modified the rate of taxation on the yield of French registered shares, the net dividend of shares of the Bank of France was 205 francs for the year for shares subject to a tax of 18 percent; and 220 francs for the year for shares subject to a tax of 12 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN APRIL 1937 ANNUAL REPORT OF THE BANK OF CANADA The annual report of the Bank of Canada ment of issues payable in other currencies for the year ending December 31, 1936, was (including optional payment bonds) was submitted to the annual general meeting of about $202,000,000 in 1936. Some of these shareholders by Mr. Graham F. Towers, Gov- bonds, of course, were owned in Canada, and ernor of the Bank, on February 23, 1937.to that extent the refunding has not produced Sections of the report are given herewith r1 any net change, although it has relieved the The Canadian dollar in 1936.—In a year issuer of the liability to pay in United States in which the foreign exchanges were under dollars or sterling. an almost continuous strain, the Canadian Preliminary estimates of our balance of dollar exhibited a remarkable steadiness, par- international payments during 1936 indicate ticularly in its relationship to the United that we may have had available over $300,- States dollar. In general, it may be said that 000,000 on current account; that is, after the Canadian and United States dollars drew making allowance for all items other than closer together and moved in greater harmony capital movements. Of this favorable balthan has been the case for some years. The ance, provisional estimates put the amount range of fluctuations was less than 1*4 per-used for repatriation of obligations held outcent, with the Canadian dollar, which was side the country at $145,000,000. quoted below par in the earlier months, Taking into consideration amounts retired strengthening to close the year at a small in 1935, and under way this year, the record premium. Vis-a-vis the pound sterling, which is a surprisingly favorable one. We should, remained above its old parity throughout the I think, guard against repatriation on a scale, year, the range was twenty points or approxi- or at a speed, which overestimates the powers mately 4 percent. of absorption of our bond market, or imposes Movements of capital on a large scale, both a strain on the Canadian dollar. Of the latter before and after the abandonment of the gold development there is as yet no sign, but there standard by France, Holland, and Switzer- are indications of some congestion in the land in September, were factors contributing market for securities. to fluctuations in the exchange value of the An unusually large favorable balance in pound. After the adoption of the tripartite our visible trade is characteristic of the early monetary agreement, on October 13, the period of a Canadian recovery, and it is not pound moved within a range of 1.027 percent surprising that the surplus of exports should in Canada, and .962 percent in New York. have been particularly substantial on this Stability in foreign exchanges is of great occasion, in view of the liquidation of wheat benefit to the world at large. The fact that stocks. It can be expected that a continuance the United Kingdom, the United States, and of satisfactory conditions in the export field France found it possible to enter into a workwill further stimulate domestic activity, and ing arrangement designed to promote stacause the increase in imports to be more bility is most encouraging. closely related to the increase in exports than Reduction of foreign debt.—A combination was the case last year. of circumstances has greatly encouraged the Savings.—During the past year, the Dorepatriation of a substantial amount of Caminion and provincial governments of Canada nadian external indebtedness. For one thing, raised a little over $160,000,000 of new our balance of international payments has money, if we include guaranteed issues. In been exceptionally favorable; and for anthe same period, the chartered banks' portother, conditions in the domestic market have folios of Dominion and provincial issues rose facilitated the issue of bonds payable in Caby $160,000,000, and Bank of Canada showed nadian dollars to replace obligations in other an increase of $46,000,000 in its holdings of currencies. government securities. On balance, there- It is not possible to state the exact amount fore, other institutions and the general pubby which our external indebtedness has delic, though of course taking a part of the new creased, but there are various ways in which issues, may be regarded as having parted we can gain some idea of the sums involved. with $46,000,000 of their existing holdings, For example, we know that the net retireor a greater amount than this in so far as 1 In addition, the report contains sections dealing with profit they took up a portion of the new issues. and loss, personnel, etc. For the first report of the Bank, see This does not necessarily mean, of course, BULLETIN for April, 1936, page 256. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

315 APRIL 1937 FEDERAL RESERVE BULLETIN that the savings of the public have been port trade in foodstuffs and raw materials, diminished—on the contrary, they have, in is exposed to wide fluctuations in business, fact, increased. For supposing that on bal- due to conditions beyond our control. When ance we may regard all new issues as taken we are severely hit by a depression, it is idle up by the banks, then the governments, who to suggest that governmental budgets should received the proceeds, would have spent this be balanced. Theoretically, such a result cash, and the deposits of the general public might be achieved by a heavy increase in in the chartered banks would have been taxation. In fact, the imposition of addiswollen by the same amount. A considerable tional taxation of this order would probably proportion of these deposits takes the form defeat its own object by intensifying the deof savings deposits. Again, if the banks buy pression. I do not suggest that possible from the public pre-existing issues, that only economies should ever be disregarded, but means that the sellers receive a cash balance rather that substantial increases in debt are, in place of the securities in which their sav- in any event, inevitable during bad times. It ings were previously invested, and these cash follows that a reduction in debt during more balances, which again may largely be savings prosperous periods is essential. If we, as a accounts, represent to that extent a change country, increase our debt materially during in the form of the public's savings, and not a depression, but never decrease it during betdiminution or increase. Finally, the public ter times, the ultimate result is obvious. The has saved by purchasing out of income securi- test which we face is our ability not only to ties previously held outside Canada. balance budgets, but to achieve surpluses for Treasury bills.—During 1936 the amount the purpose of debt reduction. of Dominion Government Treasury bills out- Our estimate of the increase in Dominion, standing was increased from $105,000,000 to provincial, and municipal debt in the six $150,000,000. The average tender rate dur- years ended March 31 last—including guaring the year was .85 percent for 90-day bills. anteed debt—is over $1,800,000,000. When The rate ranged from 1.198 percent on the figures become so large they cease to convey offering of January 2, 1936, to a low of .643 very much to the average man, but they defipercent on September 15, 1936, and the last nitely suggest that we must expect high taxaoffering of the year was sold at a rate of .746 tion and need economical administration for percent. many years to come. I referred last year to the desirability of The character of governmental responsian active bill market, and expressed the hope bilities has changed materially during the that we should make some progress towards present century. The budgets of 25 years the establishment of such a market in this ago—whether they pertained to the Dominion country, at least in so far as Dominion Gov- or to provinces or to municipalities—conernment Treasury bills were concerned. One tained no expenditures for old age pensions must recognize, however, that the goal is a or mothers' allowances, and the charges for long way off. I feel that it is quite likely that hospitals and public health were much if money conditions ever become less easy smaller than the amounts required today. than they have been in the last few years, Still less was there any unemployment relief. Treasury bills may be rather neglected, and These social expenditures arise from an that holders may tend to allow their bills to altered conception of public needs and govrun off through a desire to obtain additional ernmental responsibilities. This change imcash. Such a development would call for the poses a necessity for financial administration refunding of a suitable portion—perhaps a of a high order if the burden is to be equitably substantial portion—of the bills now out- distributed or, indeed, if it is to be borne at standing. The market would then be short all. Our system of government has the of assets which can properly be classified as rigidity common to all Federal states. That second line reserves. I think it is probable it does not adapt itself readily to fundamental that experience over a period of years, and changes is sufficiently obvious not to require of a variety of conditions in the money mar- emphasis. ket, will be necessary before we achieve a Relations with provinces.—Perhaps it satisfactory bill market in Canada. would not be out of place if I were to make Budgets and indebtedness.—A country such some general remarks on the nature of the as Canada, which is highly dependent on ex- relationship which it is possible for us to have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 FEDERAL RESERVE BULLETIN APRIL 1937 with provincial governments. In this con- imum possible protection against fraudulent nection, we start from the indication given to practices in the sale of securities, the decision us by the Bank of Canada Act, which says as to what securities shall be purchased, and that "The Bank shall act as fiscal agent of the at which prices, rests with the individual. Government of Canada without charge, and But the extent to which the individual obtains subject to the provisions of this Act, by agree- credit to enlarge his speculative activities is ment, may also act as banker or fiscal agent a matter of public interest and concern. I of the government of any province." 2 As a believe that it was a wise move on the part of central bank we must have the closest rela- the leading Canadian stock exchanges to raise tions with the Dominion Government, but it margin requirements during 1936, and I feel is not essential, though it may be desirable, sure that they will have the cooperation of that we should also have somewhat similar other lenders if—as may well be the case— relationships with provincial governments, further increases become necessary. and this distinction our Act recognizes. The Business recovery.—Developments in Caprimary function of any central bank is to nadian business during 1936 have been discontrol the volume of credit (and to some extinctly encouraging. A substantial enlargetent of currency) in the country, and this ment of the volume of trade has been accomtask it could not perform without close copanied by a further recovery in commodity operation with the central government. It is prices; moreover, the price relationship bepossible for the Bank to carry out its main tween farm products and raw materials on functions without the same kind of cooperathe one hand, and manufactured goods on the tion with provincial governments; nevertheother, has come into better balance than at less, cooperation between the Bank and such any time since 1929. The extent of the regovernments can, we believe, be helpful both covery is shown rather strikingly by comto the individual governments concerned and paring some 1936 figures with those of the to the country as a whole. The Bank feels low point of the depression. Such a comparithat any such relationships should be entered son shows that the estimated volume of busiinto on the understanding that it would be of ness has increased 41 percent; national a continuing character, for without a close income, 41^2 percent; car loadings, 23 perand continuous connection the Bank would cent ; retail trade, 20 percent; external trade, not be able to acquire that full knowledge of in value: exports, 96 percent, imports, 58 a province's position which would enable it percent; and employment 24 percent. to give the province the best service of which it is capable in the matter of expert advice. It should be noted that the benefits of Impartial advice the province can, we believe, recovery have not been evenly distributed count upon receiving from us; but that, like throughout the country, because of drought patriotism, is not enough. conditions in the West; and that the construction industry has been a laggard. Improve- If such a connection is established, the ments in western agricultural results and in Bank can perform for a provincial governbuilding trade activity are greatly to be ment much the same kind of services as it desired, not only for the direct effects which undertakes for the Dominion Government. would be produced, but also as a means of It would not be necessary for the Bank to further stimulating general employment, become the sole banker of the province: enlarging railroad revenues and reducing existing connections could remain undisrelief costs. turbed. In volume, business in Canada in 1937 will Security markets.—The improvement in probably exceed the 1926-29 average; in corporation earnings, both actual and pros- value it may come reasonably close to the pective, has led to a very material rise in figures of those pre-depression years. Bethe price of Canadian securities. To the cause of the increase in working population extent that these increased prices reflect the since that time, we must hope to do a subre-establishment of our industries on a stantially larger volume of business than we profitable basis, the development is a wel- have ever done before, in order to attain a come one. The growing volume of specu- satisfactory level of prosperity. I believe that lation, however, is not so satisfactory. While goal will be reached. The banker is tragovernments can and should give the max- ditionally a pessimist, so that it may not be thought surprising if I express the belief that 2 Section 23 (1). See BULLETIN for October, 1934, p. 657. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

317 APRIL 1937 FEDERAL RESERVE BULLETIN the permanency of the recovery is open to has been increased by $5,100,000 since our question, in view of the unsettled state of last meeting. On June 23, 1936, an Act3 was world affairs. If this fear is not attributable passed amending the Bank of Canada Act in entirely to professional caution, it indicates a number of respects, the most important of the necessity for tackling some of our press- which was the creation of an additional ing problems while conditions are favorable. 102,000 shares of Class B stock to be issued Changes in Bank portfolio.—As at Decem- to the Minister of Finance at the price of ber 31 last our holdings of Dominion and $50 a share—the par value of the stock— provincial government securities, maturing and to be held by the Minister on behalf of within two years, amounted to $61,299,024, the Dominion of Canada. This stock was and those having a maturity longer than two issued by us and paid for by the Minister on years totaled $99,016,389. Compared with September 11, 1936. As the holder of these December 31, 1935, the total increase in our Class B shares, the Minister, with the apsecurity holdings was $46,032,570. This ad- proval of the Governor in Council, is entitled dition to our portfolio more than offset the to appoint to the board of the Bank six increase in our active note circulation, and directors, each of whom has two votes prior was one of the factors leading to an increase to the annual general meeting in 1940, at of $12,600,000 in the chartered banks' cash which time the number of directors elected by reserves. Class A shareholders will have been reduced It may be of interest to analyze the changes to three. in our position which caused the chartered I am sure that I speak, not only for myself, banks' cash to increase by the amount which but for other members of the board as orig- I have mentioned. inally constituted, when I say that we welcome the new directors, and have had oc- [Figures shown in millions of dollars] casion to appreciate their counsel and cooperation at the meetings which have taken Changes Changes place since the date of their appointment producing producing a decrease an increase last September. in char- in chartered tered Auditors are now appointed by the Minisbanks' banks' ter instead of by the shareholders, and a cash cash number of other alterations have been made Increase in sterling and U.S.A. funds 4.9 in the Act, many for the sake of greater Decrease in advances to Dominion Government 3 5 clarity of meaning or convenience of opera- Increase in investments _. _ _ 46.0 tion. The form of our notes is to be changed, Increase in capital and rest fund 5 7 Increase in notes in active circulation 28.8 and we are hoping to put out the new issue Increase in Dominion Government balances- 1.7 Increase in other banks' balances . 1.3 by the end of the summer. Other net changes 2.7 These modifications in the Act made it 41.0 53.6 necessary to revise also our bylaws, a new Deduct 41.0 form of which received approval by Order Increase in chartered banks' cash reserves in Council on December 16, 1936. (notes of and deposits with Bank of Canada)- 1.2. 6 Bank rate.—Our Bank rate has remained Thus, disregarding the minor changes, one unchanged throughout the year at 21/£ percan say that the increase of $46,000,000 in cent. Cash having been in plentiful supply, our security holdings was offset to the extent there has been practically no need for loans of $34,000,000 by our new capital and the or rediscount facilities. Advances to banks enlargement of our active note circulation, were made on two occasions during 1936, but leaving some $12,500,000 as an addition to only for relatively small amounts and for the chartered banks' cash. short periods. Changes in Bank of Canada Act.—You will have noted that issued and paid up capital :J See BULLETIN for October, 1936, p. 789. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN APRIL 1937 BALANCE SHEET OF THE BANK OF CANADA AS OF DECEMBER 31, 1936, AND DECEMBER 31, 1935 [In thousands of dollars] Assets De 1 c 9 . 3 3 6 1, De 1 c 9 . 3 3 5 1, Liabilities Dec 19 . 3 3 6 1, De 1 c 9 . 35 31, Reserve—at market value: Capital: Gold coin and bullion 179,377 180, 509 Authorized, issued, and paid up: Silver bullion 2, 257 1, 638 100,000 Class A shares par value $50 each, 5, 000 5,000 Sterling and U. S. A. dollars 9, 125 4, 223 102,000 Class B shares, par value $50 each. 5,100 Funds of other countries on a gold standard- 9 10,100 5,000 190, 759 186,380 Rest fund 744 173 Notes in circulation. 135, 735 99, 677 Subsidiary coin 129 Advances to Dominion Government.. 3, 466 Deposits: Dominion Government-. 19,917 18, 263 Investments—at not exceeding market values: Chartered banks 186, 974 181, 636 Dominion and provincial government short- Other banks 2,060 term securities 61, 299 30, 873 Other Dominion and provincial government 208, 951 200, 665 securities . 1 99,016 83, 410 Dividend declared—payable Jan. 2, 1937 183 113 Other liabilities 1,273 2,027 160,315 114,283 Bank premises (land, buildings and equipment) at cost less amounts written off 351 112 Other assets 5,417 3, 286 Total assets. 356, 986 307, 655 Total liabilities.. 356, 986 307, 655 ANNUAL REPORT OF THE SWISS NATIONAL BANK The annual report of the Swiss National Devaluation of the French franc would Bank for the year ending December 31, 1936, probably have revived speculation against was presented to the annual meeting of the Swiss franc. From the technical point shareholders by the President of the Bank, of view, however, the National Bank was Dr. G. Bachmann, on February 20, 1937s.ufficiently strong to withstand these attacks. Sections of the report are given herewith.1 For several months the ties between mem- Devaluation of a number of currencies took bers of the gold bloc had been greatly weakplace during 1936. On September 25 theened. The reversal of economic policy and French Government decided to devalue the the unfavorable development of the financial French franc, an action which led Switzer- situation in France strengthened the convicland to abandon its currency parity and tion of the National Bank that the abandon- Holland to place an embargo on the export ment of parity on the part of France did not of gold. make devaluation of the Swiss franc inevi- Devaluation of the Swiss franc.—In the table. The Federal Council, however, as it conviction that maintenance of the former stated in its report to the Federal Assembly gold parity was in the best interests of theon September 28, 1936, feared that the eco- Swiss economy, the National Bank struggled nomic situation in Switzerland might befor years to preserve this parity; on several come worse. The Council was afraid that occasions it called the attention of the Fed-France might buy less Swiss merchandise eral authorities to the interdependence of the and might become a more formidable comcurrency, the economic situation, and Gov-petitor in the world market; Switzerland, in ernment finances. A bank of issue cannot a weakened competitive position, would sufpursue a monetary policy which is in op-fer a revival of unemployment and a worsenposition to the economic and financial policy ing of the financial situation of the Governof a country, nor can the authorities follow ment. The Federal Council also feared that for any length of time an economic and finan- the franc would in the end break under cial policy which is prejudicial to the cur-speculative attack, and that it would be rency. forced to devalue at a time when the position of the bank of issue was less favorable. On the other hand, the Council attached great 1 The report, available in French, contains in addition sections dealing with the international situation, the economic position of importance to the monetary agreement con- Switzerland prior to and after devaluation, prices, foreign trade, cluded between France, England, and the etc., together with a number of tables showing the operations of the Bank in detail. For earlier reports see BULLETIN for May United States. Inasmuch as a relaxation of 1936, April 1932, 1931, May 1930, April 1929, 1928, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

319 APRIL 1937 FEDERAL RESERVE BULLETIN the system of quotas and foreign exchange plus, resulting from the revaluation restrictions was anticipated, the Federal of the gold reserve effected by taking Council—as it stated expressly in the above the franc at par value of 215 millimentioned report—felt that "we ought not grams of fine gold as a basis. to miss the opportunity of collaborating in Neither the decree of the Federal Council an effort to improve international relation- nor the instructions given to the National ships, and thus to free ourselves from the Bank imply the establishment of a new parpressure exerted on our country in recent ity. The parities calculated on the basis of a years, as a result of the potential competition 30 percent devaluation have neither a legal between Switzerland and the great commer- nor, therefore, a final character. The new cial powers of the world." Swiss franc is linked with gold, but it is not It is clear from the report of the Federal based on gold at a fixed ratio. In various Council and from our own comments on the quarters it was suggested that the Swiss position of the National Bank, that devalua- franc should have been linked to the pound tion was not put into effect for monetary sterling or to the dollar. It should be rememreasons but as a result of economic con- bered, however, that Switzerland's commusiderations. nity of interests is not bound up with any Decree of the Federal Council.—The decree limited group of countries, but that its relaof the Federal Council of September 27, tions extend throughout the world. The Fed- 1936,1 made notes of the Swiss National Bank eral Council deferred the adoption of a definilegal tender. The bank of issue, further- tive parity and limited its action to decreeing more, is released from the obligation to re- a maximum and minimum rate of devaluadeem its notes in gold or gold exchange by tion. Although it is not intended to permit the suspension of articles 20 and 20 bis of fluctuations of the franc to cover the entire the Federal law governing the National range between the points established by the Bank. On the other hand, it is still bound to decree in question, the Federal Council has maintain the statutory reserve. The legal nevertheless the legal authority and the status of National Bank notes, therefore, is means to adjust the Swiss franc, in case of the same as during the period from August necessity and within the prescribed limits, 1914 to March 1930. to those currencies which are important to From the practical point of view the most our country. important provision of the decree just men- Rate of devaluation.—As to the proportion tioned is contained in article 3, which in- of devaluation, opinion in general favored a structs the National Bank to maintain the rate ranging between 25 and 40 percent. A gold parity of the franc at a value ranging devaluation of 25 percent would perhaps not between 190 and 215 milligrams of fine gold, have been sufficient to permit the export and as compared with 290.32 milligrams under hotel industries to adjust their costs of prothe law of June 3, 1931. The minimum de- duction to those prevailing abroad. On the valuation, therefore, is 25.944 percent for a other hand, in the situation existing at the weight of gold of 215 milligrams; and the time, it was feared that a devaluation of 40 maximum is 34.556 percent for a weight of percent would lead foreign countries to take gold of 190 milligrams, which corresponds to measures of defense, and that a too abrupt a mean devaluation of 30 percent. rise of prices would take place in Switzer- On September 27, 1936, the Federal Coun- land. A rate of 40 percent would have incil gave the National Bank the following in- creased the cost of imports by 66% percent. structions : Computations on the basis of price index numbers can give no exact information about (1) The Swiss National Bank is instructed the difference between the purchasing power to maintain the gold value of the franc of the Swiss franc and that of foreign curat a level corresponding to a devaluarencies. Neither the index of wholesale tion of about 30 percent of its legal prices nor that of the cost of living furnishes parity. a unit of measure which enables one to com- (2) The Swiss National Bank shall place pare the purchasing power of different counto the credit of a special gold settletries without correction. The differences are ment account the bookkeeping surconsiderable according to whether one takes the cost of living index or that of wholesale 1 See BULLETIN for November 1936, p. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN prices as a basis of comparison; whether one it was necessary to refrain from taking takes the years 1913-1914 or the year 1929. measures which would impede the normal Again, the result is altogether different ac- course of events. The experience of other cording to what given country is compared countries shows that gold emigrates when with another given country. Moreover, when measures of financial policy destroy the feelthe rate of devaluation was decided upon, ing of confidence. It should be observed, less reliance was placed on theoretical cal- however, that speculation was not responsible culations than on the findings of an investi- for devaluation of the Swiss franc. Prior gation made by the Federal Department of to the adoption of this measure, the quota- Public Economy at the time of granting sub- tion of the franc was at a premium in terms sidies to exports. From these findings it of the dollar, and the forward discount—that appeared that a devaluation of 30 percent is, the difference between spot and forward would be sufficient to adjust, in the required quotations of the Swiss franc, a difference degree, the level of production costs and of which to some extent reflects speculative tendomestic prices to those abroad. dencies—was declining and gave no evidence The reduction of the gold content of the of tension during the weeks preceding defranc from 290 milligrams to a level between valuation. 215 and 190 milligrams of fine gold would Gold clause.—Switzerland has not had to necessarily increase the value of gold by enact any legislation concerning the subse- 35.033 percent at the minimum or 52.801 per- quent validity of the gold clause. In case of cent at the maximum. The mean rate of necessity, it will be the duty of the judge to devaluation of 30 percent is equivalent to an decide upon the interpretation of this clause, increase of 42.857 percent. Until further which appears in the most widely differing notice the National Bank will pay 4,869.80 forms. In domestic matters it has no great francs per kilogram of fine gold, which is 42 importance and the authorities have always percent higher than before devaluation. taken the view that the provisions of the law The proposal was made to pay a lower price governing bond issues make it superfluous to for gold which had been hoarded in Switzer- include the gold clause in contracts. In 1924, land or to put a tax upon it, and to lay a duty the Federal Council forbade any mention of in case of exportation. But for the bank of gold francs in the land tax register because issue in its role as monetary institution gold this violated the legal provision that every could have only one price. It would have registration should be expressed in the monebeen unjust to apply different treatments to tary unit of the country. The National Bank gold, since gold had been deposited abroad has always opposed the use of the gold clause for Swiss account, and protection against a in domestic transactions as suggesting disdevaluation of the Swiss franc could be had trust of the national currency. not only by exchanging francs for gold but Exchange Equalization Fund.—Immedialso by purchasing foreign exchange, securi- ately after devaluation various opinions were ties, commodities, or other real values. To expressed regarding the use to be made of the expropriate profits realized on gold or to increment resulting from revaluation by the prevent their creation would have been very bank of issue. Some people urged that it popular measures but ineffective, unfair, and should be used to finance large scale proeconomically harmful. Certain effects of de- grams of work creation, or to develop exvaluation which were essential to economic ports ; others, that it should be used to lower recovery—namely, easing of the money mar- the cost of living, to relieve overburdened ket and the decline of interest rates—would debtors, to assist the Federal railways or to not have been achieved. If we wished to reap reduce the public debt. But they ignored the the advantages of devaluation, it was im- fact that revaluation of the gold reserve is perative to permit full and complete freedom an artificial measure; the resulting increof gold and foreign exchange operations, and ment is purely a bookkeeping entry; it is not to pay for gold at a price in line with the the result of economic activity. Inasmuch average rate of devaluation. The movement as the application of this increment to ecoof gold with foreign countries is in no way nomic ends might well lead to inflation, the restricted, and foreign exchange operations Federal Council decided, and stated in its are subject to no control whatever. For the instructions to the National Bank on Sepsake of the capital market and the currency tember 27, 1936, that the bookkeeping in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

