Federal Reserve Bulletin, 1937-05

FEDERAL RESERVE BULLETIN MAY 1937 Current Banking Developments Recent Price Changes Statistics of International Capital Movements Statistics of All Banks in United States 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—Current banking developments—Recent price changes 377-386 National summary of business conditions 387-388 Summary of financial and business statistics 390 Law Department: Amendment No. 9 of Regulation T—Effective April 23, 1937 391 Rulings of the Board: Necessity of reserves against deposits securing loans of Government securities 391 Quorum of trust investment committee of national bank; written approval of transactions by majority of committee without meeting of committee 391 Investment of funds of various trusts by national bank in notes constituting part of series secured by same deed of trust 392 Renewal of real estate mortgage notes held by trusts of national bank at time of effective date of latest revision of Board's Regulation F 392 Application of Regulation U to a loan to a securities dealer for the purpose of purchasing both registered and unregistered stocks 392 Statistics of international capital transactions of the United States 394-431 Balance of international payments of the United States 432 Statistics of all banks in the United States 433-439 Revision in weekly report of member banks in leading cities 440 Annual Report of the German Reichsbank 441-447 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 450 Federal Reserve bank statistics 451-455 Reserve position of member banks; deposits in larger and smaller centers 456 Money in circulation 457 Gold stock and gold movements 458 All banks in the United States 459 All member banks 460-461 Reporting member banks in leading cities 462-465 Bank suspensions; bank debits; Postal Savings System 466 Acceptances, commercial paper, and brokers' balances 467 Federal Reserve bank discount rates 468 Money rates and bond yields 469 Security markets 470 Treasury finance 471 Governmental corporations and credit agencies 472-473 Production, employment, and trade --__ 474-482 Wholesale prices 483 International financial statistics: Gold reserves of central banks and governments 486 Gold production 487 Gold movements 487-488 Central banks 489-492 Bank for International Settlements 492 Commercial banks 493 Discount rates of central banks 494 M oney rates 494 Foreign exchange rates 495 Price movements: Wholesale prices 496 Retail food prices and cost of living 497 Security prices 497 Federal Reserve directory: Board of Governors and staff; Open market Committee and staff; Federal Advisory Council 500 Senior officers of Federal Reserve banks; managing directors of branches 501 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 23 MAY 1937 No. 5 REVIEW OF THE MONTH ence to the increase in reserve requirements, that by this action the System would be During the month of April, open-market placed in a position where such reduction or operations of the Federal Reserve System reexpansion of member bank reserves as may sulted in an increase in Rebe deemed in the public interest may be Open-market serve bank holdings of United effected through open-market operations." operations States Government securities. Between April 4, when this statement During the preceding period was issued, and April 28, the Federal Reof over three years, open-market operations serve System increased its holdings of had effected shifts in maturities in the Sys- United States Government obligations by tem's portfolio but had not increased or $96,000,000. diminished the total holdings. In February When the Board of Governors on January and March, prices of United States Govern- 30 increased member bank reserve requirement and corporate bonds had shown sharp ments to the full extent authorized by law, declines as the result of a considerable vol- this action was taken for the purpose of ume of sales, which, with other developments, removing from the credit base a large volhad exerted an unfavorable influence on the ume of unnecessary reserves arising entirely capital market and resulted in a sharp re- from the inflow of gold from abroad and conduction in flotations of new securities. stituting the basis of a possible injurious In these circumstances the Federal Open credit expansion. So long as member banks Market Committee on April 4 adopted the had a volume of reserves far in excess of open-market policy set forth in the following legal requirements, the customary instrustatement issued at the close of the meeting: ments of credit policy, open-market opera- "With a view (1) to exerting its influence tions and discount rates, were wholly intoward orderly conditions in the money mar- effective. This was for the reason that ket and (2) to facilitating the orderly adjust- withdrawals of reserves through open-market ment of member banks to the increased sales could have been met by member banks reserve requirements effective May 1, 1937, out of excess reserves without the necessity the Open Market Committee of the Federal of borrowing from the Reserve banks. Reserve System is prepared to make open- Through the elimination of about $3,000,market purchases of United States Govern- 000,000 of excess reserves, the Federal Rement securities for the account of the Fed- serve System was brought into closer contact eral Reserve banks in such amounts and at with the market and was placed in a position such times as may be desirable. This pur- where sales or purchases in the open market pose is in conformity with the policy an- could tighten or ease credit conditions in nounced by the Board of Governors of the accordance with the public interest. In this Federal Reserve System in its statement on way open-market operations, a far more flex- January 30, 1937, which declared, with refer- ible instrument of credit policy than changes 377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 FEDERAL RESERVE BULLETIN MAY 1937 in reserve requirements, have once more be- tive gain. The following table, showing the come an effective means of exerting the Sys- reserve position of the different classes of tem's influence on credit conditions. member banks for the week of April 23, indi- :ates that for each class of bank taken as a In the statement issued at the time when whole excess reserves for that week were reserve requirements were increased, the larger than the 14 2/7 percent by which Board announced that the Federal Reserve requirements increase on May 1. System proposed to continue its policy of exerting its influence toward the maintenance of easy money conditions for the encourage- ESTIMATED RESERVE POSITION OF MEMBER BANKS Daily averages for week ending April 23. Dollar amounts in millions] ment of full economic recovery. In harmony with this policy, when disturbed conditions Excess reserves developed in the money market in March, Reserve Required balances reserves Percent the Federal Open Market Committee decided of Amount required to increase the System's portfolio of United States Government obligations for the pur- Central reserve city banks: pose of preventing disorderly conditions in New York City 2,768 2,202 566 Chicago 608 473 135 29 the money market, and also facilitating the Reserve city banks 2,201 1,715 28 Country banks , _ _ 1,311 421 47 adjustment of member banks to the final All member banks 5,280 30 increase in reserve requirements. Excess reserves of member banks, which Total loans and investments of weekly after the increase of 16% percent in reserve reporting member banks in leading cities requirements went into effect on showed little change in the Excess March 1 were $1,300,000,000, in- first three weeks of April, Member bank reserves creased substantially in April, and credit following a sharp decline in on April 28 were about $1,640,000,- March. The March decline 000. Several factors contributed to this reflected a substantial reduction in holdings growth in reserves. The Treasury's balance of Government obligations, following smaller at the Reserve banks, which had increased decreases in other months since last July. from about $200,000,000 at the beginning of For the period from January 6 to April 21 March to over $300,000,000 on March 31, taken as a whole the amount of United States declined to below $100,000,000 by the end of Government direct obligations held by re- April, and these disbursements by the Treas- porting member banks declined by $860,000,ury added to the reserves of member banks. 000, most of which was in the central reserve The increase in the Reserve System's hold- cities of New York and Chicago. Holdings by ings of Government securities of $96,000,- banks in other leading cities declined in 000 also resulted in additions to member March but increased slightly in April. bank reserves. Member bank deposits de- Decrease in the investment portfolio of clined in the period, largely as a result of banks in recent months has been accomreductions in bank holdings of Government panied by an increase in all types of loans. securities, and this reduced by about $60, Increases in real estate loans, loans to banks, 000,000 the volume of reserves that member and loans on securities to customers have banks were required to carry. been relatively small, and loans on securities While all classes of member banks shared to brokers and dealers have shown rather in this growth of excess reserves, the central wide fluctuations. Most of the increase in reserve city banks showed the largest rela- bank loans has reflected extension of credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 379 for commercial, industrial, and agricultural ances due to domestic banks, after declining purposes, as indicated by a further growth in in the latter part of February and in March, so-called "other" loans and by increased owing mainly to withdrawals to meet the holdings of open-market paper. Holdings of March 1 increase in reserve requirements acceptances and commercial paper bought by and the payment of Federal taxes by deposbanks outside of New York City increased by itors, showed little change in the first three $76,000,000 from the first of the year to weeks of April. Increases occurred during April 21, while banks in New York City March and April in deposits due to foreign showed a decrease of $35,000,000 in their banks, reflecting an inward movement of holdings. In the first quarter of the year an short-term funds from abroad. additional $100,000,000 of bankers' acceptances and commercial paper became avail- Prices of bonds, following sharp declines able in the market for bank purchase. in March and early April, recovered somewhat and at the end of April were During the past year so-called "other" Security slightly above the lows reached loans, which may be considered as roughly markets early in the month. Yields on indicative of the extension of bank credit for long-term United States Governcommercial, industrial, and agricultural purment bonds in April averaged about 2% perposes, have increased steadily, except for a cent, or about V2 percent above the low level decline in January of this year. From early of December. Corporate bond prices, which February to April 21 their growth amounted had moved downward from the middle of to $360,000,000, about half of which was in January to April 9, rose somewhat in the New York City and the other half was spread middle of April. Prices of lower grade bonds over all the Federal Reserve districts with declined again in the last part of the month, the largest percentage increases in the diswhile the highest grade issues remained firm. tricts of Cleveland, New York (outside New Yields on high-grade corporate bonds, as York City), Atlanta, and Chicago. Such compiled by Moody's Investors' Service, averloans usually increase in the early spring, but aged about 3.40 percent in April, approxithe increase has been larger this year than mately % percent above the January low. is usual for the season and larger than dur- Moody's Baa bond-yield average of 4% pering the corresponding period of 1936. This cent for the month, was likewise approxiyear the increases in the agricultural dismately % percent above the January low. tricts of Atlanta, St. Louis, Kansas City, and Dallas were considerably larger than those Stock prices and activity in the stock marduring the same period a year ago. ket have both declined since the second week of March when prices reached a new high Demand deposits, other than Government level. In the last week of April average and interbank deposits, declined somewhat in prices of common stocks reached the lowest April at New York City banks, reflecting in level since early last autumn. large part the sale of Government securities to depositors. At reporting member banks The amount of credit extended to cusin other cities, there has been little change in tomers by brokers carrying margin accounts, deposits since the end of last year, except for after increasing by $200,000,000 in the six wide fluctuations in Chicago around April months ending with February, increased fur- 1. Time deposits have shown moderate in- ther during March by about $65,000,000 to creases this year in New York City. Bal- a new high level since 1931. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN MAY 1937 In March industrial activity and employ- Prices of industrial raw materials and ment continued to increase, the volume of semifinished goods advanced from October to unfilled orders on producers' March more than those of finished goods, Business books remained at a high increases in nonferrous metals, iron and developments level, and commodity prices steel, lumber, wool, hides, and rubber being in March . , .. , -. , and April showed a further marked ad- particularly large. Building materials as a vance. During April prices group increased sharply. Grains, livestock, of commodities traded in on organized ex- and other farm products also advanced in this changes declined considerably both in this period and foods showed some increase. country and abroad, and the general level of The general advance in prices from Ocdomestic prices decreased slightly, while intober to March was the result chiefly of a dustrial production continued at about the large volume of domestic and foreign buy- March level. Further details concerning ing, both for industrial and armament purbusiness developments in March and April poses. Increased purchases by consumers, are given in the national summary of business replenishment of stocks of goods by manuconditions on page 387. facturers and distributors, and additions to plant and equipment were important factors Between October 1936 and March 1937 in the increased demand. During this period there was a general advance in wholesale comproduction increased, in some instances to modity prices for the first capacity levels, but the increase in orders was Recent course time since the summer of larger. Consequently a considerable volume of domestic ^ •< ooo Increases in 1934 of unfilled orders accumulated and in many commodity prices and in the summer of 1936 instances buyers were not able to obtain had reflected for the most part rising prices prompt deliveries. These conditions brought of agricultural products. In March 1937 about price advances and stimulated specuwholesale prices for both agricultural and lative buying, particularly of basic raw maindustrial products were at the highest level terials and semifinished products. Increases since the middle of 1930, as is shown in thein prices of raw materials have resulted in chart. increased costs for manufacturers of finished WHOLESALE PRICES products, except to the extent that materials 1926= 100 used had been purchased earlier at lower levels. Costs have also been increased by advances in wage rates, and to some extent by the increasing use of less efficient plant and equipment. Fuel prices generally have shown little change, and in some instances costs have been reduced by refunding operations, reductions in freight rates, and fuller utilization of plant. Output of many minerals and manufactures is being expanded to meet increased demands and production of new and more efficient machinery has con- 40 40 tinued to increase. The advance in prices of agricultural com- 20 modities has reflected increased consumer 1921 1923 1925 1927 199.9 1931 1933 1935 Monthly indexes of Bureau of Labor Statistics. Figures for April incomes and reduced supplies resulting in 1937, the latest month shown, are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

381 MAY 1937 FEDERAL RESERVE BULLETIN part from the drought last summer. Reports rials or international commodities in general on intentions to plant indicate that crops this appear to be the chief factor in the rise. season may be considerably larger than in Typical commodities are nonferrous metals, 1936, partly in response to the higher prices. iron and steel, timber, rubber, textile fibers, and cereals. .In Japan, where the decline in As a result of recent increases in wage the exchange value of the currency has gone rates, payrolls have continued to increase farthest, prices are now 10 percent above more than the number of persons employed. the 1929 level. The rise in England and In the two years prior to October 1936 the Sweden has been less rapid, but in both these more rapid increase in payrolls than in emcountries the price level of industrial raw ployment had reflected chiefly increases in the materials and semimanufactures is now as average number of hours worked. Since last high as in December 1929, and wholesale October average hours for manufacturing inprices in general are at levels, relative to dustries as a whole have remained practically the predepression period, well above those unchanged at slightly over 40 hours per week. in the former gold-bloc countries. Currently employment and payrolls in manufacturing are both at about the 1923-1925 WHOLESALE PRICES ABROAD average. no 110 The larger volume of payrolls, increased corporate dividends, and higher farm incomes 100 100 have been important factors in increasing the dollar volume of consumers' expenditures. Japan 90 90 While there has been a rise in rents, in prices of food and clothing, and in some other living costs, a considerable part of the increase in 80 England 80 expenditures by consumers has been reflected in an increase in the volume of goods pur- 70 70 100 100 chased. Advances in commodity prices have not 90 90 been confined to the United States, but have been world-wide. The chart 80 80 Wholesale shows the course of wholeprices abroad sale prices during the past 70 70 two years in a group of foreign countries which have relatively few exchange 60 60 or price controls and which, therefore, are directly influenced by world developments. The 50 50 upper half shows England, Japan, and 1935 1936 1937 Sweden, the last of which may be taken as General indexes of wholesale commodity prices converted to 1929 base. typical of smaller countries in the so-called sterling area. The lower half shows France, Prices in the gold-bloc countries were de- Netherlands, and Switzerland—all members pressed during the long struggle to maintain of the former gold bloc. established exchange parities. Following In each of the six countries shown the ad- the sharp downward adjustment in the exvance in prices has quickened since the mid- change rates of all three countries last Sepdle of 1936. In each, industrial raw mate- tember, a rise in prices occurred which has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 FEDERAL RESERVE BULLETIN MAY 1937 since continued under the stimulus of rising The general level of domestic wholesale world markets. The course of French prices, prices advanced 7 percent from October to however, differs from the movement of March and indexes for all prices in Switzerland and Netherlands. The Domestic price the major groups except sustained rise began at an earlier date, and comnmodhy groups fuel and lighting materials increased substantially in the recent movement has been more rapid. this period. The extent of recent changes The rise of French prices beginning in the is shown in the accompanying table, in which summer of 1935 appears to have been due to the groups are arranged in order of their the short crops in that year and the agricullevels last October relative to 1926, the base tural policies of the government. It reflected period. domestic rather than international conditions. WHOLESALE PRICES Early in 1936 the upward movement in agri- (1926 = 100) cultural prices was interrupted, but later in the year it was resumed, and in addition a Per- October March centage general increase in labor costs caused indus- 1936 1937 change trial prices to advance. The continuance of Hides and leather products 96 104 +8 developments in the labor field, readjustment Metals and metal products 87 96 +10 Building materials. ___ 87 96 +10 of the French franc, rising world prices for Farm products 84 94 +12 Foods 83 88 +6 raw materials, and greater business activity All commodities. _ 82 88 +7 appear to be the chief factors in the further Chemicals and drugs 82 88 +7 increase of French prices to a level 50 percent Housefurnishing goods 82 88 +7 Fuel and lighting materials.. ______ 77 76 -1 above that which obtained a year ago. Textile products 72 78 +8 Miscellaneous __ __ _ 72 80 +11 The strengthening of raw material mar- Source: Bureau of Labor Statistics. kets, which has found reflection in the price The advance of 10 percent in prices of levels of the industrial metals and metal products represented sharp Improved position countries, has considerably increases in nonferrous metals and ±j££wmBterl111 improved the position of Metals in iron and steel, while such finthose countries that produce ished products as automobiles and raw materials. Exports from these coun- agricultural implements remained unchanged. Copper, which in October was at 9% cents a tries have been expanding since 1933, and pound as compared with a depression low of the recent sharp advance in prices has acabout 5 cents, increased to 17 cents at the end centuated the effects of the increased volume of March. This price was the highest since of commodities sold. Most of these countries the early part of 1930 and was above the have used their increased purchasing power level of most of the 1920's. The advance was to enlarge their purchases of manufactured due in part to exceptionally heavy foreign goods in world markets, and some have been as well as domestic demand and to the reenabled to make reductions in their outduced level of stocks reached last autumn. standing foreign indebtedness. To some ex- Both domestic and foreign production have tent reserves of gold and foreign exchange increased considerably since the middle of have been strengthened and free exchange 1936 and producer restrictions on output markets widened. As a group these countries abroad have been removed. In April copper appear to be in a considerably better interna- prices declined both in this country and tional position today than at any time within abroad, the domestic price reaching 14 cents the past seven years. a pound. Zinc, lead, and tin prices, which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 383 also had increased sharply, declined consider- the beginning of 1934 but are slightly higher ably after the middle of March. than in 1929. Heavy demand for iron and steel products Data collected by the Home Loan Bank has been general among industrial nations Board indicate that the increases in prices and has reflected further increases in de- of building materials, together with increases mands for industrial purposes as well as for in wage rates, have resulted in a large inarmaments. Exports of machinery and crease in costs of home construction since other steel products from this country have last summer and that since the latter part of continued the increase under way for several 1936 increases in costs have been general years. The bulk of the demand, however, throughout the country. Rates on mortgage has been from domestic consumers, with a money, on the other hand, have continued to rising volume of orders from the machinery decline. industry, the railroads, the automobile indus- Increases in prices of furniture, rugs, and try, and many other sources. By October stoves have accounted for most of the 7 steel output had increased to 77 percent of percent advance since last October in the capacity and prices of finished steel, scrap, and coke had also advanced. By March out- housefurnishings group. put was at 88 percent of capacity, prices of In the nondurable goods industries also scrap and finished steel had increased further prices for both raw materials and finished by a substantial amount and there had been goods have advanced. Dea considerable advance in pig iron prices. In Nondurable goods mand for these products April, production continued to expand but was large in this period, and prices of scrap declined and announcement production of finished goods showed a further was made that steel prices for third quarter increase to about the same volume as in 1929. delivery would be unchanged. Also, by last autumn stocks of leading raw Building materials prices by March had materials used in these industries had been advanced to the 1929 level, while the all-com- reduced to relatively low levels, principally modity index was 7 points lower by increased consumption and, in the case Building than in that year. The advance of some farm products, by drought condimaterials of 10 percent in this group after tions. With active demand and reduced October reflected to some extent supplies materials such as wool, hides and the sharp increases in prices of nonferrous leather, rubber, and wood pulp have shown metals and structural steel but to a much large price advances. Rayon, silk, and cotton larger extent rapid advances in the price of prices have also advanced but are much lumber. Lumber supplies available on the lower than in 1929. Prices of woolen and market were reduced last winter by the mari- worsted goods have advanced about 15 pertime strike on the West Coast and by unusual cent, and cotton goods have shown a similar weather conditions. In March production increase following some rise during the sumincreased more than seasonally. With a mer of 1936. Advances reported for clothing larger volume of residential building, and prices have thus far been smaller than in larger demand for other purposes, the use of textile yarns and fabrics, reflecting in part lumber has increased considerably from the pricing on the basis of costs of materials extremely low level of the depression period, purchased earlier and the fact that other but it is still less than in pre-depression years. costs have not advanced to the same extent Cement prices have shown little change since as prices of materials. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 FEDERAL RESERVE BULLETIN MAY 1937 The increase of 8 percent since last autumn severe drought in the summers of 1934 and for hides and leather products represents 1936, Government purchase of cattle and increases of 22 percent for hides and skins, sheep in the summer of 1934, and the process- 14 percent for leather and 4 percent for shoes ing tax on hogs, which began in November and other leather products. Shoe production has in recent months been the largest on rec- WHOLESALE PRICES ord, and output of leather is at pre-depres- 1926 AVERAGE FOR TOTAL =100 90 90 sion levels. Since last autumn the Government has disposed of most of the substan- 85 85 tial volume of hides purchased two years earlier. 80 80 The principal factors in the increase shown 75 75 for miscellaneous products have been a sharp rise in the price of rubber and substantial 70 70 55 55 increases for automobile tires and pulp and Commodities other than Farm Products and Foods paper. Rubber export quotas of producing 50 50 countries have been repeatedly enlarged, but supplies have not become available rapidly 45 45 20 20 and prices advanced from 17 cents per pound in October to 27 cents at the end of March. 15 15 Since that time the price has declined and in the last week of April reached 21 cents. 10 10 20 20 Other Farm Products Altogether commodities other than farm and Foods 15 15 products and foods have accounted for about one-half of the increase in the 10 L J 10 Farm products all-commodity index since Oc- 1934 1935 1936 1937 Monthly figures. The data used in preparing this chart were and foods tober, and the other half of supplied by the Bureau of Labor Statistics. The commodities in the major groups of farm products and foods were regrouped to the increase has been in live- show livestock and their products separately from other farm products and foods. The new livestock group contains the comstock and products and other farm products modities in the "livestock and poultry", "meats", and "dairy products" subgroups and also lard, eggs, and wool. The latest figures and foods. This is indicated on the accom- shown are for March 1937. panying chart based on data supplied by the 1933 and was removed in January 1936. The Bureau of Labor Statistics. The chart also advance in prices of livestock and their prodshows that movements in prices of livestock ucts since the drought last summer has been and their products were responsible for most considerably smaller than in the correspondof the changes in the index for all commodities ing period following the drought of 1934. from the beginning of 1934 until the autumn Prior to the recent drought prices were much of 1936. The figures in the chart are expressed higher than in the early part of 1934 and in terms of points inthe all-commodity index, during the drought period marketings were so that it is possible to see how much of the lighter. Except for the first half of 1934 and movement in the general level is accounted the early part of 1936, prices of livestock and for by changes in each of the groups shown. meats have moved closely together. Prices Changes in prices of livestock and their of dairy products have been generally more products since the beginning of 1934 have stable, and in both 1934 and 1936 rose more reflected many influences, including increases promptly than those of livestock and meats in consumer income throughout the period, in response to the reductions in feed supplies Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

385 MAY 1937 FEDERAL RESERVE BULLETIN by drought conditions. With unusually large been unusually high this season and domestic consumption of wool and reduced stocks, supplies have been supplemented by imports. there was a substantial advance in wool Since last October costs as well as prices prices toward the end of last year, and im- have been rising in many industries, but the ports have increased considerably. movement of various costs has n°t been uniform. Higher costs Movements in prices of other farm prod- Costs and have resulted in part from inucts and foods, principally cotton, grains creased prices of materials, but and products, tobacco, vegetables, and fruits, wage rates have also advanced, and in some have reflected primarily increased consumer lines, particularly those in which production incomes, drought conditions in 1934 and has been close to capacity, less efficient plants 1936, and crop control programs. Stocks have been brought into use. In other inof cotton in the United States, which stances fuller utilization of plants, made posamounted to 10,000,000 bales in August 1932, sible by an increasing volume of production, have been sharply reduced and the Departhas been a factor lowering costs per unit. ment of Agriculture estimates that stocks in Fuel prices have shown little change. Rail- August 1937 will be about 4,500,000 bales. road freight rates on some commodities were Holdings of cotton by Government agencies reduced at the end of 1936 when the emerhave been reduced from a maximum of gency rates granted in 1935 were discontin- 6,500,000 bales to about 1,750,000 bales on ued. Interest charges have been lowered in April 22. The price of cotton, which had been many cases by refunding operations. around 12 cents a pound for three years, reached 14% cents at the end of March, then Wage rates have increased substantially declined by about a cent and a half in April. since last October, following a period of Private estimates indicate that cotton acreage about two years during which they had inis being increased substantially this year. creased only slightly. The principal increases have been in manufacturing industries, but at Wheat prices have advanced materially in public utilities, metal mines, and oil fields recent years. Since December hard winter wages advanced somewhat in the latter part wheat has been around $1.40 a bushel as comof 1936 and early this year, and at bituminous pared with $1.20 last autumn and $1.05 a year coal mines wages were increased considerably ago. Domestic stocks have been reduced in April. Wages paid in the building inby a series of small crops and are now at the dustry also have increased in recent months, lowest level since 1926. The Department of while in wholesale and retail trade average Agriculture estimate of the winter wheat hourly earnings have remained practically crop indicates a yield of 656,000,000 bushels, unchanged. about 140,000,000 more than last season. The spring wheat crop is also expected to Average hourly earnings increased in Nobe larger than last season and it appears that vember and December at meatpacking estab-' the total crop will be considerably in excess lishments, at plants producing steel, maof domestic requirements. World output chinery, automobiles, textiles, and chemicals, last year was small, and with active demand and in several smaller manufacturing indusprices abroad have advanced more sharply tries. Since the first of the year wages have than in this country, so that currently, for been raised further in the steel, automobile, the first time in four years, prices of winter and machinery industries, and there have wheat in this country are approximately ad- also been advances in the clothing, leather, justed to an export basis. As a result of rubber tire, nonferrous metals, and petroreduced supplies, prices of feedstuffs have leum industries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN MAY 1937 For manufacturing as a whole the increase Appointment of Class C Directors at Federal Reserve Banks in wage rates from October to March was On April 1, 1937, Mr. Carlyle Thorpe was about 7 percent. Changes by industries are appointed as Class C Director of the Federal shown in the following table: Reserve Bank of San Francisco for the unexpired portion of the three-year term ending AVERAGE HOURLY EARNINGS IN MANUFACTURING December 31, 1939. INDUSTRIES On April 22, 1937, Mr. F. W. Peck was (Cents per hour) appointed as Class C Director of the Federal Per- Reserve Bank of Minneapolis for the unex- October March centage 1936 1937 change pired portion of the three-year term ending December 31, 1939. All industries* 57.7 61.5 +7 Durable goods 61.8 67.0 +8 Nondurable goods* 53.7 55.6 +4 DURABLE GOODS Iron and steel and products 62.4 69.0 +11 Blast furnaces and steel works 66.4 74.8 +13 Machinery 61.2 65.8 +8 Transportation equipment 74.7 82.8 +11 Automobiles 76.0 85.7 +13 Railroad repair shops 69.1 68.9 Nonferrous metals and products 56.3 61.1 +9 Lumber and products 47.1 48.6 +3 Stone, clay and glass products^.. 56.3 59.5 +6 NONDURABLE GOODS Textile fabrics 43.5 45.5 +5 Wearing apparel 52.7 53.1 +1 Leather and products 50.8 52.6 +4 Food products* 55. 1 58.3 +6 Meatpacking 56.1 60.8 +8 Tobacco manufactures 41.0 42.8 +4 Paper and printing 69.8 71.4 +2 Chemicals 56.4 59.8 +6 Petroleum refining 83.5 88.3 +6 Rubber products 71.1 73.9 +4 Tires and tubes 88.1 93.0 +6 * Excluding canning and preserving. ** Less than one-half of one per cent change. Source: Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDEKAL RESERVE BULLETIN 387 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 24 and released for publication April 26] In March industrial activity continued to vious month. Production at woolen mills and increase and payrolls at factories and mines shoe factories continued in large volume. showed a substantial rise. Prices of basic Value of construction contracts awarded commodities after advancing rapidly in in March, as reported by the F. W. Dodge March declined in the first half of April. ^ Corporation, was at about the same level as Production and employment.—Industrial in February and substantially higher than a production increased from February to March year ago. Privately-financed work increased, and the Board's seasonally adjusted index while the amount of publicly-financed work advanced from 116 percent of the 1923-1925continued to decline. The increase in priaverage to 118 percent. The rise reflected a vately-financed projects reflected a larger volume of residential building and of factory and commercial construction. INDUSTRIAL PRODUCTION PERCEINT PER Employment and payrolls increased by 140 considerably more than the usual seasonal 130 130 amount between the middle of February and A 120 120 the middle of March. The expansion in pay- / 110 110 rolls was larger than in employment, reflect- \ f 100 ^A\ 100 ing in part a further rise in wage rates. In k manufacturing, the principal increases in em- 90 / 90 A ployment were in industries producing dur- 80 \ 80 able goods, particularly steel, machinery, and 70 j V 70 lumber. The number employed in the pro- 60 , i 60 duction of nondurable manufactures showed 50 50 slightly more than the usual seasonal rise. 1929 1930 1931 1932 1933 1934 1935 1936 1937 Monthly index of physical volume of production, adjusted for FACTORY EMPLOYMENT AND PAYROLLS seasonal variation, 1923-1925 average = 100. PER CENT 120 sharp increase in output of minerals, chiefly ! coal, and an increase of somewhat more than the usual seasonal amount in manufacturing. The larger output of coal in March was due "\ V,A[ Employment /vA- 90 in part to stocking by consumers in anticipa- / J 80 tion of a possible strike at bituminous coal 70 mines on April 1 when the agreement between 60 mine operators and the miners' union expired. Payrolls^ /•- 50 A new agreement was reached on April 2 but, \ A / 40 owing partly to the previous accumulation of stocks, production in the first ten days of 1929 1930 1931 1932 1933 1934 1935 1936 1937 April showed a sharp decline. During March Monthly indexes of number employed and payrolls at factories, activity at steel mills increased seasonally and unadjusted for seasonal variation, 1923-1925 = 100. in the first three weeks of April was over 90 Distribution.—Distribution of commodities percent of capacity. In the automobile in- to consumers showed about the usual seadustry output showed about the usual sea- sonal increase from February to March. sonal increase in March and the first three Mail-order sales expanded considerably but weeks of April, considerable fluctuations dur- the rise in department store sales was less ing this period being largely in response to than seasonal, considering the early date of developments in the labor situation. Lumber Easter this year. production expanded considerably in March, Commodity prices.—Prices of nonferrous and there was a sharp rise in output of non-metals, steel scrap, rubber, cotton, and wheat, ferrous metals. Cotton consumption, which which had advanced rapidly in March, dehas been at an unusually high level in recent clined considerably in the first half of April. months, increased further in March and in Since the middle of March prices of coke, tin actual amount was larger than in any pre-plate, and rayon have advanced and there Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN MAY 1937 have been smaller increases in a wide variety dealers in securities declined from the middle of other industrial products. Dairy products of March to the middle of April, while other have declined, reflecting in part seasonal de- loans, which include loans for commercial, velopments. industrial, and agricultural purposes, showed a substantial increase. These loans have in- WHOLESALE PRICES creased almost continuously over the past year. MEMBER BANK LOANS AND INVESTMENTS BILLIONS OF DOLLARS BILLIONS OF DOLLARS LOANS INVESTMENTS Dire U ct . S O . b G lig o a v t t ic wns P^ \ I OtheLoans _-<• to Customers S .—^y^ Other SecuritieIs*—•*- Loons on Sec. -.. to Customers Loans to Brokers Guaranieed Obigations Indexes compiled by United States Bureau of Labor Statistics, and Dealers 1926 = 100. By weeks, 1932 to April 17, 1937. Accept%"plr Bank credit.—In the four-week period from 34 1935 1936 1937 '34 1935 1936 March 24 to April 21 excess reserves of mem- Wednesday figures for reporting member banks in 101 leading ber banks increased from $1,270,000,000 to cities, September 5, 1934, to April 14, 1937. Loans on real estate $1,590,000,000, reflecting principally dis- and loans to banks excluded. bursements by the Treasury from balances Demand deposits, after declining in March, with Federal Reserve banks and purchases of increased somewhat in the first half of April, U. S. Government obligations by the Federal and there was an increase in foreign bank Reserve System. The bulk of the increase in balances, reflecting an inward movement of excess reserves was at banks in New York short-term funds from abroad. City and Chicago. Money rates.—The rate on prime commer- Total loans and investments of reporting cial paper advanced from % percent to 1 permember banks, which had declined sharply in cent in the latter part of March. Bond yields, March, reflecting sales of U. S. Government which had advanced sharply in March, showed obligations, showed little change in the two no pronounced change in the first three weeks weeks ending April 14. Loans to brokers and of April. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 389 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 12 12 11 11 10 10 GOLD STOCK / 9 8 r 8 i it MONEY IN CIRCULATION / uii i ^ -^1 j ••> .| ^——^^ =v—- 4 TREASlIRY CASH 3 3 —•«.••• i RESERVE BANK 2 2 : (3REDIT 1 A « 1 } TREASURY DEPOSITS , *•••••... 0 0 1932 1933 1934 1935 1936 1937 8 8 7 7 MEMBER BANK 6 RESERVE BALANCES 6 5 5 4 4 3 3 2 2 REQUIRED RESERVES 1 1 0 0 1932 1933 1934 1935 1936 1937 Latest figures for April 21, 1937. See table on page 450. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDERAL RESERVE BULLETIN MAY 1937 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1937 1936 Annual averages Mar. Feb. Jan, Mar. Feb. Jan 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.. 2,472 2,475 2,485 2,484 2,493 2,484 2,481 2, 475 2,502 2,429 2,077 1,459 Bills discounted _ 6 3 3 6 8 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 _ 2,432 2,431 2,430 2,430 2,430 2,430 2,430 2,431 2,432 2,052 1,461 208 Monetary gold stock 11,503 11,399 11,310 10,17210,163 10,158 10,578 9,059 7,512 4,059 3,952 3,996 Treasury currency 2, 537 2,531 2,531 2,502 2,495 2,486 2,503 2,478 2,381 2,271 2,096 2,015 Money in circulation.._ 6,391 6,369 6,400 5,857 5,779 5,757 6,101 5,585 5,403 5,576 5,328 4,476 Treasury cash ._ 2,682 2,569 2,450 2,518 2, 515 2,564 2,474 2,791 2,798 288 236 207 Treasury deposits with F. R. banks 205 167 200 760 466 494 446 128 81 55 39 22 Nonmember deposits and other accounts 530 554 560 603 584 533 551 507 438 497 407 406 Member bank reserve balances: Total 6,704 6,747 6,716 5,420 5,808 5,780 5,989 5,001 3,676 2,343 2,114 2,358 Excess 1,371 2,152 2,093 2,653 3,038 3,033 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, 610 22,600 22, 734 •21, 449 21,053 20, 928 22,064 19, 997 18, 672 17,505 19,080 22, 599 Loans to brokers and dealers in New York City- 1,078 982 993 995 901 923 969 820 815 591 337 1,405 Other loans on securities 2,270 2,256 2,242 '2, 274 2,230 2,247 2,267 2,301 2,711 3,343 4,508 6, 251 All other loans 5,938 5,744 5,763 '4, 957 4,850 4,910 5,226 4,907 4,965 5,222 6,578 9,231 U. S. Government obligations: Direct _ 8,802 9,118 9,263 8,73: 8,708 7,989 6,856 5,228 4,413 2,865 Fully guaranteed 1,206 1,212 1,230 1, 248 1,194 1,155 1,250 928 «325 Other securities... 3,316 3,288 3,243 3,238 3,170 3,094 3,272 3,053 "3,000 3,121 3,245 2,847 Reserve with Federal Reserve banks 5,205 5,326 5,292 '4, 361 4,782 4,773 4,799 4,024 2,875 1,822 1,673 1,725 Cash in vault _ 359 387 401 '365 356 354 383 326 271 240 214 248 Balances with domestic banks 1,998 2,252 2,307 2,334 2,335 2,336 2,358 2,112 1,688 1,322 1,250 1,142 Demand deposits—adjusted 15, 429 15, 572 15,516 13, 88214,064 13,824 14,619 12, 729 (0 0) 0) (0 T D B i o e m r p r o e o s w d it i e s n p g o o s f s i d ts o m (e e x s c t l i u c d b in a g n k i s n 3 terbank) 2 _ 5 5, , 1 6 4 7 2 9 3 5 5 , , 0 9 9 8 4 8 1 6 5 , , 0 0 8 5 3 5 2 •• 4 5 , , 9 6 2 1 5 3 3 0 4 5 , , 8 6 9 4 2 3 7 4 5 , , 8 62 9 2 0 2 4 5 , , 9 8 9 1 5 9 0 4 4 , , 8 9 8 3 3 8 4 3, , 8 9 1 3 4 7 4 2 , , 9 8 1 4 1 2 5 6 2 2 5 , , 2 7 6 2 6 7 8 6 2 6 2, , 7 7 6 8 8 7 7 8 4 MONEY RATES AND BOND YIELDS Averages of weekly figures; percent per annum Commercial paper .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 - „ .58 .38 .36 .11 .08 .10 .14 .14 .26 .52 .88 U. S. Treasury bonds, long term. 2.50 2.31 2.29 2.54 2.62 2.68 2.47 2.70 3.10 3.31 3.65 3.60 Corporate high grade bonds (Moody's Aaa). 3.32 3.22 3.09 3.29 3.32 3.37 3.24 3.60 4.00 4.49 5.01 4.73 CAPITAL ISSUES Amounts per month; in millions of dollars All issues—total _„__ 382 497 '603 '763 303 '401 518 392 180 89 146 959 New _. 185 168 r241 •128 107 rl23 164 121 116 60 100 841 Refunding _ 197 329 362 -635 196 278 354 270 64 29 46 118 Domestic corporate issues—total.. 319 354 r299 595 195 266 382 189 41 32 54 781 New. 138 130 '95 59 13 65 99 34 15 13 27 667 Refunding __ 181 225 204 536 181 201 282 155 26 18 27 115 PRICES Index numbers Common stocks (1926=100) .... 130 130 126 109 106 100 111 78 72 63 48 190 Wholesale commodity prices (1926=100): All commodities 88 86 86 80 81 81 81 80 75 66 65 95 Farm products.- 94 91 91 77 80 78 81 79 65 51 48 105 Foods _ _ 88 87 87 80 83 84 82 84 71 61 61 100 Other commodities .._ 86 *84 83 79 79 79 80 78 78 71 70 92 Retail food prices (1923-25=100) _ 85 85 85 80 81 82 82 80 74 66 68 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1928-25=100 Industrial production P118 116 114 93 94 97 105 90 79 76 64 119 Manufactures P117 116 115 93 92 96 105 90 78 75 63 119 Minerals P127 115 109 97 111 104 104 91 86 82 71 115 Construction—total *>55 62 63 47 52 62 55 37 32 25 28 117 Residential M5 47 45 26 25 25 37 21 12 11 13 87 All other P64 75 77 63 75 92 70 50 48 37 40 142 Factory employment P101 100 99 88 87 89 92 86 83 72 66 105 Factory payrolls (unadjusted). P101 96 91 78 74 74 82 71 63 49 46 109 Freight-car loadings. _ 83 80 80 66 70 70 72 63 62 58 56 106 Department store sales.._ 93 95 93 84 83 81 88 79 75 67 69 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports.. 233 222 We 182 199 205 190 178 140 134 437 General imports 278 240 191 193 187 202 171 138 121 110 367 p Preliminary. • Partly estimated. r Revised. c Corrected. 1 Figures not available. i 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

391 MAY 1937 FEDERAL RESERVE BULLETIN LAW DEPARTMENT Amendment No. 9 of Regulation T—Effective April this agreement are segregated for this par- 23, 1937, ticular purpose, the funds should be con- The Board recently adopted an amend- sidered as collateral and not as deposits subment to its Regulation T, which relates to ject to reserve. It appeared, however, that the extension and maintenance of credit bythe funds on deposit are mingled with the brokers, dealers and members of national sebank's other general assets. curities exchanges. The amendment, which In a ruling published at page 572 of the became effective April 23, 1937, reads as fol- Federal Reserve Bulletin for 1922, the Board lows: took the position that all funds received by a " Section 5 of Regulation T is hereby amended by bank in the course of its commercial or fidustriking out the date 'July 1, 1937' in subsections (c) ciary business must be considered as deposits and (d) of said section and substituting therefor the against which reserves are required to be cardate 'January 1, 19387' ried, unless such funds are trust funds and The principal effect of this amendment is are actually segregated from the other assets to extend from July 1, 1937, until January 1, of the bank. Since the date of the above rul- 1938, the period within which brokers and ing, the principle stated therein has been dealers subject to Regulation T may hold un- applied on a number of occasions and was reregistered securities as additional collateral cently applied in a ruling published at page in certain circumstances, such collateral being 113 of the Federal Reserve Bulletin for Febheld merely for the brokers' or dealers' own ruary, 1937. protection and without being given any loan Since it appeared that the deposits in quesvalue or serving as the basis for any addi- tion create an ordinary debtor-creditor relational credit. tionship between the bank and the customer and that the funds on deposit under the arrangement referred to above are not trust funds and are not actually segregated from Necessity of Reserves against Deposits Securing Loans the other assets of the bank, the Board exof Government Securities. pressed the view that the provisions of sec- The Board of Governors has recently contion 19 of the Federal Reserve Act require sidered the question whether deposits rethat reserves be carried against these deceived by a member bank as collateral to loans posits. of United States Government securities constitute deposits against which reserves are required to be carried with the Federal Reserve bank of the district. It was understood that the member bank Quorum of Trust Investment Committee of National lends United States Government securities to Bank; Written Approval of Transactions by Majority of Committee Without Meeting of Committee. certain of its customers who are dealers in securities and as collateral for such loans ac- The Board recently considered two quescepts deposits from the customers. The tions relating to the provisions of the Board's agreement under which the loans of United Regulation F pertaining to the trust invest- States Government securities are made con- ment committees of national banks. tains, among others, the following provisions: The first question presented was whether it is proper for a national bank to provide "To secure re-delivery as outlined in the preceding that two of the six members of its trust paragraph, and to secure performance and payment by you of any other of your obligations to us, you investment committee shall constitute a have deposited with us $ in cash and quorum. In answer to this question, the the following securities: Board expressed the opinion that a majority "Upon failure to make re-delivery as required of the committee is necessary to constitute a above, we shall be entitled, at our option, to retain said cash and securities deposited by you as our quorum in order to comply with the requireabsolute property in lieu of the securities loaned to ments of the regulation. In this connection, you." the Board stated that the underlying purpose It was suggested that, so long as the bank's of the provisions of the regulation pertaining records indicate that the deposits made under to trust investment committees was to pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BULLETIN MAY 1937 vide: (1) that collective rather than individ- Renewal of Real Estate Mortgage Notes Held by Trusts ual judgment govern the investment of trust of National Bank at Time of Effective Date of funds; and (2) that responsibility for the Latest Revision of Board's Regulation F. investment of trust funds be definitely placed The Board recently considered an inquiry in a committee functioning as such, rather from a national bank relating to the renewal than in two or more officers acting as indi- for trust accounts of real estate mortgage viduals. notes purchased prior to June 1, 1936, The second question presented was whether through a corporation which is principally it is proper for a national bank to provide owned by a director of the bank or his imthat trust investments may be made or dis- mediate family. Prior to such date the bank posed of upon written approval of a quorum invested funds of trusts administered by it of its trust investment committee without in real estate mortgage notes purchased a meeting of the committee. The Board through such corporation and the corporastated that it does not consider it inconsistent tion receives a commission from the borrower with the purposes of the pertinent provisions as compensation for securing the renewal of of Regulation F, and will not deem it a violasuch notes from time to time. The question tion of such regulation, for trust investments presented was whether the renewal of the to be made or disposed of upon written apnotes is forbidden by provisions of section 11 proval by a majority of the members of the of the Board's Regulation F, added to the trust investment committee, provided such action is promptly reported to the committee regulation when it was revised effective June and the report incorporated in its minutes. 1, 1936, which provide that trust funds held by a national bank shall not be invested in property acquired from directors, officers, or employees of the bank or their interests. Investment of Funds of Various Trusts by National The Board stated that such provisions re- Bank in Notes Constituting Part of Series Secured late to the investment of trust funds and do by Same Deed of Trust. not require that assets which had already The Board recently considered an inquiry been acquired at the time of the effective from a national bank presenting the question date of the revised regulation shall be rewhether it is in conflict with the requirements moved from trusts held by a national bank. of the Board's Regulation F for the bank to The Board further stated that it does not feel pursue the practice of purchasing from time that a renewal of a note held as an asset of a to time for its various trusts one or more of trust at the time of the effective date of the a series of notes of the same obligor and revised regulation should be considered as secured by the same deed of trust on real an investment of trust funds within the estate, without purchasing all of the notes. meaning of such requirements of the regula- The bank in its own right has no interest in tion. The Board expressed the opinion, any of the series of notes and such notes are therefore, that the regulation does not prepurchased after an independent appraisal on vent the renewal of the notes held by trusts behalf of the trust department. as described above; it being understood, of The Board stated that the only provisions course, that the investments are otherwise of Regulation F which might be construed as proper investments for particular trusts in prohibiting such a practice are those con- view of all of the circumstances relating to tained in section 12 of the regulation, which each trust and that such investments are not are to the effect that securities and investotherwise subject to criticism. ments of each trust shall be kept separate from those of all other trusts. The Board expressed the opinion, however, that such provisions do not forbid the investment of Application of Regulation U to a Loan to a Securities trust funds in the manner described; it being Dealer for the Purpose of Purchasing Both Regisunderstood, of course, that in any case the tered and Unregistered Stocks. investments are otherwise proper invest- The Board recently considered a question ments for particular trusts in view of all as to whether a certain loan to be made to a the circumstances relating to each trust and securities dealer and secured by stocks should that such investments are not otherwise sub- be considered to be a loan for the purpose of ject to criticism. purchasing or carrying stocks registered on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 393 a national securities exchange, and thus be or not, in the event the dealer should treat considered to be subject to Regulation U. certain of the transactions separately and It appeared that the proceeds of the loan obtain loans from time to time for particular would not be employed immediately but purposes, some of these loans to the dealer would be kept available for use in acquiring might be excluded from the operation of the registered or unregistered securities. The regulation. securities were only to be acquired when a It seemed clear from the borrower's busiquick sale was in prospect and they would be ness as a dealer that one purpose of the loan disposed of promptly. The securities purin question was to purchase or carry regischased were often unregistered securities, tered stocks. Therefore, the Board expressed but some registered stocks were so purchased and the inquiry was, in effect, whether such the opinion that, while the loan might also purchases of registered stocks caused the have certain other purposes, the loan should loan to be subject to the regulation. No ques- be considered to be a loan for the purpose of tion was presented to the Board as to whether purchasing or carrying registered stocks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN MAY 1937 STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES MAY 1929—DECEMBER 1936 Statistics of international capital transac- 30, 1936, was published by the Treasury on tions of the United States during the last November 27, 1936. On April 5, 1937, the three months of 1936, recently released by Treasury brought the published data down the Treasury Department, are published in to the end of 1936, and publication will be this issue of the together with continued on a quarterly basis.2 BULLETIN, the figures for 1935 and the first nine months The eleven tables presented at the end of of 1936, published in the January this article summarize the more significant BULLETIN. In order to make available to the public statistics of international capital transacadditional information regarding capital tions since 1929. The first nine tables cover movements between the United States and only the years 1935 and 1936, for which the foreign countries, there are also published in comprehensive figures compiled pursuant to this for the first time statistics of the Treasury regulation are available. The BULLETIN international banking funds collected from first table shows the total capital move- 1929 to 1934 by the Federal Reserve Bank of ment as reported by banks and brokers. The New York in cooperation with a group of seven major forms which this movement has leading New York City banks and bankers. taken are also shown in the first table. Each Collection of these figures by the Newof the eight columns is then made the subject York Reserve Bank was begun on a monthly of a succeeding table in which the data are basis in 1929. At first only short-term liabil- classified according to leading countries and ities were reported, such as foreign deposits areas. Tables 10 and 11 show the outstandin this country, loans made to brokers on ing foreign liabilities and assets reported by behalf of foreigners, and acceptances and banks for the entire period from May 1929 to Treasury bills held for foreign account. In December 1936, including figures collected by March 1931, however, the reports were ex- the New York Reserve Bank before December panded to cover the short-term assets abroad 1934, as well as those subsequently reported of the New York banks and their clients. Be- under the Treasury regulation. The material ginning July 15, 1931, all reports were put in these two tables is presented in the form of on a weekly basis. In December 1934 a chart on page 399. Four additional charts these reports to the Federal Reserve Bank of showing the capital movement to the United New York were supplanted by the figures States in 1935-1936 and its principal comgathered on similar forms by all twelve Fed-ponents are presented on pages 400 and 401. eral Reserve banks in accordance with the The movement of capital between the Treasury Regulation of November 12, 1934.x United States and foreign countries consti- The weekly figures now compiled by thetutes a major element in the balance of inter- Federal Reserve banks for the Treasury national payments of the United States. In recover not only banking funds but also brok-cent years it has been the factor chiefly reerage balances, security transactions, and sponsible for the gold flow to the United other foreign exchange data reported by States and the growth of excess reserves in banks and brokers in the United States. member banks of the Federal Reserve Sys- Most of the international capital transac- tem. International capital movements have tions of this country appear to have been been discussed in several issues of the FEDhandled by these reporting institutions. Re- ERAL RESERVE BULLETIN on the basis of the ports received from other sources, such as figures published at the end of this article. the larger exporters, importers, and commer- Such discussions occurred in the Bulletins cial and industrial concerns, indicate that for October and December 1935 and for May, the net movement of capital through these July, and December 1936. agencies has been comparatively small. There are, however, unreported capital move- DETAILED DESCRIPTION OF THE STATISTICS ments which may at some periods have been Since the international movement of capital fairly substantial. consists of transfers of ownership of bal- Most of the reported material for the ances, securities, properties, and other claims period from January 2, 1935, to September 2 See documents published by the United States Treasury en- 1 This regulation (BULLETIN for December 1934, p. 780) wastitled "Statistics of Capital Movements between the United issued under authority of the Executive Order of January 15, States and Foreign Countries and of Purchases and Sales of 1934 (BULLETIN for February 1934, pp. 78-79). Foreign Exchange in the United States." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 395 between the United States and foreign coun- United States banking funds from abroad tries, the distinction between domestic enti- (table 5). ties and foreign entities must be precisely Foreign banking funds in the United States indicated. Banking institutions, security (table 1, third column, and table 4) and dealers, other concerns, and persons are re- United States banking funds abroad (table 1, garded as domestic, whatever their nation- fourth column, and table 5).—These figures ality, if domiciled within the United States. represent the net inflow of banking funds Conversely, banking institutions, security shown by the net increase since January dealers, other concerns, and persons are re- 2, 1935, in short-term liabilities to forgarded as foreign, whatever their nationality, eigners (table 4) and the net decrease since if domiciled outside the United States. Thus, January 2, 1935, in short-term foreign assets the branches in the United States of foreign (table 5) as reported by banks and bankbanking institutions are regarded as domes- ers in the United States; a net decrease tic, while foreign branches of domestic bank- in liabilities or a net increase in assets coning institutions are regarded as foreign. stitutes an outward movement of banking Not every transfer of ownership between funds. Figures of the outstanding amounts Americans and foreigners, however, involves of short-term foreign liabilities and assets, an international exchange transaction. A from which tables 4 and 5 are derived, are foreign buyer of American securities with presented in tables 10 and 11, and the source funds on deposit at an American bank, for and nature of these figures are described more instance, may use these funds to pay for the fully in connection with those tables. securities purchased; or, not having such Brokerage balances (table 1, fifth column, funds, may borrow from an American bank and table 6).—The term brokerage balances or broker. Thus, the recorded inflow of capi- is here used to cover balances due from fortal represented by the security transaction eigners to reporting brokers and dealers in would be offset by a recorded outflow of capi- securities domiciled in the United States, and tal reflected, in the first case, in a decrease in balances due to foreigners by such brokers American deposit liabilities to foreigners; and dealers. Total brokerage balances due and, in the second case, in an increase in the from foreigners include both debit balances foreign assets of an American bank or broker. in foreign accounts with domestic brokers No foreign exchange transaction would have and dealers (reflecting funds borrowed by occurred, since what appear in the recorded foreigners, presumably for the purchase of figures as two separate operations are really securities), and funds held abroad in the form two offsetting aspects of a single operation, of balances with foreign banks and brokers. transacted wholly in dollars. The net figures, Total brokerage balances due to foreigners which would show no movement of capital, include both credit balances in foreign acwould report this fact correctly. counts with domestic brokers and dealers, and The following paragraphs describe in de- overdrafts carried abroad by such brokers tail the source and nature of the figures in and dealers. the various tables. The figures in the first The net movement of capital to the United column of table 1, and in table 2, represent States in brokerage balances represents the the summation of the several components cumulated sum of (a) increases in balances described below. due to foreigners by security brokers and Total banking funds (table 1, second col- dealers in the United States and (b) deumn, and table 3).—The term banking funds creases in balances due from foreigners to is here used to cover short-term liabilities to such brokers and dealers. Decreases in (a) foreigners reported by banks in the United and increases in (b) constitute outward States, and short-term claims on foreigners movements of capital and reduce the cumulareported by such banks. The reports also tive inward movement. A net outward movecover accounts of clients so far as these are ment of capital in brokerage balances has handled by the banks. The figures in table 3 usually indicated that foreigners have bought show the net movement of capital to the securities on margin in the United States. United States in total banking funds since Outstanding amounts of brokerage bal- January 2, 1935, as represented by both the ances, both due to and due from foreigners, net inflow of foreign banking funds to the are not large and the figures are not published United States (table 4) and the return of with this article, although they are available Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 FEDERAL RESERVE BULLETIN MAY 1937 in the Treasury reports referred to on page are partially financed by funds borrowed in 394. Brokerage balances outstanding at the this country, the full cost of the purchase is beginning and end of the period covered, and included in the security figures and the funds for the intermediate dates on which the cumu- borrowed are reported by the lending bank lative net inward and net outward move- or broker; and conversely when such securiments of capital in brokerage balances were ties are sold and the indebtedness is repaid. largest, are given below. Domestic securities (table 1, seventh column, and table 8).—The net movement of capital to the United States in security trans- TOTAL BROKERAGE BALANCES OUTSTANDING actions during the period covered by the fig- [In millions of dollars] ures has represented principally net foreign purchases of domestic securities. The term Due to Due from foreigners foreigners "domestic securities" is used to designate securities of the United States Government, Jan.2, 1935 .. . 17.0 94.2 States, and municipalities, and of corpora- F O e r b t 9 1 , 9 1 , 9 1 3 9 5 36 __ 2 2 2 1 . . 3 9 1 6 0 8 2 . . 7 3 tions chartered in the United States, except Dec 30, 1936 38.6 102.9 that changes in foreign holdings of United States Treasury bills and certificates are largely reflected in the figures in table 10 (see Since changes in brokerage balances are below) and are not included in the figures of closely related to security transactions, it ap- transactions in domestic securities. pears desirable, for most purposes, to con- Foreign securities (table 1, eighth column, sider them as part of the net movement of and table 9).—The other component of the capital in security transactions.3 net movement of capital to the United States Total securities (table 1, sixth column, and in security transactions represents net fortable 7).—The net movement of capital to eign purchases of foreign securities. The the United States in security transactions term "foreign securities" covers the securirepresents the cumulated net purchases of ties of foreign governments and political subboth domestic and foreign securities 4 from divisions, and of corporations chartered in Americans by foreigners, i.e., total foreign foreign countries, except that changes in purchases minus total foreign sales, as re- American holdings of foreign government ported by banks, bankers, brokers, and deal- securities maturing within one year of the ers in the United States. The reports cover date of issue are largely reflected in the (a) transactions executed in the United figures in table 11 (see below), and are not States for foreign account, or on behalf of included in the figures of transactions in fora domestic trustee or nominee known to be eign securities. Foreign purchases of foreign acting for foreign account; (b) transactions securities include, in addition to ordinary inexecuted in foreign countries for account of vestments, two special types of transaction : reporting institutions in the United States (1) the amounts of called or matured foreign or their domestic clients;5 (c) transactions securities redeemed in the United States, and executed for joint foreign arbitrage account, (2) sinking fund purchases of foreign securias reported by brokers and dealers in the ties in the United States. New foreign se- United States who participate as principals curity issues in the United States are included in security arbitrage accounts jointly with in the figure of foreign sales of foreign securibrokers and dealers domiciled abroad. ties, and if foreigners subscribe to such issues The basic figures represent the total amount the amounts are reported as foreign purof money debited or credited (to either for- chases. eign or domestic account), i.e., the cost of Short-term foreign liabilities (table 10) purchases plus commissions, tax, etc., or the and assets (table 11) reported by banks and proceeds of sales less commissions, tax, etc. bankers.—The figures in tables 10 and 11 When security purchases in the United States represent, respectively, the short-term6 indebtedness to, or claims on, banks, govern- 3 See first chart, p. 400, and note. ments, concerns, and individuals domiciled * The term "securities" is broadly interpreted to include rights, warrants, scrip, and trust certificates as well as stocks and bonds. 5 In general, transactions executed abroad otherwise than 6 "Short-term" is defined as relating to obligations maturing through the intermediary of a regularly reporting agency are not within one year of the date of report; except that long-term pubreported, though certain special transactions reported directly by licly offered securities are not regarded as short-term obligations, industrial concerns are included in the figures. even when they come within one year of maturity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

397 MAY 1937 FEDERAL RESERVE BULLETIN abroad, recorded on the books of banks and and assets, there are several classes of liabilibankers in the United States. Prior to De- ties and assets that are not reflected in the cember 5, 1934, the reports were confined to records of domestic banks and bankers, and, a group of leading banks and bankers in New consequently, do not enter their figures. York City where most of the international Three such classes not included in the figures accounts of the country are held. Beginning in tables 10 and 11 are: (1) the short-term with December 5, 1934, reports have been re- foreign liabilities and assets on open account quired by the Treasury from all banks and of commercial, industrial, and other concerns bankers in the United States that have inter- domiciled in the United States; (2) the fornational accounts and do a foreign exchange eign debit and credit balances of security business of $5,000 weekly. The New York brokers and dealers in the United States; and City figures begin with the end of May 1929 (3) foreign holdings of United States curfor liabilities to foreigners and with the end rency. Although reports are received from of March 1931 for foreign assets. Although commercial, industrial, and other concerns, from the first these figures constitute a sub- publication of the figures has been postponed, stantially complete record of the short-term owing to certain statistical inadequacies, until foreign liabilities and assets of the reporting necessary improvements have been developed. New York banks and their clients, it was not The net movement of capital in brokerage until September 7, 1932, that the reporting balances is given in table 6, however, and system was made virtually the same as that some idea of the net change in foreign holdemployed for all banks in the United States ings of United States currency may be obsubsequent to December 5, 1934. tained from figures published monthly in the Figures for period beginning December 5, FEDERAL RESERVE BULLETIN and annually by 193£. These figures are derived from weekly the Department of Commerce in The Balance reports furnished by banks and bankers per- of International Payments of the United forming foreign banking operations, includ- States. ing domestically owned commercial banks The detailed classification of foreign liaand trust companies, private banks, domestic bilities and assets as currently reported by branches and agencies of foreign banks, and banks and bankers is shown below. Weekly the Federal Reserve banks. The reports cover figures classified according to these headings not only the reporting banks' own short-term are published in the Treasury reports of liabilities to foreigners, but also short-term November 27, 1936, and April 5, 1937. obligations held for foreign account which Short-Term Foreign Liabilities represent claims on institutions, firms, and Payable in dollars individuals in the United States. Thus, for 1. Deposits for foreign account example, United States Treasury bills and 2. Loans to brokers and dealers in securities for certificates and commercial bills drawn on foreign account American firms are reported as liabilities to 3. Bills held for foreign account 4. Short-term United States Government obligaforeigners if held for foreign account by retions held for foreign account porting banks and bankers. Similarly, the 5. All other reports cover short-term claims on foreigners Payable in foreign currencies of domestic clients as well as those of the re- 6. Borrowings from foreign banks porting banks. Thus, deposits maintained 7. Acceptances made by foreign banks for U. S. account abroad, or bills sent abroad for collection, for 8. All other account of domestic clients, are included in the figures of foreign assets. The reports Short-Term Foreign Assets show short-term liabilities to, or claims on, all Payable in foreign currencies 1. Banks' own deposits abroad concerns and individuals, whatever their 2. Deposits abroad for account of domestic nationality, domiciled outside the United clients States, including foreign branches, subsidi- 3. All other (including publicly offered securiaries, or affiliates of domestic banks and other ties of foreign governments or political subdivisions maturing within one year of date of concerns. issue) In considering the scope of these figures it Payable in dollars should be recognized that, although they are 4. Loans to foreign banks believed to cover the most important portion 5. Acceptances made by domestic banks for foreign account of this country's short-term foreign liabilities 6. All other Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 FEDERAL RESERVE BULLETIN MAY 1937 Figures for period May 31, 1929-Novem-gressive improvement in the figures, but ber 28, 193b.—These figures show the out- most of the changes were minor. The prinstanding amounts of short-term foreign lia- cipal differences between the figures in this bilities from May 31, 1929, to November 28, earlier period and later figures are noted 1934, and of short-term foreign assets from below. March 31, 1931, to November 28, 1934, re- a. American liabilities on acceptances made by ported to the Federal Reserve Bank of New foreigners for domestic account were reported for York by a group of banks and bankers in the first time beginning March 31, 1931. The total amount reported on that date was $19,700,000; at New York City and the Federal Reserve the end of 1929 the corresponding figure for the banks. The reporting banks in New York banks reporting to the Department of Commerce was included the principal commercial banks and $35,000,000 (see table, p. 399). The liabilities of forprivate bankers performing foreign banking eigners on acceptances made by Americans for their accounts were included from the first in the figures operations and also the agencies of Canadian of short-term foreign assets which began to be rebanks, but excluded the agencies of other ported on March 31, 1931. foreign banks. For this reason, and because b. Up to September 7, 1932, short-term was defunds employed in this country by the New fined as "not exceeding one year to maturity from York agencies of foreign banks are of for- date of report." Thus, holdings of publicly offered securities, originally of longer term, may have been eign origin, reporting banks which held reported by some banks when they came within one funds for account of the non-reporting for- year of maturity; such securities were specifically eign agencies were asked to report such excluded from the New York figures beginning Sepfunds as "foreign." The only significant tember 7, 1932, and are not included in the figures of short-term banking funds currently reported by changes in the list of reporting banks during banks in the United States (see note 6, p. 396). the period occurred on September 7, 1932, c. American liabilities in the form of bills paywhen three new banks were added to the able in the United States acquired by foreigners list and five other banks began to report elsewhere than in this market and sent here for short-term foreign assets for the first time. collection, and American claims on foreigners represented by bills sent abroad for collection for ac- At that time also the instructions to reportcount of domestic clients, were not fully reported ing banks were revised and clarified. It is es- before September 7, 1932, and even after that date, timated that the changes in the number of re- as noted above, the latter were probably not as porting banks and the revision of instructions fully reported as at present. resulted in increases of about $30,000,000 d. During the period through the end of February^ 1931, before short-term assets were reported, it is* in short-term foreign liabilities and of about probable that most banks, in reporting liabilities to $55,000,000 in short-term foreign assets be- foreigners, deducted overdrafts in foreigners' actween August 31 and September 7, 1932. counts from "Deposits of Foreigners." Subsequently the gross deposit figure was reported and The revised instructions to New York overdrafts of foreigners were included among shortbanks which became effective September 7, term foreign assets; except that the five banks which 1932, were almost identical with those now did not report short-term foreign assets until September 7, 1932, deducted overdrafts from deposit in effect for the larger group of banks reliabilities until that date. porting on Treasury forms. The figures for There is presented on the next page a table the period from September 7, 1932, to Noshowing the short-term foreign liabilities and vember 28, 1934, therefore, are almost diassets reported annually to the Department rectly comparable to those currently reported except for the difference in the number of of Commerce by banks in the United States reporting institutions and, also, for the fact and the corresponding year-end figures rethat short-term foreign assets in the form ported by leading banks in New York City. of bills sent abroad for collection for account This table, which distinguishes the chief cateof domestic clients were probably not as fully gories of liabilities and assets, has been carreported as at present. ried forward to the end of 1936 on the basis Prior to September 7, 1932, there was pro- of the figures compiled for the Treasury. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