321 FEDERAL RESERVE BULLETIN APRIL 1937 crement resulting from revaluation of the merce and thus contributing to the stability gold reserve should be carried on the balance of the Swiss franc. sheet of the National Bank as a special gold It is still too early to pass final judgment settlement account. Revaluated on the basis on the effects of devaluation, and it may never of the minimum devaluation rate, that is at be possible to evaluate them accurately. For 35.033 percent, the gold reserve of 1,537,000,- the economic situation in Switzerland is af- 000 francs held on September 26, 1936, gave fected not only by devaluation of the curan increment of 538,000,000 francs. This rency, but also by forces, national and interitem was shown for the first time in the con- national, economic and political, which are dition statement of October 7, 1936, and was constantly at work. One cannot determine included in "Demand liabilities." On the the precise extent to which each of these facannual balance sheet the Exchange Equaliza- tors reacts favorably or unfavorably upon tion Fund and its holdings are included as economic development. distinct items on the asset side and the lia- Release of hoarded gold.—One of the first bility side of the statement. consequences of devaluation was the releas- Gentlemen's agreement.—The question was ing of hoarded gold. As the National Bank raised after devaluation whether the Gentle- was prepared to buy gold at the new price men's Agreement,1 intended to check specu- upon the promulgation of the decree of the lation in currencies, should be specifically Federal Council of September 27, 1936, large maintained in force. Because of changes re- amounts of Swiss and foreign gold coins sulting from devaluation, and the efforts which had been held in reserve for years, as which were being made to give business the well as gold bullion, reappeared at the wingreatest possible freedom, the National Bank dows of the Bank. Funds held abroad, forfelt that, until further notice, it need not eign securities, and foreign bank notes beinsist on the maintenance of this agreement longing to Swiss nationals were also conin its entirety. It might be added that the verted into Swiss francs. As foreigners fundamenal principles of the Gentlemen's regained confidence in the Swiss franc, a Agreement were included in the decree of the steadily increasing inflow of foreign capital Federal Council of June 19, 1936,2 for pro- was added to the funds repatriated by Swiss tection of the national currency, and that citizens. The liquidation of funds held abroad this decree has remained in force since the by Swiss nationals, and the purchase of Swiss devaluation of the franc. francs by foreigners were matched by con- Arrangement with the United States.— tinued shipments of gold to Switzerland. Switzerland gave its adherence to the mone- Whereas Swiss and foreign coins were extary accord of October 12, 1936,3 and on changed exclusively at the windows of the National Bank, most of the gold bullion was October 28 declared its readiness to buy and deposited for our account in foreign banks of sell gold at a fixed price in transactions with issue. Of the increase shown by the gold rethe United States; and like the United States, serve between September 28 and the end of Switzerland reserves the right to nullify this 1936, 2 percent represented Swiss coin, 8 perdeclaration on twenty-four hours' notice. cent foreign coin, and 90 percent gold bullion. Until further notice, the buying price for A table compiled at our Zurich office showed gold delivered to the National Bank at its that of the 8,840 persons who came to exoffice in Berne is 4,869.80 francs per fine kilochange their gold between September 30 and gram ; and the selling price for gold delivered November 30, 87 percent turned in amounts by the Bank in Berne is 4,973.92 francs per not exceeding 500 francs, and 46 percent fine kilogram. Thus Switzerland can obtain turned in amounts not exceeding 100 francs. gold for dollars bought on the open market, Almost a third of the total sum turned in and can acquire dollar exchange by the derepresented deliveries of not more than 500 livery of gold. This arrangement does not francs. mean that the Swiss franc is linked to the dollar; its sole purpose is to facilitate the From September 28 to the end of the year, National Bank's task of adjusting the foreign the total gold reserve of the National Bank exchange situation to the daily needs of com- increased by 1,172,000,000 francs; but of this total, the sum of 538,000,000 francs was 1 See BULLETIN for May 1936, pp. 345-6. solely the result of the new method of com- 2 See BULLETIN for September 1936, p. 707. puting. The effective increase in the stock 3 See BULLETIN for November 1936, p. 852. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN APRIL 1937 of gold was, therefore, only 634,000,000 Position of the banks.—It is clear from the francs. The Bank purchased 538,000,000 balance sheets already published by the comfrancs of gold for account of the Exchange mercial banks that their position has become Equalization Fund. more liquid since devaluation. New funds Money market.—Gold purchases by the flowed into all the larger banking institubank of issue and the Equalization Fund tions. A part of the funds deposited with brought an abundance of funds to the money the large banks is held here on demand by market. Repatriation of Swiss capital and foreigners and is hardly seeking investment the influx of foreign capital more than in Switzerland; these funds are, in fact, doubled the deposits at the bank of issue, ready to take flight at the least alarm, or to which were already considerable before de- be withdrawn when their country of origin valuation. According to the end-of-year bal- or some other financial center seems to offer ance sheet, demand deposits amounted to greater advantages than the place of their 1,361,000,000 francs, of which 183,000,000 temporary refuge. Any outflow of funds, francs were deposits of the Federal adminis- however inconsiderable, depresses the money trations and 30,000,000 francs were individ- market and the rate of exchange. The reual deposit accounts. duction of the discount rate by the National Interest rates.—In order to adjust the gen- Bank on November 26 for the purpose of eral level of interest rates to the changed bringing about lower money rates also tended conditions, the National Bank on November to hinder somewhat the inflow of foreign 26, 1936, lowered the official discount rate funds to Switzerland. At the cantonal banks, from 2 to l1/^ percent, and the rate for ad- investments in certificates of indebtedness vances on collateral from 3 to 2!/2 percent. increased, while savings deposits continued This is the first instance of an official dis- to decline after devaluation; savings were count rate of IV2 percent in the history of the undoubtedly withdrawn to pay for subscripcentral banking regime in Switzerland. This tions to the national defense loan or to be rate is of practical importance because, in exchanged for certificates of indebtedness. part at least, it determines the private bank As debtors paid their indebtedness to the rates. It is bank paper that benefits chiefly banks, the banks in turn used the funds from the reduction of the central bank rate. which they received to reduce their own obli- Following the reduction of the official dis- gations. Some banks were able to cancel count rate, the private rate declined from their requests for cash at the offices for the IV2 to 114 percent and, by agreement among issue of mortgage bonds. the banks, it remained at that level to the Economic policy. — After devaluation, end of the year. many suggestions as to economic policy were Note circulation. — While devaluation made to the Federal authorities. Almost all brought about the dishoarding of gold, it agreed in demanding that the cost of living had only a slight influence on the note cir- should be kept as low as possible. It will, culation. For some time bank notes were of course, be impossible to check the progresundoubtedly used for buying goods, for maksive advance in prices which results from the ing deposits at the banks and, later on, for purchase of foreign raw materials and food subscriptions to the national defense loan. stuffs. Nevertheless, by reducing customs But the uncertainty of the political situation duties and easing import restrictions and in Europe, and the very low rates paid on quotas, the Federal Council has endeavored short-term funds, constituted an impediment to offset part of the rise resulting from purto any marked return flow of bank notes. chases abroad. The measures taken to pro- Part of the deposit balances in checking accounts bore no interest. At the end of the tect the domestic economy against foreign year the note circulation was 1,482,000,000 competition are no longer so necessary as francs, or 116,000,000 francs more than at formerly, since devaluation acts as a check the end of 1935. Of this increase, 111,000,- to imports. To maintain these measures now 000 francs represented denominations of 500 would hinder the adjustment of our economy to 1,000 francs. to the altered conditions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1937 FEDERAL RESERVE BULLETIN 323 BALANCE SHEET OF THE SWISS NATIONAL BANK AS OF DECEMBER 31, 1936, AND DECEMBER 31, 1935 [In thousands of Swiss francs] Assets 1935 Liabilities 1936 1935 Swiss and foreign gold coin- 793, 569 499, 965 Notes in circulation 1,482,222 , 366, 274 Gold bars 1 1, 288, 844 670, 655 Giro accounts 1, 093, 851 357, 905 Federal accounts 183, 396 7, 629 Total gold in vault- 2,082,413 1,170,620 Other deposits 29, 878 24, 838 Gold earmarked abroad,._ 626, 592 218, 187 Foreign clearing accounts 62, 935 16,433 Drafts and checks in circulation. 847 1,222 Total gold_ 2, 709, 005 1,388,807 Rediscounts 98 839 Capital 50, 000 50, 000 Increment from gold calculation- 1 31.323 Surplus 12, 500 12, 000 Other cash items. 5, 459 4, 265 Net profits 5, 253 5, 253 Foreign exchange 53, 405 8, 305 Dividend unpaid 11 12 Reserve for uninsured risks 1,000 1,000 Swiss portfolio: Reserve for printing bank notes.. 1,000 1,000 Swiss bills 7,715 25, 281 Exchange Equalization Fund 538, 584 Rescriptions 9, 457 114,552 Miscellaneous liabilities 44, 338 43, C Other discounts-. 2, 345 12,644 19,517 152,477 Securities of the Loan Office of the Swiss Confederation 28, 500 85, 535 Advances on security: On call at 10 days' notice_. 43, 648 139, 189 Other 3, 120 3, 003 46, 768 142,193 Government securities 15,897 44, 887 Due from postal check offices 2,190 1,189 Due from correspondents: Swiss 14, 212 26, 655 Foreign 4, 216 18, 427 26, 655 Items for collection 1, 756 1, 332 Coupons 781 732 Interest accrued on securities. _ 153 313 Unpaid capital 25, 000 25, 000 Bank premises 3,000 3,000 Furniture and fixtures (2) (2) Exchange Equalization Fund- 538, 584 Miscellaneous assets 6,148 2, 746 Total assets.. 3, 505, 913 1,887,435 Total liabilities.. 3, 505, 913 1, 887, 435 rresponds to a gold value VLK,A has been carried on the the balance sheet as "Incre- 2 Carried at 1 franc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 32.") Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN APRIL 1937 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding r M es e e m rv b e e b r a l b a a n n n k as Treasury Other Mone- Treas- Money Treas- deposits Non- Fed- U. S. tary ury in cir- with mem- eral Date Bills Gov- Other gold cur- cula- ury Federal ber de- Reserve dis- Bills ern- Reserve Total stock rency tion cash Reserve posits ac- iLxcess counted bought ment bank banks counts 1 otal (estisecuri- credit mated) ties End of month figures: 1936—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 2,531 682 356 260 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 6,267 2,458 253 234 262 6,357 1,840 Oct. 31 6 3 2,430 36 2,476 11,045 2,516 6,351 2,388 77 205 262 6,753 2,175 Nov. 30 7 3 2,430 13 2,453 11,184 2,521 6,466 2,364 78 201 261 6,788 2,236 Dec. 31 3 3 2,430 64 2,500 11, 258 2,532 6,543 2,376 244 259 261 6,606 1,984 1937—Jan. 3i 3 3 2,430 60 2,497 11,358 2,532 6,349 2,520 195 281 260 6,781 2,152 Feb. 27 5 3 2,430 27 2,465 11,436 2,536 6,399 2,608 194 288 253 6,695 2,078 Wednesday figures: 1936—May 6 5 5 2,430 38 2,478 10, 248 2,497 5,912 2,553 622 345 259 5,532 2,697 May 13 5 5 2,430 30 2,469 10, 302 2,496 5,888 2,583 578 351 257 5,611 2, 774 May 20 5 5 2,430 30 2,470 10, 375 2,493 5,896 2,625 513 353 258 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 2,548 516 306 299 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 2,648 929 252 261 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, 508 507 263 256 5,814 2,883 July 15 3 3 2, 430 42 2,478 10, 629 2, 496 6,190 2,428 593 266 255 5,872 2,923 July 22 3 3 2, 430 30 2, 466 10,634 2,497 6,153 2,436 519 300 254 5,935 2,986 July 29 4 3 2,430 23 2,460 10, 642 2,496 6,123 2,441 466 298 253 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 6,116 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 2,365 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 2,440 196 271 263 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 2,366 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 6,466 2,353 110 212 260 6, 775 2,205 Dec. 9 6 3 2,430 29 2,468 11, 206 2,525 6,497 2,372 93 229 278 6,731 2,157 Dec. 16 8 3 2,430 42 2,483 11,222 2,532 6,552 2,346 173 227 265 6,674 2,046 Dec. 23 9 3 2,430 100 2,542 11, 229 2,531 6,680 2,342 251 256 266 6,507 1,881 Dec. 30 5 3 2,430 46 2,484 11,251 2,530 6, 550 2,368 231 274 270 6,572 1,946 1937—Jan. 6 3 3 2,430 28 2,464 11,271 2,531 6,473 2,395 232 278 261 6,627 2,010 Jan. 13 2 3 2,430 40 2,476 11,306 2,528 6,371 2,439 190 308 261 6,740 2,103 Jan. 20 2 3 2,430 32 2,468 11,317 2, 533 6,339 2,463 188 312 261 6,755 2,130 Jan. 27 3 3 2,430 42 2,478 11,345 2,531 6,318 2,503 180 315 259 6,779 2,160 Feb. 3 3 3 2,430 28 2,463 11, 364 2,531 6,348 2,529 176 286 261 6,758 2,150 Feb. 10 3 3 2,430 42 2,477 11,387 2,531 6,360 2,563 132 310 259 6,771 2,184 Feb. 17 3 3 2,430 41 2,478 11,403 2,530 6,351 2, 575 162 300 256 6,768 2,186 Feb. 24 4 3 2,430 22 2,460 11,425 2,532 6,372 2,602 180 302 255 6,705 2,097 Mar. 3 7 3 2,430 17 2,457 11,443 2,535 6,407 2,620 216 280 253 6,660 1,310 Mar. 10 5 3 2,430 16 2,454 11,484 2,537 6,376 2,672 186 238 254 6,749 1,380 Mar. 17 4 3 2,430 12 2,450 11,515 2,538 6,385 2,697 87 243 261 6,830 1,449 Mar. 24 8 3 2,430 22 2,463 11, 541 2, 537 6,375 2,723 279 326 260 6,578 1,269 NOTE.—For descripion 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. 293. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 327 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month figures 1937 1937 1936 Mar. 24 Mar. 17 Mar. 10 Mar. 3 Feb. 24 Feb. 17 Feb. 10 Feb. Jan. Feb. ASSETS Gold certificates on hand and due from U.S. Treasury 8, 844, 385 8, 844, 417 8, 846, 407 8, 847, 402 8, 847, 384 8, 847, 885 8, 848, 378 8, 847, 398 7,651,863 7, 669, 673 Redemption fund—F. R. notes 12, 095 12,523 11, 198 11,449 11,475 11, 925 12, 746 11,475 15,684 14,902 Other cash 270, 407 265, 865 263, 025 266, 405 270, 622 284, 440 277, 090 275, 480 338,020 336, 754 Total reserves 9, 126, 887 9, 122, 805 9, 120, 630 9, 125, 256 9,129,481 9, 144, 250 9,138,214 9,134,353 8,005, 567 8,021,329 Bills discounted: For member banks__ __ _ 7, 492 4, 134 4,724 7, 339 4, 106 3, 044 2,482 4,619 8,384 6, 570 For nonmember banks, etc. _ - - 200 200 200 1 1 101 359 359 Total bills discounted 7, 692 4,334 4, 924 7,339 4, 107 3, 045 2, 583 4, 619 8,743 6,929 Bills bought: Payable in foreign currencies _ " . i 3,310 3,079 3, 083 3,083 3, 083 3, 071 3, 081 3, 083 4, 671 4,673 Industrial advances . _ _____ 22, 666 22, 653 23, 037 23,106 23, 350 23, 230 23, 582 23, 257 32, 089 31, 778 U. S. Government securities: Bonds 631,784 589, 725 533, 682 533, 682 524, 282 507, 482 498, 232 533, 682 215,680 215, 692 Treasury notes __ __ 1,231,343 1,261,343 1,303,971 1,303.971 1,313,371 1, 330, 663 1,339,913 1,303,971 1,616,559 1,622, 595 Treasury bills._. _ 567, 100 579, 159 592, 574 592, 574 592, 574 592, 082 592, 082 592, 574 598,008 592, 011 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, 247 2, 430, 298 Other Reserve bank credit -1, 339 -10,681 -7,417 -6, 259 -868 18, 352 17, 623 4,232 3,098 7,978 Total Reserve bank credit outstanding __ __ ___ __ .2, 462, 556 2, 449, 612 2, 453, 854 2, 457, 496 2, 459, 899 2, 477, 925 2, 477, 096 2, 465, 418 2, 478, 848 2,481,656 LIABILITIES F. R. notes in actual circulation 4, 166,726 4,172, 763 4, 169, 467 4,195, 436 4, 167,930 4, 160, 1994, 165,838 4,190, 294 3, 633,064 3, 732, 223 Deposits: Member bank—reserve account 6, 578, 279 6, 829, 578 6, 749,105 P), 660,138 6, 705, 293 6, 767, 740 6, 770, 854 6, 694, 612 5, 860,064 5, 784, 423 U. S. Treasurer—general account-- 278, 659 86, 538 186, 381 216,471 179, 882 162, 357 132,152 193,854 452, 524 424, 142 Foreign bank__ _ 102, 999 88, 588 79, 217 108, 924 122,746 110,585 102,803 114,760 48, 155 51,143 Other deposits ___ _ 223, 223 154, 860 159,198 171, 342 179,263 189, 496 207,319 173, 541 256, 073 275,715 Total deposits _ _ 7. 183, 160 7, 159, 564 7, 173,901 7, 156,875 7, 187,184 7,230, 178 7, 213, 128 7,176,767 6, 616, 816 6, 535, 423 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) _ _ _ . 80.4 80.5 80.4 80. 4 80.4 80.3 80.3 80.4 78.1 78.1 i Includes $233,000 payable in dollars. MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 t o o d n a t 6 h y s s m 1 o t y n 6 o e t a h r s 2 1 y t y o e e a a r r s 5 2 y y t e o e a a r rs s 5 O y v e e a r rs Bills discounted: Mar 3 7 339 6 902 157 95 79 102 4 Mar. 10 4, 924 4, 240 149 310 65 151 9 Mar 17 4, 334 3 611 20 338 74 278 13 Mar. 24 7, 692 6,971 88 287 104 223 19 Bills bought in open market: Mar 3 3,083 717 1, 642 263 461 Mar. 10 3, 083 1, 934 263 886 Mar. 17 3, 079 1, 642 441 996 Mar 24 3,310 566 2, 744 Industrial advances: Mar. 3 23, 106 876 707 363 515 1,600 4, 104 5, 645 9, 296 Mar 10 23, 037 843 710 340 496 1,782 3,962 5, 636 9, 268 Mar. 17 22, 653 1, 343 177 348 607 1,717 3, 779 5, 537 9,145 Mar 24 22, 666 1, 271 133 433 508 1,953 3,585 5,520 9, 263 U. S. Government securities: Mar 3 2, 430, 227 28, 535 24, 309 45, 905 58, 186 268, 280 379, 430 297, 840 848, 834 478, 908 Mar. 10 - _.._..____ 2, 430, 227 25, 474 12, 250 55, 905 65, 827 274, 263 370, 926 297, 840 848, 834 478, 908 Mar. 17 2, 430, 227 24, 309 35.017 72, 437 365, 790 373, 698 280, 257 743, 768 534,951 Mar. 24 2, 430, 227 12, 250 48,597 78,171 371, 486 348, 688 274,257 720, 018 576, 760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o ew rk P p d h h e i l l i - a a- C la le n v d e- m Ri o c n h d - lanta Chicago L S o t u . is n M o e i l a n i p - s - K C s a i a n t s - y Dallas F c S i r a s a n c n o - ASSETS Gold certificates on hand and due from U. S. Treasury: Mar. 3 8. 847, 402559,6133, 420, 666 503, 627666, 787291,77; 250, 9251. 661, 849 25i5,7,20176, 36:254, 431196, 522609,118 Mar. 10 8, 846, 40' 555, 75"3, 362, 253 515, 868 654, 388 295, 382 255, 0681, 685, 226259, 176,981261, 350192,818631,671 Mar. 17 8, 844, 417536, 7923, 478, 730 4i900,9.10 621,126283, 290 249, 3811, 679, 570251,261 170, 5 257,087186,832 638, 853 Mar. 24 8, 844, 385528, 3, 347, 906 5i99,9 !65' 645, 846290, 970 257, 8631,661,844254, 176,393259, 872187,496633, 286 Redemption fund—federal Reserve notes: Mar. 3 11,449 1, 143 1, 155 25G 499 503 2, 297 812 1,450 859 56i 614 1,304 Mar. 10 11, 198 1, 076 883 167 910 653 2, 192 708 1,429 847 541 603 1,183 Mar. 17 12, 523 1.046 1,749 619 869 857 2, 158 660 1,418 843 538 596 1,170 Mar. 24 12, 095 1,036 1,667 594 841 81E 2, 080 627 1, 399 778 528 579 1,151 Other cash: Mar.3 266, 405 21, 665 69, 824 29, 600 19,842 19, 77,= 28, 571 15,095 7, 387 15,309 5, 397 22, 221 Mar. 10 263,025 20, 534 68, 569 28,052 17,739 20, 014 11,428 30, 27. 15, 236 8,201 15,027 5, 58422, 366 Mar. 17 265, 865 22,013 76, 405 29, 293 15, 139 17, 92; 10,647 28, 45; 13, 952 7, 676 15, 390 5, 66323, 307 Mar. 24 270, 407 22, 521 81,134 26, 831 14, 702 16, 768 10, 550 31,544 13, 621 6,782 15, 209 6,018 24, 727 Total reserves: Mar. 3 9.125, 256 582, 4213,491,645 533:,, 477 687, 128312,055 5264. 941 1,691,232 272,265184, 613 270, 303 202, 533 63!2,, 643 Mar. 10 9,120, 630 ',3673, 431, 705544, 087 673,037316,049 268, ;,< 6881,716,209 276,310186,029 276[,,924199,005655, 220 Mar. 17 9,122, 805 559,8513, 556, 884520, 822 637, 134302,072 262,186 1,708,685 266,631 179, 104273,015193,091663, 330 Mar. 24 9.126, 887552. 424!, 430, 707 627, 661,389308, 553 270, 493 1, 694, 015 269, 405 183, 952375, 609194, 093659,164 Bills discounted: Secured by U. S. Government obligations direct or fully guaranteed : Mar. 3 6, 572 90 2,512 608 260 134 2, 537 300 50 Mar. 10 3, 121 2,414 663 270 9 37 300 15 Mar. 17 3,170 135 1,572 635 50 140 84 5' 350 15 Mar. 24 6,175 358 2,867 1,028 515 155 50 203 420 25 Other bills discounted: Mar. 3 767 10 446 194 12 26 10 Mar. 10 1,005 25 536 18 201 18 5 32 40 Mar. 17 1,164 15 682 18 164 18 5 42 119 40 Mar. 24 1,51 215 687 18 264 4' 5 42 121 50 Total bills discounted: Mar. 3 7,339 100 2,958 260 269 146 2,537 326 75 60 Mar. 10 4,924 146 2,950 683 9 276 31 27 42 332 85 55 Mar. 17 4,334 150 2,254 664 149 239 71 102 62 392 128 55 Mar. 24 7,692 573 3,554 1,057 533 164 264 570 97 462 135 75 Bills brought in open market: Mar. 3 3,083 224 1,095 319 293 120 108 385 86 60 219 Mar. 10 3,083 224 1,095 319 293 120 108 385 86 60 219 Mar. 17 3,079 224 1,090 319 294 120 108 385 60 87 219 Mar. 24 3,310 224 1,322 319 293 120 108 385 60 87 87 219 Industrial advances Mar. 3 23,106 2,71 5,816 4,316 1,131 2,534 354 1,051 34' 813 733 1,274 1, 969 Mar. 10 23,037 2, 786 5,805 4,305 1,125 2,531 350 1,051 347 810 732 1,266 1,929 Mar. 17 22, 653 2,774 5,811 4,251 ],131 2,244 349 1,049 342 804 728 1,252 1,918 Mar. 24 22, 666 2,773 5,812 4,287 1,111 2,244 349 1,049 342 804 1,250 1,918 U. S. Government securities: Bonds: Mar. 3 533, 682 38, 579 143, 238 42, 773 54, 951 29, 298 24, 143 60, 700 25, 486 18, 760 27, 802 20, 854 47, 098 Mar. 10 533, 682 38, 579 143,238 42, 773 54, 951 29, 298 24,143 60, 700 25, 486 18, 760 27,802 20, 854 47,098 Mar. 17 589, 725 42, 631 158,279 47, 265 60, 721 32, 375 26, 678 67,074 28, 162 20, 731 30, 721 23,045 52,043 Mar. 24 631, 784 45, 671 169,568 50, 636 65, 052 34, 684 28, 581 71, 858 30,170 22, 209 32, 912 24,688 55, 755 Treasury notes: Mar. 3 1, 303, 97194, 263 349, 978104,511 134,263 71, 586 58, 991 148,312 62, 270 45, 838 67. 929 50, 956 15,074 Mar. 10 1, 303, 97194, 263 349, 978104,511 134,263 71, 586 58, 991 148, 312 62, 270 45, 838 67, 929 50,956 15,074 Mar. 17 1, 261, 34391,180 338, 538101,094 129, 874 69, 246 57,062 143, 464 60, 235 44, 339 65, 709 49, 289 11,313 Mar. 24 1, 231, 34389, 012 330, 485 98, 690 126,785 67, 599 55, 705 140,051 58, 803 43, 285 64,146 48,117 08, 665 Treasury bills: Mar. 3 592, 574 42, 836 159,044 47, 493 61,014 32, 532 26, 80; 67, 398 20,831 30, 870 23,156 52, 295 Mar. 10 592, 574 42, 836 159,044 47, 493 61,014 32, 532 26, 807 67, 398 28, 298 20,831 30, 870 23,156 52, 295 Mar. 17 579,159 41, 867 155,443 46, 418 59, 633 31,795 26,201 65, 872 27, 657 20, 359 30, 171 22, 632 51,111 Mar. 24 567,100 40,995 152, 207 45, 451 58, 391 31,133 25, 655 64, 501 27, 081 19, 935 29, 543 22,161 50, 047 Total U. S. Government securities: Mar. 3 2, 430, 22'175, 678 652, 260194, 777 250, 228133,416109,941 276, 410 16,054 85, 429 26,601 94, 966214, 467 Mar. 10 2, 430, 227175, 678 652, 260194, 777 250, 228133,416109, 941 276, 410 16,054 85, 429 26,601 94, 966214, 467 Mar. 17 2, 430, 227175, 678 652, 260194, 777 250, 228133, 416109, 941 276, 410 16,054 85, 429 26, 601 94,966214, 467 Mar. 24 2, 430, 227175, 678 652, 260 194, 777 250, 228133, 416109, 941 276, 410 16, 054 85, 429 26, 601 214, 467 Total bills and securities: Mar. 3 2, 463, 75578, 770 662,129 200,020 251, 912136,070110, 672 277, 846 16,633 88,839 27, 747 96, 402216, 715 Mar. 10 2, 461, 27178, 834 662,110 200,084 251,934136,076 110,675 277, 877 16, 514 86,341 27, 752 96, 404216, 670 Mar. 17 2, 460, 293.78, 826 661,, 4415 200,011 251, 721135,929 110,637 277,915 16, 584 86, 355 27, 80f 96,433216, 659 Mar. 24 2, 463, 895179, 248 662,, 9948 200, 440 252,165 1'"3"5 ,9"44" 110,662 278, 414 16, 579 86, 501.27, 871 96, 438216, 679 Due from foreign banks: Mar. 3 225 17 27 4 3 16 Mar. 10 225 17 27 4 3 16 Mar. 17 230 17 27 4 3 16 Mar. 24 232 17 27 4 3 16 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 329 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total 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 Ri o c n h d - la A n t t - a Chicago Lo S u 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—continued Federal Reserve notes of other banks: Mar. 3 22,180 318 4, 532 823 1,158 1, 867 2, 616 2,714 2,473 1,464 566 2,823 Mar. 10 22,043 334 4,736 770 1,185 1, 691 2, 890 2, 598 1,713 722 2,007 487 2, 910 Unco M M ll a a e r r c . . te 2 1 d 4 7 items: 2 1 0 9 , , 8 74 1 0 0 3 31 1 6 1 3 3, , 8 9 6 4 1 8 7 7 3 8 9 5 1 1 , , 2 3 8 3 0 4 1 1 , , 3 1 8 7 1 8 2 2, , 5 3 6 3 5 3 2 2 . , 7 3 6 3 9 5 2 1, , 6 3 3 8 1 7 1, 8 1 3 8 6 4 854 3 51 5 1 5 3 3 , ,4 3 5 1 9 5 Mar. 3 649, 595 65, 56' 166, 84' 54, 62, 684 54,071 22,417 91, 743 28, 233 13,309 33, 741 25, 419 30, 879 Mar. 10 564,065 58, 654 137, 789 42, 665 55,406 50,168 21,652 74, 880 25, ""' 13,148 31,495 22, 973 29, 302 Mar. 17 804,811 77, 313 196,151 63, 923 75,836 71,804 32, 34' 115, 990 35, 567 18,058 40, 772 34,188 42,862 Mar. 24 618,002 64, 458 157, 678 48,144 54, 454 53, 674 21, 840 79, 622 25, 405 14,067 32,982 24,912 40, 766 Bank premises: Mar. 3 46,020 3,047 10,105 4,931 6,346 2, 791 2,230 4,690 2,384 1,501 3,285 1,261 3,449 Mar. 10 46, 015 3,047 10,105 4, 931 6, 346 2,791 2,230 4, 2, 383 1,497 3,285 1,261 3,449 Mar. 17 45, 987 3,047 10,105 4,931 6, 346 2, 791 2,230 4,690 2,382 ],•"" 3,257 1,260 3,449 Mar. 24 45, 973 3,047 10,105 4,920 6, 346 2,791 2, 227 4, 690 2,382 1,499 3,257 1,260 3,449 All other assets: Mar. 3 48, 248 3,015 12, 784 5,721 5, 344 3,036 2,000 4, 63; 1, 1,838 2,270 1,876 3, 736 Mar. 10 50, 043 3,059 13,093 6, 779 5,403 3,099 2,012 4,743 2,028 1,855 2,296 1,884 3, 792 M M a a r r . . 2 1 4 7 •_._ 4 4 0 2 , , 9 8 3 5 3 8 2 2 , , 4 5 6 9 8 3 1 1 0 1 , ,458 5 5, , 0 2 9 0 2 6 4 4, , 5 7 4 9 8 3 2 2 , , 6 7 1 5 7 1 1 1 , , 7 " 5 ~ 6 3 4 , , 0 9 7 7 2 3 1 1 , , 6 7 3 2 4 1 1 1 , , 6 5 0 3 5 6 11, ,"9"8•7 1 1 . , 5 6 7 9 1 0 3 3 , , 0 2 5 9 8 5 Total assets: Mar. 3 12, 355, 279 833,155 4, 348,127 799, 6791,014,593509, 900404, 8842, 072,885423,987 290,929 438,816328,063 8901,, 261 Mar. 10 12, 264, 292 821, 312 4, 259, 623 799, 338 993, 332509, 408,1552,081,024 424,885 289, 595 443, 76,322,020 911,359 Mar. 17 12, 495, 724 821, 833 4, 439, 402 795, 540 976, 886516,604411,6382,114,049 425,189 287, 391 447, 599326, 904 932, 689 Mar. 24 12, 317, 732 802,103 4, 276,849 886, 599 980, 502504, 907409, 319 2, 063; 17,417,127 288,812 442,601318, 910 926, 828 LIABILITIES Federal Reserve notes in actual circulation: Mar. 3 4,195, 436 355, 60' 888,119 304,999 417, 59;196,257184, 789 952, 689179, 710135, 982160,414 89, 795329, 478 Mar. 10 4,169, 46' 333, 894 882,198 304, 883 422, 387198,421184, 204 952, 547178, 483136, 669158, 973 88, 9S45 327, 863 Mar. 17 •__ 4,172, 76; 333, 658 891, 540 306,056 417,061198,011184, 642 952,134 179.105137, 491158, 799 88, 836325, 430 Mar. 24 4,166, 726 334, 854 886,176 307, 333 421, 960198, 137183, 83" 949, 590178,060 137, 625157, 922 88, 293322, 939 Deposits: Member bank—reserve account: Mar. 3 6,660,138 362, 6792, 957, 400 3801,967 456,411227, 434169, 718 928, 461186,164119,682 224,,0055"7173, 999 473,166 Mar. 10 6, 749, lOf 376, 2312, 961, 693 3861,,289 437, 872: 232!,, 511975, 426 951,849193, 309119,037236, 921177, 849500,110 Mar. 17 6,829, 578 374,1813,020,904 381,459 430,146226, 503174,080 987, 22 189, 254115; 502 232, 908177,812 519I,, 604 Mar. 24 6, 578, 279346, 3802, 892, 082397,911 423, 23'216,540168, 607 930, 279184, 523116,03;231,241170,014501, 428 U. S. Treasurer—general account: Mar. 3 216, 471 15, 360 66, 328 14,571 21,624 8,334 7, 029 41, 860 8,844 4,016 6,277 12,374 9,854 Mar. 10 186, 381 19,118 30,269 21,049 25, 796 7,101 5,831 45, 12^ 6, 626 3, 949 3,290 10, 768 7, 457 Mar. 17 86, 538 29r 82,053 596 41 324 349 79 272 568 359 604 564 Mar. 24 278, 659 22, 780 87, 607 13, 290 25, 872 14, 025 15, 709 45,147 6,919 4, 451 8,054 13, 549 21, 256 Foreign bank: Mar. 3 108, 924 8,071 38, 277 10, 835 .10,171 4,754 3, 869 12, 825 3,317 2, 543 3, 206 3,206 7, 850 Mar. 10 79,217 5,81' 28, 303 7, 808 7, 330 3,426 2,7 9, 243 2. 390 1, 832 2,311 2,311 5, 657 Othe M M r a a d r r e . . p 2 1 o 4 7 sits: 10 8 2 8 , , 9 5 9 8 9 8 6 7 , , 4 4 7 4 4 3 3 37 2 , ,1 5 9 7 3 8 1 8 0 , ,0 6 3 4 3 9 9 8, , 1 1 41 9 9 3 4 , , 4 7 0 9 2 5 3 3 , , 0 5 8 8 9 3 1 1 0 1 , ,8 2 7 3 6 8 3 2; , 0 6 7 4 2 8 2 2 , , 0 3 3 5 0 5 2 2, , 9 5 6 5 9 9 2 2 , , 9 5 6 5 9 9 6 7, , 2 6 26 9 6 Mar. 3 171, 1,522 114,858 1,186 13, 169 4,196 4, 559 1,150 6, 325 4, 200 5, 540 13, 649 Mar. 10 159,198 2, 279 101,112 1,234 12,884 3, 698 5,678 1,307 6,157 5,008 207 5,577 14,057 Mar. 17 i 154, 860 1, 784 96, 574 1, 857 13,306 4, 533 5, 494 1, 403 6,121 4,522 247 4, 904 14,115 Mar. 24 223, 223 2,104 94, 883 76, 128 12, 908 3, 516 2,774 1, 515 6, 291 4, 669 252 5, 030 13,153 Total deposits: Mar. 3 7,156,875 387, 6323, 176,863 40'7, 559 501,375 244, 18 185,175 984, 296204, 650131,229 233,740 195>,, 119504, 519 Mar. 10 7, 173, 901403, 4453,121,37' fS, 380 483, 882 246, 744189,7241, 007, 526 220088,,482129, 826 242, 729196, 505527, 281 Mar. 17 7, 159, 564382, 7033, 231, 724392, 561 452, 046235,155183,012 998, 945198,295122, 622 236, 073185,879540, 549 Mar. 24 7, 183, 160378, 73388 31;,112,150 4"9'•7'7;,362 471, 436 '2318,!483 190, 673 988, 817200, 805127,512 242,516191, 562543, 106 Deferred availability items: Mar. 3 656, 079 66,011 161,784 53, 855 64,030 54, 002 22, 386 91, 456 29,196 14, 391 34,773 31,910 32, 285 Mar. 10 571, 707 60, 091 134, 473 43, 544 55, 408 49, 80.1 21,673 76, 402 27,496 13, 59431,887 25, 334 32, 004 Mar. 17 815,722 81, 367 194,634 63,, 76, 168 68, 556 31,443 118,341 37, 399 17,711 42, 829 41, 094 42, 582 Mar. 24 619, 573 64, 503 156, 657 48, 606 55, 400 53,334 22, 231 80,199 27, 779 14,144 32, 230 27, 971 36, 519 Capital paid in: Mar. 3 132, 281 9,373 51, 349 12,240 12. 836 4, 831 4, 336 12, 570 3, 799 2, 906 3, 991 3,855 10,195 Mar. 10 132,276 9, 372 51,351 12, 239 12, 836 4,837 4,328 12, 577 3,799 2,905 3, 991 3,865 10,176 Mar. 17 132,242 9, 373 51, 350 12,236 12, 845 4,852 4, 330 12, 581 3,798 2, 900 3,992 10,116 Mar. 24 132, 236 9,377 51, 334 12, 236 12, 852 4,854 4,329 12, 585 3,798 2,899 3, 992 3, 869 10,111 Surplus (section 7): Mar. 3 145, 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 Mar. 10 145,854 9, 826 51, 474 13, 362 14, 323 4,869 5,616 21, 504 4,655 3,116 3, 613 3,851 9, 645 Mar. 17 145, 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 Mar. 24 145, 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): Mar. 3 27,190 2.874 7,744 4, 325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 1, 696 Mar. 10 27, 490 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 1, 996 Mar. 17 27, 490 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 1,996 Mar. 24 27, 490 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 1, 996 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 FEDERAL RESERVE BULLETIN APRIL 1937 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B t o o s n - Y N o ew rk P p d h h e i l i - l a a- C la le n v d e- m Ri o c n h d - la A n t- ta Chicago L S o t u . is n M o e l a i i n s p - - K C s a a i n s t - y Dallas F c S i r s a a c n n o - LIABILITIES—continued Reserve for contingencies: Mar. 3 36, 200 1,570 9,260 3,000 3,120 1,522 1,690 7,943 1,197 2,083 931 1,847 2,037 Mar. 10 36, 200 1,570 9, 260 3,000 3,120 1,522 1,690 7,943 1,19' 2,r~ 931 1, 847 2,037 Mar. 17 36,166 1,570 9,260 3,000 3,120 1,522 1,690 7,916 1,197 2,076 931 1,847 2,037 Mar. 24 36,176 1,570 9, 260 3,000 3,120 1,522 1,690 7,916 1,197 2,076 941 1,847 2,037 All other liabilities: Mar. 3 5,364 262 1,534 305 279 138 1,011 235 219 212 424 406 Mar. 10 240 1,746 1,605 369 268 166 1,109 228 399 499 411 357 Mar. 17 5^923 462 1,676 402 316 217 151 1,212 195 472 220 266 334 Mar. 24 6, 517 361 2,054 375 404 286 189 1,148 437 245 255 475 Total liabilities: Mar. 3 12,355,279833,155 4, 348,127 799, 6791,014,593 509,900404, 8842,072, 885423, 987 290, 929 438, 816328,063 890, 261 Mar. 10 12, 264, 292821,312 993, 332 509,884 408,155 2,081, 024 424,885 289, 595 443, 76—5, 322,020, 931519 Mar. 17 12, 495, 724821, 833 4j 439,402 795, 540976, 886 516, 604 41,1,, ,, 447, 599 326, 904 932, 689 Mar. 24 12,317,732802,103 4, 276, 849 886, 599980, 502 504, 907 40, 96,38 2,114, 049 425,189 287, 391 318,910 926,828 Commitments to make industrial , 319 2, 063,175 417,127 288, 812 442, 601 advances: Mar. 3 19, 537 1,952 8,086 207 1,214 2,307 279 1,291 153 483 3,487 Mar. 10 19,496 1,! 8,074 20' 1,216 2,358 275 1, 287 153 447 3,454 Mar. 17 19,178 1,948 7,899 178 1, 190 2,352 275 1,287 150 447 3,375 Mar. 24 19,135 1,947 7,895 178 1,185 2,343 275 1,287 142 444 3,362 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1937 FEDERAL RESERVE BULLETIN 331 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO MARCH 17, 1937 [Amounts in thousands of dollars] Applications rec^ Applications approved to date by Federal Reserve banks (with and ommended for without conditions) approval by In- Applications dustrial Advi- Date ( e la a s c t h W m e o d n n th e ) sday of N r u ec m e b iv e e r n d et t A o m da o t u e n , t Nu s o t ( e o m w u e r t i s b y t h e c r on a t n d C o A d i o t i m m o w n o m d i s u a t ) i h n t t e - - t Numbe T r ota A l mount a s R F d ta e e v o n d s a u e d e n t r i r - c v n a e e g l s s c R F t o m a b e e o m n d a s e u d e n e m n t r i k r - t v n a i s t e g l - A b p p u l c p e t o r t m o e n d v o - e t ! d d E o r r r x e a a c e p p p w a w t a i p n c n r i i . l t e t d i , h - b d , - y , i s F n p p t t a g i a a u o n n r t t u i i a t d i n o i o t n i c - s n n n c i t s g - - i- 2 1936—Feb. 26.. 7,831 315,081 2,245 135, 320 2,049 126,643 32,129 25,866 10,434 50,636 7, 578 Mar. 25. 7,934 319, 595 2,294 138, 450 2,097 129,580 30, 947 25, 421 11,008 54, 654 7,550 Apr. 29.. 8,046 323, 669 2,338 140,104 2,139 131,195 30,800 25, 576 9,730 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, 699 2,500 149, 204 2,280 139,829 25, 533 20, 959 8,226 77,903 7,208 1937—Jan. 27.. 8,398 342, 999 2,506 149, 527 2,287 140,213 24, 781 20, 238 7,697 80, 500 6,997 Feb. 24 . 8,427 343,904 2,517 149,711 2,297 140, 515 24, 208 19, 523 7,709 82,163 6,912 Mar. 173. 8,461 345,104 2,536 150, 235 2,314 141, 231 23,375 19,178 7,738 84,159 6,781 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 $11,497,998 on Mar. 17, 1937. 3 Mar. 31 figures not yet available. NOTE.—On Mar. 17, 1937, there were 43 applications amounting to $3,809,001 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e il i l a - a- C la le n v d e- m Ri o c n h d - lanta c C a h g i o - 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 - Federal Reserve notes: Issued to F. R. bank by F. R. agent: Mar. 3 4, 476, 257378, 220 974, 671324, 789 443, 684 206, 563 206, 526 975, 914189, 614140, 237170,191 96,404 369,, 444 Mar. 10 4, 474,025 359, 731 978, 702322,194445,022210,196 206,141978, 659 188, 936141,181170, 932 97, 620374, 711 Mar. 17 4,464,801 358,076 979, 331322,466 443, 832 208, 564206, 100 977, 657188,056141,711170.492 96, 567371, 949 Mar. 24 4,473,064 355, 376 992, 383 323,489 444,193 208, 618 220055;,983977, 043187, 496141, 851169, 595 97, 099369,938 Held by Federal Reserve bank: Mar. 3 280,821 22,613 86,552 19, 790 26,087 10,306 21, 73 23,225 9,904 4,255 9,777 39,966 Mar. 10 304, 558 25, 83' 96, 504 17,311 22, 635 11,775 21,937 26,112 10,453 4,512 11, 959 8,675 46,848 Mar. 17 292,038 24, 418 87, 791 16, 410 26, 771 10, 553 21, 458 25, 523 8,951 4,220 11, 693 7,731 46, 519 Mar. 24 306, 338 20, 522 106, 207 16,156 22,233 10,481 22,146 27,453 9,436 4,226 11,673 46, 999 In actual circulation:1 Mar. 3 4,195, 436 355, 607 888,119 304,999 417,597196, 257184, 789 952, 689 117,97,10135, 982160,414 89, 795329, 478 Mar. 10 4,169,467 333, 894 882,198 304,883 422, 387 "., 421184, 204 952, 547178,483136,669158,973 88,945 327, 863 Mar. 17 4,172, 763333, 658 891, 540 306,056 417,061198,011184, 642 952,134179,105137,491158, 7998~"8 ,836325,430 Mar. 24 4,166, 726334, 854 886,176 307, 333 421, 960198,137183,837 949, 59"0 178, 060137, 625157,922 88, 293322,939 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury. Mar. 3 4, 492,132 406,000 990,000 332,000 445,000 208,000168,000 990,000171, 632 128,000167,000 , ,000 Mar. 10 4, 518,132 406,000 990,000 332,000 448,000 211, 00'0 180,000 990,000 171, 632135,000167,000 98, 500 389,000 Mar. 17 4, 511,132 406,000 990,000 332,000 448,000 211,,000000 118800,^0 00000 999900,,000000 1"7"1, ~6~3~2 128,000167,000 98, 500 389,000 Mar. 24 4, 499,132 386, 0001,000,000 332,000 448, 000 209,000180,000 990, 000171, 632 128,000167,000 98, 500 389, 000 Eligible paper: Mar. 3 7,168 100 2,791 608 260 268 146 2,537 326 74 58 Mar. 10 4,518 131 2,681 663 270 268 8 21 37 326 75 38 Mar. 17 3,813 135 1,873 644 50 140 231 48 96 5; 386 115 38 Mar. 24 7,394 558 3,415 1,037 515 155 256 547 79 203 456 115 58 U. S. Government securities: Mar. 3 87,000 45,000 22,000 15,000 5,000 Mar. 10 65,000 30,000 22,000 8,000 5,000 Mar. 17 72,000 30,000 22,000 15,000 5,000 Mar. 24 72, 000 30,000 22,000 15,000 5,000 Total collateral: Mar. 3 4, 586, 300406,100 992, 791 332, 608 445, 260208,000213, 268 990,000193, 778145, 537172, 326 97, 574 389,058 Mar. 10 4, 587, 650406,131 992,681332, 66! 448,270211,000210,268 990,008193,653143,037172,326 98, 575 389,038 Mar. 17 4, 586, 945406,135 991, 87r33 332, 644448,050211,140210, 231990,048193, 728143,05r 172, 386 98, 615 389,038 Mar. 24 4, 578, 526386, 5581, 003, 415 333i,, 037448, 515209,155 210, 256 9901,,54; 193, 711143, 203172, 456 98, 615 389, 058 1 Includes Federal Reserve notes held by other Federal Reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 FEDERAL RESERVE BULLETIN APRIL 1937 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, FEBRUARY 1937 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- Cl a a n s d se s d i o s f t r b ic a t n s ks m d d a e e n - - d m d d a e e n - - d p T o d i s e m i - t e s banks b m a b n e e m k r s - 1 New Chi- b s c a e i n r t v y k e s b C a t o n r u y k n s - 1 posits posits i Re- Ex- York cago quired Held cess Total reserves held: All member banks._ 30,698 25, 208 11,089 4,595 6,747 2,152 1936—January 5,780 2,593 495 1,714 978 February 5,808 2,579 487 1,745 998 Central reserve city banks: March 5,420 2,271 463 1,708 978 New York 10,613 9,805 721 1,944 2,812 868 April 5,300 2,163 506 1,675 956 Chicago 2,317 2,039 447 418 546 128 May 5,638 2,384 636 1, 657 961 June 5,484 2,183 682 1,664 954 Reserve city banks: July 5,861 2,279 653 1,886 1,042 Boston district 1,014 899 123 140 247 107 Aug. 1-15 6,063 2,502 572 1,899 1,090 New York district 201 161 142 31 34 3 Aug. 16-312 6,291 2,503 580 2,005 1,204 Philadelphia district.. 1,145 956 225 153 240 86 September 6,345 2,462 619 2,046 1,218 Cleveland district 1,491 1,200 717 212 304 92 October 6,594 2,574 637 2,153 1,230 Richmond district 654 510 209 86 143 57 November 6, 785 2,695 651 2,185 1,254 Atlanta district 616 445 161 74 91 17 December 6,665 2,662 605 2,157 1,241 Chicago district 1,154 842 476 148 217 70 1937—January 6,716 2,719 568 2,158 1,271 St. Louis district 769 587 170 96 137 41 February 6,747 2,812 546 2,128 1,261 Minneapolis district- 346 272 95 45 54 9 Week ending (Friday): Kansas City district... 970 676 162 109 151 43 Feb. 5 6,767 2,824 544 2,146 1,252 Dallas district 607 405 109 66 93 27 Feb. 12 6, 777 2,833 547 2,143 1,254 San Francisco district. 1,954 1,568 1,842 318 416 98 Feb. 19 6,735 2,802 538 2,126 1,269 Feb. 26 6,733 2,809 555 2,109 1,259 Total 10, 924 8,521 4,431 1,477 2,128 651 Excess reserves: 1936—January 3,033 1,395 239 852 547 Country banks: February 3,038 1,360 226 885 567 Boston district 797 624 566 91 131 40 March 2,653 1,056 208 846 543 New York district 1,259 987 1,360 165 268 103 April 2,510 940 262 796 512 Philadelphia district.. 596 456 846 86 126 40 May 2,800 1,134 377 778 511 Cleveland district • 587 412 614 71 122 51 June 2, 593 908 414 775 496 Richmond district 486 328 328 49 73 24 July 2,907 1,004 369 961 575 Atlanta district 477 300 202 41 68 27 Aug. 1-15 3,105 1,226 290 970 619 Chicago district 768 537 594 83 165 82 Aug. 16-312 1,852 600 160 601 490 St. Louis district 327 223 210 33 54 21 September 1, 852 535 195 624 498 Minneapolis district... 292 198 273 33 59 26 October 2,043 639 205 696 502 Kansas City district._. 436 265 156 35 67 32 November 2,219 751 221 724 523 Dallas district 472 287 90 34 76 41 December 2,046 697 175 675 498 San Francisco district. 345 224 251 35 53 18 1937—January 2,093 767 147 662 518 February 2,151 128 651 505 Total 6,844 4,843 5,489 756 1,261 505 Weekending (Friday): Feb. 5 2,161 872 127 499 Feb. 12 2,183 890 130 499 i Gross demand deposits minus demand balances with domestic banks Feb. 19 2,153 867 124 650 513 (except private banks and American branches of foreign banks) and Feb. 26 2,133 860 134 636 503 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] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Fed era ] Reserve district Gross demand Time Gross demand Time Gross demand Time Feb- Jan- Feb- Jan- Feb- Jan- Feb- Jan- Feb- Jan- Feb- Janruary uary ruary uary ruary uary ruary uary ruary uary ruary uary Boston 1,812 1,829 1,692 1,707 563 562 120 122 126 125 New York 12,073 12,168 2,223 2,170 1,183 [ 1,190 i 1,026 1 1,019 277 274 476 475 Philadelphia. 1,742 1,797 1,072 1,069 1,520 1,573 638 637 222 224 434 432 Cleveland 2,078 2,123 1,331 1,309 1,849 1,896 1,056 1,038 229 227 274 271 Richmond 1,141 1,154 537 529 961 972 353 347 180 182 184 182 Atlanta 1,093 1,086 362 359 934 930 285 281 159 156 78 77 Chicago 4,239 4,290 1,517 1,505 1,624 [ 1,648 1826 1816 298 293 244 241 St. Louis 1,096 1,105 380 377 903 909 282 279 193 197 98 Minneapolis.. 639 664 367 366 458 478 180 180 181 186 187 Kansas City.. 1,406 1,426 317 315 1,087 1,106 203 201 319 320 115 115 Dallas 1,080 1,095 200 200 814 830 160 160 266 265 40 40 San Francisco 2,299 2,330 2,093 2,088 2,163 2,192 1,993 1,988 136 139 100 100 Total— 30, 698 31,068 11,089 10, 975 115,187 15,430 7, 564 7, 508 2,581 2,586 2,356 2,342 * Excluding central reserve city banks, for which figures for latest month are shown in table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1937 FEDERAL RESERVE BULLETIN 333 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 il l v 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 r t 1 a y e 89 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 a d se t n e e r k r s v a e l t n b i N o o a n t n a e - a k s l 1936—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 1,051 334 141 289 4,156 45 316 December.. 6,543 95 38 1,057 337 142 289 4,233 44 307 ] 937—January 6,349 94 37 1,012 1 329 140 276 4,118 42 300 February... 6,399 92 37 1,022 329 140 288 4,155 41 294 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 ) and over $1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1936—February.. 467 434 32 802 1,373 1,360 1,386 123 243 18 March 472 439 32 804 1,378 1,361 1,399 362 641 125 247 17 April 475 442 31 804 1,379 1,360 1,404 360 643 126 249 19 May 480 451 32 820 1,402 1,369 1,409 363 648 127 245 19 June 486 463 33 850 1,468 1,466 1,479 398 683 127 245 18 July 490 460 32 844 1,459 1,431 1,449 383 667 127 247 19 August 494 471 32 1,482 1,436 1,452 381 667 128 250 19 September. 501 477 33 1,488 1,437 1,467 383 673 130 253 21 October.... 505 484 33 882 1,516 1,460 :, 478 385 679 132 255 19 November. 513 492 33 900 1,548 1,486 ,501 390 690 132 258 23 December. 517 499 35 906 1,563 1,501 ,530 399 707 135 265 18 1937—January... 506 472 33 864 1,500 1,458 ,525 702 135 269 18 February.. 506 475 33 874 1,519 1,464 ,538 395 706 135 273 19 1 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- Year or month m E S e u n h r t i o s p p - t e o R E e f u r c o r e o m i p p e ts m s N h e i e n p t t - s rec N e e ip t ts dollars Sub- TTnitoH eral Na- End of month Total s a il n v d er i s a id ry - M co in in or u S m ta i t e e Q s s R er e v - e t b io a n n a k l 1932 567 83, 838 83, 271 bul- silver notes bank notes 1933 554 91,059 90,505 lion* notes 1934 345 40, 587 40, 242 1935 10, 628 19, 966 9,338 1936 34, 774 26, 216 8,558 1936—February.. 2,499 1,197 328 137 347 62 429 1936—February _. 13 3,317 3,304 March 2,504 1,218 329 137 347 59 413 March 1,757 3,109 1,352 J A M J A u u p u a l n y r g y e i u l st 2 2 2 2 2 , , , , , 5 4 4 4 5 0 9 9 9 0 0 0 8 6 0 1 1 1 1 1 , , , , , 2 2 2 2 2 3 3 6 5 7 0 6 4 5 7 3 3 3 3 3 3 3 3 3 3 0 0 2 5 8 1 1 1 1 1 3 3 3 4 4 8 9 8 0 2 3 3 3 3 3 4 4 4 4 4 7 7 7 7 7 5 5 5 5 4 7 5 3 1 9 3 3 3 3 3 8 9 7 5 4 4 8 2 8 8 J J A M A u u p u a l n y r g y e i u l st 3 3 3 , , , 0 8 0 9 9 5 3 9 0 8 2 7 5 0 1 2 2 1 1 , , , , 3 1 0 6 9 6 4 8 7 3 8 8 4 5 8 2 2 1 , , , 1 1 8 5 6 7 7 7 3 1 1, , 0 4 9 4 7 8 September. 2,512 1,294 341 143 347 48 339 September 3,949 1,131 2,818 October 2,515 1,303 346 145 347 47 329 October___ 2,013 5,422 3,409 November. _ 2,521 1,310 351 146 347 46 322 November 5,960 1,536 4,424 December.. 2,532 1,323 356 147 347 45 314 December. 745 7,724 1937—January 2,532 1,332 356 148 347 44 305 1937—January... 2,092 2,197 105 February .._ 2,536 1,343 356 149 347 42 298 February _ 4,279 3,265 1,014 Includes silver held against silver certificates amounting to $1,209,000,- 000 on Feb. 28, 1937, and $1,055,000,000 on Feb. 29, 1936. For description and back figures see BULLETIN for January 1932 pp. 7-9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 FEDERAL RESERVE BULLETIN GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars] [In thousands of dollars] Gold stock at 1937 Year or month en o d r m of o y n e th ar In t g c o r i o n e t l a d a l se im g N o p e l o d t rt re f N e r l o e a e a r m t - se f O ac t t h o e r r s2 From or to— February January F J e a b n r u u a a r r y y - Inactive stock mark1 Total account Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1932 4,226 52.9 -446 2 457.5 41.6 1933 . 4,036 c-190. 4 -173.5 -58.0 41.1 Belgium 10, 691 10, 691 1934 8,238 4, 202. 5 1,133. 9 82.6 2, 986.1 England 75 239 73, 959 9 149,198 9 France 1,138 10,864 12,001 1935—July 9,144 27.9 16.2 -.4 12.1 Germany August 9,203 59.5 46.0 1.8 11.7 Netherlands 14 271 285 September. _ 9,368 165.0 156.7 1.0 7.3 Switzerland __ 8, 155 6,506 14, 662 October 9,893 325.2 315.3 -1.9 11.8 Union of Soviet November. 9,920 226.7 210.6 .6 15.5 Socialist Re- December 10,125 205.2 190.0 1.3 13.9 publics 504 504 Canada ._ 10, 661 5,865 16, 527 Year 10,125 1,887.2 1, 739. 0 .2 148.0 Central America . 377 169 546 Mexico 9, 153 1,948 2 11,101 2 1936—January 10,182 57.2 45.6 -1.7 13.3 Argentina 1 1 2 February 10, 167 -15.5 -16.6 -9.5 10.6 Chile 917 578 1,495 March 10, 184 17.2 5.5 1.0 10.7 Colombia 1 1 April 10, 225 41.0 28.1 .2 13.1 Ecuador 148 160 308 May 10, 402 176.7 170.0 -3.2 10.0 Peru 319 163 482 June . 10, 608 206.6 277.8 -24.8 -46.4 Uruguay July 10, 648 39.2 15.4 2.3 21.5 Venezuela 70 54 123 August. _ 10, 716 68.4 67.5 -11.9 12.9 Australia 2,910 1,617 4,526 September. _ 10, 845 129.0 171.8 -28.8 -14.0 British India.. _ 7,077 6,028 13,105 October 11,045 199. 7 218.8 -11.3 -7.9 China and Hong November 11,184 139.6 75.8 3.0 60.8 Kong _ _ 287 158 445 December 11,258 26.5 73.3 57.0 -0.7 17.0 Dutch East Indies. Japan Year 11,258 26.5 1,132. 5 1,116.6 -85.9 101.7 Philippine Islands. 2, 109 2, 123 4 232 All other countries2. 1, 246 181 1,426 1937—January 11,358 126.5 100.1 121.3 -48.3 27.1 February 11,436 204.7 78.2 120. 3 -8.0 -34.1 Total 120,326 121,336 11 241,663 12 c Corrected. Figures represent customs valuations which, with some exceptions, 1 Gold released from earmark at Federal Reserve banks less gold are at rate of $35 a fine ounce. placed under earmark (with allowance when necessary for changes in 2 Includes all movements of unreported origin or destination. go 2 l d F i e g a u rm res a r a k r e e d d a e b r r i o v a e d d f f o ro r m a cc p o re u c n e t d o in f g F e c d o e lu ra m l n R s e a s n e d rv e in b d a ic n a k te s ). net result Back figures.—See table p. 363, and Annual Report for 1935 (tables 34 of such factors as domestic production, movements into and out of and 35). nonmonetary use or unreported holdings, imports and exports that do not affect gold stock during the month or year, and increment resulting from reduction in weight of gold dollar. Back figures.—See Annual Report for 1935 (table 32). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

335 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS Member banks Non b m an e k m s ber fin millions of dollars] Member banks Nonmember banks Call date Total Other Total ti N on a- al State M s b a a u v n t in u k g s a s l b m n a b o e n e m n k r - s - Call date ba A n l k l s 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 - 1932—June 30 19,046 6,980 6,145 835 594 11,472 1932—June 30___ 41,963 24, 755 15,629 9,126 10,020 7,188 Sept. 30 18,794 6,904 6,080 824 » 594 11,296 Sept. 30._ 41,942 24, 903 15, 635 9,268 i 10,020 7,020 Dec. 31 18,390 6,816 6,011 805 594 10,980 Dec. 31___ 41, 643 24,803 16,101 8,702 10,022 6,818 1933—June 30 * 14, 519 5,606 4,897 709 576 8,337 1933—June 30 2__ 37,998 23, 338 14, 772 8,566 9,713 4,946 Oct. 25 3 5,818 5,052 766 Oct. 25 3_ 23,453 15,070 8,383 Dec. 30. 15,011 6,011 5,154 857 579 8,421 Dec. 30___ 38, 505 23, 771 15, 386 8,385 9,708 5,026 1934—Mar. 5 3 6,206 5,288 918 1934—Mar. 5 3 25, 293 16,203 9,090 June 30__ 15,835 6,375 5,417 958 578 8,882 June 30___ 41,870 26, 615 17,097 9,518 9,780 5,475 Oct. 17 a 6,433 5,461 972 Oct. 17 3 27,484 17, 693 9,791 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31.._ 44, 770 28,943 18, 519 10, 424 9,828 6,000 1935—Mar. 4_ 16,024 6,422 5,446 976 579 9,023 1935—Mar. 4_ 44,455 28, 589 18, 502 10,087 9,837 6,029 June 29 15,994 6,410 5,425 985 571 9,013 June 29_ _ 45,766 29, 496 19,031 10,465 9,920 6,350 Nov. 1_ 15,904 6,400 5,403 997 571 8,933 Nov. 1___. 47,522 31,072 20,128 10,944 9,936 6, 513 Dec. 31 _ 15,837 6,387 5,386 1,001 570 8,880 Dec. 31.__ 48, 964 32,159 20,886 11, 273 9,963 6,842 1936—Mar. 4 15, 808 6,377 5,375 1,002 569 8,862 1936—Mar. 4____ 48, 771 31, 774 20, 605 11,169 9,972 7,025 June 30 15,752 6,400 5,368 1,032 566 8,786 June 30.__ 51,335 34,098 21,986 12,112 10,060 7,176 Dec. 313 6,376 5,325 1,051 Dec. 313 _ 35,893 23,107 12, 786 For footnotes see table below For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s ts t- 1932—June 30 46,071 27,834 18,237 28,001 16,587 11,414 10,316 6,130 4,186 7,755 5,117 2,637 Sept. 30 45, 852 26,985 18,867 28,045 15,924 12,121 » 10,316 » 6,130 i 4,186 7,491 4,931 2,560 Dec. 31 44,946 26,063 18,883 27,469 15,204 12, 265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30 » _- 40,076 22,203 17,872 24, 786 12,858 11,928 10, 044 5,941 4,103 5,246 3,404 1,841 Oct. 25 3 24, 953 13,059 11,894 Dec 30 40, 319 21,977 18, 342 25, 220 12,833 12, 386 9,985 5,906 4,079 5,115 3,238 1,877 1934—Mar. 5 3 26,548 12, 706 13, 842 June 30 42, 502 21,278 21, 224 27,175 12, 523 14, 652 9,904 5,648 4,256 5,423 3,108 2,315 Oct 17 3 27, 559 12, 293 15,267 Dec 31 43,458 20, 473 22, 984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—Mar. 4 43,747 20,394 23. 353 28, 271 11,953 16,318 9,775 5,478 4,297 5,701 2,963 2,738 June 29 44,416 20, 272 24,145 28,785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Nov. 1 45,008 20,140 24, 868 29, 301 11,841 17,460 9,854 5,302 4,552 5,853 2,997 2,856 Dec. 31 45, 717 20, 329 25,388 29,985 12,175 17,810 9,804 5,210 4,594 5,927 2,944 2,983 1936—Mar. 4 46,157 20, ^75 25, 882 30. 288 12,099 18,189 9, 795 5,202 4, 592 6,074 2,974 3,100 June 30 __ 48, 458 20, 679 27, 779 32. 259 12, 542 19, 717 9,961 5,105 4,856 6,239 3,032 3,206 Dec. 313 33,000 13, 360 19, 640 i Figures of preceding call carried forward. ' 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, 193d, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Backf igures.—See Annual Report for 1935 (tables 47-48) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 FEDERAL RESERVE BULLETIN APRIL 1937 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U.S. Govern- Purchased paper ment obliga- Call date i m T n lo a v o e n a e n t n d a s t s t l s - Total C Y N k o b s T i i r e 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 o e s r r s i- e l R o st a e a n a t l s e a b a c p o a R n i c o w n n c e e r g e - k p n t- s t s - ' O c c u w a u u n s t n r e h r i s s e e - d e e e d d - r- L ba o t n o a k n s s a a b c p A n e l a e c p c y e - t i - - s nab B p a r b a i o l y l l a e s - d p C m c a o i p e a m r e l - r - k L C Y N e b o r i t r o e s o a t o r w y - n i k n i s Total Direc t t ion a F g 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- United bought States TOTAL—ALL MEM- BER BANKS 1929_Dec. 31 35,934 23,193 803 7,685 3,191 11,515 714 212 80 291 1,660 9,784 3,863 5,921 1933—June 302 24, 786 11, 337 165 3,752 2,372 192 4,857 330 291 25 87 788 11, 928 6,887 5,041 1934—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 Dec. 31 33,000 11,628 266 2,785 2,405 131 6,041 85 161 18 324 1,144 19, 640 11,639 1,906 6,095 NEW YORK CITY 3 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 2,551 158 1934—Dec. 31 7,761 2,202 54 820 139 164 1,024 63 210 16 6 662 4,602 3,246 278 ,078 1935—Mar. 4_ 7,783 2,198 56 805 139 145 1,054 52 203 19 4 678 4,628 3,200 298 1,131 June 29 8,303 2,146 58 783 138 82 1,085 48 183 7 5 930 4,983 3,462 348 J 174 Nov. 1 . 8,167 2,185 59 775 136 101 ,114 35 135 12 4 828 4,968 3,340 405 m Dec. 31 8,418 2,196 60 793 140 107 1,096 42 158 16 5 1,018 4,985 3,425 401 , 159 1936—Mar. 4 8,802 2,215 64 792 148 99 1,112 29 141 13 4 1, 043 5, 355 3,602 505 June 30 9,556 2,338 76 813 146 65 1,238 28 123 8 3 1,028 6,028 4,196 567 265 Dec. 31 9,280 2,567 78 753 144 65 .527 42 136 10 5 1,095 5,425 3,739 470 °17 CITY OF CHICAGO 8 1929—Dec. 31 1,757 1,330 240 533 21 5J5 88 9 5 5 11 309 116 193 1933—June 30 « . 1,287 589 48 251 30 24 237 30 27 7 12 13 610 384 226 1934—Dec. 31 1,581 435 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 .. 1,592 458 33 163 15 12 236 7 4 1 14 1 1,107 766 87 254 Nov. 1 1,792 433 25 154 15 11 227 6 3 1 13 1 1,336 973 96 267 Dec. 31__ 1,868 455 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 1,951 513 59 145 14 10 284 5 3 2 10 1 1,419 1,014 92 312 Dec. 31 2,100 613 50 140 13 8 402 6 3 1 10 1 1,467 1,107 94 266 RESERVE CITY BANKS 1929—Dec. 31 12,029 8,418 425 2,775 1.538 3,679 258 42 24 102 239 2,944 1,368 1,576 1933—June 30 2 8,492 4,258 63 1,340 1,131 46 ,678 99 36 6 38 45 4,011 2,483 1,528 1934_Dec. 31 10,028 4,024 90 1,124 1,090 49 ,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 ,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 ,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 ,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 ,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 ,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 .941 31 16 7 113 34 6,863 4,349 651 1,863 Dec. 31 11, 795 4,582 123 1,048 1,124 56 2,231 23 17 5 131 36 7,000 4,426 697 1,877 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 « _ 7,873 4,194 15 1,117 1,055 3 2.005 38 4 1 27 10 3,598 1, 469 2,129 1934_Dec# 3i 8,780 3,849 14 996 1,026 2 L, 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 ,785 25 6 2 109 64 4,757 2,020 448 2,289 June 29 8,739 3,798 13 932 1,020 2 ,831 21 3 2 116 18 4,780 1,931 553 2,296 Nov. 1 8,821 3,758 13 902 1,026 3 L, 815 19 3 2 132 3 4,903 1,874 609 2,419 Dec. 31 8,919 3,754 13 894 1,035 2 810 17 3 2 135 7 5,002 1,940 623 2,439 1936—Mar. 4 8,885 3,716 15 865 1,043 2 L791 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 Dec. 31 9,825 3,866 16 843 1,123 3 881 14 4 2 178 13 5,747 2,368 645 2,734 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Beginning June 30, 1933, figures relate to licensed banks only. 3 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

APRIL 1937 FEDERAL RESERVE BULLETIN 337 ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Re- Bal- r i e t p e o m r s t- Interbank Certi- Indi- Interbank Indi- Call date b s w F e a R e e r n r i e a t v d k - h l e - s C va i a n u sh lt b a w m a n d t n e i i o c c t k s e - h - s s * o e p t l f d e i r e i o o s n c c a n s c - o s - l a - b D a t n i o c k - s b F e a i o n g r k n - s S U m G e t e r a n e o n d t i n v e - t t - - s f P u l u n i b c d - sc l h c c e o a f e a e i f t o n e f c t s r f i d e s d k h - r ' s s , s t p p u i v n h c o o a a o i e i r d n r l p r r a s t - s - - s - , - , , j d i m u t e D s s a p t e a n e o - d d d s - - • b m D a t n e i o c s k - - s b F e a i o n g r k n - s P s i t n a a o g l v s - s - - f P u l u n i b c d - s s t p p u i v n h c o o a a o i e i r n d p l r r r a s t s - - - s - , - , , r B i o n o w g r s - credit etc. etc. TOTAL—ALL MEM- BER BANKS 1929—Dec. 31 2,374 558 2,168 3,896 3,517 544 143 1,335 1,681 17, 526 16,647 95 154 122 595 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 1 788 300 7,803 191 1934—Dec. 31 4,082 609 3,149 1,903 4,569 147 1,636 1,799 838 14,951 15,686 134 7 452 294 9,020 13 1936—Mar. 4 4,518 534 3,386 1,475 5,095 169 1,270 1,861 741 14, 872 15,999 145 8 399 290 9,203 17 June 29 4,933 537 3,396 1,183 4,978 273 779 2,091 417 16,206 17,530 136 5 307 285 9,462 9 Nov. 1 5,662 541 3,760 1,756 5,558 361 650 2,251 686 17,327 18,509 132 6 227 310 9,671 9 Dec. 31 5,573 665 3,776 2,255 5,696 444 844 2,139 882 18,035 18,801 151 5 218 361 9,680 6 1936—Mar. 4 5,784 624 3,970 1,718 6,148 394 600 2,173 779 17, 927 19,161 152 6 167 344 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 6 152 378 10,099 6 Dec. 31 6,572 697 4,066 2,533 6,402 432 882 2,329 881 20,970 21, 647 153 6 104 296 10,429 15 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 1 1 9 9 3 3 4 3 — — D Ju e n c e . 3 3 1 0 * _. 1, 8 5 4 7 6 6 1 1 0 0 1 3 1, 8 0 7 6 4 9 1 1 , , 2 7 5 9 5 8 1 1 2 2 7 6 3 7 3 9 2 2 2 9 2 6 9 4 5 6 4 1 0 4 5 , , 6 3 7 7 6 0 4 5 , , 3 0 5 6 8 9 7 1 1 5 1 6 0 6 5 7 9 1 1 8 1935— 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 2,203 327 219 468 413 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 Dec. 31 2, 658 133 1,087 2,493 393 225 285 457 7,274 6,929 4 679 CITY OF CHICAGO 8 1929—Dec. 31 _. 169 133 158 310 42 1,041 957 19 332 1933—June 30« 232 203 61 259 46 87 870 912 358 1934—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. 1 581 188 83 527 62 204 1,274 1,416 403 Dec. 31 511 209 135 522 98 208 1,301 1,401 413 1936—Mar. 4 480 195 96 594 81 217 1,243 1,390 407 June 30_ 749 195 147 635 102 221 1,444 1,546 444 Dec. 31 558 188 159 599 72 191 1,495 1,554 449 RESERVE CITY BANKS 1929—Dec. 31 751 156 947 1,041 1,604 76 423 300 5,547 5,229 30 14 41 371 4,433 292 1933—June 30 5 705 122 1,002 401 1,315 312 349 108 3,708 3,764 59 ..... 388 208 2,941 16 1934—Dec. 31 1,268 207 1,543 537 1,984 620 585 169 4,919 5,136 117 186 206 3,494 1935—Mar. 4 1,386 197 1,690 432 2,179 505 643 132 4,854 5,197 128 167 211 3,611 June 29 1,403 213 1,607 471 2,145 299 674 140 5,314 5,656 119 118 203 3,670 Nov. 1 1,591 218 1,849 579 2,428 273 685 146 5,855 6,107 115 84 218 3,765 Dec. 31_ 1,594 256 1,779 752 2,422 385 707 204 6,001 6,161 134 79 266 3,796 1936—Mar. 4 1,794 264 1,910 607 2,594 285 733 151 5,961 6,238 135 72 251 3,853 June 30 1,763 289 1,907 763 2,551 513 733 152 6,419 6,541 135 65 288 3,960 Dec. 31 2,108 285 1,816 971 2,826 407 843 230 7,023 7,126 137 35 203 4,026 COUNTRY BANKS 1929—Dec. 31 627 321 908 291 405 39 742 5,091 5,711 61 133 6,390 367 1933—June 30 * 452 702 149 228 116 555 72 2,576 3,054 285 86 3,833 167 1934—Dec. 31_ 822 275 1,296 207 342 178 804 106 3,589 4,292 210 84 4,554 13 1935—Mar. 4 916 246 1,427 163 364 152 845 90 3,642 4,414 188 75 4,623 14 June 29.. 920 1,406 192 347 90 865 104 3,761 4,538 162 76 4,756 Nov. 1 900 237 1,613 221 399 95 895 106 4,095 4,875 140 78 4,824 Dec. 31 927 305 1,676 235 415 137 901 127 4,254 5,047 136 83 4,879 1936—Mar. 4 1,017 1,757 187 433 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 Dec. 31 1,247 319 1,929 316 483 178 1,011 167 5,177 6,039 5,275 i 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." s 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. J 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. • 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

338 FEDERAL RESERVE BULLETIN APRIL 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] Open-market Loans to customers (except banks) loans 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 b o s T i r e o u e o d o r r t w - e s - k o o c t n t T u h i e r o e s s i r e - s - 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 - ba lo t n o a k n s s a p c c m a n c a A e o n i c e p p m c a d e r - e t l - - - s r k t C Y o N l e o i r o e t a s b y r w n r k i s o i n - Total D U m i . r e S e n . c t t i t G o o n o a b F g s n v l u u i t e g a e l r l a r e n y - - d - s O e t c t i h e u s e r r i- b s s w F e a e R e r e n r i r e a v t v d - k h l e e - s v C a i a n u s l h t d b a w o B a n t m n i i c a c t e k l e h - s s s- Cityi DOUght TOTAL—101 CITIES 1936—February 21,053 6, 659 174 2,056 1,143 3,286 352 901 13,072 '08 1, 194 3,170 4,782 356 2, 335 August 22, 297 7,066 209 2,023 1,147 3,687 320 916 13, 932 9,357 1,254 3,321 4,875 376 2,354 September—_ 22, 520 7,238 212 2,035 1,143 3,848 315 983 13,892 9,320 1,246 3, 326 4,995 383 2,311 October 22, 566 7,403 218 2,025 1,142 4,018 315 945 13, 848 9,310 1,255 3,283 5,276 399 2,385 November. __ 22, 444 7,429 215 2,024 1,148 4,042 323 941 13, 689 9,232 1,255 3,202 5,422 404 2,463 December.... 22, 760 7,607 227 2,034 1,154 4,192 338 1,021 13, 730 9,241 1,242 3,247 5,264 427 2,439 193 7—January 22, 734 7,567 235 2,007 1,153 4,172 379 993 13, 746 9,263 1, 230 3,243 5,292 401 2,307 February 22, 600 7, 529 235 2,021 1,150 4,123 982 13,618 9.118 1,212 3,288 5,326 2,252 1937—Jan. 6 22, 853 7,649 247 2,003 1,155 4,244 1,008 13, 768 ',303 1,240 3,225 5,184 411 2,313 Jan. 13 22. 797 7,618 238 2,000 1,152 4,228 374 990 13, 758 9,275 1,240 3,243 5,303 413 2,354 Jan. 20 22, 657 7.497 225 '2, 001 1,153 4,118 384 985 13,734 1,262 1,229 3,243 5,325 389 2,308 Jan. 27 22, 627 7,505 231 % 025 1,152 •4,097 391 987 13, 684 •,212 1,212 3,260 5,355 390 2,255 Feb. 3 22, 579 7,525 240 '2,035 1,151 •4,099 392 964 13,638 9,149 1,214 3,275 5,330 375 2,249 Feb. 10 22, 555 7,519 231 '2,023 1,149 •4,116 399 974 13,591 9, 121 1,216 3,254 5,351 397 2, 231 Feb. 17 22, 589 7,518 227 r2,013 149 •4,129 400 974 13,621 9,107 1,210 3,304 5,333 379 2,321 Feb. 24 22, 675 7, 553 243 2,012 149 4, 149 405 1,017 13,621 9,094 1, 209 3.318 5, 291 398 2,206 Mar. 3 22,718 7, 596 239 2,017 149 4,191 415 1,024 13, 597 9, 067 1,208 3.322 5,171 374 2,055 Mar. 10 22, 801 7, 662 242 2, 015 152 4, 253 407 1,110 13,541 9.024 1, 203 3,314 5,242 366 2,017 Mar. 17 22, 698 7, 735 234 2,030 1,153 4,318 408 1,104 13, 361 8.828 1,213 3,320 5, 327 350 2,075 NEW YORK CITY 1936—-February 8,061 2, 025 734 130 1,100 161 873 4, 969 3, 430 434 1, 105 2,484 79 August 8,607 2,148 697 132 1,245 118 875 5,434 3,843 466 1,125 2,357 73 September... 8,753 2,299 707 132 1,315 114 936 5,414 3,830 456 1,128 2,354 72 October 8,687 2,326 705 131 1,412 123 906 5,308 3,761 461 1,086 2,461 74 November... 8,622 2,354 710 130 1,437 135 901 5,202 3,721 461 1,020 2,575 78 December 8,750 2,429 712 130 1,512 140 978 5,169 3,666 451 ,052 2,509 1937—January 8,606 2,409 709 130 1,495 146 949 5.074 3,555 452 ,067 2,565 February 8,543 2,399 731 129 1,465 136 943 5,022 3,455 453 ., 1142,670 1937—Jan. 6.... 8,679 2,431 130 1,529 151 5,103 3,597 450 ,056 2,469 82 Jan. 13... 8,634 2,421 704 130 1,512 151 946 5,090 3,573 454 ,063 2,544 81 Jan. 20... 8,568 2,384 705 129 1,475 143 943 5,071 3,555 451 ,065 2,590 79 Jan. 27- 8,542 2,396 731 129 1,462 141 942 5,033 3,494 454 ,085 2,656 82 Feb. 3... 8,513 2,407 741 129 1,463 136 924 5,016 3,464 455 ,097 2,658 81 Feb. 10_. 8,488 2,396 732 129 1,461 136 . 933 4,979 3,444 454 ,081 2,697 77 Feb. 17- 8,538 2, 387 725 128 1,461 136 936 5,032 3,447 452 ,133 2,677 81 Feb. 24.. 8,633 2, 406 727 128 1,476 137 978 5, 062 3, 466 451 ,145 2,648 82 Mar. 3__. 8, 691 2,430 730 128 1, 496 141 984 5, 080 3, 466 452 ,162 2,474 80 Mar. 10.. 8,752 2, 461 725 128 1,532 135 1,071 5, 035 3.421 447 ,167 2, 500 78 Mar. 17-. 8,691 2, 505 735 128 1, 568 129 1, 062 4, 935 3, 309 451 , 175 2, 545 82 OUTSIDE NEW YORK CITY 1936—February. 12, 992 4, 634 113 1,322 1,013 2,186 191 8, 103 5,278 760 2, 065 2, 298 305 2,256 August 13, 690 4,918 135 1,326 1,015 2,442 202 5,514 788 2,196 2,518 325 2,281 September 13,767 5,009 137 1,328 1,011 2,533 201 8,478 5,490 790 2,198 2,641 331 2,239 October 13, 879 5,077 140 1,320 1,011 2,606 192 8,540 5,549 794 2,197 2,815 344 2,311 November 13, 822 5,075 138 1,314 1,018 2,605 188 8,487 5,511 794 2,182 2,847 346 2,385 December 14,010 5,178 152 1,322 1,024 2,680 198 8,561 5,575 791 2,195 2,755 364 2,353 1937—January 14,128 5,158 160 1,298 1,023 2,677 233 8, 662 5,708 778 2,176 2,727 345 2,226 February 14,057 5,130 161 1,290 1,021 2,658 263 8, 596 5,663 759 2,174 2, 656 334 2,172 1937—Jan. 6 14,174 5,218 171 1,307 1,025 2,715 217 8,665 5,706 790 2,169 2,715 353 2,231 Jan. 13 14,163 5,197 163 1,296 1,022 2,716 223 5,702 786 2,180 2,759 355 2,273 Jan. 20 14,089 5,113 150 1,296 1,024 '2, 643 241 5,707 778 2,178 2,735 335 2,229 Jan.27 14,085 5,109 157 1, 294 1,023 r2, 635 250 8,651 5,718 758 2,175 2,699 336 2,173 Feb. 3 14.066 5,118 166 1, 294 1,022 % 636 256 8,622 5,685 759 2,178 2,672 325 2,168 Feb. 10 14.067 5,123 157 '1,291 1,020 '2, 655 263 8,612 5,677 762 2,173 2,654 340 2,154 Feb. 17 14,051 5,131 154 '1, 288 1,021 r% 668 264 8,589 5,660 758 2,171 2,656 329 2,240 Feb. 24 14,042 5,147 168 1, 285 1,021 2,673 268 8,559 5,628 758 2,173 2, 643 344 2,124 Mar. 3 14, 027 5,166 163 1,287 1,021 2, 695 274 8,517 5, 601 756 2,160 2, 697 325 1,975 Mar. 10 14, 049 5, 201 166 1, 290 1,024 2,721 272 8,506 5,603 756 2,147 2, 742 316 1,939 Mar. 17 14,007 5,230 160 1,295 1,025 2,750 279 8,426 5, 519 762 2,145 2, 782 301 1,993 r Revised. i Loans (secured by stocks and bonds) to brokers and dealers in securities. J Includes reporting banks' own acceptances. For other figures and notes, see next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