399 MAY 1937 FEDERAL RESERVE BULLETIN SHORT-TERM FOREIGN ASSETS AND LIABILITIES OF BANKS [Amounts outstanding on date nearest end of year; in millions of dollars] Short-term loans, Total Deposits investments, etc. Acceptance credits United New York United New York United New York United New York States City States City States City States City Foreign banking funds in United States (U. S. liabilities): 1929.—. 3,037 2,673 1,662 1,606 1,340 1,067 35 () 1930 2,737 2,335 1,640 1,458 1,082 877 15 (0 1931 1,465 1,303 1,025 921 420 369 20 13 1932 . 870 746 715 650 145 82 10 14 1933 487 392 389 339 83 42 15 11 1934—adjusted 2 573 480 13 —reported . 597 496 14 1935 1,200 1,056 103 41 1936 1,492 1,325 120 47 United States banking funds abroad (U. S. assets): 1929 1,617 C1) 210 523 0) 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 1 2 0 3 4—adjusted 2 1 1 1 1 , , , , 2 0 8 0 9 3 0 8 5 7 9 2 2 3 6 1,1 ( 9 0 l 1 ) 2 8 2 2 1 2 1 9 1 5 8 4 4 3 0 8 4 . 0 1 4 9 4 8 0 7 4 6 6 4 5 5 2 6 7 6 1 9 1 7 7 6 4 5 () 3 2 1 2 3 5 8 4 3 3 2 7 4 4 3 7 9 9 2 7 1 3 4 3 C 1 1 2 1 0 3 2 ) —reported 1,123 302 580 241 1935 762 91 496 175 1936 657 104 395 158 1 Not reported. 2 These figures represent an adjustment of the reported figures to permit comparison with earlier years. NOTE.—Figures for New York City are those reported to the Federal Reserve Bank of New York. Figures for United States are those reported to Department of Commerce through 1933 and to all Federal Reserve banks for the Treasury thereafter. SHORT-TERM FOREIGN ASSETS AND LIABILITIES OF BANKS BILLIONS OF DOLLARS BILLIONS OF DOLLARS Liabilities ( All U. S. Banks Assets ( All U.S.Banks ) Net \ ^^Liabilities NJ(N Y. Banks) Net Liabilities (Ail U.S. Banks) O Liabilities | . , . w AceQ*e L Dept. of Commerce questionnaire x Assets > f0 leadjng y s Banks © Net Liabilities J 55 -1 i <— End of month figures {<— Wednesday figures ' -*— Improved reports 1929 1930 1931 1932 1933 1934 1935 1936 Figures taken from tables 10 and 11 and from table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN MAY 1937 CAPITAL MOVEMENT TO UNITED STATES-NET MILLIONS OF DOLLARS MILLIONS OF DOLLARS y 1 2600 2600 2400 2400 / 2200 2200 r 2000 2000 1800 1800 Total / 1600 1600 f 1400 1400 In *\^S'm'* Rnnkinn FunH^ S > 1200 1200 Jr 1000 1000 800 800 In SecurityTransactions ym'* 600 600 ... 400 400 -rf - »* 200 200 0 J. F. M. A. M. J. J. A. S. 0. N. D J. F. M. A. M. J. J A S 0 N D 1935 1936 SECURITY PURCHASES BY FOREIGNERS-NET MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1000 1 I I 1000 800 800 600 600 Domestic Securities 400 400 200 200 0. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. Figures for above charts taken from table 1. The movement in security transactions in the first chart includes the movement in brokerage balances, which is closely related to security operations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 401 SHORT-TERM FOREIGN ASSETS AND LIABILITIES OF BANKS IN U.S. MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1600 -400 -400 -600 -600 J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. 1935 1936 SHORT-TERM FOREIGN LIABILITIES OF BANKS IN U.S. MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1000 1000 800 800 600 — f —^^ ,v^«^ J.. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A S. 0. N. D. 1935 1936 Figures for above charts based on those in tables 10 and 11~ The Gold Bloc, in the second chart, represents France, Netherlands, and Switzerland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 1.—TOTAL CAPITAL MOVEMENT Net Movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] In banking funds In security transactions Week ending— Total Total I f n f o u c r i r n e n e i d g a s n se D f e U u c i . n r n e d S a s . se b a r b n a o a g c k l e e e - s r- s T i e t o c ie u ta s r l - m s i e D t e c i s o e u t s - r i - c s e i F e t i c o i g e u r n s - rin U. S. abroad 1935 Jan. 9 - _ _ 8.2 1.2 2.3 -1.1 2.6 4.4 1.6 2.8 Jan 16 23.2 5.3 -12.6 17.9 2.0 15.9 6.6 9.2 Jan. 23 . . 100.7 72.9 12.7 60.2 3.7 24.1 11.3 12.7 Jan. 30 - 119.5 86.3 52.3 34.1 3. 7 29.4 14.0 15.4 Feb 6 - . 178.9 139.2 57.8 81.4 3.3 36.3 17.2 19.1 Feb. 13 211.7 168.5 66.3 102.2 5.0 38.3 19.0 19.3 Feb 20 219.8 170.7 60.6 110.2 7.0 42.1 16.8 25.2 Feb. 27 - 215.2 166.8 46.3 120.5 10.9 37.5 12.3 25.2 Mar. 6 _._ 217.9 170.5 42.5 128.0 13.7 33.7 6.5 27.2 Mar 13 221 5 179.4 31 1 148.3 15.4 26 7 (i) 26.7 Mar. 20 ._ . - 236.0 194.3 29.8 164.4 20.2 21.5 -4.0 25.5 Mar. 27 253.5 215.2 38 6 176.6 21.7 16.6 -6.6 23.1 Apr 3 258.7 211.9 57 7 154.2 21 1 25.6 -6.2 31.8 Apr. 10 - -- - 318.2 270.5 82.9 187. 6 20.9 26.9 -4.1 31.0 Apr 17 347.2 294.2 88 3 205.9 21 7 31.3 -3.3 34.6 Apr. 24 -- _ 390.6 338.8 96.0 242,8 21.0 30.8 -2.9 33.7 May 1 . --- - - 348.2 300.3 69.8 230.6 21.8 26.1 -6.8 32.9 May 8 365.4 317 6 76 6 241 0 21.9 25 9 —7.4 33.3 May 15 _ _ ._ - 386.6 342.0 98.6 243.4 20.9 23.7 -7.5 31.2 May 22 412. 3 362.3 139.3 222.9 20.3 29.8 -1.0 30.8 May 29. __ . 506.9 453. 8 286.6 167.2 20.7 32.4 2.0 30.3 June 5- ___ . _ . __ _ _ , _-. . 551.9 477.1 268.0 209.1 26.4 48.5 9.3 39.2 June 12 608.8 527.7 240.3 287.4 26.5 54.6 12.5 42.1 June 19. _ . ._ . .._ 632.9 549.2 244.0 305.2 28.7 54.9 13.2 41.7 June 26 632.1 551.9 242.2 309.9 27.1 53 S 12.8 40.4 July 3 615.2 525. 8 213.8 312.0 29.8 59.5 15.8 43.7 July 10 .._ __ - ... 637.4 550.4 232.2 318.2 26.8 60.2 16.2 44.0 July 17 663.1 571.2 239.4 331.7 24.8 67.1 24.1 43.0 July 24 _ 676.1 578.5 241.1 337.4 25.6 72.0 28.1 43.9 July 31 682.4 572.6 237.8 334.7 25.4 84.4 39.1 45.3 Aug 7 686 4 565 5 222 1 343 3 23 6 97 4 49.6 47.8 Aug. 14. . 721.7 593.4 253.9 339.5 18.4 109.8 59.7 50.2 Aug 21 753 9 682 6 328 8 353.8 19.8 51 5 66.8 -15.2 Aug. 28 ._ . . 769.0 693.4 334.5 358.9 20.4 55.2 69.5 -14.3 Sept. 4 766 2 678 7 283 5 395 2 24.6 62 9 72.6 -9.7 Sept. 11 __ ._ - 777.0 685.2 289.5 395.7 23.5 68.2 75.5 -7.2 Sept. 18 784.3 663.8 274.8 389.0 25.1 95.4 79.6 15.8 Sept 25 830.0 699.6 326.0 373.7 29.8 100.6 82.7 17.9 Oct. 2 898.3 738.2 350.7 387.5 29.8 130.4 90.3 40.1 Oct. 9 965.7 793.9 422.1 371.8 30.7 141.1 97.5 43.6 Oct. 16- . . 1,051.8 871.3 478.8 392.6 27.1 153.4 104.7 48.7 Oct 23 1,103 8 902 6 514.1 388 5 23 7 177 5 124.9 52.6 Oct. 30 1,131.4 912. 3 520.6 391.7 20.5 198.6 142.6 56.0 Nov. 6 1,128. 8 900.3 514.5 385.8 19.3 209.2 154.2 55.0 Nov. 13 1,154. 9 907.1 536. 8 370.2 15.1 232.7 177.2 55.5 Nov. 20 1,196 9 912 1 550.9 361 2 5.9 278 9 216.6 62.3 Nov. 27.. ._ _ - _ . 1,257.1 936.9 644.9 292.0 5.5 314.7 249.6 65.0 Dec. 4- ._. . 1,346.5 992.0 662.8 329.2 13.2 341.4 253.9 87.5 Dec. 11 . 1,381.3 986.2 637.1 349.1 6.3 388.9 283.2 105.7 Dec. 18 1,391.0 976.8 622.9 353.8 9.8 404.5 290.6 113.8 Dec. 24 . . . 1,418.2 985.7 630.4 355.4 9.5 422.9 302.7 120.3 Dec 31 1,411.4 963.5 603.3 360.3 6.0 441.8 316.7 125.2 i Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 403 TABLE 1.—TOTAL CAPITAL MOVEMENT—Continued Net Movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] In banking funds In security transactions In Week ending— Total Total I f n o c r i r e n e ig as n e De U c i . r n e S a . se br b o a a g k l e e - r- s T e o c t u a r l - m D es o t - ic F ei o g r n funds funds ances ities secur- securin U. S. abroad ities ities 1936 Jan. 8... 1, 448. 2 1,008. 6 616.4 392.2 4.5 435.1 336.2 98.9 Jan. 15.. 1, 457.1 1,011.2 621.9 389.3 6.8 439.0 336.7 102.3 Jan. 22.. 1,463. 4 1,053. 2 667.1 386.1 6.6 403.6 342.0 61.6 Jan. 29.. 1, 450. 3 1,037.8 656.5 381.3 6.5 406.0 347.1 58.9 Feb. 5._ 1, 461. 7 995.2 608.9 386.3 6.5 459.9 355.8 104.2 Feb.12. 1, 453. 2 981.6 590.3 391.3 1.9 469.8 363.0 106.8 Feb. 19. 1, 469. 2 982.6 583.3 399. 3 -3.2 489.9 384.9 104.9 Feb. 26. 1,498. 0 991.4 585.2 406.1 .4 506.3 400.5 105.7 Mar. 4... 1, 495. 6 981.8 576.3 405.5 3.5 510.2 402.3 107.9 Mar. 11.. 1, 495.9 990.0 589.4 400.7 1.1 504.8 406.1 98.7 Mar. 18.. 1, 502. 5 983.2 582.0 401.2 6.1 513.2 410.0 103.2 Mar. 25.. 1, 513. 9 982.8 580.2 402.5 .5 530.7 424.5 106.3 Apr. 1__. 1, 510.1 967. 6 578.4 389.2 .4 542.1 427.6 114.4 Apr. 8._. 1, 530.0 972.4 571.8 400.6 -. 1 557.7 445.7 112.0 Apr. 15. 1, 571.1 1,001.0 597.5 403.5 4.5 565.6 456.3 109.3 Apr. 22. 1, 582. 7 1,000. 0 596.9 403.1 2.9 579.8 468.0 111.7 Apr. 29.. 1, 597. 7 1, 024. 9 634.2 390.7 7.4 565.5 477.0 88.5 May 6.. 1, 619. 5 1,042. 5 686.2 356.4 17.1 559.9 462.0 97.9 May 13. 1, 658.0 1,068. 9 694.1 374.8 16.5 572.6 469.0 103.6 May 20- 1, 715. 5 1,113.1 696.4 416.7 17.1 585.3 474.1 111.2 May 27- 1, 733. 2 1,128.1 702.8 425.3 14.7 590.3 475.1 115.2 June3._ 1, 761. 5 1,131. 7 731.5 400.3 17.6 612.1 473.5 138.6 June 10. 1, 841. 5 1,184. 6 796.3 388. 3 18.3 638.5 495.2 143.3 Junel7. 1, 929. 4 1, 256. 3 840.1 416.2 19.4 653.6 502.9 150.7 June24. 1, 967. 4 1, 276. 5 829.2 447.3 20.1 670.8 515.8 155.0 July 1— 1,948. 2 1, 227.0 779.0 447.9 16.5 704.7 524.1 180.5 July 8— 1, 972. 4 1, 236. 4 778.1 458.3 20.0 716.0 528.7 187.3 July 15.. 1, 990. 6 1, 234. 9 770.5 464.4 19.1 736.7 535.9 200.8 July 22- 2,008.1 1, 233.0 766.5 466.5 20.5 754.6 549.3 205.3 July 29-. 2,020.1 1,229.4 761.3 468.1 17.9 772.8 562.8 210.0 Aug. 5... 2,032. 5 1, 230. 5 761.6 469.0 19.9 782.0 566.8 215.2 Aug. 12.. 2,062. 5 1, 252. 8 786.3 466.5 20.1 789.6 571. 1 218.5 Aug. 19.. 2,094. 2 1,269.1 788.9 480.3 19.6 805.4 582.6 222.8 Aug. 26.. 2,123. 8 1, 288.0 803.9 484.1 18.2 817.6 591.3 226.4 Sept. 2... 2,139.9 1, 274. 2 756.4 517.9 15.2 850.5 596.3 254.2 Sept. 9_- 2,171. 7 1, 295. 0 777.2 517.8 16.9 859.7 600.6 259.1 Sept. 16.. 2,184. 6 1, 287. 0 776.5 510. 4 20.1 877.5 614. 5 263.0 Sept. 23_. 2, 231. 9 1,315.3 819.8 495.6 19.3 897.3 631.6 265.6 Sept. 30.. 2, 281. 7 1, 353.1 898.5 454.6 23.2 905.4 633.3 272.2 Oct. 7_— 2, 379.1 1,420. 6 919.6 500.9 14.0 944.5 665.8 278.8 Oct. 14__. 2, 422.1 1, 424. 2 931.4 492.8 12.0 985.9 706.4 279.5 Oct. 21... 2, 443. 8 1, 393.1 903.1 490.0 12.0 1,038. 6 752.5 286.1 Oct. 28... 2, 464. 9 1,379. 7 895.9 483.8 13.7 1,071.5 778.1 293.4 Nov. 4... 2, 467. 5 1,344.1 860.9 483.1 12.7 1,110. 7 810.4 300.3 Nov. 11_. 2, 515. 9 1, 349. 5 862.9 486.5 7.7 1,158. 8 858.1 300.7 Nov. 18.. 2, 505. 2 1, 321. 3 849.7 471.5 14.7 1,169. 3 867.7 301.6 Nov. 25.. 2, 522. 0 1, 325. 2 882.5 442.8 17.6 1,179. 2 878.8 300.3 Dec. 2... 2, 538. 5 1, 331. 4 888.8 442.6 18.8 1,188. 3 890.2 298.1 Dec. 9-_. 2, 546. 2 1, 346.1 906.4 439. 7 20.1 1,180. 0 881.0 299.0 Dec. 16.. 2, 582. 6 1, 368. 8 926.0 442.8 17.3 1,196. 5 895.6 300.9 Dec. 23.. 2, 574. 9 1, 340. 3 911.5 428.8 16.4 1,218.2 911.7 306.5 Dec. 30.. 2, 606. 7 1, 360. 3 930.5 429.8 12.9 1,233.6 917.4 316.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES Net Movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U.S.] Week ending— Total U K d n i o i n m t g e - d France N l e an th d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935 Jan. 9... 8.2 -2.4 10.1 .2 -1.2 7.4 1.8 .1 -1.9 Jan. 16_. 23.2 4.7 15.0 -1.9 2.8 Q 2.7 21.6 .4 -.7 2.4 Jan. 23.. 100.7 42.9 33.7 2.2 14.3 '.5 -1.5 92.8 4.2 -.2 3.3 .7 Jan. 30.. 119.5 49.8 31.4 12.9 .1 .2 3. 6 103.1 1.0 4.3 10.0 1.1 Feb. 6... 178.9 68.3 45.3 14.4 8.6 2.0 -1.4 13.1 150.4 1.0 10.7 15.7 1.1 Feb. 13__ 211.7 87.5 41.3 18.1 7.6 6.2 17.7 177.5 4.3 11.1 18.2 .6 Feb. 20.. 219.8 97.5 45.5 17.2 6.5 .4 22.3 188.7 5.3 11.7 13.8 .3 Feb. 27._ 215.2 109.0 42.6 14.7 5.9 1.7 17.6 190.6 3.6 14.0 7.8 Mar. 6 217.9 108.9 44.7 13.2 4.6 2.8 -1.1 21.2 194.4 18.1 7.4 -.7 Mar. 13.. 221.5 109.3 42.5 14.9 4.9 3.0 —1.7 23.4 196.3 19.8 12.0 .2 Mar. 20.. 236.0 122.7 33.2 15.3 1.7 4.9 -.7 26.8 203.9 -2.9 19.0 14.1 1.9 Mar. 27.. 253.5 135.4 33.1 15.7 1.5 1.9 27.9 214. 5 -3.1 21.6 18.9 1.6 April 3 258.7 140.6 25.1 9.0 7.7 3.3 -1.6 35.2 219.2 -10.4 26.5 18.9 4.4 April 10 318.2 176.2 37.4 -3.4 16.0 2.6 -.2 29.4 257.9 0) 29.9 27.1 3.4 A A p p r r i i l l 2 1 4 7 347.2 2 1 1 8 0 7 . . 6 2 4 4 2 6 . . 6 2 2 1 6 3 . . 7 6 1 1 4 6 . . 4 0 4 3. . 2 6 3 2 0 9 . . 2 0 2 3 9 3 2 0 . . 7 2 - - 2 . . 2 7 3 3 2 0 . . 0 0 2 2 5 2 . . 5 3 3 5 . . 1 0 May 1... 348.2 197.1 48.1 29.6 15.7 4.8 -1.0 27.6 321.9 -19.3 12.7 2.0 May 8— 365.4 208.3 45.1 24.9 17.9 6.1 -.3 29.9 331.9 -19.4 32.8 16.5 3.6 May 15- 386.6 219.4 34.7 25.7 17.6 8.9 (2) 36.7 343.0 -16.8 34.7 23.1 2.6 May 22.. 412.3 248.9 13.1 28.7 21.4 8.9 1.4 37.7 360.0 -12.5 33.5 28.6 2.6 May 29.. 506.9 266.2 72.3 35.7 24.3 10.3 -.4 40.2 448.6 33.6 30.7 2.8 June 5__. 551.9 304.7 56.3 38.0 31.8 13.2 -.5 43.0 -12.4 35.5 37.2 5.0 June 12.. 608.8 293.9 112.1 51.8 30.4 12.2 <7 44.1 543.7 -11.6 38.8 32.7 5.2 June 19.. 632.9 306.5 120.1 45.9 29.4 13.9 -.2 46.3 561.9 -8.0 37.4 34.3 7.2 June 26- 632.1 308.0 119.9 49.8 27.5 16.0 .5 45.0 566.7 -8.1 39.2 29.4 4.9 July3 615.2 307.5 114.0 48.3 27.4 15.0 2.6 49.1 563.9 -20.4 37.6 29.4 4.7 July 10 637.4 318.1 116.0 47.8 25.8 15.0 3.0 51.3 577.0 -23.0 43.6 35.0 4.7 July 17 663.1 330.8 119.4 50.6 26.2 17.2 2.2 53.4 599.8 -20.9 41.7 37.8 4.7 July 24 676.1 326.9 118.5 56.1 27.1 19.5 .6 53.8 602.5 -18.9 47.0 40.7 4.7 July 31 682.4 328.2 117.7 47.6 29.5 22.8 2.9 55.2 603.9 -18.5 45.8 45.9 5.3 Aug. 7— 686.4 329.0 116.8 52.3 31.2 25.0 4.3 53.7 612.3 -30.7 51.5 48.0 5.3 Aug. 14_. 721.7 327.2 115.0 71.9 33.6 25.1 4.6 54.1 631.3 -21.1 50.2 56.3 4.9 Aug. 21.. 753.9 342.5 120.3 74.0 36.0 26.2 3.2 60.0 662.3 -16.8 51.0 54.4 3.1 Aug. 28- 769.0 337.6 119.5 78.7 37.6 27.5 2.7 62.6 666.2 -17.3 55.7 3.9 Sept. 4... 766.2 331.0 118.0 74.8 41.1 30.0 2.5 61.3 658.8 -17.5 56.4 63.6 4.9 Sept. 11.. 777.0 337.8 105.4 69.7 45.2 30.0 3.1 65.5 656.8 -19.2 58.1 77.8 3.4 Sept. 18.. 784.3 348.1 96.9 58.4 49.7 31.8 5.6 73.1 663.5 -27.6 59.9 82.5 6.0 Sept. 25.. 830.0 367.1 77.6 72.1 57.1 33.6 4.7 81.2 693.5 -20.8 64.7 86.1 6.5 Oct. 2_.. 898.3 379.9 100.4 82.7 33.3 7.3 84.5 757.8 -21.5 64.2 90.0 7.8 Oct. 9... 965.7 408.2 83.1 94.9 74.0 32.2 8.4 98.8 799.6 -13.9 71.5 100.0 8.5 Oct. 16-. 1,051.8 434.5 110.9 102.3 81.7 31.2 10.0 111.1 881.7 -13.6 72.1 102.7 8.9 Oct. 23. 1,103. 8 456.5 104.5 103.6 89.2 31.0 10.1 123.6 918.4 -10.4 73.4 113.3 9.0 Oct. 30.. 1,131.4 456.5 125.4 102.9 92.7 32.1 10.7 123.3 943.4 -16.2 76.0 117.0 11.1 Nov. 6-.. 1,128. 8 462.9 119.4 99.1 99.1 32.5 12.9 121.1 -20.1 78.3 113.0 10.8 Nov. 13-. 1,154. 9 466.5 128.9 101.7 31.9 16.4 123.0 968.3 -11.8 76.0 112.3 10.0 Nov. 20.. 1,196. 9 490.5 129.9 108. 3 33.1 26.2 123.9 1,010.6 -16.0 77.6 114.9 9.8 Nov. 27.. 1, 257.1 537.2 120.2 101.7 114.0 32.9 24.2 125.8 1,056. 0 -3.3 77.3 116.6 10.5 Dec. 4__ 1, 346. 5 553.2 180.9 106.9 124.2 32.7 25.1 125.1 1,148.1 -10.3 78.8 116.5 13.4 Dec. 11. 1,381.3 559.1 206.0 113.7 125.5 34.3 25.7 126.2 1,190. 6 -13.7 78.7 115.0 10.7 Dec. 18. 1, 391. 0 559.9 218.1 112.9 126.8 35.2 23.9 124.3 1, 201. 2 -12.8 81.3 111.0 10.3 Dec. 24_ 1, 418. 2 565. 3 214.0 116.8 127.7 36.6 23.3 130.7 1, 214. 3 -4.2 75.2 120.8 12.0 Dec. 31. 1,411.4 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200. 6 (0 128.3 12.7 i Inflow less than $50,000. 2 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

405 MAY 1937 FEDERAL RESERVE BULLETIN TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES—Continued Net Movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] Week ending— Total U K d n i o i n m t g e - d France N l e a t n h d e s r- e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca E F a a s r t O A th ll er 1936 Jan. 8 1, 448. 2 555. 9 216.6 116.3 136.7 35.4 24.0 137.7 1, 222. 7 12.5 70.3 132.6 10.0 Jan. 15 1, 457.1 550.8 219.4 114.4 141.2 37.1 21.6 144. 3 1, 228. 9 14.0 68.2 137.2 8.7 Jan. 22 1, 463. 4 553.4 220.2 115.0 142.0 38.3 25.1 144.6 1, 238. 5 10.1 71.0 134.5 9.4 Jan. 29 1, 450. 3 552.1 223.1 116.0 145.2 40.5 23.4 141.5 1, 241. 7 3.9 68.7 127.0 9.0 Feb. 5__. 1, 461. 7 549.6 220.8 119.5 145.9 22.6 141.3 1, 238. 5 7.3 71.7 136.0 8.2 Feb. 12-. 1, 453. 2 545.8 225.3 120.9 146.5 37.5 22.4 141.5 1, 239. 9 3.1 73.9 127.5 8.8 Feb. 19-. 1, 469. 2 580.3 204.3 125.8 146.4 36.7 20.7 145.1 1, 259. 3 -2.7 76.7 127.2 8.7 Feb. 26,. 1, 498.0 599.4 197.2 129.9 148.2 36.2 18.9 144.7 1, 274. 5 2.3 81.8 130.2 9.3 Mar. 4... 1, 495. 6 592.8 202.3 128.9 152.3 36.7 18.4 145.4 1, 276. 8 87.1 124.4 7.8 Mar. 11_. 1,495. 9 590.0 205.0 127.2 153.7 35.6 18.6 142.0 1,272.1 -2.5 89.7 127.3 9.3 Mar. 18__ 1, 502. 5 576.1 211.1 127.5 158.7 36.2 17.5 140.6 1, 267. 6 -2.1 95.6 133.7 7.7 Mar. 25.. 1, 513. 9 575. 3 217.5 131.9 160.8 34.8 18.4 139.7 1, 278. 3 -5.9 100.6 133.8 7.1 April l._. 1, 510.1 560.4 221.7 125.0 173.0 36.4 20.5 139.2 1, 276. 3 -1.5 102.4 126.0 April 8... 1, 530. 0 564.5 216.1 129.8 176.3 35.3 21.6 141. 1 1, 284. 6 0) 109.1 129.7 6.7 April 15.. 1,571.1 584. 5 224.3 133.0 178.2 35.5 20.9 132.8 , 309. 2 12.7 110.1 133.0 6.1 April 22_. 1, 582. 7 592.6 222.5 133.8 180.4 35.4 19.9 126.9 ,311.5 15.5 115.2 134.1 6.5 April 29_. 1, 597. 7 602.2 210.4 133.6 182.2 39.2 19.3 130.9 ,317.7 17.9 118.5 138.2 5.4 May 6-.. 1,619.5 611.6 210.1 136.6 188.1 37.6 18.4 132.3 , 334. 7 13.9 122.6 140.2 8.2 May 13_. 1, 658. 0 632.1 205.6 138.3 191.0 37.6 21.0 136.5 , 362.1 16.7 126.4 144.4 8.4 May 20.. 1, 715. 5 640.6 235. 2 147.5 194.5 39.9 21.2 131.7 , 410. 6 18.4 132.3 145.5 May 27.. 1, 733. 2 646.1 227.2 149.1 201.1 43.8 21.3 133.4 1, 422. 0 23.9 131.3 147.1 June 3... 1, 761. 5 643.6 220.5 148. 9 214.9 43.0 20.8 141.0 1, 432. 7 20.5 136.1 163.3 June 10.. 1,841.5 673.7 211.8 170. 9 229.9 42.5 21.8 145.4 1, 496. 0 22.9 141.8 169.8 11.0 June 17.. 1, 929. 4 689.6 236.9 182.7 238.3 47.6 24.9 157.1 1, 577. 3 29.9 140.9 168.7 12.7 June 24.. 1, 967. 4 696.5 243.6 195.9 243.9 47.2 23.5 159.9 1, 610. 4 32.0 142.7 169. 3 13.1 July 1.-. 1, 948. 2 682.3 240.0 198.2 247.5 47.2 22.3 159.5 1, 596. 9 26.0 142.6 168.8 13.9 July 8... 1, 972. 4 687.6 238.8 200.0 248.2 48.5 25.1 160.2 1, 608. 4 33.1 149.7 169.0 12.3 July 15.. 1,990.6 678.0 242.8 199.2 251.4 50.4 25.2 166.6 1,613.5 38.6 151.9 174.8 11.8 July 22,. 2, 008.1 688.2 238.9 197.2 253. 4 52.6 25.6 166.0 1, 622. 0 44.9 151.9 177.6 11.8 July 29- 2, 020.1 694.7 233.0 197.7 251.5 57.3 25.7 169.6 1, 629. 6 47.6 153.9 177.3 11.7 Aug. 5___ 2,032. 5 698.7 237.9 198.2 253.3 57.1 25.1 171.6 1,641.9 53.7 155.0 169.9 12.0 Aug. 12.. 2, 062. 5 707.6 229.6 195.4 258.6 58.6 27.0 173.1 1, 650. 0 63.9 154.8 180.5 13.3 Aug. 19.. 2, 094. 2 720.2 232.6 195.4 259.3 61.8 28.1 177.6 1, 675. 0 71.1 153.6 181.7 12.8 Aug. 26.. 2,123. 8 723.7 231.4 196.2 261.1 63.8 29.2 172.5 1, 678. 0 88.6 154.3 190.8 12.1 Sept. 2... 2,139. 9 701.3 232.7 197. 5 267.3 64.6 27.7 179.1 1, 670. 2 112.8 155.7 188.0 13.2 Sept. 9__. 2,171. 7 707.3 233.3 197.3 267.9 68.3 29.0 182.1 1, 685. 2 115.2 161.5 195.9 13.9 Sept. 16 . 2,184. 6 701. 9 226.2 201.4 275.4 71.2 26.3 186.1 1, 688. 5 120.7 160.8 201.1 13.4 Sept. 23.. 2, 231. 9 725 5 226.6 200.8 283.2 68.0 27.1 190. 7 1,721.9 129.9 162.4 204.3 13.4 Sept. 30.. 2, 281. 7 780.2 201.9 195.0 297.6 73.9 28.7 197.2 1, 774. 6 138.5 159.6 195.4 13.7 Oct. 7... 2, 379.1 797.1 264.4 201.2 316.8 68.0 32.3 200.5 1, 880. 4 128.3 159.3 194.0 17. 1 Oct. 14. 2, 422.1 797.1 264.8 233.4 322.2 75.0 32.1 191.5 1,916.2 143.4 157. 8 189.1 15.6 Oct. 21.. 2, 443. 8 826.7 252.5 236.0 313.0 68.7 34.2 208.2 1, 939. 3 151.1 154.8 181.6 17.0 Oct. 28. 2, 464. 9 830.6 257. 0 233.9 319.6 67.9 35.9 208.7 1, 953. 7 154.8 153.3 186.5 16.7 Nov. 4 2, 467. 5 850.1 263.1 227.8 325.0 69.2 36.8 204.7 1, 976. 6 144.3 150.1 179.7 16.9 Nov. 11 __" 2, 515. 9 874.3 270.1 237.3 333.3 69.3 37.1 203.6 2, 025. 1 146.0 149.8 178.8 16.3 Nov. 18— 2, 505. 2 853.1 274.0 233.7 331.2 70.4 39.7 209.8 2,011.9 139.6 157.2 180.1 16.5 Nov. 25 _. 2, 522. 2 829.6 273.8 242.2 327.1 72.0 37.0 217.5 1,999.1 156.5 165.2 186.1 15.1 Dec. 2__ 2, 538. 5 818.7 262.1 238.8 328.6 73.7 42.5 224.0 1, 988. 4 145.7 210.4 178.8 15.2 Dec. 9... 2, 546. 2 818.6 263.1 234.1 332.5 74.9 44.1 227.5 1, 994. 8 146.7 211.9 178.2 14.7 Dec. 16 . 2, 582. 6 828.3 275.7 242.6 331.0 80.9 47.7 228.0 2, 034.1 143.4 207.4 183.4 14.2 Dec. 23 2, 574. 9 814.2 290.4 230.8 330.3 82.5 48.1 227.5 2, 023. 7 141.8 202.7 188.0 18.7 Dec. 30 2, 606. 7 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 199.6 184.0 21.4 1 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES Net Movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] Week ending— Total U K d n o i i n m t g ed - France N la e n th d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935 Jan. 9 1.2 -5.3 -1.1 .1 1.0 -1.0 -. 1 2.3 -.1 1.1 -.5 -1.7 Jan.16 5.3 -2.9 14.7 -4.0 0) 3.2 -.7 1.5 11.8 -5.3 -1.7 -1.5 2.0 Jan. 23 72.9 30.6 32.7 1.3 14.2 .4 -3.5 75.1 -4.8 -1.0 2.7 .9 Jan. 30 86.3 34.6 30.5 5.9 -.2 .1 .7 80.4 -8.5 3.6 9.5 1.3 Feb. 6 139.2 52.4 43.6 9.4 9.2 1.7 -1.6 121.6 -8.2 14.7 1.3 Feb. 13 168.5 68.3 38.4 12.7 8.3 5.8 -.9 10.4 143.0 -2.4 17.2 .9 Feb. 20 170.7 77.0 43.2 11.1 7.2 -. 1 -.6 13.3 151.1 -4.2 13.4 .6 Feb. 27 166.8 88.3 39.9 8.6 6.5 1.4 -.7 8.2 152.2 -3.8 12.0 7.1 -.7 Mar. 6 170.5 89.4 42.7 7.7 6.3 2.3 6.4 154.0 -6.4 15.9 7.3 -.3 Mar. 13 179.4 92.8 40.8 9.7 7.9 2.5 -1.3 5.5 158.0 -7.5 17.3 11.1 .4 Mar. 20 194.3 107.5 31.5 9.8 5.0 4.1 -.3 8.9 166.5 -3.2 16.4 12.7 1.9 Mar. 27 215.2 120.2 30.8 10.1 4.8 -.4 175.0 2.6 18.5 17.6 1.6 Apr. 3 211.9 127.2 22.7 2.4 11.4 2.3 12.6 177.6 -8.1 20.6 17.5 4.3 Apr. 10 270.5 162.7 35.6 -11.3 18.2 1.3 6.0 213.2 6.5 23.3 24.4 3.0 Apr. 17 294.2 171.3 44.8 5.4 16.4 1.8 .1 5.2 244.9 2.4 23.1 19.4 4.5 Apr. 24 195.7 41.6 18.7 17.4 3.0 .4 6.1 282.9 6.5 24.9 21.9 2.6 May 1 300.3 182.9 48.0 21.9 16.4 3.0 .3 3.1 275.7 23.9 8.9 1.4 May 8 317.6 193.2 45.3 16.6 17.8 4.3 .4 4.6 282.2 -5.6 25.8 12.2 3.0 May 15 342.0 206.3 34.3 16.5 17.4 6.7 .7 10.3 292.1 1.7 27.6 18.4 2.2 May 22 362.3 232.3 11.4 19.0 20.4 6. 3 2.1 10.8 302.2 7.8 26.3 24.0 2.1 May 29 453.8 248. 5 24.3 22.5 7.8 .2 12.8 385.0 13.8 26.7 25.7 2.6 June 5 477.1 281.0 51.6 25.4 29.4 10.8 12.0 410.3 8.1 28.4 26.1 4.1 June 12 527.7 270.2 106.7 38.5 27.2 9.6 9.0 461.1 10.7 31.8 19.8 4.3 June 19 549.2 282.2 114.1 32.2 25.7 11.5 11.4 477.2 16.1 30.5 19.2 6.3 June 26 551.9 284.5 113.1 36.3 23.5 13.4 9.3 21.2 31.6 14.3 4.0 July 3 525.8 279.9 107.3 34.0 22.5 12.7 2.8 11.5 470.7 7.5 30.1 13.8 3.7 July 10 550.4 290.7 109.1 33.6 20.5 12.7 3.0 13.3 483.0 7.9 36.0 19.9 3.7 July 17 571.2 300.4 112.6 36.4 19.7 14.8 2.2 15.3 501.2 8.3 34.2 23.9 3.6 July 24 578.5 294.2 111.7 40.0 19.7 17.0 .7 15.3 498.6 9.7 39.1 27.5 3.5 July 31 572.6 289.4 110.5 27.2 20.8 20.2 2.9 16.2 487.1 11.4 37.5 32.6 4.1 Aug. 7 565.5 284.9 109.1 30.3 21.6 22.2 4.1 14.3 486.5 -2.0 42.6 34.3 4.0 Aug. 14 593.4 278.6 107.9 48.7 22.5 22.2 4.3 13.7 497.9 7.1 41.3 42.9 4.2 Aug. 21__.__ 682.6 290.9 114.1 49.2 22.7 22.9 2.9 19.4 522.2 76.6 41.8 40.4 1.5 Aug. 28 693.4 284.5 112.5 52.4 22.6 2.4 21.2 519.4 78.6 45.6 47.0 2.8 Sept. 4 678.7 274.0 110.2 48.3 24.9 26.5 2.0 17.9 503.9 76.2 46.3 48.6 3.7 Sept. 11 685.2 279.2 97.7 43.1 28.9 25.9 2.5 21.4 498.7 74.1 47.7 62.6 2.1 Sept, 18 663.8 278.7 88.6 28.5 32.6 27.3 4.9 28.3 488.9 54.2 48.6 67.4 4.8 Sept. 25 295.2 68.1 40.6 37.4 29.4 4.0 35.4 509.9 63.4 53.1 68.0 5.2 Oct. 2 738.2 303.4 89.7 49.6 48.4 29.3 6.5 37.9 564.7 44.6 52.2 70.4 6.2 Oct. 9 793.9 328.5 72.4 60.1 50.4 28.2 7.7 50.0 597.1 51.9 58.9 78.9 7.0 Oct. 16 871.3 353.1 99.3 66.5 56.3 26.7 9.3 60.6 671.8 51.8 58.9 81.5 7.4 Oct. 23.... . 902.6 364.8 90.4 66.3 62.3 26.1 9.0 70.9 689.8 53.2 59.7 92.3 7.6 Oct. 30 912.3 352.7 110.6 63.5 63.2 26.7 9.4 69.9 696.0 49.6 62.1 95.0 9.6 Nov. 6 900.3 353.3 103.0 57.8 68.3 26.9 11.7 66.6 687.6 50.1 63.4 Nov. 13 907.1 345.0 110.7 56.1 68.3 26.0 15.0 67.6 688.7 60.9 61.2 87.7 Nov. 20 912.1 349.5 109.6 51.1 69.3 27.0 24.7 68.0 699.2 54.4 62.2 88.0 8.4 Nov. 27 936.9 372.5 95. 8 48.8 72.2 26.5 22.7 707.1 70.2 61.8 9.0 Dec. 4 992.0 381.2 155.9 54.1 79.2 25.9 22.6 67,4 786.3 43.2 62.5 88.2 11.8 Dec. 11 986.2 360.6 178. 3 58.4 77.9 27.2 22.9 69.0 794.2 35.1 62.8 85.9 8.1 Dec. 18 976.8 355.1 188.9 56.1 76.3 27.8 21.1 65.5 790.8 32.3 64.4 81.7 Dec. 24 985.7 352.5 184.0 58.7 74.5 29.0 20.4 70.8 789.8 38.2 58.2 90.3 9.3 Dec. 31 963.5 337.4 177.6 55.4 74.0 28.8 21.0 69.5 41.4 52.5 96.1 9.9 i Inflow less than $50,000. 2 Outflow less than $50,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 407 TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES—Continued Net Movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] Week ending— Total U K d n i o n i m t g e - d France N la e n th d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1936 Jan. 8 1,008.6 331.4 179.4 52.8 77.9 27.5 20.8 75.0 764.8 83.6 53.4 7.0 Jan. 15 1,011.2 325.1 180.9 48.6 80.4 29.1 18.4 81.2 763.6 86.7 50.6 104.6 5.6 Jan. 22 1,053. 2 328.8 179. 5 47.2 77.5 30.0 21.7 80.3 765.1 126.4 53.6 101.9 6.3 Jan. 29 1, 037. 8 324.0 181.6 46.9 79.5 32.3 19.8 76.9 761.1 124.6 51.7 94.5 5.9 Feb. 5 995.2 321.0 177.7 47.7 78.7 30.5 19.0 76.2 750.9 54.0 104.6 5.0 Feb. 12 981.6 317.6 180.9 47.8 76.6 28.7 18.9 76.2 746.6 76.6 56.6 96.0 5.7 Feb. 19 982.6 342.6 159.1 47.9 74.8 27.6 17.2 79.1 748.3 74.3 59.7 95.4 4.8 Feb. 26 991.4 349. 2 153.4 49.5 73.6 26.9 15.3 745.4 79.4 5.3 Mar. 4 981.8 342.2 157.4 48.3 76.6 27.1 14.4 78.1 744.0 75.8 89.7 3. 6 Mar. 11 990.0 336.9 158.3 46.5 75.5 25.8 14.6 90.7 748.3 74.2 71.0 91.4 5. 1 Mar. 18 983.2 326.1 162.4 45.5 75.7 26.1 13.6 88.6 738.1 68.6 76.6 96.4 3. 6 Mar. 25 323.9 165.9 48.6 75.3 24.8 14.6 86.7 739.9 62.5 81.4 96.1 2.9 Apr. 1 967.6 305.6 169.6 40.3 85.3 26.5 16.8 84.9 729. 0 67.2 80.7 88.0 2.7 Apr. 8 972.4 303.9 163.1 42.0 84.9 25.3 17.8 91.9 728.9 65.8 86.9 88.3 2.4 Apr. 15 1,001.0 304.5 168.4 42.2 84.4 25.1 17.1 104. 7 746.4 74.5 87.5 90.7 1.8 Apr. 22 1, 000. 0 305.3 167.6 41.2 84.5 24.9 16.2 95.6 735. 2 79.1 92.1 91.5 2.1 Apr. 29 1, 024. 9 304.9 154.6 40.9 82.7 28.5 15.6 98.3 725.6 108.5 94.2 95.9 .8 May 6 1, 042. 5 315.8 153.7 45.5 88.3 26.7 14.7 99.2 743.9 98.4 97.3 100.0 May 13 1,068.9 337.1 148.9 45.5 87.8 26.5 17.4 102.4 765.6 97.5 100.6 102.1 3.1 May 20 1,113.1 345.1 176.0 54.1 89.0 28.7 17.6 97.8 808.2 92.6 105.9 103.1 3.2 May 27 1,128.1 354.6 166.9 54.3 93.7 32.4 18.0 99.3 819.3 97 2 104.7 104.0 3.0 June 3 1,131.7 362.4 159.7 51.8 102.3 31.6 17.6 84.6 809.9 89.6 109.0 120.4 2.8 June 10 1,184. 6 391.9 149.9 69.5 113.1 30.9 19. 1 86.9 861.4 78.1 114. 5 125.7 4.9 June 17 1, 256. 3 410.2 174.8 78.1 116.8 36.0 22.4 97.3 935. 7 78.5 112.8 122.8 6.6 June 24 1, 276. 5 413.2 180.5 87.4 118.2 35.4 21.0 98.5 954.2 79.7 114.2 121.6 6.9 July 1 1, 227. 0 393.3 176.1 89.6 119.8 35.7 20.1 97.1 931.7 52.3 113.8 121.6 7.6 July 8 1, 236. 4 393. 7 175.0 89.2 119.3 37.0 22.7 97.3 934.3 55.0 120.4 120.8 5.9 July 15 1, 234. 9 382.8 178.7 86.8 119.2 38.7 23.2 93.8 923.1 58.4 122.0 126.0 5.3 July 22 1, 233. 0 387.6 172.5 83.0 118.8 40.6 23.5 92.6 918.5 59.2 122.3 128.1 5.0 July 29 1, 229. 4 388.2 165.9 81.4 114.7 45.2 23.6 94.4 913.4 60.7 123.6 127.3 4.5 Aug. 5 1, 230. 5 388.0 170.6 79.8 113.8 45.1 22.9 94.7 914.9 67.2 124.1 119.2 5.1 Aug. 12 1,252.8 393.3 161.6 76.0 117.8 46.6 24.9 95.2 915.4 78.1 123.5 129.6 6.2 Aug. 19 1, 269. 1 402.2 162.6 74.2 116.8 49.4 26.0 98.3 929.4 81.5 121.8 130.8 5.6 Aug. 26 1, 288. 0 401.7 161.7 73.7 116.4 51.3 27.1 93.2 925.3 96.0 122.8 139.0 5.0 Sept. 2 1, 274. 2 377.6 162.7 73.5 120.4 51.9 25.3 95.8 907.3 102.5 123.2 135. 5 5.8 Sept. 9 1, 295.0 382.7 162.8 71.6 119.8 55.4 26.9 97.5 916.7 100.5 128.9 142.5 6.4 Sept. 16 _ 1, 287. 0 373. 3 155.1 72.0 121.3 58.2 24.3 99.9 904.0 102.8 127.3 146.8 6.0 Sept. 23 1,315.3 389.4 155.1 67.9 125.2 54.7 25.1 103. 6 921.0 111.0 128.7 148.7 5.9 Sept. 30 1, 353.1 437.9 128.4 61.0 136.5 60.4 26.7 110.1 961.0 118.6 123.7 143.6 6.1 Oct. 7 1, 420. 6 437.3 189.8 66.5 153. 4 54.0 30.4 113.1 1, 044. 4 103.9 123.0 140.3 8.9 Oct. 14 1, 424. 2 420.4 189.2 94.1 154. 6 61.1 30.4 100.5 1, 050. 4 110.9 121.2 134.4 7.3 Oct. 21 1, 393.1 425.7 175.0 88.2 136.5 54. 1 33.0 117.0 1, 029. 4 112.6 118.1 125.4 7.6 Oct. 28 1, 379. 7 412.2 178.6 83.7 137.9 53.3 34.9 114.3 1, 014. 9 112. 4 116.3 128.9 7.3 Nov. 4 1, 344. 1 412.4 183.3 74.9 139.9 54.2 35.7 93.3 993.6 109. 8 112.9 120.2 7.5 Nov. 11 1, 349. 5 413.8 188.0 76.8 136.2 54.3 36.1 88.8 993.9 118.5 112.0 118.3 6.7 Nov. 18 1,321.3 376.8 191.3 72.2 125.8 55.4 39.2 93.0 953.7 123.2 119.3 118.2 6.9 Nov. 25 1, 325. 2 348.3 189.2 80.1 119.4 56.8 37.6 97.7 929.1 139.8 127.4 123.8 5.3 Dec. 2 1,331.4 331.4 175.4 75.7 118.2 58.4 40.8 101.2 901.2 125.1 184.3 115.5 5.3 Dec. 9 1, 346. 1 340.7 176. 3 70.2 120.2 59.8 42.5 104.3 914.0 124.2 185.2 118.1 4.7 Dec. 16 1, 368. 8 350.6 186. 6 76.6 116.1 65.4 45.6 104.0 945.0 118.2 180.6 121.0 4.1 Dec. 23 1,340.3 331.7 198.3 62.9 109.5 67.0 45.5 102.5 917.5 112.7 176.3 125.2 8.6 Dec. 30 1, 360. 3 341.6 206.2 62.6 112.5 68.7 39.3 101.7 932.5 123.6 172.6 120.7 10.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 4.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES Net movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States.] Week ending— Total U K d n i o i n m t g e - d France N la e n th d e s r- e S r w la it n z d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935 Jan. 9 2.3 1.7 3.7 -.5 .7 .8 -.6 .7 6.5 2.3 1.5 -6.9 —1. i Jan.16 -12.6 -1.6 3.4 -2.8 .5 1.6 -.7 1.1 1.6 -3.2 -.3 -12.7 2.0 Jan. 23 12.7 15.7 10.9 2.1 .9 2.5 .5 -5.5 27.2 -4.5 .9 -11.9 1.0 Jan. 30 52.3 23.3 18.1 9.1 5.1 -3.0 -1.3 .3 51.7 -3.9 5.8 -2.9 1.6 Feb. 6 57.8 23.8 17.0 7.2 7.7 -3.0 -1.8 5.0 56.0 -3.9 8.0 -4.2 1.9 Feb. 13 . 66.3 31.3 13.5 8.9 6.5 -3.1 -2.3 7.1 61.9 1.1 6.2 -4.6 1.7 Feb. 20 60.6 27.8 15.1 7.2 4.9 -2.9 -2.7 10.9 60.3 .2 6.3 -7.9 1.6 Feb. 27 46.3 28.9 12.9 5.2 4.5 -3.4 -2.2 4.6 50.5 1.4 8.6 -14.6 .4 Mar. 6 ._ 42.5 20.3 16.1 4.3 4.1 -2.0 -2.9 4.5 44.3 -2.7 10.8 -10.7 .9 Mar. 13 31.1 15.6 10.5 5.6 5.8 -2.0 -3.4 2.9 35.1 -4.6 12.1 — 12.9 1.4 Mar. 20 29.8 ' 15.2 4.6 5.4 2.9 -2.2 -3.0 5.1 27.9 -.9 11.9 -11.9 2.8 Mar. 27 38.6 15.4 4.2 6.0 2.3 -4.5 -4.5 4.4 23.3 7.1 14.6 -9.5 3.0 Apr. 3. 57.7 19.2 13.2 5.2 8.6 -4.1 -3.8 8.7 47.1 -3.4 16.2 -7.9 5.7 Apr. 10 82.9 26.7 9.6 8.1 16.2 -6.2 -2.5 4.4 56.3 7.2 18.3 -3.5 4.6 Apr. 17 .._ . . 88.3 28.0 13.0 17.5 13.9 -7.0 -2.3 1.6 64.7 8.5 17.5 -8.1 5.7 Apr. 24 96.0 30.8 11.8 16.0 15.3 -6.3 -2.4 2.2 67.3 12.3 19.0 -6.2 3.6 May 1 69.8 25.0 15.7 16.8 13.6 -6.7 -2.1 -.7 61.8 -1.1 20.1 -13.7 2.7 May 8 . 76.6 30.3 12.8 13.6 14.7 -6.7 -3.0 .7 62.2 2.6 21.3 -13.7 4.1 May 15 98.6 31.4 15.6 13.1 14.2 -6.5 -3.0 5.5 70.3 8.8 23.5 -7.6 3.6 May 22 139.3 47.7 23.0 15.4 17.3 -6.4 -2.6 6.2 100.6 15.3 22.5 -1.9 2.8 May 29 286.6 62.4 139.2 19.3 19.0 -5.3 -4.2 9.2 239.7 20.9 24.2 -1.7 3.5 June 5. . . 268.0 88.8 86.1 22.6 25.4 -4.3 -3.5 8.1 223.2 16.1 26.1 -2.3 4.9 June 12 240.3 73.8 70.3 33.3 23.3 -3.8 -3.0 7.6 201.6 17.6 25.7 -9.6 5.1 June 19 244.0 72.9 68.1 27.3 24.3 -3.8 -2.4 10.0 196.5 27.7 23.4 -10.4 6.9 June 26 242.0 76.3 64.5 31.1 21.7 -4.5 -1.8 8.3 195.5 33.1 22.8 -14.4 4.8 July 3 213.8 67.8 58.2 28.7 22.2 -5.3 -.3 8.8 180.0 24.3 22.5 — 17.7 4.7 July 10 232.2 76.6 57.3 28.5 21.3 -6.3 Q 10.1 187.2 27.5 26.7 -13.5 4.4 July 17 239.4 80.5 60.7 30.8 21.1 -6.1 -A 10.5 197.1 27.3 23.7 -12.9 4.3 July 24 241.1 79.2 58.6 33.9 20.2 -6.0 —1.6 9.3 193.6 29.8 26.3 -13.0 4.4 July 31 237.8 77.8 58.2 30.8 21.2 -6.1 .1 10.6 192.6 27.7 24.8 -12.0 4.8 Aug. 7 222.1 69.1 54.9 32.1 22.0 -5.8 t2) 7.6 179.9 20.0 27.5 -9.9 4.6 Aug. 14 ... 253.9 71.2 54.1 43.7 22.7 -6.4 1.7 6.5 193.5 30.3 27.8 -2.7 4.9 Aug. 21 328. 8 77.5 59.0 45.0 23.3 -6.0 -.2 10.1 208.6 95.8 26.2 -4.7 2.9 Aug 28 334.5 73.4 58.7 45.7 23.2 -5.5 .3 11.2 206.2 96.7 25.9 2.1 3.5 Sept. 4 ... 283.5 ' 65.1 56.3 41.9 25.3 -3.2 -1.9 4.7 188.2 60.5 28.1 2.2 4.4 Sept. 11 289.5 70.4 48.7 37.4 29.1 -4.2 — 1.7 8.1 187.8 59.7 28.6 10.6 2.8 Sept. 18 274.8 68.9 45.6 29.9 32.3 -3.8 -.4 13.5 186.2 39.4 29.3 14.2 5.7 Sept. 25 326.0 85.5 50.3 38.4 37.0 -2.4 -2.3 21.3 227.7 45.0 32.6 14.9 5.8 Oct. 2 350.7 94.5 58.1 43.5 48.1 -1.7 22.1 264.6 26.4 33.2 19.8 6.7 Oct. 9 422.1 122.3 55.8 54.0 49.7 -2.8 34.5 313.8 34.3 39.5 27.5 7.0 Oct. 16 478.8 148.4 63.7 60.7 54.8 -3.8 2 46.0 369.7 35.7 36.8 29.1 7.5 Oct. 23 514.1 155. 8 64.1 61.2 61.3 -4.2 -!9 54.6 391.9 38.3 36.3 40.1 7.5 Oct. 30 520. 6 154. 1 68.9 58.4 62.1 -4.2 "7 54.9 393.5 36.1 38.2 43.1 9.7 Nov. 6 514.5 149.0 71.0 53.3 66.7 -4.1 1.0 52.0 388.8 35.9 39.9 40.2 9.7 Nov. 13 536 8 146 3 82 5 52.7 67 1 —4 5 5.2 54 8 404 1 45.8 38 0 39.9 9.0 Nov. 20.... 550. 9 150.5 84.1 48.2 69.0 -3.0 12.3 55.7 416.7 42.8 39.2 42.8 9.4 Nov. 27 644.9 176.4 131.2 46.0 71.5 -2.8 10.2 57.9 490.4 57.0 38.7 48.0 10.7 Dec. 4 662.8 182.4 137.4 50.0 78.8 -3.1 9.3 58.6 513.3 50.1 39.3 46.7 13.4 Dec. 11 637.1 164.2 137.0 54.9 77.0 -3.1 9.6 58.7 498.2 44.7 40.0 44.7 9.5 Dec. 18 622.9 152.4 141.2 54.3 75.6 -.4 7.8 57.0 487.9 39.4 40.7 45.9 9.1 Dec. 24 630.4 149.1 136.1 56.7 73.7 (0 6.6 62.4 484.8 42.1 36.0 56.6 10.9 Dec. 31 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 i Inflow less than $50,000. 2 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 409 TABLE 4.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES—Continued Net movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States.] Week ending— Total U K d n i o i n m t g e - d France N l e a t n h d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1936 Jan. 8 616.4 127.6 127.8 53.4 76.3 7.2 64.9 456.3 51.1 35.1 65.5 8.4 Jan. 15 621.9 119.3 131.6 50.0 78.9 5.3 72.8 457.7 59.5 32.4 65.6 6.7 Jan. 22 667.1 122.3 130.1 48.6 76.0 7.4 71.2 455.4 102.8 35.7 65.5 7.6 Jan. 29 656.5 119.8 130.9 48.6 78.0 1.7 5.4 68.2 452.5 103.8 33.9 59.1 7.3 Feb. 5 608.9 111.4 126.3 47.2 76.5 -.5 4.9 67.2 433.0 61.6 37.1 70.3 Feb. 12 590.3 105.0 130.8 47.1 74.6 -2.2 4.6 65.8 425.8 56.7 39.3 60.7 7.7 Feb. 19 583.3 127.1 110.2 46.9 72.6 -3.3 2.5 66.4 422.5 52.0 41.6 60.1 7.0 Feb. 26 585.2 133.9 103.8 46.8 71.3 -4.3 .4 63.4 415.3 55.9 46.5 60.2 7.3 Mar. 4 576.3 126.2 104.6 48.6 73.9 -4.6 63.9 413.0 52.1 51.9 53.8 5.4 Mar. 11 589.4 125.9 106.0 48.4 72.8 -6.6 76.0 423.0 51.6 54.6 52.8 7.3 Mar. 18 582.0 114.6 108.7 49.5 73.0 -7.1 73.6 411.5 50.5 59.8 54.3 6.0 Mar. 25 580.2 109.7 111.9 52.9 72.6 -8.3 -.1 71.5 410.2 44.9 66.5 53.0 5.6 Apr. 1 578.4 102.4 117.8 44.7 82.6 -8.3 2.6 69.2 411.0 49.1 64.3 48.6 5.3 Apr. 8 571.8 90.0 110.2 47.2 82.3 -9.2 3.8 75.1 399.5 47.3 69.8 50.3 4.9 Apr. 15 597.5 90.4 113.6 47.6 81.8 -9.2 3.2 88.7 416.1 51.3 70.5 54.5 5.1 Apr. 22 596.9 92.1 112.3 46.3 81.8 -8.7 2.4 79.0 405.1 58.4 74.3 53.5 5.6 Apr. 29 634.2 99.0 107.0 46.0 80.2 -9. 4 1.6 80.6 405.0 90.6 77.3 56.6 4.6 May 6 686.2 109.3 143.8 50.3 85.7 1.1 81.4 461.8 79.0 79.7 59.1 6.6 May 13 694.1 125.9 126.5 50.9 84.1 3.1 85.9 466.4 78.5 83.2 59.9 6.1 May 20 696.4 126.8 118.9 58.5 85.5 3.4 81.4 465.0 77.5 85.9 61.8 6.2 May 27 702.8 136.0 114.8 58.1 -8.6 3.7 81.9 475.5 77.6 81.6 61.8 6.3 June 3 731.5 145.1 130.1 56.6 98.7 -9.9 3.5 63.8 488.0 73.6 86.2 77.6 6.2 June 10 796. 3 174.2 139.4 72.8 109.4 -10.1 5.0 66.1 556.9 60.5 91.1 79.4 8.4 June 17 840.1 197.3 141.0 81.8 112.9 -9.2 8.1 74.0 605.8 61.3 85.4 78.2 9.4 June 24 829.2 193.6 123.9 90.0 114.5 -9.3 6.5 76.3 595.4 61.3 84.6 78.1 9.7 July 1 779.0 178.3 119.0 92.4 115.9 5.6 74.7 576.1 33.7 82.4 76.3 10.4 July 8 778.1 178.8 114.9 91.3 115.4 -10.3 8.7 75.1 573.9 33.8 86.2 75.4 8.8 July 15 770.5 170.8 118.6 88.0 115.1 -10.1 8.8 70.9 562.3 36.7 86.4 76.7 8.4 July 22 766.5 175.6 112.8 84.4 114.7 -10.2 8.5 70.8 556.7 37.5 86.0 78.5 7.8 July 29 761.3 179.7 108.2 82.3 110.6 -8.9 8.3 70.9 551.1 38.5 87.3 77.5 7.0 Aug. 5 761.6 180.1 110.1 79.3 109.9 -8.7 7.5 69.7 547.8 46.6 89.6 70.5 7.1 Aug. 12..... 786.3 185.1 105.4 78.0 113.9 -8.8 9.6 70.0 553.1 56.9 87.4 81.0 7.9 Aug. 19 788.9 182.9 104.5 75.5 112.6 -8.9 9.6 73.0 549.2 62.8 86.2 83.4 7.2 Aug. 26 185.1 104.8 76.6 112.3 10.6 66.2 546.9 73.9 87.7 88.1 7.4 Sept. 2 756.4 158.4 104.5 74.6 116.1 -10.0 8.7 69.4 521.8 56.8 85.2 84.7 7.9 Sept. 9 777.2 162.0 107.9 72.8 115.7 -10.3 10.4 71.0 529.4 58.2 91.3 90.4 8.1 Sept. 16 776.5 156.2 110.3 73.5 116.9 -10.4 7.9 71.4 525.9 57.4 88.3 97.2 7.7 Sept. 23 819.8 169.9 123.9 68.7 119.7 -10.2 8.9 74.8 555.6 64.9 90.1 101.6 7.6 Sept. 30 898.5 221.6 131.1 63.9 133.6 -10.1 10.5 82.3 632.9 71.4 86.0 100.4 7.9 Oct. 7 919.6 230.5 131.0 65.9 150.1 -10.6 13.0 85.9 665.9 63.2 85.3 95.6 9.6 Oct. 14 931.4 219.6 140.5 90.6 150.0 -9.5 13.8 73.2 678.1 69.6 83.1 92.6 7.9 Oct. 21 903.1 221.9 112.4 86.8 132.6 -10.2 16.4 90.8 650.7 75.3 81.2 87.6 8.3 Oct. 28 895.9 211.0 114.8 84.8 133.7 -10.3 18.7 87.5 640.2 74.8 78.8 93.2 Nov. 4 211.0 120.4 76.6 135.8 19.0 66.2 619.4 72.5 78.0 82.2 Nov. 11 862.9 209.7 124.6 77.8 132.6 -9.3 19.2 63.6 618.2 78.8 76.9 80.4 Nov. 18 849.7 183.8 128.3 122.1 -8.3 22.2 68.0 593.8 82.5 84.5 79.9 9.0 Nov. 25 882.5 175.9 125.5 86.1 116.3 -7.4 20.5 73.9 590.9 101.3 95.4 87.1 7.7 Dec. 2 159.4 112.7 79.7 115.0 -5.4 23.7 78.4 563.6 84.6 151.8 80.4 8.4 Dec. 9 906.4 163.7 114.3 72.7 118.7 -4.4 26.5 82.9 574.4 82.6 154.4 87.0 8.0 Dec. 16 926.0 171.0 124.2 78.5 113.1 -1.1 30.0 82.3 597.9 79.7 153.8 86.6 8.1 Dec. 23 911.5 157.8 136.8 65.5 106.6 1.7 29.9 81.9 580.1 74.3 153.3 90.8 13.0 Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 149.3 90.4 15.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 5.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES Net movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States.] Week ending— Total U K d n i o i n m t g e - d France N la e n th d e s r- e S r w la it n z d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935 Jan.9 . _ —1.1 -7.0 5.1 -.5 -.7 .2 -.5 -.8 -4.2 -2.4 -.3 6.4 -.6 Jan. 16 17.9 -1.4 11.3 —1.1 -.5 1.6 —.1 .4 10.2 -2.1 -1.4 11.2 0) Jan. 23 60.2 14.9 21.8 -2.9 .5 11.7 2.0 47.9 -.3 -1.9 14.6 Jan. 30 34.1 11.3 12.4 -.3 .8 2.7 L4 .3 28.7 -4.6 -2.2 12.5 -.3 Feb. 6 _._ 81.4 28.7 26.6 2.2 1.5 4.6 .1 1.9 65.6 -4.3 1.9 18.9 -.6 Feb. 13 102.2 37.0 24.9 3.7 1.8 8.9 1.4 3.3 81.1 -3.4 3.5 21.8 o Feb. 20 _ 110.2 49.2 28.1 4.0 2.2 2.8 2.1 2.4 90.8 -4.4 3.6 21.3 -1.1 Feb. 27 120.5 59.4 27.0 3.4 2.0 4.8 1.5 3.6 101.7 -5.2 3.4 21.7 -1.1 Mar. 6 128.0 69.1 26.6 3.4 2.3 4.4 2.1 1.9 109.7 -3.7 5.2 18.0 -1.2 Mar. 13 148.3 77.2 30.3 4.1 2.1 4.5 2.1 2.6 122.9 -2.9 5.3 24.0 -1.0 Mar. 20 . 164.4 92.4 26.9 4.4 2.1 6.3 2.7 3.8 138.6 -2.3 4.4 24.6 -.9 Mar. 27 176.6 104.7 26.6 4.1 2.5 5.3 4.1 4.4 151.7 -4.5 3.9 27.1 — 1.5 April 3 154.2 108.0 9.4 -2.8 2.7 6. 3 2.9 3.9 130.5 -4.7 4.4 25.4 -1.4 April 10 187.6 136.0 25.9 -19.4 2.0 7.4 3.1 1.7 156.9 -.7 5.0 27.9 -1.6 April 17 205.9 143.2 31.7 -12.0 2.5 8.8 2.4 3.7 180.2 -6.1 5.5 27.5 — 1.2 April 24 242.8 164.9 29.8 2.7 2.1 9.3 2.8 4.0 215.6 -5.8 5.9 28.2 —1.1 May 1 230.6 157.9 32.3 5.0 2.8 9.7 2.4 3.8 213.9 -8.5 3.8 22.7 -1.3 May 8 .. 241.0 162.9 32.5 3.1 3.2 11.0 3.4 3.9 22*0.0 -8.2 4.5 25.9 -1.1 May 15 243.4 174. 9 18.7 3.4 3.1 13.1 3.7 4.8 221.8 -7.1 4.1 26.0 -1.4 May 22 :. 222.9 184.6 -11.7 3.7 3.1 12.6 4.6 4.6 201.5 -7.5 3.7 25.9 -.7 May 29 - 167.2 186.1 -70.3 5.0 3.5 13.1 4.4 3.5 145.3 -7.1 2.5 27.4 -.9 June 5 209.1 192.2 -34.4 2.8 4.0 15. 1 3.6 3.9 187.1 -8.0 2.4 28.4 -.8 June 12. _ 287.4 196.4 36.4 5.2 3.8 13.4 3.0 1.3 259.6 -6.9 6.1 29.4 -.8 June 19. _ 305.2 209.3 46.0 4.9 1.5 15.2 2.4 1.4 280.7 —11. 5 7.1 29.5 -.6 June 26 309.9 208.1 48.6 5.2 1.9 17.9 2.7 1.0 285.4 -12.0 8.7 28.6 -.9 July 3 312.0 212.1 49.1 5 3 .3 18 0 3 2 2 7 290.7 -16.7 7.6 31.4 -1.0 July 10 _ 318.2 214.2 51.8 5.2 -.8 19.0 3.3 3.1 295.8 -19.6 9.4 33.4 -.8 July 17 331 7 219.9 51 9 5 6 — 1 4 20 8 2 6 4 7 304.2 -19.0 10.5 36.8 -.7 July 24. _ 337.4 215.0 53.1 6.1 -.5 22.9 2.3 6.0 305.0 -20.1 12.9 40.5 -.8 July 31 334.7 211.6 52.3 -3.6 -.4 26.3 2.7 5.7 294.5 -16.4 12.7 44.6 -.7 Aug. 7 343.3 215.8 54.2 -1.8 -.4 28.0 4.1 6.7 306.6 -22.0 15.1 44.2 -.6 Aug. 14. 339 5 207.5 53.8 4 9 —.2 28.6 2 6 7.2 304.4 -23.2 13.4 45.6 -.6 Aug. 21 353.8 213.4 55.1 4.3 -.6 28.9 3.1 9.4 313. 6 -19.2 15.6 45.2 -1.4 Aug. 28 358.9 211.1 53.8 6.7 -.6 29.4 2.7 10.1 313.2 -18.1 19.7 44.9 -.7 Sept. 4 ._ _ 395.2 208.9 54.0 6 4 —.4 29.8 3.9 13.2 315.6 15.7 18.2 46.4 -.8 Sept. 11 395 7 208.8 49.0 5 6 —.2 30 2 4 2 13.2 310.8 14.4 19.1 52.1 -.7 Sept. 18 389.0 209.8 43.0 —1.5 .3 31.1 5.3 14.8 302.7 14.7 19.3 53.2 -.9 Sept. 25 373 7 209.7 17.8 2 2 .4 31.8 6 3 14.1 282.2 18.4 20.5 53.1 -.6 Oct. 2 ._ 387.5 208.8 31.7 6.1 .2 31.0 6.5 15.8 300.1 18.2 19.1 50.7 -.4 Oct. 9 371 8 206 2 16.6 6 1 .7 30 9 7 3 15.5 283.3 17.6 19.4 51.4 (i) Oct. 16 392.6 204.7 35.6 5.7 1.4 30.5 9.5 14.5 302.0 16.1 22.2 52.4 -. 1 Oct. 23 388 5 209 1 26.4 5 1 .9 30 3 9 9 16.2 297.9 14.9 23.4 52.3 . 1 Oct. 30 391.7 198.6 41.7 5.1 1.1 30.9 10.1 15.0 302.5 13.5 23.8 51.8 (2) Nov. 6 385 8 204 4 32.0 4 5 1.7 31.0 10 7 14.6 298.8 14.2 23.5 49.6 -.3 Nov. 13 370.2 198.7 28.2 3.4 1.1 30.5 9.9 12.9 284.6 15.1 23.2 47.7 -.4 Nov. 20 361.2 199 0 25.5 3 0 .3 30.0 12 4 12.3 282.5 11.6 23.0 45.2 -1.1 Nov. 27 292.0 196.1 -35.5 2.9 . 7 29.3 12.5 10.7 216.7 13.2 23.1 40.8 -1.7 Dec. 4 329.2 198.8 18.4 4.2 .4 29.0 13.4 8.8 273.0 -6.9 23.3 41.5 -1.6 Dec. 11 349 1 196 3 41 3 3 6 9 30 2 13 4 10.3 296.0 -9.7 22.8 41.2 -1.4 Dec. 18 353.8 202.7 47.7 1 8 . 7 28.2 13.3 8.5 302.9 -7.2 23.7 35.8 -1.4 Dec. 24 355.4 203.3 47.8 2.0 .8 28.9 13.8 8.4 305.0 -3.9 22.1 33.7 -1.6 Dec. 31 360. 3 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 19.0 37.3 -1.6 i Inflow less than $50,000. 2 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

411 MAY 1937 FEDERAL RESERVE BULLETIN TABLE 5.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES—Continued Net movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States.] Week ending— Total U K d n i o i n m t g e - d France N la e n th d e s r- e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th l e l r 1936 Jan. 8—. 392.2 203.8 51.6 1. 28.4 13.6 10.1 308.5 32.5 18.3 34.2 -1.3 Jan. 15_. 389.3 205.8 49.3 -1.4 1.5 29.2 13.1 8.4 305.9 27.3 18.2 39.0 -1.1 Jan. 22.. 386.1 206.6 49.4 -1.3 1.5 30.0 14.3 9.1 309.6 23.6 17.8 36.4 -1.3 Jan. 29- 381.3 204.3 50.7 -1.7 1.6 30.6 14.4 308.7 20.7 17.8 35.5 -1.4 Feb. 5... 386.3 209. 51.4 .6 2.2 31.1 14.2 9.0 317.9 19.0 17.0 34.3 -1.9 Feb. 12.. 391.3 212.6 50.1 .7 2.0 30.9 14.3 10.3 320.9 19.9 17.3 35.2 -2.0 Feb. 19. _ 399.3 215.5 48.8 1.0 2.1 30.9 14.7 12.7 325.8 22.3 18.1 35.4 -2.2 Feb. 26.. 406.1 215.3 49.6 2.3 31.3 14.8 14.1 330.1 23.5 18.1 36.5 -2.0 Mar. 4... 405.5 215.9 52.8 -.3 2.7 31.6 14.1 14.2 331.0 23.7 16.8 35.9 -1.8 Mar. 11.. 400.7 211.0 52.3 -1.9 2.8 32.4 14.0 14.7 325.3 22.6 16.4 38.6 -2.2 Mar. 18.. 401.2 211.5 53.7 -4.0 2.7 33.3 14.2 15.1 326.7 18.1 16.8 42.1 -2.4 Mar. 25.. 402.5 214.2 54.1 -4.3 2.8 33.1 14.7 15.2 329.7 17.6 14.8 43.1 -2.7 April 1 389.2 203. 3 51.7 -4.4 2.7 34.8 14.1 15.8 318.0 18.1 16.4 39.4 -2.6 April 8. 400.6 213.9 52.9 -5.2 2.6 34.4 14.0 16.8 329.4 18.5 17.1 38.0 -2.4 April 15 403.5 214.1 54.9 -5.3 2.6 34.3 13.8 16.0 330.3 23.2 17.1 36.2 -3.3 April 22 . 403.1 213.2 55.3 -5.2 2.7 33.7 13.8 16.6 330.1 20.7 17.8 37.9 -3.5 April 29 390.7 205.9 47.6 -5.1 2.5 37.9 14.0 17.7 320.6 17.9 16.8 39.3 -3.9 May 6 356.4 206.5 -4.8 2.5 36.6 13.7 17.7 282.1 19.4 17.6 40.9 -3.6 May 13 374.8 211.2 22.5 -5.4 3.7 36.5 14.3 16.5 299.1 19.0 17.4 42.2 -3.1 May 23 416.7 218.3 57.1 -4.4 3.5 38.2 14.2 16.4 343.3 15.2 20.0 41.2 -3.0 May 27 425. 3 218.6 52.1 -3.8 4.1 41.0 14.3 17.4 343.7 19.6 23.1 42.2 -3.3 June3__. 400.3 217.2 29.6 -4.8 3.6 '41.4 14.1 20.8 322.0 16.1 22.9 42.8 -3.4 June 10.. 388.3 217.7 10.5 -3.3 3.7 41.0 14.1 20.8 304.5 17.6 23.4 46.3 -3.5 June 17_. 416.2 213.0 33.8 -3.7 4.0 45.2 14.3 23.3 329.9 17.2 27.3 44.6 -2.8 June 24.. 447.3 219.6 56.7 -2.5 3.7 44.7 14.5 22.2 18.3 29.5 43.5 -2.9 July 1... 447.9 215.0 57.1 -2.8 3.9 45.5 14.5 22.4 355.6 18.5 31.4 45.3 -2.9 July 8_._ 458.3 215.0 60.1 -2.1 3.9 47.3 14.0 22.2 360.4 21.2 34.2 45.5 -2.9 July 15_. 464.4 212.0 60.1 -1.3 4.0 48.8 14.3 22.9 360.8 21.8 35.6 49.3 -3.1 July 22.. 466.5 212.0 59.7 -1.5 4.1 50.8 14.9 21.8 361.8 21.7 36.3 49.6 -2.9 July 29_. 468.1 208.5 57.6 4.1 54.1 15.4 23.5 362.3 22.2 36.3 49.7 -2.5 Aug. 5__. 469.0 207.9 60.5 .5 4.0 53.9 15.4 25.0 367.1 20.6 34.6 48.7 -2.1 Aug. 12.. 466. 5 208.2 56.1 -2.0 3.9 55.4 15.4 25.2 362.3 21.2 36.1 48.6 -1.6 Aug. 19.. 480.3 219.3 58.1 -1.4 4.2 58.3 16.5 25.3 380.2 18.7 35.5 47.4 -1.5 Aug. 26.. 484.1 216.6 57.0 -2.9 4.1 60.1 16.5 27.0 378.4 22.1 35.1 51.0 -2.4 S S S S S e e e e e p p p p p t t t t t . . . . . 3 2 9 2 1 0 3 . 6 — . . . . . . . . 4 4 5 5 5 1 5 9 1 1 0 4 5 7 7 . . . . . 6 6 9 8 4 2 2 2 2 2 1 1 1 1 2 6 7 9 9 0 . . . . . 3 1 5 2 7 - 3 4 5 5 2 1 4 8 4 .7 . . . . 2 8 2 9 - - - — 2 — 1 1 1 . . . . 9 6 1 . 7 1 2 4 5 4 4 . . . . . 5 8 4 2 1 7 6 6 6 6 0 8 4 2 5 . . . . . 6 6 9 0 7 1 1 1 1 1 6 6 6 6 6 . . . . . 2 3 6 3 5 2 2 2 7 6 6 . . . 8 4 4 3 3 3 3 3 2 7 6 8 8 8 8 5 7 5 . . . . . 1 1 5 3 5 4 4 4 4 4 7 5 6 2 5 . . . . . 2 4 1 4 7 3 3 3 3 3 7 9 8 7 8 . . . . . 7 0 6 7 0 4 4 4 5 5 7 3 9 0 2 . . . . . 1 2 6 8 1 — - - - - 1 1 1 2 1 . . . . 7 7 7 1 .7 Oct. 7... 500.9 206.8 58.8 .5 3.2 64.6 17.4 27.2 378.6 40.7 37.7 44.7 —.7 Oct. 14_. 492.8 200.9 48.7 3.4 4.7 70.6 16.6 27.4 372.3 41.3 38.1 41.8 -.7 Oct. 21_. 490.0 203.7 62.6 1.4 4.0 64.2 16.6 26.2 378.7 37.2 37.0 37.8 -.7 Oct. 28_. 483.8 201.1 63.8 -1.1 4.2 63.6 16.2 26.8 374.6 37.6 37.5 35.6 -1.5 Nov. 4— 483.1 201.4 62.9 -1.8 4.1 63.8 16.7 27.1 374. 2 37.3 35.0 37.9 -1.3 Nov. 11- 486.5 204.1 63.4 -1.0 3.6 63.6 16.9 25.1 375.7 39.7 35.1 37.9 -1.9 Nov. 18-. 471.5 193. 1 63.0 -5.6 3.7 63.7 16.9 25.1 359.9 40.7 34.8 38.3 -2.1 Nov. 25.. 442.8 172.4 63.6 -6.0 3.2 64.1 17.1 23.8 338.2 38.4 31.9 36.7 -2.4 Dec. 2_._ 442.6 172.0 62.7 -4.0 3.2 63.8 17.1 22.8 337.6 40.5 32.5 35.1 -3.1 Dec. 9_ — 439.7 177.1 61.9 -2.5 1.6 64.2 16.0 21.4 339.6 41.6 30.8 31.0 -3.3 Dec. 16_. 442.8 179.6 62.4 -1.8 3.0 66.5 15.6 21.7 347.0 38.5 26.8 34.4 -3.9 Dec. 23.. 428.8 173.9 61.6 -2.6 3.0 65.3 15.6 20.6 337.3 38.5 i 23.0 I 34.4 -4.4 Dec. 30_. 429.8 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 23.2 30.4 -4.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 6.—BROKERAGE BALANCES BY COUNTRIES Net Movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] Week ending— Total U K d n o i i n t m g ed - France N la e n th d e s r- e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935 Jan. 9 - 2.6 2.1 .4 -.4 -.1 .4 1.7 0) .4 Jan. 16 - 2.0 .3 .3 -.2 -. 1 .1 -.5 1.3 .6 Jan. 23 3.7 .4 1.2 -.3 .2 0) .2 1.7 1.8 -.2 .4 Jan. 30 3.7 .9 1.3 -.2 .2 .5 2.1 1.6 -.4 .5 Feb. 6 3.3 .5 2.0 _ i -1.6 .1 .1 1.6 -.2 1.1 Feb. 13 5.0 2.1 2.2 -.2 -1.6 .1 .3 2.8 1.0 0) 1.2 Feb. 20 7.0 2.8 1.6 .1 -.4 0) .4 4.4 1.0 1.7 Feb. 27 10.9 3.5 3.2 .4 .4 7.8 1.5 .2 1.5 Mar. 6 _. 13.7 4.5 3.7 V) .5 9.5 2.6 .1 1.6 Mar. 13. 15.4 4.3 4.5 1.1 -.2 1.1 10.5 2.5 .1 2.4 Mar. 20 20.2 5.8 4.9 2.0 .1 .1 1.1 13.9 3.5 .1 2.8 Mar. 27 21.7 7.0 5.6 2.1 .1 .1 1.0 15.9 3.3 0) 2.6 Apr. 3 21.1 6.5 5.6 2.6 1.2 16.1 2.2 .3 2.5 Apr. 10 20.9 5.8 4.5 2.9 1.4 15.5 2.4 .4 2.7 Apr. 17_ 21.7 6.3 3.9 2.9 .8 1.2 15.1 3.7 .5 2.4 Apr. 24 21.0 6. 3 3.3 2.7 1.2 14.4 3.6 .7 2.4 May 1 21.8 7.0 3.5 2.7 1.0 1.3 15.4 3.2 2.6 May 8 21.9 7.9 2.6 2.9 1.1 1.4 15.8 2.6 .7 2.9 - 1 May 15 20.9 6.8 2.3 3.4 .8 1.4 14.6 2.5 .7 3.2 -!i May 22 _ 20.3 6.4 2.7 3.1 1.2 .6 14.0 2.3 3.0 .i May 29 20.7 5.0 4.0 2.8 1.2 .7 13.8 2.3 3.7 0) June 5 26.4 7.4 5.6 3.3 2.5 19.3 2.4 3.9 0) June 12 26.5 6.7 6.4 3.2 2.2 19.0 2.8 1.0 3.7 0) June 19 28.7 7.4 6.5 3.8 2.3 20.5 3.2 .8 4.2 June 26 27.1 6.5 6.7 3.3 2.3 .7 19.3 2.8 1.4 3.7 July 3 - 29.8 6.8 7.0 3.6 2.2 1.6 20.8 3.3 1.3 4.4 July 10 26.8 5.9 6.6 3.4 2.0 1.4 19.2 *2.0 1.2 4.5 July 17 24.8 5.3 5.4 3.3 2.2 16.9 2.5 .9 4.6 -.1 July 24 25.6 5.1 5.3 3.4 2.6 17.2 2.7 1.3 4.5 -.1 July 31 25.4 4.9 5.5 3.4 2.7 .4 16.8 2.5 1.4 4.8 -.1 Aug. 7 23.6 4.4 5.2 3.2 2.3 15.0 2.8 1.4 4.6 -.3 Aug. 14 18.4 3.8 4.7 3.3 2.4 -. 1 .1 14.0 .3 .6 4.4 -.9 Aug. 21 19.8 4.7 3.9 3.1 2.5 -.4 13.7 1.2 .5 4.5 -.3 Aug. 28 20.4 4.4 5.1 3.4 2.9 -. 1 15.5 .4 4.6 -.7 Sept. 4 24.6 5.4 6.3 3.5 3.7 -.4 1.2 19.5 .5 .5 4.8 -.7 Sept. 11 23.5 4.7 5.6 3.3 3.2 1.4 18.1 .9 .5 4.7 -.5 Sept. 18 25.1 5.1 5.3 3.1 3.5 _0) 2.1 19.1 1.1 .5 4.9 -.5 Sept. 25 29.8 6.0 5.7 3.7 3.1 2.2 20.8 3.2 1.0 5.1 Q Oct. 2 29.8 6.2 6.1 3.7 3.3 1.6 20.8 3.2 1.0 5.1 Oct. 9 30.7 7.2 5.7 4.3 3.4 1.5 22.2 2.8 .9 5.2 Oct. 16 27.1 6.1 4.8 3.8 3.4 1.6 19.8 1.3 1.2 5.4 Oct. 23 23.7 4.8 4.5 2.8 3.0 1.9 17.1 1.1 5.2 Oct. 30 20.5 5.0 3.4 2.8 2.8 1.8 15.9 5.0 Nov. 6 19.3 4.4 3.1 2.6 3.0 1.7 14.8 -.6 5.0 Nov. 13 15.1 1.9 3.0 2.9 2.5 —.1 1.6 11.9 -2.1 5.1 Nov. 20 5.9 -3.0 2.0 1.9 2.8 -. 1 1.2 4.9 -3.2 .5 4.7 Nov. 27 5.5 -2.8 3.7 1.8 2.5 -. 1 1.9 7.1 -4.6 .4 3.7 -1.1 Dec. 4 13.2 .5 4.5 1.4 3.3 -.1 2.6 12.2 -2.9 3.9 -1.0 Dec. 11 6.3 .4 2.9 .8 2.8 -.1 .9 7.8 -4.4 3.2 -1.0 Dec. 18 9.8 2.6 1.4 2.8 -.2 1.8 8.9 -3.1 1.2 3.5 Dec. 24 9.5 3.2 1.9 2.8 -.2 1.4 9.8 -3.8 1.1 3.3 Dec. 31 6.0 0) 2.4 1.3 2.5 -.2 1.4 •7.6 -4.5 1.0 2.9 i Inflow less than $50,000. 2 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