339 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] Cash Demand deposits Time deposits items Total Date or month i r n e e p d p o r a r o s t c - - O as t s h e e ts r assets Interbank U S n ta i t t e e s d C f e ie rt d i- i d t m s e D — a p e n o - a d s d - - Interbank 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 c t - c e t o i s o l s l n e o c 1 f - l T i i a t o i b e t i a s l l - D ba o t n m ic k e s s-F b o a r n e k ig s n G m ov e e n r t n- ch e e tc c . ks, Other justed2 b m D a e n o s k ti s c b e F a i o n g r k n - s Other TOTAL—101 CITIES 1936—February 1,277 1,337 31. 140 5,512 397 545 493 14, 848 14,064 135 4, 893 807 3,505 August 1,313 1,301 32, 516 5,729 409 821 439 15, 658 14, 785 130 5,019 816 3,488 September 1,444 1,308 32, 961 5,761 423 837 484 15, 922 14, 962 129 5,036 847 3,503 October 1,487 1,298 33,411 5,950 467 793 446 16,193 15,152 130 5,070 840 3,517 November 1,663 1,318 33, 714 6,106 448 548 584 16,441 15, 362 130 5,032 880 3,539 December 1,787 1,370 34,047 6,025 435 601 617 16,714 15, 544 130 5,045 909 3,555 1937—January 1,548 1,349 33,631 5,953 413 611 525 16,539 15,516 132 5,052 3, 563 February 1, 573 1,360 33, 498 5, 854 410 409 573 16,571 15, 572 134 5, 094 3,568 1937—Jan. 6 1,549 1, 335 33, 645 5, 998 412 702 551 16, 423 15,425 132 5, 052 807 3,563 Jan. 13.. 1, 652 1,339 33, 858 5,989 410 655 555 16, 659 15,562 132 5,053 842 3,560 Jan. 20 1,497 1,355 33, 531 5,927 418 560 481 16,563 15,547 132 5,050 827 3,563 Jan.27 1,494 1, 368 33, 489 5,896 411 526 514 16,510 15, 530 133 5,052 873 3,566 Feb.3 1,422 1,349 33, 304 5,853 414 476 518 16, 397 15, 493 135 5,077 867 3,564 Feb. 10 1,438 1, 360 33,332 5,820 403 434 538 16. 452 15,552 133 5,095 885 3,568 Feb. 17 1,690 1,365 33, 677 5,905 410 383 590 16,704 15, 604 133 5.093 884 3,568 Feb. 24 1, 740 1,367 33, 677 5, 839 412 342 647 16,731 15, 638 134 5,111 885 3, 572 Mar. 3 1,540 1,367 33, 225 5, 679 418 340 532 16,509 15.501 136 5. 167 860 3,578 Mar. 10 1,600 1,390 33,416 5, 608 415 379 634 16.615 15. 649 135 5, 147 903 3, 575 Mar. 17 1.659 1, 333 33. 442 5, 656 429 419 600 16,600 15,541 131 5, 128 898 3, 576 NEW YORK CITY 1936— February 627 472 11,774 2, 336 368 1.43 317 6, 295 5, 985 537 312 1, 463 August 582 454 12, 124 2,380 372 191 281 6, 554 6,253 569 345 1,427 September 653 468 12, 352 2,399 387 192 313 6,674 6,335 575 367 1,427 October 644 462 12, 383 2,444 427 172 277 6, 667 6, 301 610 351 1,431 November 795 468 12, 596 2,529 408 102 402 6,756 6, 363 583 369 1,442 December 878 492 12, 778 2,468 397 155 415 6,893 6,430 613 372 1,451 1937—January 714 493 12, 515 2,421 378 181 336 6,783 6,404 601 343 1,467 February 767 490 12,603 2, 392 375 138 398 6, 825 6, 457 631 367 1,474 1937—Jan. 6.~. 710 12, 487 2,432 375 204 351 6,726 6,367 602 329 1,464 Jan. 13... 769 489 12, 575 2,431 375 193 366 6,795 6,392 597 349 1,466 Jan. 20... 654 497 12, 442 2,393 384 169 295 6,790 6,431 600 334 1,467 Jan. 27... 725 498 12, 557 2,428 378 159 331 6,821 6,427 606 362 1,469 Feb. 3... 680 494 12, 476 2,393 381 146 348 6,751 6,419 619 362 1,473 Feb. 10.. 704 492 12,515 2,381 368 136 371 6, 453 628 367 1,475 Feb. 17.. 827 490 12, 663 2,408 373 135 412 6. 854 6,439 632 371 1, 475 Feb. 24_. 857 485 12,759 2, 385 376 134 462 6,910 6. 515 645 369 1,475 Mar. 3_. 694 491 12,479 2, 294 382 135 343 6, 804 6, 453 688 353 1,477 Mar. 10. 838 508 12, 726 2, 280 378 134 459 6, 950 6, 571 674 377 1, 471 Mar. 17. 794 470 12, 631 2, 289 395 136 410 6, 887 6, 503 671 371 1,469 OUTSIDE NEW YORK CITY 1936—February. .... 650 19,366 3.176 402 176 8, 553 8, 079 135 4, 356 495 2,042 August 731 20, 392 3,349 630 158 9,104 8,532 130 4,450 471 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 8,999 130 4,449 511 2,097 December 909 878 21, 269 3, 557 446 202 9.821 9,114 130 4,432 537 2,104 1937—January 834 856 21,116 3,532 430 189 9.756 9,112 132 4, 451 494 2,096 February 806 870 20, 895 3, 462 271 175 9, 746 9, 115 134 4, 463 513 2,094 1937—Jan. 6... 839 21, 158 3,566 200 9,697 9,058 132 4,450 478 2,099 Jan.13.. 883 850 21, 283 3,558 462 189 9, 864 9,170 132 4,456 493 2,094 Jan. 20.. 843 858 21, 089 3,534 391 186 9,773 9,116 132 4,450 493 2,096 Jan. 27... 769 870 20,932 3, 468 367 183 9,689 9,103 133 4,446 511 2,097 Feb. 3— 742 855 20, 828 3,460 330 170 9,646 9,074 135 4,458 505 2,091 Feb. 10.. 734 868 20,817 3,439 298 167 9,666 9,099 133 4,467 518 2,093 Feb. 17.. 863 875 21,014 3,497 248 178 9,850 9,165 133 4,461 513 2,093 Feb. 24 883 882 20,918 3. 454 208 185 9, 821 9, 123 134 4, 466 516 2,097 Mar. 3.. 846 876 20, 746 3. 385 205 189 9, 705 9,048 136 4,479 507 2, 101 Mar. 10. 762 882 20, 690 3, 328 245 175 9, 665 9, 078 135 4, 473 526 2, 104 Mar. 17 _ 865 20,811 3. 367 283 190 9, 713 9. 038 131 4,457 527 2,107 1 Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount of cash items on hand but not in process of collection. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and prior to 1936, less cash items reported as on hand but not in process of collection. NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i i l l a a - - C la le n v d e m Ri o c n h d - At t l a an- Ch g i o ca- L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Y N o e r w k Ch g i o ca- Loans and investments, total: Feb. 24 22, 675 1,218 9,526 1,180 1,895 656 581 3,148 409 704 485 2,177 8, 633 2,119 Mar. 3 22, 718 1,230 9,584 1,172 1,890 652 583 3,151 693 411 701 482 2,169 8, 691 2,117 Mar. 10 22,801 1,242 9,642 1,173 1,896 656 3,167 694 408 701 487 2,158 8,752 2,133 Mar. 17 22, 698 1,242 9, 577 1,176 1,890 647 579 3,140 406 700 2,154 8,691 2, 102 Loans to brokers and dealers in New York: Feb. 24 1,017 978 Mar. 3 1,024 994 Mar. 10 1,110 1,079 1,071 Mar. 17 1,104 1,072 1,062 Loans to brokers and dealers outside New York: Feb. 24 243 75 50 Mar. 3 239 76 47 Mar. 10 242 49 Mar. 17 234 47 Loans on securities to others (except banks): Feb. 24 2,012 141 855 136 215 200 154 727 142 Mar. 3 2,017 141 857 136 215 201 155 730 144 Mar. 10 2,015 142 852 135 214 204 155 725 145 Mar. 17 __. 2,030 140 862 135 213 207 159 735 146 Acceptances and commercial paper bought: Feb. 24 405 159 32 11 6 24 137 17 Mar. 3 415 71 163 31 13 6 24 33 141 15 Mar. 10 407 71 158 30 13 5 24 33 135 14 Mar. 17_— 408 75 152 30 14 5 24 35 129 15 Loans on real estate: Feb. 24 1,149 85 238 63 179 26 18 367 128 14 Mar. 3 1,149 85 239 63 179 26 18 366 128 14 Mar. 10 1,152 85 239 63 179 26 19 367 128 14 Mar. 17__-- 1,153 85 239 63 178 26 19 367 128 14 Loans to banks: Feb. 24 79 5 50 2 3 1 1 4 50 Mar. 3 86 5 56 2 3 1 1 4 56 Mar. 10 81 5 50 3 3 1 1 4 50 5 Mar. 17 90 6 60 2 3 1 1 4 60 5 Other loans: Feb. 24 4,149 318 1,633 190 235 120 168 537 146 112 148 138 404 1,476 378 Mar. 3 4,191 324 1,654 186 240 120 169 546 147 113 149 139 404 1,496 387 Mar. 10 4,253 327 1,691 187 245 122 170 553 147 113 151 142 405 1,532 394 Mar. 17 4,318 329 1,729 188 250 122 172 565 149 115 153 143 403 1,568 404 U. S. Government direct obligations: Feb. 24 9,094 3,691 347 292 201 1,663 240 187 273 189 714 3,466 1,147 Mar. 3 9,067 3,690 345 288 203 1,651 241 190 271 184 712 3,466 1,132 Mar. 10 9,024 402 3,644 344 290 196 1,658 243 187 187 706 3,421 1,140 Mar. 17 8,828 401 3,525 346 282 1,616 243 183 263 187 3,309 1,100 Obligations fully guaranteed by U. S. Government: Feb. 24 1,209 21 496 85 54 163 59 145 451 Mar. 3 1,208 21 497 87 54 164 59 48 142 452 Mar. 10 1,203 21 493 90 54 163 60 47 137 447 95 Mar. 17 . 1,213 21 498 92 56 164 61 50 135 451 95 Other securities: Feb. 24 3,318 149 1,339 298 276 405 113 139 336 1,145 270 Mar. 3 3,322 145 1,356 294 278 411 109 138 330 1,162 276 Mar. 10 3,314 143 1,358 294 276 411 107 138 328 1,167 276 May 17 3,320 143 1,364 293 277 413 107 138 326 1,175 275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1937 FEDERAL RESERVE BULLETIN 341 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued [In millions of dollars] Federal Reserve District City Total t B o o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - At t l a an- C g h o ica- L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S r is a a c n n o - Y N o e r w k Ch g i o ca- Reserve with Federal Reserve bank: Feb. 24 5,291 299 2,760 242 305 130 94 740 132 65 146 105 273 2,648 554 Mar. 3 5,171 271 2,593 254 339 139 100 737 127 153 111 279 2,474 530 Mar. 10 5,242 285 2,602 259 319 134 103 760 133 164 115 300 2,500 541 Mar. 17 5,327 287 2,667 255 312 141 100 791 130 156 113 311 2,545 569 Cash in vault: Feb. 24 398 115 70 17 19 12 66 11 14 10 20 54 31 Mar. 3 374 113 64 16 18 11 60 10 13 10 19 49 29 Mar. 10 366 94 66 16 18 11 64 11 13 10 19 50 31 Mar. 17 350 92 64 15 18 11 60 10 12 18 49 29 Balances with domestic banks: Feb. 24 2,206 123 184 149 221 139 135 404 129 243 182 229 82 182 Mar. 3 2,055 128 182 146 206 130 130 356 123 63 219 169 203 80 154 Mar. 10-_- 2,017 117 173 135 201 128 133 347 120 68 212 161 222 78 151 Mar. 17 2,075 115 174 138 200 132 132 358 111 71 233 167 244 82 152 Other assets: Feb. 24 .. 1,367 93 567 90 109 45 42 100 25 17 24 28 227 485 67 Mar. 3 1,367 96 574 90 109 43 39 25 17 24 28 223 491 66 Mar. 10 1,390 95 593 91 110 41 40 25 17 24 28 227 508 66 Mar. 17 1,333 94 554 90 106 40 40 24 16 23 28 225 470 62 Demand deposits—adjusted: Feb. 24 15,638 1,049 7,094 1,085 431 2,326 422 265 387 922 6,515 1,586 Mar. 3 15, 501 1,038 7,038 834 1,100 431 339 2,288 416 264 386 6,453 1,552 Mar. 10 15,649 1,032 7,132 835 1,094 431 341 2,301 420 263 495 392 6,571 1,552 Mar. 17 15, 541 1,023 7,074 830 1,084 428 341 2,259 415 256 394 6,503 1,499 Time deposits: Feb. 24 5,111 278 1,046 260 719 178 854 180 123 146 121 1,008 645 455 Mar. 3 5,167 279 1,089 262 718 178 857 180 123 146 120 1,017 688 455 Mar. 10 5,147 279 1,076 263 718 198 178 857 180 123 146 120 1,009 674 455 Mar. 17 5,128 279 1,073 262 714 198 178 852 181 123 147 120 1,001 671 450 U. S. Government deposits: Feb. 24 342 5 143 23 12 16 5 2 18 31 134 36 Mar. 3 340 5 144 22 12 15 5 2 18 30 135 36 Mar. 10 379 5 144 23 12 15 5 2 19 32 134 r 7i Mar. 17 419 5 146 22 12 15 121 5 2 19 36 136 106 Interbank deposits, domestic: Feb. 24 5,973 240 2,453 308 381 237 839 291 114 395 199 286 2,385 615 Mar. 3 5,815 239 2,363 299 379 224 236 824 282 113 385 193 278 2,294 595 Mar. 10 5,743 239 2,346 290 367 218 234 807 283 118 374 186 281 2,280 } 584 Mar. 17 5,787 244 2,357 297 361 219 232 826 278 121 379 187 2,289 600 Interbank deposits, foreign: Feb. 24..; I.. 416 381 4 1 1 1 1 379 4 Mar. 3 422 387 4 1 1 1 1 385 5 Mar. 10 419 383 4 1 1 1 1 381 5 Mar. 17 433 399 4 1 1 1 1 398 5 Borrowings: Feb 24 Mar. 3 2 Mar. 10 1 Mar. 17 1 Other liabilities: Feb. 24 885 34 382 22 17 32 339 25 Mar. 3 860 35 365 23 17 26 341 353 20 Mar. 10 903 35 390 25 19 28 351 377 22 Mar. 17 35 25 19 26 350 371 20 Capital account: Feb. 24 3,572 235 1,608 227 342 350 326 1,475 232 Mar. 3. 3,578 235 1,611 227 342 351 326 1,477 233 Mar. 10 3,575 235 1,605 227 342 352 327 1,471 233 Mar. 17 3,576 236 1,603 227 343 352 327 1,469 234 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BULLETIN APRIL 1937 BANK SUSPENSIONS1 POSTAL SAVINGS SYSTEM [In millions of dollars] Member Non-member banks banks Total, Assets all banks ti N on a a - l State su I r n e - d2 in N su o r t ed U. S. Government Depos- securities itors' Cash Cash, Num 1 1 b 9 9 3 3 e 3 4 r , o M f b a a r. n k 1 s 6 - s D u e s c p . e 3 n 1 ded: 17 5 9 7 9 1 6 8 1 4 6 8 4 End of month a b n a c l e - s1 Total i p t n o o r s d y i e - - r D ec i- t G t a e u n e a - d r- f s u e r n e rv - d e s, 1935 . 34 4 22 8 banks Total obli- obli- etc.» 1936 44 1 40 3 ga- ga- 1937, Jan.-Feb. 6 5 1 tions tions Deposits of suspended banks (in thousands of dollars):3 1930—June.. 175 185 148 26 26 11 1933, Mar. 16-Dec. 31 145, 710 17,322 3,527 124,861 1931—June 347 356 307 27 27 22 1934 _. 36,937 40 1,912 34,985 1932—June 785 801 682 71 71 48 1935 10, 099 5,313 3,847 939 1933—June 1,187 1,207 977 131 131 99 1936 . 11,358 506 10, 260 592 1934—June 1,198 1,225 695 453 418 35 77 1937, Jan.-Feb. 801 708 93 1935—June 1,205 1,236 385 777 630 147 74 1935—November 1,199 1,234 294 853 706 147 87 'Represents licensed banks suspended; does not include non-licensed December 1,201 1,237 287 853 706 147 97 banks placed in liquidation or receivership after the banking holiday. 1936—January _ 1,208 1,241 248 876 709 167 117 For statistics of latter see Annual Report for 1935 (table 69). February 1,214 1,248 225 876 710 166 147 > Federal deposit insurance became operative January 1. 1934. March.. _ 1,216 1,251 221 902 736 166 128 8 Deposits of member banks and insured non-member banks suspended April ... 1,215 1,248 216 925 759 166 107 are as of dates of suspension, and deposits of non-insured non-member May 1,214 1,248 211 940 773 167 97 banks are based on the latest data available at time of the report of closing June 1,232 1,265 203 967 800 167 95 of the banks. July I. 244 1,279 172 972 805 167 135 August 1,249 1,283 166 972 805 167 145 Back figures.—See Annual Report for 1935 (table 69). September ,251 1,285 162 982 815 167 141 October 1,255 1,290 158 1,011 844 167 121 November I, 257 1,293 145 1,029 862 167 119 BANK DEBITS December ?60 1937—January . V 266 February. _ V .270 [Debits to individual accounts. Amounts in millions of dollars] v Preliminary. 1937 1936 1 Outstanding principal, represented by certificates of deposit. Does No. of not include accrued interest nor outstanding savings stamps. Centers Feb. Jan Feb. 2 Includes working cash with postmasters, 5-percent reserve fund and miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late post- New York City 16, 907 19, 096 15.806 masters. Outside New York City_. 17, 620 20, 383 15, 766 Back figures.—See BULLETIN for August 1935, p. 502, Federal Reserve districts: Boston 1,951 2, 226 1,702 New York __. 17,588 19, 791 16, 424 Philadelphia 1, 525 1,781 1,507 Cleveland 1,773 2,140 1,545 Richmond 649 793 560 Atlanta 819 960 693 Chicago 4,615 5, 460 4,108 St. Louis 835 909 771 Minneapolis 520 599 479 Kansas City 967 1,147 877 Dallas 640 739 555 San Francisco 2, 645 2,934 2,351 Total 141 34,526 39, 479 31, 572 Back figures.—See Annual Report for 1935 (table 68). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1937 FEDERAL RESERVE BULLETIN 343 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Commercial End of month paper Total out- out- stand- standing1 ing 1936—January 178 February. . _ _.. . _ 176 March 180 April. . 174 May ___ __ _ - 184 June 169 Julv 188 August 205 September. _ 197 October 199 November _ - 191 December 215 1937—January 244 February 268 OC OC Held Total 353 340 359 321 344 310 331 297 316 316 308 315 330 349 373 387 401 Ot 3S Dollar acceptances outstanding By holders by accepting banks Held by Own Bills others2 bills bought 181 172 172 168 150 171 143 167 155 142 129 147 131 147 279 140 139 276 139 137 296 150 147 309 157 152 315 151 164 325 154 171 340 160 180 OC OC By classes Based Based on on ex- Dollar ports ex- ports from change into U. S. U. S. 108 94 3 114 94 2 38 113 91 34 111 86 34 110 81 40 107 74 37 105 68 29 104 63 39 107 64 34 110 67 40 112 77 57 126 86 62 141 83 61 158 85 ot o 1 ot otOt Ot Ot '—ot ot ot Based on goods stored in or shipped between points in Foreign U. S. coun- tries 96 84 81 86 66 87 57 89 55 82 49 85 57 84 60 79 66 76 75 77 83 76 83 76 84 77 79 1 As reported by dealers; includes some finance company paper sold in open market. 2 Since April 1935 Federal Reserve banks have not held any dollar acceptances for own account or for account of foreign correspondents. Back figures.—See Annual Report for 1935 (tables 66 and 67). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances1 Other credit balances Debit Debit End of month Customers' balances in balances in Cash on debit partners' firm hand Money In In balances investment investment and in bor- partners' firm In (net)' an a d c c t o r u a n d t i s ng an a d c c t o r u a n d t i s ng banks rowed2 Free O (n th et e ) r m in e v n e t s a t n - dm i e n n v t e a st n - d a c c a c p o i u t n al ts trading trading (net) accounts accounts 1935—September 1,098 65 119 182 771 257 89 23 12 396 December 1,258 75 135 179 930 286 79 24 10 410 1936—January 1,297 63 139 193 922 319 91 26 17 416 February 1,290 64 147 208 908 328 98 26 15 425 March 1,351 67 168 181 995 303 89 23 15 429 April 1,295 65 173 268 1,033 301 88 28 13 426 May 1,257 * 65 159 229 970 282 83 25 14 422 June _ _ _ 1,267 67 164 219 985 276 86 24 14 420 July 1,295 68 158 221 981 287 96 24 14 422 August _ 1,287 69 142 213 967 283 92 25 12 423 September 1,317 72 141 227 995 289 99 24 14 423 October 1,333 69 151 235 989 318 99 25 17 428 November 1,364 65 150 260 986 346 110 24 17 435 December 1, 395 64 164 249 1,048 342 103 30 12 424 1937—January 1,433 62 162 243 1,028 372 118 32 19 428 February 1,482 61 188 230 1,084 366 116 32 25 418 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other nationa Securities exchanges and (2) of firms' own partners. 8 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 FEDERAL RESERVE BULLETIN APRIL 1937 FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Advances secured by R de e r d i s s e c e o e s u r . a 1 n l 3 t s R a a n e n s d e d r 1 v 3 a e d a v o A a f n c t c h tl e e s F u e n d - - A 10 d ( v b R a ) n e o c s f e e s r t v h u e e n A d F e c e r t d s e e r c a . l s d e t ( i h c l r a . e e s c 1 t U t 3 p o n o a b i f r t l a e t i h g g d e a r t a S i F p o t e h n a d t s e e o o s r f f al Federal Reserve Bank Reserve Act) M R a a r. t e 31 be I g n in ef n fe in ct g- v P r i a o re t u e - s M R a a r. t e 31 be I g n i n ef n fe in ct g- M R a a r. t e 31 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 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 Jan. 19,1935 Sept:20,1935 Oct. 16,1933 St. Louis Jan. 3,1935 Oct. 3,1935 Feb. 21,1935 Minneapolis.. May 14,1935 Oct. 29,1935 Apr. 15,1933 Kansas City.. May 10,1935 Aug. 26,1935 May 10,1935 Dallas May 8,1935 Oct. 8,1935 Mar. 12,1934 San Francisco. Feb. 16,1934 Sept.20,1935 Oct. 19,1933 1 Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures—See Annual Report for 1935 (table 40). BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES Rates on advances and commitments under Sec. 13 (b) of the Federal Buying rates at the Federal Reserve Bank of New York Reserve Act as amended June 19, 1934. Percent per annum except as otherwise specified. In effect Mar. 31, 1937. [Percent per annum] [Percent per annum] Advances to financ- Maturity e M R ff a e a c t r e t . i 3 o n 1 n In g in ef n fe in c g t — be- Pre ra v t i e ous A d d ir v e a c n t c t e o s ing institutions— Commit- Federal Reserve Bank industrial On por- ments 3 1 1 1 - 6 1 - - 4 3 5 5 0 d d d a a y a s y y s i s . . . . . . . . . _ O . _ . c _ . t _ d . d o o 2 _ 0, 193 , 3 1 1 1 g m a o e n r r i c s 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 r i o n e n - g a t d o v m an a c k e e s 46-60 days... ____do_ 1 obligated 61-90 days... ....do 1 91-120 days.. ....do 1 121-180 days. IK Boston 33^-6 New York.... 4-6 4-5 Philadelphia- 4-6 1 This rate also applies to acceptances bought under repurchase agree- Cleveland ments, which agreements are always for a period of 15 days or less. do N ll O ar T s; E h .— igh M e i r n r i a m te u s m m r a a y te s b e o c n h a p r r g i e m d e fo b r a o n t k h e e r r s ' c l a a c ss c e e s p t o a f n b c i e l s ls . payable in A R Ch i t c l i a c h n a m g ta o o nd 5-6 6 6 4 1 -6 3 5 4 5- - 6 6 5 1 1 - - 2 1 Back figures.—See Annual Report for 1935 (table 41). St. Louis. 4 Minneapolis.. 6 4^-5 1 Kansas City- 4-6 4 H-2 Dallas 5-6 4 5-6 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 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 as u l e a s ti t o ab n l i Q sh . ed by 1 2 S A a u m th e o a ri s z t e o d b r o a r t r e o w 1 e p r e r b c u e t n n t o a t b l o e v ss e t p h r a e n v a 4 i l p in e g rc e d n is t c . ount rat>. [Percent per annum] » Flat charge. Back figures.—See Annual Report for 1935 (table 40). Nov. 1, 1933 Feb. 1, 1935 In effect MEMBER BANK RESERVE REQUIREMENTS to to beginning [Percent of deposits] Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 S P a o v s i t n al g s S a d v e i p n o g s s i t d s eposits Clas a s n es d o b f a d n e k p s osits A Pr u 1 i g 9 o . 3 r 1 6 t 5 o , A Fe 1 u b 9 g . 3 . 6 2 1 - 9 5 , , A M 1 p a 9 r. 3 r . 7 3 - 1 0, , a M nd 1 a 9 v 3 a 7 f 1 . te , r Other time deposits pay- 1937 1937 able in: 6 months or more 90 days to 6 months On net demand deposits:1 Less than 90 days Central reserve city 13 19J.2 22*4 26 Reserve city 10 15 173-2 20 Country -- .. 10H 12i4 14 NOTE.—Maximum rates that may be paid by insured nonmember e b f a f n ec k t s iv e a s F e e s b ta ru b a li r s y h e 1 d , 1 b 9 y 3 6 t , h a e r e F t e h d e e s ra a l m D e e a p s o t s h i o t se In n s o u w ra n in c e e ff C ec o t r p f o o r r a m tio e n m , - On t A im ll e m d e e m po b s e i r t s b : anks 3 6 ber banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by 1 See footnote to table on page 332 for explanation of method of computlower maximum rates established by State authority. ing net demand deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

345 APRIL 1937 FEDERAL RESERVE BULLETIN MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Percent per annum] PRINCIPAL CITIES [Weighted averages of prevailing rates; percent per annum] Prevailing rate on— Average rate on— Aver- 1929 1930 1931 1932 1933 1934 1935 1936 1937 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 5.74 5.64 4.24 4.71 4.12 3.58 2.83 2 64 2.50 mercial ers' change loans ury 273- Treas- February 5.73 5.35 4.31 4.71 4.11 3.43 2.90 2 56 ? 41 paper, accept- time day bills ury March 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 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 5.88 4.74 4.11 4.55 4.24 3.42 2.69 2.51 days days newal period June . _ 5.93 4.59 4.13 4.61 4.10 3.30 2.66 2.44 July.... 5.88 4.48 4.05 4 4? 3 933 30 2,61 2 44 August 6.05 4.41 3.97 4.45 3.97 3.33 2.67 2.42 1936 September 6.06 4.29 3.93 4.30 3.79 3.26 2.72 2.40 January % v/ 1 .75 .75 .10 1.21 October 6.08 4.26 4.27 4.35 3.76 3.28 2.72 2.46 February . _ %/ 1/ 1 .75 .75 .08 1.15 November 5.86 4.17 4.67 4.12 3.52 3.22 2.77 2.43 March . \s 1 .75 .75 .11 1.09 December 5.74 4.16 4.64 4.22 3.48 3.18 2.61 2.43::::: April %/ l/j 1 .75 .75 .10 1.10 May % \s .93 .93 .18 1.09 Year 5.88 4.69 4.22 4.49 4.02 3.33 2.70 2.49 June is IK4 1.00 1.00 .23 1.12 8 other northern and July H IK 1.00 1.00 .14 1.17 eastern cities: August Vie 1.00 1.00 .18 1. 12 January ._ 5.87 5.88 4.61 5.07 4.89 4.65 4.08 3.62 3.36 September % Vie IK 1.00 1.00 .16 1.09 February 5.86 5 66 4.63 5.13 4.84 4.49 4.02 3. 63 3 43 October. _ Vie IK 1 00 1 00 .13 1.12 March 5.91 5.47 4.62 5.14 5.39 4.52 4.05 3.6C November % IK 1.00 1.00 .10 .99 April 6.00 5 22 4.57 5.10 5.09 4.52 3.99 3.47 December M s/ie IK 1 00 1.00 .21 1.04 May 6.09 5.13 4.55 5.14 4.99 4.39 3.88 3.45 June 6.02 5 06 4.49 5.13 4.97 4.30 3.78 3.51 1937 July 6.08 4.81 4.48 5.05 4.82 4.15 3.87 3.61 January 3/ 3Ae-K IK 1.00 1.00 .36 1.18 August __ 6.11 4.79 4.47 5.12 4.68 4 V?,3 79 3 47 February Vie IK 1.00 1.00 .38 1.22 September 6 24 4 74 4 48 5 03 4 65 4 11 3 753.45 October 6.25 4.75 4.62 4.96 4.51 4 133 75 3.50 November 6.12 4.66 4.87 4.88 4.54 4.08 3.63 3.47 Week ending: December 5.94 4.68 4.91 4.88 4.59 3.98 3.67 3.46 J J J D D J J F F a a a a a e e e e n n n n n b b c c . . . . . . . . . 3 9 2 2 2 W 6 1 1 0 3 3 6 9 _ . _ _ _ _ . _ . _ _ _ . . . % % % % % % % % X V.. V V V V V V -M K i i i i i i e e e e e e I I I 1 I I I I I K K K K K K K K 8 1 1 1 1 1 1 1 1 1 . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . 3 2 2 3 4 3 3 3 3 6 9 3 5 0 2 3 7 7 1 1 1 1 1 1 1 1 1 . . . . . . . . . 2 2 1 1 1 1 1 0 1 0 0 9 3 5 9 7 7 9 27 w e J M A F M s a s e t p o n a a e b r u y r u r i r c n t l a u h h r Y a _ c e y r i r e y t n _ i a e r s: and 6 5 6 6 5 6 . . . . . . 0 0 9 9 1 0 4 4 4 6 0 7 6 6 5 5 5 5 . . . . . 9 0 8 1 0 7 8 7 6 2 5 5 4 5 5 5 5 5 . . . . . . 5 4 3 2 4 6 0 0 6 6 3 1 5 5 5 5 5 5 . . . . . . 6 6 6 0 6 6 1 4 4 5 1 3 4 5 5 5 5 5 . . . . . . 6 6 8 6 5 6 6 8 3 0 6 6 4 5 5 5 5 5 . . . . . 3 4 2 3 4 2 4 0 8 9 0 9 3 4 4 4 4 4 . . . . . 8 8 7 8 8 9 4 0 9 5 5 6 3 4 4 4 4 4 . . . . . . 4 5 5 4 4 4 4 1 2 0 7 3 4 4 . . 1 1 5 6 Feb. 20.... Vie 1.00 1.00 .39 1.24 June 6 16 5 69 5 34 5 62 5 62 5 19 4 76 4 39 Feb. 27.... X Vie IK 1.00 1.00 .40 1.26 July 6.17 5.63 5 30 5 63 5.54 fi 074 584 35 Mar. 6 X Vie IK 1.00 1.00 .45 1.30 August 6.22 5.58 5.28 5.68 5.53 5.05 4.63 4.25 Mar. 13.... Vie IK 1.00 1.00 .53 1.40 September 6.27 5.55 5.32 5.63 5.55 5.04 4.51 4.29 Mar. 20.__ H IK 1.00 1.00 .71 1.50 October 6.29 5.54 5.38 5.56 5.50 5.05 4.55 4.23 November 6.29 5.50 5.53 5.55 5.42 4.93 4.51 4.24 December.. 6.20 5.43 5.56 5.60 5.43 4.92 4.55 4.14 1 For description of average and back figures, see BULLETIN for May 1936, p. 317. Year 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). BOND YIELDS1 [Percent per annum] Corporate4 U. S. Munic- Year, month, or date Treas- ipal By ratings By groups ury 2 g ( r h a i d g e h ) - 3 Total Indus- Rail- Public Aa Baa trial road utility Number of issues,. 7-12 30 30 30 30 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—February... 2.62 2.86 3.95 3.32 3.55 4.12 4.80 3.57 4.31 3.98 March 2.54 2.78 3.95 3.29 3.55 4.10 4.86 3.56 4.32 3.98 April 2.51 2.76 3.97 3.29 3.57 4.12 4.91 3.57 4.38 3.97 May 2.50 2.76 3.96 3.27 3.53 4.11 4.94 3.55 4.40 3.95 June 2.50 2.72 3.94 3.24 3.51 4.09 4.90 3.54 4.35 3.91 July 2.50 2.70 3.90 3.23 3.48 4.05 4.84 3.52 4.31 3. 86 August 2.43 2.68 3.85 3.21 3.44 3.99 4.74 3.48 4.22 3.85 September.. 2.41 2.62 3.79 3.18 3.41 3.94 4.62 3.44 4.09 3.83 October 2.42 2.58 3.75 3. 18 3.38 3.90 4.54 3.42 4.02 3.80 November.. 2.29 2.45 3.71 3.15 3.31 3. 85 4.52 3.38 4.00 3.74 December.. 2.27 2.31 3.67 3.10 3.28 3.78 4.53 3.37 3.96 3.69 1937—January 2.29 2.38 3.66 3. 09 3.30 3. 76 4.50 3. 36 3. 95 3.68 February... 2.31 2.57 3.75 3.22 3.41 3.85 4. 54 3.46 4. 04 3. 76 Feb. 24.. 2. 32 2 60 3.78 3. 24 3.43 3.88 4. 57 3.48 4. 08 3. 78 Mar. 3__. 2. 33 2.64 3.78 3.24 3.43 3.88 4.57 3.48 •i. 08 3. 79 Mar. 10.. 2.38 2. 65 3.82 3.29 3. 47 3. 92 4.60 3.51. •1. 11 3. 86 Mar. 17.. 2. 58 2. 70 3. 92 3.35 3.53 4.02 4.77 3.58 4.22 3. 95 1 Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 8 years. • 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

346 FEDERAL RESERVE BULLETIN APRIL 1937 BOND PRICES ] STOCK PRICES l 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 In tr d ia u l s- R ro a a i d l- Utility tr g ia r l a d h e ig ) 2 h- Total R ro a a i d l- Utility Number of issues. 7-12 20 20 20 Number of issues. 20 40 1934 average 103.5 97.3 84.5 81.9 87.8 1934 aveiage 120.7 1935 average 106.0 109.4 88.6 88.2 79.4 98.2 1935 average 133.8 71 1936 average 107.0 117.8 97.5 92.2 94.7 105.4 1936 average 138.9 104 1936—February.. 106.3 114.4 97.2 93.0 105.1 1936—February.. 138.7 106 121 103 March 106.6 116.0 96.6 92.1 92.7 105.1 March 139.6 109 125 103 April 107.0 116.2 95.9 91.2 91.6 104.8 April 138.8 109 125 102 May. 107.1 116.2 95.5 90.6 90.8 105.0 May __. 138.6 101 116 95 June 106.6 116.9 96.2 90.6 92.5 105.5 June 138.8 106 121 102 July 106.6 117.4 97.1 91.1 94.2 106.0 July 139.1 109 124 106 August 107.2 117.8 97.7 91.6 95.8 105.7 August 139.3 113 128 109 September. 107.2 118.8 98.6 92.2 97.9 105.8 September- 139.0 114 130 108 October.... 106.9 119.5 99.6 93.1 99.7 106.0 October 138.3 119 136 109 November- 108.2 122.1 94.2 99.2 106.0 November- 139.0 124 144 109 December.. 108.0 124.8 94.5 99.6 105.6 December.. 140. 1 123 143 111 1937—January 107.3 123.5 100.3 94.8 100.6 105.7 1937—January 141.8 126 147 114 February.-. 107.2 119.7 100.0 94.7 100.2 105.1 February... 141.2 130 152 111 Feb. 24 107.0 119.1 99.6 94.3 99.7 104.9 Feb. 24 140.3 129 151 108 Mar. 3 107.0 118.4 99.6 94.4 99.9 104.6 Mar. 3 139.6 132 155 108 Mar. 10 106.4 118. 2 99.3 94.1 99.7 104.2 Mar. 10 138.8 132 156 107 Mar. 17—_ 104.4 117.3 98.0 93 3 97.5 103.3 Mar. 17 137.6 130 152 105 1 Monthly data are averages of daily figurese xcept for municipal bonds, i Monthly data are averages of Wednesday figures. which are averages of Wednesday figures. J Average derived prices. * Average prices of all outstanding bonds due or callable after 8 years. > Prices derived from average yields. Source.—Standard Statistics Oo. Source.—U. S. Treasury bonds, based on price quotations from Treas- Back figures—See Annual Report for 1935 (table 73). ary Department; for other bonds, Standard Statistics Oo. Back figures.—SeeA nnual Report for 1935 (table 73); for U. S. Treasury bonds, see BULLETIN for May 1936, p. 317. CAPITAL ISSUES [In millions of dollars] 1For new capital 1For refunding T (n o e t w al Total Domestic Total Domestic Y m e o a n r t o h r f i u a r n 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- * m a ( f e d o n s o r d t - - ic Total S m a t n a u d t - e F e e ra d l - C B o o rp n o d r s ate e F ig o n r- 1 eign) nici- agen- Total and Stocks eign) nici- agen- Total and Stocks pal notes pal cies* notes 1927 _ . > 9,774 7,556 6,219 1,475 87 4,658 3,184 1,474 1,337 2,218 1,978 35 93 1,850 1,586 264 241 1928 9,898 8,040 6,789 1,379 64 5,346 2,385 2,961 1,251 1,858 1,620 36 0 1,584 1,054 530 238 1929 _ 11,513 10,091 9,420 1,418 0 8,002 2,078 5,924 671 1,422 1,387 13 0 1,374 542 833 35 1930 7,619 6,909 6,004 1,434 87 4,483 2,980 1,503 905 709 527 53 0 474 451 23 182 1931 4,038 3,089 2,860 1,235 75 1,551 1,239 311 229 949 893 21 51 821 789 32 56 1932 1,751 1,194 1,165 762 77 325 305 20 29 557 498 87 93 319 315 4 59 1933— 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 o g 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 '6, 214 '1, 972 '1, 949 '735 22 '1,192 '839 352 '23 '4, 242 '4, 123 '382 353 '3, 387 '3,187 200 '119 1936—Feb. _._ '303 107 107 '90 4 13 4 10 0 '196 '196 8 6 181 170 11 0 Mar— 763 '128 '128 '58 11 59 46 13 0 '635 '616 '71 9 536 525 11 19 Aj)r '986 '176 '176 '48 0 128 102 26 0 '810 '765 '37 199 530 492 38 45 May... '420 112 112 68 6 38 13 24 0 '308 '308 '37 4 267 252 16 0 June... '734 '218 '217 '64 1 152 123 29 1 '516 '514 '45 93 376 325 50 2 July— '339 '104 103 33 0 70 39 31 '1 236 236 9 2 225 222 3 0 Aug '297 217 217 46 0 171 146 25 0 '80 '80 '11 8 62 55 6 0 Sept— 409 '178 '177 '103 0 75 48 26 1 '231 '231 '56 0 175 156 19 0 Oct '464 '186 '173 '78 0 95 60 35 13 '278 '278 '5 1 272 249 22 0 Nov.— 372 158 158 '49 0 '109 '97 12 0 214 '199 16 28 '155 '145 10 '15 Dec '726 266 266 48 0 218 100 118 0 '459 '459 '49 3 408 395 13 0 1937—Jan 610 249 249 146 0 102 72 31 0 362 289 59 26 204 87 116 73 Feb.___ 497 168 168 34 4 130 74 56 0 329 255 9 21 225 140 84 74 ' Revised. 1 Includes issues of noncontiguous U. S. Territories and Possessions. 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. Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—SeeA nnual Report for 1935 (table 72) for figures of new issues—annual and monthly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

347 APRIL 1937 FEDERAL RESERVE BULLETIN TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [In millions of dollars] Interest bearing Non- Interest-bearing debt Feb. 28, 1937 Total inter- 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 Bonds1 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 Total 33,926 20, 644 10,868 2,253 June 1933-.. 22, 539 22,158 14, 223 4,780 2,200 954 381 Obligations maturing: June 1934.... 27,053 26,480 16, 510 6,932 1, 635 1, 404 573 1937— Before Apr. 1 I 551 551 June 1935.— 28,701 27, 645 14,936 10, 501 156 2,053 1,056 Apr. 1-Jun. 30 : 1,153 502 651 July 1-Sept. 30 : 1,468 817 651 1936 Oct. 1-Dec. 31 ; 401 401 January 30,516 29,618 14, 688 12, 272 254 2,404 1938—Jan. 1-Mar. 31 732 732 February. _. 30, 520 29,646 14,713 12, 270 258 2,405 874 Apr. 1-Dec. 31 1,214 1,214 March 31,459 30, 591 15,981 12,400 258 1,953 868 1939 2, 762 2,765 April 31, 425 30, 601 16,005 12, 383 259 1,953 825 1940 2,851 2, 854 May 31, 636 30, 822 16,030 12, 381 258 2,153 814 1941 2,219 834 1,385 June 33, 545 32, 756 18, 395 11,861 146 2,354 790 1943 898 898 July 33, 436 32, 672 18, 295 11,906 117 2,353 764 1945 1,401 1, 401 August 33, 377 32, 621 18, 274 11,886 107 2,353 757 1946 1, 519 1, 519 September.. 33,831 33,086 19,257 11,370 106 2,353 745 1947 1, 697 1, 697 October 33,830 33,081 19,255 11, 368 105 2,354 749 1948-1952. 4,328 4,328 November.. r33, 791 '33,085 '19, 262 11, 366 104 2,353 706 1953-1957 5, 211 5,211 December. _. 34, 407 33, 700 20, 576 10, 804 117 2, 203 707 1958-1961 3, 643 3, 643 Special issues: 1937 U. S. savings bonds 567 567 January 34, 502 33, 821 20, 597 10, 847 125 2, 253 681 Adjusted service bonds___ 428 428 February „. 34,601 33,926 20, 644 10,868 161 2, 253 i 675 All other 2 881 119 601 161 r Revised. 1 Issues classified as of date of final maturity; most issues callable at i Includes $340,000,000 of Government liability for retirement of earlier dates; postal savings bonds only issues callable before 1940; adnational bank and Federal Reserve bank notes, as a result of deposit justed service bonds and most of the U". S. savings bonds are redeemable of funds by banks; this compares with $490,000,000 on Feb. 29, 1936. at option of holder. 2 Includes such issues as postal savings bonds and notes, retirement fund notes, arid old age reserve account and unemployment trust fund series. SUMMARY OF TREASURY OPERATIONS [On basis of daily statement of United States Treasury. In millions of dollars] General and special funds Trust Receipts Expenditures * c e o a t u c c n - .4 ts, In cr c e r a e s a e s e d u o r r i n d g e- Excess excess period Period c M e i l s la - - Generala Recovery and relief ( c o + e f i ) p r o t e s - r ( c o + e f i ) p r o t e s - r Total co In m - e n i r n n e e n t v o u a e e u e l r - - s ot A h l e l r 1 Total I e p d n s u t e t b e b o l r t i n - c o A th l e l r Total Relief P w u o b rk li s c ot A h l e l r' 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 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 8,477 749 4,436 3,291 ; 985 2,092 213 -4,361' +123 +840 +5,078 8 months ending: February 1935 2, 262 467 1,078 4, 363 1, 575 2, 317 1,511 741 65 -2, 101 +127 -501 +1,473 February 1936 2,348 633 1,245 4, 398 407 1, 775 2,216 889 1,009 3L8 -2,050 +157 —75 +1, 819 February 1937 2,717 807 1, 449 462 4, 687 437 2, 323 1,927 71 2,012 e 156 -1,971 +6 -1,143 +822 1936—February 218 43 132 43 496 31 164 301 i 43 218 40 -277 +37 -237 +3 March 752 412 291 48 570 131 226 214 i 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 6 2,337 132 s 1,949 256 32 306 6 83 -1,807 5 +323 +2,142 July 294 39 201 54 412 10 320 82 i 35 275 e 228 -118 +2 -451 -335 August 343 32 264 47 551 26 273 252 i 14 247 69 -208 -55 -327 -63 September 499 288 161 50 668 144 255 268 : 8 252 8 -169 (7) +284 +452 October 272 27 186 60 681 74 292 315 5 277 32 -409 -15 -424 (7) November 233 33 148 52 535 8 267 260 2 260 B 2 -303 -17 -358 -38 December 517 286 174 57 656 140 266 250 3 274 6 26 -138 +26 +500 +613 1937—January 284 43 168 73 631 14 318 299 2 222 74 -348 +72 -180 +95 February 275 58 148 68 553 20 331 202 2 205 64 -279 -187 +99 i Includes customs, processing taxes, taxes under Social Security Act, 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), transactions in checking accounts of certain special governmental agencies, and unemployment trust fund account. « Expenditures include $1,673,000,000 of payments to veterans under the Adjusted Compensation Payment Act of 1936. «Excess of credits. 7 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 FEDERAL RESERVE BULLETIN APRIL 1937 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JANUARY 31, 1937 [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 l u y 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 Jan. Dec. Jan. Corpo- Corpo- istra- institu- institu- institu- institu- 31,1937 31,1936 31,1936 ration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions 355 1 144 6 505 521 651 Preferred stock, etc.- 630 3 132 762 776 884 Home mortgage loans 2,729 2,729 2,765 2,924 Farm mortgage loans 2 939 2, 932 2,937 2,917 Other agricultural loans 1 212 24 141 211 0) 590 599 695 All other loans... 804 131 258 1,193 1,200 1,103 Total loans and preferred stock 1,790 212 131 24 399 2, 932 211 3,005 6 8,711 8,798 9,175 Cash 4 0) 6 70 80 22 44 21 246 259 338 United States direct obligations- 4 28 47 92 4 335 511 506 455 Obligations of Government credit agencies: Fully guaranteed by U S. 14 0) 74 6 101 195 196 214 Other 2 27 2 (2) 2 30 30 30 Production credit association class A stock 75 75 75 74 Accounts and other receivables _ _ 38 4 1 31 160 3 43 4 283 285 266 All other assets _ 6 (0 16 (0 210 155 0) 3 302 13 702 665 447 Total assets other than interagency 2_. 1,838 215 146 152 740 3, 376 403 3,404 480 10, 754 10,813 10,999 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States.__ 252 (0 1,422 3,013 4,687 4,669 4,601 Other 2 21 179 143 2 (l) 1 324 1 428 1,365 Other liabilities (including reserves) 66 1 5 17 151 3 122 84 449 462 300 Total liabilities other than interagency2 318 1 5 18 2,752 146 3,136 84 6,461 6, 559 6,266 Excess of assets over liabilities, excluding interagency transactions._ 1, 520 214 146 147 722 624 257 267 396 4,293 4,253 4,734 Privately owned interests 167 3 32 139 341 338 344 U. S. Government interests.._ 1,520 214 146 147 722 457 254 235 256 3,952 3,915 4,390 1 Less than $50C,000. 2 Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. 3 Shares of Federal savings and loan associations subscribed by IIOLC 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 1936, p. 220. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Feb. 29, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31. Jan. 31, Feb. 28, 1936 1936 1936 1936 1936 1937 1937 Loans to financiali nstitutions 474, 596 368, 393 355, 539 344, 591 330, 883 325, 620 313, 335 1304,815 Loans on preferred stock of banks and insurance companies. _ 46, 730 48, 397 48, 216 47,807 47, 586 43, 509 41,796 2 41,465 Preferred stock, capital notes, and debentures 861,749 672, 687 668,615 662, 587 658,654 650, 777 630, 272 607, 777 Agricultural loans 21,910 1,400 1,385 1,326 1,273 1,369 1,327 1. 405 Loans to railroads (including receivers) 390, 202 350, 948 349,261 353,810 345,190 345, 980 345, 502 345, 447 Loans for self-liquidating projects 156, 592 181, 339 185, 829 190, 569 194,184 195,044 200,181 206, 721 Loans to industrial and commercial businesses 46, 488 56,149 57, 690 60,945 61,645 63, 592 63,079 63, 838 L O o th a e n r s l t o o a n d s rainage, levee, and irrigation districts 51 3 , , 8 8 5 ' 3 " 6 2 0, , 9 9 6 8 5 4 61 3, , 0 7 3 7 ' 8 62 1 , , 8 6 8 3 0 2 63 1 , ,9 1 3 2 5 5 64,343_ 65 1 , , 1 94 6 3 4 66 1 , , 9 5 4 5 9 3 Securities purchased from Public Works Administration 154, 242 142,210 140,478 145, 635 136,850 118,822 113,076 108, 714 Total loans and investments, other than interagency... 2, 208, 2 1, 885, 4721, 871, 8281, 871, 7821,841,325 1, 810, 9841, 775, 6771, 748, 684 Loans to Federal land banks 35,215 32,199 30,933 27,993 27, 620 24, 750 22, 784 22,191 Loans to Commodity Credit Corporation 297,449 93,002 95, 809 97, 916 98, 417 98, 721 135, 024 129, 320 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 15,952 31,213 32, 202 33,996 35, 701 37, 406 38, 670 39, 233 Preferred stock of Export-Import banks _ 10,000 20,000 20,000 20,000 20,000 20,000 20, 000 20,000 Total loans and investments.. 2, 566, 854 2,158,885 2,147,771 2,148, 786 2,120,163 2,088, 961 2, 089, 255 2,056,825 1 Includes $98,000,000 of loans for distribution to depositors of closed banks. 2 Includes $509,000 of preferred stock instalment sale contracts. 3 Includes $398,000 of loans to Rural Electrification Administration. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APEIL 1937 FEDERAL RESERVE BULLETIN 349 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm or^_.„ credit bank loans to Loans to cooperatives byby- and discounts for— Eegional End of month la F nd e d 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 o n r c o r o e c d u e r a d d i a l d a g u t i t b i t t u r i t c i a i o c r o - t a n a o n i n s o l k s r s - n - , s , f c i i n e o n t O 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 r u n r , 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 a n c g r s n y h - d t m F b c i e e n r a d d e 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 n e l i o a u n k v p n d t s e e r k i s a f r n , o - l g r M i A i r n n e t g g a g u v r r r o i f k A c a u l e u l v n c t l - t d - for cooperatives * 1933—December 1,232, 707 70, 738 73, 263 60,989 27 144, 636 89, 811 15,211 18,697 157, 752 1934—December.. 1,915, 792 616,825 99, 675 55, 672 60,852 87,102 110,186 33,969 27,851 54, 863 1935—December 2,071,925 794, 726 104, 706 46,490 94,096 43,400 172,489 2,731 50,013 44,433 1936—February 2, 058, 512 810,811 110,806 46, 679 103,002 40, 510 168, 700 2,117 42, 720 44,155 March 2,059,978 817,899 122,849 48,045 116, 392 39. 617 167,826 2,074 41,083 44,306 April 2, 061, 881 823,110 132, 715 50, 015 127, 511 38, 665 175,151 1,685 40,015 43, 523 May 2, 062,986 827,052 140,177 52,158 135, 467 37, 711 176, 789 932 39, 688 41, 696 June. 2,064,037 827, 248 144,155 53,231 139, 468 36,026 176, 234 247 39,500 44,556 July__ 2,064, 759 829, 464 146,243 53,041 140,982 34,610 174,207 225 43,018 44,431 August 2, 067,106 831,892 144,423 52,883 135,603 33,042 172, 863 314 44, 345 44,025 September 2,067,711 833, 906 138, 653 48,039 122,004 31, 216 171,320 405 56, 267 48, 583 October 2, 067, 647 835,187 135, 791 41,912 110, 775 28, 664 168, 688 758 71,150 51,348 November 2, 065, 719 836,194 131,644 39, 218 105, 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 1937—January 2,061,472 836,062 125, 825 38,192 106,081 24, 454 163, 868 1,486 64,411 54,322 February 2, 060, 233 835, 509 130, 139 39,171 114,551 24, 249 163, 250 1,359 60, 356 52, 359 1 Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the 3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD OBLIGATIONS FULLY GUARANTEED BY LOANS OUTSTANDING, BY INSTITUTIONS THE UNITED STATES 1 [Loans in thousands of dollars] AMOUNTS OUTSTANDING, BY AGENCIES [In millions of dollars] Home mortgage loans by- End of month O H w o n m er e s ' I i N F u e lo d m a e b n r a e l r a s s o s 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 a d n m a n e s n k r e t a o l End of month Total M C F o F o e t r r d a i p t o r e g o n m r a r a a g l - e C O H o L t w i r o o o p n n m a o e s n r e r a s - ' s C F t R r o t i i u n e r o c p c a n o t o n s i n r c o a - e n - Loan Cor-1 associations member poration Re- p L o o r r e a - t n ed s i t n io s n ti s t u 2 - 1 1 9 9 3 3 3 4 — — D D e 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— O S c e t p o t b e e m r ber.. 4 4 , , 3 4 6 21 9 1 1 , , 3 3 6 8 8 2 2 2 , , 7 78 4 6 8 2 25 5 3 3 November.. 4,460 1,387 2,819 253 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 . . . . . . '2 2, , 8 3 9 9 7 4 , , 0 1 3 6 8 2 1,0 6 2 5 3 3 9 9 4 8 5 8 5 1 31 6 5 9 , , 7 6 3 8 4 3 1 8 8 0 6 2 5 , , , 4 6 7 4 5 9 2 8 5 1936— D F M J e e a a b c n r e r u c u m a h a r b y r e y r . . . . _ . 4 4 4 4, , , , 4 6 5 6 9 3 6 5 4 0 2 4 1 1 1 1 , , , , 3 4 4 3 8 0 0 9 7 7 7 9 2 2 2 2 , , , , 9 8 9 9 1 5 7 9 1 5 0 5 2 2 2 2 5 5 5 5 3 2 3 2 1936— J A M M J O A S N D u u F e p c u o e a a n l e p t r y c g y v r e o b i t e c u l e e b r h m s u m m e t r a b b b r e y e e r r r . . . _ . . . 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , . , 9 9 9 9 9 8 9 8 8 8 7 4 4 6 5 9 7 2 6 3 6 0 2 4 1 8 0 1 1 4 5 0 1 , , , , , , , , , , , 1 8 9 6 0 4 0 6 7 2 5 9 2 4 3 4 8 9 1 6 9 0 7 7 0 1 3 1 0 4 8 0 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 0 1 0 1 1 1 2 2 1 1 1 1 7 0 6 3 0 8 6 1 7 9 4 8 2 1 5 6 3 5 2 5 2 1 1 1 1 1 1 1 1 1 , , , , , , , , , 0 0 0 9 8 0 0 0 0 0 0 0 1 8 8 9 0 7 7 2 8 6 6 7 0 0 8 6 6 6 5 0 5 3 3 3 4 4 4 4 5 5 5 5 3 6 0 9 6 1 3 9 4 4 4 6 6 4 7 5 2 2 0 4 4 , , 4 , , , , , , , , , 8 0 1 1 4 6 7 8 0 6 7 1 4 3 0 4 0 2 5 6 8 4 0 6 0 7 6 5 2 2 4 2 4 1 1 1 1 1 1 1 1 1 1 1 0 2 0 3 3 1 0 2 2 1 4 3 9 7 4 5 2 2 0 5 8 5 , . , , , , , , , , , 1 9 9 5 9 4 3 9 2 7 2 0 4 2 0 8 7 4 5 6 6 1 1 2 2 1 7 2 1 8 1 7 8 1937— J A M J A S N O D F u J u e p e u c e o a a n l p b n r t c y g v y e o i t e u r u l e e b u m a s m m e r t a y b r b b r e y _ e e r . . r r . _ . . _ . . _ •• 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , 7 6 7 7 6 6 6 6 6 6 C 1 7 0 2 6 6 6 6 6 6 8 8 6 3 4 9 7 9 7 7 2 7 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 4 4 4 4 4 4 4 4 4 4 4 2 2 2 1 2 2 2 2 2 2 2 2 2 2 1 2 2 2 2 2 2 2 r2 3 3 3 3 2 2 2 3 2 2 , , , , . , , , , , , 9 0 0 0 0 9 9 9 0 9 9 8 1 4 2 5 9 9 9 1 9 9 8 3 4 9 0 3 5 3 3 5 3 2 2 2 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 5 5 5 2 2 2 2 2 2 2 2 2 2 2 1937—January r2, 71J, 451. 1,228 •1, 143 -r>7(). 209 143,745 1 February... 2, 680. 230 1. 240 1, 143 588, 038 141,205 r Revised. 1 Principal amount of obligations guaranteed as to interest and principal. Also guaranteed are debentures issued by Federal Housing Admin- »• He vised. istrator. The amount outstanding Feb. 28, 1937, was $50,620. 1 In addition to loans the HOLC held on Feb. 28, 1937, $506,000,000 in other assets, consisting principally of investments in the Federal Savings 2 Excludes obligations guaranteed as to interest only. and Loan Insurance Corporation and in various savings and loan asso- 3 Excludes obligations held by U. S. Treasury and reflected in the ciations, real estate and other property, and accrued interest receivable. public debt. Figure for December 1933 includes notes given in purchase of gold which were retired in February 1934. 2 Includes loans to Federal savings and loan associations, all of which are members, and a negligible amount to others than member institutions. * Includes accrued interest Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 FEDERAL RESERVE BULLETIN APRIL 1937 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial ]Droductioni* Construction contracts awarded (value)2 Fac- Factory em- tory Freight-car Department Y a e n a d r Total Ma t n u u r f e a s c- Minerals Total Residential All other ployment* r p o a l y lss loa<imgs4* sto ( r v e a l s u a e l ) es* month Ad- Unad- Ad- Unad Ad- Unad Ad- Unad Ad- Unad Ad- Unad Ad- Unad Unad- Ad- Unad- Ad- Unadjustedjusted justedjustedjustedjustedjust ecjustedjustedjustedjustec justedjustec justed justedjustedjustedjustec justed 1919 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 108 118 91 94 1921 67 67 70 56 44 65 82 77 79 87 1922 85 86 74 79 68 88 90 82 87 88 1923 101 101 105 84 81 86 104 103 100 98 1924 __ 95 94 96 94 95 94 96 96 97 99 1925 104 105 99 122 124 120 100 101 103 103 1926 .. 108 108 108 129 121 135 101 104 106 106 1927 106 106 107 129 117 139 99 102 103 107 1928 __ 111 112 106 135 126 142 99 102 103 108 1929 119 119 115 117 87 142 105 109 106 111 1930 96 95 99 92 50 125 91 89 92 102 1931 81 80 84 63 37 84 77 67 75 92 1932 . 64 63 71 28 13 40 66 46 56 69 1933 76 75 82 25 11 37 72 49 58 67 1934 79 78 86 32 12 48 83 63 62 75 1935 90 90 91 37 21 50 86 71 63 79 1936 105 105 104 55 37 70 92 82 72 83 1934 Feb 81 83 80 82 92 89 44 38 12 10 70 60 81 81 61 64 61 73 59 Mar 84 87 82 86 100 91 33 33 11 12 51 50 84 84 66 66 63 76 73 April.... 86 88 85 89 90 81 32 36 12 14 48 54 85 86 68 62 60 76 73 May.... 86 89 86 89 88 86 26 32 11 13 38 47 86 86 68 63 63 75 77 June 84 84 83 84 87 86 26 31 12 13 38 41 85 85 6'6 64 64 73 71 July 76 73 74 71 84 84 27 30 12 12 39 44 83 83 61 61 63 73 51 Aug 73 73 72 71 80 83 27 28 10 10 40 43 83 84 63 59 63 76 60 Sept 71 73 69 70 82 87 29 30 11 11 44 45 78 80 59 59 67 74 79 Oct. 74 75 72 73 81 87 31 29 12 12 46 43 81 82 62 57 64 74 82 Nov 75 74 74 73 81 84 31 28 11 11 48 41 81 80 61 59 60 75 83 Dec 86 78 85 76 90 85 31 25 12 10 47 36 82 82 64 64 56 77 135 1935 Jan 90 88 90 87 95 92 27 22 12 10 39 32 84 82 65 64 58 76 59 Feb 90 91 88 91 97 93 28 24 14 13 39 33 85 85 70 65 61 77 61 Mar..... 88 91 87 91 97 90 26 26 16 16 35 34 86 86 72 65 62 79 71 April 86 89 86 91 88 79 27 30 18 22 33 38 86 86 72 61 59 75 70 May.... 85 87 84 87 90 88 27 32 21 25 32 39 85 85 69 61 61 74 76 June 87 86 85 84 99 97 30 35 24 26 36 43 84 83 67 63 63 79 76 July 86 83 87 83 85 85 35 39 25 25 43 50 85 84 67 58 60 80 55 Aug..... 88 87 89 87 83 86 38 40 24 24 50 54 86 86 71 60 64 77 61 Sept 91 90 92 89 87 93 43 44 25 25 58 59 86 88 74 62 70 81 86 Oct. 95 97 95 96 93 101 48 45 25 25 66 62 87 89 76 64 73 78 86 Nov._-_ 96 98 97 98 93 96 60 53 26 25 88 76 88 89 76 66 67 82 91 Dec 101 96 101 96 102 97 68 54 26 22 103 80 89 88 78 71 62 83 145 1936 Jan. 97 96 96 95 104 100 62 50 25 21 92 75 89 87 74 70 63 81 63 Feb 94 95 92 93 111 107 52 45 25 22 75 63 87 87 74 70 65 83 66 Mar 93 96 93 97 97 90 47 47 26 28 63 62 88 88 78 66 62 84 77 April.-.. 101 104 100 105 106 95 47 53 30 35 60 67 89 89 79 69 66 84 85 May.... 101 105 101 105 102 101 46 56 32 38 57 70 90 90 81 70 71 87 89 June 104 104 105 105 100 101 52 60 36 39 65 78 90 90 81 70 72 87 84 July 108 105 109 105 101 102 59 65 44 45 71 82 93 91 80 73 75 91 63 Aug 108 106 110 106 99 104 62 65 46 46 75 81 93 94 84 70 76 86 68 Sept 109 108 110 107 102 110 59 60 47 47 69 70 94 96 84 72 82 88 94 Oct 110 111 111 110 105 115 57 54 43 41 69 65 94 97 89 73 84 90 100 Nov..___ 114 115 115 115 112 115 58 51 40 39 72 62 96 97 91 80 80 r94 105 Dec 121 114 121 114 117 111 66 53 45 38 83 65 99 98 95 86 74 92 161 1937 Jan 114 112 115 113 109 105 63 51 45 37 77 63 99 97 91 80 70 93 '72 Feb P116 P117 P116 P118 P114 P110 J>64 *>55 P42 P7S P66 P100 ^99 *96 80 72 95 76 p Preliminary. r Revised. * Average per working day. 1 For indexes of groups and separate industries see pp. 351-352; for description see BULLETIN for February and March 1927. * 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931. 8 The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pages 950-978 of BULLETIN for December 1936. For current indexes of groups and separate industries see pp. 353-356. Underlying figures are for pay-roll period ending nearest middle of month. * For indexes of groups see p. 358. Back figures—See Annual Report for 1935 (table 75) For department store sales see p. 631 of BULLETIN for August 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

351 APE1L 1937 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal vanation. 1923-25 average= 100] 1936 Industry Jan. Feb. Mar. Apr. May June Manufactures—Total 96 92 93 100 101 105 IRON AND STEEL 86 83 83 100 105 113 Pig iron 67 63 64 77 85 89 Steel ingots 88 85 85 102 107 115 TEXTILES 105 102 100 100 100 107 Cotton consumption 105 99 100 105 103 111 Wool 106 111 96 89 97 103 Consumption 117 120 105 93 103 121 Machinerv activity 1 113 117 99 95 101 95 Carpet and rug loom activity*. 64 75 68 68 68 66 Silk deliveries. 98 91 107 102 97 101 FOOD PRODUCTS . . 92 84 87 90 84 88 Slaughtering and meat packing... 84 77 83 89 84 85 Hogs 61 52 61 68 66 64 Cattle . . 111 109 109 114 104 113 Calves 120 109 115 116 111 119 Sheep - 152 145 151 134 128 133 Wheat flour 91 96 92 88 87 94 Sugar meltings 124 93 96 95 78 89 PAPER AND PRINTING: Newsprint production 60 60 62 60 59 62 Newsprint consumption 124 127 132 131 136 137 TRANSPORTATION EQUIPMENT: Automobiles _ 108 93 107 122 117 118 Locomotives 0 0 1 3 6 9 LEATHER AND PRODUCTS 120 113 108 112 113 103 Tanning 103 96 93 97 97 91 Cattle hide leathers 96 95 '95 94 93 84 Calf and kip leathers 103 85 77 85 78 88 Goat and kid leathers 122 110 103 115 124 113 Boots and shoes _ __ _ 131 125 118 122 124 110 CEMENT AND GLASS: Cement _ 47 49 58 72 74 75 Glass, plate _ _ _ _ 201 174 184 213 220 218 NONFERROUS METALS: Tin deliveries1 103 105 95 101 98 112 Zinc - 84 77 85 91 94 103 Lead 63 62 59 70 75 FUELS, MANUFACTURED: Petroleum refinins 169 172 168 178 180 Gasoline * 214 215 210 223 227 Kerosene 94 94 98 104 97 Fuel oil* 121 130 119 119 120 Lubricating oil1 96 98 105 116 116 Coke, byproduct 104 103 100 112 120 RUBBER TIRES AND TUBES 1 107 89 85 113 121 Tires, pneumatic 1 110 92 87 117 125 Inner tubes 1 82 67 67 86 89 TOBACCO PRODUCTS 148 148 140 152 145 Cigars _ _ 73 75 71 74 71 Cigarettes 208 207 193 214 204 Minerals—Total 104 111 97 106 102 Bituminous coal 81 92 71 84 76 Anthracite . 71 100 54 69 77 Petroleum, crude 148 143 146 150 149 Iron ore 80 Zinc 84 77 85 91 94 Lead 63 62 59 70 75 Silver 80 93 90 96 91 SO OOOC O- 1937 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 109 110 110 Ill 115 121 115 P116 119 121 119 127 138 143 139 129 90 93 96 98 99 104 107 107 122 124 121 130 142 147 142 132 116 120 120 114 121 139 124 125 125 127 119 123 144 129 132 106 115 108 105 119 141 121 P128 125 136 121 109 129 161 127 3»131 97 101 97 104 117 134 130 67 77 88 95 92 96 92 P136 108 118 130 121 125 134 118 112 92 91 90 93 98 99 89 87 92 96 100 105 109 100 87 86 72 70 79 94 100 85 65 66 116 128 125 115 115 117 111 108 130 141 144 129 122 125 130 122 135 138 143 152 169 160 175 151 101 92 77 82 83 87 87 89 77 71 70 68 83 115 98 89 60 61 61 62 67 64 63 62 131 136 140 140 150 141 142 124 111 107 93 105 122 120 120 9 8 6 5 8 10 8 114 115 112 112 116 134 136 ,134 94 95 90 93 104 108 108 93 97 91 111 111 110 77 70 68 65 79 98 90 117 113 109 103 112 111 119 127 129 127 125 124 151 154 Pl51 75 77 81 87 91 91 86 85 220 226 236 242 164 89 77 244 128 107 99 105 97 105 125 131 104 100 98 101 100 98 80 84 71 60 60 71 74 80 76 70 183 186 189 191 188 191 189 236 241 246 249 241 242 236 96 91 90 90 92 102 117 117 117 119 119 124 124 132 135 108 110 111 111 110 114 116 111 123 121 126 128 129 130 136 137 136 130 124 119 122 118 126 123 135 129 123 125 121 130 128 90 90 92 96 94 92 91 147 154 147 157 146 150 183 165 168 70 76 73 75 74 75 83 83 78 209 216 208 223 202 209 265 234 242 100 101 99 102 105 112 117 109 P114 74 79 76 82 86 95 97 83 72 69 51 58 52 69 73 56 P50 146 144 149 146 152 152 161 164 P166 80 81 87 93 98 110 103 104 100 98 101 100 98 80 84 69 71 60 60 71 74 80 76 70 103 101 88 111 119 99 113 99 i Without seasonal adjustment. P Preliminary. r Revised. NOTE.—For descriptions see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p. 911, and March 1937, p. 255. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 FEDERAL RESERVE BULLETIN APRIL 1937 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average =100] 936 1911 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactures—Total 95 93 97 105 105 105 105 106 107 110 U5 114 113 *118 IRON AND STEEL 83 87 94 111 114 113 111 118 118 124 127 126 134 136 Pig iron 67 64 67 82 87 88 85 89 93 98 100 102 105 109 Steel ingots _. .. 85 89 96 114 117 115 113 121 120 126 130 128 137 138 TEXTILES 110 108 103 103 100 101 107 113 120 118 126 132 130 P134 Cotton consumption 111 106 105 112 106 106 114 112 123 122 128 133 135 141 Wool . . __ ._ 108 117 98 88 92 97 99 110 111 111 125 142 123 nu Consumption 120 131 107 90 95 109 112 126 127 120 141 163 130 P143 Machinery activity 113 117 99 95 101 95 97 101 97 104 117 134 130 2>136 Carpet and rug loom activity. 64 75 68 68 68 66 67 77 88 95 92 96 92 Silk deliveries 112 98 103 101 96 90 103 123 136 121 129 119 135 120 FOOD PRODUCTS 92 82 86 85 82 87 90 87 90 95 104 101 91 86 Slaughtering and meat packing.__ 96 75 78 80 81 84 87 85 94 104 121 117 100 85 Hogs 81 57 62 61 64 65 64 53 59 80 110 111 87 73 Cattle . . 112 96 95 101 101 106 115 126 138 134 133 122 112 95 Calves 112 101 116 126 126 124 126 130 138 135 124 119 121 114 Sheep . 154 136 137 126 126 131 135 139 165 167 167 157 176 142 Wheat flour 89 93 86 80 82 83 98 99 91 92 90 84 85 86 Sugar meltings 82 91 113 110 87 106 94 79 75 65 65 66 64 88 PAPER AND PRINTING: Newsprint production ... . 61 60 61 61 60 64 59 59 60 62 66 64 64 62 Newsprint consumption 119 125 138 141 140 135 117 121 137 149 160 145 136 TRANSPORTATION EQUIPMENT: Automobiles. _. __ 108 93 124 149 142 134 128 82 42 65 127 147 120 120 Locomotives 0 0 1 3 6 9 9 9 6 5 9 11 7 LEATHER AND PRODUCTS 111 115 112 110 104 99 113 128 130 123 112 114 126 P137 Tanning 99 99 92 95 91 90 94 96 95 98 102 105 104 Cattle hide leathers 97 101 r96 94 88 83 90 95 94 102 109 108 111 Calf and kip leathers 85 78 69 76 74 86 90 85 78 77 75 84 75 Goat and kid leathers 116 114 105 114 116 113 109 111 114 107 111 120 113 Boots and shoes 119 126 124 119 113 105 125 148 153 140 118 119 140 p153 CEMENT AND GLASS: Cement ... 29 29 42 70 88 93 91 100 101 99 90 71 52 51 Glass, plate 201 174 194 235 231 196 198 226 236 242 164 89 77 244 NONFERROUS METALS Tin deliveries.. _ ._ . 103 105 95 101 98 112 128 107 99 105 97 105 125 131 Zinc 89 82 90 95 95 99 97 93 93 98 100 100 85 89 Lead. 63 04 60 69 73 70 68 58 57 73 77 81 77 72 FUELS, MANUFACTURED: Petroleum refining 170 172 168 178 179 181 182 186 189 192 189 192 189 Gasoline 214 215 210 223 227 233 236 241 246 249 241 242 263 Kerosene 96 96 95 103 93 91 90 86 92 95 100 111 119 Fuel oil 121 130 119 119 120 117 117 119 119 124 124 132 135 Lubricating oil 96 98 105 116 108 110 111 111 110 114 116 111 Coke, byproduct 105 106 103 114 121 118 122 125 129 133 138 138 140 RUBBER TIRES AND TUBES 107 89 85 113 130 124 119 122 118 126 123 Tires, pneumatic 110 92 87 117 125 135 129 123 125 121 130 128 Inner tubes 82 67 67 86 89 90 90 92 96 94 92 91 TOBACCO PRODUCTS 141 135 132 140 147 161 167 158 173 157 153 149 156 153 Cigars . 56 65 64 70 73 76 80 76 86 91 90 62 64 67 Cigarettes 204 188 183 195 206 230 238 225 245 212 207 217 230 220 Minerals—Total . 100 107 90 95 101 101 102 104 110 115 115 111 105 P\10 Bituminous coal 89 97 71 71 67 66 72 75 87 94 106 103 93 P102 Anthracite 77 107 44 72 77 62 57 51 58 67 71 72 61 pfA Petroleum, crude 142 140 145 150 150 149 147 152 150 153 150 156 158 p\6Z Iron ore 120 157 164 177 178 167 93 Zinc 89 82 90 95 95 •99 97 93 93 98 100 100 85 89 Lead 63 64 60 69 73 70 68 58 57 73 77 81 77 72 Silver 81 100 99 97 88 101 85 88 106 118 106 114 100 p Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, and March 1937, p. 256. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, boxboard, 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