413 MAY 1937 FEDERAL RESERVE BULLETIN TABLE 6.—BROKERAGE BALANCES: BY COUNTRIES—Continued Net Movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] United Nether- Switz- Ger- Other Total Latin Far All Week ending— Total K d i o n m g- France lands erland many Italy Europe Europe Canada America East Other 1936 Jan.8 4.5 -.8 3.4 .7 2.5 -.1 .2 1.3 7.2 -5.4 .5 3.1 -.9 Jan.15 6.8 1.4 2.5 1.7 2.3 -.2 .1 2.0 9.8 -5.9 .6 3.5 -1.1 Jan.22 6.6 -.5 2.6 1.8 2.9 -.1 .1 3.0 9.7 -5.5 .3 3.3 -1.2 Jan. 29 6.5 2.1 2.1 1.4 2.9 -.2 .1 3.3 11.7 -6.8 (2) 2.9 -1.2 Feb. 5 6.5 2.5 1.6 1.1 2.8 o .2 2.9 10.9 -7.0 .6 3.0 -1.0 Feb. 12 1.9 -.6 1.7 .4 2.6 -.1 .2 2.2 6.2 -5.7 -.2 3.0 -1.5 Feb. 19 -3.2 -2.1 1.9 .4 1.6 -.2 .2 1.9 3.6 -6.6 -1.5 2.2 -1.0 Feb. 26 .4 -.9 4.5 -.7 2.3 -.2 .2 2.0 7.1 -5.9 -1.4 1.7 -1.0 Mar. 4 3.5 .3 7.7 -.7 1.9 -.1 .2 1.6 10.8 -6.3 -1.8 1.8 -1.1 Mar. 11 1.1 .6 7.9 -.8 1.5 -.2 .4 1.4 10.9 -8.4 -2.2 1.8 -1.0 Mar. 18 6.1 1.0 7.7 .5 2.3 -.1 .3 1.3 13.0 -5.4 -2.5 2.1 -1.1 Mar. 25. .. .5 -.3 7.1 .3 2.0 -.2 .1 .9 9.9 -6.6 -3.2 1.4 -1.1 April 1 . .4 6.7 -.2 2.6 -.1 .1 1.3 9.9 -6.2 -3.3 1.2 -1.2 April 8 -.1 -1.8 6.1 -.8 1.8 -.1 .1 1.8 7.2 -6.0 -3.7 3.6 -1.1 April 15 4.5 -.8 8.5 .1 1.7 -.1 .2 2.1 11.7 -6.1 -3.9 4.0 -1.1 April 22 2.9 —2.0 6 6 -.2 2 7 —.1 1 1.7 8.8 -4.9 -3.7 3 9 -1.1 April 29 * 7.4 -1.2 7.6 .8 3.0 -.2 0) 1.8 11.8 -4.3 -2.7 3.5 -1.0 May 6 17.1 3.3 9.3 2.1 3.3 —.1 (l) 1.6 19.5 -4.6 -2.2 4.5 -.2 May 13 . 16.5 2.2 9.1 2.2 3.7 (0 1.9 19.0 -4.5 -1.9 4.1 2 May 20 17.1 2.6 8.6 1.9 3.8 -.2 0) 2.0 18.8 -4.0 -1.7 4.2 -.1 May 27 14.7 1.8 8.7 1.7 3.5 -.2 0) 1.1 16.7 -3.9 -1.8 3.9 -.1 June 3 17.6 1.5 8.7 1.9 3.7 -.1 . 1 2.3 18.0 -2.1 -1.9 3.7 -. 1 June 10 18.3 2.3 9.1 1.8 4.1 -.1 .1 2.4 19.6 -3.6 -1.8 4.2 -.1 June 17 19.4 2.7 9.4 2.1 3.9 —.1 .1 2.3 20.4 -3.6 -1.8 4.4 -. 1 June 24 _ _ __ _ 20.1 3.2 9.2 1.7 3.9 -.1 (0 2.2 20.1 -3.7 -1.8 5.5 .1 July 1_ _ 16.5 2.1 8.8 .8 4.1 -.1 0) 2.0 17.8 -4.0 -1.5 4.1 0) July 8 20.0 3.6 9 6 1.9 4 6 —.1 1 2.4 22.1 -5.4 -1.5 4.8 1 July 15 19.1 2.1 9.6 2.9 5.1 .1 .1 2.1 22.0 -6.0 -1.1 4.2 0) July 22 20.5 3 0 9 9 2 7 5 7 (l) 1 1.7 23.1 -5.3 -1.6 4 2 .2 July 29 — 17.9 1.3 9.5 2.2 5.9 0) .1 2.0 20.9 -6.1 -1.4 4.2 .3 Aug. 5 19.9 2.7 10.2 2.2 6.6 .1 .2 1.6 23.6 -6.2 -1.8 4.2 .2 Aug. 12 20.1 4.1 9.7 2.0 6.2 .1 .1 1.8 24.0 -6.5 -2.0 4.2 .3 Aug. 19. 19.6 1.8 11.0 1.9 6.8 .2 .1 2.0 23.7 -6.0 -1.9 3.5 .3 Aug. 26 18.2 -.2 10.7 2.1 7.1 .1 .1 1.9 21.7 -4.0 -3.0 3.3 .1 Sept. 2 15.2 .8 10 3 1 8 6.6 1 1 1.5 21.3 -7.3 -2.3 o o .2 Sept. 9 16.9 -.2 10.8 1.7 6.4 .1 .2 1.7 20.6 -5.3 -2.3 3.8 .2 Sept. 16 20.1 1.3 12 1 1 9 6 3 (2) 2 1.7 23.3 -5.2 -2.1 3.8 .2 Sept. 23 „. 19.3 -.2 11.7 1.8 6.6 .1 .1 2.1 22.2 -4.6 -2.2 3.7 .3 Sept. 30 23.2 .6 14.4 3.0 7.4 0) .2 2.2 27.8 -6.4 -2.4 3.9 .3 Oct. 7 14.0 -2.0 12.7 1.3 6.9 .2 1.1 20.4 -7.1 -2.8 3.3 .2 Oct. 14 12.0 —2.9 11 4 2 1 6.4 .1 2 2.1 19.1 -8.0 -2.5 3.2 .2 Oct. 21 12.0 -1.6 10.5 1.6 5.6 —— .12 .2 1.7 18.0 -7.4 -2.9 3.1 1.2 Oct. 28 13.7 .3 10.5 2.3 6.4 -.1 .1 1.5 21.0 -8.6 -2.8 3.1 1.1 Nov. 4 12.7 -.2 10 9 2.0 5.8 —.1 .2 .8 19.3 -7.5 -2.8 2.7 .9 Nov. 11 . 7.7 —2.3 10 1 — 7 6.1 i .3 .8 14.3 -7.5 -3.1 3.0 1.0 Nov. 18 14.7 1 8 10 3 _ 2 7 9 — 1 2 8 20.6 -7.2 -2.9 3.4 .8 Nov. 25 17.6 3.3 10.8 .8 8.5 -.1 -.8 1.4 23.9 -6.1 -3.7 2.8 .8 Dec. 2 18 8 5 6 10 3 7 5 — 2 2 1 6 25.1 -5.8 -3.8 2.9 .3 Dec. 9 20.1 5.7 9.7 .5 8.2 -.2 .3 .8 25.0 -4.4 -3.7 3.3 -. 1 Dec. 16 17.3 4 0 10 4 9 8 4 — l .2 .8 24.7 -7.2 -3.4 3.5 -.3 Dec. 23 16.4 4.2 10.7 .7 9.2 — .1 .2 .7 25.7 -7.4 -4.3 2.7 -.3 Dec. 30 _ 12.9 4.0 10.4 Q 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 (2) i Inflow less than $50,000. 2 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 7.—TOTAL SECURITIES, BY COUNTRIES Net Purchases by Foreigners since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners.] Week ending— Total U K d n i o i n t m g ed - France N l e a t n h d e s r- e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca E F a a s r t O A th ll er 1935 Jan. 9 4.4 3.7 -.8 .8 -.7 -.1 -.1 .6 3.4 .3 .6 .1 -.1 Jan. 16 15.9 8.5 0) 1.8 -.7 -.3 -.1 1.0 10.3 4.4 1.0 .4 2 Jan. 23 24.1 11.9 -.3 3.3 -.8 0) .1 1.8 16.0 7.2 .9 .1- -.2 Jan.30 29.4 14.3 -.5 4.3 -.3 .1 .2 2.4 20.6 7.9 1.2 -.2 Feb. 6 _ . _ 36.3 15.4 -.2 5.1 1.0 .2 .3 6.2 27.9 7.6 1.2 -.1 -.2 Feb. 13 38.3 17.1 .7 5.6 .8 .3 (0 7.1 31.7 5.7 1.3 -.2 -.2 Feb. 20 42.1 17.7 .7 6.0 -.3 .4 8.6 33.2 8.5 1.8 -1.3 -.2 Feb. 27 _ . 37.5 17.2 -.5 5.7 -.9 .3 9.0 30.6 6.0 1.9 o -.2 Mar. 6 _ - 33.7 15.1 -1.7 4.8 -1.7 .4 -.2 14.3 30.9 2.4 2.1 -1.5 -.2 Mar. 13 26.7 12.3 -2.8 4.1 -2.8 .6 -.3 16.8 27.8 -1.9 2.3 -1.4 -. 1 Mar 20 21.5 9.3 -3.3 3.5 3 3 .8 -.4 16.9 23.5 -3.2 2.5 -1.4 .1 Mar. 27 16.6 8.2 -3.3 3.4 -3.4 1.1 18.1 23.6 -9.0 3.1 -1.3 .2 Apr. 3 25.6 6.9 -3.1 3.9 -3.9 1.1 -.6 21.3 25.5 -4.5 5.6 -1.1 .2 Apr. 10 26.9 7.7 -2.8 4.9 -3.0 1.2 -.8 21.9 29.2 -8.9 6.1 .5 Apr 17 31.3 9.6 -2.5 5.3 —2 7 1.4 -.9 22.5 32.7 -8.8 6.4 .5 .5 Apr. 24 __- 30.8 8.7 -2.3 5.3 -2.3 1.6 -.8 22.9 32.9 -10.3 6.5 1.1 .6 May 1. 26.1 7.2 -3.5 5.0 -1.7 1.7 -1.2 23.2 30.8 -12.9 6.4 1.2 .6 May 8 25.9 7.2 -2.8 5.4 -1.0 1.9 -.7 23.9 33.8 -16.3 6.4 1.4 .6 May 15 23.7 6.4 -1.9 5.8 2.3 -.7 25.0 36.3 -20.9 6.5 1.4 .5 May 22 29 8 10 2 — 1 0 6.6 — .2 2 6 — .7 26.4 43.8 -22.6 6 4 1.7 .4 May 29 _ 32.4 12.7 -.6 8.5 .6 2.5 -.6 26.7 49.8 -24.9 6.1 1.2 .2 June 5 48.5 16.4 -.9 9.3 -.1 2.6 -.5 30.2 57.0 -22.8 6.3 7.2 .8 June 12 54.6 17.0 -1.0 10.1 1.0 2.7 -.5 34.2 63.6 -25.1 6.1 9.2 .9 June 19 54.9 16.9 -.5 9.9 1.4 2.6 -.2 34.2 64.2 -27.3 6.1 10.9 1.0 June 26 53.2 17.1 .2 10.2 1.6 2.7 -.2 34.9 66.5 -32.1 6.1 11.5 1.1 July 3 59.5 20.9 -.3 10.7 2.6 2.5 -.1 35.9 72.3 -31.3 6.2 11.2 1.1 July 10 60.2 21.4 .3 10.8 3.2 2.4 .1 36.6 74.9 -32.9 6.4 10.7 1.1 July 17 _ 67.1 25.1 1.4 11.0 4.3 2.6 (0 37.3 81.7 -31.6 6.5 9.3 1.2 J J u u l l y y 2 3 4 1 8 7 4 2 . . 4 0 2 3 7 3 . . 6 8 1 1 . . 4 6 1 1 2 7 . . 7 1 4 6 . . 8 0 2 2 .6 7 (2) 3 3 7 8 . . 6 6 8 9 6 9 . . 8 9 - -3 3 2 1 . . 4 3 6 6 . . 6 9 8 8. . 6 7 1 1. . 4 2 Aug. 7 97.4 39.8 2.5 18.7 7.4 2.8 .3 39.4 110.8 -31.5 7.5 9.1 1.6 Aug. 14 109.8 44.8 2 4 19.9 8.7 3.1 .3 40.3 119.4 -28.5 8.3 9.0 1.6 Aug. 21 51.5 46.9 2.4 21.6 10.7 3.4 .4 41.0 126.3 -94.7 8.6 9.5 1.8 Aug. 28 55.2 48.7 1.9 23.0 12.1 3.7 .4 41.5 131.3 -96.3 9.4 9.0 1.8 Sept. 4 62.9 51.6 1.5 23.0 12.6 3.9 .6 42.3 135.5 -94.2 9.6 10.2 1.9 Sept. 11 68.2 54.0 2.1 23.3 13.1 4.1 .6 42.8 140.1 -94.1 9.9 10.5 1.9 Sept. 18— 95.4 64.3 3.0 26.8 13.5 4.5 .7 42.8 155.5 -82.8 10.8 10.2 1.7 Sept. 25 100.6 65.9 3.9 27.8 16.6 4.3 .7 43.5 162.8 -87.3 10.6 13.0 1.6 Oct. 2 _ _ 130.4 70.4 4.6 29.4 18.2 4.1 .7 45.0 172.3 -69.3 11.0 14.4 1.9 Oct. 9 141.1 72.5 4.9 30.6 20.1 4.1 .7 . 47.3 180.3 -68.6 11.6 15.8 2.0 Oct. 16 . 153.4 75.3 6.8 32.0 22.0 4.5 .7 48.9 190.1 -66.7 12.0 15.9 2.0 Oct. 23 177. 5 86.8 9.6 34.5 24.0 4.9 .9 50.9 211.4 -64.7 12.9 15.8 2.0 Oct. 30 198 6 98 8 11 4 36 6 26 7 5 4 1 l 51.6 231.5 —65.5 13.3 17.1 2.3 Nov. 6 209.2 105.1 13.3 38.7 27.7 5.7 1.1 52.7 244.4 -69.6 14.0 18.2 2.2 Nov. 13 232.7 119.7 15.3 40.8 31.0 5.9 1.3 53.7 267.8 -70.6 14.0 19.5 2.0 Nov. 20 278.9 144.1 18.3 45.6 36.2 6.2 1.4 54.7 306.5 -67.1 14.9 22.3 2.4 Nov. 27 314.7 167.5 20.7 51.1 39.2 6.6 1.4 55.3 341.8 -68.9 15.1 24.1 2.6 Dec. 4 341.4 171 5 20 6 51 3 41 7 6 9 2 5 55 1 349 6 —50.6 15 3 24.4 2.6 Dec. 11__ 388.9 198.1 24.8 54.5 44.8 7.3 2.6 56.4 388.5 -44.4 15.3 25.9 3.6 Dec. 18 . 404.5 204.6 26.6 55.4 47.7 7.6 2.7 56.9 401.5 -42.0 15.6 25.8 3.5 Dec. 24 422 9 212 2 26 8 56 2 50 4 7 9 2 8 58 4 414 7 —38 6 15.9 27.3 3. 6 Dec. 31_. 441.8 217.5 30.2 57.9 53.9 7.9 2.9 59.1 429.4 -36.9 16.4 29.3 3. 7 i Purchases less then $50,000. 2 Sales less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 415 TABLE 7.—TOTAL SECURITIES, BY COUNTRIES—Continued Net Purchases by Foreigners since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners.] Week ending- Total U K d n i o i n m t g e - d France N la e n th d e s r- e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1936 Jan.8 435.1 225.3 33.8 62.8 56.3 8.1 3.0 61.4 450.7 -65.6 16.4 29.8 3.9 Jan.15 439.0 224.2 36.0 64.2 58.5 8.3 3.2 61.2 455.5 -66.8 17.0 29.1 4.2 Jan. 22 403.6 225.1 38.0 66.0 61.6 8.5 3.3 61.3 463.8 -110.9 17.1 29.3 4.3 Jan. 29 406.0 225.9 39.4 67.7 62.7 8.4 3.5 61.3 468.8 -113.9 17.1 29.6 4.3 Feb. 5 459.9 226.1 41.5 70.6 64.4 8.5 3.4 62.2 476.7 -66.3 17.1 28.3 4.1 Feb. 12 469.8 228.8 42.7 72.7 67.4 8.9 3.4 63.2 487.0 -67.8 17.5 28.5 4.6 Feb. 19 489.9 239.8 43.4 77.5 70.0 9.3 3.3 64.1 507.3 -70.4 18.5 29.7 4.8 Feb. 26 506.3 251.1 39.4 81.1 72.3 9.4 3.4 65.? 522.0 -71.2 18.6 31.8 5.0 Mar. 4 510.2 250.3 37.2 81.3 73.8 9.7 3.8 65.8 521.9 -70.1 20.2 32.9 5.3 Mar. 11 504.8 252.5 38.8 81.5 76.6 10.0 3.6 49.9 512.8 -68.3 20.9 34.1 5.3 Mar. 18 513.2 248.9 41.0 81.4 80.7 10.2 3.7 50.6 516.4 -65.3 21.5 35.2 5.2 Mar. 25 530.7 251.7 44.4 83.0 83.5 10.2 3.7 52.0 528.5 -61.9 22.5 36.3 5.3 Apr. 1 542.1 255.3 45.4 85.0 85.1 10.0 3.6 53.0 537.4 -62.5 25.0 36.9 5.3 Apr. 8 557.7 262.4 46.8 88.5 89.6 10.2 3.7 47.4 548.6 -59.8 25.8 37.8 5.4 Apr. 15 565.6 280.9 47.3 90.8 92.1 10.5 3.6 26.0 551.2 -55.7 26.4 38.3 5.4 Apr. 22 579.8 289.2 48.3 92.9 93.2 10.6 3.7 29.6 567.4 -58.8 26.8 38.8 5.5 Apr. 29 565.5 298.5 48.2 91.9 96.5 10.8 3.7 30.7 580.4 -86.3 27.0 38.9 5.6 May 6 559.9 292.4 47.2 89.0 96.5 11.0 3.7 31.5 571.3 -80.0 27.5 35.7 5.5 May 13 572.6 292.8 47.6 90.6 99.5 11.2 3. 6 32.2 577.5 -76.3 27.7 38.2 5.5 May 20 585.3 292.9 50.6 91.5 101.7 11.4 3.6 31.9 583.6 -70.2 28.0 38.3 5.6 May 27 590.3 289.7 51.5 93.1 103.9 11.5 3.3 33.0 586.0 -69.4 28.5 39.2 6.0 June 3 612.1 279.7 52.1 95.2 108.9 11.6 3.1 54.1 604.7 -67.0 29.0 39.2 6.2 June 10 638.5 279.5 52.8 99.6 112.7 11.7 2.6 56.0 614.9 -51.6 29.2 39.8 6.2 June 17 653.6 276.7 52.6 102.6 117.6 11.7 2.4 57.6 621.2 -45.1 29.9 41.4 6.2 June 24 670.8 280.1 53.8 106.8 121.8 11.9 2.4 59.2 636.0 -43.9 30.3 42.2 6.2 July 1 704.7 286.9 55.1 107.7 123.6 11.6 2.2 60.4 647.5 -22.3 30.2 43.1 6.3 July 8 716.0 290.3 54.1 108.9 124.2 11.6 2.2 60.5 652.0 -16.5 30.8 43.4 6.3 July 15 736.7 293.1 54.5 109.5 127.1 11.6 2.0 70.7 668.5 -13.8 31.0 44.6 6.5 July 22 754.6 297.7 56.5 111.6 128.9 12.0 2.0 71.7 680.4 -9.0 31.2 45.4 6.6 July 29 772.8 305.1 57.7 114.0 131.0 12.1 2.0 73.3 695.2 -6.9 31.8 45.8 6.9 Aug. 5 782.0 308.0 57.1 116.3 132.9 11.8 2.0 75.4 703.4 -7.2 32.7 46.5 6.7 Aug. 12 789.6 310.2 58.3 117.4 134.7 11.9 2.0 76.1 710.6 -7.7 33.2 46.7 6.8 Aug. 19 805.4 316.2 59.1 119.3 135.8 12.2 2.0 77.3 721.8 -4.4 33.7 47.4 Aug. 26 817.6 322.2 59.0 120.5 137.7 12.4 1.9 77.4 731.0 -3.4 34.4 48.4 Sept. 2 850.5 322.9 59.7 122.2 140.3 12.5 2.3 81.8 741.7 17.6 34.7 49.2 7.3 Sept. 9 859. 7 324.7 59.7 124.0 141.7 12.8 1.9 82.9 747.9 19.9 34.9 49.7 7.3 Sept. 16 877.5 327.3 59.0 127.6 147.8 13.1 1.9 84.5 761.1 23.1 35.6 50.5 7.2 Sept. 23 897.3 336.3 59.8 131.1 151.4 13.2 1.8 85.0 778.6 23.5 35.9 51.9 7.3 Sept. 30 905.4 341.7 59.2 130.9 153.7 13.4 1.8 85.0 785.7 26.2 38.3 47.9 7.3 Oct. 7 944.5 361.8 62.0 133.4 156.5 13.9 1.7 86.3 815.6 31.6 39.0 50.4 8.0 Oct. 14__,___. 985.9 379.5 64.1 137.2 161.2 14.1 1.5 88.9 846.7 40.5 39.1 51.5 8.1 Oct. 21 1,038.6 402.6 67.0 146.2 170.9 14.7 1.0 89.4 891.9 45.9 39.6 53.0 8.2 Oct. 28 1,071.5 418.2 67.9 148.0 175.2 14.8 .8 92.9 917.9 51.0 39.7 54.6 8.3 Nov. 4 1,110.7 437.9 68.9 150.9 179.3 15.1 .8 110.6 963.6 42.0 39.9 56.8 8.4 Nov. 11 1,158. 8 462.7 72.0 161.1 191.1 15.2 .7 114. 0 ,016.9 35.0 40.8 57.6 8.5 Nov. 18 1,169. 3 474.4 72.4 161.7 197.5 15.2 .4 116.0 ,037.6 23.6 40.8 58.5 8.8 Nov. 25 1,179. 2 478.0 73.8 161.3 199.1 15.4 .1 118.4 , 046. 2 22.9 41.6 59.5 9.0 Dec. 2 1,188. 3 481.7 76.5 163.1 202.8 15.4 1.5 121.2 , 062.2 26.3 29.8 60.4 9.6 Dec. 9 1,180. 0 472.1 77.1 163.4 204.1 15.4 1.3 122 A . 055.8 26.9 30.4 56.8 10.0 Dec. 16 1,196. 5 473.7 78.7 165.0 206.6 15.6 1.8 123.3 , 064. 5 32.5 30.2 58.9 10.4 Dec. 23 1, 218. 2 478.3 81.4 167.2 211.5 15.6 2.3 124.2 ,080. 6 36.5 30.7 60.1 10.4 Dec. 30 1. 233. 6 483.8 82.9 168.0 213.9 15.1 6.1 126. 4 ,096. 2 34.4 31.2 61.2 10.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners.] Week ending— Total U K d n i o i n t m g ed - France N l e an th d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935 Jan. 9— 1.6 2.3 -.1 .7 -.3 1) 2.4 0) Jan. 16.. 6.6 4.4 .1 1.7 -.4 -.5 () 5.2 Jan. 23.. 11.3 5.5 -.2 2.9 -.5 -.5 .2 7.4 3.3 '.3 Jan. 30- 14.0 6.7 3.6 .5 .4 10.1 3.5 -.1 Feb. 6_... 17.2 -.5 3 9 1.9 .7 13.0 3.9 -.4 .1 Feb. 13.. 19.0 .3 4.2 1.6 1.1 15.1 3.8 .7 -.6 .1 Feb. 20-. 16.8 9.2 .3 4.6 .6 1.3 15.0 2.7 -1.9 .1 Feb. 27- 12.3 8.8 4.2 .1 -1.1 1.3 12.3 1.1 -1.9 C1) Mar. 6__. 6.5 7.3 -1.9 3.5 -.2 -1.1 1.3 8.5 () .7 -2.6 () M M M a a a r r r . . . 1 2 2 3 7 0 . . - . . -4 (2 .0 ) 3 5 1 . . . 4 1 4 - - -3 3 3 . . . 7 1 5 2 2 2 . . . 9 4 3 - - - . . . 8 7 5 - - - 1 1 1 . . . 4 2 3 1 1 1. . . 3 3 1 -1 4 . . . 1 7 5 - - - 3 2 2 . . . 4 4 5 . . . 7 9 7 - - - 2 3 2 . . . 0 9 7 0) . . 1 1 Apr. 3__. -6.2 .7 -3.6 2.7 -1.3 -1.8 1.4 -2.2 -1.8 1.0 -3.2 .1 Apr. 10- -4.1 3.4 -.5 -1.9 1.3 -.6 -1.3 1.1 -3.4 . 1 Apr. 17- -3.3 -3^3 3.6 -1.9 1.4 (2) -1.5 1.2 -3.1 .1 Apr. 24- -2.9 -3.4 3.5 -1.9 1.5 -1.1 1.2 -2.4 .1 May 1— -1.4 -4.6 3.1 .5 -2.1 1.5 -3.7 -1.7 1.0 -2.6 .1 May 8— -7.4 -2.4 -4.0 3.3 1.2 -2.3 1.8 -2.8 -3.2 1.1 -2.7 .2 May 15.. -7.5 -2.7 -3.4 3.6 1.6 -2.2 2.5 -.9 -4.9 1.1 -3.1 .2 May 22.. -1.0 0) -3.0 5.0 2.1 -2.3 3.2 4.7 -3.8 1.0 -3.0 .1 May 29_. 2.0 1.2 -2.9 2.7 -2.7 3.6 8.5 -3.6 .7 -3.6 June 5— 9.3 1.3 -3.4 7.6 2.4 -2.8 4.0 -3.3 .7 2.4 June 12.. 12.5 1.8 -3.4 8.2 3.5 -2.9 4.2 11.2 -4.0 .5 4.1 June 19_. 13.2 1.9 -3.4 7.9 4.3 -3.3 3.9 11.1 -4.8 .5 5.7 June 26.. 12.8 2.3 -3.1 8.0 4.5 -3.4 4.1 12.2 -6.6 5.7 July 3... 15.8 5.3 -3.6 5.6 -3.8 4.2 16.0 -6.8 5.2 July 10.. 16.2 5.4 -3.1 8.6 6.4 -4.1 4.5 17.2 -7.3 4.9 .7 July 17.. 24.1 8.7 -2.0 7.3 -4.1 5.0 23.2 -4.5 3.9 July 24.. 28.1 11.0 -2.0 7.6 -4.1 5.1 27.2 -4.1 3.4 July 31.. 39.1 16.0 -1.7 14.1 9.1 -4.4 5.5 38.1 -4.1 1.0 3.2 Aug. 7... 49.6 21.6 -1.1 15.5 10.5 -4.5 5.9 47.6 -3.6 1.1 3.5 1.1 Aug. 14.. 59.7 26.4 -1.3 16.5 11.8 -4.6 6.5 55.0 -1.4 1.7 3.4 1.0 Aug. 21.. 28.9 -1.3 17.9 13.9 -4.5 6.9 61.4 -.7 1.7 3.1 1.2 Aug. 28- 30.1 -1.8 19.2 15.2 -4.5 6.9 64.6 -1.0 2.2 2.5 1.2 Sept. 4... 72.6 32.5 -2.2 19.1 15.8 -4.6 6.9 67.1 -1.6 2.2 3.7 1.3 Sept. 11_. 75.5 33.9 -1.5 19.3 16.4 -4.6 6.8 69.8 -1.1 1.8 3.7 1.2 Sept. 18- 79.6 35.6 -.7 22.5 16.7 -4.6 6.7 75.8 -2.6 2.0 3.4 1.1 Sept. 25.. 82.7 35.2 .2 23.2 19.9 -4.9 6.7 79.9 -5.1 1.6 5.5 Oct. 2._ 90.3 38.4 .3 24.6 21.4 -5.4 85.6 -4.7 1.8 6.7 1.0 Oct. 9.. 97.5 40.0 .5 25.8 23.2 -5.6 8.4 92.0 -5.2 1.8 7.9 1.0 Oct. 16. 104.7 41.4 2.4 27.0 25.1 -5.6 98.4 -4.6 2.1 7.8 1.0 Oct. 23. 124.9 51.7 5.0 29.2 27.2 -5.5 116.1 -2.8 2.7 7.8 1.0 Oct. 30. 142.6 60.3 6.7 30.9 29.3 -5.4 9.0 130.8 -1.6 3.0 9.3 1.2 Nov. 6— 154.2 66.2 8.5 32.9 30.3 -5.3 9.5 142.0 -2.9 3.1 10.8 1.1 Nov. 13.. 177.2 80.7 10.2 34.8 33.3 -5.2 10.4 164.1 -3.0 3.1 12.1 .9 Nov. 20.. 216.6 101.9 12.9 39.1 38.1 -5.2 10.9 197.7 -1.0 3.7 14.9 1.3 Nov. 27.. 249.6 122.3 15.0 44.3 41.0 -5.1 10.9 228.3 -.5 3.6 16.8 1.5 Dec. 4_._ 253.9 125.2 14.6 44.5 43.5 -5.1 10.7 233.3 -1.2 3.2 17.1 1.5 Dec. 11— 283. 2 138.7 18.4 47.5 46.7 -5.0 11.5 257.6 1.6 3.2 18.3 2.5 Dec. 18- 290.6 141.5 20.0 48.3 49.6 -5.0 11.8 266.1 .7 3.1 18.4 2.3 Dec. 24.. 302.7 146.5 20.3 48.9 52.0 -5.0 12.4 275.0 2.1 3.3 19.7 2.5 Dec. 31- 316.7 149.8 23.4 50.5 55.1 -5.4 12.9 286.2 2.8 3.7 21.4 2.6 i Purchases less than $50,000. » Sales less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

417 MAY 1937 FEDERAL RESERVE BULLETIN TABLE 8.—DOMESTIC SECURITIES BY COUNTRIES—Continued Net Purchases by Foreigners since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners.] Week ending— Total U K d n o i i n t m g ed - France N l e a t n h d e s r- e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th l e l r 1936 Jan. 8__ 336.2 156.6 26.7 55.1 57.2 -5.4 12.9 303.0 5.1 3.6 21.7 2.8 Jan. 15-. 336.7 153.8 28.7 56.3 59.5 -5.4 12.5 305.3 3.2 4.2 20.9 3.1 Jan. 22 342.0 154.5 30.5 57.8 62.6 -5.4 12.4 312.4 1.1 4.3 20.9 3.3 Jan. 29 347.1 154.7 31.2 59.5 64.0 -5.7 12.2 315.8 2.7 4,5 20.9 3.3 Feb. 5 355.8 154.9 33.3 62.3 65.6 -5.7 12.7 323.0 4.6 4.4 20.6 3.1 Feb. 12 363.0 156.2 34.3 64.1 69.0 -5.6 13.5 331.4 2.6 4.6 20.7 3.6 Feb. 19 384.9 166.7 35.1 68.7 72.1 -5.5 14.2 351.1 3.1 5.2 21.7 3.8 Feb. 26 400.5 177.6 31.2 71.9 74.2 -5.5 15.5 364.7 5.2 23.0 4.0 Mar. 4 402.3 176.1 29.2 72.4 75.6 -5.6 16.0 363.5 5.1 5.9 23.8 4.1 Mar. 11 406.1 175.8 30.2 72.6 78.2 -5.5 16.0 366.7 4.3 6.4 24.5 4.1 Mar. 18 410.0 171.9 32.5 72.6 82.0 -5.7 16.5 369.3 4.6 6.5 25.4 4.1 Mar. 25 424.5 174.2 35.8 74.2 84.5 -5.8 17.9 380.2 7.0 26.2 4.2 Apr. 1 427.6 175.0 36.6 75.9 85.9 -6.1 17.8 384.7 4.9 7.3 26.6 4.1 Apr. 8_ 445.7 182.4 37.9 79.1 90.0 -6.1 18.2 401.2 5.5 7.6 27.3 4.1 Apr. 15 456.3 186.8 38.5 81.3 92.6 -6.1 18.3 410.9 5.7 7.9 27.5 4.2 Apr. 22 468.0 195.2 39.1 83.1 -6.2 18.7 423.3 4.5 8.2 27.9 4.2 Apr. 29 477.0 203.8 38.7 81.9 -6.1 18.9 433.6 3.1 8.2 27.9 4.2 May 6 462.0 196.9 37.4 79.1 -6.1 19.1 422.7 2.5 8.2 24.6 4.1 May 13 469.0 196.7 37.5 80.6 99.3 -6.1 19.3 426.8 3.1 8.2 26.8 4.1 May 20 474.1 196.9 40.3 81.3 101.0 -6.1 18.7 431.6 3.6 8.3 26.5 4.1 May 27 475.1 193.5 40.5 82.6 102.7 -6.2 18.6 431.1 3.8 8.6 27.3 4.4 June 3 473.5 186.1 40.6 84.5 107.2 -6.2 18.3 429.7 3.8 8.4 27.2 4.5 June 10 495.2 186.0 40.6 88.2 110.6 -6.2 18.6 436.9 17.7 8.6 27.7 4.4 June 17 502.9 182.5 40.2 91.0 115.1 -6.3 -1.0 19.1 440.5 20.0 29.1 4.4 June 24 515.8 186.0 41.0 95.0 118.9 -6.3 20.0 453.7 18.9 29.7 4.4 July 1 524.1 190.5 42.2 96.1 120.3 -6.7 -1.1 20.6 461.9 18.5 30.5 4.4 July 8. 528.7 191.6 41.3 98.2 120.9 -6.7 -1,2 20.1 464.3 20.0 9.2 30.7 4.4 July 15 535.9 192.1 41.5 99.6 123.7 -6.7 -1.5 21.5 470.1 20.2 9.2 31.7 4.7 July 22 549.3 196.1 43.3 101.6 125.1 -6.5 -1.5 22.3 480.4 22.5 9.2 32.5 4.7 July 29 562.8 202.6 44.3 104.3 126.9 -6.5 -1.6 22.6 492.5 23.2 32.7 4.8 Aug. 5 566.8 205.4 43.7 106.4 128.4 -1.7 23.8 499.2 19.6 10.3 33.2 4.5 Aug. 12 571.1 207.3 44.6 107.4 129.9 -1.6 24.3 505.0 17.7 10.4 33.4 4.5 Aug. 19 582.6 213.5 45.1 109.3 131.0 -6.8 -1.7 24.9 515.3 17.8 10.8 34.1 4.6 Aug. 26 591.3 219.2 44.9 110.3 132.6 -6.7 -1.7 25.0 523.5 17.0 11.2 34.9 4.6 Sept. 2 596.3 219.0 45.6 111.9 134.9 -6.7 -1.7 24.9 527.9 16.3 11.4 35.9 4.7 Sept. 9 600.6 220.9 45.4 113.6 136.0 -6.7 -1.8 25.6 532.9 15.6 11.5 36.0 4.7 Sept. 16 614.5 223.7 44.5 117.1 141.2 -6.7 -1.9 26.5 544.4 16.7 12.0 36.9 4.5 Sept. 23 631.6 231.9 44.9 120.2 144.5 -6.7 -1.9 26.7 559.5 17.0 12.2 38.2 4.6 Sept. 30 633.3 235.5 44.0 119.9 146.6 -1.9 26.3 563.6 18.5 12.5 33.9 4.7 Oct. 7_._ 665.8 253.8 46.3 122.5 149.4 -6.5 -1.9 27.2 590.7 20.6 13.0 36.2 5.3 Oct. 14 706.4 270.2 48.5 126.5 154.0 -6.4 -2.0 29.4 620.3 30.9 12.8 37.0 5.4 Oct. 21 752.5 291.6 51.5 135.3 163.5 -6.1 -2.4 29.6 662.9 32.8 13.0 38.3 5.5 Oct. 28 778.1 304.1 52.4 137.4 167.6 -6.3 -2.6 31.8 684.5 35.4 13.1 39.6 5.5 Nov. 4 810.4 321.5 53.4 140.4 171.5 -6.1 -2. 4 33.4 711.8 37.9 13.1 41.8 5.7 Nov. 11 858.1 346.1 56.1 151.1 182.8 -6.2 -2.4 35.0 762. 5 33.8 14.0 42.1 5.8 Nov. 18 867.7 356.5 56.0 152.0 188.7 -6.4 -2.4 36.1 780.7 24.3 14.1 42.7 5.9 Nov. 25 878.8 360.7 57.2 151.7 190.2 -6.4 -2.6 37.5 788.2 26.2 14.8 43.7 6.1 Dec. 2 890.2 365.1 59.4 152.9 191.1 -6.5 -2.9 37.8 28.3 14.4 44.3 Dec. 9 881.0 357.2 59.7 153.3 192.0 -6.7 -2.9 38.2 790.8 28.2 14.7 40.5 Dec. 16 895.6 358.9 61.0 155.0 194.1 -6.6 -3.0 38.2 797.6 34.0 14.8 42.2 Dec. 23 911.7 362.8 63.4 156.9 197.9 -6.9 -3.0 38.4 809.4 37.0 15.2 43.2 Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 9.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners.] Week ending— Total U K d n i o n i m t g ed - France N la e n th d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935 Jan. 9 2.8 1.4 -.8 . l -.4 1 -.1 .6 .9 1.4 .5 1 -. 1 Jan.16 9.2 4.1 .1 -.3 .2 -.1 1.1 5.2 3.5 .6 3 -.3 Jan 23 12.7 6.4 -.1 .4 -.3 5 .1 1.6 8.6 3.9 .6 — l -.2 Jan 30 15.4 7.6 .2 .6 7 .2 2.0 10.5 4.4 .6 1 -.2 Feb. 6 19.1 7.7 .3 1.2 -.9 .8 .3 5.5 14.9 3.7 .5 .3 -.3 Feb 13 19.3 8.3 .4 1 4 -.8 1 0 .3 6.0 16.6 1.9 .7 4 -.3 Feb. 20 25.2 8.5 .3 1.4 -.9 1 2 .4 7.3 18.2 5.8 .9 6 -.2 Feb. 27 25.2 8.3 .2 1.5 -1.1 1.4 .3 7.7 18.3 4.9 1.1 1.1 -.2 Mar. 6 _ 27.2 7.8 .2 1.2 -1.5 1.6 .1 13.0 22.4 2.5 1.4 1 1 -.2 Mar 13 26.7 6.9 .3 1.1 -2.3 1.8 15.4 23.2 .6 1.6 1.3 —. 1 Mar 20 25.5 6 2 2 1 l 2.6 2 1 —. 1 15.8 22.8 -.8 1.9 1 5 .1 Mar 27 23.1 6.8 3 1 l -2.6 2 5 -.1 16.8 24.8 -5.7 2.1 1 8 .1 Apr 3 31.8 6.1 .4 1 3 -2.6 2 8 -.3 19.9 27.7 -2.7 4.6 2 0 .2 Apr. 10 . 31.0 6.9 .6 1.5 -2.5 3.1 -.4 20.6 29.8 -7.5 5.0 3.3 .4 Apr. 17 34.6 8.7 .8 1.7 -2.4 3.3 -.4 21.1 32.7 -7.3 5.2 3.6 .4 Apr. 24 33.7 8.7 1.1 1.8 -2.4 3.5 -.4 21.4 33.7 -9.2 5.3 3.5 .5 May 1 32.9 8.6 1 1 2 0 -2.2 3 8 -.4 21.7 34.5 -11.2 5.3 3 7 .5 May 8 33.3 9.6 1.2 2.1 2.2 4.1 -.3 22.1 36.6 -13.2 5.3 4.1 .4 May 15 31.2 9.1 1 5 2 1 -2.1 4 4 A 22.5 37.2 -16.1 5.3 4 5 :3 May 22 30.8 10.2 2.0 1.6 -2.3 4.9 -.3 23.1 39.1 -18.8 5.4 4.7 .3 May 29 30.3 11.5 2.3 1.7 -2.1 5.2 -.3 23.1 41.3 -21.4 5.3 4.8 .2 June 5 39 2 15 0 2 4 1 7 -2.4 5 4 -.3 26.2 48.1 -19.5 5.5 4 9 .3 June 12 42.1 15.2 2.4 2.0 -2.6 5.6 -.3 30.0 52.3 -21.1 5.6 5.1 .3 June 19 41.7 15.0 2.9 2.0 2.9 5.8 0) 30.3 53.1 -22.5 5.6 5.3 .2 June 26 40.4 14.8 3 2 2 2 -2.9 6 1 30.8 54.3 -25.5 5.5 5 8 .3 July 3 . 43.7 15.6 3.3 2.2 -3.0 6.3 .3 31.7 56.3 -24.5 5.6 6.1 .3 July 10 44.0 16.1 3.4 2.3 -3.1 6.5 .4 32.1 57.7 -25.6 5.8 5.8 .4 July 17 43.0 16.3 3.4 2.3 -2.9 6.7 .4 32.4 58.5 -27.1 5.7 5.5 .4 July 24 _ 43.9 16.5 3.5 2.7 -2.8 6.8 .4 32.5 59.6 -27.1 5.8 5.3 .4 July 31 45.3 17.8 3.4 2.9 -3.0 7.0 .5 33.1 61.8 -28.3 6.0 5.4 .5 Aug. 7 47.8 18.2 3 5 3 2 -3.2 7 3 .6 33.5 63.2 -28.0 6.4 5 6 .5 Aug. 14 . 50.2 18.3 3.6 3.4 -3.1 7.6 .7 33.8 64.4 -27.1 6.6 5.6 .5 Aug. 21 -15.2 17.9 3.6 3.7 -3.2 7.9 .8 34.2 64.9 -93.9 6.9 6.4 .5 Aug. 28 -14.3 18.6 3.7 3.8 -3.1 8.2 .8 34.6 66.6 -95.2 7.3 6.5 .6 Sept. 4 —9. 7 19.1 3 7 3.9 -3.3 8. 5 1.1 35.4 68.4 -92.6 7.4 6.5 .6 Sept. 11 -7.2 20.1 3.6 4.0 -3.3 8.7 .1 36.0 70.2 -93.1 8.1 6.9 .6 Sept. 18 15.8 28.6 3.7 4.3 -3.2 9.1 1 36.1 79.7 -80.2 8.8 6.8 .6 Sept. 25 — 17.9 30.7 3.6 4.6 -3.3 9.2 .2 36.8 82.9 -82.2 9.0 7.5 .7 Oct. 2 40 1 32.0 4 3 4 8 9 5 9 38 2 86.8 -64.6 9.2 7.8 .9 Oct. 9 43.6 32.5 4.5 4.7 -3.1 9.7 .1 38.9 88.3 -63.4 9.8 7.9 .9 Oct. 16 48 7 33 8 4 4 5 0 -3.1 10 1 1 40.4 91 7 -62.1 10.0 8 1 1.0 Oct. 23 ___ . 52.6 35.1 4.6 5.2 -3.2 10.4 .1 42.1 95.4 -61.9 10.2 7.9 1.0 Oct. 30 56.0 38.4 4 7 5 7 -2.7 10 8 1 42.6 100.7 -63.9 10.3 7.8 1.1 Nov. 6 . 55.0 39.0 4.8 5.8 -2.5 11.0 1.1 43.2 102.4 -66.7 10.9 7.3 1.1 Nov. 13 55.5 39.0 5.1 6.1 -2.3 11.1 1.4 43.3 103.7 -67.6 10.8 7.5 1.1 Nov. 20 . 62.3 42.2 5.4 6.5 -1.9 11.4 1.4 43.7 108.8 -66.1 11.2 7.4 1.1 Nov. 27 _ 65.0 45.2 5.8 6.7 -1.8 11.7 1.5 44.4 113.5 -68.4 11.5 7.3 1.1 Dec. 4 87.5 46.3 6.0 6.8 -1.8 12.0 2.6 44.4 116.3 -49.4 12.1 7.4 1.1 Dec. 11 105.7 59.4 6.5 7.0 -1.9 12.3 2.7 44.9 130.9 -46.0 12.1 7.6 1.1 Dec. 18 113.8 63.0 6.6 7.2 -1.9 12.6 2.8 45.1 135.4 -42.7 12.5 7.5 1.1 Dec. 24 120.3 65.6 6.6 7.3 -1.6 12.9 2.9 46.0 139.7 -40.7 12.6 7.6 1.1 Dec. 31 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 i Purchases less than $50,000. 2 Sales less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

419 MAY 1937 FEDERAL RESERVE BULLETIN TABLE 9—FOREIGN SECURITIES, BY COUNTRIES—Continued Net Purchases by Foreigners since Jan. 2, 1935 In millions of dollars. Minus sign indicates net sales by foreigners.] Week ending— otal U K d n i o i n m t g e - d France N l e a t n h d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1936 Jan. 8._ 98.9 68.7 7.1 7.7 -.8 13.4 3.1 48.4 147.6 -70.7 12.8 8.1 1.1 Jan. 15.. 102.3 70.5 7.3 7.8 -1.0 13.7 3.3 48.6 150.2 -70.0 12.8 8.3 1.1 Jan. 22.. 61.6 70.6 7.5 8.1 -1.0 13.9 3.4 48.9 151.4 -112.0 12.7 8.4 1.0 Jan. 29.. 58.9 71.2 8.2 8.2 -1.2 14.1 3.5 49.0 153.1 -116.6 12.6 8.7 1.0 Feb. 5— 104.2 71.2 8.1 8.3 -1.3 14.2 3.6 49.5 153.7 -71.0 12.7 7. 7 1.0 Feb. 12__ 106.8 72.6 8.4 8.6 -1.6 14.5 3.5 49.6 155.6 -70.5 12.9 7.8 1.0 Feb. 19.. 104.9 73.1 8.2 8.7 -2.1 14.8 3.6 49.9 156.2 -73.5 13.2 8.0 1.0 Feb. 26._ 105.7 73.5 8.1 9.2 -1.9 15.0 3.7 49.7 157. 3 -74.8 13.4 8.8 1.0 Mar. 4... 107. 9 74.1 8.1 8.9 -1.8 15.3 4.1 49.7 158.4 -75.2 14.3 9.1 1.2 Mar. 11.. 98.7 76.7 8.6 8.9 -1.6 15.5 4.1 33.9 146.1 -72.5 14.5 9.5 1.1 Mar. 18.. 103.2 77.1 8.4 8.9 -1.3 15.8 4.1 34.1 147.1 -69.9 15.0 9.9 1.1 Mar. 25.. 106.3 77.6 8.7 8.9 -1.0 16.0 4.1 34.2 148.4 -68.8 15.4 10.1 1.2 Apr. 1— 114.4 80.3 8.8 9.1 -.8 16.1 4.1 35.2 152.7 -67.4 17.7 10.2 1.2 Apr. 8_- 112.0 80.0 8.9 9.4 -.4 16.3 4.1 29.2 147.4 -65.3 18.2 10.4 1.2 Apr. 15- 109.3 94.1 8.8 9.5 -.5 16.6 4.1 7.7 140.3 -61.4 18.5 10.7 1.3 Apr. 22.. 111.7 94.0 9.2 9.8 -.6 16.8 4.1 10.9 144.2 -63.2 18.6 10.9 1.3 Apr. 29- 88.5 94.7 9.6 10.0 -.4 16.9 4.1 11.9 146.8 -89.4 18.8 10.9 1.4 May 6— 97.9 95.5 9.8 9.8 -.2 17.0 4.1 12.5 148.6 -82.5 19.4 11.1 1.4 May 13-. 103.6 96.1 10.1 10.0 .2 17.3 4.1 12.9 150.7 -79.4 19.5 11.4 1.4 May 20.. 111.2 96.0 10.3 10.2 . 7 17.5 4.1 13.2 152.0 -73.8 19.7 11.7 1.5 May 27- 115.2 96.2 11.0 10.4 1.2 17.7 4.0 14.4 154.9 -73.2 19.9 11.9 1.6 June 3-_. 138.6 93.7 11.5 10.7 1.7 17.8 3.9 35.8 175.0 -70.7 20.6 12.0 1.8 June 10.. 143.3 93.5 12.2 11.3 2.2 17.9 3.6 37.5 178.1 -69.3 20.5 12.2 1.8 June 17.. 150. 7 94.2 12.4 11.5 2.5 18.0 3.4 38.4 180. 6 -65.1 21.1 12.3 1.8 June 24_. 155.0 94.1 12.8 11.8 2.9 18.1 3.4 39.2 182.3 -62.9 21.3 12.5 1.8 July 1— 180.5 96.4 12.8 11.6 3.3 18.2 3.3 39.9 185. 6 -40.8 21.3 12.6 1.8 July 8— 187.3 98.7 12.9 10.7 3.3 18.3 3.4 40.4 187.6 -36.5 21.6 12.7 1.8 July 15- 200.8 100.9 13.1 9.9 3.4 18.4 3.5 49.2 198.3 -34.0 21.8 12.8 1.8 July 22.. 205.3 101.6 13.2 10.0 3.8 18.5 3.5 49.3 200.0 -31.5 22.0 12.9 1.9 July 29.. 210.0 102.6 13.4 9.8 4.1 18.6 3.6 50.7 202.7 -30.2 22.2 13.1 2 2 Aug. 5— 215.2 102.6 13.4 9.9 4.4 18.6 3.6 51.5 204.1 -26.8 22.4 13.3 2.2 Aug. 12- 218.5 102.9 13.7 10.0 4.8 18.7 3. 6 51.7 205.5 -25. 4 22.8 13.2 2.3 Aug. 19- 222.8 102.7 14.0 10.0 4.8 18.9 3.7 52.4 206.4 -22.2 22.9 13.2 2.3 Aug. 26- 226.4 102.9 14.1 10.1 5.1 19.1 3.7 52.5 207.5 -20.4 23.2 13.5 2.5 Sept. 2— 254.2 103.9 14.1 10.3 5.4 19.3 3.9 56.9 213.8 1.3 23.3 13.2 2.6 Sept. 9— 259.1 103.8 14.3 10.4 5.7 19.6 3.8 57.4 215.0 4.3 23.4 13.7 2.6 Sept. 16.. 263.0 103.6 14.5 10.4 6.6 19.8 3.8 58.0 216. 7 6.5 23.5 13.6 2.7 Sept. 23- 265.6 104.4 14.9 10.9 6.9 20.0 3.7 58.4 219.1 6.5 23.7 13.7 2.7 Sept. 30- 272.2 106.2 15.2 11.0 7.1 20.1 3.7 58.6 222.1 7.7 25.7 14.0 2.6 Oct. 7—. 278.8 108.0 15.7 10.9 7.2 20.4 3. 6 59.1 224.9 11.0 26.1 14.2 2.7 Oct. 14... 279.5 109.3 15.6 10.7 7.2 20.6 3.5 59.4 226.4 9.6 26.3 14.5 2.8 Oct. 21... 286.1 111.0 15.5 11.0 7.3 20.8 3.5 59.9 228.9 13.1 26.6 14.7 2.7 Oct. 28— 293.4 114.2 15.6 10.6 7.6 21.1 3.4 61.1 233.4 15.6 26.7 15.0 2.8 Nov. 4— 300.3 116.4 15.5 10.5 7.8 21.2 3.2 77.3 251.8 4.1 26.8 14.9 2.7 Nov. 11_. 300.7 116.7 15.9 10.1 8.4 21.4 3.0 79.0 254.4 1.2 26.8 15.5 2.7 Nov. 18.. 301.6 117.9 16.4 9.7 8.8 21.6 2.7 79.9 256.9 -.7 26.7 15.7 2.9 Nov. 25.. 300.3 117.3 16.6 9."6 8.9 21.8 2.8 80.9 258.0 -3.3 26.8 15.9 2.9 Dec. 2__. 298.1 116.6 17.1 10.2 11.7 22.0 4.4 83.4 265.4 -2.0 15.5 16.0 3.2 Dec. 9_-_ 299.0 114.9 17.4 10.0 12.1 22.1 4.3 84.2 265.0 -1.3 15.7 16.3 3.3 Dec. 16- 300.9 114.7 17.7 10.0 12.4 22.2 4.8 85.1 266.9 -1.5 15.4 16.7 3.4 Dec. 23_. 306.5 115.6 18.0 10.3 13.6 22.5 5.3 85.8 271.2 -.5 15.5 16.8 3.5 Dec. 30.. 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 10.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Reported by Banks in New York City [Outstanding amounts, in millions of dollars] Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S la w e n r i - d tz- Ger- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica E F a a s r t O A th ll er 1929 May 31 2, 525.8 337.4 771.6 87.1 94.1 163.1 150.4 318.9 1,922. 6 302.9 203.9 54. c 41.4 June 29 2, 563. 4 350.7 781.3 98.5 85.2 175.9 145.5 302.5 1,939. 4 302.1 219.5 46.6 55.8 July 31 2,681.0 381.4 833.9 105.6 81.6 178.4 153.4 305.9 2,040. 2 333.0 217.2 58.4 32.2 Aug. 31 2,708. 4 368.1 937.7 107.1 83.7 161.0 140.6 337.7 2,135. 7 273.7 207.0 51.6 40.4 Sept. 30 2, 748. 4 406.2 941.1 111.7 100.5 172.9 146.3 313.8 2,192. 5 257.3 208.3 55.0 35.3 Oct. 31 2,871.5 458.6 956.1 107.5 107.2 196.5 152.9 342.7 2, 321. 3 253.4 197.8 60.1 38.9 Nov. 30 2,706.5 374.2 907.5 93.8 97.7 182.9 165.6 359.3 2,181.1 247.1 188.6 55.8 33.9 Dec. 31 2, 672. 7 301.5 923.7 99.1 105.2 204.5 157.4 371.3 2,162.8 241.8 188.2 49.0 31.0 1930 Jan. 31 2, 514.1 267.0 94.7 115.5 194.0 144.5 324.9 2,032. 5 210.0 175.8 54.0 41.9 Feb. 28 2, 456.0 255.5 94.9 109.6 194.9 152.4 312.3 2,001.4 205.5 166.8 53.5 28.7 Mar. 31 2, 420. 7 223.1 890.7 94.0 118.6 191.6 151.9 299.9 1,969. 8 204.2 168.0 53.7 25.0 Apr. 30 2,450. 3 250.3 878.3 100.9 118.3 193.3 156.5 310.4 2.008.0 189.5 179.2 49.7 23.9 May 31 2, 575. 2 327.8 891.7 104.9 127.4 204.5 179.3 311.9 2,147. 4 177.5 187.0 42.3 21.1 June 30 2, 550. 9 271.6 852.7 96.6 216.6 204.9 161.4 297.3 2,101. 2 207.8 172.6 41.8 27.5 July 31 2, 671. 3 297.3 866.4 103.4 210.0 228.0 155.9 329.2 2,190. 2 226.3 170.9 55.1 28.9 Aug. 31 2, 641. 6 286.2 873.6 100.9 243.9 196.5 158.0 319.3 2,178. 3 219.7 158.5 53.8 31.2 Sept. 30 2, 639. 6 288.5 890.8 107.7 271.1 146.3 144.3 325.5 2.174.1 226.8 153.5 52.5 32.7 Oct. 31 2, 586. 8 269.2 853.4 102.6 291.5 116.5 134.1 323.0 2,090. 3 275.6 144.1 44.6 32.2 Nov. 30 2, 590. 2 264.1 814.4 122.6 283.0 178.9 126.5 304.8 2,094.3 279.7 142.8 47.2 26.2 Dec. 31 2, 335. 0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911.7 216.8 130.8 38.2 37.5 1931 Jan. 31 2, 236.1 242.4 782.6 114.4 234.9 119.3 102.8 247.6 1,844.1 132.5 45.7 24.9 Feb. 28 2,204.3 229.5 751.5 103.5 247.7 113.5 110.6 225.3 1,781.7 210.6 142.2 39.5 30.3 Mar. 31 2, 200. 4 243.6 751.8 103.9 234.9 102.1 106.3 211.8 1, 754.4 214.0 157.4 55.7 18.6 Apr. 30 2.130.0 224.3 750.4 103.3 235.0 108.9 112.3 216.2 1, 750. 4 144.4 160.9 53.7 20.5 May 29 2.109.1 212.2 735.1 107.3 268.7 92.9 104.1 201.7 1, 722.0 144.6 160.4 57.3 24.8 June 30 2,036. 5 198.6 725.9 108.0 223.9 74.3 94.7 210.0 1,635. 2 170.8 156.3 50.6 23.6 July 15 1,983. 7 182.2 689.4 115.7 213.4 63.8 94.9 212.7 1, 572. 2 164.9 162.1 58.7 25.8 July22_._. 1,937. 6 195.3 688.0 118.6 208.8 53.2 90.3 207.3 1,561.6 139.3 157.7 51.2 27.8 July 29 1, 926. 2 153.8 715.9 118.1 218.0 52.0 87.2 207.7 1, 552. 6 140.3 155.2 51.3 26.7 Aug. 5 1, 920. 2 104.6 749.9 118.7 230.7 50.7 80.7 203.0 1, 538. 3 151.1 151.3 51.4 28.1 Aug. 12 1, 908. 6 100.0 740.0 115.5 230.7 61.3 79.3 205.7 1, 532. 5 148.2 150.3 47.9 29.7 Aug. 19 1, 906. 6 110.6 714.5 113.7 232.7 68.5 77.9 217.0 1, 535.1 151.6 139.8 49.7 30.4 Aug.21 1, 921. 8 118.5 714.7 115.2 231.9 69.7 78.5 227.6 1,556.1 145.7 143.6 47.9 28.5 Sept. 2 1, 925. 3 132.0 692.2 114.7 234.3 72.5 77.5 239.6 1, 562. 7 145.6 138.6 49.5 28.9 Sept. 9 1, 953. 4 148.3 716.7 112.4 227.2 69.5 76.9 240.6 1, 591. 5 144.9 141.4 47.1 28.5 Sept. 16 1, 945.3 153.1 685.3 111.9 233.2 82.8 73.9 239.0 1, 579.3 146.4 142.5 49.3 27.8 Sept. 23 1, 780. 3 134.6 645.4 108.1 231.0 80.1 75.4 147.7 1, 422. 3 141.5 140.0 49.7 26.9 Sept. 30 1, 669. 2 120.9 651.7 183.2 53.7 63.0 151.4 1,292.9 159.5 138.4 48.7 29.6 Oct. 7 1, 625. 6 114.1 673.4 66.1 161.9 51.0 55.7 144.5 1, 266. 7 153.2 131.1 48.5 26.2 Oct. 14 1, 572.9 111.6 714.0 57.6 98.3 48.3 52.2 135.5 1, 217. 5 151.5 128.5 50.2 25.1 Oct. 21 1,466. 7 104.4 656.3 52.9 91.7 46.6 48.1 123.4 1,123. 4 149.7 126.3 36.4 30.9 Oct. 28 1,440. 5 135.1 633.4 46.0 85.9 44.6 43.2 114.5 1,102. 7 143.3 125.6 40.1 28.1 Nov. 4 1, 378.3 117.9 596.1 44.8 79.5 38.0 46.0 109.8 1,031.9 157.3 117.6 43.5 28.0 Nov. 11 1,346.9 116.6 581.3 45.9 76.8 37.5 38.6 113.7 1,010. 2 160.1 118.0 39.0 19.6 Nov. 18 1,350.0 112.6 581.4 45.9 75.1 37.5 37.8 119.6 1,009. 7 156.9 117.4 45.6 20.4 Nov. 25 1, 339.9 113.3 577.4 45.9 71.4 41.7 33.9 118.9 1,002.5 157.6 114.5 45. € 19.7 Dec. 2 1,343. 8 111.2 573.8 47.8 72.1 41.5 34.7 120.7 1,001.9 157.8 113.8 50.3 19.9 Dec. 9 1, 350. 2 107.0 586.8 53.2 77.8 45.9 32.3 118.6 1,021.4 151.1 113.1 45.2 19.3 Dec. 16 1, 355.1 110.3 590.1 56.7 74.9 41.6 31.6 121.2 1,026. 3 139.1 111.5 58.2 20.1 Dec. 23 1, 338. 2 111.0 568.6 46.1 71.1 43.8 33.1 121.4 995.0 149.4 108.0 66.1 19.6 Dec. 30 1,303. 5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