FEDERAL RESERVE BULLETIN 353 APRIL 1937 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100] 1936 1937 Industry and group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb Total 88.8 87.4 87.7 88.6 89.8 90.4 92.8 93.4 94.4 96.2 98.6 98.8 99.6 Durable goods 80.4 79.2 80.1 81.2 82.7 83.8 85.6 85.7 88.2 89.9 92.7 92.4 93.8 Nondurable goods . 97.8 96.3 95.8 96.5 97.3 97. 6 100.4 101.8 101. 101.2 102. 9 104.9 105. 6 105.7 IRON, STEEL PRODUCTS 86.4 85.3, 87.1 89.0 90.8 93.5 95.3 101.0 102. 3 103.8 Blast furnaces, steel works.. 93 91 92 94 97 99 103 106 108 109 109 110 113 112 Bolts, nuts, washers, rivets. 72 71 71 74 74 75 76 76 77 79 81 84 87 88 Cast-iron pipe 57 59 60 62 62 62 64 64 65 67 68 68 69 Cutlery, edge tools 81 78 77 75 76 76 78 79 80 84 87 89 87 Forgings 57 56 54 56 58 59 62 60 60 61 64 68 69 70 Hardware 81 79 77 78 77 77 79 72 75 84 9L 95 80 98 Plumbers' supplies 85 83 84 86 87 84 82 85 85 85 86 90 91 90 Steam, hot-water heating 60 60 61 63 65 65 69 69 71 70 71 72 76 78 Stoves 97 97 97 97 97 103 103 107 104 107 107 111 114 119 Structural, ornamental 56 57 59 62 65 67 70 72 73 73 73 70 73 75 Tin cans, tinware. 97 96 96 97 99 99 98 101 101 100 98 97 103 105 Tools 79 77 79 78 78 80 81 86 86 89 '•* 95 98 99 Wirework 149 142 146 148 151 148 146 143 149 164 175 188 179 175 MACHINERY 96.3 95.8 96.9 99.3 102.2 103. 9 105. 3 105.3 106. 8 108.4 110.4 114.0 115. 9 118.8 Agricultural implements 120 123 124 125 126 117 101 96 102 95 103 108 112 Cash registers, etc 114 116 118 119 112 114 100 116 119 120 121 123 128 Electrical machinery __. 82 81 82 86 88 90 92 92 97 100 103 106 104 110 Engines, turbines, etc 114 116 119 122 125 124 119 115 115 117 122 125 128 134 Foundry, machine-shop products. 83 82 84 85 88 90 92 93 95 96 97 100 102 104 Machine tools 109 108 109 112 114 116 120 119 123 125 127 129 136 136 Radios, phonographs. 189 186 179 185 198 209 210 209 186 176 171 188 201 195 Textile machinery 68 69 69 68 70 70 71 73 75 75 75 76 79 81 Typewriters 110 112 112 113 114 87 102 114 120 132 135 139 145 148 TRANSPORTATION EQUIPMENT 100.0 97.0 97.7 99.2 101.3 102.2 105.1 100.9 100.8 105. 0 112.3 118.7 109.8 113. 5 Aircraft 449 484 509 533 571 564 603 613 631 645 646 698 737 770 Automobiles 113 109 108 109 112 112 116 109 109 113 123 133 120 123 Cars, electric, steam railroad.. 46 46 50 51 50 53 52 56 56 61 64 62 63 68 Locomotives 24 26 27 28 31 34 36 35 38 41 42 44 49 54 Shipbuilding 85 92 99 101 102 102 102 89 94 100 RAILROAD REPAIR SHOPS. 55.0 56.4 58.0 57.0 57.0 58.2 57.4 58.7 59.1 60.1 60. 6 61.7 62.3 61.6 Electric railroad 62 62 62 63 62 62 62 62 62 63 63 63 63 64 Steam railroad..- 54 56 58 57 57 58 57 58 59 60 60 62 62 62 NONFERROUS METALS, PRODUCTS.. 97.4 95.0 93.4 94.6 97.8 101.1 102.5 105. 2 106.7 110.7 109.7 111.7 Aluminum 102 99 100 100 102 109 116 116 112 115 118 118 121 121 Brass, bronze, copper 101 99 97 97 99 100 102 106 109 110 111 115 120 122 Clocks, watches 104 104 105 104 105 106 107 113 112 114 115 117 120 120 Jewelry 79 77 76 75 78 78 84 88 87 91 91 90 89 Lighting equipment 78 76 73 71 76 76 75 79 84 94 99 75 100 Silverware, plated ware 68 65 64 63 62 61 59 66 67 70 70 71 72 71 Smelting, refining 78 78 78 77 76 78 79 78 79 78 78 80 80 78 Stamped, enameled ware 143 135 131 135 135 139 136 141 143 153 154 166 163 160 LUMBER PRODUCTS 62.8 61.4 62.8 63.5 64.1 64.2 65.6 65.1 65.8 66.2 66. 2 67.9 68. () 67.7 Furniture 74 73 72 74 75 76 79 81 82 81 84 86 89 87 Lumber, mill work.. 46 45 46 47 47 49 48 51 52 53 54 55 57 57 Lumber, sawmills.. 50 49 50 51 51 50 51 49 50 50 49 51 50 50 STONE, CLAY, GLASS PRODUCTS _ 61.4 59.7 60.8 61.9 62.5 63.0 65.7 66.4 66.1 67.2 66. 3 69.0 69. 5 72.6 Brick, tile, terra cotta 43 41 42 43 44 45 47 47 47 47 48 51 54 54 Cement 51 49 53 54 55 54 55 59 61 64 65 68 68 66 Glass 99 97 96 96 97 96 101 102 99 103 96 101 97 110 Marble, granite, slate 34 32 37 38 39 41 42 43 42 42 42 •42 43 44 Pottery 72 70 72 71 71 73 76 74 77 76 75 78 78 TEXTILES, PRODUCTS 99.2 96.5 96.7 97.6 97.6 98.1 102.6 104.9 102.6 101.7 104. 4 106. 8 108.3 107. O A. Fabrics 93.2 90.4 90.6 91.8 91.3 91.8 95.5 98.1 96.8 95.5 97.3 100. 1 101.7 100. 6' Carpets, rugs 82 81 81 83 83 83 85 92 92 93 99 101 102 Cotton goods 89 88 89 90 95 99 97 98 99 101 102 Cotton small wares 97 91 91 94 96 101 101 104 106 107 102 Dyeing, finishing textiles _ 116 112 113 116 115 116 117 117 114 115 117 121 120 117 Hats, fur-felt 89 85 84 85 88 93 91 85 81 82 87 89 90 89 Knit goods 113 113 114 114 113 112 118 121 121 117 116 119 123 123 Silk, rayon goods 80 72 74 78 76 78 79 81 78 79 79 79 81 79 Woolen, worsted goods 89 82 82 84 80 80 83 81 77 78 84 92 93 86 B.Wearing apparel 110.5 108.2 108.2 108.4 109.5 110.3 116.6 117.0 113.6 113.4 118.4 119.8 120. 8 119.4 Clothing, men's 108 105 104 104 105 107 109 106 104 105 111 115 114 111 Clothing, women's 145 143 144 143 146 144 159 167 157 155 163 160 159 160- Corsets, allied garments._. 90 87 85 86 85 86 87 88 88 89 91 92 93 91 Men's furnishings 117 116 116 118 123 130 141 138 133 130 134 135 137 139 Millinery 53 50 57 55 55 54 60 60 57 55 53 51 56 50 Shirts, collars 109 110 109 111 109 111 115 118 116 117 119 124 132 128 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 FEDERAL RESERVE BULLETIN APRIL 1937 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average = 100] 1936 1937 Industry and group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. LEATHER PRODUCTS 94.4 92.7 90.4 89.2 89.0 89.0 90.3 90.9 91.4 92.0 94.9 98 8 99 0 98 2 Boots, shoes 95 93 91 89 89 89 91 91 91 92 95 100 101 100 Leather 97 95 94 94 95 94 94 96 98 96 99 98 97 96 FOOD PRODUCTS 107.4 106.8 107.8 107.7 109.3 110.3 112.4 113.2 113.3 112.7 113.4 115.0 114.7 117.0 Baking 126 126 127 127 127 127 129 129 129 131 132 132 133 135 Beverages _ _ _ _ _ 179 177 182 178 189 183 196 195 196 187 197 197 202 201 Butter 83 83 83 84 85 86 86 85 82 82 82 84 87 88 . Canning, preserving 139 133 133 131 137 147 140 141 148 146 135 147 147 157 Confectionery 77 76 76 77 77 77 78 82 78 76 80 81 83 82 Flour 76 76 76 76 74 74 77 76 74 74 73 74 75 75 Ice cream 67 67 68 71 74 72 72 70 72 69 70 72 71 73 Slaughtering, meatpacking 83 83 84 84 85 86 92 92 92 91 96 95 93 91 Sugar, beet _ _ 48 76 86 90 84 88 92 109 111 118 114 93 44 88 Sugar refining, cane 79 81 80 81 80 80 78 79 76 74 67 70 64 78 TOBACCO MANUFACTURES 59.6 60 0 60.1 59.4 61.3 60.3 61.2 61.9 61.7 61 1 62.4 62.0 62.3 62.6 Tobacco, snuff 56 55 56 56 56 56 56 56 56 57 57 56 56 57 Cigars, cigarettes 60 61 61 60 62 61 62 63 62 62 63 63 63 63 PAPER, PRINTING 97.7 98.6 99.0 99.4 99.8 100.0 99.8 101.1 102.7 103.1 103.6 104.0 104.0 105.5 Boxes, paper 94 93 93 93 93 94 95 97 99 100 100 103 103 104 Paper, pulp 107 108 108 109 109 109 108 109 110 111 112 113 114 116 Book, job printing 86 88 88 88 89 90 91 93 94 94 95 94 94 96 Newspaper, periodical printing 101 102 102 103 103 103 101 102 105 105 104 104 103 104 CHEMICALS, PETROLEUM PRODUCTS _ _ 112.2 110.6 111.6 il0.8 113.1 113.2 115.7 115.4 118.5 117.9 118.1 118.6 120.8 121.4 A. Other than petroleum 111.2 109.2 110.6 109.1 112.0 112.2 114.6 114.9 118.1 117.4 117.4 118.3 120.9 121.4 Chemicals 116 116 116 116 117 117 121 122 126 129 129 129 133 133 Cottonseed oil, cake, meal 76 72 73 68 71 62 61 53 78 71 77 75 85 79 Druggists' preparations 100 101 102 103 104 105 105 102 101 100 102 105 105 109 Explosives _ 81 82 84 82 79 84 88 89 91 90 93 91 94 92 Fertilizers 80 73 79 74 91 86 87 87 86 85 80 87 86 85 Paints, varnishes 123 121 121 123 122 124 126 127 129 129 127 130 131 132 Rayon, allied products 344 335 343 325 342 350 358 360 360 354 357 355 364 363 Soap _ - _ __ _ 97 95 95 94 96 97 95 103 106 103 100 100 103 111 B. Petroleum refining 116 116 116 118 118 117 120 117 120 119 121 120 120 121 RUBBER PRODUCTS 86.4 85.2 74.9 87.1 87.4 88.8 91.4 93.9 95.8 98.3 99.4 102.2 102.3 101.7 Rubber boots, shoes 69 69 72 78 75 73 78 75 75 75 74 76 75 75 Rubber goods, other 120 118 118 121 122 123 124 124 126 130 133 138 140 140 Rubber tires, inner tubes 78 76 57 75 76 79 82 87 89 92 93 95 95 94 NOTE.—Figures for February 1937 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 and page 259 of the BULLETIN for March 1937. Underlying figures are for pay-roll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

355 APRIL 1937 FEDERAL RESERVE BULLETIN 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 1936 1937 1936 1937 Jan. Feb. Oct. Nov. Dec. Jan. Feb Jan. Feb. Oct. Nov. Dec. Jan. Feb Total 86.9 96.7 96.9 98.1 96.5 73.8 73.7 89.0 90.7 95.1 90.6 95.7 Durable goods 78.7 78.6 89.2 91.0 92.7 90.3 93.2 66.9 66.6 85.3 88.9 93.1 86.5 92.5 Nondurable goods. 95.4 95.8 104.7 103.3 104.0 103.1 105.1 82.5 82.7 93.7 92.9 97.6 95.9 99.7 IRON, STEEL PRODUCTS 84.4 84.4 9.3 100.4 100.0 103.5 69.6 70.3 93.2 95.8 102.0 103.8 Blast furnaces, steel works._ 92 92 108 108 109 112 113 77 77 102 105 115 116 118 Bolts, nuts, washers, rivets. 72 71 79 81 84 87 88 71 68 87 89 98 97 105 Cast-iron pipe 57 58 67 67 36 37 50 48 53 51 50 Cutlery, edge tools 79 79 87 88 66 67 78 83 85 81 82 Forgings 57 56 61 64 68 71 46 46 52 58 68 65 68 Hardware 81 80 85 92 96 99 77 73 93 106 94 75 91 Plumbers' supplies 82 84 86 86 87 91 54 59 66 63 70 68 Steam, hot-water heating... 58 60 73 74 73 77 45 47 66 66 67 75 Stoves 83 90 117 115 108 110 60 73 109 103 77 101 Structural, ornamental 54 54 75 73 70 72 42 42 69 66 63 67 Tin cans, tinware 90 90 103 96 94 99 87 83 97 92 94 94 98 Tools 79 78 90 94 96 100 78 77 94 98 105 103 109 Wirework 149 142 164 175 188 179 175 122 116 152 173 183 161 154 MACHINERY 95.3 95.5 109.6 114.1 114.8 118.5 82.5 83.5 102.7 105.6 113.6 111.0 118.3 Agricultural implements 125 126 98 103 111 118 136 139 106 102 122 131 141 Cash registers, etc 112 114 119 120 121 123 128 105 106 117 112 123 121 129 Electrical machinery 82 81 100 103 106 104 110 70 70 93 97 103 97 109 Engines, turbines, etc 112 117 113 118 124 125 136 97 101 100 106 118 120 131 Foundry, machine-shop products. 82 83 96 97 99 101 104 70 72 90 93 100 99 105 Machine tools 108 110 126 128 131 135 138 100 101 122 124 136 137 143 Radios, phonographs 176 162 218 211 203 187 169 121 109 178 169 168 145 123 Textile machinery 69 70 73 74 77 80 82 63 64 66 67 79 83 86 Typewriters 112 111 133 139 144 146 147 90 93 129 134 138 131 138 TRANSPORTATION EQUIPMENT 102.6 102.1 115.0 122.1 112.3 116.5 85.7 77.1 95.8 113.4 120.9 100.6 112.0 Aircraft 440 475 619 646 691 722 755 371 388 528 553 620 604 657 Automobiles 118 114 110 128 139 125 128 96 84 102 126 136 108 121 Cars, electric, steam railroad- 41 44 59 58 57 56 65 37 40 60 58 60 59 67 Locomotives 22 24 40 41 44 45 50 12 14 27 28 31 31 37 Shipbuilding 86 84 103 97 90 94 83 81 103 97 91 96 RAILROAD REPAIR SHOPS. 54.0 56.1 60.4 60.6 61.2 61.2 61.4 50.5 55.9 63.9 65.2 65.5 61.2 Electric railroad 62 62 63 63 63 63 64 61 63 64 66 67 65 66 Steam railroad 53 56 60 60 61 61 61 50 56 64 65 66 61 64 NONFERROUS METALS, PRODUCTS.. 95.0 94.9 108.3 110.0 111.6 107.0 111.5 76.1 76.0 99.7 102.0 105.5 97.1 103.5 Aluminum 100 100 117 119 118 119 122 87 89 111 115 115 115 122 Brass, bronze, copper 100 99 111 113 116 119 122 82 81 103 104 112 113 120 Clocks, watches 103 104 118 121 121 119 120 84 90 116 122 118 109 111 Jewelry 74 76 102 101 93 84 88 51 50 84 78 75 62 65 Lighting equipment 76 75 91 97 101 73 99 67 63 83 97 104 69 92 Silverware, plated ware 65 65 72 74 74 71 48 48 68 72 71 58 62 Smelting, refining 78 78 79 79 81 78 60 60 68 70 70 69 68 Stamped, enameled ware 136 135 154 156 162 155 160 114 114 154 155 164 148 155 LUMBER PRODUCTS 59.2 59.2 69.2 67.8 67.1 64.8 65.4 45.9 45.8 63.5 60.8 60.5 54.9 58.1 Furniture 71 72 87 88 88 86 86 51 54 77 78 78 71 75 Lumber, millwork. 44 44 53 53 54 54 55 35 34 50 50 51 47 51 Lumber, sawmills.. 47 46 52 50 49 47 47 36 35 47 43 42 37 40 STONE, CLAY, GLASS PRODUCTS... 55.2 55.3 69.1 67.3 67.1 62.5 67.2 41.9 42.4 62.5 61.1 59.1 52.5 59.7 Brick, tile, terra cotta 36 35 50 50 49 46 46 25 24 41 41 41 36 38 Cement 40 40 66 64 62 57 57 29 29 62 63 59 50 52 Glass 94 96 104 98 101 93 108 81 83 103 99 95 84 107 Marble, granite, slate 29 28 44 43 41 37 38 20 19 34 33 29 31 Pottery 71 77 77 77 76 78 51 55 67 65 64 TEXTILES, PRODUCTS 98.2 99.2 104.3 104.8 106.4 109.9 96.5 80.2 82.3 88.5 87.2 94.6 94.7 100.0 A. Fabrics 93.8 93.1 97.1 98.8 101.7 103.5 90.4 78.7 78.5 85.1 86.7 96.8 96.0 97.4 Carpets, rugs 80 80 94 98 98 101 64 67 90 90 97 96 98 Cotton goods 90 90 100 101 103 104 76 77 87 98 100 100 Cotton small wares 97 92 102 104 106 107 107 89 83 100 107 104 104 Dyeing, finishing textiles. 118 118 115 118 123 122 123 97 96 98 101 116 112 113 Hats, fur-felt 88 87 83 83 86 88 90 75 78 61 83 86 94 Knit goods 111 113 121 121 122 120 123 102 107 124 124 126 120 126 Silk, rayon goods 83 77 82 80 81 83 83 63 57 67 64 68 69 70 Woolen, worsted goods 89 88 79 84 92 93 93 71 70 60 84 83 83 B. Wearing apparel 105.8 110.8 118.3 116.0 114.8 115.5 122.2 79.9 86.5 91.5 86.3 88. 2 101.0 Clothing, men's 104 108 108 107 108 110 115 87 82 79 85 88 99 Clothing, women's 142 148 163 158 154 155 165 106 119 103 104 108 125 Corsets, allied garments __ 86 87 90 90 89 89 92 79 89 91 88 88 85 92 Men's furnishings 109 117 138 143 141 127 140 82 92 118 126 115 91 115 Millinery 52 54 57 48 45 55 61 40 42 38 31 29 41 51 Shirts, collars 108 124 125 123 119 126 81 92 116 116 112 100 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN APRIL 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 ]936 1937 1936 1937 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. LEATHER PRODUCTS 92.9 94.4 92.8 89.0 94.0 97.4 100.0 76.7 77.4 74.0 67.3 78.3 85.8 90.9 Boots, shoes 93 95 93 88 94 99 102 72 74 67 58 71 82 88 Leather 97 96 97 98 98 97 97 95 92 99 101 105 103 104 FOOD PRODUCTS __ 98.4 96.7 124.2 114.1 110.6 105.1 105.3 89.8 87.4 111.5 108.3 105.7 100.4 101.3 Baking 123 124 133 133 132 131 133 108 108 119 120 120 118 122 Beverages 161 160 191 183 181 182 181 163 159 199 191 188 187 188 Butter 77 77 83 82 82 81 81 58 58 65 65 63 62 64 Canning, preserving 85 78 197 113 97 90 93 72 68 179 98 91 86 97 Confectionery 75 74 91 92 91 80 80 67 66 86 85 86 76 76 Flour_ 75 76 77 75 74 75 75 69 70 73 70 70 71 71 Ice cream 57 57 66 62 61 61 62 50 49 58 56 55 56 57 Slaughtering, meatpacking 86 83 92 97 99 96 91 83 75 89 100 102 96 88 Sugar, beet 42 32 272 274 173 38 37 43 37 202 269 152 42 44 Sugar refining, cane 76 78 76 68 69 62 75 63 62 61 59 59 51 66 TOBACCO MANUFACTURES 54.9 58.7 64.5 65.9 63.3 57.4 61.2 43.0 44.9 54.7 54.8 55.4 47.2 51.0 Tobacco, snuff 58 57 57 57 56 57 59 60 58 61 62 65 63 67 Cigars, cigarettes 55 59 65 67 64 57 61 41 43 54 54 54 45 49 PAPER, PRINTING 98.0 98.8 104.0 105.0 106.0 104.3 105.7 86.9 87.7 96.5 98.6 102.6 98.7 100.2 Boxes, paper 91 91 106 106 106 100 102 82 83 108 109 108 98 104 Paper, pulp L07 108 111 112 113 114 116 91 93 102 105 109 110 113 Book, job printing 88 90 94 96 97 96 97 79 79 85 88 93 91 91 Newspaper, periodical printing.__ 101 102 105 105 106 103 104 93 93 101 102 105 97 99 CHEMICALS, PETROLEUM PRODUCTS... 111.8 110.8 120.3 119.7 119.3 120.3 121.7 100.4 99.9 114.4 114.7 118.3 119.5 123.8 A. Other than petroleum 110.8 109.8 120.2 119.4 119.3 120.5 122.0 98.8 98.5 113.9 113.3 118.0 119.5 123.6 Chemicals 114 114 130 130 129 131 131 104 104 125 128 133 132 134 Cottonseed oil, cake, meal 81 74 104 104 98 91 82 61 55 85 83 82 76 65 Druggists' preparations 102 102 104 106 107 107 110 102 100 113 113 113 113 119 Explosives 81 83 93 95 93 94 93 72 77 96 98 98 98 92 Fertilizers.._ 81 82 77 70 80 87 95 65 63 70 63 72 80 88 Paints, varnishes 120 120 129 125 128 128 131 104 106 120 117 122 120 127 Rayon, allied products 348 341 362 364 362 368 370 279 275 308 298 321 338 345 Soap 96 95 107 103 99 101 110 93 93 105 102 104 107 124 B. Petroleum refining 116 115 121 121 120 119 120 106 105 116 119 120 120 124 RUBBER PRODUCTS ___ 85.6 85.1 97.9 100.0 101.9 101.2 101.5 78.0 74.9 96.8 101.2 104.8 99.0 104.0 Rubber boots, shoes 71 69 78 80 83 77 75 57 53 65 69 77 67 67 Rubber goods, other 118 119 133 136 138 139 141 103 103 128 131 139 136 141 Rubber tires, inner tubes 76 75 89 91 93 93 93 75 71 94 99 100 94 100 NOTE.—Figures for February 1937 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936. Back data may be obtained from the Bureau of Labor Statistics. Underlying figuresare for pay-roll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AmiL 1937 FEDERAL RESERVE BULLETIN 357 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [ Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Public works Total Residential Factories Commercial and public Educational All other Month utilities 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 January 214.8 242.8 37.4 78.4 9.0 37.0 15.5 21.6 86.9 68.5 39.5 19.6 26.5 17.8 February 140.4 188.3 31.2 63.0 13.4 12.6 12.6 22.3 46.6 59.6 21.1 11.3 15.5 19.4 March 198.8 55 2 18.4 17 3 62.3 19 0 26 6 April 234.6 67.2 25. 5 24 3 73 4 23.2 21 1 May _ _ 216.1 70.3 12.9 18.8 63.6 20.7 29.8 June 232.7 73 6 10.2 21 9 80 0 18.3 28 7 July 294.7 72.0 19.1 28.6 126.6 23.3 25.1 August 275 3 100 5 15.0 22.0 94 4 12 3 31 1 September. __ 234.3 80.7 18.8 20.1 84.5 9.2 21.0 October 225 8 79 7 18.4 22.0 67 0 13 4 25 3 November _ _ __ 208.2 68.4 14.1 23.0 73.9 13.1 15.7 December 199.7 65.5 23.1 23.2 61.3 13.0 13.6 Year „ 2, 675. 3 801.6 198.0 249 1 920 4 226 1 280 0 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Publicly financed* Privately financed1 Month 1932 1933 1934 1935 1936 1937 1932 1933 1934 1935 1936 1937 1932 1933 1934 1935 1936 1937 January 85 83 186 100 215 243 39 39 157 55 149 112 45 44 29 45 66 130 February 89 53 97 75 140 188 34 27 65 38 79 70 55 26 31 37 62 119 March — _- 112 60 178 123 199 45 25 126 68 96 67 35 52 55 103 \pril 122 57 131 124 235 61 18 78 53 105 61 39 53 71 130 M ay 146 77 134 127 216 93 24 72 47 94 54 53 63 80 122 June __ 113 102 127 148 233 64 29 73 64 116 49 74 54 84 116 July 129 83 120 159 295 85 20 52 67 153 44 63 67 93 141 August 134 106 120 169 275 81 47 69 92 153 53 59 51 76 122 September 128 120 110 167 234 80 71 69 97 116 47 49 41 70 119 October 107 145 135 201 226 61 100 79 114 101 46 45 57 87 125 November 105 162 112 188 208 73 126 74 118 89 32 36 38 70 119 December __ 81 207 93 264 200 52 156 61 196 82 29 51 32 68 117 Year 1,351 1,256 1,543 1,845 2, 675 768 683 975 1,007 1,334 583 573 568 837 1,341 i Data for years prior to 1932 not available. 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 1937 1936 Federal Reserve district Federal Reserve 1937 1936 1937 1936 Feb. Jan. Feb. district Feb. Jan. Feb. Feb. Jan. Feb. Boston 10, 824 12,486 13,931 N P C R h l i e e c i w l v h a e m d Y la e o o n l n p r d d k h ia __ 4 2 1 1 8 2 7 7 , , , , 1 2 4 7 0 9 0 5 3 2 8 8 3 5 2 1 1 8 2 2 , , , , 6 2 7 6 7 2 9 4 1 7 4 8 '2 1 1 6 9 3 3 , , , , 1 2 3 3 9 8 2 8 8 8 7 2 P B N h o e i s w l t a o d Y n e o lp rk hia 24 4 6 2 1 1 2 4 8 8 4 0 5 26 8 3 7 7 4 3, 6 6 8 3 6 99 3 6 3,7 7 5 7 3 8 2 4 8 4 1 , , 3 7 6 8 0 2 3 8 7 Atlanta 11,411 22, 586 12, 588 Cleveland 53 46 79 641 449 1, 917 Chicago 28, 970 44, 055 23, 490 Richmond 44 61 43 402 523 1,608 St. Louis 10,193 16,478 7,730 Atlanta 21 31 21 251 249 108 Minneapolis 2, 687 4, 510 3,606 Chicago 107 103 96 1,724 1,114 1,405 Kansas City 8,966 9, 694 4, 293 St. Louis _ 19 26 50 162 238 722 Dallas 9, 646 7, 679 12,586 Minneapolis 22 18 16 230 143 221 Kansas City 31 26 40 452 201 173 Total (11 districts) 188, 257 242, 827 '"140,419 Dallas 18 11 26 218 42 281 San Francisco 62 80 97 493 608 936 r Revised. Total 721 811 856 9, 771 8,661 14,089 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN APRIL 1937 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports i Merchandise imports 2 Excess of exports Month 1933 1934 1935 1936 1937 1933 1934 1935 1936 1937 1933 1934 1935 1936 1937 January 121 172 176 199 222 96 136 167 187 240 25 37 9 11 19 February _ __ 102 163 163 182 P233 84 133 152 193 P278 18 30 11 -11 P-45 March 108 191 185 195 95 158 177 199 13 33 8 —4 April 105 179 164 193 88 147 171 203 17 33 —6 —10 May . . _ 114 160 165 201 107 155 171 191 7 6 —5 10 June 120 171 170 186 122 136 157 190 -2 34 13 — 5 July 144 162 173 180 143 127 177 194 1 34 —3 — 14 August _ _ 131 172 172 179 155 120 169 193 -23 52 3 -14 160 191 199 220 147 132 162 216 13 60 37 r5 October 193 206 221 265 151 130 189 213 42 77 32 52 November 184 195 270 226 129 151 169 196 56 44 100 29 December 193 171 223 230 134 132 187 245 59 38 37 -15 Year 1,675 2,133 2,283 2,455 1,450 1,655 2,047 2,420 225 478 235 35 p Preliminary. r Revised. 1 Including both domestic and foreign merchandise. 'General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Back figures.—See BULLETIN for January 1931, p. 18, and for July 1933, p. 431. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1936 1937 Index of sales l Index of stocks (end of month) Feb. Oct. Nov. Dec. Jan. Feb. Month fo A r d s j e u a s s t o e n d al W sea it s h o o n u al t fo A r d s j e u a s s t o e n d al W sea it s h o o n u al t Adjusted for seasonal variation variation adjustment variation adjustment Total 70 73 80 86 80 80 1936 1937 1936 1937 1936 1937 1Q36 1937 Coal 97 79 84 86 79 83 Coke _ 79 85 93 90 88 89 Grain and grain products 68 62 69 73 68 66 January _ 81 93 63 •72 66 74 58 66 Livestock 33 49 51 45 40 36 February _ 83 95 66 76 76 62 72 Forest products 36 48 51 57 48 48 March_ 84 77 65 67 Ore _ _ 62 95 105 95 108 114 ]V1 iscellaneous 74 82 94 107 97 95 April __ _ 84 85 65 68 62 66 67 71 68 68 May 87 89 r66 67 June 87 84 64 62 Without seasonal adjustment July. _ 91 63 r64 59 August 86 68 67 65 September __ 88 94 68 71 Total 65 84 80 74 70 72 Coal 106 90 92 92 89 91 October 90 '100 69 76 Coke 89 87 96 97 97 101 November __ '94 105 71 80 Grain and grain products-__ 66 69 73 71 65 64 December 92 161 71 r67 31 65 59 45 42 34 Forest products 37 49 49 46 42 49 Year 88 67 Ore 15 133 73 23 26 27 M iscellaneous 63 97 92 83 78 09 Merchandise 1 60 69 68 66 64 66 r Revised. 1 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 1 In less-than-carload lots. allowance in March and April for the effects upon sales of changes in Based on daily average loadings. Source of basic data: Association of the date of Easter. American Railroads. Back figures.—Department store sales, see p. 631 of BULLETIN for Back figures.—See BULLETIN for February 1931, pp. 108-109. 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

359 APRIL 1937 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities Year, month, or week m c t A o o ie m d l s l i - - F p u r a c o r t d m s - Foods Total H p l i r e d o a e d t s h u a e c n r ts d pr T o e d x u ti c le ts m F li a u g t e e h l r t i i a a n n l g d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e l r d i i a n l g s c C a d l h r s e u m g an s i d - i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 __. 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 80.5 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 80.4 81.7 70.5 1936—January... 80.6 78.2 83.5 78.8 97.1 71.7 75.1 86.7 85.7 80.5 81.4 67.8 February.. 80.6 79.5 83.2 79.0 96.1 71.0 76.1 86.7 85.5 80.1 81.5 68.1 March 79.6 76.5 80.1 78.9 94.9 70.8 76.2 85.3 79.3 81.4 68.3 April 79.7 76.9 80.2 78.9 94.6 70.2 76.4 85.7 78.5 81.5 68.6 May 78.6 75.2 78.0 78.8 94.0 69.8 76.0 85.8 77.7 81.5 69.2 June 79.2 78.1 79.9 78.8 93.8 69.7 76.1 86.2 85.8 78.0 81.4 69.7 July 80.5 81.3 81.4 79.5 93.4 70.5 76.2 86.9 86.7 79.4 81.2 71.0 August 81.6 83.8 83.1 79.7 93.6 70.9 76.3 87.1 86.9 79.8 81.4 71.5 September. 81.6 84.0 83.3 79.6 94.6 70.9 76.1 86.8 87.1 81.7 81.7 71.3 October.._. 81.5 84.0 82.6 80.1 95.6 71.6 76.8 86.9 87.3 82.2 82.0 71.5 November. 82.4 85.1 83.9 81.0 97.0 73.5 76.8 87.9 87.7 82.5 82.3 73.4 December. 84.2 88.5 85.5 82.2 99.7 76.3 76.5 89.5 85.3 83.2 74.5 1937—January. __. 85.9 91.3 87.1 83.4 101.7 77.5 76.6 90.9 91.3 87.7 86.5 76.2 February. _ 86.3 91.4 87.0 85.4 102. 7 77.5 76.8 91.7 93.3 87.8 87.9 77.3 Week ending— 1936—Nov. 7... 81.3 84.2 82.6 80.3 96.2 71.7 77.4 86.5 87.5 81.6 83.3 72.0 Nov. 14.. 82.0 85.5 83.5 80.8 96.8 72.4 77.4 87.1 87.7 81.9 83 4 73.5 Nov. 21_. 82.4 85.2 84.5 81.2 98.3 73.5 77.5 87.3 87.8 82.5 83.4 73.9 Nov. 28.. 82.6 85.5 84.4 81.5 99.3 74.3 77.6 87.5 87.8 82.7 83 6 74.1 Dec. 5___ 83.0 86.7 84.8 81.7 99.4 74.6 77.6 88.0 88.4 83.3 84.0 74.1 Dec. 12_. 83.4 87.3 84.8 81.9 99.8 75.2 77.5 88.4 88.7 84.2 84.3 74.1 Dec. 19_. 83.7 87.7 85.1 82.2 100.5 75.7 77.5 88.8 89.2 85.4 84.3 74.4 Dec. 26_. 84.1 88.4 85.7 82.4 101.1 76.1 77.5 89.1 89.7 86.1 84.3 74.5 1937—Jan. 2___. 84.7 90.4 86.2 82.6 101.1 76.2 77.2 89.9 90.2 86.1 84 3 74.9 Jan. 9___. 85.2 90.9 86.7 83.0 102.0 76.8 77.5 90.1 90.8 86.8 85 3 74.9 Jan. 16... 85.7 92.3 87.3 83.1 101.8 76.9 77.1 90.4 91.2 87.9 85.4 75.6 Jan. 23... 85.3 90.3 86.7 83.1 102.6 76.9 76.9 90.7 91.2 88.0 85.7 75.3 Jan. 30—. 85.4 91.4 86.9 83.2 102.8 76.9 77.0 90.7 91.2 87.6 85.8 75.7 Feb. 6__. 85.4 90.5 86.7 83.5 103.1 77.0 77.2 90.4 92.1 87.2 87.3 75.8 Feb. 13.. 85.6 91.6 86.6 83.6 103.3 76.9 77.6 90.5 92.2 87.0 87.4 75. 9 Feb. 20.. 86.0 91.4 86.9 84.2 103.6 77.0 77.8 91.1 92.8 87.7 89.4 77.2 Feb. 27.. 86.1 91.4 86.7 84.4 103.2 76.9 77.8 92.0 93.7 87.5 89.4 77.2 Mar. 6... 86.1 91.6 86.3 84.5 103.4 76.9 77.7 92. 2 94.1 87.1 89.6 77.3 Mar. 13.. 87.2 93.6 87.3 85.4 104.2 77.2 77.2 95.8 95.7 87.3 89.8 77.9 Mar. 20 . 87.6 94.4 87.9 85.6 105.0 77.6 76.8 96.0 96.2 87.3 89.8 78.8 1937 1936 1937 Subgroups Subgroups Feb. Nov. Dec. Jan. Feb Feb. Nov. Dec. Jan. Feb. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 78.3 102. 9 109.0 113.0 111.5 Agricultural implements 94.9 92.9 93.0 93.0 93.1 Livestock and poultry 90. 3 79.7 85.0 91.4 89.9 Iron and steel 86.9 88.9 90.9 91.7 92.0 Other farm products 72.7 82.9 84.4 84.8 86.3 Motor vehicles 93. 6 92.0 93.0 93.0 93.0 FOODS: Nonferrous metals 69.7 75.4 78.6 84.8 89.4 Butter, cheese, and milk 85.7 88.2 88.9 88.9 Plumbing and heating 73.8 76.7 76.7 77.1 77.4 Cereal products 88.5 85.9 87.1 88.1 89.3 BUILDING MATERIALS: Fruits and vegetables 62.4 74.8 75.4 82.4 87.8 Brick and tile 88.4 89.7 91.0 Meats 92.1 85.2 87.2 90.6 90.3 Cement 95.5 95.5 95.5 95.5 95.5 Other foods 78.1 81.4 84.0 82.1 78.8 Lumber 82.3 86.6 89.6 93.0 99.0 HIDES AND LEATHER PRODUCTS: Paint and paint materials 79.5 80.5 82.4 83.7 83.4 Boots and shoes 100.5 99.3 99.4 99.7 101.4 Plumbing and heating 73.8 76.7 76.7 77.1 77.4 Hides and skins 96.7 101.2 110.4 116.0 114. 9 Structural steel 92.0 97.1 101. 7 104.7 104. 7 Leather 86.0 88.4 92.6 :. 3 95.5 Other building materials 89.5 90.9 92.6 93.9 95.0 Other leather products 95.4 95.9 96.3 101.1 101.7 CHEMICALS AND DRUGS: TEXTILE PRODUCTS: Chemicals 87.0 93.3 96.4 95. 6 Clothing 80.7 81.5 83.1 83.9 84.2 Drugs and Pharmaceuticals 73.2 77.9 77.4 79.0 83.0 Cotton goods 78.1 85.5 90.3 91.9 91.3 Fertilizer materials 04. 5 68.0 68. 6 70.6 70.7 Knit goods 62.0 61.2 63.0 64.4 64.7 Mixed fertilizers 68.8 69.6 71.4 71.4 71.7 Silk and rayon 31.6 33.4 33.8 34.5 33.7 HOUSEFURNISHING GOODS: Woolen and worsted goods 82.8 84.3 90.5 91.9 93.1 Furnishings 85.0 85.7 86.9 89.0 91.2 Other textile products 67.2 65.5 65.3 66.2 65. 9 Furniture - 77.9 79.4 84.0 84.5 FUEL AND LIGHTING MATERIALS: MISCELLANEOUS: Anthracite 82.6 82.4 82.3 81.6 81.6 Auto tires and tubes 45.0 50.1 50.1 51.8 53.1 Bituminous coal 100.1 97.2 97.3 96.8 97.4 Cattle feed 68.1 126. 0 130.7 135.4 129. 4 Coke 93.7 97.8 97.8 97. 6 97.6 Paper and pulp 79. 9 81.5 82.9 84.8 87.5 Electricity 86.2 82.7 82.7 Rubber, crude 32.0 37.1 41.9 44.3 44.3 Gas 82.1 81.9 83. 1 '82.T Other miscellaneous 80.6 81.7 82.2 83.1 84.2 Petroleum products 55.7 58.1 58.0 58.3 59.1 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 361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDERAL RESERVE BULLETIN APRIL 1937 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Latin Asia Total1 Europe Amer- and Africa Switzerland End of month c tr o ( i 5 u e 2 s n ) - U S n ta i t t e e s d C a a d n a - c tr o ( i 2 u e 6 s n ) - c tr o i ( i c 1 u e a 1 s n ) - O c t i r o c a i e u e a ( s n 8 n ) - - c tr o i ( u e 5 s n ) - U K d n i o i n m t g ed - France m G a e n r y - Italy g B iu e m l- N la e n th d e s r- t B i N o a n a n - a k l B.I.S. 1935— 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 L,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 ]L, 648 4,395 33 270 611 438 454 8 1936—January.,. 21, 598 10,182 186 9,467 646 817 300 L, 652 4,324 31 »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 L, 653 4,348 29 270 586 486 493 8 April 21,469 10,225 187 9,312 642 836 268 L, 670 4,106 28 270 581 483 495 8 May 21, 364 10, 402 188 9,024 641 841 268 1,701 3,781 28 270 610 465 485 11 June 21,403 10, 608 187 8,866 634 840 268 1,782 3,580 29 270 638 404 460 12 July 21, 743 10,648 187 9,159 635 845 269 1.977 3,643 29 270 633 437 471 10 August 21,870 10,716 189 9,207 642 849 269 2,017 3,614 28 270 632 457 489 12 September. 21, 783 10,845 191 8,983 638 857 269 2,049 3,322 25 270 631 456 508 12 October P21, 842 11,045 186 P8, 838 658 847 269 2,049 3,194 26 270 621 388 583 13 November- P22, 044 11,184 188 P8, 893 656 852 270 2,049 3,194 27 270 630 388 624 13 December _?22, 667 11,258 188 P9, 372 P708 858 P283 2, 584 2,995 27 270 632 490 655 11 1937—January... P22, C97 11,358 190 P9, 291 P696 P865 P297 2, 584 2,846 27 270 625 558 657 13 February 11,436 191 P9, 334 2, 584 2, 846 27 270 626 598 657 12 Euroj>e—Continued End of month Austria g B a u ri l a - C v z s a e l k o c i h - a o- m D a e r n k - Greece H ga u r n y - N w o ay r- Poland Po g r a t l u- Ru n m ia a- Spain iS d w en e- Y sl u av g i o a - 6 c t o o ri u t e h n s e - r 1935—September 45 19 113 54 36 23 84 89 t8 108 734 165 40 62 October. __ 45 19 113 54 36 23 84 86 (8 108 734 174 41 62 November 45 19 113 54 35 23 84 84 (8 109 735 180 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 ()8 109 735 194 44 63 February.. 46 19 112 54 33 23 84 85 t8 110 735 200 44 65 March 46 19 113 54 32 23 84 81 t)8 110 726 206 44 67 April 46 19 113 54 32 23 84 72 f)8 111 726 209 45 67 May 46 20 113 54 35 23 84 71 ()8 111 718 220 45 68 June 46 20 113 54 33 23 89 70 ()8 112 718 231 46 70 July 46 20 113 54 31 23 89 69 (58 112 718 231 46 71 August ... 46 20 109 54 28 23 91 70 (58 112 »718 232 46 73 September. 46 20 108 54 27 23 98 71 (38 113 718 238 46 80 October .__ 46 20 91 54 26 23 98 71 (58 113 718 239 47 P81 November- 46 20 91 54 26 25 98 72 (38 «113 718 239 48 P81 December _ 46 20 91 54 26 25 98 75 p38 <ai4 718 240 48 P86 1937—January __. 46 21 91 54 26 25 98 75 p38 114 718 240 49 P86 February_. 46 21 91 53 27 25 98 76 V38 115 718 241 49 P86 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 r th i u 5 e e n s r - I B n is r 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 A So fr u ic th a c o t o t r h u 3 ie e n s r - 1935—September 420 29 14 426 20 74 35 275 7 416 55 23 23 6 55 212 24 October. __ 441 29 15 26 20 74 36 275 8 418 55 23 23 5 55 212 24 November 441 29 16 26 20 74 35 275 11 422 54 23 24 5 55 212 24 December. 444 29 16 26 20 74 36 275 10 425 54 23 24 6 55 212 24 1936—January... 444 29 17 26 20 74 36 275 11 428 54 23 24 3 55 221 24 February.. 444 29 18 26 20 74 37 275 15 431 54 23 24 3 55 231 24 March 438 29 18 26 20 74 38 275 15 433 58 23 24 3 55 244 24 April 438 29 17 26 20 74 38 275 15 435 61 23 24 3 55 189 24 May _. . 438 29 16 26 19 74 39 275 17 439 61 23 24 3 55 189 24 June 435 29 16 26 19 68 40 275 13 442 60 23 24 3 55 189 24 July . _ 436 29 17 26 20 68 40 275 13 447 60 23 24 3 55 189 25 August 441 29 17 26 20 68 41 275 15 450 59 23 24 3 55 189 25 September 437 29 17 26 20 68 42 275 19 453 60 23 24 3 55 189 25 October... 455 29 17 26 20 68 42 275 6 456 60 23 24 3 55 189 25 November 452 29 18 26 20 68 43 275 7 459 60 23 24 3 55 191 25 December. 501 29 19 26 P20 P68 44 275 8 463 60 23 26 4 55 203 P25 1937—January... 487 P29 20 26 P20 *69 P45 275 9 466 60 23 28 P4 55 217 P25 p Preliminary. c Corrected. 1 See notes under Italy, Mexico and Spain. » Figure for December 1935 carried forward for subsequent months. 8 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. 4 Figure for March 1935 carried forward for subsequent months. NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin America: Bolivia, Brazil, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia, and Siam; and in Africa: Algeria, Belgian Congo, and Morocco. For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547; and August 1936, p. 667. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AritiL 1937 FEDERAL RESERVE BULLETIN 363 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"r Total A So fr u ic th a d R e h s o i - a A W fr e ic st a Congo Canada U S n ta i t t e e s d Mexico Co b l i o a m- Chile Au li s a tra- Japan B I r n i d ti i s a h $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$£0.67 1929. 397,153 359,347 215,242 11,607 4,297 2,390 39,862 45, 835 13, 463 2,823 683 8,712 6,927 7,608 1930 432,119 373,154 221,526 11, 476 4,995 2,699 43,454 47,123 13,813 3,281 428 9, 553 8,021 6,785 1931. 460, 651 394,399 224,863 11,193 5,524 3,224 55, 687 49, 524 12,866 4,016 442 12,134 8,109 6,815 1932. 498,164 421,656 238,931 12,000 5,992 3,642 62, 933 50, 626 12,070 5,132 788 14, 563 8,198 6,782 1933. 525,071 420,093 227,673 13,335 6,623 3,631 60,968 52,842 13,169 6,165 3,009 16,790 8,968 6,919 %1=15-B/Z1 grains of gold 9/10 fine; ie., an ounce of fine gold=$55 1933 888, 997 711, 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 958,033 722,970 366, 795 24., 264 12,153 6,549 104,023 107, 632 23,135 12,045 8,350 30,447 16,354 11,223 1935 1,050,042 771,827 377,090 25,477 13, 625 7,159 114,971 126,325 23,858 11,517 9,251 31,117 20,043 11,394 1936 PI, 189,828 P854, 052 396, 768 28,053 16,295 7,386 130, 550 150, 959 P26, 394 13, 606 9,018 39, 793 P23, 631 11, fi99 1936—February __ 82, 943 64, 712 31,290 2,201 1,164 574 9,325 9,701 2,815 1,159 918 2,801 1,843 920 March 87, 487 68,156 32, 709 2,359 1,326 544 10, 469 11,020 1,627 1,040 1,147 2,882 2,065 968 April 87,400 67,869 31, 991 2,410 1,258 543 10, 474 11,113 2,607 1,095 499 3,127 1,808 944 May 93,470 69,439 32, 826 2,413 1,289 547 10, 797 11,945 2,075 1,086 552 3,045 1,885 979 June 100,077 71, 046 33, 086 2,384 1,285 585 11,083 11,948 2,570 1,065 611 3,476 1,994 958 July 110, 586 •75. 655 33, 846 2,354 1,352 676 11,183 15, 042 2,632 1,235 •"776 3,602 1,977 981 August P109, 969 P73, 738 33,830 2,425 1,412 675 11,504 13, 627 P1,820 1,098 1,029 3,422 1,916 981 September. Pill, 184 P74, 952 33,816 2,363 1,444 696 11, 579 14, 280 P2, 345 1,236 467 3,515 2,246 966 October ___ P116, 525 P76, 693 34,199 2,292 1,493 691 11,693 15, 821 PI, 960 1,109 784 3,596 2,075 982 November. P108, 291 P72, 460 33, 042 2,270 1,506 634 11,174 13, 240 P2, 205 1,035 758 3,467 2,162 966 December.. P98, 042 P73, 510 33,858 2,262 1,544 631 11, 555 12,977 PI,645 1,113 708 4,170 P2, 065 983 1937—January *91, 455 P73, 423 34, 352 2,315 Pi, 750 J>631 11, 499 11, 483 P2, 030 1,332 P70£ P4, 17() P2, 170 P983 p Preliminary. r Revised. Estimated world production figures for 1929-1935 have been revised on basis of new estimates published in Annual Report of Director of Mint for 1936. Estimate of Mint for all areas not reporting monthly in 1935, other than U.S.S.R., is used for 1936-1937. To this fixed amount of $110,776,145 per year or $9,231,345 per month, are added—pending revision—the monthly estimates of production in U.S.S.R. in 1936 given in BULLETIN for April 1936, p. 284. 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, July 1936, p. 600, and March 1937, p. 267. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1936, pp. 108-109. Figures for Canada beginning January 1936 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United State 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 L. 1,131,994 499,870 260, 223 8,902 94, 348 12,402 86,829 30, 270 76,820 28,935 1935... 1,739,019 315,727 934,243 3 227,185 968 95,171 13, 667 75, 268 56, 453 1936... 1,116,584 174,093 573, 671 3,351 71,006 7,511 72,648 39,966 77,892 76,621 ^—-- — 1935—November.. 210, 567 7,101 180,14J 2,676 5,865 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 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 38,811 551 14,584 2,104 5,947 603 8,546 July 15, 379 -9 27 882 869 2,106 5,654 5,847 August 67, 493 5,837 17,880 11,664 15, 289 11 10, 688 4,234 September.. 171,824 8,204 136, 671 1,463 524 6,338 634 2,101 6,961 442 8,487 October 218,812 72,154 95,013 799 25, 745 8 12, 222 530 4 5,782 451 6,105 November.. 75, 836 44, 665 20 2,545 3,698 10, 660 368 6,182 432 7,266 December _ 56,970 32,998 2 3,281 4,709 462 10,108 951 4,451 1937—January .. 121,325 73, 950 10, 864 10, 691 271 6,506 5,865 1,945 6,028 158 5,045 February.. 120, 326 75, 238 1,138 14 8,155 10, 661 9,153 7,077 287 8,602 * Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounea. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN APRIL 1937 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom British India Net imports from or net exports (—) to: Change in: Year or Total Total Gold month net im- South net proports Africa, All imports duc- Re- Private e o x r p n o e rt t s U S n ta i t t e e s d France m G a e n r y - g B iu el m - N l e a t n h d e s r- CanadaAu l s i t a ra- d R e h s o ia - , B I r n i d ti i s a h c o o th u e n r - e o x r p o n r e t t s ti i o n n ser in ves in h g o s l d i - n West tries (-) India India* India2 Africa 1934 716, 269 -497,166 348,190 121,017-13,585 32, 575 26,316 41, 790 335, 253 206,711 115,168-230, 720 11,222 173-219, 671 1935 369, 747 -435, 502 142,137 -4,726 -17,476 10,796 16,565 37,981 404, 295 181, 627 34,050 -161,872 11,393 -6 -150,472 1936 1,170, 023-276, 813 756, 204 23, 295-15,133 -21,130 12, 928 26, 723 488, 814 128, 420 46, 715 -121,102 11, 599 -109,503 1935—Aug.... 39,016 -12,871 -5, 697 -26 82 1,642 449 4,148 35,512 26,102-10,325 -25, 464 961 -24, 503 Sept... -36, 086 -81,032 -5, 663 23 2 -36 3,662 29, 949 25, 301 -8, 291 -11,400 949 -10,451 Oct -36,158 -87, 929 -2, 739 68 217 -1,136 28 3, 414 44, 995 11,900 -4, 975 -11,160 974 -10,186 Nov... 18, 286 -33, 744 25,198 50 -20, 204 1,798 2,842 33, 325 12,857 —3, 836 -14,540 953 -13,587 Dec 40,811 -22, 075 910 . 114 -27 -6, 982 1,798 1,995 42,442 14,838 7,799 -10,303 966 -9, 337 1936—Jan 41, 974 -12,059 3,202 78 94 -591 1,889 39, 852 11,035 -1,526 -13,809 971 -12, 838 Feb... 38, 649 1,136 -3, 253 173 33 -7, 569 5,958 2,037 26, 454 11,686 1,993 -9, 846 920 -8, 926 Mar._._ 47, 666 3,440 6,738 92 99-13,354 4,090 2,574 31, 033 10, 896 2,057 -7, 667 968 -6, 699 Apr... 77,137 -9,465 12,710 4,295 -1, 383 -1,409 899 3,329 55,108 9,413 3,641 -10,351 944 -9, 407 May._. 74, 590 -12,611 26, 936 1,875 -17,602 1,761 1,708 2,167 53, 802 13, 289 3, 264 -11,357 979 -10,378 June 69, 447 -26,802 27,060 3,903 -536 606 1,610 45,147 10, 860 7,599 -10,355 958 -9, 397 July.... 195, 066 -4, 384 142, 535 1,913 -747 -2,421 270 2,531 43,122 9,657 2,591 -15,032 981 -14,051 Aug 281, 401 -16,120 240, 868 1,789 -804 -2, 907 2,089 34, 552 15,011 6,922 -7,983 981 -7, 002 Sept.... 151,814 -14,096 108, 666 6,086 6, 369 -1,029 3 2,084 36,517 6, 581 633 -8, 273 966 -7, 307 Oct 7, 615 -72,441 -383 3,964 -1,039 2,458 1,984 45, 323 7, 853 19,895 -11,576 982 -10,594 Nov 83,168 -49, 224 72, 506 -163 377 1,486 2,304 36, 230 14, 896 4,756 -9, 347 966 -8, 381 Dec 100, 505 -63, 914 118, 655 -624 -1,130 1,836 2, 126 41,683 7,243 -5,368 -5, 506 983 -4, 523 1937—Jan.... -25, 523 -73, 568 22, 453 -220 414 1,021 -3 2,504 16,903 3,953 1,019 P-8, 389 P 983 P-7,406 Feb .... 122, 296 -75,615 163, 919 153 452 1,756 1, 968 24,113 8,705 -3,156 Germany Switzerland Total Net imports from or net exports (—) to: Total Net imports from or net exports (—) to: Year or month net net imports imports e o x r p n o e r t ts U K d n i o i n t m g e - d France N l e a t n h d e s r- e S r w la it n z d - c o t o A t r h u i l e e n l s r - e o x r p o n r e t t s U S n ta it t e e d s U K d n i o i n m t g e - d France g B iu e m l- Italy N la e e n r t d h - s - c o t o t A r h u i l e e n l s r - 1934 -90,920 -109,386 -42,907 -28,114 1633 89, 324 -46,065 -12,784 -45,955 -29, 235 18, 397 19,431 2,580 1,500 1935 42,969 5,180 13, 225 7,394 9,888 3 7, 281-230, 788 647-54, 858 -181,725 -13,940 25,542 342 -6,795 1936 1,868 -22, 784 -2,121 20,188 3,239 -390 121, 788 -9,127 -2, 205 39, 305 14, 531 51, 299 4,600 23, 378 1935—Aug. 4,769 33 3,972 693 17 54 9,328 64 -38 1,273 4,080 519 3.430 Sept... 4,355 -4 142 480 4,014 -276 5,845 107 3,017 -24 16 3,312 -766 184 Oct 10, 566 -49 7,058 2,532 1,116 -93 1,367 163 1,085 881 1,343 241 -2,344 Nov. 780 -17 5 680 67 45 -934 -332 -3, 227 1,849 -49 825 Dec 2,004 -87 591 810 671 19 -2, 330 -2, 088 -4,166 21 4,724 -139 -682 1936—Jan -2, 584 -71 -2,441 -35 61 -98 2,462 -195 -6, 783 47 9,496 -137 34 Feb -1,307 35 -2, 029 801 27 -140 6,571 -518 -5, 705 1,821 9,612 1,377 -16 Mar -258 -59 -19 -142 20 -59 21,413 -841 -3,492 1,724 21, 537 567 1,917 April -1,201 -4, 277 13 3,077 23 -37 22, 570 -131 7,292 -3 6,970 29 * 8,413 May -630 -3,935 3,256 76 -28 13,386 32 -4,298 284 -8 1,449 132 415, 794 June 1,130 -1,720 2 2,821 23 4 5,188 -4 -1,704 2,057 -235 2,952 2,113 9 July 3,248 -1,898 2 3,121 2,061 -38 -321 -7 820 -249 1,166 -20 -121 -1,911 Aug _ 1,580 -1,661 2 3,265 30 -55 2,829 -113 3,176 -254 -20 -21 59 Sept —3, 514 -6, 076 4 2,496 26 37 33, 506 -575 -6, 396 40, 875 -286 -641 487 42 Oct . -3, 521 -3, 954 448 7 -20 14,848 19 5,988 656 8,177 62 57 —112 Nov 426 259 73 65 30 2,210 -3, 676 2,892 1,241 1, 723 -65 97 -3 Dec 4,763 572 2,346 1,006 822 15 -2, 874 -4,916 2,291 -47 659 -33 20 -848 1937—Jan' 17, 426 221 15, 352 -95 52 1,897 -135 -6, 675 5,227 -612 732 -100 -575 1,866 -16,924 -6,174 2,744 915 -457 6-13,950 p Preliminary. i Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. J Figures derived from preceding columns; net imports plus production minus reserves in India. 3 $85,390,000 imported by Germany from U.S.S.R. in 1934, and $6,376,000 in 1935. ^ $8,444,000 imported by Switzerland from Czechoslovakia in April and $15,433,000 in May 1936. « $15,322,000 exported by Switzerland to Germany in February 1937. NOTE—Germany, Switzerland, and 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. German gold movements by individual countries, beginning with July 1936, have been officially revised. France and Netherlands.—No figures reported by France since September and by Netherlands since October 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

365 APRIL 1937 FEDERAL RESERVE BULLETIN CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in issue Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of d m e e p n a t r ) t 1 - C C oi a n sh reser N v o es tes a c v n o a D d n u i c s n a - e t d s s - Se ti c e u s ri- ci t r i c o u n la- Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i s e li r - 1936—Jan. 29.. 200.5 .6 63.3 18.8 94.0 397.1 106.0 15.9 36.7 18.2 Feb. 26. 200.6 .7 60.7 11.0 96.2 399.9 106.2 8.8 35.5 18.2 Mar. 25. 200.6 .8 54.1 £.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 59.3 100.7 449.4 60.7 49.7 40.9 18.3 Oct. 28.. 248.7 1.0 .65.9 99.7 442.7 86.5 27.6 41.4 17.7 Nov. 25. 248.7 .7 63.1 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 1937—Jan. 27.. 313.7 61.4 8.0 97.4 452. 3 98.4 12. 1 38.4 18.1 Feb. 24. 313.7 58.6 4.9 105.3 455.1 100.4 13.0 37.9 18.2 Assets Liabilities Domestic bills Loans on Deposits Bank of France Ad- (Figures in millions of francs] Gold* ch F e e a i o x g n r - n g - e S c p ia e P - Other v m G a e n t r e o o n c n v - e t - s m G S t e 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 i - a s - O as t s h e e ts r c N i t r i c o o u n te la- G m ov e e n r t n- Other l O i t a t i b e h i s e l r icurities 1936—Jan. 31 I 65,223 1,324 9,210 3,350 5,708 8,724 81, 503 2,798 8,088 2,119 Feb. 28 i 65,789 1,309 9,758 932 3, 250 5,708 8,186 81,239 2,854 8,706 2,134 Mar. 27 | 65,587 1,297 12,053 671 3,325 5,708 8,028 83,197 2,889 8,434 2,148 Apr. 24 i 61,937 1,305 14, 392 623 3,349 5,708 8,193 82, 557 2,722 7,895 2,334 May 29 i 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 8,699 85,892 1,594 6,254 2,267 Aug. 28 ; 54,511 1,250 7,063 14, 333 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 3,553 5,640 9,643 83, 750 1,679 6,660 2,356 Oct. 30 ! 64,359 1,471 547 7,332 12,303 668 3,447 5,640 8,204 87,198 3,973 9,247 3, 553 Nov. 27 : 64,359 1,466 925 8,056 12, 298 702 3,464 5,640 8,029 86,651 2,069 13,058 3,160 Dec. 30 j 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 1937—Jan. 29 : 57,359 1,435 1,620 8, 553 19,772 1,168 3,701 5,640 8,209 87, 688 1,955 15,280 2,534 Feb. 26 I 57,359 1,323 1,524 8,990 19, 772 873 3,594 5, 640 8,235 87, 062 2,315 15, 386 2,547 Assets Liabilities Reichsbank Securities (Figu r r e e i s c 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 ls e t c h ( k e a s r n ) d Se lo c a u n ri s ty E a l c s i o g n v i o e b t r l e e Other a O s t s h e e t r s ci N r ti c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - 1936-Jan. 31_. 3,884 72 349 315 4,098 679 891 Feb. 29. 4,026 72 348 315 861 4,177 652 914 Mar. 31. 4,201 56 336 321 771 4,267 768 782 Apr. 30. 4,353 73 240 319 702 4,348 688 798 May 30. 4,606 60 219 319 648 4,430 729 807 June 30. 4,699 56 220 311 704 4,389 960 815 July 31. 4,623 67 220 310 711 4,471 787 840 Aug. 31_ 4,693 65 220 309 4,540 729 853 Sept. 30. 4,875 59 219 308 4,657 744 875 Oct. 31. 4,888 79 219 305 685 4,713 689 897 Nov. 30. 4,852 67 219 303 770 4,674 753 911 Dec. 31. 5,448 74 221 303 765 4,980 1,012 953 1937—Jan. 30.. 4,835 65 223 302 959 4,799 707 973 Feb. 27. 4,777 102 222 302 1, 059 4,816 785 968 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 16, 1936. 2 By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936, pp. 878-880). Of the total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund established by the law of October 1. 1 Bills and warrants endorsed by the National Wheat Board (law of Aug. 15,1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of the Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p. 463 and July 1936, p. 603. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN APRIL 1937 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1937 1936 Central bank Central bank Feb. Jan. Dec. Feb. Feb. Jan. Dec. Feb. National Bank of Albania (thou- Bank of Canada (thousands of Casands of francs): nadian dollars): Gold -. -- 7,556 7,556 Gold 179,423 179,459 179, 377 180, 565 Foreign exchange 24, 560 18, 406 Sterling and United States Loans and discounts 3,818 3,233 Exchange. _ _ 14, 575 11,843 9,125 8,451 Other assets 4,457 4,647 Government securities: Note circulation 10, 653 11, 720 2 years or less 55,196 61,995 61, 299 26,125 Demand deposits. 17, 352 10, 780 Over 2 years 101, 661 97, 784 99, 016 82, 540 Other liabilities 12, 385 11, 342 Other assets 6,990 6,250 8,168 5,132 Central Bank of the Argentine Note circulation 119,218 123, 534 135, 735 84, 605 Republic (millions of pesos): Total deposits 226, 397 221, 970 207, 809 212, 006 Gold at home 1 224 1,224 1,224 Chartered banks 195 045 197 041 186 974 186 933 Gold abroad and foreign ex- Government 30, 038 23, 262 18, 776 23 989 change 291 303 141 Other liabilities.. 12 230 11 826 13 441 6 202 Negotiable Government bonds... 20 19 190 Central Bank of Chile (millions of Other assets 133 129 145 pesos): Note circulation 1,106 1,094 989 Gold and foreign exchange in re- Dep M G os o e it v m s e : b rn e m r b en an t k 4 1 0 1 7 9 4 1 2 2 6 1 4 2 0 4 5 9 L G o o a v n e s r n a m nd en d t is d c e o b u t nts.. 6 1 1 9 8 4 9 1 3 6 1 1 9 4 6 9 3 8 7 1 0 7 4 6 9 2 Other . . 6 5 11 Note circulation. 643 653 577 Other liabilities .. 30 27 47 Deposits _ 300 288 281 Commonwealth Bank of Aus- Central Bank of China3 (millions of tralia (thousands of pounds1): yuan): Issue department: Gold 31 27 51 Gold and English sterling 16,012 16,002 15, 994 Silver 216 223 161 Securities 38, 561 42,046 35,173 Foreign exchange _. 136 116 90 Banking department: Due from domestic banks 160 131 102 Coin, bullion, and cash 1,360 1,132 930 Loans and discounts 476 477 181 London balances 18, 838 22, 838 18, 575 Securities 156 156 323 Loans and discounts 20, 426 15, 852 14,044 Other assets ___ 97 64 45 Securities 37, 990 35,319 35, 707 Note circulation 343 340 225 Deposits 75, 818 68, 956 69, 680 Deposits—Government- „ _ 403 369 275 Note circulation 47, 039 50, 539 47, 045 Bank.. 354 317 284 Austrian National Bank (millions Other... 22 28 38 of schillings): Other liabilities . 150 140 132 Gold - _ . 243 243 243 243 Bank of the Republic of Colombia Foreign bills 96 100 99 82 (thousands of pesos) : Domestic bills 201 202 208 220 Gold at home and abroad 35 589 33, 232 30,974 Government debts 620 620 620 624 Foreign exchange 11 630 8 746 4 168 Note circulation 893 895 944 931 Loans to member banks _ _ 3 318 8,520 1,208 Deposits - 241 245 204 233 Note circulation 52, 465 57, 229 41, 532 National Bank of Belgium (mil- Deposits .__ 38,152 33,135 31, 880 lions of belgas): National Bank of Czechoslovakia Gold 3 690 3,689 3,728 3,359 (millions of koruny): Domestic and foreign bills 1,363 1,370 1,390 1,201 Gold4 ... 2,587 2,589 2,592 2,690 Loans to State 155 155 157 160 Foreign exchange 277 390 439 73 Note circulation 4 477 4,480 4,540 4,072 Discounts and advances 1,885 1,956 2,339 914 Deposits 854 876 888 830 Government debt _ 2 019 2 021 2,022 2,041 Central Bank of Bolivia(thousands Other assets 1,041 988 1,100 956 of bolivianos): Note circulation 5,787 5,816 6,478 5,210 Gold at home and abroad* 66, 062 64, 203 21, 294 Demand deposits 415 601 410 534 Foreign exchanger 50, 605 41, 432 7,752 Other liabilities 1,607 1,527 1,605 929 Loans and discounts 10, 650 10, 762 7,943 Bank of Danzig (thousands of Securities: gulden): National Government 413 364 413, 406 388, 723 Gold 29 342 29 091 29 661 20 761 Other — . 4,691 4,726 2,877 Foreign exchange of the reserve- 1,615 857 121 1,631 Other Assets 12,211 12, 452 16,430 Other foreign exchange 2,354 1,890 1,343 5,491 Note circulation 214,913 210, 296 149, 819 Loans and discounts 13, 873 14,532 18, 263 15, 785 Deposits 239, 074 232, 672 229, 490 Note circulation 31, 373 31, 764 32, 045 27, 698 Other Liabilities 103, 597 104,013 65, 711 Deposits 13, 905 10, 270 8,292 2,990 Bank of Brazil (millions of milreis): National Bank of Denmark5 (mil- Cash 273 211 264 lions of kroner): CorresDondents abroad 406 328 307 Gold 118 118 118 118 Loans and discounts 2,488 2,471 2, 885 Foreign exchange 15 12 15 19 Note circulation 20 Loans to Government agencies.._ 173 147 239 228 Deposits 2,977 3,174 3,116 Other loans and discounts 166 200 204 177 National Bank of Bulgaria (mil- Investments.. . 58 57 51 85 lions of leva): Other assets 63 65 68 28 Gold . - 1,755 1,705 1,652 1,591 Note circulation 375 374 399 375 Net foreign exchange in reserve -100 Deposits. -. _ 72 76 139 164 Total foreign exchange 622 814 772 440 Other liabilities _ 146 149 156 116 Loans and discounts- 765 710 1,440 1, 226 Government obligations 3,551 3, 551 2,572 2,671 Note circulation 2,317 2,572 2, 571 2,113 Other sight liabilities 2, 995 2,802 2,317 2,131 * Figures for foreign exchange in October and November 1935 have bee a revised to 21,195,030 and 32,288,000 bolivianos respectively. 1 Beginning March 1936 all items valued by bank in Australian currency; previously valued partly in Australian currency, partly in sterling. 2 Gold abroad revalued in December 1936. 3 Items for issue and banking departments consolidated. 4 By decree of October 9,1936 (see BULLETIN for January 1937, p. 15), gold revalued at rate of 31.21 milligrams fine gold per crown; resulting increment converted into foreign exchange and carried partly in that item and partly in Other assets. 5 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

APRIL 1937 FEDERAL RESERVE BULLETIN 367 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1937 1936 Centra bank Central bank Feb. Jan. Dec. Feb. Feb. Jan. Dec. Feb. Central Bank of Ecuador (thou- Bank of Japan (millions of yen): sands of sucres): Gold . 556 553 548 511 Gold * 32,844 32, 586 31, 568 Advances and discounts 718 754 830 1,222 Foreign exchange 26, 076 24,330 6,131 Government bonds 571 602 765 397 Loans and discounts 39, 318 39,138 39, 757 Notes issued... 1,529 1,586 1,790 1,657 Note circulation. _ 57, 066 56, 599 47, 370 Total deposits 397 374 390 369 Deposits 42, 343 34,363 15,160 Bank of Java (millions of florins): National Bank of Egypt »(thou- Gold 89 89 80 sands of pounds): Foreign bills 2 2 2 Gold • 6, 545 6,545 6,545 Loans and discounts ___ 71 62 65 Foreign exchange 4,014 4,064 4,125 Note circulation 177 162 156 Loans and discounts 5, 998 6,902 5,963 Deposits 40 34 22 British, Egyptian, and other Bank of Latvia (millions of lats): Government securities 38,194 37, 719 38,024 Gold".... 77 77 77 46 Other assets 5, 920 4,978 5,683 Foreign exchange reserve 33 31 26 Note circulation 21,936 23,138 22,240 49 49 51 50 D eposi ts—G o vernment 8,725 7,712 6, 657 Loans 68 67 67 58 Other 21,964 21, 449 23,141 Note circulation 43 41 44 37 Other liabilities 8,046 7,911 8,303 Government deposits 62 62 56 38 Central Reserve Bank of El Salva- Other deposits 141 140 138 103 dor (thousands of colones): Bank of Lithuania (millions of litu): Gold 13,076 13,054 12,818 Gold.— . 77 75 73 41 Foreign exchange 3,524 1,450 3,957 Foreign exchange 8 10 22 Loans and discounts 1, 657 1, 695 798 Loans and discounts 100 100 100 89 Government securities __ 6, 594 6, 626 6, 996 Note circulation _ __ 113 112 110 106 Other assets 1, 995 884 1,923 Deposits 80 82 78 47 Note circulation 17, 462 15, 656 15, 667 Netherlands Bank(millions of flor- Other sight liabilities 3 5, 689 4, 556 7, 531 ins): Other liabilities 3 3, 696 3,498 3,295 Gold 879 820 720 680 Bank of Estonia (thousands of Foreign bills.._ _ 2 2 2 2 krooni): Loans and discounts 194 210 343 154 Gold 34,176 34,174 34,179 34,130 Note circulation 774 767 792 750 Net foreign exchange - - 12, 390 11,593 8, 775 2,046 Deposits . . 337 302 310 130 25 571 24, 230 25, 936 22, 471 Note circulation 46, 005 44, 604 44, 452 41,278 (thousands of pounds): Deposits—Government 22,143 21, 555 19, 675 18,594 Gold 2,802 2,802 2,802 2,802 Bank 8, 545 8,512 9, 778 9, 393 Sterling exchange 18, 804 17, 902 16, 534 23,113 Other _ 3,015 2,622 2,121 2,464 Advances to State or State under- Bank of Finland (millions of mark- takings 8,369 7,910 7,860 kaa): Other assets . __ 2,748 3,401 2,912 2,012 Gold 815 815 814 489 12.753 13,068 13, 641 9, 855 Balances abroad and foreign Demand deposits 18,327 17,313 14,832 16,445 credits 1,733 1, 655 1,492 1,263 Bank . . 11,741 11,887 11,056 10, 671 Foreign bills 93 86 84 85 Government 6,351 5,040 3, 540 5, 676 Domestic bills 877 834 778 766 Other liabilities 1,644 1,633 1,634 1,628 Note circulation 1,629 1, 600 1,630 1, 445 Bank of Norway (millions of Other sight liabilities 1, 356 1,307 1,082 589 kroner): Bank of Greece (millions of drach- Gold 215 215 215 185 mas): Foreign balances and bills 79 95 96 41 Gold and foreign exchange 3, 389 3,350 3,385 3, 358 Domestic credits 169 180 222 203 Loans and discounts 2, 957 4,819 4, 914 4,873 Note circulation _ 399 c40l 429 346 Government obligations. __ _ 4,157 4,162 4,162 3,281 Foreign deposits 1 1 2 4 Note circulation 6, 061 5, 989 6,203 5, 521 Total deposits _ _ _ _ _ 92 95 105 83 Other sight liabilities 4, 208 5, 978 5,715 5,401 Central Reserve Bank of Peru Liabilities in foreign exchange 160 181 212 251 (thousands of soles): National Bank of Hungary (mil- Gold and foreign exchange 48, 813 lions of pengos): Bills 57, 951 Gold 84 84 84 79 Note circulation 84, 855 Foreign bills, etc 47 44 42 33 Deposits 18, 610 Loans and discounts . 474 487 549 526 Bank of Poland (millions of zlotys): Advances to Treasury 101 99 98 81 Gold 400 397 393 445 Other assets __ 183 167 165 90 Foreign exchange _ 36 32 30 17 Note circulation 418 415 436 393 Loans and discounts _ 690 722 856 750 Deposits 202 197 213 122 Note circulation 1,000 999 1,034 979 Certificates of indebtedness 93 93 93 104 Other sight liabilities 254 233 292 163 Miscellaneous liabilities __ _ _ _ 147 147 164 163 Bank of Portugal (millions of es- Reserve Bank of India (millions cudos): of rupees): Gold _ _ 910 Issue department: Other reserves 445 Gold at home and abroad 444 444 444 Discounts and advances 370 Sterling securities 723 673 673 Government obligations 1,046 Indian Gov't securities 244 234 244 Note circulation 2,005 Rupee coin 631 640 587 Other sight liabilities _ _ 970 Note circulation 1,926 1,899 1,671 National Bank of Rumania (mil- Banking department: lions of lei): Notes of issue department __ 116 93 278 Gold* 15, 708 15, 644 15, 568 10, 884 Balances abroad 213 166 202 Foreign exchange of the reserve 9 Loans to Government _ 10 Loans and discounts __ 6,146 6, 303 6,474 5,399 Tn vestments 76 63 51 Special loans 6 2,432 2,423 2,430 2,688 Other assets 14 14 5 State debt 10,555 9, 446 9, 442 10, 956 Deposits—Government™ 125 69 75 Bank 177 152 353 Other liabilities _ . 116 124 108 e Corrected. 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. s 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

368 FEDERAL RESERVE BULLETIN APRIL 1G37 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1937 1936 Central bank Central bank Feb. Jan Dec. Feb, Feb. Jan Dec. Feb. National Bank of Rumania—Con. Central Bank of the Republic of Other assets 13,858 14,185 13, 770 11,751 Turkey (millions of pounds): Note circulation 24,961 24, 898 25, 663 22,127 Gold 37 35 32 30 Demand deposits 11,755 10,989 10, 300 8,479 Foreign exchange 43 38 34 16 Other liabilities 11,982 12,114 11,722 11,081 Loans and discounts 26 34 36 17 South African Reserve Bank Investments 187 187 188 188 (thousands of pounds): Other assets 29 27 25 24 Gold 27, 962 26, 336 24, 635 28, 074 Note circulation 181 185 179 166 Foreign bills 6,014 7,252 10, 794 5,206 Deposits 40 37 37 37 Domestic bills 22 27 31 277 Other liabilities 101 98 99 72 Note circulation 15,918 15,760 16,416 14, 251 Bank of the Republic of Uruguay Deposits—Government 1, 596 1,797 •1, 666 1,615 (thousands of pesos): Bank 27,072 23, 770 22, 451 32, 834 Issue department: Other 1,810 4,511 3,917 1 378 Gold and silver 41,601 41,091 Bank of Sweden (millions of Note circulation 88, 579 82, 865 kronor): Banking department: Gold 530 529 529 440 Cash reserves 28, 474 38, 452 Foreign assets 877 742 720 607 Loans and discounts. 86, 753 93, 785 Domestic discounts and advances 40 43 50 45 Other assets 65, 983 55, 738 Government securities 29 29 29 29 Deposits- Other assets 320 256 251 177 Demand 33, 207 31,615 Note circulation 842 827 893 756 Time 44, 577 41, 595 Total deposits 795 666 590 442 Ministry of Finance 9,678 22, 021 Bank 570 468 294 237 Other 13,619 20, 737 Government 151 174 278 174 Other liabilities 80,128 72, 007 Other liabilities 160 107 95 100 National Bank of the Kingdom of Swiss National Bank (millions of Yugoslavia (millions of dinars): francs): Gold 1,642 1,632 1,626 1,480 Gold» 2,718 2,717 2,709 1,445 Foreign exchange 693 650 552 325 Foreign balances and bills 25 40 58 13 Loans and discounts 1,696 1, 691 1, 717 1,676 Loans and discounts. 53 61 66 234 Advances to State 2,249 2,248 2,248 2,272 Note circulation 1, 376 1,385 1,482 1,274 Note circulation 5,347 5,292 5,409 4,930 Demand deposits 1,412 1,430 1, 363 466 Other sight liabilities 1,909 1,895 1,629 1,472 1 Gold revalued after September 30, 1936, at rate of 215 milligrams of fine gold per franc. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1937 1936 1937 1936 Assets Liabilities Feb. 28 Jan. 31 Feb. 29 Feb. 28 Jan. 31 Feb. 29 Gold in bars 35, 272 29, 879 Demand deposits (gold) 23, 518 27, 070 23,948 Cash on hand and on current account with banks...i 39, 245 30, 708 8, 502 Short-term deposits (various curren- Demand funds at interest 26, 505 49, 386 14, 092 cies) : Central banks for own account: Rediscountable bills and acceptances Demand 24, 898 37, 739 45, 915 (at cost): Tirne—Not exceeding 3 months 110, 222 112, 048 113, 752 Commercial bills and bankers' acceptances 107,145 102, 044 147, 953 Total _ 135,120 149, 788 159, 668 Treasury bills 131, 574 144,915 211,768 Central banks for account of others: Total 238, 719 246,959 359, 721 Demand 3,572 4,701 9,605 Time—Not exceeding 3 months 2,980 Time funds at interest—Not exceeding Other depositors: 3 months ... 26, 095 25, 420 33, 738 Demand __. 284 67 2,446 Between 3 and 6 months 853 Time—Not exceeding 3 months 282 201 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account 153, 280 153, 280 154,434 Treasury bills 31, 729 24, 406 42, 541 German Government deposit 76, 640 76, 640 77, 217 Sundry investments 56, 804 35, 244 53, 322 French Government guaranty fund. 43, 285 43,401 61, 930 Between 3 and 6 months: French Government deposit (Saar). 1,419 1,423 2,031 Treasury bills 6, 249 17,187 13, 424 Sundry investments 78, 780 95, 340 42, 422 Total 274, 625 274,744 295,611 Over 6 months: Treasury bills 75, 038 71,412 44,317 Capital paid in 125, 000 125, 000 125, 000 Sundry investments 11, 191 9,710 35, 148 Reserves: Legal reserve fund 3,784 3,784 3, 324 Total 259, 791 253, 299 231, 174 Dividend reserve fund 6,092 6,092 5,845 General reserve fund.. 12,183 12,183 11, 690 Other assets: Other liabilities: Guaranty of central banks on bills Guaranty on commercial bills sold. 1, 362 1,363 6,150 sold 1,351 1, 359 6,150 Sundry items 42, 369 41, 205 43,023 Sundry items 86 160 6, 235 Total liabilities 627, 918 646, 280 689, 491 Total assets 627,918 646, 280 689, 491 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