421 MAY 1937 FEDERAL EESERVE BULLETIN TABLE 10.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES—Continued Reported by Banks in New York City [Outstanding amounts, in millions of dollars] Date Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S la w e n r i - d tz- m G a e n r y - Italy A tr u ia s- H ga u r n y - E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e ti r n ica E F a a s r t O A th ll er 1932 Jan. 6 1, 290.2 112.0 543.0 44.3 69.0 36.6 33.5 C1) (x) 121.6 959.9 146.0 102.7 60.6 21.0 Jan. 13 1,286.8 118.6 539.6 42.4 70.9 37.7 33.8 (l) 0) 117.9 960.8 145.3 100.9 60.1 19.7 Jan. 20 1,264. 8 118.3 522.0 39.7 76.5 37.7 35.0 C1) (l) 117.6 946.7 144.4 106.5 47.9 19.3 Jan. 27 1, 278. 6 137.0 525.8 39.4 73.7 39.1 33.5 C1) C1) 108.3 956.9 142.3 106.7 51.8 20.9 Feb. 3 1,256. 3 137.1 510.9 39.4 72.8 37.9 33.1 (*) (x) 106.9 938.1 139.5 105.8 53.0 20.0 Feb. 10 1, 228. 5 142.5 491.7 41.0 75.3 38.2 30.6 (*) 0) 99.6 919.0 136.7 105.5 46.6 20.6 Feb. 17 1, 230. 9 160.9 486.5 39.8 69.3 38.4 30.2 C1) (l) 91.1 916.2 144.4 103.4 48.1 18.8 Feb. 24 1,193. 5 167.5 455.5 36.6 69.8 38.0 30.2 9.3 2.3 71.1 880.3 143.4 104.3 46.6 19.0 Mar. 2 1, 229.0 225.5 430.9 35.7 68.8 38.5 29.2 10.7 2.8 73.1 915.3 138.2 101.8 54.1 19.6 Mar. 9 1,128. 4 182.2 386.8 35.5 73.1 37.3 29.2 6.7- 1.8 76.1 828.6 132.8 107.3 45.5 14.2 Mar. 16 1,138.9 192.5 368.2 36.5 88.3 37.4 27.1 7.4 1.6 73.6 832.9 139.1 106.5 46.1 14.3 Mar. 23 1,136.0 194.3 363.2 38. 2 90.7 37.8 25.7 6.4 1.7 72.4 830.3 136.7 105.9 48.3 14.7 Mar. 30 1,115. 7 173.9 360.3 37.2 98.3 38.8 25.4 6.9 1.6 71.5 814.1 130.0 108.0 50.9 12.8 Apr. 6 1,085.7 171.3 357.8 37.0 101.3 38.6 26.1 6.7 1.6 69.6 810.0 115.9 104.1 42.5 13.3 Apr. 13 1,098. 0 185.0 364.0 36.7 101.8 36.3 23.7 7.0 1.6 67.4 823.5 113.7 103.9 42.7 14.1 Apr. 20 1,075. 3 184.5 352.4 37.8 .96.4 36.7 23.7 6.4 2.0 59.5 799.3 115.1 105.4 42.6 12.9 Apr. 27 1,048. 6 165.4 332.6 37.8 98.0 37.0 23.9 5.8 1.8 63.0 765.3 123.9 105.2 41.3 13.0 May 4 1,026.0 180.1 314.7 32.6 96.6 33.0 26.1 6.1 1.8 56.2 747.1 112.0 107.5 46.5 12.8 May 11 1,022.0 196.8 303.8 29.2 99.7 35.4 24.2 5.9 1.8 54.4 751.2 110.2 105.3 42.9 12.5 May 18 981.6 192.0 277.1 27.5 96.1 32.3 23.6 6.1 1.7 58.3 714.7 107.8 104.9 41.0 13.1 May 25 924.3 173.4 230.3 27.5 98.9 33.8 25.4 5.5 1.6 58.1 654.4 107.7 103.5 44.9 13.7 June 1 868.9 163.6 214.7 21.5 93.2 30.2 20.7 5.4 1.6 51.8 602.7 106.5 102.7 44.2 12.8 June 8 796.1 152.6 160.3 23.0 90.8 31.0 20.1 4.9 1.6 49.2 533.5 105.4 100.6 44.3 12.1 June 15 723.1 147.0 101.8 20.7 86.0 29.6 20.0 5.3 1.6 49.6 461.7 107.2 100.2 42.1 11.9 June 22 668.1 140.2 59.9 19.2 85.0 32.9 20.5 5.4 1.6 50.0 414.7 104.9 101.5 35.5 11.5 June 29 632.7 122.0 48.9 18.7 80.5 33.2 19.9 5.1 1.7 49.6 379.7 108.1 98.1 35.4 11.3 July 6 612. 4 104.2 54.6 18.9 79.3 34.8 20.3 5.9 1.3 48.1 367.5 100.1 97.7 35.7 11.5 July 13 599.3 94.5 57.2 18.5 83.1 30.4 22.2 6.2 1.2 48.9 362.2 97.3 95.4 33.4 11.0 July 20 615.9 89.5 59.9 18.8 84.5 32.6 21.7 6.1 1.2 50.8 365.0 103.7 95.6 40.2 11.3 July 27 610.6 91.0 59.2 17.6 78.6 30.9 22.9 5.6 1.2 49.1 356.0 108.8 94.5 39.6 11.6 Aug. 3 608.6 87.5 61.1 18.7 82.3 29.5 22.1 5.1 1.2 50.3 357.8 102.6 94.8 42.4 11.1 Aug. 10 615.3 87.5 62.7 19.6 83.0 29.7 23.3 5.1 1.0 51.3 363.1 106.1 95.2 38.3 12.6 Aug. 17 _ 637.0 91.7 67.2 21.6 87.2 29.8 24.1 4.7 .9 52.3 379.6 106.4 96.1 41.5 13.4 Aug. 24 646.5 97.0 67.3 20.2 81.4 32.0 25.1 4.9 .9 53.7 382.3 110.6 97.8 42.6 13.2 Aug. 31 671.4 100.3 65.4 19.5 80.8 31.5 27.4 4.9 .9 55.2 385.9 122.3 98.4 50.2 14.6 Sept. 7* 692.8 142.3 70.8 16.0 72.6 31.4 25.7 5.2 .9 51.8 416.6 98.8 119.4 43.4 14.6 Sept. 14 705.0 145.1 73.3 16.5 66.4 34.2 30.8 5.5 .9 53.0 42547 100.3 118.6 45.9 14.4 Sept. 21 715.4 149.8 74.2 17.2 65.8 32.9 29.5 5.4 .9 58.6 434.3 101.9 117.6 48.0 13.7 Sept. 28 724.3 158.5 72.4 19.2 67.6 35.1 32.4 5.2 .9 54.6 446.0 100.3 118.4 45.0 14.5 Oct. 5 709.8 142.7 76.5 15.7 68.8 33.2 35.5 5.5 .9 59.2 437.8 97.0 117.6 45.4 12.0 Oct. 11 764.7 150.4 76.7 15.9 67.7 32.0 38.7 5.6 .8 59.0 446.7 143.3 117.4 43.2 14.1 Oct. 19 753.6 132.0 80.7 16.4 63.7 34.4 40.4 5.2 .8 60.8 434.3 144.0 115.5 46.4 13.3 Oct. 26 753.5 120.9 81.1 21.6 58.7 34.6 42.3 5.3 .8 64.3 429.8 142.1 116.9 51.5 13.2 Nov. 2 743.4 122.3 81.2 16.6 61.0 35.0 37.6 5.4 .9 58.4 418.3 145.6 114.8 50.7 13.9 Nov. 9 742.8 119.9 79.7 15.8 67.7 33.0 41.7 5.1 .8 56.9 420.6 140.3 118.2 49.2 14.5 Nov. 16 743.2 122.8 73.9 13.8 67.0 30.8 40.6 4.9 .8 60.2 414.8 138.2 128.0 49.4 12.9 Nov. 23 777.5 135.7 77.4 14.4 76.9 31.4 43.7 4.8 .8 63.5 448.6 143.5 125.9 46.6 13.0 Nov. 30 795.7 155.1 67.6 15.0 73.7 31.5 40.4 4.9 .9 69.7 458.8 154.3 120.7 48.9 13.0 Dec. 7 730.6 143.9 77.4 15.1 75.3 29.7 40.0 5.0 .8 62.2 449.2 104.4 121.1 42.9 13.1 Dec. 14 733.2 147.0 71.8 13.9 71.0 31.3 41.5 5.0 .9 61.7 444.0 110.2 122.6 43.2 13.3 Dec. 21 748.8 163.2 73.1 13.5 78.9 32.6 39.6 4.9 .9 58.6 465.3 104.9 121.8 44.7 12.1 Dec. 28 745.6 169.7 71.1 11.9 78.0 32.9 39.8 4.9 .8 60.5 469.6 98.2 121.7 43.5 12.6 i Included in other Europe prior to February 24, 1932. * It is estimated that changes in the number of reporting banks and revision of instructions resulted in an increase in total liabilities of about $30,000,000 between August 31, and September 7, 1932. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 10.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES—Continued Reported by Banks in New York City [Outstanding amounts, in millions of dollars] Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S la w e n r i - d tz- m G a e n r y - Italy A tr u i s a - H ga u r n y - E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e ti r n ica E F a a s r t O A th l e l r 1933 Jan.4 733.8 171.0 72.2 13.8 82.2 30.2 36.6 3.3 59.1 469.1 89.3 117.8 44.4 13.1 Jan.11 762.0 199.4 72.1 12.5 84.6 31.0 37.5 4.0 58.2 500.2 88.7 121.0 37.5 14.5 Jan.18 792.8 225.8 68.0 15.0 85.1 31.3 37.9 3.2 59.1 526.2 90.1 123.1 40.3 13.1 Jan. 25 792.3 221.9 68.5 13.9 85.8 31.9 37.6 3.1 63.4 527.1 90.6 124.1 38.3 12.4 Feb. 1 764.2 205.4 68.3 14.9 80.6 31.3 34.8 3.0 58.0 496.9 86.5 121.6 44.0 15.2 Feb. 8 776.0 226.8 68.6 15.0 72.4 31.9 36.3 3.2 57.0 511.9 86.7 122.7 40.2 14.5 Feb. 15 759.0 227.2 64.4 14.4 67.1 30.3 35.9 2.7 52.4 494.9 85.2 122.2 42.3 14.4 Feb. 21 743.7 223.7 64.9 17.1 30.4 30.9 2.6 51.7 485.5 85.1 120.7 37.9 14.5 Mar. 1 656.3 160.9 67.6 11.4 61.3 30.1 21.5 2.8 44.0 400.2 83.3 117.9 39.7 15.1 Mar. 8 626.1 169.5 65.3 10.5 48.0 27.4 18.6 2.5 41.2 383.5 81.3 109.7 37.4 14.2 Mar. 15 _ 593.3 161.3 51.0 10.0 48.8 28.0 17.5 1.8 40.8 359.5 79.2 101.2 38.5 14.9 Mar. 22 570.7 160.5 48.1 10.4 45.9 26.1 15.4 2.1 39.1 347.8 68.0 100.2 39.7 15.0 Mar. 29 557.2 149.4 46.3 10.6 45.5 25.4 14.7 2.7 38.3 333.2 71.5 39.5 14.1 Apr. 5 551.2 152.1 44.4 10.8 42.8 23.7 17.5 2.2 37.8 331.6 68.2 98.0 39.8 13.6 Apr. 12— 558.7 153.1 43.7 11.1 51.2 24.2 17.6 2.1 36.3 339.6 67.8 98.3 39.0 14.0 Apr. 19 573.7 160.0 50.3 12.8 48.0 26.8 16.1 2.2 35.1 351.6 66.5 98.2 43.4 14.0 Apr. 26 595.9 184.7 44.9 11.9 42.7 26.2 18.1 2.0 36.2 366.9 71.7 99.7 44.4 13.2 May 3 593.3 195.1 39.9 12.6 33.7 24.9 19.2 2.6 367.2 70.8 98.5 42.0 14.8 May 10 586.0 189.8 39.9 12.6 30.7 24.3 20.1 2.4 35.7 355.8 72.0 98.2 44.8 15.2 May 17-.-_ 586.3 188.6 40.4 14.9 27.6 25.2 21.0 2.3 37.1 357.3 74.1 95.5 45.5 13.8 May 24 583.9 184.2 40.2 12.4 27.1 26.3 23.4 2.4 36.0 352.3 77.8 94.6 45.3 13.9 May 31- _. 582.3 180.4 11.1 23.9 23.8 23.2 2.4 39.1 343.0 82.6 93.0 13.9 June 7— 567.8 183.5 39.0 11.4 25.0 23.3 16.4 2.6 35.6 337.0 75.4 97.3 44.7 13.5 June 14— 573.5 169.4 38.5 12.7 25.5 25.1 22.2 2.5 40.1 336.4 83.9 93.5 46.4 13.4 June 21 564.9 166.8 38.1 12.0 25.5 25.5 18.8 2.7 37.5 327.2 83.5 94.9 45.1 14.1 June 28 566.9 160.7 38.9 14.0 24.8 25.0 16.9 2.8 38.6 321.9 87.0 98.2 46.5 13.3 July 5 563.8 '158.8 40.1 14.4 25.7 24.2 16.1 2.4 38.7 320.7 80.4 99.3 50.5 12.8 July 12 607.4 160.0 42.7 14.4 25.2 24.5 13.8 2.8 37.8 321.4 125.4 98.4 49.0 13.1 July 19 599.8 161.3 41.6 15.6 26.4 24.6 14.5 2.9 40.0 327.3 110.0 100.3 48.8 13.4 July 26 577.3 151.1 36.5 13.0 25.0 24.3 14.0 3.1 38.7 306.2 112.7 98.0 46.6 13.9 Aug. 2 539.7 148.3 38.4 12.0 26.7 23.0 14.0 3.3 34.4 300.5 77.2 95.3 52.6 14.0 Aug. 9 526.5 146.1 34.6 10.5 26.0 25.8 12.9 4.4 34.1 294.8 74.0 97.7 47.1 12.9 Aug. 16 526.2 143.9 37.2 9.9 26.3 26.1 12.6 2.5 34.8 293.8 77.1 95.0 47.7 12.5 Aug. 23 515.6 131.2 33.8 10.2 26.3 26.6 13.7 2.6 35.4 280.1 78.4 97.0 47.6 12.7 Aug. 30J 528.1 130.8 36.0 10.9 27.0 30.5 12.9 2.5 33.5 284.5 88.4 94.5 48.2 12.6 Sept. 6... 513.3 126.5 34.9 24.9 26.5 14.1 2.3 34.0 273.3 87.5 95.1 44.9 12.5 Sept. 13 498.4 113.7 36.1 10.1 25.1 25.3 14.2 2.1 34.1 260.9 87.0 93.5 45.2 11.9 Sept. 20 528.3 119.6 35.9 10.6 27.3 27.4 11.7 2.5 34.5 269.8 106.5 93.8 45.6 12.6 Sept. 27 526.0 118.2 40.4 10.1 16.7 26.1 13.7 2.5 33.7 261.7 111.1 94.7 46.1 12.4 Oct. 4 493.2 108.3 31.5 9.4 18.7 26.9 12.0 2.2 31.2 240.4 102.0 92.3 46.4 12.2 Oct. 11 491.8 104.4 31.9 9.9 17.7 26.2 13.0 2.2 30.0 235.5 105.1 92.1 46.7 12.3 Oct. 18 482.9 95.4 30.0 9.9 17.1 30.1 11.8 2.3 31.2 228.2 102.8 93.0 46.8 12.1 Oct. 25 475.1 90.7 32.9 16.0 30.3 10.7 2.4 28.6 221.6 105.3 96.1 40.8 11.2 Nov. 1 452.1 82.6 15.8 27.7 11.9 2.4 29.8 208.3 89.0 97.0 46.4 11.5 Nov. 8 435.7 72.3 30.6 9.2 15.6 22.1 13.0 2.4 31.4 197.0 86.4 99.1 40.7 12.5 Nov. 15 426.2 58.0 30.9 9.2 16.9 19.4 13.9 2.5 29.3 180.6 95.6 96.5 41.9 11.6 Nov. 22 424.9 52.0 31.4 8.2 11.8 19.0 13.5 2.3 31.5 170.2 100.7 99.2 42.7 12.1 Nov. 29 431.9 47.0 26.5 7.7 10.9 18.3 13.8 2.1 30.0 156.7 119.3 97.3 46.3 12.3 Dec. 6 413.9 55.8 26.2 7.7 11.2 17.4 12.2 1.9 27.8 160.6 102.5 97.4 42.0 11.4 Dec. 13 400.1 58.4 26.8 8.5 11.2 16.5 10.3 1.7 30.2 164.0 88.9 95.5 40.9 10.8 Dec. 20 388.4 50.9 26.7 7.7 12.5 16.5 9.6 1.7 29.6 155.6 86.2 95.0 41.3 10.3 Dec. 27 392.0 48.9 27.0 8.0 11.5 17.5 11.7 2.2 28.4 155.7 86.1 96.7 42.7 10.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 423 TABLE 10.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES—Continued Reported by Banks in New York City [Outstanding amounts, in millions of dollars] Date Total U K d n i o i n m t g e - d France l N an e e r d t - h s - l S a w e n r i d - tz- m G a e n r y - - Italy A tr u i s a - H ga u r n y - E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica E F a a s r t O A th ll er 1934 Jan.3 388.2 48.3 24.9 8.3 11.9 16.3 1.6 28.0 149.7 88.7 96.4 43.1 10.4 Jan. 10 375.0 47.0 24.4 7.6 11.9 15.9 9.5 1.6 28.2 146.6 78.2 98.0 41.8 10.5 Jan.17 395.4 44.1 25.3 8.6 13.5 17.3 9.5 1.6 29.5 150.0 84.7 107.1 44.1 9.5 Jan.24 385.2 41.9 25.2 8.3 11.9 18.4 8.6 1.7 26.6 143.0 79.5 109.1 43.2 10.5 Jan. 31 390.5 41.0 23.2 7.4 11.7 18.0 12.8 2.3 28.3 145.1 78.3 111.1 45.3 10.7 Feb. 7 407.5 46.4 35.3 8.4 16.0 19.1 8.5 1.7 28.7 164.5 74.9 114.8 42.0 11.2 Feb. 14 434.8 52.9 38.1 11.6 16.8 19.5 9.6 1.7 32.7 183.4 84.2 112.7 43.8 10.6 Feb. 21 481.3 60.4 45.8 15.2 21.2 19.4 11.7 1.8 37.1 213.1 93.9 115.6 47.0 11.7 Feb. 28 514.5 71.0 51.3 12.7 21.0 20.4 16.0 2.0 39.5 234.3 101.5 116.1 50.7 11.9 Mar. 7 70.1 47.9 17.6 23.4 19.5 11.3 1.7 34.2 226.2 97.6 116.8 47.2 11.0 Mar. 14 500.9 62.0 40.9 15.1 22.1 25.2 11.2 1.7 34.8 213. 5 104.1 120.0 51.9 11.3 Mar. 21.-__. 490.3 61.5 36.6 12.9 18.7 23.4 12.8 1.8 37.7 205.8 100.2 120.7 51.5 12.0 Mar. 28 499.1 62.8 39.7 13.1 19.5 22.2 13.4 1.8 36.0 208.9 97.7 124.7 54.6 13.2 Apr. 4 490.7 63.7 37.4 12.0 18.1 20.4 12.6 1.4 34.2 200.1 97.6 122.8 56.8 13.4 Apr. 11 496.0 67.9 34.8 15.4 17.5 19.7 14.7 1.6 31.4 203.4 103.6 126.1 49.6 13.2 Apr. 18 501.3 69.6 34.8 12.6 17.5 20.4 12.9 1.6 34.5 204.3 108.5 126.0 50.3 12.3 Apr. 25 509.3 72.4 34.6 14.1 19.4 21.2 14.5 1.7 35.3 213.5 106.7 125.6 51.3 12.3 May 2 494.9 73.0 30.9 11.7 19.5 20.2 13.6 1.4 31.9 202.6 101.0 125.8 52.2 13.3 May 9 497.4 78.3 29.4 12.4 17.7 20.1 13.1 1.5 31.5 204.7 103.0 124.0 52.3 13.4 May 16 477.1 66.0 27.8 11.9 15.8 19.5 11.3 1.5 32.8 187.3 102.2 124.5 51.3 11.7 M M a a y y 2 23 9. 4 47 8 2 2 . . 2 3 6 6 4 2 . . 1 6 27.7 10.4 1 1 4 4 . . 4 8 1 1 9 8. . 6 5 1 1 1 4. . 6 3 1 1. . 5 5 3 3 4 2 . . 7 8 1 1 8 8 7 0 , . 8 4 1 10 0 2 4 . . 0 9 1 1 2 2 5 3 . . 6 2 5 5 2 4 . . 4 5 1 1 1 2 . . 7 1 June 6 465.3 61.8 28.9 14.1 19.4 11.4 1.3 33.8 181.0 103.2 116.7 52.3 12.1 June 13 469.1 62.8 29.0 12.0 14.6 18.4 12.9 1.3 34.3 185.9 100.7 116.6 55.3 10.6 June 20 469.1 65.6 25.1 11.4 15.2 18.7 13.0 1.4 31.8 182.4 104.8 115. 5 54.2 12.1 June 27 473.1 62.8 28.5 10.9 14.5 18.7 12.6 1.4 34.7 184.3 105.3 115.7 56.8 11.0 July 3 464.8 63.9 29.6 10.9 15.8 17.4 12.6 1.5 32.9 185.0 98.2 115.6 55.0 11.1 July 11 454.6 55.5 29.8 10.5 14.1 17.8 12.7 1.8 31.8 174.3 96.4 118.8 54.6 10.6 July 18 457.9 61.6 29.1 10.5 15.7 17.8 12.2 1.8 31.4 180.4 94.0 120.2 52.5 10.8 July 25 455.3 58.8 29.3 9.1 14.6 19.5 11.8 2.2 32.1 177.8 92.7 119.6 54.1 11.2 Aug. 1 456.4 60.0 27.6 9.2 13.8 18.5 11.9 2.3 32.8 176.3 90.1 116.3 62.0 11.8 Aug. 8 453.2 59.9 28.4 10.1 14.2 18.6 11.8 2.0 29.8 175.3 93.9 118.1 56.1 9.8 Aug. 15 474.4 60.6 32.0 13.2 13.6 19.0 11.8 1.9 31.4 184.0 101.5 117.9 60.3 10.7 Aug. 22 472. 5 64.5 28.1 12.0 12.6 20.1 12.8 2.0 32.9 185.4 101.6 114.1 61.2 10.2 Aug. 29 469.7 60.7 27.7 12.8 11.9 21.4 11.0 2.1 32.3 180.2 107.5 109.5 61.2 11.3 Sept. 5 448.4 55.4 26.4 10.0 11.5 21.9 11.1 1.7 30.7 169.0 96.0 110.8 61.1 11.5 Sept. 12 448.2 55.6 26.7 9.1 11.4 22.3 11.6 1.9 31.6 170.6 96.4 110.7 59.4 11.1 Sept. 19 439.4 54.2 26.2 9.0 10.8 21.9 9.5 1.9 30.3 164.0 96.5 109.1 58.6 11.2 Sept. 26 440.0 54.3 24.6 8.5 10.5 21.3 11.1 1.9 35.4 167.7 92.8 107.9 10.8 Oct. 3 435.4 57.4 25.7 9.2 10.3 20.8 11.9 2.0 31.1 168.6 87.5 106.1 62.3 10.7 Oct. 10 437.9 58.2 26.3 8.8 10.2 21.0 11.2 1.8 32.8 170.7 88.8 105.8 62.8 9.9 Oct. 17 438.9 59.2 25.0 9.6 10.1 20.6 10.9 1.9 32.7 170.4 85.0 106.0 67.1 10.4 Oct. 24 432.2 52.0 26.8 9.0 9.0 19.2 10.5 1.7 34.3 163.0 84.6 105.1 68.4 11.2 Oct. 31 438.7 50.5 28.1 8.1 10.5 19.1 14.0 2.0 31.1 163.8 90.9 105.8 66.9 11.3 Nov. 7 436.4 49.6 34.4 11.4 20.3 12.0 1.7 30.4 170.1 85.5 105.6 63.4 11.8 Nov. 14 439.8 55.1 32.0 9.4 10.4 21.6 12.9 1.8 34.9 178.6 86.0 110.1 53.1 12.0 Nov. 21 451.3 57.7 32.2 11.1 10.2 25.0 15.3 2.0 37.3 191.3 85.6 106.3 56.8 11.4 Nov. 28 466.7 59.1 32.7 12.7 9.7 25.8 14.3 2.0 39.3 196.0 91.9 106.6 60.3 11.9 Reported by Banks inUnited States Dec. 5 584.8 79.6 36.1 13.5 12.1 28.4 16.8 0) (x) 40.6 227.1 103.3 117.4 125.1 12.0 D D D e e e c c c . . . 1 2 1 2 6 9 . _ 5 6 5 1 9 9 0 8 2 . . . 6 9 9 8 8 8 3 3 2 . . . 0 0 4 3 3 3 6 8 9 . . . 0 6 6 1 1 1 1 2 2 . . . 6 7 2 1 1 1 2 3 3 . . . 9 6 5 2 2 3 8 8 0 . . . 2 9 0 1 1 1 7 8 9 . . . 9 6 5 ( C 0 J 1 ) ) ) 0 ( ( l x ) ) ) 4 4 4 6 1 7 . . . 0 7 1 2 2 2 4 4 3 1 5 0 . . . 4 0 6 1 9 9 0 7 5 2 . . . 9 2 2 1 1 1 1 2 2 9 5 3 . . . 0 2 3 1 1 1 2 2 3 8 9 0 . . . 5 8 1 1 1 12 1 0 . . . 4 2 5 i Included in other Europe beginning December 5, 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 10.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES—Continued Reported by Banks in United States [Outstanding amounts, in millions of dollars] Date Total U K d n o i i n m t g ed - France N la e n th d e s r- e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935 Jan. 2 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12.0 Jan. 9 599.3 78.6 37.6 12.3 14.5 30.7 18.2 47.5 239.4 101.6 124.3 123.1 10.9 Jan. 16 584.4 75.3 37.3 10.0 14.2 31.5 18.1 47.9 234.4 96.1 122.5 117.3 14.0 Jan. 23 609.7 92.6 44.8 15.0 14.6 32.4 19.3 41.3 260.1 94.8 123.7 118.2 12.9 Jan. 30 649.2 100.2 52.0 22.0 18.9 26.9 17.5 47.1 284.6 95.4 128.5 127.1 13.5 Feb. 6 654.8 100.7 50.9 20.1 21.4 26.9 17.0 51.8 288.8 95.4 130.7 125.9 13.9 Feb. 13 663.3 108.2 47.4 21.8 20.3 26.8 16.5 53.9 294.8 100.4 129.0 125.4 13.7 Feb. 20 657.5 104.7 49.0 20.0 18.7 27.0 16.1 57.7 293.2 99.5 129.1 122.1 13.6 Feb. 27 643.3 105.8 46.8 18.0 18.2 26.5 16.5 51.4 283.4 100.7 131.4 115.5 12.4 Mar. 6 639.5 97.2 50.0 17.2 17.8 27.8 15.9 51.3 277.1 96.6 133.6 119.4 12.8 Mar. 13 628.1 92.5 44.4 18.5 19.5 27.9 15.4 49.8 268.0 94.7 134.9 117.2 13.4 Mar. 20 626.8 92.1 38.5 18.2 16.6 27.7 15.8 51.9 260.8 98.5 134.7 118.1 14.7 Mar. 27 635.6 92.4 38.1 18.8 16.0 25.3 14.3 51.2 256.2 106.5 137.4 120.5 15.0 Apr. 3 654.7 96.1 47.1 18.1 22.4 25.8 14.9 55.5 280.0 95.9 138.9 122.2 17.7 Apr. 10 679.8 103.6 43.5 21.0 29.9 23.7 16.2 51.2 289.2 106.5 141.1 126.5 16.5 Apr. 17 685.3 104.9 46.9 30.4 27.6 22.9 16.5 48.4 297.6 107.8 140.3 121.9 17.7 Apr. 24 693.0 107.7 45.7 28.9 29.0 23.6 16.4 49.0 300.2 111.6 141.8 123.8 15.6 May 1 666.7 101.9 49.6 29.7 27.4 23.2 16.7 46.1 294.7 98.2 142.9 116.3 14.6 May 8 673.6 107.2 46.7 26.4 28.4 23.2 15.8 47.5 295.1 101.9 144.1 116.4 16.1 May 15 695.6 108.3 49.5 26.0 28.0 23.4 15.8 52.3 303.2 108.1 146.3 122.5 15.5 May 22 736.3 124.6 56.9 28.2 31.1 23.5 16.2 53.0 333.5 114.6 145.3 128.1 14.8 May 29 883.6 139.3 173.1 32.2 32.8 24.5 14.5 56.0 472.5 120.3 147.0 128.3 15.5 June 5 865.0 165.7 120.0 35.4 39.2 25.6 15.3 54.9 456.1 115.4 148.8 127.8 16.9 June 12 837.3 150.7 104.2 46.1 37.1 26.1 15.8 54.4 434.4 116.9 148.5 120.4 17.0 June 19 841.0 149.8 102.0 40.2 38.0 26.1 16.4 56.8 429.3 127.0 146.1 119. 7 18.9 June 26 839.0 153.2 98.4 43.9 35.4 25.3 16.9 55.1 428.4 132.4 145.7 115.7 16.8 July 3 810.8 144.7 92.1 41.5 36.0 24.6 18.5 55.6 412.9 123.6 145.3 112.4 16.6 July 10 829.2 153.5 91.2 41.3 35.1 23.6 18.5 56.9 420.1 126.8 149.4 116.5 16.4 July 17 836.4 157.4 94.6 43.7 34.8 23.8 18.4 57.4 429.9 126.6 146.5 117.2 16.2 July 24 838.0 156.2 92.5 46.8 33.9 23.9 17.1 56.1 426.5 129.1 149.0 117.1 16.3 July 31 834.8 154.7 92.1 43.7 35.0 23.8 18.9 57.4 425.5 127.0 147.6 118.0 16.7 Aug. 7 819.1 146.0 88.8 45.0 35.8 24.0 18.8 54.4 412.7 119.3 150.3 120.2 16.6 Aug. 14 850.8 148.1 88.0 56.6 36.5 23.5 20.5 53.3 426.4 129.6 150.6 127 A 16.8 Aug. 21 925.8 154.4 92.9 57.8 37.0 23.8 18.6 56.9 441.5 195.1 149.0 125.3 14.9 Aug. 28 931.4 150.3 92.6 58.5 36.9 24.3 18.5 58.0 439.1 196.0 148.7 132.2 15.5 Sept. 4 880.5 142.0 90.2 54.8 39.1 26.7 16.9 51.5 421.1 159.8 150.9 132.3 16.4 Sept. 11 886.5 147.3 82.6 50.3 42.9 25.6 17.1 54.9 420.7 159.0 151.4 140.6 14.8 Sept. 18 871.8 145.8 79.5 42.8 46.1 26.1 18.4 60.4 419.0 138.7 152.1 144.2 17.7 Sept. 25 922.9 162.4 84.1 51.2 50.7 27.4 16.5 68.1 460.6 144.3 155.4 144.9 17.7 Oct. 2 947.6 171.4 92.0 56.3 61.9 28.2 18.8 68.9 497.5 125.8 155.9 149.8 18.6 Oct. 9 1,019.1 199.2 89.7 66.9 63.5 27.1 19.1 81.3 546.7 133.6 162.3 157.6 18.9 Oct. 16 1,075. 7 225.3 97.6 73.6 68.6 26.1 18.6 92.8 602.6 135.0 159.5 159.2 19.4 Oct. 23 1,111.1 232.7 98.0 74.0 75.1 25.7 17.9 101.5 624.8 137.7 159.1 170.1 19.5 Oct. 30. 1,117.6 231.0 102.8 71.2 75.8 25.7 18.0 101.7 626.4 135.4 161.0 173.2 21.6 Nov. 6 1,111.5 225.9 104.9 66.2 80.4 25.8 19.7 98.8 621.7 135.2 162.7 170.2 21.7 Nov. 13 1,133. 8 223.2 116.4 65.6 80.9 25.4 23.9 101.6 636.9 145.1 160.8 170.0 21.0 Nov. 20 1,147. 9 227.4 118.0 61.0 82.7 26.8 31.1 102.5 649.6 142.1 162.0 172.9 21.4 Nov. 27 1, 241. 8 253.3 165.1 58.8 85.3 27.0 29.0 104.7 723.3 156.3 161.5 178.0 22.6 Dec. 4 1, 259. 7 259.3 171.3 62.8 92.5 26.7 28.0 105.4 746.2 149.4 162.0 176.8 25.3 Dec. 11 1, 234.1 241.1 170.9 67.7 90.7 26.8 28.3 105.5 731.1 144.1 162.7 174.7 21.5 Dec. 18 1, 219. 9 229.3 175.1 67.1 89.3 29.5 26.6 103.8 720.7 138.7 163.5 175.9 21.0 Dec. 24 1,227.3 226 1 170.0 69.6 87.5 29.9 25.4 109.2 717.7 141.4 158.8 186.7 22.8 Dec. 31 1, 200. 2 205.5 163.5 68.6 86.1 29.0 26.1 107. 5 686.3 145. 3 156.3 188.9 23.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 425 TABLE 10.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES—Continued Reported by Banks in United States [Outstanding amounts, in millions of dollars] Date Total U K d n i o i n m t g e - d France N la e n th d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1936 Jan 8 1,213.3 204.5 161.7 66.3 90.0 28.9 26.0 111.8 689.2 150.4 157.9 195.6 20i3 jan 15 1, 218.9 196.2 165.5 62.9 92.6 29.7 24.0 119.6 690.6 158.8 155.2 195.7 18.6 jan 22 1, 264.1 199.2 164.0 61.4 89.8 29.8 26.1 118.0 688.3 202.1 158.5 195.5 19.6 jan 29 1, 253. 5 196.7 164.8 61.5 91.7 31.6 24.2 115.0 685.3 203.2 156.6 189.1 19.2 Feb 5 1, 205.9 188.3 160.2 60.0 90.3 29.3 23.6 114.0 665.9 160.9 159.9 200.4 18.9 Feb 12 1,187. 3 181.9 164.7 59.9 88.4 27.7 23.4 112.6 658.6 156.0 162.1 190.8 19 7 Feb 19 1,180. 2 204.0 144.1 59.8 86.4 26.5 21.3 113.2 655.4 151.4 164.4 190.1 19.0 Feb 26 1,182.2 210.8 137.7 59.6 85.1 25.5 19.2 110.2 648.2 155.2 169.3 190.2 19.3 Mar 4 „ 1,173. 2 203.1 138.5 61.4 87.7 25.3 19.2 110.7 645.9 151.4 174.7 183.8 17.4 Mar 11 1,186. 4 202.8 139.9 61.3 86.5 23.2 19.4 122.8 655.9 150.9 177.4 182.9 19 3 Mar 18 1,179. 0 191.5 142.6 62.3 86.7 22.7 18.1 120.4 644.4 149.8 182.6 184.3 17.9 Mar. 25 1,177. 2 186.6 145.8 65.8 86.3 21.6 18.7 118.3 643.1 144.2 189.3 183.1 17.5 Apr 1 - - 1,175.4 179.3 151.7 57.6 96.4 21.6 21.4 116.0 643.9 148.4 187.1 178.7 17.3 Apr 8 1,168. 8 166.9 144.1 60.1 96.0 20.7 22.6 121.9 632.3 146.6 192.6 180.4 16 8 Apr 15 _ . __ _-1,194. 5 167.3 147.5 60.4 95.5 20.7 22.0 135.5 648.9 150.6 193.2 184.6 17.1 Apr 22 1,193. 8 169.0 146.2 59.2 95.5 21 1 21.2 125.8 638.0 157.7 197.0 183.6 17 5 Apr 29 1, 231. 2 175.9 140.9 58.9 94.0 20.5 20.3 127.4 637.9 190.0 200.1 186.7 16.6 May 6 1, 283.1 186.2 177.7 63.1 99.5 19.9 19.9 128.3 694.7 178.3 202.5 189.2 18.5 May 13 1, 291. 0 202.8 160.4 63.8 97.9 19.9 21.9 132.7 699.3 177.8 206.0 189.9 18.1 May 20 1, 293. 4 203.7 152.8 71.4 99.2 20.3 22.2 128.2 697.8 176.8 208.7 191.9 18.1 May 27 1, 299.8 212.9 148.7 71.0 103.3 21.3 22.4 128.7 708.4 176.9 204.4 191.9 18.3 June 3 1, 328. 4 222.0 164.0 69.4 112.4 20.0 22.3 110.6 720.8 172.9 208.9 207.7 18.1 June 10 1, 393. 3 251.1 173.3 85.7 123.2 19.8 23.8 112.9 789.8 159.8 213.9 209.5 20.4 June 17 1, 437.1 274.2 174.9 94.6 126. 6 20.7 26.9 120.8 838.6 160.6 208.2 208.3 21.4 June 24 1,426. 2 270.5 157.8 102.8 128.3 20.6 25.3 123.1 828.2 160.6 207.4 208.2 21.7 July 1 1, 376. 0 255.2 152.9 105.3 129.6 20.1 24.4 121.5 809.0 133.0 205.2 206.4 22.4 July 8 1, 375. 0 255. 7 148.8 104.2 129.1 19.6 27.5 121.9 806.8 133.1 209.0 205.4 20.8 July 15 1, 367. 5 247.7 152.5 100.9 128.9 19.8 27.6 117.8 795.2 136.0 209.2 206.8 20.4 July 22 1, 363. 5 252.5 146.7 97.3 128 4 19.7 27.3 117.6 789.6 136.8 208.8 208.5 19.8 July 29 1, 358.3 256.6 142.1 95.2 124.3 21.0 27.0 117.7 784.0 137.8 210.1 207.6 19.0 Aug. 5--_ 1, 358.6 257.0 144.0 92.1 123.6 21.2 26.3 116.5 780.7 145.9 212.4 200.5 19.1 Aug. 12* 1, 383. 3 262.0 139.3 90.8 127.6 21.1 28.3 116.8 786.0 156.2 210.2 211.0 19.8 Aug. 12 ___ 1,347. 4 257.2 137.5 90.8 127.5 20.5 28.3 116.6 778.5 156.2 202.0 190.8 19.8 Aug. 19 1, 350. 0 255.1 136.6 88.4 126.2 20.5 28.3 119.6 774.6 162.1 200.8 193.3 19.2 Aug. 26 1, 365.0 257.3 136.9 89.5 126.0 20.6 29.4 112.7 772.3 173.2 202.2 197.9 19.4 Sept. 2 ... 1, 317. 5 230.6 136.6 87.5 129.8 19.3 27.5 115.9 747.2 156.1 199.8 194.6 19.8 Sept. 9 1, 338. 4 234.1 140.0 85.6 129.4 19.1 29.1 117.6 754.8 157.5 205.8 200.2 20.0 Sept. 16 1, 337. 7 228.4 142.4 86.4 130.6 19.0 26.7 117.9 751.3 156.7 202.9 207.0 19.7 Sept. 23 1,380.9 242.0 156.0 81.5 133.4 19.1 27.6 121.3 781.0 164.2 204.6 211.4 19.6 Sept. 30 1,459. 6 293.7 163.2 76.8 147.3 19.2 29.2 128.8 858.3 170.7 200.5 210.2 19.8 Oct. 7 1, 480. 8 302.6 163.1 78.8 163.8 18.7 31.8 132.4 891.3 162.5 199.9 205.5 21.6 Oct. 14 1,492. 5 291.7 172.6 103. 5 163.6 19.8 32.6 119.7 903. 5 168.9 197.7 202.5 19.9 Oct. 21 1, 464. 2 294.1 144.5 99.7 146.2 19.2 35.1 137.3 876.1 174.6 195.7 197.5 20.3 Oct. 28 1, 457. 0 283.2 146.9 97.6 147.4 19.0 37.5 134.0 865.7 174.1 193.4 203.1 20.8 Nov. 4 __ _ 1,422.1 283.2 152.5 89.5 149.5 19.7 37.8 112.7 844.8 171.9 192.5 192.1 20.7 Nov. 11 1, 424. 0 281.9 156.7 90.7 146. 2 20.0 38.0 110.2 843.7 178.1 191.5 190.2 20.6 Nov. 18 1, 410. 9 255.9 160.4 90.6 135.8 21.0 41.0 114.5 819.2 181.9 199.1 189.8 21.0 Nov. 25 . 1, 443. 6 248.1 157.7 99.0 129.9 22.0 39.3 120.4 816.3 200.6 210.0 197.0 19.6 Dec. 2 . .. _ 1, 450. 0 231.6 144.8 92.6 128.7 24.0 42.5 125.0 789.0 183.9 266.4 190.3 20.4 Dec. 9 1,467. 6 235.8 146.5 85.6 132.3 25.0 45.2 129.4 799.8 181.9 268.9 196.9 20.0 Dec. 16 1, 487. 2 243.2 156.3 91.3 126.8 28.2 48.7 128.8 823.4 179.0 268.3 196.4 20.0 Dec. 23 1,472 6 229 9 168 9 78 4 120 2 31 0 48.7 128.5 805 6 173.6 267.9 200.6 25.0 Dec. 30 1, 491. 6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 * Figures adjusted to the basis employed in previous weeks. Certain of the figures for August 12,1936, and succeeding weeks are not precisely comparable to the corresponding figures for weeks preceding August 12. owing to a revision in reporting practice by one of the reporting banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 11.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Reported by Banks in New York City [Outstanding amounts, in millions of dollars] Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S la w e n r i - d tz- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica E F a a s r t O A th ll er 1931 Mar. 31 1,361.9 222.4 47.5 49.7 6.7 542.0 26. 2 197.5 1,092. 0 32.8 193.8 39.2 4.0 Apr. 30 1,388. 8 210.4 58.0 47.4 5.7 508.8 26.9 190.6 1,047. 7 56.1 243.9 33.2 7.9 May 29 1, 300.9 180.8 53.5 50.1 4.9 496.3 21.9 208.1 1,015. 6 45.6 197.7 38.8 3.2 June 30 1,298.9 179.5 56.7 43.3 4.6 495.8 20.2 205.1 1,005. 3 51.8 203.5 35.0 3.3 July 15 1, 282. 3 145.6 51.0 39.3 6.8 534.8 18.6 189.9 985.9 60.4 195.5 37.2 3.4 July 22 1, 274.9 146.5 50.5 37.4 3.7 534.3 19.2 190.1 981.6 60.0 193.1 37.2 3.0 July 29 1, 239. 9 134.2 47.5 37.4 3.2 525.2 16.6 189.6 953.7 56.3 188.2 38.7 3.1 Aug. 5 1, 250. 6 129.0 41.0 35.9 13.5 526.3 16.1 191.0 952.7 67.0 186.4 41.3 3.2 Aug. 12 1, 254.9 152.3 39.0 34.6 13.4 518.9 15.5 185.5 959.1 70.0 184.5 38.2 3.2 Aug. 19 1,251.0 173.6 34.4 33.0 13.4 511.6 15.3 175.0 956.3 68.9 178.0 44.6 3.1 Aug. 26 1, 270. 2 222.0 33.1 31.4 13.5 501.9 15.3 177.5 994.7 74.8 160.9 36.9 2.8 Sept. 2 1, 286.0 236.0 33.7 29 2 13.8 506.9 16.0 171.9 1,007. 6 74.9 157.5 41.9 4.1 Sept. 9 1, 289. 4 256. 3 31.7 29.'5 12.8 500.5 14.5 171.3 1,016.5 75.9 156.0 37.6 3.5 Sept. 16 1, 258. 4 248.3 29.8 27.9 10.8 495.7 14.6 166.6 993.8 74.5 150.6 36.8 2.6 Sept. 23 1,195.9 194.1 29.6 26.5 11.8 492.6 15.4 165.2 935.2 74.1 150.1 33.7 2.7 Sept. 30 1, 204. 7 198.6 34.2 24.8 12.5 483.0 15.2 169.0 937.2 68.5 156.0 40.9 2.2 Oct. 7 1, 249. 6 196.3 75.4 24.7 12.5 484.4 16.5 168.9 978.6 67.4 155.3 45.6 2.8 Oct. 14 1,313.0 209.3 116.8 25.7 15.4 488.6 15.9 171.4 1, 042. 9 67.1 149.9 50.5 2.5 Oct. 21 1, 322. 4 216.8 127.5 25.4 15.2 478.8 17.6 170.0 1,051.3 66.4 147.8 54.3 2.5 Oct. 28 1, 339.1 232.9 113.3 25.5 15.7 484.9 17.3 170.5 1, 060. 2 65.6 148.3 62.5 2.5 Nov. 4 1, 287. 8 188.1 99.1 23.4 14.7 482.3 16.4 167.4 991.3 63.0 147.9 83.1 2.5 Nov. 11 1,193. 9 179.7 35.2 23.8 14.2 480.5 16.7 161.3 911.3 63.1 146.5 70.5 2.4 Nov. 18 1,171.2 174.4 33.8 23.7 14.5 480.9 17.1 160.9 90S. 4 61.8 141.5 60.0 2.6 Nov. 25 1,152. 2 173.4 33.0 23.9 14.0 475.8 16.4 158.1 894.7 62.1 140.2 52.8 2.4 Dec. 2 1,149.9 177.6 31.2 22.4 11.8 474.7 18.5 156.0 892.2 61.6 140.0 53.3 2.8 Dec. 9 1,150.5 179.8 32.0 21.7 11.8 474.3 19.1 153.6 892.3 61.1 139.7 54.6 2.7 Dec. 16 1,133. 7 170.9 32.4 20.8 12.1 469.4 20.6 151.7 878.0 61.7 134.8 57.3 2.0 Dec. 23 1,130. 5 172.7 32.6 20.7 12.6 472.6 19.1 150.5 880.8 59.7 138.2 49.7 2.2 Dec. 30 1,102. 3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 864.3 58.1 135.5 41.8 2.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 427 TABLE 11.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES—Continued Reported by Banks in New York City [Outstanding amounts, in millions of dollars] Date Total U K d n o i i n t m g ed - France N la e e n r t d - h s - S la w e n r i - d tz- m G a e n r y - Italy A tr u i s a - Hun- E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e ti r n ica E F a a s r t O A th l e l r 1932 Jan. 6... 1,109.1 169.0 32.7 17.5 12.2 466.3 18.5 0) 147.2 863.4 67.0 135. 5 40.8 2.4 Jan. 13.. 1,099. 2 165.4 32.9 18.7 12.1 466.1 18.1 141.9 855.1 67.3 134.6 39.2 3.0 Jan. 20 -. 1,091.0 170.9 35.0 18.4 12.6 466.4 17.6 0) () 139.0 859.9 65.6 125.5 37.4 2.6 Jan. 27.. 1, 072. 4 162.0 35.3 18.0 14.5 468.2 18.0 C1) 0) 130.3 846.3 64.6 123.9 35.2 2.5 Feb. 3... 1,075.4 164.4 34.1 18.9 12.3 468. 3 18.1 C1) 0) 136.0 852.1 64.3 121.7 2.5 Feb. 10.. 1,076. 6 163.3 35.2 17.3 11.6 474.0 17.9 0) C1) 133.3 852.6 64.3 122.0 35.3 2.5 Feb. 17.. 1,078. 0 167.5 40.2 17.1 11.8 471.0 17.8 C1) C1) 134.1 859.4 64.0 121.1 30.8 2.6 Feb. 24.. 1,078.1 180.0 41.0 17.3 12.2 468.7 17.4 25.8 35.9 66.3 864.6 62.6 123.1 25.5 2.2 Mar. 2.. 1,084. 6 186.5 36.6 17.7 11.4 470.2 17.5 26.7 36.7 66.1 869.4 62.3 122.5 28.1 2.2 Mar. 9__ 1,016.0 126.2 35.4 17.9 11.3 466.3 17.2 27.4 36.0 66.3 804.0 59.1 123.1 27.3 2.5 Mar. 16. 988.8 113.7 32.9 14.5 10.9 466.6 15.6 27.2 36.2 62.4 779.7 58.9 120.4 27.5 2.3 Mar. 23. 991.4 116.3 34.8 14.3 9.2 466.8 15.8 27.3 35.1 63.2 782.8 57.7 121.8 25.9 3.1 Mar. 30. 970.1 97.2 34.5 15.1 9.3 466.6 15.2 27.3 34.1 60.4 759.6 52.6 127.9 26.8 3.3 Apr. 6___ 947.6 87.5 32.5 15.1 9.1 467.1 15.6 26.8 34.7 59.9 748.4 48.0 120.6 26.9 3.6 Apr. 13- 962.4 92.9 42.4 15.1 9.4 464.8 15.5 26.9 34.1 59.5 760.7 47.8 122.7 27.5 3.7 Apr. 20- 947.1 86.0 39.3 15.8 9.4 464.9 14.7 33.7 58.8 749.4 47.6 121.7 24.6 3.8 Apr. 27- 925.4 79.0 34.6 14.2 8.3 464.1 14.2 33.7 57.6 732.5 47.2 120.1 22.2 3.4 May 4__. 940.1 91.0 38.3 13.8 8.3 461.7 14.0 26.9 33.6 58.8 746.3 47.1 120. 9 22.1 3.8 May 11- 949.2 97.3 35.7 17.5 7.5 461.8 14.1 26.9 34.8 58.6 754.0 47.3 120. 7 23.6 3.7 May 18- 942.3 95.8 37.1 16.0 7.6 461.2 14.1 26.7 34.7 57.2 750.4 45.4 120.1 22.1 4.3 May 25.. 943.5 97.4 41.5 16.4 7.8 460.2 13.5 26.2 34.8 55.9 753. 7 44.0 119.9 21.5 4.5 June l-_- 959.6 113.9 53.6 15.4 6.3 456.7 12.7 26.2 34.7 50.9 770.3 41.3 121.0 23.3 3.7 June 8... 991.9 115.8 83.8 15.2 6.0 456.7 12.3 26.0 34.8 49.7 800.3 42.3 121.2 24.4 3.6 June 15.. 981.3 101.2 95.1 13.5 5.9 451. 5 12.1 26.4 34.8 49.3 789.8 41.7 122.7 23.8 3.4 June 22.. 923.0 92.5 47.5 13.3 5.9 450.6 11.6 26.4 34.7 49.1 731.5 40.5 122.3 25.2 3.4 June 29_. 898.3 84.8 40.7 13.0 5.6 448.8 11.4 25.4 34.8 44.7 709.2 41.4 118.9 25.6 3.2 July6_._. 873. 4 74.9 39.5 12.7 4.6 448.4 8.5 25.2 34.8 42.7 691.3 41.3 113.2 24.5 3.1 July 13.. 868.9 73.1 36.8 12.4 5.1 448.1 8.4 25.2 34.8 42.7 686.5 41.3 112.7 25.6 2.8 July 20- 852.8 71.9 35.8 12.4 4.9 437.1 8.4 25.1 34.2 42.0 671.8 41.3 111.7 24.9 3.1 July 27__ 844.6 71.2 35.2 12,5 4.9 434.6 8.0 25.0 34.8 40.3 666.6 40.4 111.3 23.1 3.2 Aug. 3... 834. 2 63.0 34.6 12.5 5.0 433.6 7.9 25.2 35.9 38.8 656.5 40.5 110.1 25.0 2.1 Aug. 10.. 824.8 59. 3 34.7 12.5 5.1 433.1 7.6 25.2 35.9 38.4 651.8 39.0 108.6 23.4 2.1 Aug. 17.. 819.9 62.8 31.4 12.0 4.6 432.3 7.2 25.2 35.9 38.0 649.3 38.0 108.5 22.0 2.2 Aug. 24.. 815.7 63.0 31.3 13.1 4.8 432.6 6.9 25.0 35.9 36.5 649.1 37.7 106.6 20.0 2.3 Aug. 31.. 823.4 67.2 32.1 12.8 5.1 432.6 6.7 24.7 35.9 37.4 654.6 37.2 108.3 21.4 2.0 Sept. 7*. 886.2 76.5 28.6 12.6 5.0 446.3 7.7 25.8 37.8 37.8 678.0 45.8 139.4 20.2 2.7 Sept. 14. 884.2 78.6 27.4 12.7 5.3 447.9 7.9 25.9 37.1 38.1 680.9 45.5 135.4 19.7 2.7 Sept. 21. 884.1 76.2 28.1 12.3 5.0 448.6 7.2 25.7 37.1 38.8 678.9 46.1 135.8 20.6 2.8 Sept. 28. 887.7 82.3 12.3 5.0 449.0 7.7 25.8 37.1 37.3 685. 3 44.8 134.8 19.5 3.3 Oct. 5__. 79.1 31.0 11.7 4.9 448.0 8.1 25.7 37.2 35.4 681.1 46.9 135.9 19.3 3.4 Oct. 11.. 902.4 86.1 32.4 12.5 5.0 448.8 8.7 25.6 37.2 36.8 693.2 47.7 136.4 21.8 3.3 Oct. 19.. 900.5 86.3 31.0 11.6 5.2 448.0 8.7 25.7 37.2 37.1 690.8 51.1 135.6 19.9 3.1 Oct. 26_. 904.8 33.6 11.5 5.3 448.1 9.1 25.8 37.2 37.9 693.4 51.8 136.4 19.8 3.4 Nov. 2__ 921.4 94.8 35 8 12.2 5.1 447.8 9.7 25.8 37.3 37.5 706.1 56.1 136.0 19.9 3.4 Nov. 9.. 919.1 94.5 386 12.1 5.5 446.7 10.3 25.8 37.3 37.3 708.1 52.7 135.7 19.3 3.4 Nov. 16. 929.1 101.3 41.6 13.6 5.4 443.7 11.2 25.6 37.3 37.3 716.9 52.3 136.4 19.9 3.6 Nov. 23. 921.0 100.8 44.2 13.0 5.6 442.2 11.3 25.6 37.3 36.7 716.5 52.1 129.7 19.2 3.6 Nov. 30. 930.8 108.1 49.5 13.1 5.7 441.8 11.4 25.7 37.4 36.6 729.2 51.6 126.0 20.6 3.5 Dec. 7— 918.2 52.6 13.0 6.1 439.5 11.4 25.6 37.3 36.6 718.4 46.9 128.4 21.1 3.4 Dec. 14.. 903.2 90.4 46.7 14.0 6.0 437.2 11.5 25.5 37.6 34.8 703.6 45.7 129.8 20.7 3.4 Dec. 21.. 920.3 93.5 57.8 14.5 6.2 436.2 11.8 25.5 37.6 34.7 717.8 46.6 129.8 22.7 3.5 Dec 28.. 918.2 92.5 62.9 13.0 6.2 434.9 11.8 37.5 34.7 718.3 42.2 130.3 24.0 3.5 i Included in other Europe prior to February 24, 1932. * It is estimated that changes in the number of reporting banks and revision of instructions resulted in an increase in total assets of about $55,- 000,000 between August 31 and September 7, 1932. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 11—SHORT-TERM FOREIGN ASSETS BY COUNTRIES—Continued Reported by Banks in New York City [Outstanding amounts, in millions of dollars] Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S la w e n r i - d tz- m G a e n r y - - Italy A tr u i s a - H ga u r n y - E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica E F a a s r t O A th ll er 1933 Jan. 4 929.7 94.6 67.6 14.2 6.4 433.7 11.5 24.7 37.2 34.2 724.2 43.9 133.2 24.8 3.5 Jan.11 944.5 104.0 71.8 15.3 6.9 433.7 12.1 24.6 37.3 34.5 740. 3 42.0 132.9 25.9 3.5 Jan. 18 949.4 106.8 62.9 15.8 7.5 432.6 12.2 24.6 37.2 34.6 734.2 53.0 135.4 23.3 3.5 Jan. 25 _ 958.9 118.6 56.1 17.8 7.8 431.7 12.7 24.6 37.4 35.4 742.2 52.4 135.4 25.4 3.4 Feb. 1 942.5 110.8 56.9 15.2 7.7 431.0 12.5 24.4 36.5 35.5 730.6 51.5 135.8 21.1 3.5 Feb. 8- 961.2 123.4 61.6 13.9 7.1 429.5 12.2 24.5 36.5 36.3 744.9 51.4 136.1 25.3 3.5 Feb. 15 956.6 119.3 60.8 15.3 7.1 427.0 12.3 24.4 36.3 36.6 739.0 50.8 136.2 27.1 3.5 Feb. 21 959.4 121.0 60.7 13.9 7.3 425.2 11.9 24.4 36.5 36.6 737.5 51.1 137.0 30.3 3.5 Mar. 1 974.9 104.2 14.2 7.5 424.7 11.8 24.3 36.7 37.3 747.5 51.3 138.6 33.2 4.4 Mar. 8 1,022. 9 101.9 122.5 14.9 7.6 420.9 12.1 24.4 36.4 39.0 779.7 51.2 150.1 37.9 4. I Mar. 15 972.4 100.6 65.3 14.7 7.8 415.8 11.5 24.4 36.4 40.8 717.2 48.1 163.3 39. € 4.1 Mar. 22 943.2 91.3 55.5 14.6 7.7 413.3 11.6 23.9 36.4 38.9 693.1 47.1 162.3 36.5 4.3 Mar. 29 933.1 94.3 51.6 13.6 7.7 413.5 11.0 23.9 36.4 39.2 691.1 46.8 157.9 30.9 6.5 Apr. 5 926.3 93.6 47.1 13.7 7.2 410.2 11.1 24.0 36.3 38.4 681.5 52.0 154.8 31.5 Apr. 12 921.3 92.5 45.4 15.2 7.3 410.1 11.0 23.5 36.3 37.6 678.8 50.9 153.6 33.2 4.7 Apr. 19 911.2 100.6 45.9 14.1 7.6 392.2 10.8 23.8 36.4 36.3 667.7 52.5 153.7 32.0 5.2 Apr. 26 910.4 108.8 41.8 13.3 8.5 10.6 23.9 36.5 37.8 671.0 50.9 151.0 32.3 5.2 May 3 916.8 112.2 42.6 13.7 8.5 386.6 10.5 23.9 36.4 38.0 672.3 57.1 150.6 32.0 4.9 May 10 901.3 106.4 39.1 13.4 9.3 386.7 10.5 23.8 36.5 36.5 661.2 55.4 149.0 30.7 5.1 May 17 891. 5 104. 5 37.8 12.4 9.2 383.6 10.2 23.5 36.4 36.2 653.7 55.6 148.2 29.0 5.1 May 24 .. 895.4 102.7 43.4 14.4 8.5 383.2 10.7 23.3 36.5 35.6 658.2 54.6 147.8 28.7 6.0 May 31 . 107.4 47.1 15.4 8.7 383.2 10.6 23.3 37.4 34.0 667.0 52.6 145.8 27.2 6.1 June 7 905.0 111.8 47.8 14.7 8.6 384.8 10.5 23.3 37.3 33.5 672.3 54.3 142.5 26.9 June 14 888.7 119.8 47.2 14.0 8.4 364.5 10.6 23.2 37.3 33.8 658.8 52.7 144.4 26.7 6.1 June 21 871.1 121.2 47.8 13.8 348.9 10.6 23.1 37.3 33.8 645.1 50.1 144.4 25.5 6.0 June 28 121.7 48.1 13.1 335.7 10.5 22.5 36.7 34.4 631.9 50.0 142.7 25.9 6.0 July 5 . 859.7 126.0 48.8 12.7 9.3 328.8 10.9 21.6 36.1 34.7 628.8 55.2 144.0 25.1 July 12 846.6 127.6 51.9 14.0 327.2 10.8 22.0 35.1 35.0 633.3 41.8 142.1 22.6 6.8 July 19 825.8 124.1 48.4 13.8 326.4 11.2 22.4 34.8 36.2 627.3 34.2 136.2 18.4 9.7 July 26 832.7 123.9 51.8 15.1 10.6 325.9 11.9 22.3 34.8 35.8 632.0 36.3 • 137.0 20.3 7.0 Aug. 2 827.6 127.6 54.5 14.7 10.3 322.2 13.1 22.3 36.2 635.6 30.0 135.4 19.4 7.2 Aug. 9 824.1 129.2 53.6 14.4 10.1 319.3 13.0 21.8 34.8 36.5 632.6 29.5 135.7 18.8 7.4 Aug. 16 . 820.2 129.8 54.0 14.0 9.6 316.4 12.7 22.1 34.4 34.8 627.7 28.9 135.9 20.4 7.4 Aug. 23_-_-_ 825.8 132.5 56.3 15.1 9.4 314.6 12.9 21.7 34.3 35.0 631.8 27.9 137.7 21.2 7.3 Aug. 30 .. 824.6 134.5 55.8 14.0 9.4 312.3 13.0 21.1 34.3 35.8 630.2 27.5 137.3 22.4 7.2 Sept. 6 817.5 130.0 56.5 13.7 9.5 309.1 12.9 21.2 34.2 35.6 622.8 27.6 138.1 21.6 7.5 Sept. 13 818.5 133.0 57.5 14.0 9.4 306.9 13.0 21.0 34.0 35.0 623.9 26.3 135.8 25.1 7.3 Sept. 20 842.2 149.2 58.1 14.9 9.1 305.6 13.5 20.9 33.9 34.5 639.6 32.5 135.0 27.9 7.2 Sept. 27 824.4 143.8 57.8 15.0 9.5 302.0 13.9 20.9 33.1 31.0 627.0 29.5 132.2 27.9 7.8 Oct. 4 836.5 153.0 60.3 14.6 9.5 297.9 13.8 20.6 32.4 31.0 633.1 37.0 130.9 29.8 5.8 Oct. 11 822.4 141.7 58.9 13.5 9.2 296.5 13.7 20.5 32.0 31.3 617.3 38.7 130.4 30.2 5.8 Oct. 18 825.5 145.4 62.1 13.7 9.5 294.2 13.8 20.5 31.8 32.4 623.5 35.5 129.6 31.1 5.9 Oct. 25 826.1 150.4 60.0 13.8 10.1 287.2 13.5 20.2 31.2 33.3 619.7 34.9 132.7 32.6 6.2 Nov. 1 845.9 164.8 62.5 16.6 10.0 282.8 14.6 20.0 31.2 32.4 35.9 132.1 36.7 6.3 Nov. 8 847.9 165.6 65.6 16.0 10.5 281.2 15.3 20.0 31.1 31.5 636.7 33.6 134.3 36.8 6.5 Nov. 15 848.7 174.3 63.4 17.6 11.4 279.6 14.9 19.9 31.0 32.3 644.3 28.3 131.1 37.9 7.0 Nov. 22 852.0 178.4 62.2 19.9 11.8 273.2 15.6 19.3 30.8 32.7 644.0 27.6 134.7 39.1 6.5 Nov. 29 879.8 182.4 68.7 19.7 11.7 267.6 15.9 19.5 30.5 33.7 649.7 44.7 136.5 42.4 6.5 Dec. 6 889.4 192.9 69.3 18.4 11.5 267.8 16.3 19.4 30.5 33.3 659.5 43.1 134.9 45.2 Dec. 13 884.5 198.5 70.9 18.0 11.9 264.9 16.8 19.2 30.3 34.0 664.5 30.6 135.4 47.8 6.1 Dec. 20 878.5 197.2 67.4 18.8 12.3 263.2 17.0 18.8 30.3 34.6 659.6 30.5 133.7 48.6 6.1 Dec. 27 879.8 197.7 18.4 12.3 260.9 16.7 18.8 30.1 34.3 656.2 32.3 135.5 49.7 6.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

429 MAY 1937 FEDERAL RESERVE BULLETIN TABLE 11.—SHORT-TERM FOREIGN ASSETS BY COUNTRIES—Continued Reported by Banks in New York City [Outstanding amounts, in millions of dollars] Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S la w e n r i - d tz- m G a e n r- y Italy A tr u i s a - H ga u r n y - E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica E F a a s r t O A th ll er 1934 Jan. 3 888.7 203.1 65.0 18.1 12.5 258.1 16.8 18.9 30.0 35.0 657.5 34.7 135.7 54.6 6.3 Jan. 10 881.1 207.9 61.2 18.0 11.5 256.5 16.8 16.8 28.5 35.9 653.0 33.8 133.1 54.6 6.6 Jan. 17 879.0 207.5 60.0 18.2 12.4 253.9 16.8 16.5 28.4 36.7 650.4 30.5 132.9 58.7 6.5 Jan. 24 879.3 203.7 64.2 19.0 12.5 253.9 17.6 16.8 28.4 37.1 653.2 29.0 134.1 56.2 6.8 Jan. 31 210.9 63.5 19.2 12.7 252.8 17.8 16.8 28.3 38.7 132.7 57.4 7.2 Feb. 7 917.3 208.0 79.2 34.4 14.9 251.7 18.0 16.7 28.1 37.9 688.8 28.6 132.5 59.9 7.5 Feb. 14 922.5 215. 6 80.8 40 7 15.9 252.9 16.9 16.9 27.9 36.6 704.3 25.9 126.2 58.4 7.7 Feb. 21 897.5 205.9 65.9 47.8 15.2 249.8 16.3 16.6 27.7 36.0 681.3 26.3 126.9 55.8 7.3 Feb. 28 843.7 182.5 56.3 28.1 16.2 248.7 16.8 16.8 27.5 36.0 628.9 26.4 126.1 55.0 7.3 Mar. 7 789.4 159.5 47.0 20.0 12.2 246.0 16.6 16.5 27.5 33.5 578.6 28.2 124.6 49.6 8.3 Mar. 14 786.7 167.5 41.9 20.1 12.9 245.5 16.5 16.4 27.5 33.3 581.6 27.1 122.8 46.9 8.4 Mar. 21 783.8 174.4 39.5 20.1 12.2 244.0 16.1 15.6 26.9 34.0 582.7 29.3 120.3 43.2 8.4 Mar. 28 784.6 180.6 40.7 24.0 11.9 240.2 16.7 14.9 34.0 589.8 29.0 118.9 38.5 8.5 Apr. 4 773.2 178.8 40.7 24.1 11.4 239.7 17.7 14.5 26.5 33.5 586.7 30.1 113.6 34.1 8.6 Apr. 11 765.5 178.0 38.9 23.7 11.1 239.5 18.9 14.5 26.3 33.6 584.5 29.7 112.4 30.4 8.5 Apr. 18 758.1 176.0 38.5 23.4 10.8 237.5 18.6 14.3 26.4 32.8 578.2 30.4 112.1 29.0 8.5 Apr. 25 756.9 184.3 37.5 20.6 11.1 236.3 18.0 14.2 25.9 31.7 579.6 31.0 110.2 27.7 8.4 May 2 760.3 190.2 38.0 19.8 11.0 232.2 17.0 13.8 25.3 32.3 579.5 33.2 109.6 30.8 7.1 May 9 „ 757.8 198.0 36.2 19.0 10.5 230.7 16.6 12.5 24.9 33.4 581.8 33.7 108.3 26.6 7.5 May 16 - 760.8 201.7 41.0 18.5 10.0 229.2 15.9 12.2 24.9 32.8 586.2 33.7 107.8 26.3 May 23 753.3 205.4 39.8 17.7 228.2 14.9 11.5 24.5 32.2 583.9 31.4 107.8 23.4 May 29 754.8 207.1 43.2 17.4 225.4 14.4 11.5 24.4 33.4 586.3 30.0 110.2 21.5 June 6 760.3 211.9 50.6 17.2 10.1 221.5 13.2 11.0- 24.3 33.6 593.4 29.9 104.9 25.4 6.7 June 13 750.0 208.4 48.8 17.9 9.5 220.6 12.7 10.9 24.0 32.7 585.5 29.0 103.7 24.8 7.0 June 20 755.5 213.7 50.4 18.2 9.1 220.0 12.2 10.6 23.9 31.4 589.5 28.9 104.3 25.9 7.0 June 27 754.0 211.1 55.4 17.3 9.0 217.7 11.7 10.3 23.9 32.0 588.3 28.2 105.4 25.4 July 3 752.8 209.4 57.0 15.2 8.7 216.4 11.2 23.3 31.2 582.3 31.9 106.6 27.4 4.6 July 11 740.5 204.2 55.7 14.6 8.4 215.4 10.8 23.6 32.2 574.6 30.2 105.2 26.9 3.6 July 18 739.8 203.8 58.3 15.1 8.0 212.4 9.7 23.6 31.2 571.7 27.0 111.5 26.2 3.4 July 25 730.2 199.4 62.9 15.2 8.0 209.2 9.1 23.4 30.1 566.7 24.5 110.6 25.5 2.9 Aug. 1 750.8 215.3 70.9 13.5 8.1 206.0 8.6 23.4 30.1 584.9 27.0 108.3 27.1 3.4 Aug. 8 749.4 217.8 65.6 13.5 7.9 203.7 8.8 23.4 29.8 579.3 31.9 107.9 27.0 3.4 Aug. 15 743.1 224.6 56.2 14.4 8.4 199.5 8.5 23.3 29.6 573.4 32.1 106.9 27.6 3.1 Aug. 22 _ 750.7 226.6 56.4 15.6 8.5 196.8 8.4 22.2 30.6 573.9 32.2 113.5 28.4 2.7 Aug. 29 754.5 226.8 61.7 15.5 8.5 192.8 8.1 8.6 22.0 30.2 574.2 35.0 115.2 27.2 2.9 Sept. 5 811.4 232.8 67.9 15.1 191.1 8.2 21.9 31.4 585.7 79.4 114.1 29.0 3.2 Sept. 12 816.3 229.6 17.3 8.1 189.1 8.4 21.9 33.2 585.1 80.9 117.0 30.1 3.2 Sept. 19 809.5 230.5 16.9 7.4 188.1 7.9 8.6 21.7 33.3 581.3 77.9 115. 4 31.6 3.2 Sept. 26 823.6 242.9 17.0 6.7 8.2 8.4 21.6 32.6 591.1 79.2 116.1 34.1 3.1 Oct. 3 243.3 74.7 17.2 185.5 7.8 21.2 33.9 598.9 79.6 116.7 38.2 3.1 Oct. 10 842.5 245.8 77.8 17.0 6.3 184.6 8.9 7.8 21.2 32.2 601.6 80.1 118.3 39.6 2.9 Oct. 17 840.5 252.6 79.7 16.1 6.5 183.6 8.9 7.5 21.1 31.9 607.9 80.9 107.1 41.6 3.0 Oct. 24 830.7 247.3 79.6 16.0 6.5 182.0 9.2 7.7 20.9 33.2 602.3 80.4 105.7 39.4 2.8 Oct. 31 831.1 238.7 85.7 16.9 7.2 181.2 7.0 20.9 32.1 599.2 83.4 103.8 41.7 3.0 Nov. 7 847.7 235.6 96.4 15.9 7.0 180.6 10.0 20.8 34.4 607.5 83.4 104.6 49.2 3 0 Nov. 14 846.4 218.5 99.3 15.4 7.1 180.9 10.3 20.8 46.9 606.2 84.2 103.7 49.6 2.8 Nov. 21 831.8 214.9 92.5 18.2 7.4 179.6 11.2 6.9 20.6 40.9 592.0 86.8 100.7 49.4 2.8 Nov. 28 809.5 206.5 94.1 15.9 8.5 178.8 10.7 20.5 32.9 574.7 84.4 101.6 46.2 2.6 Reported by Banks inUnited States Dec 5 1 1?,0? 271 6 108? 19.2 8.3 239.6 26.5 1 81.3 754.7 91.2 1479 118.1 8.3 Dec. 12 1,130.3 287 5 95.9 19.5 8.6 238.1 26.7 80.6 756.9 92.8 155.0 117.5 8.0 Dec. 19 1,131.1 289.3 99 1 17.5 8.6 237.2 27.6 C1) 80.9 760.2 92.5 1538 116.1 8.5 Dec. 26 . 1,115.0 2870 85.7 17.6 8.3 233.6 29.7 81.0 742.8 94.0 152.4 117.8 8.0 i Included in other Europe beginning December 5, 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDERAL RESERVE BULLETIN MAY 1937 TABLE 11.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES—Continued Reported by Banks in United States [Outstanding amounts, in millions of dollars] Date Total U K d n o i i n m t g ed - France N la e n th d e s r - e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935 Jan. 2 1.122. 4 302.1 80.5 18.6 8.2 231.7 27.2 80.0 748.4 96.3 151.8 117.4 8.5 Jan. 9 1.123. 4 309.1 75.4 19.2 231.5 27.7 80.8 752.6 98.7 152.1 111.0 9.1 Jan.16 1,104. 4 303.5 69.3 19.8 230.2 27.3 79.7 738.2 98.4 153.1 106.2 8.5 Jan. 23 1, 062.1 287.2 58.8 21.5 7.7 220.0 27.3 78.0 700.5 96.6 153.7 102.8 8.5 Jan. 30 1, 088. 3 290.8 68.1 18.9 7.4 229.0 25.8 79.7 719.7 100.9 154.0 104.9 8.7 Feb. 6 : 1,040. 9 273.4 54.0 16.5 6.6 227.1 27.1 78.2 682.8 100.6 149.9 98.5 9.1 Feb. 13 1,020. 2 265.1 55.7 14.9 6.3 222.8 25.8 76.7 667. 3 99.7 148.2 95.6 9.3 Feb. 20 1,012.2 252.9 52.4 14.7 5.9 229.0 25.1 77.6 657.6 100.7 148.2 96.1 9.6 Feb. 27 1, 001. 9 242.7 53.6 15.2 6.1 227.0 25.8 76.4 646.7 101.5 148.3 95.7 9.6 Mar. 6 994.3 233.0 53.9 15.3 5.9 227.3 25.2 78.1 638.7 100.0 146.6 99.4 9.6 Mar. 13 974.1 224.9 50.2 14.6 6.0 227.2 25.2 77.5 625.5 99.2 146.5 93.4 9.5 Mar. 20 957. 9 209.7 53.6 14.2 6.1 225.5 24.5 76.2 609.8 98.6 147.3 92.8 9.4 Mar. 27 945.7 197.4 53.9 14.5 5.7 226. 5 23.2 75.7 596.8 100.8 147. 9 90.3 10.0 Apr. 3 968.2 194.1 71.1 21.4 5.4 225.4 24.3 76.1 617.9 101.0 147.3 92.0 9.9 Apr. 10 934.8 166.1 54.6 38.0 6.1 224.3 24.1 78.3 591.6 96.9 146.7 89.5 10.0 Apr. 17 916.4 158.9 48.8 30.7 5.7 223.0 24.9 76.4 568.2 102.4 146.2 9.7 Apr. 24 879.6 137.2 50.8 16.0 6.0 222.4 24.4 76.1 532.9 102.1 145.9 9.5 May 1 891.8 144.2 48.3 13.6 5.4 222.0 24.9 76.3 534.6 104.8 147.9 94.7 May 8 881.4 139.2 48.0 15.6 5.0 220.7 23.8 76.1 528.4 104.5 147.3 91.5 May 15 879.0 127.2 61.8 15.2 5.0 218.6 23.6 75.2 526.6 103.4 147.7 91.4 9.9 May 22 899.4 117.5 92.2 15.0 5.1 219.1 22.6 75.4 546.9 103.8 148 0 91.5 9.2 May 29 955.1 116.0 150.9 13.6 4.7 218.6 22.8 76.5 603.1 103.4 149.3 89.9 9.4 June 5 913.3 110.0 115.0 15.9 4.2 216.6 23.6 76.1 561.3 104.3 149.4 89.0 9.3 June 12 834.9 105.7 44.1 13.4 4.3 218.3 24.3 78.7 488.8 103.2 145.7 88.0 9.2 June 19 817.1 92.8 34.5 13.7 6.7 216.5 24.8 78.7 467.7 107.8 144.6 87.9 9.1 June 26 812.4 94.0 32.0 13.4 6. 3 213.8 24.6 79.1 463.1 108.2 143.0 9.3 July 3 810.3 90.0 31.5 13.3 213.7 24.1 77.3 457.7 113. 0 144.2 86.0 9.5 July 10 804.2 87.9 28.7 13.5 212.7 23.9 76.9 452.6 115.9 142.4 84.0 9.2 July 17 790.6 82.2 28.6 13.1 9.5 210.9 24.6 75.3 444.3 115.3 141.2 80.6 9.2 July 24 785.0 87.1 27.4 12.5 8.6 208.8 24.9 74.0 443.4 116.4 138.9 76.9 9.3 July 31 787.6 90.5 28.2 22.3 205.4 24.5 74.4 453.9 112.7 139.1 72.8 9.2 Aug. 7 779.0 86.4 26.3 20.4 8.6 203.7 23.1 73.3 441.8 118.3 136.7 73.2 9.1 Aug. 14 782.8 94.6 26.7 13.7 8.3 203.1 24.6 72.8 444.0 119.5 138.3 71.8 9.1 Aug. 21 768.6 88.7 25.4 14.3 8.7 202.8 24.1 70.7 434.8 115. 4 136.2 72.2 Aug. 28 763.4 91.0 26.7 11.9 202.3 24.5 70.0 435. 2 114.4 132.1 72.5 Sept. 4 727.2 93.2 26.6 12.2 202.0 23.4 432.8 80.6 133.6 71.0 9.3 Sept. 11 726.7 93.3 31.5 13.0 8.4 201.5 23.0 437.6 81.9 132.7 65.3 9.2 Sept. 18 733.4 92.3 37.6 20.1 7.9 200.6 22.0 65.3 445.7 81.6 132.5 64.2 9.4 Sept. 25 748.7 92.5 62.7 16.5 7.8 199.9 21.0 65.9 466.2 77.9 131.3 64.3 9.1 Oct. 2 734.8 93.3 48.9 12.5 7.9 200.8 20.7 64.3 448.3 78.1 132.7 66.7 Oct. 9 750.6 95.9 64.0 12.6 7.5 200.8 19.9 64.5 465.1 78.7 132. 3 66.0 8.5 Oct. 16 729.8 97.4 44.9 12.9 6.7 201.2 17.7 65.5 446.4 80.2 129.6 65.0 8.6 Oct. 23 733.9 93.0 54.2 13.5 7.2 201.4 17.3 63.8 450.5 81.4 128.4 65.1 8.4 Oct. 30 730.7 103.5 38.9 13.5 7.0 200.9 17.1 65.0 445.9 82.8 127.9 65.6 8.5 Nov. 6 736.5 97.7 48.5 14.2 6.5 200.7 16.5 65.5 449.6 82.1 128.3 67.8 Nov. 13 752.1 103.5 52.4 15.2 7.0 201.2 17.4 67.2 463.8 81.2 128.5 69.6 Nov. 20 761.2 103.1 55.1 15.7 7.8 201.7 14.8 67.7 465.9 84.7 128.8 72.2 9.6 Nov. 27 830.3 106.0 116.0 15.8 7.5 202.4 14.8 69.4 531.8 83.1 128.7 76.6 10.2 Dec. 4 793.1 103.3 62.1 14.5 7.7 202.7 13.9 71.2 475.4 103.2 128.5 75.9 10.1 Dec. 11 773.3 105.8 39.2 15.1 7.2 201.5 13.9 69.8 452.4 105.9 128.9 76.2 9.8 Dec. 18 768.5 99.4 32.9 16.8 7.4 203.5 14.0 71.5 445.5 103.4 128.1 81.6 9.9 Dec. 24 767.0 32.7 16.7 7.4 202.8 13.5 71.7 443.4 100.2 129.6 83.7 10.1 Dec. 31 762.1 32.5 19.0 6.6 202.0 13.5 71.2 438.2 100.9 132.8 80.1 10.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

431 MAY 1937 FEDERAL RESERVE BULLETIN TABLE 11.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES—Continued Reported by Banks in United States [Outstanding amounts, in millions of dollars] Date Total U K d n o i i n t m e g d - France N la e n th d e s r- e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th l e l r 1936 Jan. 8 730.1 98.3 19.2 6.6 203.3 13.6 70.0 439.9 63.8 133.5 83.1 Jan. 15 733.0 96.3 31.3 20.1 6.6 202.5 14.1 71.6 442.5 69.0 133.6 78.4 9.6 Jan. 22 736.2 95.5 31.1 20.0 6.6 201.7 12.9 70.9 438.8 72.7 133.9 81.0 9.8 Jan. 29 741.1 97.8 29.8 20.4 201.1 12.8 71.3 439.8 75.6 134.0 81.9 9.9 Feb. 1 736.0 92.5 29.1 18.0 6.0 200.7 13.1 71.1 430.5 77.2 134.8 83.1 10.4 Feb. 12 731.1 89.5 30.4 17.9 6.2 200.8 12.9 69.7 427.5 76.4 134.5 82.2 10.5 Feb. 19 723.0 31.7 17.6 6.0 200.8 12.6 67.3 422.6 74.0 133.7 82.0 10.7 Feb. 26 716.2 31.0 15.9 5.9 200.4 12.4 65.9 418.3 72.8 133.7 80.9 10.5 Mar. 4 716.8 86.2 27.7 18.9 5.5 200.1 13.2 65.9 417.4 72.6 135.0 81.5 10.3 Mar. 11 721.7 91.1 28.2 20.5 5.4 199.3 13.3 65.3 423.1 73.7 135.4 78.8 10.7 Mar. 18 721.1 90.6 26.8 22.6 5.4 198.4 13.0 65.0 421.8 78.2 135.0 75.3 10.9 Mar. 25 719.8 87.9 26.5 22.9 5.4 12.6 64.8 418.7 78.7 137.0 74.3 11.2 Apr. 1 733.2 28.8 23.0 5.5 196.9 13.1 64.3 430.5 78.2 135.4 78.0 11.1 Apr. 8 721.8 88.2 27.7 23.8 5.6 197.3 13.3 63.2 419.0 77.8 134.7 79.4 10.9 Apr. 15 718.8 88.0 25.7 24.0 5.6 197.4 13.4 64.1 418.1 73.1 134.7 81.2 11.8 Apr. 22 719.2 88.9 25.2 23.8 5.4 198.0 13.5 63.5 418.3 75.6 134.0 79.4 11.9 Apr. 29 731.7 96.2 33.0 23.7 5.7 193.8 13 2 62.3 427.9 78.4 134.9 78.1 12.4 May 6 766.0 95.6 70.7 23.4 5.6 195.1 13.6 62.3 466.3 76.9 134.2 76.5 12.1 May 13 747.5 90.9 58.1 24.1 4.5 195.2 13.0 63.5 449.3 77.2 134.3 75.2 11.5 May 20 705.6 83.8 23.5 23.1 4.6 193.5 13.1 63.6 405.1 81.1 131.8 76.1 11.5 May 27 697.1 83.5 28.4 22.4 4.0 190.7 12.9 62.7 404.7 76.7 128.7 75.2 11.8 June 3 722.1 84.9 51.0 23.4 4.5 190.3 13.1 59.3 426.4 80.2 128.9 74.6 11.9 June 10 734.0 84.4 70.1 21.9 4.5 190.7 13.1 59.2 443.9 78.7 128.3 71.1 12.0 June 17 706.1 89.1 46.7 22.3 4.2 186.5 12.9 56.7 418.5 79.1 124.4 72.8 11.3 June 24 675.1 82.5 23.9 21.2 4.5 187.0 12.7 57.8 389.6 78.0 122.3 73.9 11.4 July 1 674.4 87.1 23.5 21.4 4.2 186.2 12.8 57.6 392.8 77.8 120.4 72.1 11.4 July 8 664.0 87.1 20.4 20.8 4.2 184.4 13.2 57.8 388.0 75.1 117.6 71.9 11.4 July 15 658.0 90.1 20.5 19.9 4.1 183. 0 12.9 57.1 387.6 74.5 116.2 68.1 11.6 July 22 655.9 90.1 20.9 20.1 4.1 181.0 12.3 58.2 386.6 74.6 115.5 67.8 11.3 July 29 654.3 93.6 22.9 19.5 4.1 177.6 11.9 56.6 386.1 74.1 115.5 67.6 11.0 Aug. 5 653.4 94.2 20.1 18.2 4.2 177.9 11.8 55.0 381.3 75.6 117.2 10.6 Aug. 12* 655.8 93.8 24.4 20.6 4.2 176.3 10.1 Aug. 12 620.0 89.1 22.6 20.6 4.1 175.8 11.9 54.6 378.6 75.1 107.1 49.0 10.1 Aug. 19 606.2 78.1 20.7 20.0 3.9 172.9 10.8 54.5 360.7 77.6 107.6 50.2 10.0 Aug. 26 602.4 80.7 21.8 21.5 4.0 171.1 10.7 52.7 362.6 74.2 108.0 46.6 10.9 Sept. 2 568.6 78.1 20.5 19.8 3.9 169.2 10.6 53.4 355.5 50.6 105.1 46.8 10.6 Sept. 9 568.7 76.6 23.8 19.7 4.0 165.5 10.7 53.3 353.6 53.9 105.5 45.5 10.2 Sept. 16 576.1 80.3 34.0 20.2 3.7 162.6 10.9 51.2 362.8 50.9 104.2 48.0 10.2 Sept. 23 590. 9 77.8 47.6 19.4 2.6 166.3 10.9 51.0 375.5 50.1 104.6 50.5 10.2 Sept. 30 631.9 81.0 81.5 21.5 5.2 160.6 11.0 52.0 412.8 49.1 105.5 54.4 10.2 Oct. 7 585.6 90.5 19.9 18.1 4.8 166.6 9.8 52.6 362.4 55.6 105.5 52.9 9.2 Oct. 14 593.7 96.5 30.0 15.2 3.4 160.6 10.6 52.4 368.7 55.0 105.1 55.8 9.1 Oct. 21 596. 5 93.6 16.2 17.3 4.1 166.9 10.6 53.5 362.2 59.1 106.2 59.8 9.2 Oct. 28 602.7 96.2 15.0 19.7 3.9 167.6 11.0 52.9 366.3 58.7 105 7 62.0 10.0 Nov. 4 603. 4 96.0 15.8 20.4 4.0 167.4 10.5 52.7 366.8 59.0 108.2 59.7 9.7 Nov. 11 600.0 93.2 15.4 19.6 4.5 167.6 10.3 54.7 365.3 56.5 108.1 59.7 10.4 Nov. 18 615.0 104.3 15.7 24.2 4.4 167.5 10.3 54.7 381.1 55.6 108.4 59.3 10.6 Nov. 25 643.8 125.0 15.1 24.6 4.9 167.1 10.2 56.0 402.8 57.9 111.2 60.9 10.9 Dec. 2 643. 9 125.4 16.1 22.6 4.9 167. 4 10.1 57.0 403.4 55.8 110.6 62.5 11.6 Dec. 9 646.8 120.3 16.8 21.2 6.5 167.0 11.3 58.3 401.3 54.7 112.4 66.6 11.8 Dec. 16 643.7 117.8 16.3 20.5 5.1 164.7 11.6 58.1 394.0 57.8 116.3 63.2 12.4 Dec. 23 657. 7 123.5 17.2 21.2 5.1 165.9 11.6 59.2 403. 6 57.8 120.2 63.2 12.9 Dec. 30 656. 7 119.3 16.8 21.9 5.4 165.1 10.9 57.8 397.3 59.4 119.9 67.2 12'9 * Figures adjusted to the basis employed in previous weeks. Certain of the figures for August 12, 1936, and succeeding weeks are not precisely comparable to the corresponding figures for weeks preceding August 12, owing to a revision in reporting practice by one of the reporting banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN MAY 1937 BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES The Department of Commerce has published a preliminary summary of the international transactions of the United States in 1936. The summary is given below in substantially the same form as that employed by the Department of Commerce. In millions of dollars Items r D ec o e l i l p a t r s pa D y o m ll e a n r ts ce N ip e t t s r ( e + - ) or payments (—) 1. Trade and services: Merchandise 2,453 2,419 + 34 Freight and shipping 65 125 - 60 Tourist expenditures 122 495 - 373 Remittances, contributions, etc 5 143 - 138 Interest, dividends, etc 575 200 + 375 Other transactions, adjustments, etc, 250 220 + 30 Trade and service transactions.. 3,470 3,602 - 132 2. Gold and silver: Gold exports and imports 28 1,144 -1,116 Gold earmarking operations.. + 86 Silver exports and imports.— ""183" - 180 Gold and silver movement.. -1,210 3. Capital: Reported long-term capital movement + 792 Reported movement of short-term banking and brokerage funds.. 4- 404 Paper currency movements 55 35 + 20 Miscellaneous capital transactions - 75 Capital movement +1,141 4. Residual item + 201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

433 MAY 1937 FEDERAL RESERVE BULLETIN STATISTICS OF ALL BANKS IN THE UNITED STATES On the following pages are published de- In the last half of 1936, deposits at all tailed statistics on deposits, loans, and invest- banks, excluding interbank deposits, inments, of all banks in the United States, by creased by $2,366,000,000 or by nearly 5 perkinds of banks, by States, and by Federal cent. This growth was chiefly at member Reserve districts as of December 31, 1936, banks and at nonmember insured commercial June 30, 1936, and December 31, 1935, and banks, while deposits at uninsured commeralso complete condition statements as of De- cial banks, private banks, and mutual savings cember 31, 1936 and June 30, 1936 of com- banks showed only small increases. Deposits mercial banks whose deposits are insured by at all banks, adjusted to exclude items in the Federal Deposit Insurance Corporation. process of collection, as well as interbank Summary tables of figures for all banks as of deposits, increased by about $2,300,000,000 each call date, which are regularly published in the six months and are about $2,000,000,in the BULLETIN, are given on page — of 000 above the pre-depression level. this issue. Changes in deposits, loans, and Total loans and investments of banks also investments at the different classes of banks during the last half of 1936 are given in the showed considerable growth in 1936, as in table below: other recent years. In the second half of 1936 the increase at all banks amounted to CHANGE IN DEPOSITS, LOANS, AND INVESTMENTS OF over $1,000,000,000, about three quarters of ALL BANKS which was in loans and the rest in invest- June 30-December 31, 1936 ments. Again the increase was mostly at [In millions of dollars] member banks and nonmember insured commercial banks, although there was a small Deposits Loans and Investments increase at mutual savings banks. Member excluding in d t e e p r o b s a i n ts k Total Loans I m nv e e n s t t s - b w a h n i k le l t o h a e n i s r e in x v p e a s n t d m e e d n t b s y d o ec v l e in r e $ d 8 0 s 0 o , m 00 e 0 w ,0 h 0 a 0 t. , Growth in loans and investments at non- All banks +2, 366 +1,066 +770 +297 member insured banks, on the other hand, Commercial banks +2, 279 +946 +850 +96 was chiefly in investments, their loans show- Member banks +1, 795 +741 +818 -77 ing little change. Mutual savings banks also U N n o i n n m su e r m ed b e b r an in k s s u 1 red banks. + + 4 3 4 9 5 + - 2 1 1 0 5 + + 1 1 7 5 + - 2 2 0 7 0 acquired additional investments, while their loans were reduced. Growth in loans and Private banks _ _ +3 +21 -2 +23 investments at all banks in the latter half of Mutual Savings banks. -_ +83 +100 -78 +178 1936 was largely the result, therefore, of 1 Figures for uninsured commercial banks, which are derived by increases in loans at member banks and in deducting the figures for insured State banks as reported to Federal investments at nonmember insured banks authorities from the aggregate figures for all commercial State banks as reported to the State banking departments, are subject to error, because and mutual savings banks. of differences in reporting. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN MAY 1937 ALL BANKS IN THE UNITED STATES ALL BANKS i—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND JUNE 30, 1936, AND DECEMBER 31, 1935, BY DISTRICTS [Amounts in millions of dollars, figures for nonmember banks are for dates indicated or nearest thereto for which figures are available.] Loans and Investments Deposits, exclusive of Number of interbank deposits banks Federal Reserve District Total Loans Investments Dec. June Dec. Dec. June Dec. Dec. June Dec. Dec. June Dec. Dec. June Dec. 1936 1936 1935 1936 1936 1935 1936 1936 1935 1936 1936 1935 1936 1936 1935 ALL BANKS1 Boston 5,583 5,625 5,408 2,726 2,773 2,760 2,857 2,852 2,648 5,897 5,823 5,666 891 895 New York '._19,149 19, 22717, 853 8,771 8,464 8,401 10, 378 10, 763 9,453 19,116 18, 532 17,935 1,248 1,257 1,263 Philadelphia 3,462 3,402 3,246 1,260 1,277 1,277 2,203 2,124 1,970 3,713 3,511 3,374 948 944 947 Cleveland 3,593 3,415 3,237 1,341 1,316 1,283 2,252 2,099 1,953 3,962 3,703 3,458 1,274 1,276 1,273 Richmond 1,914 1,812 1,743 809 772 754 1,106 1,040 '987 2,244 2,097 1,978 1,063 1,070 1,066 Atlanta 1,286 1, 202 1,116 602 536 522 684 666 594 1,530 1,403 1,317 1,087 1,084 1,087 Chicago 5,366 4,995 4,664 1,820 1,648 1,514 3,547 3,347 3,150 6,372 6,043 5,529 2,557 2,564 2,581 St. Louis 1,481 1,427 1,346 662 614 606 814 740 1,777 1,635 1,548 1,602 1,629 1,647 Minneapolis 1,095 1,030 1,017 415 398 432 633 585 1,273 1,214 1,172 1,382 1,399 1,401 Kansas City 1,369 1,310 1,238 585 563 540 784 747 698 1, 794 1,713 1,618 1,928 1,952 1,967 Dallas 954 893 855 458 430 414 496 463 441 1,243 1,148 1,071 996 1,006 1,013 San Francisco 4,271 4,121 3,994 2,001 1,890 1,826 2,271 2,231 2,168 4,780 4,514 4,296 656 r697 Total.. 49, 52448,458 45,717 21, 449 20,679 20, 329 28,075 '27, 778 r25, 386 53, 70151, 335 48, 964 15, 628 15, 752 '15, 837 MEMBER BANKS Boston 1,950 2,026 1,864 970 932 1,039 932 2,215 2,163 2,078 360 362 365 New York 11, 851 12,081 10, 855 4,914 4,600 6,937 7,481 6,357 11, 822 11, 363 10, 825 789 792 793 Philadelphia._ 2,394 2,359 2,246 939 945 1,455 1,412 1,301 2,573 2,409 2,317 658 658 656 Cleveland 2,822 2,675 2,512 1,010 940 1,812 1,686 1,571 3,115 2,903 2,681 627 628 622 Richmond 1,227 1,156 1,104 511 475 462 717 680 643 1,433 1,345 1,253 404 404 404 Atlanta 1,027 957 893 459 396 393 568 561 500 1,164 1,084 1,015 330 330 328 Chicago 4,278 3,947 3,675 1,319 1,148 1,028 2,959 2,798 2,648 4,998 4,760 4,321 741 717 702 St. Louis 1,092 998 967 446 387 390 646 611 577 1,155 1,063 1,026 388 389 390 Minneapolis... 782 732 734 289 271 308 493 461 426 906 869 846 481 495 501 Kansas City.. 1,119 1,061 996 434 406 399 685 656 597 1,314 1,261 1,189 726 729 726 Dallas 827 769 740 387 354 345 440 415 395 1,063 982 915 550 552 550 San Francisco- 3,631 3,500 3., 399 1,682 1,582 1,537 1,948 1,918 1,862 4,136 3,897 3,694 322 344 350 Total 33,000 32, 259 29,985 13, 360 12, 542 12,175 19, 640 19,717 17, 810 35, 893 34,098 32,159 6,37i 6,400 i, 387 NONMEMBER BANKS Boston 3,634 3,599 3,544 1,757 1,786 1,829 1,877 1,813 1,715 3,682 3,660 3,589 527 529 530 New York 7,298 7,146 3,857 3,864 3,903 3,441 3,282 3, 095 7,294 7,170 7,109 459 465 470 Philadelphia... 1,068 1,042 1,000 321 330 332 747 713 668 1,140 1,101 1,057 290 286 291 Cleveland 771 740 725 330 327 343 440 413 382 847 800 778 647 648 651 Richmond 687 656 298 296 292 389 360 '344 812 752 725 659 666 662 Atlanta 259 245 143 140 129 116 105 94 366 320 303 757 754 759 Chicago 1,089 1,048 501 499 486 588 549 502 1,374 1,283 1,208 1,816 1,847 1,879 St. Louis., 388 430 379 216 227 216 172 203 163 622 572 523 1,214 1,240 1,257 Minneapolis... 313 299 283 126 127 123 172 159 366 346 326 901 904 900 Kansas City... 250 249 242 151 158 142 91 100 480 452 429 1,202 1,223 1,241 Dallas 127 124 115 72 75 55 48 46 181 166 156 446 454 463 San Francisco.. 641 621 595 319 308 322 313 644 617 603 334 336 '347 Total 16,524 16,199 15, 733 8,137 8,154 8, 435 '8, 061 7,576 17, 17,238 16,805 9,252 9,352 '9,450 * Comprises all licensed National banks in the Continental United States and all licensed nonnational banks described in footnote 1, on page 437. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

435 MAY 1937 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES—Continued ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND JUNE 30, 1936, AND DECEMBER 31, 1935, BY STATES [Amounts in thousands of dollars] Loans Investments Deposi b ts a , n e k x c d l e u p si o v s e i ts of inter- Nu b m an b k e s r of State Dec. June Dec. Dec. June Dec. Dec. June Dec. Dec. June Dec. 1936 1936 1935 1936 1936 1935 1936 1936 1935 1936 1936 1935 New England: Maine 104, 251 112,162 109,923 203,219 191, 580 186,165 320, 821 313, 232 301,927 102 103 103 New Hampshire 99,178 99, 527 103,136 167, 599 167, 722 160, 240 266, 979 264, 954 256,070 110 110 112 Vermont 85,104 83, 521 85, 555 81, 327 80, 601 79, 349 170,084 169, 793 167, 781 91 92 92 Massachusetts [,816,840 1, 837, 9071, 819, 7071, 715, 592 1, 738,4071, 585, 3883, 735, 8323, 710, 8073, 595, 319 395 396 398 Rhode Island 172,129 177, 521 178, 720 277, 580 268,949 258, 491 462, 838 447, 623 443, 208 35 35 35 Connecticut 582, 344 596, 446 597, 362 545,099 528, 422 493, 495 1, 228, 7561,195, 6821,169,092 197 198 198 Middle Atlantic: New York 5,038,120 7, 726, 0817, 661, 3019, 401, 500 9, 837, 5228, 573,15317,157, 90716, 659, 25316, 090, 598 904 911 915 New Jersey 721,063 733,435 734, 758 1,009,176 951,114 907,208 2, 021, 7301,921, 7961, 884, 952 419 421 425 Pennsylvania ,516,041 1, 528,1201, 510, 5523,063, 829 2,961,858 2, 762,0344, 729, 6274, 508,1994, 261, 8231,132 1,129 1,131 East North Central: Ohio 787,396 761, 666 750, 758 1, 036, 753 941, 473 860,101 2,171,116 2,002, 3481, 904, 321 71 716 715 Indiana 238, 59J 228,719 221, 001 380,863 350, 634 306, 51] 765,810 706, 551 648,746 536 54: 550 I W M lli i i n c sc h o o i i s g n a s n in 9 3 2 6 2 3 6 4 6 , , , 0 9 7 2 0 1 0 1 4 8 3 2 3 0 3 9 5 0 , , , : 3 72 2 6 5 3 7 2 0 3 2 1 4 1 , , , 2 0 9 7 7 4 1 1 9 2, 6 4 0 6 8 3 2 0 5 , , , 0 9 7 5 3 5 4 7 4 1, 4 6 9 5 2 2 0 3 7 , , , 7 9 6 8 1 3 4 9 21, 3 5 8 8 9 6 4 2 2 , , , 8 9 7 2 9 4 9 4 43 1 , , 8 3 3 0 4 8 7 2 7 , , , 7 6 2 5 2 7 8 6 63 1 , , 7 2 2 5 7 5 2 5 2 , , , 5 3 2 2 7 3 8 7 7 2 1 , , 1 7 9 3 0 8 9 0 6 , , , 8 9 5 6 3 4 8 47 8 1 2 8 4 6 8 7 1 1 4 0 8 4 6 8 1 7 3 9 8 West North Central: Minnesota 287, 765 263,211 293, 591 455, 628 428, 693 399, 353 828, 283 788, 949 759,715 689 691 Iowa 219, 06r 205,106 192,139 239,496 229,121 214,942 557, 565 525, 393 487, 888 659 660 661 Missouri 407, 875 371. 486 363,929 597, 65? 611,983 548, 592 1,232,268 1,165,157 1,090, 779 67? 691 706 North Dakota 23, 483 25, 858 26, 758 34, 283 31,036 28, 217 69,148 68,648 68, 875 196 204 203 South Dakota 30, 629 32, 427 34, 010 36,634 33, 379 30, 727 86,5' 84, 495 79, 621 191 195 199 Nebraska 101, 674 98, 975 100, 05! 134,836 126, 708 120,162 273,012 267, 909 254, 671 435 436 437 Kansas 127, 535 129, 837 122, 439 139,548 135,170 125,611 375, 672 359, 019 348, 866 708 721 728 South Atlantic: Delaware 72, 736 72,119 68, 265 106,112 91, 474 88, 859 194,287 163, 246 161,153 48 48 Maryland 197, 530 195,120 199, 798 489,616 '484,212 452, 815 747,739 724,427 677, 218 199 202 202 District of Columbia 95, 234 91, 064 86, 825 134, 533 125, 462 122, 028 306, 711 280, 577 270, 680 2! 22 22 Virginia 251,' 244, 391 238,543 190,239 171,991 152, 947 506,129 469, 592 440,819 323 327 327 West Virginia 117, 734 117,709 113, 826 96, 625 92,039 86, 923 268, 524 261,167 237,135 187 185 183 North Carolina 126, 659 113,494 105, 055 164, 479 143, 381 151, 501 327, 082 296, 258 284, 965 211 213 215 South Carolina 46, 645 37, 45] 36, 987 51, 732 43, 752 39,311 150,407 125,016 122, 212 150 150 145 Georgia 181,876 159, 097 149,658 121, 644 134,' 121,453 342, 860 329,494 309,112 325 322 321 Florida 74, 415 60,080 62, 203 145, 98] 148, 070 125, 092 290, 655 262, 446 234, 736 158 156 154 East South Central: Kentucky 206,109 196, 207 195,101 163, 432 165, 654 150,426 415, 405 382,182 362, 730 434 443 435 Tennessee 191, 757 167, 762 165, 400 158, 335 151,71 144,187 400,538 373, 364 351, 739 315 318 326 Alabama 93,126 89, 540 88, 254 106, 345 98, 680 86, 381 253, 210 223,425 217,494 218 21 217 Mississippi 53, 716 52, 267 76, 083 65, 313 61,178 190, 986 154, 688 149,070 208 207 210 West South Central: Arkansas 45, 893 48, 274 45, 966 62,100 53, 402 48, 662 156, 238 134,435 127, 313 222 224 225 Louisiana 124, 532 107, 789 113,063 185, 669 163,570 143,439 367, 504 322,022 304,048 146 149 150 Oklahoma 118, 742 119,099 110,806 163, 991 149,911 142, 342 359, 919 350,141 326, 383 403 404 405 Texas 413, r' 387, 246 372, 403 457, 577 431,092 411,039 1,107, 6521, 031, 633 965, 640 890 Mountain: Montana 28, 458 30, 371 31, 524 63,172 55,199 52,466 128, 734 119,911 122, 667 119 121 Idaho 24,157 21, 984 20, 225 40, 953 38,494 35, 862 95, 402 81, 379 78, 929 53 56 Wyoming 20, 085 21,512 19, 066 18,279 16,841 15, 385 58, 299 53,211 52,458 58 59 59 Colorado 79, 993 67, 490 68, 643 123, 815 119, 849 119,1 285,191 260, 595 248, 605 151 154 157 New Mexico 14, 692 13,977 12,108 18, 071 17, 819 14, 975 51, 552 46,139 42, 444 41 41 41 Arizona 26, 032 20, 287 18,911 26, 064 24, 531 23, 630 75, 035 68, 791 62,191 14 14 15 Utah 51, 520 46, 596 44, 396 52, 896 53, 752 49, 967 124, 466 117, 504 115,434 59 59 59 Nevada 6,535 5,945 4,826 15, 929 15, 616 13,197 31, 093 27,998 25,085 10 10 10 Pacific: Washington 174, 520 165,182 157, 686 219,913 199, 676 196,183 462, 843 423, 393 399. 425 185 189 Oregon 70, 232 64, 740 60, 591 146,274 139,737 129, 908 266,144 246,069 227, 838 94 97 California ., 653, 5691, 570, 3161, 523, 8251, 775, 799 1, 765, 6671, 726, 5003, 744, 3993, 566, 4053,404, 205 246 267 273 Total 21,449,056 20, 679,195 20, 329, 203 28,075,017 r27, 778, 396 25, 386,060 53, 700,96651, 335,458 48,963, 79315,62815, 752 15, 837 i Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on page 437. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 FEDERAL RESERVE BULLETIN MAY 1937 ALL BANKS IN THE UNITED STATES—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND JUNE 30, 1936, AND DECEMBER 31, 1935, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State Dec. June Dec. Dec. June Dec. Dec. June Dec. Dec. June Dec. 1936 1936 1935 1936 1936 1935 1936 1936 1935 1936 1936 1935 New England: Maine 35,099 37, 661 36, 251 68, 670 66, 834 63,984 114, 479 111, 206 107,044 40 40 40 New Hampshire 27,398 27, 747 26, 796 31, 379 31, 502 29,657 63, 856 61,831 55, 973 52 52 52 Vermont 20, 772 21, 338 20,428 28,076 27,184 25, 676 51, 376 49, 754 47, 718 42 43 43 Massachusetts 519,326 525, 520 482,780 464,342 514,456 453,010 1,117, 5111,110,984 1,064, 771 128 128 129 Rhode Island 38, 680 38, 999 36, 349 39, 756 41,139 42,182 77, 951 72, 302 72, 683 12 12 12 Connecticut 103,021 107,047 103,508 107, 956 117, 515 102,933 263,928 248, 246 244, 793 54 54 54 Middle Atlantic: New York , 702,0041, 599, 8931, 531, 7342, 814, 528 2, 872, 6532,403,800 4, 294, 4684,145, 6334,011,450 455 458 459 New Jersey 224, 488 225,030 221, 805 407,904 386, 233 378, 602 774, 213 716, 287 707,413 233 234 236 Pennsylvania 776,095 780,796 777,496 1, 544,095 1,467,781 1, 369,8092,326,029 2,191,940 2,087, 603 708 710 709 East North Central: Ohio 273,089 264,117 495, 951 455,198 432,072 927, 478 847, 939 810, 812 249 249 Indiana 98, 509 88,129 82, 374 216, 856 204,061 172, 507 379, 389 348, 305 318, 554 124 125 125 Illinois 688, 644 585, 436 522, 369 1, 432, 274 1, 317,4811, 306,4912, 348,9292, 315,101 2,097, 415 307 301 299 Michigan 159, 778 146, 451 117, 453 372, 094 335, 640 336,033 708, 462 679,- 508 619, 979 83 84 Wisconsin 100, 326 98, 418 93,434 262,106 264,144 220, 385 422, 474 398, 628 369, 625 105 106 West North Central: Minnesota 204, 648 181, 389 214,121 316, 448 301,485 281,514 572, 764 551, 625 536, 798 197 203 205 Iowa 70, 355 65,153 63,167 104, 435 104, 579 98, 504 190,169 185, 790 173, 511 113 115 118 Missouri 172, 529 144,840 143,636 274, 935 276, 529 259, 812 446,724 415, 547 408, 790 86 86 87 North Dakota 14,104 15,209 16, 737 26,857 24,353 22,142 48,926 49, 780 61 64 66 South Dakota 16, 327 16,802 17, 601 25, 018 22, 375 20, 492 50, 795 49,196 47, 265 48 51 52 Nebraska 71,119 67,851 69, 914 112, 082 106,104 100, 688 198,160 195,179 185, 625 135 137 137 Kansas 58, 533 58, 371 56, 878 87, 495 85, 063 76, 622 202, 360 193, 423 191, 207 188 190 190 South Atlantic: Delaware 7,651 7,777 7,853 10, 274 9,529 9,605 18,049 16, 870 16, 395 16 16 16 Maryland 58, 596 52,995 56,117 192, 691 203, 536 195,926 265,405 259, 564 246, 784 63 63 63 District of Columbia 42, 958 41, 560 39, 674 77, 706 74, 650 73, 276 169,041 152, 549 150,716 9 9 9 Virginia 135, 700 131,124 132,078 127, 958 116, 654 99, 310 310, 714 288, 965 273, 485 132 132 132 West Virginia 57,872 57, 892 55, 534 54,069 51, 483 48,928 139, 713 135, 476 123, 934 79 79 79 North Carolina 35,193 32, 274 29, 653 34,152 30,036 30,537 92, 871 82, 204 79, 505 43 43 44 South Carolina 26, 56' 20,813 20, 825 29,091 22,461 21, 593 78,116 63, 363 65, 799 20 20 20 Georgia 119,156 98, 022 92,949 89, 802 102,330 96,418 221,079 219,584 206,666 56 57 57 Florida 52, 337 43,069 44, 874 117, 380 120,314 100,874 217, 357 196, 460 177, 775 53 52 51 East South Central; Kentucky 95, 703 87, 554 89, 948 86, 772 91, 582 85, 248 204, 981 185, 360 185, 731 100 100 100 Tennessee 134,324 111, 787 113,163 129,058 124, 445 119,153 282, 405 265,982 250, 320 72 72 72 Alabama 67, 359 61, 684 64,029 76,857 70,970 60, 891 176, " 160, 251 151,421 69 Mississippi 18, 013 18, 999 17, 647 28,172 25, 232 23, 455 64, 908 53, 940 52, 654 25 West South Central: Arkansas 26, 284 26, 331 26, 641 40,333 35, 362 32,400 87, 799 78,125 72, 520 50 50 50 Louisiana 82,108 65, 745 72, 673 134,695 120, 839 103, 776 236, 928 210, 556 200, 205 30 30 30 Oklahoma 102,653 102,145 96, 864 148,053 135, 971 127, 394 311, 301,198 280, 510 214 214 214 Texas 347,149 316, 381 308,669 395, 415 377, 611 360, 672 866, 665 809, 756 456 456 454 Mountain: Montana 13, 201 14,175 16,384 38, 513 33, 252 32, 517 74, 482 69,124 72, 377 45 46 46 Idaho 9,776 9,107 7,635 21,311 17, 851 15, 791 43,095 35,114 32, 885 20 22 23 Wyoming 12,844 13, 512 11,887 14, 750 13,513 12,158 40, 961 37,162 36,519 26 26 26 Colorado 61, 333 50, 787 52,975 106, 902 103,147 103, 511 232,018 213,124 203, 831 78 79 81 New Mexico 11,020 10,365 9,016 14,996 14, 732 12,161 40,051 35,878 33,355 22 22 22 Arizona 18, 559 13, 748 12, 565 17, 288 16, 763 15,426 50, 706 45, 806 40, 506 7 7 7 Utah 19, 585 18, 495 17, 724 23, 840 24, 23, 733 54, 997 51, 403 51, 525 13 13 13 Nevada 5,119 4,761 13, 738 13, 665 11,: 25, 993 23,054 20, 610 5 6 Pacific: Washington 107,148 101, 581 155,088 140, 609 139,804 304, 575 278, 736 262, 953 56 57 58 Oregon 56,406 52,165 49, 508 127,796 122,182 113,619 225,079 208,678 193,589 38 41 44 California , 141, 8561,078, 4791,046,179 1, 216,120 1, 223,9161,190,105 2, 626,423 2, 513, 7212, 384, 900 108 122 123 Total 8, 257,1237, 748, 496 7,494,188 12, 756, 077 12, 459,137 11, 456, 502 23,106, 775 21,985, 534 20, 886, 035 5, 325 5, 368 5, 386 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 437 ALL BANKS IN THE UNITED STATES—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND JUNE 30, 1936, AND DECEMBER 31, 1935, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State Dec. June Dec. Dec. June Dec. Dec. June Dec. Dec. June Dec. 1936 1936 1935 1936 1936 1935 1936 1936 1935 1936 1936 1935 New England: Maine 69,152 74, 501 73,672 134, 549 124, 746 122,181 206,342 202,026 194, 883 62 63 New Hampshire 71,780 71, 780 76, 340 136,220 136, 220 130, 583 203,123 203,123 200,097 58 58 60 Vermont 64,332 62,183 65,127 53, 251 53,417 53,673 118, 708 120,039 120,063 49 49 49 Massachusetts , 297, 5141, 312, 3871, 336, 9271,251,250 1, 223, 9511,132, 378 2, 618, 3212, 599,823 2, 530, 548 267 268 269 Rhode Island 133,449 138, 522 142, 371 237, 824 227, 810 216,309 384, 887 375, 321 370,525 23 23 23 Connecticut 479, 323 489, 399 493, 854 437,143 410,907 390, 562 947, 436 924, 299 143 144 144 Middle Atlantic: N N Pe e e n w w n s J Y y e o l r v s rk e a y nia i, 4 7 9 3 3 6 9 3 , , 6 9 , 5 4 1 7 6 1 5 66,1 7 5 4 0 2 7 8 6 , , , 1 3 4 8 2 0 8 4 5 6,1 7 5 2 3 1 9 3 2 , , , 0 9 5 5 5 6 6 3 ' 6 1, , 6 5 0 5 1 1 8 9 6 , , , 7 2 3 9 7 4 7 2 2 6 1 , , 5 9 4 6 6 9 4 4 4 , , , 8 0 8 8 7 6 1 7 96 1 , , 1 3 5 6 9 2 2 9 8, , , 6 2 3 0 2 5 6 5 3 1 2 1 2! , , , 4 2 , 0 4 3 7 8 , , 6 3 5 5 , 9 1 4 8 7 3192 2 1 , , , 2 5 3 0 1 1 5 3 6 , , , 5 6 0 2 2 5 9 0 9 2 1 1 , , 2 1 1 , 7 7 0 4 7 7 , , , 9 , 2 5 2 3 0 9 4 4 1 4 2 8 9 4 6 4 4 1 5 1 8 3 9 7 4 4 1 5 2 8 6 2 9 East North Central: Ohio 488, 577 486, 641 540,802 486, 275 428,029 1, 243, 6381,154,409 1,093, 509 466 466 Indiana.-__ 140,086 140, 590 138,627 164, 007 146, 573 134,004 386,421 358, 246 330,192 412 417 425 Illinois 238,070 219,889 211, 702 603,480 610,151 556,253 1,038, 657 960, 276 889,581 575 579 584 Michigan 206, 242 193, 358 184,496 307, 960 288, 279 256, 961 634, 265 572, 729 519, 98f 388 391 394 Wisconsin 134, 575 132, 308 127, 837 200, 831 186, 640 164,444 385,152 353,900 331, 228 502 504 513 West North Central: Minnesota 83,117 8.1, 822 79, 470 139,180 127, 208 117,839 255, 519 237,324 222,917 492 488 483 Iowa 148, 712 139, 953 128,972 135,061 124, 542 116,438 367, 396 339, 603 314, 377 546 545 543 Missouri 235, 346 226, f • 220, 293 322, 717 335, 454 288, 780 2 785, 544 2 749, 610 2 681,989 587 605 619 North Dakota 9,379 10, 649 10,021 7,426 6, I'- 6,075 20, 222 20,450 19,095 135 140 137 South Dakota 14, 302 15, 625 16,409 11,616 ll, 004 10,235 35, 780 35, 299 32, 356 143 144 147 Nebraska 30, 555 31,124 30,138 22, 754 20, 604 19,474 74,852 72, 730 69,046 300 299 300 Kansas 69,002 71, 466 65, 561 52,053 50,107 48, 989 2 173,312 2 165, 596 2 157, 659 520 531 538 South Atlantic: Delaware 65,085 64,342 60, 412 95, 838 81,945 79, 254 176, 238 146, 376 144,758 32 32 32 Maryland 138, 934 142,125 143, 681 296,925 r 280, 676 256, 889 482, 334 464,863 430,434 136 139 139 District of Columbia 52, 276 49, 504 47,151 56, 827 50, 812 48, 752 137,670 128,028 119,964 13 13 13 Virginia 116, 266 113, 267 106, 465 62, 281 55, 337 53,637 195,415 180, 627 167, 334 191 195 195 West Virginia 59,862 59, 817 58, 292 42, 556 40, 556 37,995 128, 811 125,691 113, 201 108 106 104 North Carolina 91, 466 81, 220 75,402 130, 327 113, 345 120, 964 234, 211 214,054 205,460 168 170 171 South Carolina3 20,078 16, 638 16,162 22, 641 21. 291 17, 718 2 72,291 2 61,653 56,413 130 130 125 Georgia 62, 720 61,075 56, 709 31, 842 32, 458 25,035 121,781 109, 910 102,446 265 264 Florida 22,078 17,011 17, 329 28, 601 27, 756 24, 218 73,298 56,961 104 103 East South Central: Kentucky 110,406 108,653 105,153 76, 660 74, 072 65,178 210, 424 196, 822 176,999 334 343 335 Tennessee 57,433 55,975 52, 237 29, 277 27, 272 25,034 118,133 107,382 101,419 243 246 254 Alabama 25, 767 27, 856 24, 225 29,488 27, 710 25, 490 76, 317 63,174 66, 073 149 148 148 Mississippi 35,703 37, 489 34, 620 47, 911 40,081 37, 723 126,078 100,748 96, 416 183 182 185 West South Central: Arkansas 19,609 21, 943 19, 325 21, 767 18,040 16,262 68, 439 56,310 54, 793 172 174 175 Louisiana 42,424 42, 044 40, 390 50, 974 42, 731 39, 663 2 130, 576 2 111,466 103,843 116 119 120 Oklahoma 16,089 16, 954 13,942 15, 938 13,940 14, 948 48,633 48,943 45, 873 189 190 191 Texas 66, 720 70, 865 63,734 62,162 53, 481 50, 367 177,243 164,968 155,884 426 434 442 Mountain: Montana 15, 257 16,196 15,140 24, 659 21,947 19,949 54, 252 50,787 50, 290 74 75 74 Idaho 14, 381 12, 877 12,590 19, 642 20,643 20,071 2 52,307 2 46,265 2 46,044 33 34 37 Wyoming 7,241 8,000 7,179 3,529 3,328 3,227 17, 338 16,049 15,939 32 33 33 Colorado 18, 660 16, 703 15, 668 16, 913 16, 702 15, 587 53,173 47,471 44,774 73 75 76 New Mexico 3,672 3,612 3,092 3,075 3,087 2,814 11,501 10,261 9,089 19 19 19 Arizona 7,473 6,539 6,346 8,776 7,768 8,204 2 24,329 2 22,985 2 21, 685 7 7 8 Utah 31,935 28,101 26,672 29, 056 29, 559 26, 234 69,469 66,101 63,909 46 46 46 Nevada 1,416 1,184 1,018 2,191 1,951 1,891 2 5,100 2 4,944 2 4,475 5 4 4 Pacific: Washington 67, 372 63, 601 59, 318 64,825 59,067 56, 379 158, 268 144, 657 136,472 130 128 131 Oregon 13, 826 12, 575 11,083 18, 478 17, 555 16, 289 41,065 37, 391 34,249 55 53 53 California 511, 713 491, 837 477, 646 559, 679 541, 751 536, 395 1,117,976 1,052,684 1,019, 305 145 150 Total 13,191,933 12,930,699 12,835,01515, 318, 94015,319, 25913, 929, 558 30, 594,191 29, 349,924 28,077, 758 10,303 10, 1308,4451 r Revised. 1 Comprises all licensed state commercial banks, trust companies, mutual and stock savings banks and such private banks and industrial banks as are included in abstracts issued by State banking departments. 2 Includes interbank deposits. 3 Includes cash depositories. NOTE.—All figures in the December 1936 columns are as of Dec. 31, except as follows: New Hampshire, June 30; Massachusetts savings banks, October 31; Missouri, Nov. 25; Tennessee, Dec. 1; Colorado, Nov. 30. For call dates of figures included in the June 1936 and December 1935 columns, see footnotes on bottom of pages 778 and 397, respectively, of the October and May 1936 BULLETINS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 FEDERAL RESERVE BULLETIN MAY 1937 ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND JUNE 30, 1936, AND DECEMBER 31, 1935, BY STATES [Figures in th is table are also included in the table on p. 437 covering "State Eanks." Amounts in thousands of dollars] Loans Investments Deposi b ts a , n e k x c d l e u p si o v s e i t o s f inter- Nu b m an b k e s r of State Dec. June Dec. Dec. June Dec. Dec. June Dec. Dec. June Dec. 1936 1936 1935 1936 1936 1935 1936 1936 1935 1936 1936 1935 Connecticut: District No. 1 318 281 278 199 189 186 451 420 387 3 3 3 District No. 2 134 143 151 132 99 99 383 333 333 1 1 1 Georgia 800 i 594 594 287 i 161 161 2,491 i 1,803 1, 803 43 i 40 40 Indiana: District No. 7 „_ 1,830 1,986 2,019 1,380 1,389 1,288 5,379 5,060 4,730 25 27 27 District No. 8 254 261 287 170 175 159 532 529 543 4 4 5 Iowa 168 127 137 258 226 235 582 512 512 2 2 2 Kansas _ _ 3 1 3 25 50 67 84 98 105 1 1 1 New Jersey CDist. No. 2) 16 15 15 11 14 17 6 16 21 1 2 2 New York 89, 232 88,962 88, 231 408, 039 385, 708 380, 282 401, 434 398, 801 397,053 17 18 18 Ohio 2,073 2,075 2,041 626 496 513 3,308 3,202 3,023 14 14 14 Pennsylvania: District No. 3 9,618 11, 364 11, 772 41,013 41,351 37,123 60,492 61, 484 56,944 17 18 19 District No. 4 1,057 1,149 1,070 997 849 735 2,217 2,019 1,682 5 5 5 South Carolina 817 921 866 255 2 2 1,240 1,142 1,077 1 1 1 Total 106, 320 107,879 107,464 453, 392 430, 709 420, 867 478, 599 475, 419 468, 213 134 136 138 i December 31, 1935 figures repeated. MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31, AND JUNE 30, 1936, AND DECEMBER 31, 1935, BY STATES [Figures in this table are also included in the table on p. 437 covering "State Banks." Amounts in thousands of dollars] Number of Loans Investments Deposits banks State Dec. June Dec. Dec. June Dec. Dec. June Dec. Dec. June Dec. 1936 1935 1936 1936 1935 1936 1935 1936 1936 1935 California 33,644 34, 573 36, 641 61, 340 58, 498 57,503 88, 457 88, 417 89, 221 Connecticut: District No. l._. 277, 549 282, < 288,733 255, 764 241, 685 235,032 547, 904 539, 855 533, 274 59 59 District No. 2__. 78, 960 80, 405 81, 357 77, 929 73, 672 68, 747 156, 906 153,496 149, 801 14 14 Delaware.-. 11,913 12,079 12, 251 24, r 23, 359 21, 813 34, 099 32, 323 31,067 2 2 Indiana: District No. 7__. 8,085 8,481 3,494 3,332 2,681 13, 028 12, 864 12, 724 4 4 4 District No. 8__. 4,461 4,' •"" 4,650 2,340 2,106 1,988 7,630 7,364 7,151 1 1 1 Maine 31,131 34,162 34, 598 95, 385 90, 847 89, 958 125, 210 123, 908 121, 741 32 32 32 Maryland 45, 541 48, 812 51, 807 163,982 159, 479 149, 758 216, 639 214,061 208, 598 12 13 13 Massachusetts 1 ., 074, 983 1,085,838 1,120, 932 1, 016, 973 993, 627 936, 250 2,128, 242 2,120, 742 2, 087, 771 193 193 193 Minnesota 10,174 10, 733 10, 705 53, 656 50, 459 50,170 67, 031 64, r" 64, 313 1 1 1 New Hampshire 2__. 63, 824 63, 824 68, 095 127, 772 127, 772 122, 769 185, 324 45 45' 47 New Jersey: District No. 2... 136, 581 143, 399 142, 878 168, 511 156,010 154, 413 314, 929 312, 629 309, 393 22 22 District No. 3__. 5,048 5,190 5,276 8,900 8,027 8,042 14, 656 14, 534 14, 213 3 3 3 New York !, 007, 537 3,053, 227 3,100, 329 2, 283,128 2,182, 220 2,038, 653 5, 246, 086 5, 216, 960 5,188, <r"' 135 135 135 Ohio 37, 727 36,343 36, 212 72,187 72, 865 65, 501 119,137 118, 395 116,536 3 3 3 Oregon 714 447 171 626 633 583 1,370 1,099 801 1 1 1 Pennsylvania: District No. 3 3.. 73,124 75,! 78,486 389,119 390,826 378,129 518,311 499, 751 496, 039 6 6 7 District No. 4__. 13,059 13,: 13, 610 39, 617 38, 367 36,125 51, 502 50,103 48, 467 1 1 1 Rhode Island 51, 340 53, 360 55, 603 125, 859 119,798 115, 508 173, 762 171, 980 169, 580 9 9 9 Vermont 32,464 29, T 30, 930 27, 721 30,979 31, 541 65, 733 67, 733 68, 703 14 14 14 Washington 26, 784 26,148 25, 8^8 • 32, 446 29, 303 26, 964 60, 808 57, 705 55, 501 3 3 3 Wisconsin: District No. 7__. 2,067 2,028 2,274 1,790 1,652 1,493 4,255 4,002 4,099 3 3 4 District No. 9__. 50 48 61 5' 51 35 91 83 1 1 1 Total 5,026,760 5,105,133 5, 210,181 5,033, 572 4, 855, 5 4, 593, 656 10,142, 65310,059,811 9, 963, 208 565 566 570 1 Figures in the December columns are as of October 31, 1935 and 1936, respectively. 2 Includes figures of guaranty savings banks as do all corresponding figures on previous call dates; figures in the December columns are as of June 30, 1936 and 1935, respectively. 3 Prior to the March 4, 1936 call, figures include 1 stock savings bank with aggregate deposits of $2,720,000 on that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 439 FEDERAL DEPOSIT INSURANCE CORPORATION CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, DECEMBER 31, 1936, AND JUNE 30, 1936 [Amounts in thousands of dollars] December 31, 1936 June 30, 1936 National State Banks National State Banks banks banks not banks banks not All banks members members members All banks members members members Federal Federal Federal Federal Federal Federal Reserve Reserve Reserve Reserve Reserve Reserve System System System System System System Number of banks 13,970 5,325 1,051 7,594 14,059 5,368 1,032 7,659 ASSETS Loans, discounts, and overdrafts (including rediscounts) 15, 939, 722 8, 257,123 5,102,730 2, 579, 869 15,107,185 7, 748,496 4, 793, 349 2, 565, 340 United States Government obligations, direct and fully guaranteed 14, 749, 553 8 673,071 4, 872,133 1, 204, 349 14, 772, 477 8,435,026 5, 236,906 1,100, 545 Other bonds, stocks and securities - 7, 557, 706 4,083,006 2,011,621 1,463,079 7,411,609 4,024, 111 2,020, 922 1, 366, 576 Total loans and securities... 38,246, 981 21,013, 200 11,986,484 5, 247, 297 37, 291, 271 20, 207, 633 12,051,177 5,032, 461 Customers' liability on account of acceptances - 181, 281 78, 692 100, 722 1,867 159, 267 81, 373 75, 581 2,313 Banking house, furniture, and fixtures 1,177, 752 631,400 350, 575 195, 777 1,194. 621 639, 838 355,083 199, 700 Other real estate owned 560, 468 176,431 191,055 192, 982 574,024 184,015 195,442 194, 567 Reserve with Federal Reserve banks 6, 571, 694 3,828,463 2,743,231 5, 607,119 3,520,901" 2,086, 218 Coin and currency 917,310 514, 717 182,663 219,930 915, 988 528,433 184,988 202,567 Balances with other banks 5, 646, 701 3,153,872 968,065 1, 524, 764 5, 321, 897 3,083,233 911,977 1, 326,687 Cash items in process of collection 2, 594, 855 1,465,888 1,067,387 61, 580 2,194,114 1, 235, 699 911,794 46,621 Securities borrowed. 1,115 273 316 526 1,000 388 167 445 Other assets ___ ... 297, 760 148, 503 116,396 32, 861 319,091 167,128 112,^19 39,044 Total assets 56,195, 917 31,011,439 17, 706,894 7, 477, 584 53, 578, 392 29,648,641 16, 885, 346 7,044,405 LIABILITIES Demand deposits of individuals, partnerships, or corporations 23, 419, 236 12, 671, 701 8, 298, 603 2, 448,932 21, 463, 913 11, 650, 881 7,671,117 2,141,915 Time deposits of individuals, partnerships, or corporations 13, 454,142 7, 258,088 3,171, 260 3,024, 794 13, 005, 697 7, 051, 373 3,047,822 2, 906, 502 Public funds of states and political subdivisions 3, 263, 286 2,053,436 571, 973 637, 877 3, 314, 263 2,103, 803 594, 648 615,812 U. S. Gov't and postal savings deposits 1,086, 301 654, 994 331, 336 99, 971 1, 301, 726 827,000 361, 809 112,917 Deposits of other banks; cash letters of credit; certified, officers, and travelers' checks outstanding 8,035,019 4,917,637 2, 956, 298 161,084 7, 540,150 4, 519, 744 2,877,367 143,039 Total deposits.. __ _. 49, 257, 984 27, 555,856 15, 329, 470 6, 372, 658 46, 625, 749 26,152, 801 14, 552, 763 5, 920,185 Mortgage bonds and participation certificates outstanding 23,634 18, 533 5,101 27, 578 20,777 6,801 Bills payable, rediscounts, and other liabilities for borrowed money . 32, 296 3,495 13, 685 15,116 38, 558 3,720 16,132 18, 706 Securities borrowed 1,115 273 316 526 1,000 388 167 445 Acceptances outstanding executed by or for the account of reporting banks 203, 226 94, 605 106, 882 1,739 180,299 95, 637 82, 584 2,078 Dividends declared but not yet payable— 48, 502 28, 640 16, 791 3,071 45, 682 28,043 15,956 1,683 Other liabilities. _______ 300, 458 163,946 110,662 25,850 360, 938 208, 800 120,852 31, 286 Total liabilities, excluding capital account 49, 867, 215 27, 846, 815 15, 596, 339 6, 424,061 47, 279, 804 26,489, 389 14,809, 231 5,981,184 Capital stock and capital notes and debentures 3,081, 433 1, 595, 040 858, 800 627, 593 3,212,615 1, 687, 600 879, 597 645, 418 Surplus 2,184, 512 1, 044, 607 891, 763 248,142 2, 042,072 971,472 835,044 235, 556 Undivided profits—net 666, 020 368, 385 191, 939 105, 696 628,478 345, 963 174,320 108,195 Reserve for contingencies and undeclared dividends 374, 295 145,973 163, 844 64, 478 401, 455 146,515 184,795 70,145 Retirement fund for preferred stock or capital notes and debentures. _ __ .. 22, 442 10, 619 4,209 7,614 13, 968 7,702 2,359 3,907 Total liabilities, including capital account 56,195, 917 31,011,439 17,706,894' 7, 477, 584 53. 578. 392 29, 648, 641 16,885,346 7,044, 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 FEDERAL RESERVE BULLETIN MAY 1937 REVISION IN WEEKLY REPORT OF MEMBER BANKS IN LEADING CITIES In order to make available additional data shown the present and the new form in which with respect to changes in the volume of the the weekly statement will be issued. various kinds of loans of member banks, the The classification of loans in the new Board of Governors has revised the form of report form may be described as follows: the weekly condition report of member banks The new item "Commercial, industrial, in leading cities. Changes in the report and agricultural loans" will include all form are confined to the classification of business loans to individuals, including farmloans and discounts and are designed to ob-ers, and to partnerships and corporations, tain more information regarding the pur- except paper purchased in the open market poses for which credit is extended. The more and loans secured by real estate. It will, important new classifications are (1) Com- accordingly, include any commercial, indusmercial, industrial, and agricultural loans trial, or agricultural loans secured by stocks and (2) Loans (other than to brokers and and bonds heretofore reported in "Loans on dealers) for the purpose of purchasing or securities—To others". It will also include carrying securities. The report form will loans (not secured by real estate mortgages) also include, with some small revisions, loans made for the purpose of financing capital to brokers and dealers in securities, holdings expenditures as well as loans to finance curof acceptances and commercial paper, real rent operations. Direct loans to companies estate loans, and loans to banks, which are engaged in financing the sale of consumers' in the present report form, and a residual goods and durable goods will be included, but item of "other" loans. finance company paper purchased in the The Board's weekly statement for May open market is to be reported as "Open mar- 12, 1937, will be issued in the present form ket paper". The term "business", as applied in order that the usual comparisons may beto these loans, is construed to include made with the preceding week, but the fol-farming, livestock raising, fishing and other lowing week's statement will show the loan related industries; mining, oil and gas profigures in the revised form for both that ducing, and quarrying industries; manufacweek and the preceding week. Below is turing of all kinds; construction industries; SUMMARY OF PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS Old Form Revised Form ASSETS ASSETS Loans and investments—total Loans and investments—total Loans to brokers and dealers: In New York City Loans—total Outside New York City Loans on securities to others Commercial, industrial, and agricultural loans (except banks) Open-market paper Loans to brokers and dealers in securities Acceptances & commercial paper bought Other loans for purchasing or carrying securities Loans on real estate Real estate loans Loans to banks Loans to banks Other loans Other loans U. S. Gov't direct obligations U. S. Government direct obligations Obligations fully guaranteed by U.S.Gov't Obligations fully guaranteed by U. S. Gov't Other securities Other securities Reserve with F. R. banks Reserve with F. R. banks Cash in vault Cash in vault Balances with domestic banks Balances with domestic banks Other assets—net Other assets—net LIABILITIES LIABILITIES Demand deposits—adjusted Demand deposits—adjusted Time deposits Time deposits U. S. Government deposits U. S. Government deposits Inter-bank deposits: Inter-bank deposits: Domestic banks Domestic banks Foreign banks Foreign banks Borrowings Borrowings Other Liabilities Other liabilities Capital account Capital account Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 441 transportation and other public utilities; for the purpose of enabling them to purchase wholesale and retail trade enterprises; serv- or carry stocks, bonds or other securities ice industries such as hotels, laundries, and either for their own accounts or for the acservice stations; amusement enterprises; counts of customers. real estate companies; etc. Loans to build- The new item "Other loans for the purpose ing and loan associations, credit unions, and of purchasing or carrying stocks, bonds and similar organizations not engaged directly in other securities" will represent the total financing the sale of consumers' or durable amount of loans made by the bank for this goods are not to be classed as "Commercial, purpose other than to brokers and dealers industrial, and agricultural loans". For the in securities, whether secured by stocks, purpose of the weekly condition report the bonds or other collateral or unsecured. The reporting bank is authorized to rely on such item, accordingly, will include loans on stocks information as it has available in determinsubject to the provisions of Regulation U of ing whether a given loan, whether secured the Board of Governors of the Federal Reor unsecured, is a "Commercial, industrial, serve System and, in addition, any other loans, and agricultural loan". whether secured by stocks, bonds, or other The item "Open market paper" will include collateral or unsecured, made for the purpose all bankers' acceptances, both foreign and of enabling the borrower to purchase or carry domestic, owned by the reporting member stocks, bonds, or other securities. The debank, and all commercial, finance, and other termination of whether or not a given secured paper purchased in the open market. The new item will include own acceptances pur- or unsecured loan was made for the purpose chased or discounted by the reporting mem- of purchasing or carrying stocks, bonds or ber bank, which heretofore have been in- other securities is to be made, for the purpose cluded in "All other loans". The new item is of the weekly condition report, on the basis not to include any loans payable abroad made of such information as the reporting bank directly to customers of the bank. has available. The new item "Loans to brokers and deal- The items "Real estate loans" and "Loans ers in securities" takes the place of two items to banks" are identical with items in the presin the present form, namely, "Loans on se-ent form. curities—To brokers and dealers in securities The item "All other loans" will represent in New York City" and "Loans on securi- only such secured or unsecured loans (except ties—To brokers and dealers in securities open market paper, real estate loans and outside New York City". It will include allloans to banks) as were not made for the purloans to brokers and dealers in securities, pose of purchasing or carrying stocks, bonds whether located in New York City or outside or other securities and were not made to com- New York City, and whether secured by mercial, industrial, and agricultural enterstocks, bonds or other collateral or unsecured, prises. ANNUAL REPORT OF THE GERMAN REICHSBANK The annual report of the German Reichs- national economy in the reduction of unembank for the year ending December 31, 1936, ployment and in rearmament, without diswas submitted to the general meeting of turbance to money and credit conditions or shareholders by Dr. Hjalmar Schacht, presi- to the currency. The increase in the aggredent of the Reichsbank, on March 16, 1937.gate income of the workers raised the pur- The text of the report is given herewith:1 chasing power of this group, so that manu- Economic situation.—The German econ- facturers of consumers' goods as well as of omy during 1936 ,was marked by an im- producers' goods participated to a greater provement which was brought about largely extent in the recovery. On the other hand, through far-reaching measures of the Reich the priority given to rearmament, and the Government. Rigid discipline and strict con- necessity of keeping individual consumption trols made possible the achievements of our within the limits of our own production and our restricted capacity for importing, pre- 1 The report, available in German, contains in addition a number of tables and charts showing the operations of the Bank in vented the demand for consumption goods detail. For earlier reports, see BULLETIN for May 1936, 1935, from becoming fully effective. With increas- April 1934, May 1933, April 1932, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 FEDERAL RESERVE BULLETIN MAY 1937 ing economic activity, the strain of providing were at least premature, in spite of the extenraw materials and foodstuffs continued to sion of the agreement to other countries. make itself felt in the current year; it not Money market.—The further consolidation only brought to the fore the question of the of short-term reconstruction loans became return of her former colonies to Germany, increasingly important in view of the conbut also showed the necessity of reducing tinuing grants of credit for work creation, Germany's dependence upon foreign imports rearmament, and the four-year plan. Progas far as possible. With this end in view, the ress with this difficult problem was made Government announced the second four-year easier by the steady improvement of the Reich plan. The endeavor to increase our self- budget. sufficiency is in no way inconsistent with The available resources of the money mar- German foreign trade policy. During the ket were increasingly impressed into the servpast year this policy was directed with in- ice of great public undertakings, and the creasing success toward extending our for- harmful effects of temporary financing upon eign trade relations and thus giving support the general economic situation were averted and encouragement to international trade, by recovering for investment purposes an which still suffers greatly under economic re- ever-increasing proportion of the funds paid strictions and unsolved debt problems. In out by way of short-term credit. Thus, as harmony with this policy, Germany main- a result of extending the maturity of bills of tained the stability of the reichsmark in spite exchange arising out of Government conof the new wave of devaluation which swept tracts, and through the increased use of over Europe, and so avoided an aggravation profits by business for its own financing, a of the new disturbances to international trade situation developed in connection with furwhich were the result of devaluation by the ther Government consolidation loans, which, so-called gold-bloc countries. The mainteit is true, sometimes made the market less nance of currency stability also helped to liquid, but, on the other hand, showed that prevent disturbances to German domestic the German nation had a growing appreciabusiness. tion of the great and vital measures of the The tripartite agreement.—The joint an- Reich Government. The methods of temponouncement, made by the French, British, rary financing of public undertakings were and United States Governments in Septem- in general the same as they had been. This ber, of their "common desire to foster those applies especially to the temporary provision conditions which safeguard business and will of funds in the form of bills of exchange, with best contribute to the restoration of order in the support of the Reichsbank. The issue of international economic relations and to pre- new and the extension of maturing Treasury serve a policy which will tend to promote bills of a year's currency or more declined prosperity in the world and to improve the steadily, and at times during the second standard of living of peoples," was most wel- half of the year was entirely discontinued. come for the tendencies which it represents. The special promissory notes (Solawechsel) The Government and the Reichsbank were which the German Gold Discount Bank innot unwilling to participate in negotiations troduced again in 1935 provided the market looking toward the freeing of trade and inter- with a suitable medium for the investment national payments. But the peculiar situa- of short-term money, for they could always tion of Germany did not permit the abolition be discounted at the Reichsbank. Their volof foreign exchange control, which is the safe- ume outstanding furnished the Reichsbank at guard of German currency, until—apart from all times with an indicator enabling it to other indispensible conditions—there should judge the situation and to take whatever be an easing of the unendurable burden of measures were required for the money and indebtedness resulting, in the last analysis, capital; markets. from the injustice of Versailles, and a marked Interest rates.—In general, interest rates, lessening of Germany's difficulties in procurin keeping with the aims of money market ing raw materials. Events have shown that policy, continued to show a declining trend. the anticipations, based upon the announce- The private discount rate was adjusted to the ment of the three Governments, of a prompt prevailing market situation and on more than and general currency stabilization and imone occasion was reduced to 2% percent, the provement in international economic relations lowest level reached in post-inflation years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 443 The rate for day-to-day money was almost ing of short-term obligations of the Reich, always less than 3 percent, and it was found could be successfully continued, and by repossible to reduce the rate for discounting lieving the Reichsbank and the money market Reich Treasury bills. to a corresponding extent, their capacity for Credit policy.—In the circumstances de- further interim financing of Government scribed, the total demand for accommodation projects could be constantly assured. at the Reichsbank, as a result of placing con- In conformity with market conditions, two siderable amounts of special bills in other issues of 4^/2 percent Treasury bonds of the investment centers, was considerably less German Reich were floated during the year in than the total volume of Government financ- an aggregate amount of 1,300,000,000 reichsing. The aggregate investments of the Bank marks ; in contrast to the loan of 1935, which in bills, securities, and lombard loans rose— carried the same interest rate, their maturity although the securities accounts declined—to was extended from ten to twelve years. The 6,108,000,000 reichsmarks at the end of the greater part of the issues was taken up by a year, an increase of about 808,000,000 reichs- Loan Consortium for Public Subscription; marks as compared with the corresponding the amount subscribed was considerably period of the year before. As a result of the larger than the sum originally decided upon. continued concentration of funds and greater The other part was taken over directly by liquidity in all business circles, the demand important investing institutions. The total for credit was shifted more and more to amount of Reich loans issued in the past two financing Government projects, and this shift years, not including the 500,000,000 reichsbecame characteristic of the German credit mark loan of the German Railway Corporastructure as a whole. tion, was about 3,800,000,000 reichsmarks. To support the increased volume of busi- A further Government loan of 500,000,000 ness transactions a larger supply of money reichsmarks is open for subscription at the was required, especially as the Government's present time. The Prussian Finance Adminpolicy of work-creation and other measures istration was able to effect an important fundhad their effect on price and wage levels. The ing operation toward the end of the year circulation of Reichsbank notes rose during through the issue of a long-term loan of 200,the year by 695,000,000 reichsmarks. As a 000,000 reichsmarks. Because of the conresult of the replacement of private bank tinued favorable trend of Government revenotes, which had been withdrawn from cir- nue and expenditure, it was possible—in addiculation, by Reichsbank notes, this sum is tion to funding operations—to effect a larger larger than the total increase of 574,000,000 amortization of Government debt out of curreichsmarks in the monetary circulation. The rent budget resources. giro and clearing account operations of the A series of other measures had a similar Reichsbank also showed an increased turn- effect in easing the financial position of pubover. In view of this development, it was lic bodies. Among these were provisions for gratifying also from the point of view of cur- a better financial policy for the cities, whose rency policy that rigorous efforts continued to budget position was further strengthened be made within the framework of the four- through the appropriate building up of reyear plan to secure a wage and price level serves, reorganization and unification of tax which could be supported by the national collections, and raising the corporations tax. economy. These efforts helped greatly in In some cases the strict control of issues, maintaining stable economic foundations, designed to secure priority for the needs of which continues to be the chief aim of Ger- the Reich Government over other requests man economic policy. for loans, was relaxed to permit access to The capital market.—On the capital mar- the capital market for other public as well ket the measures of control and restriction, as private flotations. It is true that authoriwhich had been systematically and consis- zation for new issues had to be limited subtently followed since 1933, gave the antici- stantially to such securities as indirectly or pated results. These measures, reinforced directly served public purposes—for example, by the formation of new savings, guaranteed the construction of urgent building requireincreasing liquidity and capacity for absorp- ments—or seemed desirable in connection tion to this market. Thus the most urgent with the reduction of interest rates of industask of the capital market, namely, the fund- trial obligations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 FEDERAL RESERVE BULLETIN MAY 1937 A systematic reduction of interest rates that imports had to be further restricted was inaugurated early in 1935. During the along some lines; in addition, new difficulties past two years it was continued with ex- for German export trade were created by cellent results and constituted one of the currency depreciations in the gold-bloc counfundamental aims of capital market policy. tries. By the law of July 2, 1936, respecting mort- In order to close the loopholes in the foreign gage rates (Reichsgezetzblatt I, page 533), exchange regulations, existing provisions had reductions were extended to the involved but to be strengthened. Some temporary relaxaimportant field of private mortgages, on tion of the exchange provisions was perwhich the interest was often much above the mitted, but only in order to promote tourist rates generally prevailing throughout the traffic in connection with the Olympic Games, country. Thus one of the conditions was for the support of which the Reichsbank had realized for the alignment of interest rates set up a special service. For the purpose of on mortgages bought and sold on the open improving its method of collecting all inflowmarket to the already lowered rates on mort- ing foreign exchange, the Reichsbank set up gages arranged with credit institutions. Fol- a stricter supervision of the entry into the lowing the principle of voluntary cooperation, country of the proceeds from exports. The which had been observed in the case of earlier flight of capital frequently noted in connecinterest reductions, and because of the variety tion with emigration, and especially the of credit conditions existing in the mortgage smuggling abroad of commodities, called for market, the manner and extent of interest stricter measures. The existing embargo on reduction was left as a rule to voluntary the export of gold was made more complete agreement between creditors and debtors. An in order to check the outflow of gold more interest rate up to 5 percent for first mort- effectively, and the list of foreign securities gages, and up to 5^-6 percent for second and gold stocks subject to declaration and mortgages, was considered reasonable. The surrender was extended. Domestic 10 and 20 movement, begun in 1935, to obtain lower reichsmark gold coins still outstanding were rates on outstanding industrial obligations, also made subject to surrender if they had which are so individual in character that gen- been newly acquired by a German national eral legislation is not applicable to them, after October 30, 1936. As a result of many achieved its objectives to a large extent, after abuses of the 10 reichsmark export limit, the lower interest rates had already been decided employment of currency withdrawn within upon for new issues of such securities. In- this limit was restricted to the payment of dustrial corporations were uniformly suc- traveling expenses. Foreign securities were cessful in their conversion operations, and made subject to deposit. The law of Decemwere able to obtain a rate of 5 percent and, ber 1, 1936, (Reichsgezetzblatt I, page 999) in certain cases, even of 4^ percent. respecting economic sabotage, which may also Measures of capital market policy were be applied to violations of foreign exchange supported in their entirety by the confidence regulations, and the law of December 1,1936, of the population in the currency and financial (Reichsgezetzblatt I, page 1,000) amending policy of the Government. This confidence the law on foreign exchange control, should was expressed not only in successful funding provide a weapon with which to combat hosoperations, but especially in the continued tile attacks on our foreign exchange balrise of quotations for Government loans and ance with the required severity. The law of fixed-interest-bearing securities. December 5, 1936, on exemption from penalty for illegal foreign exchange operations Foreign exchange operations.—In general, (Reichsgezetzblatt I, page 1015), granted the difficulties of the foreign exchange posifreedom from punishment to all Germans who tion continued undiminished. Although the surrendered their illegally hoarded foreign surplus in the German balance of trade resultexchange to the State by January 31, 1937. ing from the operation of the New Plan con- The guiding rules of the foreign exchange tinued and even increased considerably as control provisions of February 4, 1935, and compared with 1935, the demand for imports the pertinent decrees were modified to con- —in the face of rising international prices— form to the new conditions by the decree of also increased as a result of economic re- December 19, 1936, (Reichsgezetzblatt I, covery to a greater extent than did the inpage 1021). flow of foreign exchange from exports, so Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 445 With the suspension of its proclamation of lation, special agreements were concluded in October 15,1935, the board of directors of the trade conferences with a number of countries Reichsbank, by proclamation of October 31, (Denmark, England, Holland, Italy, Sweden, 1936 (Reichsanzeiger No. 255) respecting Switzerland), as had also been done the year foreign exchange operations, gave a new rul- before. In all these special agreements it ing as to the competence of foreign exchange was Germany's constant endeavor to avoid, banks and exchange offices. Since then the so far as possible, any new issue of Governstatus of a credit institution as foreign ex- ment obligations. To the extent that domestic change bank is no longer based solely on the debtors profit as the result of depreciation of possession of a clearing account at the Reichs- foreign currencies on contracts involving bank, but is dependent on special authority capital transactions, these profits, with few to deal in foreign exchange, granted by the exceptions, are taken over and utilized for board of directors of the Reichsbank. general economic purposes, under authority The aim of the new four-year plan is to of the law of December 23, 1936, (Reichsavert the dangers threatening our economic gezetzblatt I, page 1126) respecting depreciaposition, as a result of the worsening of the tion profits. foreign exchange and raw material prob- The quotation of the free reichsmark in lem, by the efficient utilization of all available foreign markets fluctuated very slightly and resources and instruments of production always stood near parity. Under the preswithin Germany—decree of October 18, 1936 sure of circumstances, foreign transactions in (Reichsgezetzblatt I, page 887). This pro- German currency were still further restricted. gram, with its f ar-reaphing effects on finance,Effective as of June 1, 1936, the Fifth Executechnical methods, prices and wages, will de- tive Decree supplementing the law of May 25, termine to a great extent the economic devel- 1936 (Reichsgezetzblatt I, page 467) respectopment of the next few years. ing foreign exchange control, forbade any- With the cooperation of the Reichsbank one to bring in token currency—with certain and of the German Clearing Office, existing necessary exceptions—or to receive token curclearing agreements were adapted to our rency illegally brought into Germany from changing needs; this called for lengthy and abroad. This prohibition was issued under often difficult negotiations. In addition, a the regulation governing foreign transactions series of new agreements was concluded. The in Reichsbank notes, for much the same reatrade pact concluded with Lithuania served to sons as imports of reichsmark notes were forrestore German-Lithuanian trade relations, bidden. It was absolutely forbidden to bring and ended the situation of some years stand- in reichsmark notes after January 1, 1937, ing in which a treaty had been lacking. The and the regulation governing token currency new clearing agreement with Austria re- was made still more strict. placed the former agreement between the two Standstill Agreement.—The Standstill oblicentral banks and, in addition to trade pro- gations of German banking, commercial, and visions, abolished the travel restrictions industrial debtors declined further during the issued in May 1933. A previous clearing ar- past Standstill year to approximately one bilrangement with Canada was superseded by lion reichsmarks, chiefly through conversion the conclusion of an agreement providing for into registered mark balances for purposes cash payments by each country for deliveries of travel. The new German credit agreement of commodities. The trade pact with Russia, of 1937 renewed the former arrangements which was concluded in April, was prolonged with minor changes for another year, until in December for the year 1937. A trade February 28, 1938. The restrictions on foragreement was also concluded with Man- eign exchange transfers for reduction of the chukuo. principal of the debt, even in the matter of Because of the difficult foreign exchange credits guaranteed by the German Gold Dissituation, transfer restrictions on the service count Bank, were continued as before. The of the foreign debt had to be continued with- Standstill creditors were granted the priviout essential change. Accordingly, the trans- lege of cancelling certain credit lines which fer regulation set forth in the proclamation had been unavailed for two years or longer. of the board of directors of the Reichsbank The commission previously charged in Geron June 22,1935, was extended to obligations many for cashing drafts and checks on regismaturing in 1936. Besides this general regu- tered mark balances for purposes of travel Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 FEDERAL RESERVE BULLETIN MAY 1937 was abolished—partly to facilitate tourist rectly under the Government of the Reich. traffic—and was replaced by a license fee The law of February 10, 1937 (Reichsgezetzcharged at the source on all purchases of blatt II, page 47), reorganizing the status of travel marks abroad; the foreign exchange the Reichsbank and of the German railways, thus obtained will be employed in reduction of and amending paragraphs 1, 6, 21, 25, 26, certain credit lines which have not been used and 35, of the Bank Law, formally abolished in recent years for the financing of merchan- the "Reichsbank's independence of the Govdise trade. ernment of the Reich," and made the presi- The credit agreement for German public dent and board of directors of the Reichsbank debtors, which covers a total amount of about immediately responsible to the Leader and 42,000,00p reichsmarks, was likewise ex- Chancellor of the Reich, who already had the tended without essential changes for another right to appoint and dismiss them. The legal year, until March 15, 1938. obligations of the Reichsbank and the presi- Bank law.—On January 30, 1937, as part dent of the Reichsbank to the Bank for Interof the program for* restoration of complete national Settlements in Basel were annulled; German sovereignty, the Reichsbank, by proc- cooperation with this institution will be conlamation of the Leader and Chancellor of the tinued on a voluntary basis and on the basis Reich, was declared free of all remaining of complete equality with the other banks of international restrictions and was placed di- issue. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

447 MAY 1937 FEDERAL RESERVE BULLETIN BALANCE SHEET OF THE GERMAN REICHSBANK AS OF DEC. 31,1936 AND DEC. 31,1935 [In thousands of reichsmarks] Assets 1936 1935 Liabilities 1936 1935 Gold, not under lien (gold bars, domestic and Total bank note issue 13, 977, 951 9, 899, 588 foreign coins): Credit balances of giro and current accounts 1, 012, 423 1, 031, 755 In the cash offices of the bank 40, 266 62. 246 Non-interest bearing deposits 27 37 With foreign banks of issue 26,186 20. 228 Original capital 150, 000 150, 000 Legal reserve fund (including transfers from net 66. 452 82. 475 profits of the year) 79, 277 75, 273 Reserve for pension and unemployment fund 80, 000 80. 000 Cash: Reserve for probable losses 241, 962 241, 962 Reichsbank notes 8, 996, 009 5, 612, 685 Subsidiary coin 122,540 152. 233 Reserves for: Rentenbank notes 35, 393 10, 594 Printing of new notes 14, 327 15, 953 Notes of German private banks of issue- 5, 250 NewT buildings 37,121 20,092 9,153,942 5. 780. 762 51, 449 36, 045 — =-- Credit balances in foreign currencies (of which Special reserve fund for future payments of divithe equivalent of 3,395,00c)1 reichsmarks was dends *_ 40, 280 40, 261 assigned as cover for the notes in circulation)... 14.518 32, Foreign notes 2. 276 Miscellaneous: Foreign bills and checks 94, 498 142* Interest on bills due in 1937 37, 385 226, 807 Domestic bills and checks: Dividends due but not yet paid 343 325 Treasury bills of the Reich 62, 290 53, Dollar Treasury notes of the Reich to be re- Other domestic bills and checks 5, 356, 416 4, 356. deemed by the Reichsbank 146 150 Silver 38 Liabilities in foreign currencies 433 56 Unpaid claim of the German Government— Loans against collateral (lombards), viz: contra account 70, 082 70. 082 Lo t a h n e s B a a g n a k in l s a t w g ) old and silver (sec. 21, 3 a, of 1 12 II Other book debts 46, 210 45,125 Loans against securities (sec. 21, 3 b, c, d, of 154, 599 142, 545 the bank law) , 60, 907 72. 418 Loans against bills (sec. 21, 3 e, of the bank Net profits for the year less 10 percent assigned law) 1, 805 1, 087 to the legal reserve.-*. 36, 036 36, 077 Loans against goods (sec. 21, 3 f, of the bank law) 11,616 10, 359 Loans against Treasury bills of the Reich (sec. 21, 3 g, of the bank law) 50 280 74, 378 84,157 Securities eligible for note cover, purchased in virtue of sec. 21, par. 4 of the bank law 221, 344 350,836 Other securities owrned 312, 250 324, 499 Overdue and doubtful claims 4,594 6,370 Land and buildings 30, 000 30, 000 Claims resulting from the settlement with the Reich 94. 881 95,971 Miscellaneous: Bank notes no longer fit for circulation 1,841 1,737 Postponed claim on the German Government in virtue of sec. 11, 4, of the law of Aug. 30,1924, for the liquidation of Rentenbank notes in circulation 70, 082 70, 082 Credit balances with postal check offices 13, 900 12,713 Investments for pension and unemployment fund 78, 567 78, 778 Reichsmark claims on foreign correspondents. 7,501 8,483 Revolving credit to the Reich 58, 500 Claims against the Reich for sinking-fund purchases 22,193 23, 460 I Foreign exchange authorized but not yet delivered 31,038 36, 773 I Other claims. _ 111, 005 100,892 336,128 391, 420 Total assets _ _ 15.824,004 11, 733, 544 Total liabilities.. 15, 824,004 11, 733, 544 i 3,195,000 reichsmarks on Dec. 31, 1935. 1 Interest on bills due in 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 FEDERAL RESERVE BULLETIN MAY 1937 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank reserve balances Treasury Other Date B di i s l - ls Bills U G e . r o n v S - - . R O es th er e v r e Total M s g t t a o o o r c n l y d k e- T re c u r n u e ry a c r- y s- M in c ti u o o c l n a n ir e - - y T c u r a e r s a y h s- d R F e e e w p s d o i e e t s r h r v i a t e l s b p m N e o r e o s m d i n t e - s - - Re F e a s e r c e a d - r l - ve Excess counted bought ment bank banks counts Total (estisecuri- credit mated) ties End of month figures: 1936—Mar. 31 2,430 2,474 10,184 2,504 5,877 2,530 1,077 332 259 5,087 2,305 Apr. 30 2,430 2,475 10, 225 2,500 2,531 682 356 260 5,486 2,664 May 30 2,430 2,474 10,402 2,490 5,953 2,583 518 337 256 5,719 2,866 June 30 2, 430 2,473 10, 608 2,498 6,241 2,497 690 262 257 5,633 2,717 July 31 2,430 2,462 10,648 2,496 6,162 2,432 447 306 253 6,005 3,029 Aug. 31 2,471 10, 716 2,500 6,227 2,404 104 287 256 6,410 1,950 Sept. 30 2,430 2,473 10,845 2,512 6,267 2,458 253 234 262 6,357 1,840 Oct. 31 2,430 2,476 11,045 2,516 6,351 2,388 77 205 262 6,753 2,175 Nov. 30 2,430 2,453 11,184 2,521 6,466 2,364 78 201 261 6,788 2,236 Dec. 31 2,430 2,500 11, 258 2,532 6,543 2,376 244 259 261 6,606 1,984 1937—Jan. 31 2,430 2,497 11,358 2,532 6,349 2,520 195 281 260 6,781 2,152 Feb. 27 2,430 2,465 11,436 2,536 6,399 2,608 194 288 253 6, 695 2,078 Mar. 31 2,430 2,458 11, 574 2,541 6,377 2,753 311 236 258 6,639 1, 398 Wednesday figures: 1936—June 3 2,430 2,489 10, 409 2,493 5,953 2,579 505 349 292 5,713 2,844 June 10 2,430 2,471 10, 480 2,489 5,937 2,548 516 306 299 5,833 2,948 June 17 2,430 2,480 10, 543 2,490 6,048 2,607 1,421 282 261 4,894 2,043 June 24 2,430 2,472 10, 600 2,500 6,173 2,648 929 252 261 5,308 2,438 July 1 2,430 2,473 10, 612 2,498 6,250 2,501 731 256 256 5,589 2,670 July 8 2,430 2,472 10, 622 2,498 6,242 2,508 507 263 256 5,814 2,883 July 15 2,430 2,478 10,629 2,496 6,190 2,428 593 266 255 5,872 2,923 July 22 2,430 2,466 10,634 2,497 6,153 2,436 519 300 254 5,935 2,986 July 29 2,430 2,460 10,642 2,496 6,123 2,441 466 298 253 6,016 3,049 Aug. 5 2,430 2,463 10, 650 2,496 6,163 2,427 439 321 254 6,005 3,051 Aug. 12 2,430 2,477 10,661 2,498 6,170 2,421 338 337 255 6,116 3,167 Aug. 19 2,430 2,457 10, 678 2,499 6,184 2,410 215 342 255 6,229 1,813 Aug. 26 2,430 2,465 10, 695 2,501 6,184 2,410 143 336 256 6,332 1,892 Sept. 2 2,430 2,463 10, 717 2,502 6,225 2,375 107 280 255 6,441 1,958 Sept. 9 2,430 2,482 10, 736 2,508 6,276 2,365 55 271 288 6,471 1,997 Sept. 16 2,430 2,495 10, 762 2,507 6,255 2,371 418 251 263 6,206 1,714 Sept. 23 2,430 2,473 10, 786 2,509 6,239 2,399 388 255 263 6,225 1,743 Sept. 30 2,430 2,473 10, 845 2,512 6,267 2,458 253 234 262 6,357 1,840 Oct. 7 2,430 2,472 10, 971 2,509 6,305 2,440 196 271 263 6,479 1,954 Oct. 14 2,430 2,485 11,003 2,512 6,316 2,421 135 249 261 6,617 2,072 Oct. 21 2,430 2,463 11,008 2,514 6,311 2,403 88 227 264 6,693 2,127 Oct. 28 2,430 2,462 11,031 2,514 6,302 2,390 100 220 263 6,732 2,158 Nov. 4 2,430 2,448 11,058 2,515 6,378 2,392 95 200 262 6,693 2,138 Nov. 10 2,430 2,470 11,105 2,516 6,393 2,366 55 191 262 6,825 2,260 Nov. 18 2,430 2,464 11,127 2,520 6,375 2,378 50 197 260 6,851 2,276 Nov. 25 2,430 2,457 11,162 2,520 6,429 2,370 79 206 261 6,795 2,210 Dec. 2 2,430 2,467 11,188 2,522 6,466 2,353 110 212 6,775 2,205 Dec. 9 2,430 29 2,468 11, 206 2,525 6,497 2,372 93 229 278 6,731 2,157 Dec. 16 2,430 42 2,483 11,222 2,532 6,552 2,346 173 227 265 6,674 2,046 Dec. 23 2,430 100 2,542 11, 229 2,531 6,680 2,342 251 256 266 6,507 1,881 Dec. 30 2,430 46 2,484 11,251 2,530 6,550 2,368 231 274 270 6,572 1,946 1937—Jan. 6_._. 2,430 28 2,464 11, 271 2,531 6,473 2,395 232 278 261 6,627 2,010 Jan. 13.. 2,430 40 2,476 11,306 2,528 6,371 2,439 190 308 261 6,740 2,103 Jan. 20— 2,430 32 2,468 11,317 2,533 6,339 2,463 188 312 261 6,755 2,130 Jan. 27... 2,430 42 2,478 11, 345 2,531 6,318 2,503 180 315 259 6,779 2,160 Feb. 3 2,430 28 2,463 11, 364 2,531 6,348 2,529 176 261 6, 758 2,150 Feb. 10___. 2,430 42 2,477 11, 387 2,531 6,360 2,563 132 310 259 6,771 2,184 Feb. 17__. 2,430 41 2,478 11,403 2,530 6,351 2,575 162 300 256 6,768 2,186 Feb. 24___ 2,430 22 2,460 11,425 2,532 6,372 2,602 180 302 255 6,705 2,097 Mar. 3____ 2,430 17 2,457 11,443 2,535 6,407 2,620 216 280 253 6,660 1,310 Mar. 10... 2,430 16 2,454 11, 484 2, 537 6,376 2,672 186 238 254 6,749 1,380 Mar. 17... 2,430 12 2,450 11,515 2,538 6,385 2,697 87 243 261 1,449 Mar. 24... 2,430 22 2,463 11, 541 2,537 6,375 2,723 279 326 260 6,578 1,269 Mar. 31— 2,430 12 2,458 11, 574 2, 541 6,377 2,753 311 236 258 6,639 1,398 Apr. 7__._ 2,459 23 2,493 11, 592 2,539 6,387 2,774 275 247 258 6,684 1,442 Apr. 14_._ 2,487 27 2,528 11, 697 2,541 6,383 2,876 112 236 258 6,901 1,627 Apr. 21. __ 2, 487 25 2,523 11,737 2,540 2,914 119 245 259 6,877 1,587 NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1935 (table 2) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 451 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month figures 1937 1937 Apr. 21 Apr. 14 Apr. 7 Mar. 24 Mar. 17 Mar. 10 Mar. 3 Mar. Feb. Mar. ASSETS Gold certificates on hand and due from U S Treasury 8, 843, 903 8, 843, 894 8, 843,905 8,844, 385 8,844,417 8, 846, 407 8,847, 402 8, 844,400 K847, 398 7, 665, 346 Redemption fund—F. R. notes _ 9, 776 10, 656 11,149 12,095 12, 523 11,198 11,449 11, 375 11,475. 14,865 Other cash _• 282, 306 279, 673 273, 758 270,407 265, 865 263,025 266,405 285,028 275, 480 347,090 Total reserves _ - 9,135, 985 9,134, 223 9,128, 812 9,126,887 9,122, 805 9,120, 630 9,125, 256 9,140, 803 9,134, 353 8,027,301 Bills discounted: For member banks 7, 492 10, 848 7,950 7,492 4,134 4, 724 7,339 11,807 4,619 7,654 For nonmember banks, etc 200 200 200 200 200 200 200 359 Total bills discounted 7, 692 11, 048 8,150 7,692 4,334 4, 924 7,339 12,007 4,619 8,013 Bills bought: P^vahlp in dollars 396 444 354 233 265 Payable in foreign currencies.. __ 3,069 3,078 3,082 3,077 3,079 3,083 3,083 3,082 3,083 4,674 Total bills bought 3,465 3, 522 3, 436 3,310 3,079 3,083 3,083 i 3,347 3,083 4,674 Industrial advances -__ __ _ 23,084 22, 544 22,566 22, 666 22, 653 23,037 23,106 22, 338 23, 257 30,409 U. S. Government securities: Bonds 688, 621 689, 621 662,084 631, 784 589, 725 533, 682 533,682 636, 890 533,682 265, 689 Treasury notes 1,174, 343 1,190, 343 1,190, 343 1,231,343 1, 261, 343 1, 303, 971 1,303,971 il, 218, 843 1303, 971 1, 554,894 Treasury bills _. _ . 623, 619 606, 619 606, 619 567,100 579,159 592, 574 592, 574; 574,494 592, 574 609,667 Total Government securities 2, 486, 583 2, 486, 583 2, 459, 046 2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2,430, 227 2,430, 227 2,430, 250 Other Reserve bank credit 2,227 4,471 -493 -1,339 -10,681 -7.417 -6, 259 -9,680 4,232 537 Total Reserve bank credit outstanding 2, 523, 051 2, 528,168 2, 492, 705 2, 462, 556 2, 449, 612 2, 453,854 2, 457,496 2,458, 239 2,465, 418 2, 473,883 LIABILITIES F. R. notes in actual circulation 4,184, 068 4,176,094 4,178, 661 4,166, 726 4,172, 763 4,169, 467 4,195, 436 4,174, 231 4,190, 294 3, 763, 758 Deposits: Member bank—reserve account 6, 876, 640 6,900, 752 6, 683,964 6, 578, 279 6,829, 578 6, 749,105 6, 660,138 6,639,080 6,694, 612 5,087,086 U. S. Treasurer—general account._ 118,631 111,674 274,867 278, 659 86,538 186,381 216,471 ! 310,950 193,854 1,077,494 Foreign bank 99, 234 93, 622 93,463 102,999 88, 588 79,217 108, 9241 71,405 114,760 62, 694 Other deposits 145, 780 142, 271 153,102 223, 223 154, 860 159,198 171,342 : 164,149 173, 541 269, 477 Total deposits . 7, 240, 285 7, 248,319 7, 205, 396 7,183,160 7,159, 564 7,173, 901 7,156,875 7,185, 584 7,176, 767 6,496, 751 Ratio of total reserves to deposit and ; F. R. note liabilities combined (per cent) . . . 80.0 80.0 80.2 80.4 80.5 80.4 80.4 80.5 80.4 78.2 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 it d h 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 9 m 1 o t 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 e o a a r r s s 5 O y v e e a r rs Bills discounted: Mar. 31 12,007 11, 360 303 51 186 i Apr. 7 8,150 7, 487 248 48 293 61 ! Apr. 14 11, 048 10, 424 253 59 228 74 ! Apr. 21 7,692 7,101 41 106 355 80 ! Bills bought in open market: Mar. 31 3,347 373 309 2,665 Apr. 7 3, 436 82 385 414 2,555 Apr. 14 3,522 2,715 59 395 353 Apr. 21 3,465 171 198 301 2,795 Industrial advances: Mar. 31 22, 338 1,285 137 400 553 1,947 3,681 5,447 8,888 Apr. 7 22, 566 983 204 445 695 2, 210 3,714 5,511 8,804 Apr. 14 22, 544 781 233 446 668 2,312 3,779 5,507 8,818 Apr. 21 23, 084 883 249 459 620 2,258 3,830 5,506 9,279 U.S. Government securities: Mar. 31 2, 430, 227 12, 277 53, 010 75, 922 368, 224 357,153 274, 257 707, 518 581,866 Apr. 7 2, 459, 046 5, 000 22, 277 61, 827 84, 365 364,462 351, 566 254, 971 706, 068 608, 510 Apr. 14 2, 486, 583 12,277 23, 740 52, 437 71, 271 365, 962 363, 810 254,971 703, 068 639, 047 Apr. 21 2, 486, 583 27. 320 55, 527 80, 158 353. 990 367. 225 254, 971 687, 068 638, 047 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 FEDERAL RESERVE BULLETIN MAY 1937 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury: A M p a r r . . 7 31 8 8 , , 8 8 4 4 4 3 , , 4 9 0 0 0 5 5 5 1 1 2 2 , , 8 8 4 7 3 3 3 3 , , 4 49 2 9 6 . , 4 7 8 2 5 65 i 5 5 8 8 , , 5 6 6 3 5 5 6 65 5 2 2 , , 1 4 5 5 3 2 2 2 8 9 5 2 , , 1 7 9 1 2 7 2 5 2 2 5 , 7 , 5 1 8 1 8 0 .1 ,1 , 6 1 5 5 8 , 9 , 4 2 0 7 5 2 2 7 5 5 9 0 , , 8 3 1 7 3 2 1 1 8 8 8 4 t , ,, 0 6 0 7 6 52 2 5 6 6 4 , , 9 8 8 5 0 4 1 7 7 5 6 , , 5 6 3 6 6 4 6 6 3 2 9 5 , , 8 5 4 3 8 6 Apr. 14 8, 843,894 482, 8573,425,053 542, 295 657, 489 276,120 252,1041,672, 584264, 291180,845262,175173, 869654, 212 Apr. 21 8, 843, 903485, 252 3!,, 386, 69513 6T, 719 653,008 273,992 248, 750 1,724,447270, 720184, 287267, 755165, 7~6~2~ 646, 520 Redemption fund-—Federal Reserve Notes: Mar. 31 11, 1,003 1, 526 798 512 2,044 566 1,387 772 520 571 1,136 Apr. 7 11,149 976 1,399 753 666 2,010 516 1, 375 76' 512 562 1.124 Apr. 14 - 10,656 966 1,243 463 688 661 1,964 434 1,369 760 503 556 1,049 Apr. 21 --.. 9, 776 930 1,061 403 636 296 1,922 358 1,346 753 492 546 1,033 Other cash: Mar. 31 285,028 24,778 80,957 29, 513 19,164 20, 253 11,470 31,360 12,546 6, 866 15, 834 6,031 26, 256 Apr. 7 273,758 28,166 76, 080 27, 722 17,636 20, 217 11,129 30,790 12, 009 5,532 15, 257 6,130 23,090 Apr. 14 279, 673 30,194 83, 470 28,197 14,78' 18,419 10, 724 29,937 12,439 5,207 16, 399 6,232 23, 668 Apr. 21 282, 30C 31, 217 85, 098 28,156 14, 276 18,413 10, 373 31, 305 13,162 4,999 15, 599 5,903 23,805 Total reserves: Mar. 31 9,140, 803 538, 6243,581,968 672,115305, 957 266,102 1, 621, 203 264, 305 192, 313 273, 313843, 266 652, 928 Apr. 7 : 9,128,812 542,0153, 504, 205586, 776 670, 841313, 600 270, 249 1, 646, 711 273,197 194, 305 280, 612832, 228 664, 062 Apr. 14 9.134, 223 514, or 3, 509, 766570, 955 672, 964295, 200 264, 792 1, 702, 955 278,099 186,812 279,071780, 657678, 929 Apr. 21 9.135, 98, 517, 399 3, 472, 850565, 278 667, 920292, 701 261, 045 1, 756,110 285, 228 190,039 283, 814762,211671, 358 Bills discounted: Secured by U. S. Government obligations direct or fully guaranteed: Mar. 31 10, 860 3, 449 3,453 1,238 45 185 2,340 100 39 10 Apr. 7 -- 6,650 879 4,203 999 65 120 75 100 150 39 20 Apr. 14 9,789 312 5,809 1,174 255 405 75 980 100 15 130 489 45 Apr. 21 6,260 747 2,949 1,018 128 305 250 30 175 5 50 543 60 Other bills discounted: Mar. 31 1,147 120 574 63 18 7 23 57 5 42 165 Apr. 7 1,500 174 886 60 18 7 35 45 5 40 157 64 Apr. 14 1,259 152 658 73 18 7 35 45 5 39 143 75 Apr. 21 1,432 257 712 74 18 7 34 31 5 79 142 64 Total bills discounted: Mar. 31 12,007 3,569 4,027 1,301 194 7 2,363 57 6 142 204 74 Apr. 7 8,150 1,053 5,089 1,059 129 82 35 145 5 190 196 84 Apr. 14 11,048 464 6,46: 1,247 273 414 82 1,015 145 20 169 632 120 Apr. 21 7, 692 1,004 3,661 1,092 146 314 257 64 206 10 129 685 124 Bills bought in open market: Mar. 31 3,347 224 1,326 319 293 120 108 385 60 87 252 Apr. 7 3,436 224 1,415 319 293 120 108 385 60 87 252 Apr. 14 3,522 224 1,501 319 293 120 108 385 86 60 87 252 Apr. 21 3,465 223 1,453 318 292 119 10' 384 60 87 249 Industrial advances: Mar. 31 22, 338 2,786 5,477 4, 286 2,221 394 1,049 342 802 727 1,250 1,918 Apr. 7 22, 566 3,286 5,446 4,232 1,055 2,199 331 1,008 339 796 714 1,247 1,913 Apr. 14 -._. 22, 544 3,301 5, 449 4,208 1,053 2,198 330 1,008 339 795 714 1,237 1,912 Apr. 21 -... 23,084 3,278 6,081 4,228 1,053 2,192 269 1,006 339 787 704 1,912 U. S. Government securities: Bonds: Mar. 31 636,890 46,040 170, 938 51,045 65, 578 34, 964 28,812 72,439 30, 414 22, 389 33,178 24,: 56, 205 Apr. 7 662,084 48, 287 188,195 55, 758 64,460 35,168 29,287 73, 239 29,466 21,727 32,878 26,033 57, 586 Apr. 14 689, 621 50, 281 196,815 58,144 67,138 36, 500 30, 419 76,167 30, 572 22, 549 34,095 27,037 59,904 Apr. 21 688,621 50, 207 196, 531 58, 060 67,039 36, 447 30,376 76,055 30, 529 22, 516 34,046 26, 997 59,818 Treasury notes: Mar. 31 1, 218, 84388,108 327,131 97, 688 125,497 66, 913 55,139 138, 629 58, 206 42,845 63,495 47, 629 107, 563 Apr. 7 1,190,343 338,352100,246 115,890 63,227 52, 655 131,676 52,975 39,064 59,111 46,802 103, 532 Apr. 14 1,190,343 >,787 339,719100,362 115, 886 63,001 52, 507 131,470 52, 771 38,920 58,852 46,667103,401 Apr. 21 1,174,343 85, 621 335,152 99,013 114, 329 62,155 51,800 129, 704 52,061 38, 397 58,061 46,040102,010 Treasury bills: Mar. 31 574,494 41, 530 154,191 46,044 59,153 31, 539 25,990 65,342 27, 434 20,195 29,928 22,449 50,699 Apr. 7_— 606, 619 44, 241 172,430 51,087 59,060 32, 222 67,104 26,997 19,907 30,124 23,852 52, 762 Apr. 14. 606, 619 44, 229 173,127 51,146 59,05" 32,107 26,758 26, 893 19,835 29, 992 23, 782 52, 694 Apr. 21_ 623, 619 45, 468 177,978 52, 579 60,713 33,007 27, 508 68,877 27,646 20,391 30,832 24,449 54,171 Total U.S. Government securities: Mar. 31 2,430, 227[175,678 652, 260 194, 777 250, 228133,416109,941 276," 410116,054 85,429 126,601 94,966214,467 A A p p r r . . 7 14 2 2, , 4 4 5 8 9 6 , , 0 5 4 8 6 31 1 1 7 81 9 , , 3 2 4 9 1 7 6 70 9 9 8 , , 9 6 7 6 7 1 2 2 0 0 7 9 , , 0 9 6 1 52 2 2 3 4 9 2 , , 4 08 1 1 0 1 1 3 3 1 0 , , 6 6 1 0 7 8 1 "1 0 10 8 9, , ,6 7 8 7 4 5 2 2 __7 7 4. 2 , , 0 _6 1 _3 9 „6 n 1 o 0 9, 2 3 4 6 38 81, 3041 1 2 2 2 2 , , 9 1 3 1 9 3 97,486 2 21 1 5 3 , , 9 8 9 8 9 0 Apr. 21 2, 486, 583[181, 296 709, 661 209, 652 242,081131,609 109, 684 274, 636110, 236 81, 304122,939 97,486215,999 Total bills and securities: Mar. 31 2,467,919 182, 257 663,090 200, 683 251,670135,951110,450 280, 207116, 539 86, 297 127, 55796,507 216,711 Apr. 7.__. 2,493,198183,904 710,927 212, 701 240,841133,065109, 296 273, 447110,008 8'1 ,559 123,104 216,129 Apr. 14..._ 2, 523,697185, 286 723,078 2—1 5,4'2"6 243, 700134, 340110,204 277,044 "1110,,806 82,179123, 909 99,442 218, 283 Apr. 21.._ _. 2, 520,824185,801 720,856215,290 243, 572134, 234 11"0ii, 317 276,090110,867 82,161123,859 99,493 218,284 Due from foreign banks: Mar. 31 227 17 21 10 8 27 4 6 16 Apr. 7 _ 227 17 21 10 8 27 4 6 16 Apr. 14._._ 230 17 21 10 8 27 4 16 Apr. 21 ___ 230 1' 21 10 8 27 4 16 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 453 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - ASSETS—continued Federal Reserve notes of other banks: Mar. 31 19,185 329 4,718 1,360 1,185 2,086 2, 667 1, 397 939 1,446 482 1, 595 Apr. 7 21,008 331 4,195 812 1,469 1,802 2,152 2, 673 2,403 1,419 1,004 645 2,103 Apr. 14 20, 621 340 5,194 888 1,324 1,277 2, 354 2,923 1,281 917 1,504 403 2,216 Apr. 21 23, 904 352 6,845 1,016 1,466 1,833 2,227 2,446 2,471 1,398 320 2,662 Uncollected items: Mar.31 622,090 63, 731 159,161 50, 255 64,993 57, 384 23, 796 81,310 24, 423 14, 551 30, 976 20, 658 30, 852 Apr. 7 600,029 59, 523 156,186 43, 868 52, 470 51,461 23, 520 80,732 26, 56315, 622 31, 742 23,487 34,855 Apr. 14 780,351 79, 645 197,051 58,107 78, 242 70,110 27, 387 109,890 33,934 16,824 39,215 30,534 39, 412 Apr. 21 693, 276 78,093 168, 862 52, 331 65, 573 56, 339 24, 869 93, 490 32, 07615, 892 36, 756 29,210 39, 785 Bank premises: Mar. 31 45, 3,043 10, 088 4,920 6,333 2,782 2, 226 4,680 2,377 1, 496 3,257 1,255 3,423 Apr. 7 45,870 3,043 10,088 4,920 6, 333 2,782 2, 226 4, 680 2, 377 1,500 3,243 1, 255 3,423 Apr. 14 45, 872 3,043 10,088 4, 920 6, 333 2,782 2, 226 4,682 1,500 3, 243 1,255 3,423 Apr. 21 45, 869 3,043 10, 088 4,920 6,332 2,782 2,224 4,682 2, 377 1,500 3,243 1,255 3,423 All other assets: Mar. 31 43,393 2, 662 11,488 5, 263 4,872 2,780 1,818 4,091 1,800 1, 637 1,981 1,686 3,315 Apr. 7 44,129 2,703 12,396 5,476 4,726 2,737 1.:" 4,051 1, 689 1, 580 1,923 1,746 3,301 Apr. 14 45,631 2,711 12. 640 6, 588 4,747 2,792 1, 795 4,086 1, 693 1, 599 1, ""' 1,710 3,306 Apr. 21 43,944 2, 666 12, 395 5,474 4,720 2,719 1,772 4,033 1, 1,556 1,950 1,711 3,266 Total assets: Mar. 31 .2, 339, 49'790,663 4:,, 430, 608050,812 ,001,364506, i, 4861,994,185410, 845297, 236 438, 557303, 908,840 Apr. 7 .2, 333, 273791,536 4[,, 398,088354, 576 976,701505,457 409i,,252" 012,321416,241295,988 441, 64,307, 584923, 889 Apr. 14 .2, 550, 62.r'85,0594,457, 905856,907 , 007, 331506,511408, 766 101, 607428,194289, 834448, 919314,007945, 585 Apr. 21 .2, 464, 032787,3714, 391, 984844, 332 989, 604 490, 618 402, 462 136, 878 '43"41,,705292,019 4•;51, 059304, 206938, 794 LIABILITIES Federal Reserve notes in actual circulation: Mar.31 4,174, 231 336, 896 897, 521307,126 416, 752197, 329183,174 950,329178,834137,491158, 390 88, 446321, 943 Apr. 7 4,178, 661 319,313 893,116306, 755 420,933197,103185,971 958, 424179, 693139,070160,354 89, 586328, 343 Apr. 14 4,176. 094 319, 930 888, 469310, 306 423, 394196,112184, 498 959, 290179,132138,921158, 934 328, 303 Apr. 21 4,184, 068 321, 649 886, 739308, 678 427, 951195,160184, 597 963, 546179,179139, 470159, 970 90,182326, 947 Deposits: Member bank—reserve account Mar.31 335, 2853,029,403405, 983 438,193210, 569166, 278 859, 181,162126, 293 226, 752 166, 449 492, 818 Apr. 7 6, 683, 964 360, 3462, 974, 554 4312,^922 432,018218, 550170,685 886, 216185, 030122, 241232, 288165,887503, 227 Apr. 14 6, 900, 752344, 5873,106, 805431,116 434,058214, 520170, 213 968,014192, 241111155,,446699 231,134170,136522,459 Apr. 21 6,876, 640 348, 6113, 059, 241429, 296 425, 35;214, 636170,8181, 019, 206189,138117, 507228, 808163, 039 510Ji, 985 U.S.Treasurer—general account Mar. 31 310, 950 24,083 115,208 12, 236 29,037 21,696 15,987 47, 536 3,807 3, 511 8,403 20, 857 Apr. 7 274,86^ 19,104 138, 931 10,982 16,"" 17, 642 10,52" 30,638 3,620 3,325 3,570 6. 12, 672 Apr. 14 111,674 8, 480 43, 930 4,781 7,464 4,898 8, 767 7,285 1, 962 2,381 6,541 3, 11,798 Apr. 21 118, 631 4,564 57,112 2,292 3,922 1,641 3,176 2,117 12,015 2,329 10, 061 1,964 17, 438 Foreign bank: Mar.31 71, 405 4,991 27, 718 6,700 6, 290 2,940 2,393 7,930 2,051 1,5; 1,983 1,983 4, 854 Apr. 7 93, 463 6,846 33, 534 9,191 8, 628 4, 033 3,282 10, 879 2,814 2,157 2,720 2,720 6,659 Apr. 14 93,622 6,848 33,681 9,193 8,630 4,034 3,283 10, 881 2,814 2,158 2, 720 2, 720 6, 660 Apr. 21 99, 234 7,266 35,"" 9,754 9,15' 4,280 3, 483 11, 545 2,986 2,289 2, 886 2,720 7,066 Other deposits: Mar. 31 164,149 1,768 80,374 32, 628 13, 278 2, 896 3,149 1,465 6, 773 4,517 169 4,301 12, 831 Apr. 7 153,102 2,106 82, 654 17,143 13,450 2, 715 3,080 1,440 6, 267 4,439 761 5,404 13, 643 Apr. 14 142, 271 2,081 72, 25' 9,411 22, 789 3,483 2,775 1,655 5, 998 4,662 174 4,612 12, 374 Apr. 21 145,780 1,830 70, 706 8,602 22, 781 3, 594 3,733 2,24" 4,694 2,818 4,528 13,366 Total deposits: Mar.31 7,185, 58' 366,12' 3, 252, 703457, 54' 486, 798238,101187, 916, 826193,793135, 237, 493181,136531, 360 Apr. 7 7, 205,396 388,4023, 229, 673470,238 471,084 242; 940187, 574 929,173197, 731132,162239, 339180, 879536, 201 Apr. 14 7, 248, 319 361,9963, 256, 673454, 501 472,941 2!26,935185,038 987,835203,015124, 670240, 569180,855553, 291 Apr. 21 7, 240, 285362, 2713, 222, 861449, 944 461,, "2"15 224,,151181, 2101,035,115211,020126, 819244, 573172, 251548,855 Deferred availability items: Mar.31 631,997 63,694 158, 773 52,813 66,128 55, 664 22,916 82, 427 27, 705 14, 500 32, 763 23, 212 31,402 Apr. 7 600,749 59, 799 153,466 44,161 52,914 50, 42" 23,075 80, 049 28, 329 15, 343 32, 015 26, 001 35,170 Apr. 14 776,110 79,122 190,479 57, 593 79,164 68, 436 26, 569 109, 890 35, 488 16,879 39,444 33,200 39,846 Apr. 21 691, 279 79, 458 160, 825 52, 207 68, 615 56, 259 24,007 93, 559 34, 006 16, 320 36, 552 30, 737 38, 734 Capital paid in: Mar. 31 132, 235 9,377 51, 328 12, 238 12, 850 4, 857 4,326 12, 587 3,804 2,89; 3,992 3,868 10,111 Apr. 7 132,176 9,380 51, 260 12, 239 12, 846 4,858 4,326 12, 587 3,812 2,89; 3,993 3,866 10,112 Apr. 14... 132,168 9,380 51,260 12, 239 12, 841 4,858 4,331 12, 585 3,810 2,89; 3, 10,112 Apr. 21 132,186 9,378 51, 259 12, 241 12, 855 4, 857 4,331 12, 587 3,810 2,898 3,993 3^ 10,115 Surplus (section 7): Mar. 31 145, 854 9,826 51, 474 13, 362 14, 323 4, 5, 616 21, 504 4,655 3,116 3,613 3,851 9,645 Apr. 7 145, 854 9,826 51, 47' 13, 362 14, 323 4, 869 5,616 21, 504 4,655 3,116 3,613 3,851 9,645 Apr. 14 145, 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 Apr. 21 145,854 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.31 27, 49C 2,874 7,744 4, 32£ 1,007 3,422 754 1, 416 545 1,003 1,142 1,262 1,996 Apr. 7 27, 49C 2,874 7,744 4, 32E 1,007 3, 422 754 1,416 545 1,003 1,142 1,262 1,996 Apr. 14 27, 49f 2,874 7,744 4,32, 1,007 3,422 754 1, 416 545 1,003 1,142 1,262 1,996 Apr. 21 27, 49C 2,874 7,744 432 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

454 FEDERAL RESERVE BULLETIN MAY 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 i l l a a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r a s a c n n o - - LIABILITIES—continued Reserve for contingencies: Mar. 31 36.176 1,570 9,260 3,000 3,120 1,522 7,916 1,197 2,07 941 1,847 2,037 Apr. 7 36.177 1,570 9,260 3,000 3,121 1,522 7, 916 1,197 2,076 941 1,847 2,037 Apr. 14 36,177 1,570 9,260 3,000 3,121 1,522 7,916 1,197 2,076 941 1,847 2,037 Apr. 21 36,142 1,570 9,260 3,000 3,121 1, 522 1, 690 1,197 2, 069 941 1,847 2,037 All other liabilities: Mar. 31 _ 5,930 299 1,797 401 386 285 203 1,180 312 260 223 238 346 Apr. 7 6,770 372 2,090 496 473 316 246 1,252 279 321 248 292 385 Apr. 14 ___ _ 8,413 361 2,546 1,581 540 357 270 1,171 352 272 283 325 355 Apr. 21 6,728 345 1,822 575 517 378 257 1,263 293 324 275 214 465 Total liabilities: Mar. 31 12, 339,497790, 663 14,,430,600 850,8121, 001, 36450 6I, 049 406, 486 1, 994,185 4I1,0 8,45 297, 236 438, 535013, 860 908, 840 Apr. 7 12, 333, 273791, 536 4,,39 389,8 , 083" '85 4'"," "576976, 7015 "0I"5", 4'"5"7"40 9, 2~5"2 25,012,321416,241 2"9"5", '9 88 441, 6"45 307, 584 923, 889 Apr. 14 12, 550, 625785,059 4t,, •4"57 , 905 856,~ 9-07, 1007, 335106 i, 511408, 766 !2,, 101, 607 428; 194 289, 83"4 "4 48, 919 "31 4'9,4 50,05785 Apr. 21 12, 464, 032787,371 '4, 391, 984 844, 332989, 604 490, 618 402, 462 2:,3163,68,r ~8 7-8• 4 3-4,- 7"0 5 292, 019 451, 059 "30-4, 206 938, 794 Commitments to make industrial advances: Mar. 31 18,611 1,932 7,852 178 1,189 2,314 272 1,037 142 444 3,174 Apr. 7 19. — 2,431 7,878 174 1,182 2,275 364 1,004 139 444 3,402 Apr. 14 19,211 2, 413 7, 839 174 1,179 2,268 359 1,004 139 444 3,317 Apr. 21 17! 530 2.39" 6,302 174 1,175 2,191 358 1,004 136 3,306 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 455 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO APRIL 21, 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 e m ce b iv e e r n d e t 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 c e o r n a t d n o C A i d t o i m m o w n o d m i s u a t ) i h n t t e - - t Numbe T r ota A l mount a s R F d ta b e v e o n a d s a u e d n e n t r k r i - c v n a e e l g s s c R F t o m a b e e o m n a d s e u d e n e n m t r i k r - t v n a i s t e g l - A b p p u l c p e o t r t m o e n d v o - e t i d d E o r r r x e a a c e p p p w a w t i a p c n n r . i i l t e d t i , b h d - , - y , i s F n p p t t g a i a a u o n n r t t u i i a t i d n o i o t n c i - s n n n c i t s - - i g - 2 1936—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. 25 339.903 2,483 148, 317 2,266 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. 27 342, 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. 31 8,483 346, 911 2,543 150, 561 2,323 141,545 23, 054 18,611 7,898 85, 215 6, 767 Apr. 21S_— 8,502 348,032 2, 554 151,868 2,333 143, 819 23, 800 17, 530 8,578 86, 632 7,279 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 $11,090,048 on Apr. 21, 1937. 3 Apr. 28 figures not yet available. NOTE.—On Apr. 21, 1937, there were 40 applications amounting to $3,185,000 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i i l l a - a- C la le n v d e m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n s p - - K C s a i a n t s - y Dallas F c S r i a a sc n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: A M p a r r . . 7 31 4t, , 4 4 7 8 8 0 , , 4 8 8 3 0 2 , 3 3 2 2 4 0 , , 2 5 5 8 0 8 4 4 4 4 4 5 , , 5 2 0 2 4 2 2 20 0 7 7 , ,1 7 1 0 0 4 2 2 0 0 6 5 , , 2 5 9 9 8 0 9 98 7 3 7 , , 1 5 2 0 1 9 1 1 8 8 7 8 , , 0 3 2 6 3 6 1 1 4 4 1 3 , , 1 7 7 0 7 31 17 7 1 0 , , 3 6 7 3 1 6 9 97 6 , , 3 8 7 2 8 93 3 7 7 1 0 , , 4 4 3 8 7 2 Apr. 14 4, 474, 511346, 317 996', 912 324,999 447, 603 206,101 205, 518985,624:187, 256143,293171, 781 96, 519 337733,,976 Apr. 21 4,480, 484 134,929 993, 892 326, 467 451, 546 205, 941 204, 882990,433187,128143,298170,810 98, 214370,017 Held by Federal Reserve bank: 337, 856 Mar. 31 306, 601 18,711 101, 058 17,124 27, 752 9,781 23,124 26, 792 8,189 4,212 11,981 8,383 49, 494 Apr. 7 -- 299, 819 27, 004 105, 395 13, 833 24, 289 10, 601 19, 619 25, 085 8,673 4,107 11, 282 7,792 42,139 A A p p r r . . 2 14 1 -. 2 2 9 9 8 6 , , 4 4 1 1 7 6 1 1 4 6 , , 2 9 0 9 7 9 1 1 0 0 8 7 , , 1 4 5 4 3 3 1 1 4 7 , , 6 78 9 9 3 2 2 4 3 , , 5 2 9 0 5 9 10 9 , ,9 7 8 8 9 1 2 2 1 0 , , 2 02 8 0 5 2 2 6 6 , , 8 3 8 3 7 4 8 7 , , 1 9 2 4 4 9 4,372 1 1 2 0 , , 8 8 4 4 7 0 7 8 , , 7 0 1 3 4 2 4 4 5 3 , , 6 0 7 7 3 0 In actual circulation;i Mar. 31 4,174,231336, 896 897, 521307,126 416,,'752197, 329183,174 950, 329178, 834 137,491158,390 88, 446 321,943 Apr. 7 4,178, 661319, 313 893,116306, 755420, 933197,103185, 971 958, 424179, 693, 139,070160, 354 89, 586 328, 343 Apr. 14 4,176,094319, 930 888; 469 310; 306 423, 394196,112184, 498 959, 290 117799;, 113322 138; 921158,934 88, 805 328,303 Apr. 21_-_ 4,184, 068321, 649 886, 739308, 678 427, 951195,160184, 597 963,546 1"7'9 ,1-—79 -1-3-9 ,4—70159,970 90,182 326, 947 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Mar. 31 4, 509,132386,0001, 000, 000332, 000448, 000209, 000180,000 990,000171, 632138,000167,000 98, 500389,000 Apr. 7 4, 508,132371, 0001, 000, 000332, 000448, 000209, 000180, 000 990,000174, 632144,000172,000 98, 500389, 000 Apr. 14 4, 510,132371,0001,000,000332,000448,000206,000180,0001,000,000174,632137,000174,000 98, 500389,000 Apr. 21 4, 516,132371, 0001, 000, 000332, 000453, 000207, 000180, 0001, 000, 000174, 632137,000174,000 98, 500389, 000 Eligible paper: Mar. 31 11,750 3,555 3,934 1,24' 45 185 2,340 39 136 182 87 Apr. 7 7,912 1,039 5,004 1,005 65 120 75 12 127 184 185 96 Apr. 14 10, 949 450 6,518 1,193 255 405 75 127 163 624 132 Apr. 21 7,472 990 3,581 1,03" 128 305 250 200 124 67' 134 U. S. Government securities: Mar. 31 62, 000 30, 000 22,000 5,000 5,000 Apr. 7 45,000 30,000 15,000 Apr. 14 52,000 30,000 15,000 7,000 Apr. 21 52,000 30,000 15,000 7,000 Total collateral: Mar. 31 4, 582,882 i,5551,003, 934 333, 24'448, 045209,185210, 000 992, 340193, 671143,000172,136 98, 682 389,087 Apr. 7 4, 561, 044372, 0391,005, 004 333,005448,065209,120210,075 990,012189, 759144,000172,184 98, 685 389, 096 Apr. 14 4, 573, 081371, 4501, 006, 518 333,193448, 255206, 405210, 0751, 000, 992189, 759144,015174,163 99,124 389,132 Apr. 24 4, 575, 604371. 9901, 003, 581 333, 037453, 128" 2"^0 7,305 210, 2501,000, 041189,832lf4,005174,124 1199,11777 338899,113344 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 FEDERAL RESERVE BULLETIN MAY 1937 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, MARCH 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 Rede- de- Time banks mem- serve Coun- Classes of banks mand mand de- ber city try and districts de- de- posits banks1 New Chi- banks banksi posits posits i qu R i e r - ed Held c E e x s - s York cago Total reserves held: All member banks. _30, 285 25,073 U, 169 5,333 6,704 1,371 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, 521 9,712 779 2,250 2,652 401 April 5,300 2,163 506 1,675 956 Chicago 2,258 2,006 444 480 533 54 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 994 890 123 162 233 71 Aug. 1-15 6,063 2,502 572 1,899 1,090 New York district 195 156 142 35 37 2 Aug. 16-312 6,291 2,503 580 2,005 1,204 Philadelphia district._ 1,156 955 225 179 255 76 September 6, 345 2,462 619 2,046 1,218 Cleveland district 1,450 1,191 715 245 311 65 October 6,594 2,574 637 2,153 1,230 Richmond district 640 506 208 99 140 41 November 6,785 2,695 651 2,185 1,254 Atlanta district ._ 604 445 163 86 100 13 December 6, 665 2,662 605 2,157 1,241 Chicago district 1,150 860 481 176 236 60 1937—January 6,716 2,719 568 2,158 1,271 St. Louis district 741 581 171 111 130 19 February 6,747 2,812 546 2,128 1,261 Minneapolis district- 343 270 95 52 59 7 March3 6,704 2,652 533 2,203 1,315 Kansas City district— 945 676 161 127 160 33 Week ending (Friday): Dallas district 588 405 109 77 97 21 Mar. 53 2,683 533 2,160 1,308 San Francisco district- 1,915 1,535 1,837 365 445 80 Mar. 12 6, 733 2,652 532 2, 21.9 1,330 Mar. 19 6,798 2,680 552 2,234 1,332 Total 10, 730 8,471 4,428 1,715 2,203 488 Mar. 26 6,629 2,598 537 2,184 1,309 Excess reserves: Country banks: 1936—January 3,033 1,395 239 852 547 Boston district 786 624 568 106 134 28 February 3,038 1,360 226 885 567 New York district 1,237 986 1, 367 193 276 84 March 2,653 1,056 208 846 543 Philadelphia district.. 582 455 848 100 135 35 April 2,510 940 262 796 512 Cleveland district 581 419 615 84 128 44 May 2,800 1,134 377 778 511 Richmond district 481 331 329 58 82 25 June 2,593 908 414 775 496 Atlanta district 481 313 204 49 72 23 July 2,907 1,004 369 961 575 Chicago district 772 547 602 99 167 69 Aug. 1-15 3,105 1,226 290 970 619 St. Louis district 322 223 212 38 57 18 Aug. 16-312 1, 852 600 160 601 490 Minneapolis district._. 293 200 272 39 59 21 September 1,852 535 195 624 498 Kansas City district... 433 268 155 41 70 29 October 2,043 639 205 696 502 Dallas district 464 293 91 41 77 36 November 2,219 751 221 724 523 San Francisco district. 342 222 253 40 56 16 1937— D J e an ce u m ar b y er 2 2 , , 0 04 9 6 3 6 7 9 6 7 7 1 14 7 7 5 6 6 7 6 5 2 4 5 9 1 8 8 Total 6,776 4,882 5,517 888 1,315 428 M Fe a b r r c u h a 3 ry 2 1 , ,3 1 7 5 1 1 8 4 6 0 8 1 1 5 2 4 8 651 4 5 2 0 8 5 Week ending (Friday): i Gross demand deposits minus demand balances with domestic banks Mar. 53 1, 551 509 64 521 457 (except private banks and American branches of foreign banks) and Mar. 12 1, 376 387 47 500 442 cash items in process of collection. Mar. 19 1, 431 412 63 511 444 NOTE. —Reserve requirements increased by 16% per cent effective Mar. 26.. _ _ 1,320 60 472 422 March 1. See table at foot of page 344, April BULLETIN, for percentages of deposits required to be held as reserves. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 2 Reserve requirements increased 50 per cent effective Aug. 16. 3 Reserve requirements increased 16% per cent effective Mar. 1. 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) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time March r F u e a b r - y March r F u e a b r - y March r F u e a b r - y March r F u e a b r - y March Feb- March r F u e a b r - y Boston 1,781 1,812 691 1,663 1,692 564 563 118 120 126 126 New York 11,954 12, 073 2,288 2,223 1,159 1 1,183 1 1, 031 1 1, 026 273 277 478 476 Philadelphia . 1, 738 1,742 1,073 1,072 1,519 1,520 638 638 219 222 435 434 Cleveland 2,040 2,078 1,330 1,331 1,813 1,849 1,057 1,056 227 229 273 274 Richmond 1,121 1,141 537 537 942 961 353 353 179 180 185 184 Atlanta 1, 085 1,093 367 362 918 934 287 285 167 159 79 78 Chicago 4,180 4,239 1,527 1,517 1, 619 1 1, 624 834 1 826 303 298 248 244 St. Louis 1,063 1,096 383 380 873 903 284 282 190 193 99 98 Minneapolis.. 636 639 367 367 455 458 181 180 181 181 187 187 Kansas City.. 1,378 1,406 316 317 1,059 1,087 201 203 319 319 115 115 Dallas 1,052 1,080 199 200 791 814 159 160 261 266 40 40 San Francisco 2,258 2,299 2,090 2,093 2,124 2,163 1,991 1,993 134 136 100 Total... 30, 285 11,169 11,089 114,935 l15,187 7, 580 1 7, 564 2,571 2,581 2,365 2,356 1 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

MAY 1937 FEDERAL RESERVE BULLETIN 457 KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l lv la e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e r t 1 a y e 8 s s 9 - 0 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—March 5,877 104 34 864 1 307 131 245 3,727 58 406 April 5,886 103 34 886 1 309 132 249 3,726 56 391 May 5,953 102 34 914 1 312 133 265 3,760 54 378 June 6,241 101 35 955 1 316 135 278 4,002 52 366 July 6,162 100 35 958 1 318 136 274 3,937 50 352 August 6,227 99 36 986 1 321 137 278 3,978 48 342 September 6,267 98 37 998 1 326 138 278 4,011 47 332 October- 6,351 97 37 1,020 1 329 139 282 4,076 46 324 November. 6,466 96 37 1,051 1 334 141 289 4,156 45 316 December. 6,543 95 38 1,057 1 337 142 289 4,233 44 307 1937—January. _. 6,349 94 37 1,012 1 329 140 276 4,118 42 300 February _ 6,399 92 37 1,022 1 329 140 288 4,155 41 294 March 6,377 91 37 1,022 1 333 141 287 4,139 40 287 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 l End of month Coin $50 and over $1 $2 $5 $10 $20 Total $100 $500 $1,000 $5,000 $10,000 1936—March 472 439 804 1,378 1,361 1,399 362 641 125 247 17 April 475 442 804 1,379 1,360 1,404 360 643 126 249 19 May 480 451 820 1,402 1,369 1,409 363 648 127 245 19 June____.__ 486 463 850 1,468 1,466 1,479 398 683 127 245 18 July 490 460 844 1,459 1,431 1,449 383 667 127 247 19 August 494 471 1,482 1,436 1,452 381 667 128 250 19 September. 501 477 1,488 1,437 1,467 383 673 130 253 21 October 505 484 1,516 1,460 1,478 385 679 132 255 19 November. 513 492 900 1,548 1,486 1,501 390 690 132 258 23 December. 517 499 906 1,563 1,501 1,530 399 707 135 265 18 1937—January _._ 506 472 864 1,500 1,458 1,525 393 702 135 269 18 February.. 506 475 874 1,519 1,464 1,538 395 706 135 273 19 March 511 476 1,519 1,451 1,520 136 275 18 i Includes unassorted amounts held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures.—See Annual Report for 1935 (table 39). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve banks and in circulation. In millions of dollars] [By selected banks in New York City. In thousands of dollars] Silver Fed- Year or month m E S e u n h ro t ip s p - e to 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- eral Na- End of month Total s a il n v d er i s a id ry - M co in in or S Jn ta it t e e d s s R er e v - e t b io a n n a k l 1932 567 83, 838 83,271 l b i u o l n - * silver notes n b o a t n e k s notes 1 19 9 3 3 4 3 5 3 5 4 4 5 9 40 1, , 0 5 5 8 9 7 9 4 0 0 , , 5 2 0 4 5 2 1935 10, 628 19,966 9,338 1936 34, 774 26, 216 8,558 1936— N J O D A M J S A M u u e c o e p u a l n p a t c r y v g y o t r e i e u e e l c b . m m m s h e t r b b b e e e r — r r _ . _ . _ 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , 5 5 4 4 4 5 5 5 5 5 0 0 9 9 9 0 1 1 3 2 4 0 0 8 6 0 2 5 2 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 2 2 2 2 2 2 2 3 3 3 3 1 3 6 5 7 9 0 1 2 0 8 6 4 5 7 4 3 0 3 3 3 3 3 3 3 3 3 3 3 3 2 3 3 3 3 4 4 5 5 0 9 2 0 5 8 1 6 6 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 4 4 4 4 4 4 7 8 9 8 0 3 2 5 7 6 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 7 7 7 7 7 7 7 7 7 7 5 5 5 5 5 4 4 4 4 4 9 7 5 3 1 9 8 7 6 5 4 3 3 3 3 3 3 3 3 3 1 9 8 7 5 3 4 2 1 2 3 8 4 2 8 9 8 9 4 2 1936— J J A M A S N D O M u u e p u o e c a n l p a y r g c v t y e t r i o e u e l e c b m m s h m e t b b b r. e e e . r r r _ . . . . 3 3 3 3 2 1 5 , , , , , , , 7 0 0 8 9 9 0 9 9 5 3 9 4 5 6 1 0 8 7 7 0 5 9 2 0 1 3 3 2 2 5 1 1 1 1 , , , , , , , , 1 0 1 9 3 1 5 4 6 7 0 3 7 3 6 4 8 2 3 4 9 1 8 6 4 8 5 2 8 5 2 2 4 2 1 7 , , , , , , 1 8 8 1 4 7 7 5 6 1 2 2 3 7 4 7 8 4 3 1 1 1 , , , , 4 4 3 0 0 4 5 9 9 8 2 7 1937—January 2,532 1,332 356 148 347 44 305 1937—January... 2,092 2,197 105 F M e a b r r c u h a _ ry... 2 2 , , 5 5 3 4 6 1 1 1 , , 3 3 4 5 3 5 3 3 5 5 6 7 1 1 4 4 9 9 3 3 4 4 7 7 4 4 2 2 2 2 9 9 8 1 F M e a b r r c u h ary _ 4,279 3 3 , , 2 7 6 2 5 8 1,014 ~2~760~ 1 Includes silver held against silver certificates amounting to $1,220,000,- 000 on March 31, 1937 and $1,085,000,000 on March 31, 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

458 FEDERAL RESERVE BULLETIN MAY 1937 GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars [In thousands of dollars] Gold stock at 1937 end of year Increase Net Year or month or month g to o in t l a d l im g N o p e l o d t rt re f e r l o a e r m a - se fa O c t t h o e rs r * March February J M an a u r a c r h y- Total Inactive stock mark1 From or to— 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 -190. 4 -173.5 -58.0 41.1 1934 8,238 4, 202. 5 1,133. 9 82.6 2,986.1 Belgium 1,131 11, 823 France 76 1 138 12, 077 1935—July- 9,144 27.9 16.2 -.4 12.1 Germany August 9,203 59.5 46.0 1.8 11.7 Netherlands 1 086 14 1,371 September 9,368 165.0 156.7 1.0 7.3 Switzerland 8,155 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 United Kingdom.. 121, 483 33 75, 239 270, 681 42 Year 10,125 1, 887. 2 1, 739. 0 .2 148.0 Canada 4 925 10 661 21,452 Central America... 284 377 830 1936—January 10,182 57.2 45.6 -1.7 13.3 Mexico 3,248 6 9,153 14, 349 8 February 10,167 — 15.5 -16.6 -9.5 10.6 Argentina 1 3 March. 10,184 17.2 5.5 1.0 10.7 Chile 723 917 2, 218 April 10, 225 41.0 28.1 -.2 13. 1 Colombia 3 3 May _ 10, 402 176.7 170.0 -3.2 10.0 Ecuador 124 148 432 June 10, 608 206.6 277.8 -24.8 -46.4 Peru 250 319 732 July ___ 10, 648 39.2 15.4 2.3 21.5 Uruguay August 10, 716 68.4 67.5 -11.9 12.9 Venezuela 51 70 175 September. __ 10, 845 129.0 171.8 -28.8 -14.0 Australia 3, 467 2,910 7,993 October 11,045 199.7 218.8 -11.3 -7.9 British India 4, 017 7 077 17,122 November 11,184 139.6 75.8 3.0 60.8 China and Hong December 11,258 26.5 73.3 57.0 n 17.0 Kong 265 287 710 Dutch East Indies. Year 11, 258 26.5 1,132. 5 1,116.6 -85.9 101.7 Japan 5,696 5,696 Philippine Islands. 1,944 2,109 6,177 1937—January _ 11,358 126.5 100.1 121.3 -48.3 27. 1 All other countries2. 5, 598 1,246 7,025 February 11,436 204.7 78.2 120.3 -8.0 -34.1 March 11, 574 342.5 137.9 154.3 -.4 -16.0 Total 154,371 39 120,326 396, 033 50 1 Gold released from earmark at Federal Reserve banks less gold * Figures represent customs valuations which, with some exceptions, placed under earmark (with allowance when necessary for changes in are at rate of $35 a fine ounce. gold earmarked abroad for account of Federal Reserve banks). 2 Includes all movements of unreported origin or destination. 2 Figures are derived from preceding columns and indicate net result of such factors as domestic production, movements into and out of Back figures.—See table p. 487, and Annual Report for 1935 (tables 34 nonmonetary use or unreported holdings, imports and exports that do and 35). 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

459 MAY 1937 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935,, see Federal TR eserve Bu"ll e"ti n '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 [In 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 a s l s m n b o e e m n r - - Call date ba A n l k l s Total Na- State M sav u i t n u g a s l no O n t m he e r mbanks tional banks ber banks 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 1594 11,296 Sept. 30 — 41,942 24,903 15, 635 9,268 110,020 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 a 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 5,47fi Oct. 17 * 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. l._._ 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. 31* 15,628 6,376 5,325 1,051 565 8,687 Dec. 31 ._ 53, 701 35,893 23,107 12, 786 10,143 7,666 For footnotes see table below For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 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 i 10,316 16,130 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 1,877 034—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 20,275 25, 882 30,288 12,099 18,189 9,795 5,202 4,592 6,074 2,974 3,100 June 30 ... 48,458 20, 679 '27, 778 32, 259 12,542 19, 717 9,961 5,105 4,856 '6,238 3,032 3,206 Dec. 31 49, 524 21, 449 28, 075 33, 000 13, 360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 r Revised. i Figures of preceding call carried forward. 1 Beginning June 30n1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. * Nonmember bank figures not available. * Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Back figures.—Bee Annual Report for 1935 (tables 47-48) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 FEDERAL RESERVE BULLETIN MAY 1937 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U.S. Govern- Purchased paper ment obliga- Call date i m T n lo a v o e n a e n t n d a s t s l t s - Total C Y N k b o s T i i e r o u e t d o o r y r t w e s - - k * o se t t T o h i c e n o u e s r r s i- e l R o st a e a n a t s l e a b a c p o a R n i c o w n n c e e r g k e - n p t- s s t- ' O c c u w a u u n s t n r h i e r s s e e d - e e e d d - r- b L a o t n o a k n s s a a c b p A n e l a e c p c y e - t i - - s n B p a a b il y l l e - s 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 a o o t r w y n - i k n ' s Total Direc t t ion a F g s n u u te a l e l r y d - s O e ti t c e h u s e r r i Unitedabroad 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 » 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 1,044 157 937 162 224 10 10 720 3,709 2,551 1,158 1934—Dec. 31 7,761 2,202 54 820 139 164 1,024 63 210 16 6 662 4,602 3,246 278 1,078 1935—Mar. 4 7,783 2,198 56 805 139 145 1,054 52 203 19 4 678 4,628 3,200 298 1,131 June 29 8,303 2,146 58 783 138 82 1,085 48 183 7 5 930 4,983 3,462 348 1,174 Nov. 1 . 8,167 2,185 59 775 136 101 1,114 35 135 12 4 828 4,968 3,340 405 1,223 Dec. 31 8,418 2,196 60 793 140 107 1,096 42 158 16 5 1,018 4,985 3,425 401 1,159 1936—Mar. 4 8,802 2,215 64 792 148 99 1,112 29 141 13 4 1,043 5,355 3,602 505 1,248 June 30 9,556 2,338 76 813 146 65 1,238 28 123 8 3 1,028 6,028 4,196 567 1,265 Dec. 31 9,280 2,567 78 753 144 65 1,527 42 136 10 5 1,095 5,425 3,739 470 1,217 CITY OF CHICAGO » 1929—Dec. 31 1,757 1,330 240 533 21 555 88 9 5 5 11 309 116 193 1933—June 30 a 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 L, 538 3,679 258 42 24 102 239 2,944 1,368 1,576 1933—June 30 a 8,492 4,258 63 1,340 ,131 46 1,678 99 36 6 38 45 4,011 2,483 1,528 1934—Dec. 31 10,028 4,024 90 1,124 ,090 49 1,671 55 13 9 108 105 5,715 3,809 279 1,628 1935—Mar. 4 10,036 3,974 83 1,090 ,077 48 1,677 48 12 9 122 106 5,766 3,724 376 1,666 June 29 10,151 3,967 87 1,053 J05 40 1,682 43 10 7 112 25 5,986 3,712 571 1,703 Nov. l._ 10,521 4,089 82 1,055 L, 103 44 1,806 34 13 12 111 9 6,253 3,892 655 1,706 Dec. 31 10, 780 4,144 96 1,057 094 46 1,851 34 19 10 120 21 6,432 4,076 656 1,701 1936—Mar. 4 10,655 4,071 101 1,027 1,096 43 1,805 31 18 9 120 30 6,375 3,958 656 1,761 June 30 11,306 4,242 115 1,044 1,101 40 1,941 31 16 7 113 34 6,863 4,349 651 1,863 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 31 8,780 3,849 14 996 1,026 2 1,810 27 5 2 92 50 4,756 2,108 355 2,293 1935—Mar. 4 8,749 3,786 16 966 1,018 2 1,785 25 6 2 109 64 4,757 2,020 448 2,289 June 29 8,739 3,798 13 932 1,020 2 1,831 21 3 2 116 18 4,780 1,931 553 2,296 Nov. 1 8,821 3,758 13 902 1,026 3 1,815 19 3 2 132 3 4,903 1,874 609 2,419 Dec. 31 8,919 3,754 13 894 1,035 2 1,810 17 3 2 135 7 5,002 1,940 623 2,439 1936—Mar. 4 8,885 3,716 15 865 1,043 2 1,791 17 3 1 145 14 4,989 1,873 630 2,486 June 30 9,446 3,850 17 861 1,078 2 1,891 16 2 1 152 16 5,407 2,163 640 2,605 Dec. 31 9,825 3,866 16 843 1,123 3 1,881 14 4 2 178 13 5,747 2,368 645 2,734 * Loans (secured by stocks and bonds) to brokers and dealers in securities. a 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

461 MAY 1937 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date b s s w F e e a R R e r e r n r i e e v a t v d - - k h e l e - s s C va i a n u sh lt b w m B a d t n e i i o a c s t k - l h - - s1 r o i e p e t t f l p d e i r e e i o o s n o c m c n s a - c r o s s - t l * - - b m D a t I e n i o n c s - k t - e s rb b a F e a n i o n g k r k n - s S U m G e t e a r n e o d n t i n v e - t t - - s f P u l u n ie b ds l C c c e o a f a e e i t o f n e t f s r r f d i e d h s t - i r ' - s s t p I p u i v n h c n o o a a o i e i d r n d r l p r r s a t i - - s - s - , - - , , j i d m u t e s D s a p t e n a e o - d d d s - - b D I a t n n i o c t k - e s rb b a F e a i n o n g k r k n - s P s i t n a a o g l v s - - s - f P u u l n i b c d - s s t p I p u i v n h c n o o a a o e i i d r n l r d p r r s a t i - - s - s - , - - , , r B o o w r- credit etc. etc. TOTAL—ALL MEM- BER BANKS 1929—Dec. 31_ _. 2,374 558 2,168 3,517 544 143 1,335 1,681 17, 526 16,647 95 154 122 595 12,267 879 1933—June 30 * 2,235 405 2,008 1,485 3,057 145 806 1,087 657 11,830 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 1935—Mar. 4 4,518 534 1,475 5,095 169 1,270 1,861 741 14, 872 15, 999 145 399 290 9,203 17 June 29 4,933 537 3,396 1,183 4,978 273 779 2,091 417 16,206 17,530 136 307 285 9,462 Nov. 1 5,662 541 3,760 1,756 5,558 361 650 2,251 686 17,327 18, 509 132 227 310 9,671 Dec. 31 5,573 665 3,776 2,255 444 844 2,139 882 18,035 18,801 151 218 361 9,680 1936—Mar. 4 5,784 624 3,970 1,718 6,148 394 600 2,173 779 17,927 19,161 152 167 344 9,784 11 June 30 5,607 713 3,944 2,147 5,986 465 1,037 2,320 789 19,322 20, 284 151 152 378 10,099 6 Dec. 31 6,572 697 4,066 2,533 6,402 432 2,329 881 20,970 21, 647 153 104 296 10,429 15 NEW YORK CITY • 1929—Dec. 31 827 179 2,406 1,198 464 20 128 1,180 5,847 4,750 133 18 1,112 1933—June 30 6 846 101 874 1,255 127 332 96 461 4,676 4,358 1 110 671 1934—Dec. 31 1,576 103 1,069 1,798 126 792 229 540 5,370 5,069 7 56 591 1935-Mar. 4 1,856 86 810 2,047 147 572 190 500 5,329 5,209 7 44 595 June 29 1,935 133 447 248 369 354 149 5,924 5,979 4 27 567 Nov. 1 2,590 109 873 2,203 327 219 468 413 6,104 6,112 4 680 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 2,493 225 285 457 7,274 6,929 4 679 CITY OF CHICAGO • 1929—Dec. 31 169 133 158 310 8 42 1,041 957 19 332 1933—June 30 5 232 203 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 B 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 5,961 135 72 251 3,853 June 30 1,763 289 1,907 763 2,551 513 733 152 6,419 6,641 135 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. 31 627 321 908 291 405 742 169 5,091 5,711 61 133 6,390 367 1933—June 30 s 452 203 702 149 228 116 555 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 29 920 236 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 1,017 268 1,757 187 433 93 965 106 4,252 5,136 95 82 4,938 June 30 989 322 1,727 256 410 207 1,008 121 4,567 5,440 87 80 5,094 Dec. 31,_._ 1,247 319 1,929 316 483 178 1,011 167 5,177 6,039 5,275 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933S includes time balances with domestic banks which oil that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on hand but not in process of collection, amounting on that date to $16,000,000. s 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, ess cash items reported on hand but not in process of collection. & Beginning June 1933 figures relate to licensed banks only. 6 Central reserve city banks. Back figures.—Bee Annual Report for 1935 (table 53). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 FEDERAL RESERVE BULLETIN MAY 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] Loam to customers (except banks) Open lo - a m n a s rket Investments Re- Date or month i T n lo a v o n a e t n d a s s l t- k b T 1 e r n o r O s - ot T h o ers Real- O lo t a h n e s r b L a o t n a o k n s s a c a n A e n c p c d e t - - s t L o o b a r n o s - U m . e S n . t t i o G o n o b s v li e g r a n - - Other s w F e e e r i r a t d v h l - e v C a i a n u s l h t d a w o B n m i c a t e l e h - s sments Total Y C N u i o u e t r y w k - i o c n t u i e r s s i e - - e lo st a a n t s e m cu e t s o r t s o 2 - b p c m o c a o u i p e m a g r e l h - - r t & C Y 6 i o r t s r y k i i n Total Direct a F g n u u t a e ll r e y - d se t c ie u s ri- b s a e -t n r te v k - e s ba t n ic ks TOTAL—101 CITIES 1936—March r21, 449 -•6,813 '198 2,076 1,147 '3,392 73 345 995 "13, 223 8,737 1,248 3,238 '4,361 '365 2,334 September 22, 520 7,238 212 2,035 1,143 3,848 92 315 983 13, 892 9,320 1,246 3,326 4,995 383 2,311 October.. 22, 566 7,403 218 2,025 1,142 4,018 55 315 945 13, 848 9,310 1,255 3,283 5,276 399 2,385 November 22, 444 7,429 215 2,024 1,148 4,042 62 323 941 13, 689 9,232 1,255 3,202 5,422 404 2,463 December 22, 760 7,607 227 2,034 1,154 4,192 64 338 1,021 13, 730 9,241 1,242 3,247 5,264 427 2,439 1937—January 22,734 7,567 235 2,007 1,153 4,172 59 379 993 13, 736 9,263 1,230 3,243 5,292 401 2,307 February 22, 600 7,529 235 2.021 1,150 4,123 72 399 982 13,618 9,118 1,212 3,288 5,326 387 2, 252 March.. 22, 610 7,711 240 2, 030 1,152 4,289 86 411 1,078 13, 324 8,802 1,206 3,316 5,205 359 1,998 1937—Feb. 10.. 22, 555 7,519 231 2,023 1,149 4,116 72 399 974 13, 591 9,121 1,216 3,254 5,351 397 2,231 Feb. 17 22, 589 7,518 227 2,013 1,149 4,129 76 400 974 13, 621 9,107 1,210 3,304 5,333 379 2,321 Feb. 24 22, 675 7,553 243 2,012 1,149 4,149 79 405 1,017 13,621 9,094 1,209 3,318 5,291 398 2,206 Mar. 3 22, 718 7,596 239 2,017 1,149 4,191 86 415 1,024 13, 597 9,067 1,208 3,322 5,171 374 2,055 Mar. 10 22,801 7,662 242 2,015 1,152 4,253 81 407 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 90 408 1,104 13, 361 8,828 1,213 3,320 5,327 350 2,075 Mar. 24 22,560 7,753 243 2,036 1,151 4,323 92 414 1,088 13, 213 8,696 1,205 3,312 5,112 362 1,963 Mar. 31 22, 273 7,811 241 2,051 1,157 4, 362 81 410 1,064 12, 907 8,396 1,199 3,312 5,173 346 1,879 Apr. 7 22,356 7,841 229 2,049 1,156 4,407 78 405 1,049 12,983 8,520 1,189 3,274 5,176 338 1, 924 Apr. 14 22, 293 7,881 217 2,048 1,153 4,463 74 395 1,044 12,899 8,457 1,183 3,259 5,381 353 2,018 Apr. 21. _ 22,268 7,883 218 2,047 1,156 4, 462 76 392 1,051 12,866 8,439 1,178 3,249 5,378 340 1,962 NEW YORK CITY 1936—March 8,391 2,089 63 750 135 1,141 39 158 960 5,145 3,479 519 1,147 2,138 51 77 September 8,753 2,229 75 707 132 1,315 60 114 936 5,414 3,830 456 1,128 2,354 52 72 October 8,687 2,326 78 705 131 1,412 24 123 906 5,308 3,761 461 1,086 2,461 55 74 November 8,622 2,354 77 710 130 1,437 30 135 901 5,202 3,721 461 1,020 2,575 58 78 December 8,750 2,429 75 712 130 1,512 34 140 978 5,169 3,666 451 1,052 2,509 63 86 1937—January. 8,606 2,409 75 709 130 1,495 28 146 949 5,074 3,555 452 1,067 2,565 56 81 February 8,543 2,399 74 731 129 1,465 43 136 943 5,022 3,455 453 1,114 2,670 53 80 March 8,651 2,483 74 733 128 1,548 55 133 1,037 4,943 3,319 452 L, 172 2,506 49 81 1937—Feb. 10 8,488 2,396 74 732 129 1,461 44 136 933 4,979 3,444 454 L, 081 2,697 57 77 Feb.17 8,538 2,387 73 725 128 1,461 47 136 936 5,032 3,447 452 1,133 2,677 50 81 Feb. 24 8,633 2,406 75 727 128 1,476 50 137 978 5,062 3, 466 451 1,145 2,648 54 82 Mar. 3 8,691 2,430 76 730 128 L,496 56 141 984 5,080 3,466 452 1,162 2,474 49 80 Mar. 10 8,752 2,461 76 725 128 1,532 50 135 1,071 5,035 3,421 447 1,167 2,500 50 78 Mar. 17 8,691 2,505 74 735 128 1,568 60 129 1,062 4,935 3,309 451 ,175 2,545 49 82 Mar. 24. 8,597 2,497 72 736 128 1,561 61 132 1,048 4,859 3,226 457 1,176 2,440 49 79 Mar. 31 8,524 2,523 73 739 127 1,584 51 126 1,019 4,805 3,171 456 1,178 2,569 49 85 Apr. 7 8,449 2,538 73 740 127 1,598 49 120 1,008 4,734 3,148 448 1,138 2,485 50 75 Apr. 14 8,386 2,557 72 736 127 1,622 45 112 1,004 4,668 3,106 442 1,120 2,622 54 77 Apr. 21 8,350 2,554 73 731 129 1,621 46 110 1,011 4,629 3,076 439 1,114 2,579 50 74 OUTSIDE NEW YORK CITY 1936—March '13, 058 r4> 724 "-135 1,326 1,012 % 251 34 187 35 '8,078 5,258 >729 2,091 '2, 223 '314 2,257 September 13,767 5,009 137 1,328 1,011 2,533 32 201 47 8,478 5,490 790 2,198 2,641 331 2,239 October _. 13, 879 5,077 140 1,320 1,011 2,606 31 192 39 8,540 5,549 794 2,197 2,815 344 2,311 November 13, 822 5,075 138 1,314 1,018 2,605 32 188 40 8,487 5,511 794 2,182 2,847 346 2,385 December 14,010 5,178 152 1,322 1,024 2,680 30 198 43 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 31 233 44 8,662 5,708 778 2,176 2,727 345 2,226 February 14,057 5,130 161 1,290 1,021 2,658 29 263 39 8,596 5,663 759 2,174 2,656 334 2,172 March 13, 959 5,228 166 1,297 1,024 2,741 31 278 41 8,381 5,483 754 2,144 2,699 310 1,917 1937—Feb. 10 14,067 5,123 157 1,291 1,020 2,655 28 263 41 8,612 5,677 762 2,173 2,654 340 2,154 Feb. 17 14,051 5,131 154 1,288 1,021 2,668 29 264 38 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 29 268 39 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 30 274 40 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 31 272 39 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 30 279 42 8,426 5,519 762 2,145 2,782 301 1,993 Mar. 24 13, 963 5,256 171 1,300 1,023 2,762 31 282 40 8,354 5,470 748 2,136 2,672 313 1,884 Mar. 31 13, 749 5,288 168 1,312 1,030 2,778 30 284 45 8,102 5,225 743 2,134 2,604 297 n, 794 Apr. 7. 13, 907 5,303 156 1,309 1,029 2,809 29 285 41 8,249 5,372 741 2,136 2,691 288 1,849 Apr. 14 13, 907 5,324 145 1,312 1,026 2,841 29 283 40 8,231 5,351 741 2,139 2,759 299 1,941 Apr. 21 13, 918 5,329 145 1,316 1,027 2,841 30 282 40 8,237 5,363 739 2,135 2,799 290 1,888 r Revised. i Loans (secured by stocks and bonds) to brokers and dealers in securities. * 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

463 MAY 1937 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 report- assets De- Date or month i c n t e e o i s d o p l s l n r e a o o c s i f c - - O as t s h e e ts r l T i i a t o i b e t i a s l l - D b o a t I m n ic n k e t s s e - rb F a b o n a r k n e k ig s n G U S m o n t v a e i e t t n e e r t n s d - c C h f e e i e t e r c c d t . k i- s, Other i j t m u s s — a te n a d d d * - m b D a I e n n o s k t - t i e s c rb b a F e a n i o n g k r k n - s Other r B i o n o w g r s - - l O i i a t t i b h e i e s l r - c t C a o a l u p a n i c t - - TOTAL—101 CITIES 1936—March 1,413 ,334 •31, 256 '5, 517 376 646 579 14,715 13, 882 133 4 4,923 13 838 3,512 September... 1,444 ,308 32,961 5,761 423 837 484 15, 922 14, 962 129 4 5,036 15 847 3,503 October 1,487 ,298 33,411 5,950 467 793 446 16,193 15,152 130 4 5,070 1 840 3,517 November... 1,663 ,318 33,714 6,106 448 548 584 16,441 15,362 130 5 5,032 1 880 3,539 December :, 787 ,370 34,047 6,025 435 601 617 16, 714 15, 544 130 5 5,045 11 909 3,555 1937—January ,548 ,349 33, 631 5,953 413 611 525 16, 539 15,516 132 3 5,052 3 837 3,563 February ,573 ,360 33, 498 5,854 410 409 573 16, 571 15, 572 134 4 5,094 1 880 3, 568 March ,602 ,356 33,130 5,546 428 369 573 16, 459 15,429 133 5 5,142 3 894 3,578 1937—Feb. 10 ,438 ,360 33, 332 5,820 403 434 538 16,452 15,552 133 4 5,095 885 3,568 Feb. 17 ,690 ,365 33, 677 5,905 410 383 590 16,704 15,604 133 4 5,093 3 884 3,568 Feb. 24 ,740 ,367 33, 677 5, 839 412 342 647 16,731 15,638 134 4 5,111 885 3,572 Mar. 3 ,540 ,367 33, 225 5,679 418 340 532 16, 509 15,501 136 4 5,167 2 860 3,578 Mar. 10 ,600 ,390 33,416 5,608 415 379 634 16,615 15, 649 135 4 5,147 1 903 3, 575 Mar. 17 , 659 ,333 33, 442 5,656 429 419 600 16, 600 15, 541 131 4 5,128 1 898 3, 576 Mar. 24 , 547 1.338 32,882 5,453 432 355 573 16, 310 15,336 133 5 5,129 4 908 3,580 Mar. 31 ., 666 1, 351 32, 688 5,332 447 353 525 16,261 '15,120 130 6 5,144 6 903 3,581 Apr. 7 ,406 1,352 32, 552 5,435 432 353 482 16,084 15,160 124 6 5,144 2 910 3,580 Apr. 14 ,611 1,333 32, 989 5,526 476 351 443 16,417 15, 249 121 6 5, 133 5 930 3,581 Apr. 21 1,323 32, 758 5,414 484 272 458 16, 362 15,333 117 6 5,146 1 915 3,583 NEW YORK CITY 1936—March 737 465 11,859 2,343 347 164 409 6, 229 5,901 3 542 11 348 1.463 September... 653 468 12, 352 2,399 387 192 313 6,674 6,335 4 575 14 367 1,427 October 644 462 12,383 2,444 427 172 277 6,667 6,301 4 610 351 1,431 November... 795 468 12, 596 2,529 408 102 402 6,756 6,363 4 583 1 369 1,442 December 878 492 12, 778 2,468 397 155 415 6,893 6,430 4 613 10 372 1,451 1937—January 714 493 12, 515 2,421 378 181 336 6,783 6,404 3 601 2 343 1,467 February 767 490 12, 603 2,392 375 138 398 6,825 6, 457 3 631 367 1,474 March 774 485 12, 546 2,233 392 131 388 6,492 3 680 369 1,472 1937—Feb. 10 704 12, 515 2,381 368 136 371 6, 786 6,453 3 628 367 1,475 Feb. 17 827 490 12, 663 2,408 373 135 412 6,854 6,439 3 632 371 1,475 Feb. 24 857 485 12,759 2,385 376 134 462 6,910 6,515 3 645 369 1, 475 Mar. 3 694 491 12,479 2,294 382 135 343 6, 804 6, 453 3 688 353 1,477 Mar. 10 838 508 12,726 2,280 378 134 459 6, 950 6. 571 3 674 377 1,471 Mar. 17 794 470 12,631 2, 289 395 136 410 6, 887 6, 503 3 671 371 1,469 Mar. 24 744 477 12, 386 2,195 397 124 402 6. 749 6, 407 4 672 372 1,471 Mar. 31 800 482 12, 509 2,107 410 124 327 6, 998 6, 525 4 695 372 1,472 Apr. 7 630 493 12,182 2,158 395 124 297 6,675 6,342 4 673 383 1,473 Apr. 14 675 469 12,283 2,197 439 124 269 6,706 6, 300 4 671 401 1,472 Apr. 21 611 467 12,131 2,138 448 266 6, 656 6.311 4 671 390 1,472 OUTSIDE NEW YOR CITY 1936—March 676 r19, 397 r3,174 482 170 '8, 486 r7, 981 133 1 4,381 2 490 2,049 September ... 791 840 20, 609 3,362 645 171 9,248 8,627 129 4,461 1 480 2,076 October 843 836 21,028 3,506 621 169 9,526 8,851 130 4,460 1 489 2,086 November. _ _ 868 850 21,118 3,577 446 182 8,999 130 I 4,449 511 2,097 December 909 878 21, 269 3,557 446 202 9,821 9,114 130 1 4,432 1 537 2,104 1937—January 834 856 21,116 3,532 430 189 9,756 9,112 132 4,451 1 494 2,096 February 806 870 20,895 3,462 271 175 9, 746 9,115 134 1 4,463 1 513 2,094 March 871 20, 584 3,313 238 185 9, 581 8,937 133 2 4, 462 3 525 2,106 1937—Feb. 10 734 20, 817 3,439 298 167 9,666 9,099 133 1 4,467 518 2,093 Feb. 17 863 875 21,014 3,497 248 178 9,850 9,165 133 1 4,461 3 513 2,093 Feb. 24 883 20, 918 3,454 208 185 9,821 9,123 134 1 4,466 516 2,097 Mar. 3 846 20, 746 3,385 205 189 9,705 9,048 136 1 4,479 2 507 2,101 Mar. 10 762 882 20, 690 3,328 245 175 9, 665 9,078 135 1 4,473 1 526 2,104 Mar. 17 865 20,811 3, 367 283 190 9,713 9.038 131 1 4,457 1 527 2,107 Mar. 24 803 20, 496 3,258 231 171 9,561 8, 929 133 1 4,457 4 536 2,109 Mar. 31 ••866 20,179 3,225 229 198 9, 263 r8, 595 130 2 4,449 6 531 2,109 Apr. 7 ••776 ••859 20, 370 3,277 229 185 9,409 '8, 818 124 2 4,471 2 527 2,107 Apr. 14 936 864 20, 706 3,329 227 174 9,711 8,949 121 2 4,462 5 529 2,109 Apr. 21 876 856 20,627 3,276 186 192 9. 706 9,022 117 2 4,475 1 525 2,111 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

464 FEDERAL RESERVE BULLETIN MAY 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to 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- 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 i a t n s y - Dallas F c S i r s a a c n n o - Y N o e r w k Ch g i o ca Loans and investments, total: Mar 24 22, 560 1,254 9,484 1,174 1,889 644 575 3,116 694 399 695 487 2 149 8,597 2 068 Mar. 31 . 22, 273 1,251 9,412 1,170 1,884 646 573 2,931 687 387 692 490 2,150 8,524 1,880 Apr 7 22,356 1,260 9,345 1,169 1,895 639 571 3,075 680 395 693 491 2 143 8 449 2 022 Apr 14 . _ 22, 293 1,270 9,285 1,169 1,894 630 571 3,056 683 398 695 486 2,156 8,386 1 996 Apr. 21 _ 22, 268 1,280 9,253 1,170 1,893 648 568 3,035 681 398 692 481 2,169 8,350 1,975 Loans to brokers and dealers in New York: Mar 24 1,088 15 1,056 9 1 3 1 3 1 048 1 Mar 31 - . _._ 1,064 16 1,031 9 1 3 1 3 1,019 1 Apr 7 1,049 16 1,017 9 3 1 3 1,008 1 Apr 14 1,044 16 1,012 9 3 1 3 1,004 1 Apr 21 1,051 16 1,019 9 3 1 3 1 011 1 Loans to brokers and dealers outside New York: Mar 24 243 29 74 19 17 4 9 56 6 2 4 3 20 72 50 Mar 31 241 28 75 18 14 4 8 59 5 2 4 3 21 73 52 Apr 7 229 28 75 17 14 4 7 50 6 2 4 3 19 73 44 Apr 14 217 25 74 17 12 4 7 45 6 2 4 3 18 72 40 Apr 21 218 25 75 17 12 4 7 45 5 3 4 3 18 73 40 Loans on securities to others (except banks): Mar 24 2,036 140 862 135 214 70 52 212 72 29 48 43 159 736 151 Mar 31 2,051 140 865 134 217 71 52 219 72 29 49 43 160 739 155 Apr. 7 2,049 140 866 135 218 71 53 213 71 29 50 43 160 740 152 Apr 14 2,048 140 862 135 220 72 53 210 71 29 49 43 164 736 149 Apr 21 2,047 142 857 135 220 71 52 210 71 30 49 43 167 731 150 Acceptances and commercial paper bought: Mar 24 414 79 155 30 15 10 5 37 12 12 23 2 34 132 15 Mar 31 410 82 149 29 15 10 5 38 12 12 23 2 33 126 16 Apr 7 405 83 142 28 15 10 5 42 12 11 22 2 33 120 20 Apr 14 395 83 133 26 17 10 5 42 12 11 23 2 31 112 20 Apr 21 392 86 130 25 17 10 5 42 12 11 22 2 30 110 20 Loans on real estate: Mar 24 1,151 84 239 62 178 27 26 76 44 6 19 23 367 128 14 Mar 31 1,157 85 238 64 178 27 27 76 45 6 19 23 369 127 15 Apr 7 1,156 84 238 63 178 27 27 76 45 6 19 23 370 127 15 Apr 14 1,153 84 238 62 178 27 26 76 44 6 19 23 370 127 15 Apr 21 1,156 84 240 62 178 27 27 76 45 6 19 22 370 129 15 Loans to banks: Mar 24 92 6 61 3 3 9 5 1 4 61 5 Mar 31 81 6 51 3 3 1 7 5 1 4 51 4 Apr 7 78 5 49 2 4 1 8 5 1 3 49 4 Apr 14 - . 74 5 45 2 4 1 7 5 1 4 45 4 Apr 21 76 5 46 2 4 1 8 5 1 4 46 4 Other loans: Mar 24 4,323 327 1, 725 190 248 124 175 564 149 116 154 145 406 1,561 402 Mar 31 4,362 323 1,750 192 253 125 176 569 150 117 154 146 407 1,584 403 Apr 7 4,407 330 1, 765 194 259 126 178 574 151 118 155 147 410 1,598 407 Apr 14 4,463 336 1,791 198 261 127 180 582 153 118 156 146 415 1,622 412 Apr 21 4,462 332 1, 790 203 261 128 179 579 152 116 155 145 422 1,621 409 U. S. Government direct obligations: Mar. 24 8,696 409 3,450 341 880 278 189 1,582 239 177 260 186 705 3,226 1,061 Mar 31 8,396 407 3,395 335 869 281 188 1,381 233 163 257 185 702 3,171 864 Apr 7 8,520 410 3,379 336 873 273 185 1,526 229 166 258 186 699 3,148 1,004 Apr. 14 8,457 417 3,341 335 868 263 184 1,503 230 168 259 183 706 3,106 976 Apr 21 8,439 429 3,316 335 867 280 184 1,478 229 166 260 184 711 3,076 954 Obligations fully guaranteed by U. S. Government: Mar 24 1,205 21 499 92 56 56 37 163 61 12 47 28 133 457 95 Mar 31 1,199 21 498 92 57 52 36 163 59 12 46 30 133 456 95 Apr 7 1,189 21 491 92 58 53 36 163 56 12 45 30 132 448 95 Apr 14 1,183 21 485 92 58 53 36 164 56 12 45 30 131 442 95 Apr. 21 . . 1,178 21 482 91 59 53 35 167 56 12 44 27 131 439 95 Other securities: Mar 24 _ _.. 3,312 144 1,363 293 278 75 81 414 106 45 138 57 318 1,176 274 Mar. 31 . 3,312 143 1,360 294 278 76 79 416 106 46 138 58 318 1,178 275 A.pr 7 3,274 143 1,323 293 276 75 79 420 105 51 138 57 314 1,138 280 Apr 14 3,259 143 1,304 293 276 74 79 . 424 106 52 138 56 314 1,120 284 Apr. 21 - 3,249 140 1,298 291 275 75 78 427 106 54 137 55 313 1,114 287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

465 MAY 1937 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued 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- Reserve with Federal Reserve bank: Mar. 24 5,112 260 2,550 274 303 131 740 125 156 106 301 2,440 541 Mar. 31 5,173 251 2,679 272 318 127 676 124 75 153 103 299 2,569 484 Apr. 7 5,176 271 2,607 307 309 132 694 125 71 156 103 304 2,485 507 Apr. 14 5,381 257 2,731 307 314 129 772 132 65 155 106 316 2,622 581 Apr. 21 5,378 257 2,694 305 310 129 130 137 155 100 307 2,579 635 Cash in vault: Mar. 24 362 93 65 18 19 10 12 10 19 27 Mar. 31 346 93 63 15 18 10 12 9 18 24 Apr. 7 338 73 66 15 19 10 12 10 19 26 Apr. 14 353 74 70 16 20 11 13 10 20 29 Apr. 21 340 72 66 16 40 19 10 12 10 18 29 Balances with domestic banks: Mar. 14 1,963 102 176 136 184 125 123 335 107 76 214 156 229 79 Mar. 31 n, 879 103 172 143 187 125 120 ••265 107 80 205 154 218 85 Apr. 7 'I, 924 110 161 150 187 132 127 ••300 111 75 208 154 209 75 136 Apr. 14 2,018 110 164 147 194 146 127 328 108 79 228 167 220 77 161 Apr. 21 1,962 107 157 148 195 126 118 333 105 64 227 167 215 74 161 Other assets: Mar. 24 1, 338 93 560 90 107 42 39 94 24 16 23 28 222 477 62 Mar. 31 "1,351 92 560 92 107 42 40 '101 24 16 23 29 225 482 67 Apr. 7 n, 352 92 570 91 107 42 39 100 24 16 23 219 493 67 Apr. 14 1,333 91 546 91 107 42 39 100 24 17 23 225 469 67 Apr. 21 1,323 544 91 107 41 39 24 16 23 28 223 467 ' 66 Demand deposits—adjusted: Mar. 24 15, 336 1,008 6,976 864 1,074 423 2,191 411 253 485 390 919 6,407 1,450 Mar. 31 •15,120 1,006 7,078 857 1,092 422 336 •1, 862 412 256 477 392 930 6,525 1,140 Apr. 7 •15,160 1,007 6, 917 1,085 424 337 % 075 407 251 477 385 912 6,342 1,367 Apr. 14 15, 249 1,006 6,857 1,097 426 337 2,156 415 254 487 394 940 6, 300 1,433 Apr. 21 15, 333 1,011 6,881 879 1,108 431 335 2,214 408 240 489 389 948 6,311 1,477 Time deposits: Mar. 24 5,129 280 1,074 263 715 197 178 853 181 123 147 120 998 672 450 Mar. 31 5,144 280 1,097 262 713 197 178 851 181 123 147 120 995 695 449 Apr. 7 5,144 283 1,073 274 717 198 178 854 181 123 146 120 997 673 451 Apr. 14 5,133 277 1,071 274 717 198 179 849 181 122 146 120 999 671 447 Apr. 21 5,146 278 1,072 284 716 198 179 181 122 146 120 1,001 671 447 U. S. Government deposits: Mar. 24 355 132 21 19 10 11 107 3 5 12 30 124 96 Mar. 31 353 132 21 18 9 10 107 3 5 12 31 124 96 Apr. 7 353 132 21 18 10 10 107 3 5 12 30 124 96 Apr. 14 351 132 21 18 10 10 106 3 5 11 30 124 96 Apr. 21 272 92 14 13 7 8 96 4 9 23 Interbank deposits, domestic: Mar. 24 5, 586 228 2,259 286 349 222 270 124 370 180 282 2,195 Mar. 31 5,462 222 2,171 292 348 206 219 813 261 123 364 176 267 2,107 Apr. 7 5, 559 235 2,222 297 354 212 224 799 263 126 372 185 270 2,158 579 Apr. 14 5, 647 238 2,265 299 352 213 225 817 263 127 384 186 278 2,197 594 Apr. 21 5,531 237 2,205 297 344 208 217 806 263 124 378 182 270 2,138 592 Interbank deposits, foreign: Mar. 24 437 402 4 1 1 6 1 14 401 5 Mar. 31 453 416 4 1 1 6 1 15 414 5 Apr. 7 438 401 5 1 2 6 1 14 399 5 Apr. 14 482 445 4 1 1 6 1 14 443 5 Apr. 21 490 453 4 1 1 1 15 452 5 Borrowings: Mar. 24 4 1 Mar. 31 6 2 Apr. 7 2 1 Apr. 14 5 5 Apr. 21 1 1 Other liabilities: Mar. 24 36 387 27 20 27 349 372 21 Mar. 31 903 34 386 27 17 33 345 372 25 Apr. 7 910 34 395 25 20 32 346 383 25 Apr. 14 930 34 414 25 20 31 350 401 24 Apr. 21 915 33 403 25 21 30 347 390 23 Capital accounts: Mar. 24. 3,580 236 1,605 226 343 353 328 1,471 234 Mar. 31 3,581 235 1,606 227 344 353 327 1,472 235 Apr. 7 3,580 235 1,608 227 342 354 325 1,473 235 Apr. 14 3,581 236 1,607 227 342 353 326 1,472 235 Apr. 21__. 3,583 236 1,607 227 342 353 328 1,472 234 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 FEDERAL RESERVE BULLETIN MAY 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 itor Cash Gash, Num 19 b 3 e 3 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: 179 9 6 164 End of month a b n a c l e - s1 Total i p n o s d i e - - Di- G a u n a - r- re- 1 19 9 3 3 5 4 ... _ _ _ 5 3 7 4 4 1 2 8 2 48 8 b t a o n r k y s Total o re b c li t - o te b e l d i- f e u t n c d 3 s, 1936... _ 44 1 40 3 ga- ga- 1937, Jan.-March 9 6 3 tions tions Deposits of suspended banks (in thousands of dollars):3 1930—June.. 175 185 148 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 1935 10,099 5,313 3,847 939 1933—June.. 1,187 1,207 977 131 131 1936 11,306 507 10, 207 592 1934—June_. 1,198 1,225 695 453 418 35 77 1937, Jan.-March 1,221 1,008 213 1935—June.. 1,205 1,236 385 777 630 147 74 1935—December... 1,201 1,237 287 853 706 147 97 'Represents licensed banks suspended; does not include non-licensed 1936—January 1,208 1,241 248 876 709 167 117 banks placed in liquidation or receivership after the banking holiday. February... 1,214 1,248 225 876 710 166 147 For statistics of latter see Annual Report for 1935 (table 69). March 1,216 1,251 221 902 736 166 128 2 Federal deposit insurance became operative January 1, 1934. April 1,215 1,248 216 925 759 166 107 a Deposits of member banks and insured non-member banks suspended May 1,214 1,248 211 940 773 167 97 are as of dates of suspension, and deposits of non-insured non-member June 1,232 1,265 203 967 800 167 95 banks are based on the latest data available at time of the report of closing July 1,244 1,279 172 972 805 167 135 of the banks. August 1,249 1,283 166 972 805 167 145 September.. 1,251 1,285 162 982 815 167 141 Back figures.—See Annual Report for 1935 (table 69). October 1,255 1,290 158 ,011 844 167 121 November.. 1,257 1,293 145 ,029 862 167 119 December _. 1,260 1,296 145 ,058 891 167 93 BANK DEBITS 1937—January '1, 266 February... '1, 270 March '1,271 [Debits to individual accounts. Amounts in millions of dollars] p Preliminary. No. of 1937 1936 1 Outstanding principal, represented by certificates of deposit. Does Centers not include accrued interest nor outstanding savings stamps. Mar. Feb Mar. 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 1 20, 398 16, 907 19, 629 masters. Outside New York City.. 140 21, 605 17, 620 17,866 Back figures.—See BULLETIN for August 1935, p. 502, Federal Reserve districts: Boston 2,226 1,951 2,064 New York 21,131 17, 588 20, 200 Philadelphia 2,096 1,525 1,549 Cleveland 2,148 1,773 1,664 Richmond 763 649 618 Atlanta 972 819 740 Chicago 6,011 4.615 5,091 St. Louis 1,037 835 845 Minneapolis 616 520 542 Kansas City 1.174 967 974 Dallas 733 640 604 San Francisco 3,096 2,645 2,604 Total 141 42, 003 34. 526 37,496 Back figures.—See Annual Report for 1935 (table 68.5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 467 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS9 BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding j Com- By holders By classes ! mer- | cial Based on goods End of month ' | | i s p o t a a u p n t e d - r - s T t o i a o n u n t g t a d - l - Held b b y O a n w a k c n s ceptin B g ills o H th b e e y l r d s2 B p i i a o n o m s r n t e o t - s d o B p f n r a o o s r m e e ts x d - c D h e o a x l n l - g ar e s b to e r t e w d e e in n o p r o F s i o h n r i t e p s i p g in e n d Total bills bought U. S. U. S. U. S. countries 1936—February. 176 377 340 172 168 114 March 180 359 321 150 171 113 87 April 174 344 310 143 167 111 89 May 184 331 297 155 142 110 82 June 169 316 276 129 147 107 85 July 188 316 278 131 147 105 84 August 205 308 279 140 139 104 79 September. 197 315 276 139 137 107 76 October 199 330 296 150 147 110 77 November. 191 349 309 157 152 112 76 December. 215 373 315 151 164 126 76 1937—January... 244 387 325 154 171 141 77 February. 268 401 340 160 180 158 77 March 290 396 316 150 166 160 76 1 As reported by dealers; includes some finance company paper sold in open market. » Since April 1935 Federal Reserve banks have not held any dollar acceptances for own account or for account of foreign correspondents. Back figures.—See Annual Report for 1935 (tables 66 and 67). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances* Other credit balances Debit Debit End of month Customers' balances in balances in Cash on debit partners' firm hand Money In In balances investment investment and in bor- partners' firm In (net)i and trading and trading banks rowed 2 Other invest- invest- capital accounts accounts Free (net) ment and ment and accounts trading trading (net) accounts accounts 1935—September 1,098 119 182 771 257 396 December. 1,258 135 179 930 286 79 410 1936—February- 1,290 147 208 908 425 March 1,351 168 181 995 303 429 April 1,295 173 268 1,033 301 426 May -_ 1,257 159 229 970 282 422 June _ 1,267 164 219 985 276 420 July 1,295 158 221 981 287 422 August 1,287 142 213 967 283 423 September. 1,317 141 227 995 289 423 October 1,333 151 235 318 428 November. 1,364 150 260 346 110 435 December. 1,395 164 249 1,048 342 103 424 1937—January 1,433 162 243 1,028 372 118 428 February. _ 1,482 188 230 1,084 366 116 418 March 1,549 175 223 1,172 346 115 419 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 FEDERAL RESERVE BULLETIN MAY 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 es n d e d 1 r v 3 a e a d v o A a f n c th c 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 t U 3 p o o n a b f i r t l t e a i h g d g e a r t a F S i p o e t h n a d s t e e o o r s f a f l Federal Reserve Bank Reserve Act) A R p a r. t e 30 be I g n in ef n fe in ct g- v P r i a r o t e u e - s A R p a r. t e 30 be I g n i n e n ff i e n c g t - A R p a r. t e 30 be I g n i n e n ff i e n c g t - Boston Feb. 8,1934 Sept.20,1935 Oct. 20,1933 New York Feb. 2.1934 Oct. 10,1935 Feb. 8,1934 Philadelphia.. __ Jan. 17,1935 Nov. 2,1935 Oct. 20.1933 Cleveland I* May 11,1935 Oct. 19,1935 May 11,1935 Richmond May 9.1935 Sept.23,1935 Feb. 19.1934 S S M A C D K a t h a t a . i n l n l i n a L l c n s a n F a o a s e t g r u s a a a o i p s n C . _ o c i l i t i s y s co._. 2 2 2 2 2 2 2 J J J M M M F a a a e n n n a a a b y . . . y y . 1 1 1 1 1 3 9 8 4 4 0 6 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 4 5 5 5 5 5 5 A S S O O S O e e e u c c c p p p t t t g . . . t t t . . . . 2 2 2 1 2 0 9 4 3 8 0 6 , , , , , , ,1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 5 5 5 5 5 5 5 A M O F M M O e p c c a a a b t t r y r r . . . . . . 2 1 1 1 1 1 1 1 5 6 0 7 9 2 . . , , , , . 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 5 3 3 4 5 3 4 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 Apr. 30, 1937. [Percent per annum] [Percent per annum] Advances to financ- Maturity e R A ff a p ec t r e t . 3 i o n 0 n In g in ef n fe in c g t — be- Pre ra v t i e ous A d d ir v e a c n t c t e o s ing institutions— Commit- Federal Reserve Bank industrial On por- ments 4 1 3 6 1 6 1 1 - 6 1 - - - - 4 9 6 3 5 5 0 0 0 d d d d d a a y a a a y s y y y s s s s — K . . . . . . . . . . . _ O .. _ . c _ . t _ d . d d d o o o o 20, 1933 1 1 1 1 1 g m a o e n r r i c z c i a o a t l m i o o - n r s - o t i w b t i n i o l s o h i n t g n i i c a t f i u o h t s e - r d m p O o a n r in t i r i o e n n - g a t d o v m an a c k e e s 91-120 days.. do 1 121-180 days. Boston 3^-6 3 New York .. 4-6 3 4-5 1-2 Philadelphia 4-6 3 1 This rate also applies to acceptances bought under repurchase agree- Cleveland 43^-6 33^ 4 1 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 b s 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 la a s c s c e e s p o ta f n b c i e l s l s. payable in R A 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 ,- -2 1 Back figures.—See Annual Report for 1935 (table 41). St. Louis 4-5^ 4 Minneapolis.. 6 43^-5 1 Kansas City 4-6 4 4 Dallas 5-6 4 5-6 1 MAXIMUM RATES ON TIME DEPOSITS San Francisco . 5-6 3-4 4-5 Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. * 2 S A a u m th e o a r s iz 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 rate. [Percent per annum] a 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 Aug. 15, Mar. 1, S P O a o t v h s i t e n a r l g s S t i a d m v e e i p n o g s d s i e t d s p e o p si o t s s i ts pay- Clas a se n s d o b f a d n e k p s osits A Pr u 1 i g o 9 . 3 r 6 1 t 5 o , Fe 1 1 b 9 9 . 3 3 6 2 7 - 9, A 1 p 1 9 r 9 3 . 3 7 3 7 - 0, an M d 1 a 9 a y 3 f 7 t 1 , er able in: 6 months or more 90 days to 6 months On net demand deposits:* Less than 90 days Central reserve city. 13 19H 22% 26 Reserve city 10 15 20 Country 7 10H 12K 14 NOTE.—Maximum rates that may be paid by insured nonmember e b f a f n ec k t s i ve 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 e a re F e th d e e r s a a l m D e e a p s o s th it o s I e n s n u o r w an i c n e ef C fe o c r t 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 ber banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by i See footnote to table on page 456 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

469 MAY 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 Year, Prime Prime Stock- Stock ex- u. s. yield on New York City: month or 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 date mercial ers' change loans ury 273- Treas- February 5.73 5.35 4.31 4.71 4.11 3.43 2.90 2 56 2.41 paper, accept- time day bills ury March _ 5.81 5.22 4.20 4.72 4.88 3.31 2.64 2.61 2.50 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 XT Re- within notes May 5.88 4.74 4.11 4.55 4.24 3.42 2.69 2 51 days days .New 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 4.42 3.93 3.30 2.61 2.44 August 6.05 4.41 3.97 4.45 3.97 3.33 2.67 2.42 1934 average.__ 1.02 .25 .90 1.00 1.00 i .26 2.11 6.06 4.29 3.93 4.30 3.79 3.26 2.72 2.40 1935 average.__ .76 .13 .56 .56 .56 2.14 1.28 October. fi 08 4.26 4.27 4 35 3 76 3 38 2.72 2.46 1936 average- _ .75 .15 1.16 .91 .91 .14 1.11 5.86 4.17 4.67 4.12 3.52 3.22 2.77 2.43 December 5.74 4.16 4.64 4.22 3.48 3.18 2.61 2.43 1936—Feb H 1 .75 .75 08 1.15 Mar % % 1 .75 .75 .11 1.09 Year 5.88 4.69 4.22 4.49 4.02 3.33 2.70 2.49 Apr y& 1 .75 .75 .10 1.10 8 other northern and May ____ 1-1K .93 .93 .18 1.09 eastern cities: June H ^g IX 1.00 1.00 .23 1.12 January 5.87 5.88 4.61 5.07 4.89 4.65 4.08 3.62 3 36 July .... H IX 1.00 1.00 .14 1.17 February 5.86 5.66 4.63 5.13 4.84 4.49 4.02 3.63 3 43 Aug % «/l6 IK 1.00 LOO .18 1.12 March 5.91 5.47 4.62 5.14 5.39 4.52 4.05 3.60 3.34 Sept Vie IX 1.00 1.00 .16 1.09 April 6 00 5.22 4.57 5 10 5 09 4 52 3.99 3.47 Oct. .... % Vie IX 1 00 00 .13 1.12 May 6.09 5.13 4.55 5.14 4.99 4.39 3.88 3.45 Nov % Vie IK 1.00 .00 .10 .99 June fi 02 5.06 4 49 5.13 4 97 4,30 3 78 3.51 Dec. .... M Vie IX 1 00 1.00 .21 1.04 July 6.08 4.81 4.48 5.05 4.82 4.15 3.87 3 61 August 6 11 4.79 4.47 5.12 4 68 4 12 3.79 3.47 1937—Jan *ht-X IX 1.00 1.00 .36 1.18 September 6.24 4.74 4.48 5.03 4.65 4.11 3.75 3.45 Feb % Vie IX 1.00 LOO .38 1.22 October 6 25 4.75 4 6? 4 96 4 51 4 13 3.75 3.50 Mar. _ _ 5/i6-Vn •IX 1.00 LOO .58 1.42 November 6.12 4.66 4.87 4.88 4.54 4.08 3.63 3.47 December 5.94 4.68 4.91 4.88 4.59 3.98 3.67 3.46 Week ending: Feb. 6 % Vie IX 1.00 LOO ' .37 1.19 Year 6.04 5.07 4.61 5.05 4.83 4.29 3.86 3.52 Feb. 13____ X Vie IX 1.00 LOO .37 1.20 27 southern and Feb.20._._ X Vie IX 1.00 LOO .39 1.24 western cities: Feb. 27.... X Vie VA 1.00 LOO .40 1.26 January 5.94 6.12 5.50 5.61 5.60 5.40 4.95 4.47 4 16 Mar. 6 X Vie IX 1.00 LOO .45 1.30 February 5.96 6.05 5.43 5.61 5.56 5.39 4.84 4.51 4.15 Mar. 13.... X Vie IX 1.00 L.00 .53 1.40 March 6.04 5.98 5.40 5.64 5.66 5.40 4.85 4.44 4 15 Mar. 20____ H Vie-Vie IX 1.00 LOO .71 1.50 April.. 6 07 5.86 5.36 5 63 5 68 5.34 4.80 4.40 Mar. 27— U-i Vie IX 1.00 1.00 .64 1.50 May 6.10 5.75 5.26 5.64 5.66 5.28 4.79 4 43 Apr. 3 1 Vie 1M 1.00 1.00 .66 1.57 June 6.16 5.69 5.34 5.62 5.62 5.19 4.76 4.39 Apr. 10 1 Vie IX 1.00 1.00 .67 1.66 July 6.17 5.63 5.30 5.63 5.54 5.07 4.58 4 35 Apr. 17 1 Vie IX 1.00 1.00 .70 1.60 August 6.22 5.58 5.28 5.68 5.53 5.05 4.63 4.25 September 6.27 5.55 5.32 5.63 5.55 5.04 4.51 4 29 October 6.29 5.54 5.38 5.56 5.50 5.05 4.55 4.23 i 91-day and 182-day bills. November 6.29 5.50 5.53 5.55 5.42 4.93 4.51 4 24 2182-day and 273-day bills. December.._ _ . 6.20 5.43 5.56 5.60 5.43 4.92 4.55 4.14 Back figures.—See Annual Report for 1935 (tables 42 and 43). Year 6.14 5.72 5.39 5.62 5.56 5.17 4.69 4.35 BOND YIELDS1 [Percent per annum] Corporate * Year, month, or date T U r . e a S s . - M i u p n a i l c- By ratings By groups ury 2 grade) 3 Total Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of issues 7-12 15 120 30 30 30 30 40 40 40 1934 average 3 10 3 95 4 96 4 00 4 44 5.08 6.32 4.52 4.96 5.40 1935 average 2.70 3. 16 4.46 3.60 3.95 4.55 5.75 4.02 4.95 4.43 1936 average 2.47 2.68 3.87 3.24 3.47 4.02 4.77 3.50 4.24 3.88 1936—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 March . 2 50 2 72 3 87 3 32 3 50 3.98 4.69 3.55 4.17 3.90 Mar. 24 2 64 2 79 3 95 3 38 3 57 4 05 4.78 3.61 4.25 3.97 Mar. 31... 2 71 2 84 3 93 3 37 3 55 4.02 4.76 3.61 4.23 3.94 Apr. 7 2 75 2 86 4 00 3 45 3.58 4.08 4.90 3.68 4.31 4.02 Apr. 14 2 73 2 85 3 98 3 42 3 58 4.06 4.86 3.66 4.29 3.99 Apr. 21 2.72 2.80 3.94 3.38 3.56 4.01 4.80 3.62 4.25 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. 4Moody's Investors Service, revised series. Because of limited number of suitable issues, ess 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

470 FEDERAL RESERVE BULLETIN MAY 1937 BOND PRICES l STOCK PRICES1 Corporate3 Preferred Common stocks (index, 1926=100) U. S. stocks Year, month, or date Treas- Year, month, or date (indusury* 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 )8 h- Total In tr d i u al s- R ro a a i d l- Utility Number of issues 15 20 20 20 Number of issues 20 419 347 32 40 1934 average 103.5 97.3 81.9 83.8 87.8 1934 average 120.7 72 81 1936 average 106.0 109.4 88.2 79.4 98.2 1935 average 133.8 78 91 71 1936 average 107.0 117.8 97.5 92.2 94.7 105.4 1936 average- 138.9 111 127 104 1936—March 106.6 116 0 96.6 92.1 92.7 105.1 1936—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 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 99.9 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 March 105.2 116.9 98.5 93.5 98.3 103.6 March 138.0 130 153 106 Mar. 24.... 103.7 115.7 97.5 92.7 102.8 Mar. 24.._. 136.8 126 148 103 Mar. 31_._. 103.0 114.8 97.5 92.8 96.7 103.1 Mar. 31.__. 137.1 128 150 103 Apr. 7 102.5 114.4 96.4 91.9 94.9 102.4 Apr. 7 136.3 122 143 100 Apr. 14__._ 102.8 114.6 96.6 91.8 95.4 102.6 Apr. 14.... 136.1 124 146 100 Apr. 21 102.8 115.5 97.2 92.3 96.5 102.7 Apr. 21.... 136.4 125 147 100 I 1 Monthly data are averages of daily figures except for municipal bonds, 1 Monthly data are averages of Wednesday figures. which are averages of Wednesday figures. 1 Average derived prices. 8 Average prices of all outstanding bonds due or callable after 8 years. • Prices derived from average yields. Source.—Standard Statistics Co. Source.—U. S. Treasury bonds, based on price quotations from Treas- Back figures.—See Annual Report for 1935 (table 73). ury Department; for other bonds, Standard Statistics Co. Back figures.—See Annual Report for 1935 (table 73); for U. S. Treasury bonds, see BULLETIN for May 1936, p. 317. CAPITAL ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Total Total Y m e o a n r t o h r f i u r n n e g - d ) - m a ( f e d o n s 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 i o gn r- 1 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 - C B o o rp n o d r s ate e F ig o n r- 1 eign) n p i a c l i- a c g ie e s n * - Total n a o n t d es Stocks eign) n p ic al i- cies* Total n a o n t d es Stocks 1927 9,774 7,556 6,219 1,475 87 4,658 3,184 1,474 1,337 2,218 1,978 35 93 1,850 1,586 264 241 1928 9,898 8,040 6,789 1,379 64 5,346 2,385 2,961 1,251 1,858 1,620 36 0 1,584 1,054 530 238 1929 11,513 10,091 9,420 1,418 0 8,002 2,078 5,924 671 1,422 1,387 13 0 1,374 542 833 35 1930 7,619 6,909 6,004 1,434 87 4,483 2,980 1,503 905 709 527 53 0 474 451 23 182 1931 4,038 3,089 2,860 1,235 75 1,551 1,239 311 229 949 893 21 51 821 789 32 56 1932 1,751 1,194 1,165 762 77 325 305 20 29 557 498 87 93 319 315 4 59 1933 1,063 720 708 483 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 0 9 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—Mar.__. 763 128 128 58 11 59 46 13 0 635 616 71 9 536 525 11 19 Apr 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 '603 r241 ••241 146 0 r95 '64 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 Mar.___ 382 185 185 47 0 138 99 39 0 197 197 12 4 181 162 19 0 r Revised. 1 Includes issues of noncontiguous U. S. Territories and Possessions. * 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 —See Annual 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

MAY 1937 FEDERAL RESERVE BULLETIN 471 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 Mar. 31, 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 Bonds' Notes C ic e a r t t e if s - Bills June 1932 19,487 19,161 14, 250 1,465 2,831 616 326 Total 34,064 21, 273 10, 357 231 2,203 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 July 1 919 19 901 June 1935 28,701 27,645 14,936 10, 501 156 2,053 1,056 July 1-Sept. 30 1 ~~ 817 651 Oct. 1-Dec. 31 651 651 1936 1938—Jan. 1-Mar. 31 732 732 February 30, 520 29,646 14,713 12, 270 258 2,405 874 Apr. 1-June 30 618 618 March 31, 459 30, 591 15, 981 12, 400 258 1,953 868 July 1-Dec. 31 596 April 31, 425 30, 601 16,005 12, 383 259 1,953 825 1939 2, 762 2,762 May 31, 636 30, 822 16,030 12, 381 258 2,153 814 1940 2,854 2,854 June 33, 545 32, 756 18, 395 11,861 146 2,354 790 1941 2,219 834 1,385 July 33, 436 32, 672 18, 295 11,906 117 2,353 764 1943 898 898 August 33, 377 32, 621 18, 274 11, 886 107 2,353 757 1945 1, 401 1,401 September.. _ 33,831 33,086 19, 257 11,370 106 2,353 745 1946 1, 519 1,519 October 33, 830 33,081 19,255 11, 368 105 2,354 749 1947 1,697 1,697 November 33,791 33,085 19, 262 11,366 104 2,353 706 1948-1952 4, 328 4,328 December '34, 405 r33, 699 r20, 575 10,804 117 2,203 707 1953-1957 5, 694 5, 694 1958-1961 3, 643 3,643 1937 Special issues: January '34, 503 '33, 822 20, 597 10, 847 125 2,253 681 U. S. savings bonds 722 722 February 34, 601 33, 926 20, 644 10, 868 161 2,253 675 Adjusted service bonds___ 418 418 March.. 34, 728 34, 064 21, 273 10, 357 231 2,203 i 664 All other 2 925 119 r Revised. 1 Issues classified as of date of final maturity; most issues callable at i Includes $332,000,000 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 $472,000,000 on Mar. 31, 1936. at option of holder. 2 Includes such issues as postal savings bonds and notes, retirement fund notes, and 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 Period Receip c M e ts l i l s a - - GeneralJ Expenditu R r e e c s o 3 very and relief E ( c o + x e f i c ) p r e o e t s s - r s c ( e c o e o + x e a t f u c i c c ) p e r n - . o e * s t t s - s r s, I c n r c e r a e p s a e e s r e i d o u o d r r in d g e- Total c ta o I x n m e - e s n i r n n e e n t o v u a e u e e l r - - s ot A he ll r Total e I p d 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 he ll rs p t e ( u ( e - n - r x ) d e - 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 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 5 4, 436 3,291 985 2,092 213 -4,3616 +123 +840 +5, 078 9 months ending: March 1935 2, 863 793 1, 267 803 4,909 560 1,744 2,605 1,715 816 74 -2, 046 + 146 -136 +1, 764 March 1936 3,100 1,046 1, 536 518 4,968 538 2,000 2,430 900 1,263 267 -1,868 +135 + 1,025 +2, 758 March 1937 3,728 1,507 1,637 585 5,442 596 2,711 2,135 73 2,235 « 173 -1,713 -92 -856 +950 1936—March 752 412 291 48 570 131 226 214 11 254 6 51 +181 -22 +1,099 +939 April 231 36 152 43 614 72 228 314 33 259 22 -383 -7 -424 -34 May 256 35 158 63 558 8 258 291 21 264 7 -302 +7 -84 + 211 June.. 529 310 164 55 2,337 132 51,949 256 32 306 «83 -l,8076 -12 +323 +2,142 July 294 39 201 54 412 10 320 82 35 275 6 228 -118 +2 -451 -335 August 343 32 264 47 551 26 273 252 14 247 -208 -55 -327 -63 September 499 288 161 50 144 255 268 8 252 -169 (7) +284 +452 October 272 27 186 60 74 292 315 5 277 32 -409 -15 -424 (7) November 233 33 148 52 535 8 267 260 2 260 6 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 e4 -279 — / -187 +99 March 1,012 700 188 123 754 159 388 208 2 224 e 18 +257 -98 +287 +127 1 Includes customs, processing taxes, taxes under Social Security Act, and miscellaneous receipts. J 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. 5 Expenditures include $1,673,000,000 of payments to veterans under the Adjusted Compensation Payment Act of 1936. • Excess of credits. » Less than $500,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

472 FEDERAL RESERVE BULLETIN MAY 1937 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, FEBRUARY 28, 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 s F t C r i u n o c a rp t n i o c o - e n m C C o o r r e d p d i o t i y t - A W i d st o m r r a k i - n s - in c t r u s e t r i d a t i u l t - Other in m g s a o t g i r t e t u - - i c n f r a s e t r i d m t i u t - in m g s a o t g i r t t e u - - Other Fe 1 b 9 . 3 7 28, Ja 1 n 9 . 3 7 31,Fe 1 b 9 . 3 6 29, ration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions 346 1 141 6 494 505 630 Preferred stock, etc 608 (0 3 138 746 762 869 Home mortgage loans ... 2, 699 2,699 2,729 2,943 Farm mortgage loans 2 930 2,930 2, 932 2,932 Other agricultural loans.. 1 204 24 138 216 0) 584 590 696 All other loans 809 137 259 1,204 1,193 1,124 Total loans and preferred stock 1, 764 204 137 24 398 2,930 216 2,978 6 8,657 8,711 9,194 Cash 4 0) 6 67 93 20 51 22 264 246 363 United States direct obligations- 4 30 47 94 4 335 514 511 460 Obligations of Government credit agencies: Fullv guaranteed by U S. 15 0) 74 C1) 101 195 195 217 Prod O u t c h t e io r n 2 credit association class 26 2 (2) 2 30 30 28 A stock 75 75 75 74 Accounts and other receivables 30 C1) 1 32 169 3 42 4 282 283 269 All other assets 6 0) 18 0) 215 155 0) 3311 13 718 702 466 Total assets other than interagency 2 1,804 205 155 152 742 3,395 407 3,392 483 10, 735 10, 754 11,072 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... 252 0) 1,422 2, 993 4, 667 4,687 4, 662 Other 2 2 1 177 148 1 (l) 1 327 1,324 1,364 Other liabilities (including reserves) 53 2 5 43 164 3 132 87 489 449 317 Total liabilities other than interagency 2 305 2 5 45 2,763 151 3,127 87 6,483 6,461 6,343 Excess of assets over liabilities, excluding interagency transactions.. 1,499 203 155 147 698 632 257 266 396 4,252 4,293 4,728 Privately owned interests 168 3 33 139 343 341 343 U. S. Government interests 1, 499 203 155 147 698 464 254 233 257 3, 908 3,952 4,386 1 Less than $500,000. 2 Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. 3 Shares of Federal savings and loan associations subscribed by HOLC are classified in "Preferred stock, etc." Shares held by U. S. Treasury amounting to $48,000,000 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 dollars] Mar. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28, Mar. 31, 1936 1936 1936 1936 1936 1937 1937 1937 Loans to financial institutions 423,061 355, 539 344, 591 330, 883 325, 620 313, 335 304, 815 i 295, 654 Loans on preferred stock of banks and insurance companies.. 46, 720 48, 216 47,807 47, 586 43, 509 41, 796 41, 465 2 41,379 Preferred stock, capital notes, and debentures 851,086 668,615 662, 587 658, 654 650, 777 630, 272 607, 777 596, 998 Agricultural loans 21, 873 1,385 1,326 1,273 1,369 1,327 1.405 1,461 Loans to railroads (including receivers) 389, 239 349,261 353,810 345,190 345,980 345, 502 345, 447 340, 367 Loans for self-liquidating projects 160, 951 185, 829 190, 569 194,184 195,044 200,181 206, 721 208, 496 Loans to industrial and commercial businesses 48, 287 57, 690 60,945 61, 645 63, 592 63, 079 63, 838 63, 493 Loans to drainage, levee, and irrigation districts 53, 420 61, 778 62,632 63,125 64,343 65,164 66, 553 67,744 Other loans 3,917 3,037 1,935 1,928 1,943 1,949 2,050 Securities purchased from Public Works Administration 151,593 140, 478 145', 635 136,850 118,822 113,076 108, 714 121, 622 Total loans and investments, other than interagency___ 2,150,148 1,871,828 1, 871, 7821, 841, 3251, 810, 9841, 775, 6771, 748, 6841, 739, 265 Loans to Federal land banks 34,723 30,933 27,993 27,620 24, 750 22, 784 22,191 14, 517 Loans to Commodity Credit Corporation 297,279 95, 809 97, 916 98, 417 98, 721 135, 024 129, 320 79, 688 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 16, 725 32, 202 33,996 35, 701 37, 406 38,670 39, 233 43, 769 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, 508, 8752,147, 771 2,148, 786 2,120,163 2,088,961 2,089, 255 2,056, 82531,994, 837 1 Includes $93,000,000 of loans for distribution to depositors of closed banks. 2 Includes $501,000 of preferred stock instalment sale contracts. 3 Includes $598,000 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

473 MAY 1937 FEDERAL RESERVE BULLETIN FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mo b r y tg - age loans F c e re d d e i r t a l b a in n t k e r l m oa e n d s i a t t o e Loans to cooperatives byand discounts for— 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 s c p c R r o r c o r o e c e u e r d a d i g a l d a g u i t i t i t t u o r i t c i i o r n o t - c a n i a a n o o l s s l s r n - , , - f c i i e n o n O t x i a o s o t c n t p h n i e c e t e s p u r i r , n a t - - g ti P a o s r t n s i o o o d c n c u r i s e a c d - - it t R i u a t r r e g a c a g t r o l i i i o c o r c p u n n r o l e s a - - d l c d r E g r l o o o e m p a n u e n c g a r s y n h - d t m F b c i e e n r a d e d t n e e d i k r a r i - a s t te l B in C c a a c B o t e n l i o a u n k v p n d t s e e r k i s a r n f , - 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 v l n c t l - d t - and banks tives 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 r47,162 94,096 43,400 172,489 2,731 50,013 44,433 1936-March 2,059,978 817,899 122,849 '48, 741 116,392 39.617 167,826 2,074 41,083 44,306 April 2, 061, 881 823,110 132, 715 r50, 672 127, 511 38, 665 175,151 1,685 40, 015 43, 523 May 2, 062, 986 827,052 140,177 '52, 914 135, 467 37, 711 176, 789 932 39, 688 41, 696 June 2,064, 037 827, 248 144,155 '54, 012 139,468 36,026 176,234 247 39, 500 44, 556 July 2.064, 759 829, 464 146, 243 '55, 050 140, 982 34, 610 174, 207 225 43,018 44,431 August 2, 067,106 831, 892 144, 423 '54,884 135, 603 33,042 172, 863 314 44, 345 44,025 September. 2,067, 711 833, 906 138, 653 '50,099 122,004 31, 216 171, 320 405 56, 267 October ... 2, 067, 647 835,187 135, 791 r43, 946 110,775 28, 664 168 688 758 71,150 51,348 November. 2.065, 719 836,194 131,644 '41,277 105, 441 26, 491 , 1,336 72, 500 56,216 December. 2,064,158 836, 779 129, 872 '41,017 105, 212 25, 288 166, 291 1,641 69, 647 53, 754 1937—January.... 2,061,472 836,062 125,825 '40, 080 106,081 24,454 164, 887 1,486 64,411 54,322 February. _ 2, 060, 233 S35, 509 130,139 '41, 061 114,551 24, 249 163, 868 1, 359 60, 356 52, 359 March 2,057,930 833, 821 144, 250 42, 367 131,905 23,892 163, 250 1,305 56, 736 51,810 174,709 ' Revised. 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 * [Loans in thousands of dollars] AMOUNTS OUTSTANDING, BY AGENCIES [In millions of dollars] Home mortgage loans by— Federal savings and Federal Federal Home Reconloan associations home Farm Owners' struction loan End of month otal Mortgage Loan Finance End of month Home bank Corpora- Corpora- Corpora- Owners' Number of loans to tion tion tions Loan Cor- associations member poration l Re- p L o o r r e a t - e n d 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 80 3 980 1,834 2 1 4 8 9 0 Total p i o n r g t- 1935— N O o c v t e o m be b r. e ._ r. . 4 4, , 4 4 2 6 1 0 L L , , 3 3 8 8 7 2 2 2, , 8 7 1 8 9 6 2 2 5 5 3 3 December. 4,494 L, 387 2,855 252 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 , 3 8 9 9 4 7 , , 0 1 3 6 8 2 1,0 6 2 3 3 9 4 8 5 8 5 1 31 6 5 9 , , 7 6 3 8 4 3 10 8 8 2 5 6 , , , 4 6 7 4 5 9 2 8 5 1936— A M F J e p a a b r r n i r c l u u h a a r r y y .. . . . 4 4 4 4 , , , , 5 6 6 6 6 5 3 7 2 4 0 6 i L L L ; , , , 4 3 4 4 0 0 9 ii 7 7 9 2 2 3 2 , , , , 9 0 9 9 1 1 7 9 3 1 0 5 2 2 2 2 5 5 5 5 3 3 2 2 1 1 9 9 3 3 6 7 — — A J M J O A S N D M u u J e p c u o a e n a l p a t n r y c g v y e o i t r u e u e l e b c a m m s m h e r t r y b b b e e e r r r 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , 7 9 9 9 9 9 8 8 8 8 7 1 5 6 4 2 9 6 7 3 0 6 1 1 1 4 1 8 0 4 0 1 5 , , , , , , , , , , , 4 1 6 0 5 2 7 5 4 6 8 0 9 4 4 0 6 9 1 1 8 2 9 7 0 3 1 1 4 0 0 7 8 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 1 1 0 1 2 2 1 1 1 2 1 1 0 0 7 3 2 6 7 8 1 9 4 2 6 8 5 8 5 5 3 2 2 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 0 9 0 0 1 0 0 0 0 0 0 0 0 7 4 1 7 8 8 6 6 8 6 2 6 3 7 6 0 0 5 0 5 3 3 4 4 4 4 5 5 5 5 5 6 0 4 9 6 7 1 3 9 4 4 6 4 4 0 5 6 2 2 7 4 4 , , , , , , , , , , , 8 1 1 0 8 4 7 0 7 6 2 5 3 0 4 1 0 2 6 4 9 8 2 0 7 6 0 5 2 4 4 9 2 1 1 1 1 1 1 1 1 1 1 1 1 0 0 3 2 4 4 2 3 2 1 0 3 5 4 5 5 3 2 7 9 8 , , , , , , , , , , , 1 7 2 7 5 9 9 9 3 4 2 0 6 4 6 8 4 2 5 7 0 1 1 1 5 7 7 1 2 8 2 1 8 1937— J J A M S N D M O F u u e J e u e o c a a l n a p b c y g t v y r n e t o e r c u e e u . u b m h m s m a e a t r b b b r r y e . y e e . _ r . r r . . . _ . . 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , 7 6 7 6 6 7 6 6 6 6 6 1 2 6 6 6 0 6 6 6 6 6 8 4 2 7 9 3 6 2 7 7 2 1 1 1 1 L 1 1 1 I 1 1 , , , , , , , , , , , 4 4 4 4 4 4 4 4 4 4 4 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 r r 2 ' 3 3 3 2 2 2 2 2 2 2 , , , , , , , , , , , 0 0 0 9 9 9 9 9 9 9 9 4 5 2 9 8 8 9 9 9 9 8 4 0 3 9 8 8 2 3 8 3 5 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 1 2 2 2 February 2, 680, 230 1,240 1,143 588,038 141, 205 March 2,642,611 1,249 1,157 626,907 142, 720 r Revised. 1 Principal amount of obligations guaranteed as to interest and principal. Also guaranteed are debentures issued by Federal Housing Admini In addition to loans the HOLC held on March 31, 1937, $548,000,000 in istrator. The amount outstanding March 31, 1937, was $59,427. other assets, consisting principally of investments in the Federal Savings 3 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 cia » t I io n n c s l , u d re e a s l l e o s a t n a s te to a n F d ed ot e h r e a r l p sa r v o i p n e g r s ty a , n a d n d l o a a c n c r a u s e s d o c i i n a t t e io re n s s t , a r l e l c o ei f v w ab h l i e c . h public debt. Figure for December 1933 includes notes given in purchase are members, and a negligible amount to others than member institutions. of gold which were retired in February 1934. 8 Includes accrued interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 FEDERAL RESERVE BULLETIN MAY 1937 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production!* 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 ployment3 rolls* loadings4* 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 justedjusted justedjusted justedjustedjustedjusted justedjusted justedjusted justed justedjusted justedjusted 1919 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 108 118 91 94 1921 67 67 70 56 44 65 82 77 79 87 1922 85 86 74 79 68 88 90 82 87 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 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 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 88 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 46 85 85 66 64 64 73 70 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 10 79 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 7f> 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 r95 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 CO 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 94 105 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 116 117 116 118 115 111 62 54 47 42 75 64 100 99 96 80 72 95 76 Mar P118 P122 nil P127 P118 P55 P45 P47 PO4 P63 P101 P101 P101 83 76 93 90 *122 Preliminary. Average per working day. description ; BULLETIN fc. _~.~ .„„*,. ending nearest middle of month. * For indexes of groups see p. 482. 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

475 MAY 1937 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average — 100] 1936 1937 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactu: Total. 92 93 101 105 109 110 115 121 115 116 IRON AND STEEL.. 83 100 105 113 119 121 119 127 138 143 139 129 127 Pig iron 63 77 85 89 90 93 96 98 99 104 107 107 108 Steel ingots 85 102 107 115 122 124 121 130 142 147 142 132 129 TEXTILES 102 100 '99 100 107 116 '119 120 114 121 139 124 126 P128 Cotton consumption 99 100 105 103 111 125 125 127 119 123 144 129 132 136 Wool .__. 111 89 '96 103 106 115 108 105 '118 '140 121 129 P127 Consumption ••121 104 '92 103 '120 125 136 121 109 '128 '160 '126 132 P138 M Ca a r c p h et i , n a e n ry d a ru c g ti v lo i o ty m 1 activity1 1 '7 1 4 7 ' 6 9 8 6 '1 6 0 8 2 95 ' ' 9 6 8 6 10 7 1 7 ' 9 8 7 9 1 9 0 5 4 '1 9 1 2 8 1 ' 3 9 4 4 13 9 0 2 1 1 3 0 7 4 J P > 1 1 00 24 Silk deliveries 91 107 102 97 108 118 130 121 125 134 118 112 114 FOOD PRODUCTS 84 87 90 92 90 87 92 Slaughtering and meat packing. 77 83 89 85 92 100 105 109 100 87 86 89 Hogs 52 61 68 64 72 70 79 94 100 85 65 66 69 Cattle 109 109 114 104 113 116 128 125 115 115 117 111 108 113 Calves 109 115 116 111 119 130 141 144 129 122 125 130 122 136 Sheep 145 151 134 128 133 135 138 143 152 169 160 175 151 139 Wheat flour 96 92 88 87 94 101 92 77 82 83 87 89 Sugar meltings 93 96 95 89 71 70 83 115 89 PAPER AND PRINTING: Newsprint production 60 62 60 59 62 60 61 61 62 67 64 63 62 64 Newsprint consumption.. 127 132 131 136 137 131 136 140 140 150 141 142 145 TRANSPORTATION EQUIPMENT: Automobiles 93 107 122 117 118 111 107 93 105 122 120 120 121 Locomotives 0 1 3 6 6 5 10 11 LEATHER AND PRODUCTS 113 108 112 113 103 114 112 112 116 134 136 133 P132 Tanning 96 93 97 97 91 94 90 93 104 108 108 107 Cattle hide leathers 95 95 94 93 84 93 91 100 111 111 111 110 Calf and kip leathers _. 85 77 85 78 88 77 70 68 65 79 98 90 92 Goat and kid leathers.. 110 103 115 124 113 117 113 109 103 112 111 119 114 Boots and shoes 125 118 122 124 110 127 129 127 125 124 151 154 150 CEMENT AND GLASS: Cement 58 74 75 75 77 81 87 91 85 93 Glass, plate 184 213 220 218 220 226 236 242 164 244 229 NONFERROUS METALS: Tin deliveries1 105 101 112 128 107 105 97 105 125 131 114 Zinc2 77 91 103 104 '99 101 100 98 80 '83 107 Lead 62 70 69 60 71 74 80 76 70 FUELS, MANUFACTURED: Petroleum refining 172 168 178 180 181 183 186 189 191 191 189 194 Gasolinel 215 210 223 227 233 236 241 246 249 241 242 236 245 Kerosene 94 98 104 97 98 96 91 90 90 92 102 117 106 Fuel oil' 130 119 119 120 117 117 119 119 124 124 132 135 130 Lubricating oil !__. 98 105 116 116 108 110 111 111 110 114 116 111 126 Coke, byproduct 103 100 112 120 123 121 126 128 129 130 136 137 136 RUBBER TIRES AND TUBES I_. 85 113 121 130 124 119 122 118 126 123 123 Tires, pneumatic * 92 87 117 125 135 129 123 125 121 130 128 128 Inner tubes i 67 67 86 89 90 90 92 96 94 92 91 91 TOBACCO PRODUCTS.. 148 140 152 145 147 147 157 146 150 183 165 168 153 Cigars 75 71 74 71 70 73 75 74 75 83 83 78 83 Cigarettes 207 193 214 204 209 216 223 202 209 265 234 242 212 Min -Total . 102 100 101 99 105 112 117 109 115 P127 Bituminous coal... 92 71 76 74 79 76 82 86 95 97 83 P110 Anthracite 100 54 69 77 72 69 51 58 52 69 73 56 50 P81 Petroleum, crude.. 143 146 150 149 146 144 149 146 152 152 161 164 168 P173 Iron ore 80 80 81 87 93 98 110 Zinc2 94 103 104 '99 r97 101 100 107 Lead 75 69 71 60 60 71 74 80 Silver 91 103 101 111 119 99 113 1 Without seasonal adjustment. p Preliminary. r Revised. 2 January 1936, revised: 83. 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

476 FEDERAL RESERVE BULLETIN MAY 1937 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average = 100] 1936 1937 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactures—Total 93 97 105 105 105 105 106 107 110 115 114 113 118 P122 IRON AND STEEL 87 94 111 114 113 111 118 118 124 127 126 134 136 142 Pig iron. 64 67 82 87 88 85 89 93 98 100 102 105 109 114 Steel ingots 89 96 114 117 115 113 121 120 126 130 128 137 138 145 TEXTILES 108 102 102 100 101 107 112 120 117 125 132 130 134 P132 Cotton consumption 106 105 112 106 106 114 112 123 122 128 133 135 141 143 Wool 117 88 92 97 99 110 111 111 125 141 123 135 P128 Consumption 132 106 90 r94 108 111 126 127 120 140 161 130 144 P141 Machinery activity 117 99 '96 102 95 '98 101 97 104 118 134 130 137 P124 Carpet and rug loom activity. r74 68 68 68 66 77 '89 95 92 92 104 PIOO Silk deliveries . . 98 103 101 96 90 103 123 136 121 129 119 135 120 110 FOOD PRODUCTS 82 86 85 82 87 90 87 90 95 104 101 91 86 91 Slaughtering and meat packing.__ 75 78 80 81 84 87 85 94 104 121 117 100 85 84 Hogs . 57 62 61 64 65 64 53 59 80 110 111 87 73 69 Cattle 96 95 101 101 106 115 126 138 134 133 122 112 95 99 Calves 101 116 126 126 124 126 130 138 135 124 119 121 114 137 Sheep 136 137 126 126 131 135 139 165 167 167 157 176 142 126 Wheat flour 93 86 80 82 83 98 99 91 92 90 84 85 86 83 Sugar meltings 91 113 110 87 106 94 79 75 65 65 66 64 88 127 PAPER AND PRINTING: Newsprint production. 60 61 61 60 64 59 59 60 62 66 64 64 62 63 Newsprint consumption 125 138 141 140 135 117 121 137 149 160 145 137 143 TRANSPORTATION EQUIPMENT: Automobiles. 93 124 149 142 134 128 82 42 65 127 147 120 120 140 Locomotives 0 1 3 6 9 9 9 6 5 9 11 7 11 LEATHER AND PRODUCTS 115 112 110 104 99 113 128 130 123 112 114 126 135 P136 Tanning 99 92 95 91 90 94 96 95 98 102 105 104 111 Cattle hide leathers 101 96 94 88 83 90 95 94 102 109 108 112 117 Calf and kip leathers 78 69 76 74 86 . 90 85 78 77 75 84 75 85 Goat and kid leathers 114 105 114 116 113 109 111 114 107 111 120 113 119 Boots and shoes 126 124 119 113 105 125 148 153 140 118 119 140 151 p155 CEMENT AND GLASS: Cement __ _ 29 42 70 88 93 91 100 101 99 90 71 52 51 67 Glass, plate 174 194 235 231 196 198 226 236 242 164 89 77 244 241 NONFERROUS METALS Tin deliveries 105 95 101 98 112 128 107 99 105 97 105 125 131 144 Zinc1 .. 82 90 95 95 97 '92 93 98 100 100 85 89 113 Lead 64 60 69 73 70 68 58 57 73 77 81 77 72 76 FUELS, MANUFACTURED: Petroleum refining 172 168 178 179 181 182 186 189 192 189 192 189 194 Gasoline 215 210 223 227 233 236 241 246 249 241 242 C236 245 Kerosene . . 96 95 103 93 91 90 86 92 95 100 111 119 108 Fuel oil 130 119 119 120 117 117 119 119 124 124 132 135 130 Lubricating oil 98 105 116 116 108 110 111 111 110 114 116 111 126 Coke, byproduct 106 103 114 119 121 118 122 125 129 133 138 138 140 142 RUBBER TIRES AND TUBES 89 85 113 121 130 124 119 122 118 126 123 123 Tires, pneumatic 92 87 117 125 135 129 123 125 121 130 128 128 Inner tubes 67 67 86 89 90 90 92 96 94 92 91 91 TOBACCO PRODUCTS 135 132 140 147 161 167 158 173 157 153 149 156 153 146 Cigars 65 64 70 73 76 80 76 86 91 90 62 64 67 76 Cigarettes 188 183 195 206 230 238 225 245 212 207 217 230 220 201 Minerals—Total 107 90 95 101 101 102 104 110 115 115 111 105 111 P118 Bituminous coal ._ _ 97 71 71 67 66 72 75 87 94 106 103 93 103 Pi 10 Anthracite.. 107 44 72 77 62 57 51 58 67 71 72 61 54 P66 Petroleum, crude. -.. 140 145 150 150 149 147 152 150 153 150 156 158 165 P171 Iron ore 120 157 164 177 178 167 93 Zinc1 82 90 95 95 '98 97 »-92 93 98 100 100 85 89 113 Lead 64 60 69 73 70 68 58 57 73 77 81 77 72 77 Silver 100 99 97 88 101 85 88 106 118 106 114 100 102 p Preliminary. r Revised. : Corrected. i January 1936 revised: 88. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, and March 1937, p. 256. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1937 FEDERAL RESERVE BULLETIN 477 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total 87.4 87.7 88.6 89.8 90.4 92.8 93.4 93.8 94.4 96.2 98.6 100.8 Durable goods 79.2 80.1 81.2 82.7 83.8 85.6 85.7 86.6 88.2 89.9 92.7 92.4 93.9 95.9 Nondurable goods . 96.3 95.8 96.5 97.3 97.6 100.4 101.8 101.6 101.2 102.9 104.9 r105.4 105.8 106.1 IRON, STEEL PRODUCTS 84.7 85.3 87.1 89.0 90.8 93.5 95.3 98.4 99.6 101.0 102.3 103.7 106.4 Blast furnaces, steel works._ 91 92 94 97 99 103 106 108 109 109 110 113 112 116 Bolts, nuts, washers, rivets. 71 71 74 74 75 76 76 77 79 81 84 87 89 90 Cast-iron pipe 59 60 62 62 62 64 64 65 66 67 68 68 71 Cutlery, edge tools 78 77 75 76 76 78 79 80 82 84 87 89 87 Forgings 56 54 56 58 59 62 60 60 61 64 68 69 70 69 Hardware 79 77 78 77 77 79 72 75 84 91 95 80 96 99 Plumbers' supplies 83 84 86 87 84 82 85 85 85 86 90 94 90 95 Steam, hot-water heating 60 61 63 65 65 69 69 71 70 71 72 76 78 80 Stoves 97 97 97 97 103 103 107 104 107 107 111 114 117 116 Structural, ornamental 57 59 62 65 67 70 72 73 73 73 70 73 75 76 Tin cans, tinware 96 96 97 99 99 98 101 101 100 97 103 105 105 Tools 77 79 78 78 80 81 86 86 89 95 98 99 101 Wirework 142 146 148 151 148 146 143 149 164 175 188 179 176 MACHINERY 95.8 96.9 99.3 102.2 103.9 105. 3 105.3 106. 8 108.4 110.4 114.0 116.0 118.9 121.3 A gricultural implements 120 123 124 125 126 117 101 96 102 95 103 109 113 128 Cash registers, etc 114 116 118 119 112 114 100 116 119 120 121 123 127 131 Electrical machinery 81 82 86 88 90 92 92 97 100 103 106 104 109 111 Engines, turbines, etc 116 119 122 . 125 124 119 115 115 117 122 125 128 134 139 Foundry, machine-shop products 82 84 85 88 90 92 93 95 96 97 100 102 104 106 Machine tools 108 109 112 114 116 120 119 123 125 127 129 136 136 141 Radios, phonographs 186 179 185 198 209 210 209 186 176 171 188 201 196 190 Textile machinery 69 69 68 70 70 71 73 75 75 75 76 79 81 83 Typewriters 112 112 113 114 87 102 114 120 132 135 139 145 148 153 TRANSPORTATION EQUIPMENT 97.0 97.7 99.2 101.3 102.2 105.1 100. 9 100.8 105. 0 112.3 118.7 110. 2 113.0 114.3 Aircraft 484 509 533 571 564 603 613 631 645 646 008 r740 772 775 Automobiles 109 108 109 112 112 116 109 109 113 123 133 120 123 123 Cars, electric, steam railroad.. 46 50 51 50 53 52 56 56 61 M 62 '62 66 71 Locomotives 26 27 28 31 34 36 35 38 41 42 44 49 54 54 Shipbuilding 85 92 99 99 101 102 102 102 98 89 100 106 RAILROAD REPAIR SHOPS. 56.4 58.0 57.0 57.0 58.2 57.4 58.7 59. 1 60. 1 60. 6 61.7 62.3 61.9 62.4 Electric railroad 62 62 63 62 62 62 62 62 63 63 63 63 63 64 Steam railroad 56 58 57 57 58 57 58 59 60 60 62 62 62 62 NONFERROUS METALS, PRODUCTS.. 95.0 93.4 93.4 97.8 101. 1 102.5 105. 2 106. 7 NO 7 109.6 111.7 113.2 Aluminum 99 100 100 102 109 116 J16 112 115 118 118 121 121 120 Brass, bronze, copper 99 97 97 99 100 102 106 109 110 111 115 120 122 122 Clocks, watches 104 105 104 105 106 107 1J3 112 114 115 117 120 120 122 Jewelry 77 76 75 78 78 84 88 87 88 91 91 90 89 91 Lighting equipment 76 73 71 76 76 75 79 84 89 94 99 75 98 104 Silverware, plated ware 65 64 63 62 61 59 66 67 70 70 71 72 73 73 Smelting, refining 78 78 77 76 78 79 78 79 78 78 80 80 79 81 Stamped, enameled ware 135 131 135 135 139 136 141 143 153 154 166 163 159 161 LUMBER PRODUCTS 61.4 62.8 63. 5 64.1 64.2 65. 6 65. 1 65. 8 66. 2 06. 2 67. 9 »f>8. 8 68.1 71.3 L F u u m rn b it e u r r , e millwTork_ 4 7 5 3 4 7 6 2 4 7 7 4 7 4 5 7 7 4 6 9 4 7 8 9 8 5 1 1 8 5 2 2 8 5 1 3 8 5 4 4 8 5 6 5 8 5 9 7 87 8 5 8 8 Lumber, sawmills.. 49 50 51 51 50 51 49 50 50 49 51 50 54 STONE, CLAY, GLASS PRODUCTS _ 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 72.6 Brick, tile, terra cotta 41 42 43 44 45 47 47 47 47 48 51 54 55 54 M C G e l a a m r s b s e l n e t , granite, slate 4 9 3 9 7 2 5 9 3 3 6 7 9 5 3 6 4 8 9 5 3 7 5 9 9 4 5 6 1 4 1 4 5 0 2 5 1 1 4 5 0 3 9 2 6 9 4 1 9 2 1 6 4 0 4 2 3 6 4 9 5 2 6 1 4 6 0 2 8 1 r9 6 8 8 1 4 6 0 3 8 9 1 4 6 1 3 9 0 Pottery 70 72 71 71 73 76 74 77 76 75 76 r7 4 7 3 77 78 TEXTILES, PRODUCTS 96. 5 96.7 97.6 97.6 98.1 102.6 104. 9 102. 6 101. 7 104. 4 106. 8 108.3 107.3 107.0 A. Fabrics 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. 7 101.1 Carpets, rugs 80 81 81 83 83 83 85 92 92 93 99 101 101 99 Cotton goods 88 88 89 90 95 99 99 97 98 99 101 102 103 Cotton small wares 88 91 91 94 96 101 99 101 104 106 107 102 103 Dyeing, finishing textiles. 112 113 116 115 116 117 117 114 115 117 121 120 117 116 Plats, fur-felt 85 84 85 88 93 91 85 81 82 87 89 90 89 88 Knit goods 113 114 114 113 112 118 121 121 117 116 119 123 123 122 Silk, rayon goods 72 74 76 78 79 81 78 79 79 79 81 79 81 Woolen, worsted goods 82 82 80 80 83 81 77 78 84 92 93 85 88 B. Wearing apparel 108. 2 108.2 108.4 109.5 110.3 116.6 U 7.0 113.6 113.4 118.4 119.8 120. 9 119.8 118.0 Clothing, men's 105 104 104 105 107 109 106 104 105 111 115 114 111 110 Clothing, women's 143 144 143 146 144 159 167 157 155 163 160 159 161 156 Corsets, allied garments... 87 85 86 85 86 87 88 88 89 91 92 93 91 90 Men's furnishings 116 116 118 123 130 141 138 133 130 134 135 140 141 141 Millinery 50 57 55 55 54 60 60 57 55 53 51 r57 57 58 Shirts, collars 110 109 111 109 111 115 118 116 117 119 124 132 129 129 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 FEDERAL RESERVE BULLETIN MAY 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. LEATHER PRODUCTS . 92.7 90.4 89.2 89.0 89.0 90.3 90.9 91.4 92.0 94.9 98.8 '99.1 98.1 97.4 Boots, shoes 93 91 89 89 89 91 91 91 92 95 100 101 100 99 Leather 95 94 94 95 94 94 96 98 97 97 FOOD PRODUCTS 106.8 107.8 107.7 109.3 110.3 112.4 113.2 113.3 112.7 113.4 115.0 "114.8 116.7 116.8 Baking 126 127 127 127 127 129 129 129 131 132 132 133 135 136 Beverages 177 182 178 189 183 196 195 196 187 197 197 '203 202 204 Butter 83 83 84 85 86 86 85 82 82 82 84 '86 88 87 Canning, preserving 133 133 131 137 147 140 141 148 146 135 147 r148 157 151 Confectionery 76 76 77 77 77 78 82 78 76 80 81 83 81 79 Flour 76 76 76 74 74 77 76 74 74 73 74 75 75 75 Ice cream 67 68 71 74 72 72 70 72 69 70 72 71 73 72 Slaughtering, meatpacking- 83 84 84 85 92 92 92 91 96 95 93 91 93 Sugar, beet 76 90 84 92 109 111 118 114 93 44 98 Sugar refining, cane 81 81 78 79 76 74 67 70 64 77 TOBACCO MANUFACTURES.. 60.0 59.4 61.3 60.3 61.2 61.9 61.7 61.1 62.4 62. C "•62.0 61.! 62.5 Tobacco, snufl •. 55 56 56 56 56 56 56 56 57 57 56 56 57 56 Cigars, cigarettes 61 61 60 62 61 62 63 62 62 63 63 63 62 63 PAPER, PRINTING 99.0 99.8 100.0 101.1 102.7 103.1 103.6 104. C 104.0 105.5 107.8 Boxes, paper 93 93 93 94 95 97 99 100 100 103 103 104 106 Paper, pulp 108 108 109 109 109 108 109 110 111 112 113 114 116 118 Book, job printing 88 88 88 89 90 91 93 94 94 95 94 94 96 99 Newspaper, periodical printing 102 102 103 103 103 101 102 105 105 104 104 103 104 105 CHEMICALS, PETROLEUM PRODUCTS _ _ 110.6 111.6 110.8 113.1 113.2 115.7 115.4 118.5 117.9 118.1 118. 121.6 122.6 A. Other than petroleum 109. 2 110.6 109.1 112.0 112.2 114.6 114.9 118.1 117.4 117.4 118. 120.9 121.8 122.8 Chemicals 116 116 116 117 117 121 122 126 129 129 129 133 133 135 Cottonseed oil, cake, meal 72 73 68 71 62 61 53 78 71 77 75 85 80 67 Druggists' preparations 101 102 103 104 105 105 102 101 100 102 105 105 109 111 Explosives 82 84 82 79 84 88 89 91 90 93 91 94 92 91 Fertilizers.. 73 79 74 91 86 87 87 86 85 80 87 '87 86 88 Paints, varnishes 121 121 123 122 124 126 127 129 129 127 130 131 133 135 Rayon, allied products 335 343 325 342 350 358 360 360 354 357 355 364 363 370 Soap 95 95 94 96 97 95 103 106 103 100 100 '102 110 111 B. Petroleum refining 116 116 118 118 117 120 117 120 119 121 120 120 121 122 RUBBER PRODUCTS 85.2 74.9 87.1 87.4 88.8 91.4 93.9 95.8 99.4 102. 102.3 101.7 102.6 Rubber boots, shoes 69 72 78 75 73 78 75 75 75 74 76 75 73 82 Rubber goods, other 118 118 121 122 123 124 124 126 130 133 138 140 140 140 Rubber tires, inner tubes 76 57 75 76 79 82 87 89 92 93 95 95 93 r Revised. NOTE.—Figures for March 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

MAY 1937 FEDERAL RESERVE BULLETIN 479 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 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. Total—. 86.9 87.9 96.9 98.1 96.5 99.0 101.0 73.7 77.6 90.7 '95. 2 '90.7 95. 8 101.2 Durable goods 78.6 80.2 91.0 92. 7 90.3 93. 2 96. 0 66. 6 71.8 88.9 93.1 86.5 92.5 99.8 Nondurable goods. 95.8 96.1 103.3 104.0 103.1 105.2 106.3 82.7 84. 9 92.9 97.6 95.9 99.9 103.1 IRON, STEEL PRODUCTS 84.4 85.6 99.3 100.4 100.0 103.4 106. 8 70.3 75.4 95.8 103. 2 103.9 112.9 Blast furnaces, steel works._ 92 93 108 109 112 114 117 77 83 105 115 119 128 Bolts, nuts, washers, rivets. 71 71 81 84 87 89 90 68 69 89 98 106 108 Cast-iron pipe 58 59 66 67 68 67 69 37 38 48 53 52 55 Cutlery, edge tools 79 79 86 87 87 88 89 67 65 83 85 81 84 Forcings 56 57 64 68 69 71 73 46 48 58 68 68 72 Hardware 80 78 92 96 80 97 100 73 74 106 116 90 117 Plumbers' supplies 84 85 86 87 91 91 96 59 62 63 70 68 80 Steam, hot-water heating 60 61 74 73 74 77 80 47 49 66 67 75 79 Stoves 90 94 115 108 97 108 113 73 79 103 96 97 102 Structural, ornamental 54 57 73 70 71 72 74 42 46 66 66 63 68 73 Tin cans, tinware to 92 96 94 96 98 101 83 91 92 94 94 99 104 Tools 78 79 94 96 98 100 102 77 79 98 105 103 109 111 Wirework 142 146 175 179 176 189 116 131 173 183 161 156 182 MACHINERY 95.5 96. 9 111.4 114.1 r114.9 118.6 121.4 83.5 86.8 105.6 113.6 111.0 118.2 125. 9 Agricultural implements 126 129 93 103 111 119 135 139 144 102 122 132 140 170 Cash registers, etc 114 116 120 121 123 127 131 106 106 112 123 121 130 141 Electrical machinery 81 82 103 106 104 109 111 70 73 97 103 97 107 112 Engines, turbines, etc 117 121 118 124 125 135 142 101 107 106 118 120 131 143 Foundry, machine-shop products- 83 84 97 99 101 104 107 72 75 93 100 99 105 112 Machine tools 110 111 128 131 135 138 143 101 102 124 136 137 142 153 Radios, phonographs 162 154 211 203 187 171 163 109 105 169 168 146 124 127 Textile machinery 70 71 74 80 83 85 64 66 67 79 83 88 90 Typewriters 111 112 139 144 146 147 153 93 134 138 131 138 153 TRANSPORTATION EQUIPMENT 100.9 115.0 122.1 ••112.7 116.0 117.9 87.0 113.4 120.9 100.7 112.3 122.0 Aircraft 475 514 646 691 r725 756 783 388 420 553 620 '606 652 689 Automobiles 114 113 128 139 125 127 127 84 94 126 136 108 122 130 Cars, electric, steam railroad 44 50 58 57 56 63 70 40 46 58 60 59 67 79 Locomotives 24 27 41 44 45 50 54 14 16 28 31 31 37 41 Shipbuilding 93 97 90 '95 99 107 81 91 97 91 '97 116 RAILROAD REPAIR SHOPS. 56.1 58.0 60.6 61.2 61.2 61.6 62.4 55. 9 60.9 65.2 65. 5 61.2 63.4 65.8 Electric railroad 62 62 63 63 63 63 64 63 64 66 67 65 65 67 Steam railroad 56 58 60 61 61 62 62 56 61 65 61 63 66 NONFERROUS METALS, PRODUCTS 94.9 94.6 110.0 111.6 111.5 114.6 76.0 77.6 102.0 105.5 97.1 103.5 111.8 Aluminum 100 104 119 118 119 122 124 89 93 115 115 115 122 131 Brass, bronze, copper 99 99 113 116 119 122 124 81 80 104 112 113 120 128 Clocks, watches 104 105 121 121 120 122 90 91 122 118 109 111 120 Jewelry IS 75 101 93 84 89 89 50 51 78 62 66 70 Lighting equipment 73 97 101 73 97 104 63 62 97 104 69 90 110 S S S m t il a v e m e lt r p i w e n d a g , r , e e r , e n p f a i l n m a i t n e e g l d e d w w ar a e r e ... 1 6 7 3 5 8 5 1 6 7 3 5 8 5 1 7 7 5 4 9 6 1 8 6 7 1 2 4 1 8 6 5 0 9 5 1 7 7 5 2 9 9 1 7 8 6 4 1 5 1 6 4 1 0 8 4 1 6 5 2 2 1 2 1 7 7 5 2 0 5 1 7 7 6 1 0 4 1 6 5 4 9 8 8 1 6 6 5 3 9 5 1 6 6 7 8 3 5 LUMBER PRODUCTS 59.2 61.3 67.8 67.1 r65.0 65. 8 69. 6 45.8 50.3 60.8 60. 5 54.9 58.2 64.1 Furniture 72 72 88 88 86 86 87 54 55 78 78 71 75 76 Lumber, millwork. 44 45 53 54 54 55 57 34 38 50 51 50 53 Lumber, sawmills.. 46 49 50 49 47 48 52 35 40 43 42 40 47 STONE, CLAY, GLASS PRODUCTS 55.3 58. 9 67.3 67.1 62. 5 67.2 70.3 42.4 61.1 59.1 -52. 7 59. 8 65.8 Brick, tile, terra cotta 35 38 50 49 46 47 49 24 28 41 41 36 38 43 Cement 40 47 64 62 57 58 62 29 39 63 59 50 53 60 Glass 96 97 98 101 93 108 111 83 88 99 95 r85 107 116 Marble, granite, slate 28 34 43 41 '36 38 40 19 26 34 33 29 30 33 Pottery 71 77 r75 78 81 55 60 67 65 '63 68 74 TEXTILES, PRODUCTS 99. 2 100. 5 104.8 106.4 07.1 110. 2 111.2 82.3 85.7 87.2 94. 6 '94.6 100.1 103.2 A. Fabrics 93.1 93. 0 98.8 101.7 02. 3 103. 6 103.8 78.5 78.7 86. 7 96. 8 96.0 97.6 97.5 Carpets, rugs 80 84 94 98 98 100 102 67 68 90 97 96 98 103 Cotton goods 90 90 100 101 103 104 105 77 76 88 98 100 100 101 Cotton small wares 92 93 104 106 107 107 109 83 85 98 107 104 105 109 Dyeing, finishing textiles 118 120 118 123 122 123 123 96 101 101 116 112 112 112 Hats, fur-felt 87 87 83 86 88 90 91 78 77 68 83 86 94 90 Knit goods 113 115 121 122 120 123 124 107 113 124 126 120 127 127 Silk, rayon goods 76 80 81 83 84 83 57 59 64 68 fi9 71 71 Woolen, worsted goods 88 84 84 92 93 92 90 70 65 66 84 83 82 79 B. Wearing apparel 110.8 115.3 116.0 114.8 '•115. 6 122. 6 125. 6 86. 5 96.0 84.6 86. 3 '88.1 100. 9 110. 2 Clothing, men's 108 110 107 108 110 114 116 87 91 79 85 88 99 106 Clothing, women's 148 157 158 154 155 166 170 106 121 103 104 108 125 137 Corsets, allied garments 87 89 90 89 89 92 93 89 92 88 88 85 93 99 Men's furnishings 117 122 143 141 '130 143 148 92 98 126 115 '93 114 123 Millinery 54 65 48 45 55 62 67 42 62 31 29 41 50 65- Shirts, collars 108 110 125 123 119 127 130 92 99 116 112 100 112 121 r Revised. c Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

480 FEDERAL RESERVE BULLETIN MAY 1937 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT)—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average—100] Factory employment Factory pay rolls Industry and group 1936 1937 1936 1937 Feb. Alar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. LEATHER PRODUCTS 94.4 93.6 89.0 94.0 r97. 5 99.9 100.8 77.4 73.1 67.3 78.3 '86.3 90.9 92.5 Boots, shoes 95 95 88 94 99 102 103 74 69 58 71 82 88 89 Leather 96 95 98 98 97 98 99 92 89 101 105 103 105 107 FOOD PRODUCTS 96.7 97.7 114.1 110.6 '105. 2 105.1 105. 5 87.4 90.2 108.3 105. 7 100. 5 101.3 104.1 Baking 124 125 133 132 131 132 134 108 110 120 120 118 122 125 Beverages 160 171 183 181 182 182 192 159 181 191 188 188 189 211 Butter 77 78 82 82 '80 81 82 58 61 65 63 62 64 64 Canning, preserving 78 78 113 97 90 92 89 68 73 98 91 86 97 89 Confectionery 74 75 92 91 80 79 78 66 68 85 86 76 76 75 Flour 76 75 75 74 75 75 74 70 69 70 70 71 71 71 Ice cream 57 60 62 61 61 62 65 49 54 56 55 56 57 60 Slaughtering, meatpacking 83 82 97 99 96 91 91 75 75 100 102 96 88 91 Sugar, beet 32 35 274 173 38 37 40 37 42 269 152 42 44 45 Sugar refining, cane 78 79 68 69 62 75 76 62 70 59 59 51 66 81 TOBACCO MANUFACTURES 58.7 59.2 65. 9 63.3 rhl.1 60.5 61. 6 44.9 46. 5 54.8 55.4 47.2 52. 6 53.1 Tobacco, snuff 57 56 57 56 57 59 57 58 59 62 65 '64 67 65 Cigars, cigarettes 59 59 67 64 57 61 62 43 45 54 54 45 51 52 PAPER, PRINTING 98.8 98.7 105.0 106. 0 104.3 105. 7 107. 4 87.7 89.3 98.6 102.6 98.7 100.5 104. 3 Boxes, paper 91 91 106 106 100 102 104 83 86 109 108 98 103 107 Paper, pulp 108 108 112 113 114 116 118 93 94 105 109 110 114 116 Book, job printing 90 88 96 97 96 98 99 79 80 88 93 91 91 95 Newspaper, periodical printing.__ 102 103 105 106 103 104 106 93 96 102 105 97 99 103 CHEMICALS, PETROLEUM PRODUCTS.— 110.8 113.8 119.7 119. 3 120.2 121.9 125.0 99. 9 104.5 114.7 118.3 119.4 123.6 128.4 A. Other than petroleum 109. 8 113.6 119.4 U9.3 ••120.4 122. 4 126.1 98. 5 103.0 113.3 118.0 119. 4 123. 9 129.2 Chemicals 114 115 130 129 131 131 134 104 107 128 133 132 135 141 Cottonseed oil, cake, meal 74 75 104 98 91 82 69 55 56 83 82 76 67 59 Druggists' preparations 102 103 106 107 107 110 112 100 107 113 113 113 119 121 Explosives 83 84 95 93 94 93 91 77 82 98 98 98 93 99 Fertilizers 82 123 70 80 87 96 137 63 101 63 72 '78 87 128 Paints, varnishes 120 121 125 128 128 131 135 106 109 117 122 120 127 133 Rayon, allied products 341 346 364 362 368 370 374 275 282 298 321 338 345 350 Soap 95 95 103 99 100 110 111 93 93 102 104 107 125 123 B. Petroleum refining 115 115 121 120 119 120 121 105 110 119 120 120 123 126 RUBBER PRODUCTS 85.1 75.4 100. 0 101.9 101.3 101.6 103. 4 74.9 66.7 101.2 104.8 ••99.4 104. 4 108.9 Rubber boots, shoes 69 71 80 83 77 73 81 53 56 69 77 67 65 73 Rubber goods, other 119 120 136 138 139 142 143 103 106 131 139 136 141 145 Rubber tires, inner tubes 75 57 91 93 93 93 94 71 56 99 100 '95 101 105 r Revised NOTE.—Figures for March 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 figures are for pay-roll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

481 MAY 1937 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Eocky 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 198.8 231.2 55. 2 90.2 18.4 22.2 17.3 30.0 62.3 52 5 19.0 10 0 26 6 26 4 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 financed1 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 60 178 123 199 231 45 25 126 68 96 66 67 35 52 55 103 165 April 122 57 131 124 235 61 18 78 53 105 61 39 53 71 130 May 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 1936 Mar. Feb. Mar. district Mar. Feb Mar. Mar. Feb. Mar. Boston 10, 824 ••12,814 New York 658 48, 758 42,737 Philadelphia- 772 17,292 10, 739 Boston 79 61 82 721 666 961 Cleveland 713 17,408 17, 555 New York 249 242 296 3,042 3, 899 6,850 Richmond 372 22,103 17,136 Philadelphia 40 41 44 1, 347 633 429 Atlanta __ 287 11,411 13,279 Cleveland 68 53 65 702 641 1,035 Chicago 502 28,970 r38,286 Richmond 53 44 50 359 402 504 St. Louis 417 10,193 14, 007 Atlanta 38 21 29 414 251 411 Minneapolis- 867 2, 687 rl, 188 Chicago 115 107 115 1, 565 1,724 1,877 Kansas City._ 350 8,966 10, 520 St. Louis 26 19 41 270 102 511 Dallas 000 9, 646 14, 501 Minneapolis 14 22 23 90 230 395 Kansas City 51 31 47 778 452 1, 709 Total (11 districts) . 231,246 188,257 198, 762 Dallas 9 18 25 129 218 219 San Francisco 62 129 1, 499 493 1,370 «• Revised. Total 820 721 946 10, 922 9,771 16, 271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 FEDERAL RESERVE BULLETIN MAY 1937 MERCHANDISE EXPORTS AND IMPORTS fin millions of dollars] Merchandise exports 1 Merchandise imports * 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 ._ _ _ __ 102 163 163 182 233 84 133 152 193 278 18 30 11 -11 -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 Jun© 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 September 160 191 199 220 147 132 162 216 13 60 37 '4 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. ' Revised. i 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 * Index of stocks (end of month) Mar. Nov. Dec. Jan. Feb. Mar. 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 seasonalvariation variation adjustment variation adjustment Total - - 66 80 86 80 80 83 1936 1937 1936 1937 1936 1937 1936 1937 Coal - - 63 84 86 79 83 98 Coke 55 93 90 88 89 95 Grain and grain products.__ 8 4 5 1 6 5 9 1 4 7 5 3 6 4 8 0 6 3 6 6 3 7 9 3 J F a e n b u r a u r a y ry 8 8 3 1 9 9 5 3 6 6 3 6 7 7 6 2 6 6 6 6 7 7 4 6 6 5 2 8 7 6 2 6 Forest products 40 51 57 48 48 50 March ___ 84 93 77 90 65 76 67 78 Ore 64 105 95 108 114 118 Miscellaneous 77 94 107 97 95 95 April 84 85 65 68 62 67 71 68 68 68 May _ 87 89 66 67 June 87 84 64 62 Without seasonal adjustment July 91 63 64 59 August. 86 68 67 65 September 88 94 68 71 Total 62 80 74 70 72 76 Coal 60 92 92 89 91 92 October 90 100 69 76 Coke 56 96 97 97 101 96 November. 94 105 71 80 Grain and grain products 72 73 71 65 64 62 December 92 161 71 67 Livestock __ 35 59 45 42 34 34 Forest products 42 49 46 42 49 52 Year 88 67 Ore. 15 73 23 26 27 28 M iscellaneous 73 92 83 78 82 90 Merchandise * 63 68 66 64 66 69 1 Based throughout on figuresof daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in i In less-than-carload lots. the date of Easter. Based on daily average loadings. Source of basic data: Association of Back figures.—Department store sales, see p. 631 of BULLETIN for American Railroads. August 1936; department store stocks, see pp. 254-255 of BULLETIN for Back figures.—See BULLETIN for February 1931, pp. 108-109. April 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

483 MAY 1937 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statist!cs. 1926=100] Other commodities All Farm Year, month, or week m c t o o ie m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u a e c r n ts d p T ro e d x u ti c le ts m F li a u g t e h e l r t a i i n a 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 lm 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 a m g n s i d - i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95 4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 - ... 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79 2 79.3 84.9 69.8 1932 ._ 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75. 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. 69 7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73 5 86.4 85.3 80 5 80 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- February _ _. 80.6 79.5 83.2 79.0 96.1 71.0 76.1 86.7 85.5 80.1 81."5 68.1 March 79.6 76.5 80.1 78.9 94.9 70.8 76.2 86.6 85.3 79.3 81.I 68.3 April _ 79.7 76.9 80.2 78.9 94.6 70.2 76.4 86.6 85.7 78.5 81. 68 6 May 78.6 75.2 78.0 78.8 94.0 69.8 76.0 86.3 85.8 77 7 81. 69.2 June - 79.2 78.1 79.9 78.8 93.8 69.7 76.1 86.2 85.8 78.0 81.i 69.7 July 80.5 81.3 81.4 79.5 93.4 70.5 76.2 86.9 86.7 79.4 81.?, 71 0 August 81.6 83.8 83.1 79.7 93.6 70.9 76.3 87.1 86.9 79.8 81.\ 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 82f) 71 5 November 82.4 85. 1 83.9 81.0 97.0 73.5 76.8 87.9 87.7 82.5 82 73.4 December 84.2 88.5 85.5 82.2 99.7 76.3 76.5 89.6 89.5 85.3 83.?, 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 c84. 1 102.7 77.5 76.8 91.7 93.3 87.8 87. 77.3 March 87.8 94.1 87.5 85.5 104.2 78.3 76.2 96.0 95.9 87.5 88.4 79.5 Week ending— 1936—Dec. 12 83.4 87.3 84.8 81.9 99.8 75.2 77.5 88.4 88.7 84.2 84 74.1 Dec. 19 83.7 87.7 85.1 82.2 100.5 75.7 77.5 88.8 89.2 85.4 843 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 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 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 S 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 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 Mar. 27 87.8 94.7 87.5 85.8 105.7 78.1 76.9 96.0 96.2 87.0 90.3 79.3 Apr. 3 _ 88.3 96.0 87.9 86.1 106. 0 78.2 77.2 96.1 96.6 87.0 90.3 80.0 Apr. 10 87.9 93.5 86.1 86. 3 106. 8 78.6 77.1 96.3 96.8 87.0 90.3 80. 1 Apr. 17 ___ 87.6 92.4 85.3 86.5 107.2 78.7 77.5 95.8 96.8 86.6 90.3 81.0 1936 1937 1936 1937 Subgroups Subgroups Mar Dec. Jan. Feb. Mar. Mar. Dec Jan. Feb. Mar. FARM PRODUCTS: METALS AND METAL PRODUCrrs: Grains 75.6 109.0 113.0 111.5 113.2 Agricultural implements.. 94.2 93.0 93.0 93.1 93.1 Livestock and poultry 88.3 85.0 91.4 89.9 93. 7 Iron and steel- 86.3 90.9 91.7 92.0 97.5 Other farm products 69.1 84.4 84.8 86.3 88.5 Motor vehicles 94 0 q3 0 93.0 93 0 93 0 FOODS: Nonferrous metals 69.9 78.6 84.8 89.4 101.1 Dairy products 80.3 88.9 88.9 88.7 90.2 Plumbing and heating 73.8 76.7 77.1 77.4 77.6 Cereal products KRs 87.1 88.1 89.3 90. 1 BUILDING MATERULS: Fruits and vegetables 65.1 75. 4 82.4 87.8 86. 5 Brick and tile.. 88.9 88.5 89.7 91.0 91.8 Meats 89.7 87.2 90.6 90 3 92. 0 Cement 95 5 95 5 95.5 95. 5 95 5 Other foods 72 4 84.0 82. 1 78.8 78.2 Lumber 82 6 89 6 93 0 99 0 102 1 HIDES AND LEATHER PRODUCTS: Paint and paint materials 79.2 82.4 83.7 83.4 83.9 Shoes 1004 99.4 99. 7 01.4 102.3 Plumbing and heating 73 8 76 7 77. 1 77 4 77 6 Hides and skins 0 110 4 116 0 14.9 118 5 Structural steel 92 0101 7 104 7 104 7 119 q Leather .. _ 85.0 92. 6 94.3 95. 5 97.1 Other building materials. 88.5 92.6 93.9 95.0 98. 9 Other leather products 95 4 96.3 101. 1 01. 7 101. 7 CHEMICALS AND DRUGS: TEXTILE PRODUCTS: Cheaiicals 85. 9 93.3 96.4 95. 6 95. 3 Clothing 80.7 83.1 83.9 84 2 84.8 Drugs and phai•rnaceuticaIs 73.0 77.4 79.0 83.0 83. 0 Cotton goods. . .... 1 90. 3 91. 9 91.3 94. 0 Fertilizer materials 64. 8 68.6 70.6 70.7 70.3 Knit goods 1 63. 0 64.4 64.7 64. 9 Mixed fertilizers __ _ __ _. 68.3 71.4 71.4 71.7 71.7 Silk and rayon so!9 33.8 34.5 33.7 33.6 HOUSEFURNISHINGGOODS: Woolen and worsted goods. 83.8 90. 5 91.9 93. 1 92. 6 Funiishings___ 84.9 86.9 89.0 91.2 91.7 Other textile products 679 65.3 66. 2 65. 9 66. 5 FurLliture 77 9 79 4 84.0 84.5 85 0 FUEL AND LIGHTING MATERIALS MISCELLANEOUS: Anthracite 89 5 82.3 81.6 81.6 77.8 Auto tires and tubes 45 0 50 1 51.8 53.1 55 0 Bituminous coal 99.4 97. 3 96. 8 97.4 97. 5 Cattle feed 67. 9130.7 135. 4 129.4 135.0 Coke 7 97.8 97.6 97.6 97.7 Paper and pulp 80.3 82.1 84.8 87.5 90. 2 Electricity 84 82 7 81 0 Rubhpr nrnde 32 q 41 c 44 3 44 3 50 9 Gas 84.4 83.1 82.2 80. 7 ... __ Other miscellaneous __ _ _ 80.6 82. S 83.1 84.2 84.8 Petroleum products. 56.0 58.0 58.3 59.1 58. 6 c Corrected. 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 485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 FEDERAL RESERVE BULLETIN MAY 1937 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Latin Asia Europe End of month T c tr o ( o i 5 u e t 2 n s a ) - P U S n ta i t t e e s d C a a d n a - E c tr u o ( i 2 r u e o 6 s n p ) - e A c tr o m i ( i c 1 u e a e 1 s n r ) - - O c t i r a o c a i n e e u ( d a s n 8 n ) - - A c tr o f i ( r u e 5 i s c n ) a - U K d n i o i n m t g e - d France m G a e n r y - Italy g B iu e m l- N la e n th d e s r- t B i O N o a W n a n I a - k I l Z ^ B rla .I n . d 8. 1935—October... 21, 500 9,693 186 <3,880 641 807 291 1,604 4,773 35 346 609 401 453 11 November 21, 396 9,920 188 <3 543 641 813 291 1,628 4,388 36 330 615 427 455 9 December. 21, 583 10,125 189 <3,517 645 816 291 1,648 4,395 33 270 611 438 454 8 1936—January... 21, 598 10,182 186 3,467 646 817 300 1,652 4.324 31 »270 600 455 454 11 February.. 21, 665 10,167 186 <3,529 648 825 310 1,653 4,362 29 270 593 463 472 10 March 21,711 10,184 184 <3,547 642 830 323 1.653 4,348 29 270 586 486 493 8 April 21, 469 10, 225 187 3,312 642 836 268 1,670 4,106 28 270 581 483 495 8 May 21,364 10, 402 188 3,024 641 841 268 1,701 3,781 28 270 610 465 485 11 June 21, 403 10, 608 187 5,866 634 840 268 1,782 3,580 29 270 638 404 460 12 July 21, 743 10, 648 187 3,159 635 845 269 1,977 3,643 29 270 633 437 471 10 August 21,870 10,716 189 3,207 642 849 269 2,017 3,614 28 270 632 457 489 12 September. c21, 780 10, 845 191 c8,981 638 857 269 2,049 3,322 25 270 631 456 508 12 October P21, 840 11,045 186 p3,835 658 847 269 2,049 3,194 26 270 621 388 583 13 November. P22, 042 11,184 188 P8, 890 656 852 270 2,049 3,194 27 270 630 388 624 13 December _P22, 663 11,258 188 P9, 368 708 858 P283 2,584 2,995 27 270 632 490 655 11 1937—January... P22, 693 11,358 190 P9, 287 P697 P865 P297 2,584 2,846 27 270 625 558 657 13 February.. P22, 837 11, 436 191 V9,329 P700 P870 P310 2,584 2,846 27 270 626 598 657 12 March 11, 574 194 V9,356 2,584 2,846 27 270 619 626 657 15 Europe—Continued End of month Austria g B a u ri l a - C v z s a e l k o c i h - a o- m D a e r n k - Greece H ga u r n y - N w o a r y - Poland Po g r a t l u- Ru n m ia a- Spain S d w en e- Y sl u av g i o a - 6 c t o o ri u t e h n s e - r 1935—October. __ 45 19 113 54 36 23 84 86 t58 108 734 174 41 62 November 45 19 113 54 35 23 84 84 t8 109 735 180 43 63 December. 46 19 112 54 34 23 84 84 i>8 109 735 185 43 63 1936—January... 46 19 112 54 34 23 84 84 68 109 735 194 44 63 February.. 46 19 112 54 33 23 84 85 f58 110 735 200 44 66 March 46 19 113 54 32 23 84 81 t58 110 726 206 44 67 April 46 19 113 54 32 23 84 72 68 111 726 209 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 (58 112 718 231 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 (58 113 718 238 46 C78 October ... 46 20 91 54 26 23 98 71 (58 113 718 239 47 P7Q November. 46 20 91 54 26 25 98 72 38 113 718 239 48 P79 December. 46 20 91 54 26 25 98 75 v38 114 718 240 48 J>82 1937—January... 46 21 91 54 26 25 98 75 p38 114 718 240 49 . P82 February.. 46 21 91 53 27 25 98 76 P68 115 718 241 49 P82 March 46 P21 91 53 27 25 98 77 p38 115 718 241 49 P82 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 i r s d h i i t a - China Japan Java N l Z a e e n a w d - T k u ey r- c o t o r th i 2 u e e n s r - Egypt A So fr u ic th a c o t o r th i 3 u e e n s r - 1935—October... 441 29 15 4 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 64 23 24 5 55 212 24 December. 444 29 16 26 20 74 36 275 10 426 64 23 24 6 55 212 24 1936—January... 444 29 17 26 20 74 36 275 11 428 54 23 24 3 15 221 24 February.. 444 29 18 26 20 74 37 275 15 431 64 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 26 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 20 69 44 275 8 463 60 23 26 4 55 203 P25 1937—January. _. 487 29 20 26 P20 69 P45 275 9 466 60 23 28 P4 55 217 P25 February-- 489 D29 22 26 P20 P69 P45 275 10 469 60 23 29 H 55 230 P25 p Preliminary. c Corrected. 1 See notes under Italy, Mexico and Spain. J Figure for December 1935 carried forward for subsequent months. 3 No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date is given for August 1936 and carried forward for subsequent months. * Figure for March 1935 carried forward for subsequent months. NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania in Latin America: Bolivia, Brazil, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia, and Siam; and in Africa: Algeria, Belgian Congo, and Morocco. For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547; and August 1936, p. 667. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1*137 FEDERAL RESERVE BULLETIN 487 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 ia - A W fr e i s c t a Congo Canada U S n ta it t e e d s Mexico Co b l i o a m- Chile Au l s ia tra- Japan B I r n i d ti i s a h $1—25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold~$S0.67 1933 525,071 | 420,093 | 227, 673 13, 335 | 6, 623 | 3, 631 J 60, 968 | 52, 842 | 13,169 j 6,165 j 3, 009 | 16, 790 | 8, 968 | 6, 919 $l=>15-5/21 grains of gold 9 10 fine; i. c, an ounce of fine gold=%35 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 1,040,217 771, 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 I, 164, 908 '854,132 396, 768 28,053 16,295 7,386 130, 550 150, 959 P26, 394 •13, 633 9,018 39,793 23, 684 11,599 1936—February.. 81,943 64, 712 31, 290 2,201 1,164 574 9,325 9,701 2, 815 1,159 918 2,801 1,843 920 March 86, 387 68,156 32, 709 2,359 1,326 544 10, 469 11,020 1,627 1,040 1,147 2,882 2,065 April 86, 327 r67, 896 31, 991 2,410 1,258 543 10, 474 11,113 2,607 n, 122 499 3,127 1,808 944 May 91, 870 69, 439 32, 826 2,413 1,289 547 10,797 11,945 2,075 1,086 552 3,045 1,885 979 June 97,877 71,046 33,086 2,384 1,285 585 11,083 11,948 2,570 1,065 611 3,476 1,994 July 107,686 75, 655 33, 846 2,354 1,352 676 11,183 15,042 2,632 1, 235 776 3,602 1,977 981 August P106,969 P73, 738 33,830 2,425 1,412 675 11,504 13,627 Pi, 820 1,098 1,029 3,422 1,916 981 September P108, 184 P74, 952 33,816 2,363 1,444 11,579 14, 280 P2, 345 1,236 467 3,515 2,246 October P113,125 P76, 693 34, 199 2,292 1,493 11,693 15, 821 Pi, 960 1,109 784 3,596 2,075 November. v 105, 291 P72, 460 33, 042 2,270 1, 506 634 11,174 13, 240 P2, 205 1, 035 758 3,467 2, 162 1937— D J e a c n e u m ar b y e .. r . . . P P 9 9 6 1 , , 6 3 0 9 8 5 ^ P7 7 3 3 , , 0 5 1 6 6 4 3 34 3 , , 3 8 5 5 2 8 2 2 , , 3 26 1 2 5 1 1, , 6 5 7 4 1 4 631 1 11 1 , , 5 4 5 9 5 9 1 1 1 2 , , 4 9 8 7 3 7 P P2 i , , 8 6 7 4 0 5 1 1, , 1 3 1 3 3 2 P7 7 0 0 0 8 4 3 , , 1 1 7 5 0 8 2 2 , , 0 1 6 18 5 February . P86, 706 P67.874 32, 330 2,109 Pl, 561 P586 10, 853 10,171 P2, 240 1,117 P3, 158 P2, 065 P984 v Preliminary. »• Revised. Estimated world production figures for 1935 and 1936 have been revised on basis of new estimates for the U.S.S.R. No regular statistics for the U.S.S.R. are available, but data irregularly given out by officials of the gold mining industry afford a basis for estimating annual production in 1935 as $158,000,000 and for estimating monthly production in thousands of dollars for 1936 as follows: January, $7,800; February, $8,000; March, $9,000; April, $9,200; May, $13,200; June, $17,600; July, $22,800; August, $24,000; September, $24,000; October, $27,200; November, $23,600; December, $13,600; total, $200,000. No official information is available regarding the scheduled output for 1937. Assuming an average increase over 1936 approximately equal to the average annual increase for 1935 and 1936 and same seasonal movement as for the two previous years, production is estimated in thousands of dollars for first two months of 1937 as follows: January, $9,400; February, $9,600. 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, March 1937, p.267, and April 1937, p. 363. 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>re^subject[to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Total Net imports from or net exports](—) to: Year or month net i e m o x r ( p p ) o n o r e r t t t s s U K d n i o i n m t g ed - France g B iu e m l- N la e e n r t d - h s - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra u l s i - a C H K a h o o n i n n d n g g a B I r n i d ti i s a h c o t o A t r h u i l e e n l s r - 1934 1 1,131, 994 499, 870 260, 223 8,902 94, 348 12, 402 86, 829 30, 270 16, 944 12, 038 1, 029 16, 452 76, 820 15, 868 1935 1, 739, 019 315, 727 934, 243 3 227,185 968 95,171 13, 667 10, 899 15, 335 3,498 9,431 75, 268 37, 620 1936 1,116, 584 174, 093 573, 671 3,351 71,006 7,511 72, 648 39, 966 11,911 21, 513 23, 280 7,917 77, 892 31, 828 1935—November 210, 567 7,101 180,141 2, 676 5,865 1, 502 558 1,007 8,913 1,896 December 190,010 8,600 145, 388 4, 727 9,060 1, 820 1,851 1,605 11,108 5,103 1936—January 45, 643 5, 786 3,514 10, 745 764 1,743 1, 236 5,196 1,176 11, 744 3,738 February -16,635 -2, 890 -17,180 -3,421 273 659 1, 520 1, 499 740 2,166 March 5, ' -1, 792 13 -343 1,677 772 1,578 373 3,203 April 28, 055 1,493 1, 564 11,232 713 1,742 1, 716 651 385 5,106 3,452 May 169,952 4,003 133,157 8,751 1, 695 4,322 2,100 1, 735 1,029 847 9,720 2,593 June 277,775 3,644 202, 983 38,811 551 14, 584 2,104 2,124 2,511 603 5,947 3,911 July 15, 379 -9 27 882 869 2,106 2, 425 856 5,654 2,566 August 67,493 5,837 17,880 11,664 15, 289 11 716 1,747 10, 688 1,771 September 171,824 8,204 136, 671 1,463 524 6,338 634 2,101 2, 405 2,831 442 6,961 3,251 October 218,812 72,154 95, 013 25, 745 8 12, 222 530 4 2,157 1, 869 451 5,782 2,079 November 75, 836 44, 665 20 2, 545 3, 698 10, 660 368 1,628 3,781 432 6,182 1,857 December 56, 970 32, 998 9 2 3,281 4, 709 462 2,273 936 951 10,108 1,242 1937—January 121,325 73, 950 10, 864 10, 691 271 6, 506 5, 865 1,945 2,123 1, 617 158 6,028 1,305 February 120, 326 75, 238 1,138 14 8,155 10, 661 9,153 2,109 2, 910 287 7,077 3,583 March 154, 33r 121,451 76 1,131 1,086 4, 925 3,242 1,944 3,467 265 4,017 12, 727 i Differs from official customhouse figures in which imports and exports for January 1634 are valued at approximately $20.67 a fir.e ounce. NOTE.—For gross import and export figures and for additional countries see table on page 458. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 FEDERAL RESERVE BULLETIN MAY 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 o n r e t t s U S n ta i t t e ed s France m G a e n r y - g B iu e m l- N l e a t n h d e s r- Canada Aus li 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 India1 India1 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, 74" -435, 502 142,137 -4, 726 -17,4"" 10, 796 16,565 37, 981 404, 295 181, 627 34, 050 -161,872 11,393 -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 -121,10r ii, sr -109,503 1935—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 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... 77,13" -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, 44" -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,r- 6,369 -1,029 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 -8,447 -7,463 Feb . 122, 296 -75,615 163,919 153 452 1,756 1,968 24,113 8,705 -3,156 -3,161 P984 p-2,177 Mar... 78, 484 -104,399 124,121 50' 1,587 965 2,727 26, 593 5, 760 3 20, 624 P-4,080 P984 p-3,096 Germany Switzerland Total Net imports from or net exports (—) to: Total Net imports from or net exports (—) to: Year or month net net i e m o x r ( p p ) n o o e r r t t t s s U K d n i o i n t m g 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 r th i u l e e n l s r - i e m o x r p p o o n r r e t t t s s U S n ta i t t e e s d 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 A r th i u l e e n l s r - 1934.. -90,920 -109,386 -42,907 -28,114 163 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 < 7, 281-230, 788 647 -54, 858 -181,725 -13,940 25, 542 342 -6,795 1936. 1 r'~~ -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—Sept.. 4,355 -4 142 480 4,014 -276 5,84, 107 3,017 -24 16 3,312 -766 184 Oct... 10, 566 -49 7,058 2,532 1,116 1,367 163 1,085 881 1,343 241 -2,344 Nov.. 780 -17 5 680 67 -934 -332 -3, 227 1,849 -49 825 Dec. 2,004 -87 591 810 671 -2,330 -2, 088 -4,166 21 4,724 -139 -682 1936—Jan... -2, 584 —71 -2, 441 -35 61 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 e 8,413 May- -630 -3,935 3,256 76 -28 13, 386 32 -4, 298 284 -8 1,449 132 515, 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 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 -2 448 7 -20 14,848 19 656 8,177 62 57 -112 Nov.. 426 259 73 65 30 2,210 -3, 676 2^892 1,241 1, 723 -65 97 -3 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, -135 -6, 675 5,227 -612 732 -100 -575 1,866 Feb__ 27, 024 -120 11, 432 14, 231 1,558 -17,034 -6,24' 2,436 -1 852 -566 • 13, 507 Mar_ 5'"" -463 -490 653 55 819 f Preliminary. i Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 1 Figures derived from preceding columns; net imports plus production minus reserves in India. » $22,520,000 imported by United Kingdom from U. S. S. R. in March 1937. 4 $85,390,000 imported by Germany from U.S.S.R. in 1934, and $6,376,000 in 1935. 6 $8,444,000 imported by Switzerland from Czechoslovakia in April and $15,433,000 in May 1936. 6 $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 January 1937, are sub ject to official revision. 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

489 MAY 1937 FEDERAL RESERVE BULLETIN CENTRAL BANKS Assets of banking department Liabilities of banking department (F B i a p g n u o r u k e n s o d i s f n E s m t n e i r g l l l l i i a n o g n n ) s d of G d m o i e s e l p s d n a u t r ( e ) t i 1 - n 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 N t r i c o o u n t l e a- 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— Feb. 26_ 200.6 .7 60.7 11.0 96.2 106.2 35.5 18.2 Mar. 25. 200.6 .8 54.1 5.0 97.0 406.5 83.6 18.0 37.0 18.3 Apr. 29 _ 202.7 .8 45.9 8.3 114.0 416.9 104.7 7.5 39.0 17.7 May 27_ 206.4 .9 40.3 6.7 104.7 426.1 78.3 19.8 36.7 17.8 June 24_. 216.3 1.0 41.5 7.6 116.1 434.8 90.8 20.0 37.4 17.9 July 29_. 239.9 1.0 51.4 7.1 115.5 448.6 75.2 42.3 39.4 18.1 Aug. 26. 244.8 1.1 61.3 9.2 102.6 443.4 100.9 17.2 37.8 18.2 Sept. 30. 248.7 1.1 59.3 8.6 100.7 449.4 60.7 49.7 40.9 18.3 Oct. 28.. 248.7 1.0 65.9 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 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Jan. 27.. 313.7 .4 61.4 8.0 97.4 452. 3 98.4 12.1 38.4 18.1 Feb. 24. 313.7 .7 58.6 4.9 105.3 455.1 100.4 13.0 37.9 18.2 Mar. 31. 313.7 1.0 39.8 7.1 123.4 473.8 62.3 52.2 38.5 18.3 Assets Liabilities Domestic bills Loans on— Deposits Bank of France Ad- (Figures in millions of francs) j I Gold* ch F e e a i o x g n - r n g - e S c p ia e l - 3 Other v m G a e n t r e o o n c n v - e t - s N c b u e l g r e i o t s i t e e i - a s - a O s t s h e e ts r c N i t r i c o o u t n e la- G m ov e e n r t n- Other l O i t a t i b h e i s e l r i- 1936—Feb.28 65, 789 1,309 9,758 3,250 5,708 8,186 81,239 2,854 8,706 2,134 Mar. 27 65, 587 1,297 12,053 3,325 5,708 8,028 83,197 2,889 8,434 2,148 Apr 24 61,937 1,305 14,392 3,349 5,708 8,193 82, 557 2,722 7,895 2,334 Maj 29 . . __ _ 57, 022 1,426 19,381 3,381 5,708 8,134 84, 705 1,850 6,909 2,383 June 26 53, 999 1,297 7,750 14,333 3,441 5,708 8,015 85,106 1,305 6,528 2,652 July 31 54,942 1,270 6,041 14,333 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 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 3,464 5,640 8,029 86,651 2,069 13,058 3,160 Dec. 30 60, 359 1, 460 1,379 8,465 17,698 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 5,640 8,209 87, 688 1,955 15, 280 2,534 Feb. 26 57, 359 1,323 1,524 8,990 19, 772 5,640 8, 235 87, 062 2,315 15, 386 2,547 Mar 26 57, 359 1,194 1,514 8,440 20,066 5,640 8, 543 85, 746 1,977 16,404 2,552 Assets Liabilities Keichsbank Reserves Securities (Figu r r e e i s c h i s n m m a i r l 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 l s ls ury b c i O l h l e s t c h ( k e a s r n ) d Se lo c a u n ri s ty E a l c s i o g n v i o e b t r l e e Other Other ci N r ti c o o u t n l e a- Deposits l O ia t t i b e h i s e li r - 1936—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 65 220 309 686 4, 540 729 853 Sept. 30_. 4,875 59 219 308 695 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 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 Mar. 31.. 5,101 51 167 312 1, 021 4, 938 970 i 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. ' 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 estab lished by the law of October 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 redisoounted for account of the Banques Populates (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

490 FEDERAL RESERVE BULLETIN MAT 1937 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1937 1936 Central bank Central bank Mar. Feb. Jan Mar. Mar. Feb. Jan Mar. National Bank of Albania (thou- Bank of Canada (thousands of Casands of francs): nadian dollars): Gold 7,555 7, 556 7,556 Gold 187, 947 179, 423 179, 459180, 417 Foreign assets 24, 234 24,509 18, 349 Silver bullion 2,358 2,281 2,244 1,590 Loans and discounts 3,819 3,806 3,170 Sterling, United States and other Other assets 3,755 3,819 5,031 Exchange 19, 706 14, 575 11, 843 7,489 Note circulation 11, 469 10, 789 11,679 Government securities: Other sight liabilities 16, 237 17, 267 10, 681 2 years or less 50, 975 55,196 61, 995 29, 661 Other liabilities 11,657 11,633 11,746 Over 2 years 101, 797 101, 661 97, 784 81,144 Central Bank of the Argentine Other assets 7, 826 4,709 4,005 2,933 Republic (millions of pesos): Note circulation 125,970 119,218 123, 534 85, 518 Gold at home 1,224 1,224 1,224 Deposits—Chartered banks 194, 275 195, 045 197,041 188, 203 Gold abroad and foreign ex- Dominion Government 36, 751 30, 038 23, 262 21,116 change 307 291 121 Other 1,452 1,315 1, 668 1,549 Negotiable Government bonds.__ 187 Other liabilities 12,160 12, 230 11,826 6,847 Other assets 154 153 154 Central Bank of Chile (millions of Note circulation 1,134 1,106 998 pesos): Deposits—Member bank 391 407 447 Gold and foreign.exchange in re- Government 124 119 191 serve 143 143 142 Other 6 6 9 Loans and discounts 225 181 90 Other liabilities 30 30 42 Government debt 699 706 Commonwealth Bank of Aus- Note circulation 780 643 595 tralia (thousands of pounds): Deposits 302 300 274 Issue department: Central Bank of China2 (millions of Gold and English sterling 16,012 16,003 yuan): Securities 38, 561 39, 351 Gold 34 31 51 Banking department: Silver 236 216 211 Coin, bullion, and cash 1,360 1,152 Foreign exchange 168 136 74 London balances 18,838 26, 513 Due from domestic banks 144 160 104 Loans and discounts 20, 426 11,127 Loans and discounts 474 476 213 Securities 37, 990 35, 657 Securities 162 156 310 Deposits 75, 818 70, 890 Other assets 85 97 47 Note circulation __ 47, 039 47, 045 Note circulation 358 343 254 Austrian National Bank (millions Deposits 795 780 627 of schillings): Other liabilities 149 150 130 Gold 243 243 243 243 Bank of the Republic of Colombia Foreign exchange (non-reserve)._ 96 96 100 81 (thousands of pesos): Loans and discounts 197 202 203 218 Gold 40, 212 37, 779 35, 589 30, 830 Government debts 620 620 620 624 Foreign exchange 9, 690 12, 725 11,630 3,658 Other assets 125 130 131 164 Loans and discounts 7,024 7,705 7,500 3,533 Note circulation 891 893 895 929 Government loans and securities. 45, 752 45, 585 45, 451 45, 528 Deposits 243 241 245 234 Other assets 27, 015 26, 871 26,191 25, 780 Other liabilities 148 156 156 167 Note circulation 51, 478 52, 730 52, 465 41,315 National Bank of Belgium (mil- Deposits 41,158 41,413 38,152 31, 500 lions of belgas): Other liabilities 37,058 36, 521 35, 745 36, 516 Gold 3, 651 3, 690 3, 689 3,319 National Bank of Czechoslovakia Discounts, domestic and foreign.. 1,373 1,363 1,370 1,182 (millions of koruny): Loans 38 34 53 84 Golds 2,583 2,587 2,589 2,692 Other assets 314 316 316 330 Foreign exchange 146 277 390 47 Note circulation 4,404 4,477 4,480 4,163 Discounts 1,180 1,094 1,140 664 Demand deposits—Treasury 166 25 83 9 Loans 1,069 791 817 749 Other 734 828 793 672 Government debt 2,018 2, C19 2,021 2,040 Other liabilities 72 72 72 72 Other assets 1,046 1,041 988 943 Central Bank of Bolivia(t housands Note circulation 5,949 5,787 5,816 5,413 of bolivianos): Demand deposits 464 415 601 778 Gold at home and abroad1 67, 400 66, 062 22, 011 Other liabilities 1,628 1, 607 1,527 944 Foreign exchange 71, 773 50, 605 8,022 Bank of Danzig (thousands of Loans and discounts 11, 068 10, 650 7,575 gulden): Securities—Government 413, 360 413,364 388, 668 Gold 29, 552 29, 342 29, 091 20, 776 Other 4, 795 4,691 2.921 Foreign exchange of the reserve.. 310 1, 615 857 2,021 Other assets 12,524 12,211 16. 612 Other foreign exchange 2, 076 2, 354 1, 890 5, 976 Note circulation 220, 568 214,913 152.521 Loans and discounts 15,341 16, 372 14,532 15, 893 Deposits 256, 097 239,074 228, 000 Other assets 4, 136 4,224 4,214 4, 503 Other liabilities 104, 255 103, 597 65, 288 Note circulation 32, 018 31, 373 31, 764 28, 274 Bank of Brazil (millions of milreis): Demand deposits 13,243 13,905 10, 270 3,879 Cash 268 273 281 Other liabilities 19,019 19,115 19, 222 19, 080 Correspondents abroad 503 406 367 National Bank of Denmark" (mil- Loans and discounts 2, 439 2, 488 2, 935 lions of kroner): Note circulation 10 Gold 118 118 118 118 Deposits 1 2,952 2, 977 3,216 Foreign exchange 17 15 12 28 National Bank of Bulgaria (mil- Discoun ts 28 32 34 27 lions of leva): Loans—To Government agencies 180 173 147 239 Gld 1,755 1,705 1,591 Other 141 135 167 135 Foreign exchange reserve (net)___ —121 Securities 54 56 56 79 Other foreign exchange 622 814 358 Other assets 65 63 65 33 Loans and discounts 765 710 1.167 Note circulatio n 378 375 373 371 Govern merit debt 3, 551 3, 551 2. 671 Deposits 78 76 175 Other assets 970 991 1, 028 Other liabilities 147 149 113 Note circulation 2, 317 2, 572 2, 293 Deposits .3,111 2,919 1, 908 Other liabilities 2, 235 2,280 2, 493 1 Gold abroad revalued in December 1936. 2 Items for issue and banking departments consolidated. 3 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. 4 Bank reorganized under law of April 7, 1936 (see BULLETIN for July 1936, p. 537, and August 1936, p. 632). First balance sheet on new basis was'as of June 30, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

491 MAY 1937 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1936 Central bank Central bank Mar. Feb. Jan Mar. Mar. Feb. Jan Mar. Central Bank of Ecuador (thou- Bank of Japan (millions of yen): sands of sucres): Gold 540 553 513 Gold i _._. 32, 844 31, 278 Discounts 572 547 536 691 Foreign exchange __. 26, 076 5, 905 Loans—Government 204 199 193 129 Loans and discounts 39, 318 38,081 Other _. 93 148 196 201 Note circulation 57,066 47, 538 Government bonds 629 571 602 533 Deposits 42, 343 13, 554 Other assets 228 179 162 254 National Bank of Egypt 2 (thou- Note circulation 1,464 1, 529 1, 586 1,367 sands of pounds): Deposits—G overnment 400 314 298 583 Gold 6. 545 6, 545 6, 545 Other 83 83 76 74 Foreign exchange 3, 535 4,014 3, 269 Other liabilities 319 275 282 297 Loans and discounts 5, 059 5, 998 5,385 Bank of Java (millions of guilders): British, Egyptian, and other Gold 1 89 89 85 Government securities 38, 742 38,194 38,819 Foreign bills 2 2 2 Other assets 5, 999 5, 920 5, 867 Loans and discounts 67 71 61 Note circulation 21, 545 21, 936 21, 639 Othcr assets 102 80 55 Deposits—Government 8,833 8, 725 6, 310 Note circulation 178 177 154 Other 21,321 21,964 23.611 Deposits 55 40 24 Other liabilities 8,183 8, 046 8, 327 Other liabilities 25 26 25 Central Reserve Bank of El Salva- Bank of Latvia (millions of lats): dor (thousands of colones): Gold 3 77 77 46 Gold 13,138 13,076 12, 855 Foreign exchange reserve 40 33 6 Foreign exchange 5, 720 3, 524 4, 550 Loans and discounts 118 117 109 Loans and discounts 1,279 1, 657 680 Other assets 44 52 54 46 Government debt and securities. 6, 546 6, 594 6,912 Note circulation 49 43 41 Other assets 2, 464 1, 995 1, 992 Deposits 201 203 202 Note circulation . ]8, 584 17,462 ] 5, 394 Other liabilities 32 33 Deposits 6, 578 5, 689 7,477; Bank of Lithuania (millions of litu): Other liabilities 3, 984 3, 696 4,118 Gold 77 51 Bank of Estonia (thousands of Foreign exchange 6 7 19 krooni): Loans and discounts 99 100 100 87 Gold 34,180 34,176 34,174 34, 124 Other assets 34 32 32 21 Foreign exchange (net) 17,164 12,390 11,593 2, 450 Note circulation 114 113 112 109 Loans and discounts 26,121 25, 871 24, 230 22, 229 Deposits 80 82 47 Other assets 21, 285 21, 228 21, 454 23,125 Other liabilities 21 21 21 Note circulation. 47,184 46,005 44, 604 41, 700 Netherlands Bank (millions of guil- Demand deposits 36, 206 33, 703 32, 689 27, 512 ders) : Other liabilities 15,360 13, 957 14,158 12,716 Gold 920 879 820 714 Bank of Finland (millions of mark- Silver (including subsidiary coin) 17 20 20 19 kaa): Foreign bills 2 2 2 1 Gold 816 815 815 501 Discounts 21 21 23 24 Foreign assets 1,960 1,939 1, 845 1,536 Loans 179 173 187 128 Loans and discounts 1,085 1, 051 976 1,002 Other assets 63 62 62 64 Domestic securities 308 295 315 267 Note circulation 814 774 767 781 Other assets 320 301 385 262 Deposits—Government 74 76 127 55 Note circulation 1,913 1, 757 1,600 1, 520 Other 269 261 174 (7 Deposits—Treasury 467 531 391 172 Other liabilities 45 45 45 47 Other 483 513 714 420 Reserve Bank of New Zealand Other liabilities 1,627 1,601 1,631 1, 457 (thousands of pounds): Bank of Greece (millions of drach- Gold 2,802 2,802 2,802 mas): Sterling and gold exchange re- Gold and foreign exchange (net) _ 3, 272 3, 229 3. 169 3, 065 serve"- 18, 804 17, 902 24, 830 Loans and discounts 3, 066 2,957 4,820 5, 155 Advances: To State or State un- Government obligations 4,154 4,157 4,162 4,172 dertakings 8, 369 7,910 Other assets 2, 156 1,940 1,640 1,212 Investments 2. 453 3,160 1,829 Note circulation 6, 368 6, 061 5. 989 5, 670 O ther assets 241 240 Deposits 4, 363 4,208 5, 978 5, 953 Note circulation 12, 279553 13,068 10, 153 Other liabilities 1, 916 2, 015 1,822 1,981 Demand deposits 18,327 17,313 17,903 National Bank of Hungary (mil- Other liabilities 1,644 1,633 1, 645 lions of pengos): Rank of Norway (millions of Gold 84 84 84 79 kroner): Foreign exchange reserve 47 47 44 33 Gold 215 215 215 185 Discounts 451 462 475 502 Foreign assets 85 93 109 56 Loans—To Treasury 102 101 99 80 Total domestic credits and Other 12 12 12 12 securities 227 229 225 234 Other assets 208 199 182 120 Discounts 143 153 178 Note circulation 417 41.8 415 391 Loans 26 27 20 Demand deposits 200 202 197 121 Securities 60 45 36 Certificates of indebtedness 93 93 93 104 O t h er as s ets () 11 8 15 Other liabilities 194 192 192 210 Note circulation 410 399 401 357 Re o s f e r r u v p e e e B s) a : nk of India (millions ! Demand deposits— O G th o e v r ernment- 4 4 6 4 3 5 6 6 3 6 5 0 4 3 4 1 Issue department: Other liabilities 0) 60 59 Gold at home and abroad.._ 444 444 444 444 Bank of Poland (millions of zlotys): Sterling securities 793 773 723 673 Gold 406 400 397 427 Indian Gov't securities 224 244 244 244 Foreign exchaiige 35 36 32 26 _Rupee coin 619 622 631 594 Loans and discounts 640 ov»o 722 736 Note circulation 1, 914 1,939 1,926 1, 688 Securities 135 135 135 92 Banking department: Other assets 453 437 424 441 Notes of issue department - _ 136 144 116 268 Note circulation 1,000 1,000 999 979 Balances abroad 265 251 213 231 Other sight liabilities 254 254 233 155 Investments 76 74 76 51 Other liabilities 415 444 477 587 Other assets 10 6 14 6 Deposits 381 308 306 449 Other liabilities 100 106 113 106 1 By decree of June 13, 1936, gold in vault revalued at rate of 11.6466 sucres per gram of fine gold. 2 Items for issue and banking departments consolidated. 3 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. * Figures not yet available. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BULLETIN MAY 1937 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1936 Central bank Central bank Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. National Bank of Rumania (mil- Swiss National Bank—Con. lions of lei): Other assets 622 615 614 79 GolcH 15, 644 15, 708 15, 644 10, 929 Note circulation 1,394 1, 376 1,385 1,319 Special exchange accounts 4,460 4,670 4,633 4,485 Other sight liabilities 1,409 1,412 1,430 411 Loans and discounts 6,329 6,146 6,303 5,509 Other liabilities 633 640 638 Special loans 2 2,157 2,432 2,423 2,594 Central Bank of the Republic of Government debt 10, 820 10, 555 9,446 11,179 Turkey (millions of pounds): Other assets 9,267 9,188 9,552 7,386 Gold 36, 707 36, 704 34, 842 30,001 Note circulation 25, 949 24, 961 24, 898 23, 056 Foreign Exchange—Free 54 62 41 1,196 Demand deposits 11,657 11,755 10,989 7, 856 In clearing acccounts 48,927 42, 728 38,188 15,471 Other liabilities 11,158 11,982 12,114 11,169 Loans and discounts 30,239 26,182 33, 552 14, 442 South African Reserve Bank Securities 187,132 186, 978 187, 351 186,146 (thousands of pounds): Other assets 26, 202 24, 981 22, 338 20, 449 Gold 28, 783 27, 962 26, 336 29,644 Note circulation 180,975 180, 975 185, 345 165, 416 Foreign bills 5,455 6,014 7, 252 5,208 Deposits 38, 331 39, 914 37, 280 36, 415 Other bills and loans 22 22 527 161 Other liabilities 109, 955 96, 746 93, 686 65,872 Other assets 17,048 16, 086 14, 959 18, 369 Bank of the Republic of Uruguay Note circulation 15, 355 15,918 15, 760 13, 585 (thousands of pesos): Deposits 31,904 30,478 30, 078 36, 654 Issue department: Other liabilities 4,049 3,688 3, 236 3,143 Gold and silver 41, 601 41,091 Bank of Sweden (millions of Note circulation 88, 222 84, 395 kronor): Banking department: Gold 531 530 529 454 Cash reserves 27, 682 37,124 Foreign assets 891 877 742 588 Loans and discounts 84,113 94, 557 Discounts 11 11 11 10 Other assets 73, 339 56, 885 Loans 22 23 25 29 Deposits 104, 884 115,578 Domestic securities 33 33 33 33 Other liabilities 78, 711 72, 988 Other assets 346 322 259 187 National Bank of the Kingdom of Note circulation 873 842 827 795 Yugoslavia (millions of dinars): Demand deposits 775 795 666 401 Gold 1, 650 1,642 1,632 1,490 Other liabilities 185 160 107 105 Foreign exchange 623 693 650 313 Swiss National Bank (millions of Loans and discounts 1,683 1,696 1,691 1,642 francs) : Government debt 2,249 2,249 2,248 2,272 Gold3 2,718 2,718 2,717 1, 509 Other assets 1,835 1,686 1,641 1,267 Foreign exchange 22 25 40 14 Note circulation 5,381 5,347 5,292 4,904 D iscounts 30 30 41 141 Other sight liabilities 1,980 1,909 1,895 1,481 Loans 43 40 41 84 Other liabilities 679 710 674 599 1 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). 2 Agricultural and urban loans in process of liquidation. 3 Gold revalued after September 30, 1936, at rate of 215 milligrams of fine gold per franc. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss c;old francs !] 1937 1936 1937 1936 Assets Liabilities Mar. 31 Feb. 28 Mar. 31 Mar. 31 Feb. 28 Mar. 31 Gold in bars. __ 45,087 35, 272 24,198 Demand deposits (gold) 23, 309 23, 518 19, 088 Cash on hand and on current account with banks 25, 636 39, 245 9, 601 Short-term deposits (various curren- Demand funds at interest 26, 538 26, 505 12, 960 cies): Central banks for own account: Rediscountable bills and acceptances Demand _ . 24, 148 24, 898 26, 020 (at cost): Time—Not exceeding 3 months 105, 482 110, 222 113,277 Commercial bills and bankers' acceptances 101, 347 107,145 150,250 Total __ . 129, 630 135,120 139, 297 Treasurv bills 130,696 131, 574 188, 279 Central banks for account of others: Total 232, 043 238, 719 338, 529 Demand 4, 248 3,572 11,334 Time—Not exceeding 3 months 2, 985 Time funds at interest—Not exceeding Other depositors: 3 months 27,012 26, 095 36, 033 Demand 229 284 813 Between 3 and 6 months _ _ 1, 669 853 Time—Not exceeding 3 months 8 8 83 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account 153,158 153, 280 154, 340 Treasury bills 26, 864 31, 729 36, 303 German Government deposit 76, 579 76, 640 77,170 Sundry investments _ 68, 036 56, 804 61, 701 French Government guaranty fund- 42,819 43," 285 61,930 Between 3 and 6 months: French Government deposit (Saar). 1,404 1,419 2,031 Treasury bills 6,637 6,249 13, 411 Sundry investments 68, 233 78, 780 30, 607 Total 273, 959 274,625 295, 471 Over 6 months: Treasury bills. 77, 890 75,038 50, 292 Capital paid in 125, 000 125, 000 125, 000 Sundry investments 11, 773 11,191 34, 530 Reserves: Legal reserve fund . 3,784 3,784 3, 324 Total— 259, 432 259, 791 226, 844 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. 1,354 1,362 6,278 sold 1,329 1,351 6,235 R\iT>f1ry itp.ms 39,045 42, 369 39, 576 Sundry items 96 86 6,383 Total liabilities 618, 842 627,918 660, 783 Total assets _ __ 618, 842 627, 918 660, 783 i See BULLETIN for December 1936, p. 1025. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

493 MAY 1937 FEDERAL RESERVE BULLETIN COMMERCIAL BANKS [Figures are as of end of month, except those for the United Kingdom, which are averages of weekly figures] Assets Liabilities United Kingdom (11 Lo m n i d ll o io n 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- Securi- 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 Time' lia O b t i h li e t r ies 1936—March 217 162 635 854 230 2,108 1,123 951 241 April 227 161 637 868 233 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 1,215 240 July 225 158 349 639 884 227 2,244 1,223 237 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.. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—January... 238 179 345 669 885 239 2,307 1, 254 1, 005 247 February.. 230 167 307 671 909 243 2,274 1,217 997 252 March 226 170 248 667 939 254 2, 244 259 Assets Liabilities Deposits Own 4 large banks. f F ra i n g c u s r ) es in millions of Cash D b u a e n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total Demand Time a a c n c c e e p s t- lia O b t i h li e ti r es 1936—January _._ 3,451 2, 563 16,601 7,765 1,086 27, 548 26, 859 349 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 1937—January. __ 2,852 3, 589 18,289 7, 949 1,340 29, 831 29, 304 527 561 3. 626 Assets Liabilities Germany (5 large B l e io rl n in s o b f a n re k i s c . h sm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s B c i o l u l n s t d e i d s- Loans Se t c ie u s ri- O as t s h e e ts r Total D D e e p m 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 e s s d l O ia t t i b h e i s e li r - 1936—February... 128 307 2,275 2,900 945 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 154 303 2,895 2, 679 1,020 837 5. 973 2, 923 3,050 557 1, 357 February 130 301 2, 966 2, 673 1,022 822 6, 029 2, 760 3,270 578 1,307 Assets Liabilities Canada Entirely in Canada S l e o c a u n r s ity D a e d p a o e si x t c s l d u p e d a p i y n o g a s b it i l s n e te in rb C an a k n- (10 cha l r io te n r s e d o f b C a a n n k a s d . ia F n ig d u o r l e la s r s i ) n mil- Cash S l e o c a u n r s ity an O lo d t a h n d e s i r s- a a f n o f b d r d r r o e u o i m e n g a e d n t Se ti c e u s ri- Other ci N t r i c o o u t n l e a- Total Demand Time l O ia t t i b e h i s e li r counts banks 1036—February.. 224 78 151 1,265 444 118 2,152 635 1,517 761 March 227 77 154 1,316 459 117 2,197 665 1,532 783 April 228 83 862 145 1,314 478 114 2,229 692 1,536 767 May 225 87 828 131 1,345 446 116 2,193 666 1,527 753 June 230 91 777 113 1,368 502 115 2,207 702 1,505 757 July 227 91 768 110 1,357 481 113 2,174 680 1,494 748 August 225 91 776 157 1,355 487 115 2,175 672 1,503 800 September 226 105 807 146 1,380 494 111 2,263 762 1,501 785 October... 232 109 816 146 1,363 491 112 2,261 751 1,510 784 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 February. _ 119 805 214 1,422 483 108 2,369 805 1,564 804 i 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

494 FEDERAL RESERVE BULLETIN MAY 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 t a r 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 A R 2 a p 9 t r e . eff D ec a t t i e ve b C an e k n t o r f a — l R A a 2 p t 9 r e . ef D fec a t t i e ve In effect Nov. 1, 1935 2 3 4 5 4H 2K Albania 6 April 1, 1937 Italy 4H May 18, 1936 Nov 5 4 Argentina. __ Mar. 1, 1936 Japan „ 3.29 Apr. 7, 1936 Nov 14 VA Austria July 10, 1935 Java 3 Jan. 14, 1937 Nov 15 4 Belgium 2 May 16, 1935 Latvia 5 Nov. 1, 1936 Nov 22 5 Bolivia 6 July 5, 1932 Lithuania __ July 1, 1936 Nov 26 6 British India 3 Nov. 28, 1935 Netherlands. Dec. 3, 1936 Jftn 2 1Q36 5 Bulgaria 6 Aug. 15, 1935 New Zea- Jan 10 4 Canada. 23^ Mar. 11, 1935 land 2 June 29, 1936 Jan 16 3 Chile __. 3J-4J Jan. 8, 1936 Norway.. 4 Dec. 7, 1936 Feb. 4 23^ Colombia.— July 19, 1933 Peru 6 May 20, 1932 Feb 7 3H Czechoslo- Poland. 5 Oct. 26, 1933 Mar 28 5 vakia . 3 Jan. 1,1936 Portugal 4K May 12, 1936 May 7 6 Danzig 4 Jan. 2, 1937 Rumania 4H Dec. 15, 1934 May 18 Denmark. __ 4 Nov. 19,1936 South Africa 3K May 15, 1933 May 30 Ecuador 4 Nov. 30, 1932 Spain 5 July 15, 1935 J J u u n n e e 4