369 APRIL 1937 FEDERAL RESERVE BULLETIN COMMERCIAL BANKS [Figures are as of end of month, except those for the United Kingdom, which arc averages of weekly figures] Assets Liabilities United Kingdom (11 Lo m n i d ll o i n o n c s l e o a f r p in o g u n b d a s n k st s e . rl F in ig g u ) res in re C se a r s v h es M ca n o s l o h n l t o e a i y c r n t e d at B co il u ls n 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 to - O as t s h e e ts r Total D D e e p m o a s n it d s 1 Time1 lia O b t i h li e t r ies 1936—February- 229 157 295 629 227 2,123 1,125 940 242 March 217 162 252 635 854 230 2,108 1,123 951 241 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. 229 166 344 648 882 226 2.257 1,228 1,000 238 October 227 164 351 655 892 231 2,280 1,238 999 239 November. 233 181 329 656 895 238 2,287 1,241 1,006 243 December. 244 195 322 249 2,315 1,288 1,012 245 1937—January.... 238 179 345 669 885 2,307 1,254 1,005 247 February.. 230 167 307 671 909 2,274 252 Assets Liabilities France (4 large banks. fr F a i n g c u s r ) es in millions of Cash D b u a e n f k r s om B co il u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1935—December. 3,739 2,484 16,141 8,025 1,900 27, 553 26,859 337 4,399 1936—January _._ 3,451 2,563 16, 601 7,765 1,086 27, 548 26, 859 689 349 3,568 February.. 3,431 2,528 16, 470 8,006 1,101 27, 603 26,903 700 338 3,595 March 3,587 2,617 16,135 7,700 1,222 27,194 26, 522 672 391 3,677 April 3,517 2,902 16,199 7,677 1,270 27,410 26, 714 696 397 3,757 May 3,513 3,032 16,014 7,542 1,333 27,199 26, 523 676 424 3,812 June 3,494 2,768 14,972 7,328 1,385 25, 655 25,022 633 394 3,897 July 3,206 2,410 15,410 7,215 1,445 25,334 24,761 573 359 3,994 August 3,097 2,326 15,445 7,031 1,451 24, 979 24,451 528 335 4,035 September. 3,083 2,757 14,876 7,398 1,457 25,137 24, 613 524 368 4,066 October. __ 3,186 2,766 17,070 7,452 1,727 27,549 27,028 521 408 4,244 November 3,173 2,839 17,298 7, 625 1,824 28,015 27, 467 548 454 4,290 December. 3,100 2,975 17, 582 7, 631 1,957 28,484 27,955 529 473 4,289 Assets Liabilities Germany (8 large B l e io rl n i s n 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 r a o n u m k e s B co il u ls n d te i d s- Loans Se t c ie u s ri- O as t s h e e ts r Total D D e e p m o a si n t d s 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 e h i s e li r - 1936—January 134 306 2,294 2,847 1,003 958 5,460 2,480 659 1,423 February. __ 128 307 2,275 2,900 987 945 5,472 2,409 3,063 652 1,417 March 186 317 2,285 2,890 982 935 5,544 2,560 2,985 651 1,399 April 136 301 2,429 2,847 973 916 5,595 2,585 3,010 644 1,363 May 141 300 2,406 2,884 980 873 5,621 2,622 2,999 636 1,327 June 175 295 2,435 2,858 1,008 839 5,712 2,688 3,023 622 1,276 July 146 263 2,363 2,843 1,037 824 5,557 2,595 2,962 613 1,306 August 138 274 2,329 2,826 1,047 816 5,533 2,529 3,005 605 1,291 September.. 180 287 2,360 2,779 1,066 847 5,621 2,575 3,045 575 1,323 October 130 273 2,569 2,735 1,075 858 5,712 2,644 3,068 586 1,342 November.. 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 December2. 1937—January 303 2,895 2,679 1,020 837 5,973 2,923 3,050 1,357 Assets Liabilities Deposits payable in Can- Entirely in Canada Security ada excluding interbank Canada loans deposits abroad Note Other (10 cha l r io te n r s e d o f b C a a n n k a s d . ia F n ig d u o r l e la s r s i ) n mil- re C se a r s v h es S l e o c a u n r s ity a O n lo d t a h n d e s i r s- a f n o f d r r d o e u i m n e g e n t Securi- Other ci t r i c o u n la- Total Demand Time lia ti b e i s licounts banks 1936—January... 220 78 874 150 1,207 472 112 2,144 645 1,499 745 February.. 224 78 869 151 1,265 444 118 2,152 635 1,517 761 March 227 77 864 154 1, 316 459 117 2,197 665 1,532 783 April 228 83 862 145 1,314 478 114 2,229 1,536 767 May 225 87 828 131 1,345 446 116 2,193 1,527 753 June 230 91 777 113 1,368 502 115 2,207 702 1,505 757 July 227 91 768 110 1,357 481 113 2,174 680 1,494 748 August 225 91 776 157 1,355 487 115 2,175 672 1,503 800 September. 226 105 807 146 1, 380 494 111 2,263 762 1,501 785 October 232 109 816 146 1,363 491 112 2, 261 751 1,510 784 November 264 116 800 179 1,316 485 109 2, 269 722 1,547 783 December. 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937—January... 247 119 796 173 1,412 468 103 2, 330 782 1,549 781 1 Excluding deposits of the National Bank relating to offices outside the United Kingdom, which are included in the total. * Combined monthly balance sheet not published for December. NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN APRIL 1937 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Date effective K U in n g i d te o d m France Ce m n G tr a e a n r l 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 t o r f a — l M R 2 a a 7 t r e . ef D fe a ct t i e ve b C an e k n t o r f a — l M R 2 a a 7 t r e . ef D fe a ct t i e ve I N N N N N J J J J M M M J F F J M n u a a a u u e e o o o o o n n n n a a a a n n b b e v v v v v . . . y y y r e e . e . f . . . . . . f 2 1 1 2 e 4 7 4 2 1 3 5 2 1 1 2 7 2 , 0 6 c 4 _ 0 . 6 4 5 2 5 8 8 1 t _ 9 . _ N 3 . 6 ov _ . _ 1,1935 2 5 3 6 4 5 6 5 5 4 3 H 4 4 5 34 4 2 3 3 4 \ H K i E D D E E F F B A B C C A B C C A B l r i s c r u h o o a a e e z u r l v n a t i b u g l n n l i l l n e S s a t o n l g l o i g a a e i t z a a c m e v k n a c s i r m a n n d i d n h u i h i l i e i g r a a i t a o a v a a d m b o i a i r a r n a I i k s a n d a l d — _ o o _ _ _ i - r _ a _ . . 3^- 3 4 4 4 4 5 V 3 4 6 2 6 3 4 ^ ^ K 1 * J J J J N J N D J J A J N J M O M M a u u a a a u u a e c o u o o n n n a n a l l n a l l c t y y y y g v v v . . y . . . r r . . . . . . . . 2 3 1 1 1 2 1 1 1 8 5 0 2 3 8 2 1 1 6 1 5 1 8 9 5 0 9 , , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 6 6 3 4 7 2 6 5 6 5 5 5 5 7 7 4 3 5 2 N S S T U J J S I N R S N L L P P P t a a w w p o o o e u a i n a u e e o l v p t a r u a l r t w r t l i m e i r h a u a a y v t h i t k n t t w d n u e n h z n u i e a d e e a d g e d a a r y n n A . r y a l n Z K i a l l a f a i n e r i a n i n a d c _ . d g - . s a _ - - . - 3 2 2 4 3 5 5 6 5 4 4 & 5 4 IK ^ ^ V . H K 2 A 2 9 J J J A M N D D M M D J M M O D N a u u u e e e p e o c o n a a a a l n a l c c c c y t r y v y . y v y y e r . . . . . . . . . 2 2 1 1 2 1 1 2 1 1 7 9 8 0 7 2 2 4 6 3 5 1 1 6 5 1 5 , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 6 3 2 7 6 3 6 6 4 3 6 3 6 3 6 6 5 6 J J u u n n e e 3 26 0 . _ 4 3K G G e re r e m ce any 6 4 J S a e n p . t. 2 4 2 , , 1 1 9 9 3 3 7 2 U. d o S m . S _ . _ R _ . _ _ _ . 8 2 J M u a n r e . 3 2 0 2 , , 1 1 9 9 2 3 7 2 J J u u l l y y 1 7 0 3 3 Hungary 4 Aug. 29, 1935 Yugoslavia.. 5 Feb. 1, 1935 Sept 9 2 Sept. 25__ 5 Oct. 2 3 Oct. 9 Oct. 16 . 2 Oct. 20 . 2H Nov. 26 Dec. 3 2 Jan. 28 4 In effect Mar. 27,1937 2 4 4 2 m MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] United Kingdom (London) Germany (Berlin) Netherlands (Amsterdam) Month ac 3 B c a e m p n o t k a n e n t r c h s e s ' s, T m b re i o l a l n s s t , u h r 3 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 i c a v o t a e u t n e t M 1 o m ne o y n f t o h r Da m y o -t n o e - y day d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or 1936—February .55 .53 .75 3.00 2.97 2.77 1.31 1.63 March _ _ .56 .52 .75 V2 3.00 3.07 2.99 1.20 1.68 April .55 .52 .75 3.00 3.04 2.83 1.19 1.27 May .55 .54 .75 S 2.92 2.89 2.76 2.27 1.82 June .78 .78 .75 2.88 2.74 2.67 4.05 3.95 July .58 .58 .75 Vi 2.88 2.73 2.96 2.04 1.73 August .55 .53 .75 V* 2.88 2.84 3.01 1.37 1.20 September __ .55 .53 .75 Vi 3.00 2.89 3.01 1.33 1.29 October .56 .54 .75 V* 2.94 2.82 2.82 2.03 2.51 November .56 .55 .75 Vi 3.00 2.84 2.79 1.00 1.55 December.. _ _ _ _ .83 .84 .78 V* 3.00 2.88 3.05 P. 80 Vi 1937—January .56 .54 .75 Vi 3.00 2.88 2.54 P. 56 February .55 .53 .75 V2 3.00 2.86 2.47 P. 28 Sw la it n z d er- ( B B e r l u g s i s u e m ls) F (P r a a r n is c ) e (M It i a la ly n) Hungary S ( w St e o d ck e - n Japan (Tokyo) holm) Month d P is r r i c a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t c c i o a P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa t o o n n s 3 t h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1936— A M M F p a a e r y b r i c l r h uary _ __ _ 2 2 2 2 . . . . 2 3 2 2 6 7 5 5 1 1 1 1 . . . . 3 3 3 4 8 8 8 5 3 3 5 5 . . . . 7 6 8 0 4 0 1 3 5 4 5 5 . . . . 0 0 0 7 0 0 0 8 4 4 4 4 - - - - 6 % 6 M 6 M H y > 2 2 2 2 2 % % % % 2 2 2 2 y y y H 2 2 2 - - - - ± 4 ± ± M y l l A A 2 - 4 4 5 5 . . . . 9 1 1 9 7 1 1 3 3 2 2 2 . . . . 5 8 1 7 1 3 6 7 June 2.25 1.38 5.60 4.50 4 -6X2 2% 2^-43^ 4.83 2,63 J A u u ly gust 2 2 .2 2 5 5 1 1 . . 3 3 8 8 3 3 . . 0 3 0 0 4 4 . . 5 5 0 0 4 4 - - 6 6 K 34 2 2 2 % % 2 y ^ /r -4 V 3 A /2 4 4. . 7 7 5 5 2 2. . 6 5 9 3 September . 1.98 1.38 3.38 4.50 4 -6H 2% 2H-4K? 4.75 2.81 N D O o e ct c v o e e b m m e b r b e e r r 1 1 1 . . . 4 6 2 6 9 5 1 1 1 . . . 0 2 0 0 9 0 2 1 1 . . . 9 9 5 6 9 2 4 4 4 . . . 5 5 5 0 0 0 4 4 - -W 6H A 2 2 2 % % % 2 23 )4 ^ - - 4 4 3 3 / / 2 ? 4 4 4 . . . 7 7 7 5 5 5 2 2 2 . . . 9 7 8 2 4 6 4 -6H 2H-4H 1937—January 1.25 1.00 2.22 4.50 2XA-^A 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

APEIL 1937 FEDERAL RESERVE BULLETIN 371 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month A t r i g n e a n- t A ra u l s i - a A ( u s s c t h r il i - a g B iu el m - Brazil (milreis) B I r n i d ti i s a h g B a u r l i - a Canada Chile China Co b lo ia m- Cuba (peso) (pound) ling) (belga) Free (rupee) (lev) (dollar) (peso) (yuan) (peso) (peso) Official market 1929_ 95.127 14. 058 13.912 11.8078 36. 202 .7216 99. 247 12. 0601 41. 901 96. 551 99.965 1930 83. 505 458. 60 14. 089 13. 952 10.7136 36. 067 .7209 99. 842 12.0785 29.917 96.493 99.952 1931 66. 738 351. 50 14. 023 13. 929 7. 0290 33. 690 .7163 96. 353 12.0669 22. 437 96. 570 99. 930 1932 58.443 279. 93 13. 960 13.914 7.1223 26.347 .7193 88. 090 7.9079 21.736 95. 275 99.941 1933 72. 801 337. 07 15. 448 17. 900 7. 9630 31.816 1.0039 91. 959 7. 6787 28. 598 81. 697 99. 946 1934 33. 579 400.95 18.793 23.287 8.4268 37.879 1.2852 101.006 10.1452 34.094 61. 780 99. 936 1935 32. 659 388. 86 18. 831 18. 424 8. 2947 36. 964 1. 2951 99. 493 5. 0833 36. 571 56.011 99. 920 1936 33.137 395. 94 18. 792 16.917 8. 5681 5.8788 37. 523 1. 2958 99.913 5.1240 29. 751 57. 083 99.909 1936—March. 33.135 396.01 18.855 16. 979 8. 4871 37.510 1. 2902 99. 842 5.0930 29. 824 57. 224 99.903 April 32. 954 393. 72 18.724 16.915 8. 5564 37.315 1.2812 99. 502 5. 0853- 29. 734 57.002 99. 903 May 33. Ill 396. 09 18. 722 16. 938 8. 5755 37. 504 1. 2844 99. 806 5.0775 29. 690 57. 004 99. 900 June 33.418 399. 99 18. 759 16. 907 8. 6310 37. 872 1. 2838 99. 721 5. 0659 29. 890 56. 900 99. 900 July 33. 489 400.15 18. 848 16. 899 8.5349 37. 889 1. 2913 99. 900 5.1243 29. 967 56. 900 99.900 August 33.503 400. 34 18. 838 16. 862 8. 5222 5. 8367 37. 931 1. 2988 99. 978 5. 1725 30. 048 56. 900 99. 904 September- 33.611 401. 06 18. 845 16. 893 8. 6445 5. 8901 38.017 1.2978 100. 017 5. 1691 29.940 56. 505 99. 901 October 32. .667 390. 33 18. 732 16. 835 8.7011 5. 8452 36. 991 1. 2848 100. 022 5.1727 29. 331 56. 501 99. 924 November.. 32. 583 389. 54 18. 687 16.907 8. 6662 5.8631 36.913 1.2795 100.120 5.1688 29. 466 57. 097 99. 916 December __. 32. 718 390. 99 18. 692 16. 901 8. 6981 5. 9525 37. 088 1. 2779 100. 062 5.1719 29. 525 57. 390 99. 916 1937—January 32.718 390.98 18.682 16.860 8. 7080 6.0812 37. 094 1.2873 99. 960 5.1726 29. 654 57. 390 99.917 February 32. 627 389. 93 18. 677 16. 861 8. 7053 6.1076 36. 973 1.2903 99. 964 5.1731 29. 600 57. 234 99. 917 Year or month C s ( l k o z o e v r c a u h k n o i a a ' - ( D m kr e a o n r n k - e) ( E p g o y u p n t d) F (m in ar l k a k 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 k h y - ) s- G (d m r r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - 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 o n h r d i e n s r ) - 1929 2. 9609 26. 680 498. 07 2. 5160 3. 9161 23. 809 1. 2934 47.167 17.441 5. 2334 46.100 48.183 40.162 1930.. 2. 9640 26. 765 498. 60 2.5169 3. 9249 23. 854 1. 2959 33. 853 17.494 5. 2374 49. 390 47.133 40. 225 1931. 2.9619 25. 058 465.11 2. 3875 3. 9200 23. 630 1.2926 24. 331 17. 452 5. 2063 48. 851 35.492 40. 230 1932 2.9618 18. 832 359. 54 1.5547 3. 9276 23. 749 .8320 23. 460 17. 446 5.1253 28. Ill 31.850 40. 295 1933 3. 8232 19. 071 434. 39 1. 8708 5.0313 30. 518 .7233 29.452 22. 360 6.7094 25. 646 28.103 51.721 1934 4. 2424 22. 500 516.85 2. 2277 6. 5688 39. 375 .9402 38. 716 29. 575 8. 5617 29.715 27. 742 67. 383 1935 4. 1642 21. 883 502. 60 2.1627 6. 6013 40. 258 .9386 48. 217 29. 602 8.2471 28. 707 27. 778 67. 715 1936 4. 0078 22. 189 509. 68 2.1903 6.1141 40. 297 .9289 31.711 29. 558 7. 2916 29. 022 27. 760 64. 481 1936—March 4.1637 22.190 509.66 2.1928 6.6338 40.439 .9457 32. 562 29.617 7. 9830 28.938 27. 767 68. 353 April 4.1359 22. 064 506. 78 2.1807 6. 5898 40. 238 32. 525 29.478 7.8936 28. 869 27. 768 67. 885 May 4.1432 22.184 509. 55 2.1901 6. 5858 40. 285 32. 463 29. 424 7. 8560 29.075 27. 763 67.634 June 4. 1375 22. 405 514.62 2.2098 6. 5934 40. 273 .9316 32. 260 29. 458 7. 8645 29. 392 27. 764 67. 686 July 4.1497 22. 419 514.95 2. 2106 6. 6202 40. 321 . 9400 32.040 29. 492 7. 8845 29.326 27. 765 68.078 August 4.1318 22. 434 515. 32 2.2118 6. 5853 40. 221 .9387 31.152 19. 777 7. 8673 29. 404 27. 753 67. 904 September 4.1319 22. 480 516.76 2. 2173 6. 3409 40. 083 .9347 31.104 19. 772 7. 8514 29.414 27. 753 66. 250 October 3. 6474 21.866 502. 24 2.1578 4. 6662 40. 196 . 8965 30. 359 19. 774 5. 5299 28. 609 27. 747 53. 632 November 3. 5380 21.818 501.17 2.1531 4. 6472 40. 223 . 8935 30.462 19.776 5. 2603 28.559 27. 750 53. 991 December 3. 5200 21. 907 503. 20 2.1611 4.6675 40. 230 . 8973 30. 540 19. 778 5. 2609 28. 512 27. 750 54. 566 1937—January 3. 4922 21. 908 503.17 2.1607 4. 6672 40. 225 ".8984 30. 566 19. 776 5. 2610 28. 537 27. 750 54. 752 February 3.4883 21.847 501. 78 2.1579 4.6555 40.226 . 8965 30.403 19.782 5. 2608 28. 529 27. 750 54. 686 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 p o o fr 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 e t r t ) s - s ( S k 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 ip u o r u k n e d y ) ( U K p d o n 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 l i a u n v g a i o a r) - 1929 483.21 26. 683 11.194 4. 4714 .5961 483. 27 14. 683 56. 012 26. 784 19. 279 48.411 485. 69 98. 629 1. 7591 1930 468. 22 26. 760 11.205 4. 4940 . 5953 483. 79 11. 667 55. 964 26. 854 19. 382 47. 061 486. 21 85. 865 1. 7681 1931 415.29 25. 055 11.197 4. 2435 . 5946 480. 76 9.545 52. 445 25. 254 19.401 47.181 453. 50 55. 357 1. 7680 1932 320. 19 18. 004 11.182 3.1960 . 5968 476. 56 8.044 40. 397 18.471 19. 405 47. 285 350. 61 47. 064 1. 6411 1933 340. 00 21. 429 14. 414 3. 9165 .7795 414. 98 10. 719 49. 232 22. 032 24. 836 60. 440 423. 68 60. 336 1. 7607 1934 402. 46 25. 316 18. 846 4.6089 1. 0006 498. 29 13.615 59.005 25. 982 32. 366 79. 047 503. 93 79. 956 2. 2719 1935 391. 26 24. 627 18. 882 4. 4575 . 9277 484. 66 13. 678 57.173 25. 271 32. 497 80. 312 490. 18 80. 251 2. 2837 1936 .... 398. 92 24. 974 18. 875 4.5130 .7382 485. 05 12. 314 58. 258 25. 626 30. 189 80. 357 497. 09 79. 874 2. 2965 1936—March 399.08 24. 974 18. 962 4. 5155 . 7377 491. 56 13. 745 58. 243 25. 626 32.821 80. 818 497. 07 80. 022 2. 3030 April 396. 80 24. 834 18. 826 4. 5092 . 7330 488. 76 13. 654 57. 939 25. 482 32. 580 80. 284 494. 27 79. 769 2. 2882 May 399. 02 24. 969 18. 792 4.5115 .7309 491. 59 13. 645 58. 240 25. 619 32. 391 80. 278 496. 97 79. 720 2. 2866 June 402. 84 25. 218 18. 800 4. 5455 . 7273 496. 53 13. 659 58. 833 25. 877 32.425 80. 270 501.92 79. 709 2. 2871 July 403. 26 25. 233 18. 915 4. 5568 . 7279 497. 07 13.714 58. 873 25. 893 32. 724 80. 355 502. 25 79. 820 2. 2985 August 403. 42 25. 249 18. 827 4. 5558 .7317 497.19 13. 643 58. 916 25.910 32.599 80.272 502.59 79. 719 2. 2926 September. 403. 97 25. 304 18. 824 4. 5586 .7315 497. 99 12. 347 59. 095 25. 965 31.418 80.145 503. 63 79. 679 2. 2912 October 393. 25 24. 608 18. 828 4.4475 .7309 484.32 8.954 57. 446 25. 253 22.993 79. 834 489. 84 79. 857 2. 2956 November- 392. 36 24. 555 18. 825 4. 4373 .7289 483. 43 8.798 57. 314 25.196 22. 984 79. 883 488.80 80.045 2. 2990 December _ 393. 87 24. 656 18. 853 4. 4514 .7285 485. 33 7.727 57. 544 25. 300 22.985 80.162 490. 78 80.000 2. 3003 1937—January-... 393. 82 24. 658 18. 924 4. 4487 .7273 485. 40 7. 099 57. 549 25. 301 22. 936 80.156 490. 75 78. 926 2. 3022 February.. 392. 92 24.589 18. 929 4. 4457 .7275 481. 24 6. 736 57.404 25. 232 22. 829 79. 700 489. 39 78. 856 2. 3059 c Corrected. 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; Japan—Jan. 9- Feb. 26, 1937; Poland—Apr. 28-Aug. 4 and Sept. 26-Oct. 24, 1936; Portugal—since Sept. 26, 1936; Rumania—since Aug. 8, 1936; Spain—since July 31, 1936; Turkey—since July 25, 1936; Yugoslavia—since Aug. 11, 1936. In September 1936 exchange quotations on all other countries, with the exception of Canada, Egypt, Strait Settlements, and United Kingdom, were partly nominal; and quotations were unavailable on two days for Turkey, and on one day for Colombia; Egypt, Spain, 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 19.775 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN APRIL 1937 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES Year or month [Index numbers] (1 U S 92 n t 6 a i = t t e e 1 s d 00) (1 C 9 a 26 n = 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 = a 10 n 0 y ) (19 I 2 t 8 a = l 1 y 00) 1 ( 9 O J 0 a c 0 p t = o a 1 b 0 n e 0 r ) ( N 1 l 9 e a 1 2 t n 0 6 h 0 d - e 3 ) s r 0 - = ( S J = w u l 1 l a i y 0 t n 0 z d 1 ) e 9 1 r i - 4 1926 100 100 695 134 237 106 144 1927 95 98 642 138 225 103 142 1928 97 96 645 140 226 102 145 1929 95 96 627 137 95 220 100 141 1930 86 87 100 554 125 85 181 90 126 1931 73 72 88 502 111 75 153 76 110 1932 65 67 86 427 97 70 161 65 96 1933 66 67 86 398 93 63 180 63 91 1934 75 72 88 376 98 62 178 63 90 1935 80 72 89 338 102 68 186 62 90 1936 81 P75 94 411 104 P76 P197 64 96 1936—January. _ 81 73 92 359 104 74 192 62 91 February 81 73 92 372 104 75 191 62 91 March . 80 72 92 376 104 75 191 62 91 April 80 72 92 371 104 76 192 61 92 May 79 72 92 374 104 76 192 61 92 June.. _ 79 72 93 378 104 76 194 62 92 Julv 81 74 94 391 104 75 197 62 93 August . 82 76 95 403 105 76 197 63 93 September 82 76 96 420 104 77 201 63 97 October _ . 82 77 98 471 104 77 200 68 103 November 82 77 98 492 104 78 204 70 105 December 84 80 101 519 105 79 215 71 107 1937—January. 86 81 103 537 105 80 233 73 108 February 86 83 104 532 106 230 74 p Preliminary. i Official index of the Office Federate de l'industrie, des arts et matters et du travail. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom United States (1926 = 100) France (1913 = 100) Germany (1913 = 100) (1930 = 100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n o tr d d i u a u l s c - ts a p n r F d o a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t o g u d r r i u c a u c l t l s - P s r io o n v s i- a p t f r n I r i i n n o d a i d d l s s u u h r e a s c m e - w t d s i- p tr I r i i n o s a d h d l e u u f d s i c n - ts - 1926 100 100 100 581 793 129 132 130 150 1927 99 97 94 599 678 138 129 132 147 1928 106 101 93 584 697 134 133 134 159 1929 105 100 92 579 669 130 125 132 157 1930 — .. .. 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 ... 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 .. 81 82 80 92 96 426 397 105 86 94 121 1936—January._ 78 84 79 89 93 364 355 105 84 93 120 February 80 83 79 88 94 391 356 105 85 94 120 March__ 77 80 79 87 94 396 358 105 85 94 120 April 77 80 79 87 94 385 359 105 85 94 120 May 75 78 79 88 94 392 358 105 85 93 121 June __ 78 80 79 89 94 394 364 106 85 93 121 July 81 81 80 90 96 405 378 106 85 93 121 August- 84 83 80 94 96 425 384 106 85 94 121 September 84 83 80 95 97 449 396 105 86 94 122 October 84 83 80 98 97 487 457 104 86 95 122 November 85 84 81 97 99 500 484 103 86 95 123 December 89 86 82 99 102 522 516 104 91 96 123 1937—January 91 87 83 99 105 532 541 103 93 97 123 February 91 87 85 99 107 516 546 103 94 97 123 Sources.— See BULLETIN for March 1931, p. 159, March 1935, p. 180, October 1935, p. 678, and March 1937, p. 276. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

373 APRIL 1937 FEDERAL EESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES [Index numbers] United Year or St 1 a 92 t 3 e - si month 1925=100 1926 _. . _ 1927 1928 1929 105 1930 100 1931 82 1932 68 1933 66 1934 74 1935 1936 1935—Dec.. 1936—Jan. Feb. Mar..._ April May._. June.. July Aug. Sept.... Oct. Nov Dec 1937—Jan. Feb.... ooo ooot o»t; COST OF LIVING [Index numbers] 1 E l 1 9 a J n 0 u 1 n 0 g 4 l d v - = 1 F 9 J r 1 u a 4= l n y 1 c 0 e 019 m 1 G 1 9 4 a e 1 = n r 3 1 y - - 00 N 19 l e 1 a 1 t 9 3 n h 1 = d 1 e 1 - s r 0 - 0 1 S 9 l J 1 w a e u 4 n r i = l - t y d 1 z 0 - 0 Y m e o a n r t o h r 1 U S 92 t n 1 5 a 9 i = 2 t t 1 e e 3 s 0 d - 019 E l J 1 a u 4 n n = l g y d 1 - 001 F 9 J r 1 J u 4 a a n = n n e 1 . c - 0 e 01 m 9 G 1 1 9 a 4 e 1 = n r 3 1 y - - 00 N 19 l e 1 a 1 t 9 3 n h 1 = d 1 e 1 - s r 0 - 0 1 S 9 l J w 1 a e u 4 r n i = l t - y d 1 z 0 - 0 161 554 146 161 160 1926 103 170 505 142 168 162 156 557 153 163 158 1927 102 164 514 148 168 160 157 549 153 166 157 1928 100 166 519 152 169 161 154 611 156 162 156 1929 99 164 556 154 168 161 145 614 146 150 152 1930 97 158 581 148 161 158 131 611 131 136 141 1931 89 148 569 136 151 150 126 536 116 119 125 1932 80 144 526 121 141 138 120 491 113 120 117 1933 76 140 520 118 139 131 122 481 118 124 115 1934 78 141 516 121 140 129 125 423 120 118 114 1935 81 143 483 123 136 128 130 470 122 120 120 1936 82 147 507 125 2 132 130 131 435 121 119 118 1935—Dec. 147 478 123 137 130 82 131 441 122 118 1936—Jan 81 147 124 130 81 130 446 122 118 Feb 147 124 130 80 129 446 122 117 118 Mar. 146 486 124 2 131 130 80 126 443 122 119 April 81 144 124 130 80 125 456 122 119 May 144 124 130 84 126 458 123 119 120 June... 144 497 125 131 130 84 129 446 124 120 July..._ 82 146 125 130 84 129 460 124 120 Aug. 146 125 130 84 131 483 122 121 121 Sept..._ 82 147 504 124 132 130 83 132 504 122 124 123 Oct 148 124 134 132 83 136 520 121 124 123 Nov. 151 124 134 132 83 136 534 121 122 123 Dec..__ 82 151 540 124 133 132 85 136 562 121 126 1937 Jan. 151 125 133 85 135 577 122 Feb 151 125 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. 'Index recalculated as from March 1936. The fall of 6 points from December 1936 to March 1937 is composed of two factors: approximately 3.8 points are attributable to the new method of calculation, 2.2 points to genuine price movements. Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Keichsamt; France—For retail food prices, Statistique Generale. and for cost of living, Commission d'e"tu des relatives au cout de la vie k Paris; Netherlands—Bureau van Statistiek van Amsterdam; Switzerland—Office F6derale de l'industrie, des arts et matters et du travail. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100) Year or month United England France Germany Nether- ( S av ta er t a e g s e (December (1913 aver- (average lands : U S n ta it t e e d s England France Germany N l e a t n h d e s rprice)i 1921=100) ago=100) price) (1929=100) Number of issues:-. 60 87 36 139 8 419 278 300 329 1926 97. 6 110.0 57.4 100.0 100. 0 100.0 100.0 100 1927 100.7 110.7 71.7 118. 3 107.0 123.2 145.0 109.8 1928 . - 100. 8 112.3 80.8 85.5 149.9 115.9 178.1 136.1 113.7 1929 98.0 110.2 85.1 81.4 100 190. 3 119.5 217.6 122. 8 112.7 1930 99.3 111.8 95.8 83.3 104.3 149. 8 102.6 187. 6 100. 2 82.3 1931 90.9 108.4 96. 9 2 83.4 104.1 94.7 78.9 132. 2 2 78.0 50.0 1932 69. 5 113.2 88.6 2 67.1 94.8 48.6 67.9 105.2 2 50.3 31.4 1933 73.4 119. 7 81.3 82.5 105. 3 63.0 78.6 99. 6 61.7 33.6 1934 . . 84. 5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 30.8 1935 88.6 129. 9 83.5 95.3 107.8 78.3 86.3 79.7 82.9 29.8 1936. .. 97.5 131.2 76.3 95.8 109.1 111.1 97.0 77.2 91.6 38.3 1936—January 95.3 130.1 78.9 95.1 109.1 100.1 93.1 83.7 84.2 35.3 February 97.2 131.0 77.9 95.2 106. 5 106.1 95.2 86.7 86.0 36.5 March 96.6 130. 2 75.2 95.3 105. 5 108.7 94.1 84.1 85.6 35.0 April 95.9 131. 5 75.8 95.3 105.5 108.9 95.5 82.8 88.3 33.5 May 95. 5 131.1 74.7 95.5 103. 4 101.0 93.8 71.2 91.1 32.8 June 96.2 130. 6 73.8 95.8 100. 2 105. 6 94.0 66.1 93.2 33.7 July 97.1 131.0 73.2 95.9 106.0 109. 2 94.7 59.2 94.6 34.2 August 97.7 131. 6 73.2 96.1 108.5 113.0 97.3 58.8 93.4 35.0 September...I 98.6 132.1 75.2 96.1 109. 9 114.1 98.2 65.7 91.8 35.5 October ! 99.6 132. 9 80.8 96.2 117.5 118. 7 102.1 83.7 97.2 47.5 November...1 99.8 132.0 78.8 96. 3 120. 0 124. 2 103.2 89.7 97.8 53.8 December ... 99.9 130.9 78.4 96.4 120. 3 123.1 103.5 94.8 96.7 55.4 1937—January 100.3 129.7 77.5 96. 7 126. 4 104.2 114.6 97.8 63.1 February 100.0 125. 5 75. 1 97.4 129. 5 103.8 113.3 99.2 1 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 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. 3 Index of reciprocals of average yields. Average yield in the base year 1929 was 4.57 percent. Sources—Netherlands—Index of stock prices of the Centraal Bureau voor de Statistiek, published in the Maandschrift (monthly bulletin) of the Bureau; original base 1921-25=100. Bond index is derived from the average yield of eight bonds calculated by the Netherlands Bank, also published in the Maandschrift. For other countries 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

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman JOSEPH A. BRODERICK JOHN K. MCKEE M. S. SZYMCZAK CHESTER C. DAVIS CHARLES S. HAMLIN, Special Counsel LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHHA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) .THOMAS M. STEELB. GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) . W. W. ALDRICH. JOSEPH A. BRODERICK District No. 3 (PHILADELPHIA) HOWARD A. LOEB, CHESTER C. DAVIS V ice-President WM. A. DAY District No. 4 (CLEVELAND) . L. B. WILLIAMS. WM. MCC. MARTIN District No. 5 (RICHMOND) . CHARLES M. GOHEN. JOHN K. MCKEE B. A. MCKINNEY District No. 6 (ATLANTA) . EDWARD BALL. RONALD RANSOM District No. 7 (CHICAGO) .EDWARD E. BROWN. JOHN S. SINCLAIR District No. 8 (ST. LOUIS) .WALTER W. SMITH, M. S. SZYMCZAK 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 374 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman and Federal President First Vice President Vice Presidents Bank of— Reserve Agent Boston F. H Curtiss . R. A. Young _ W. W. Paddock W. Willett.2 New York OwenD. Young* G. L. Harrison Allan SDrouL W. R. Burgess. L. R. Rounds. W. S. Logan. J. H. Williams. R. M. Gidney. L. W. Knoke. C. H. Coe. Philadelphia R. L.Austin___ __ J. S. Sinclair F. J. Drinnen. C.A. Mcllhenny.' "W E. C. Hill. Cleveland E. S. Burke, Jr M. J. Fleming ___ F. J. Zurlinden.. H F. Strater. W. H. Fletcher. W. F. Taylor.* Richmond Robert Lassiter Hugh Leach J. S. Walden, Jr. R. H. Broaddus. J. G. Fry. G.H. Keesee.2 Atlanta W. H. Kettig1 Oscar Newton R. S. Parker.. H. F. Connifl. L M. Clark. W. S.McLarin, Jr.« 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.. O S. Powell Harrv Yaesrer. H I. Ziemer.* E W. Swanson. Kansas City J J. Thomas G. H. Hamilton O A. Worthington... A M. McAdams. J.W. Helm.* Dallas n n Walsh B. A. McKinney R R. Gilbert R B. ColemanJ W. J. Evans. San Francisco _ A 0 Stewart. W. A. Day Ira Clerk. S. G. Sargent. W. M. Hale. C E. Earhart.» * 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 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. H. Glasgow. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS^ S.DAK. ! IOWA CH1CAG ILL. KANSAS CITY KANS. OKLA. Oklahoma City "• BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY LOUISVILLE, LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATED CITIES RATHER THAN 20NE5 DETERMINED BY STATE. OR COUNTY LINES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis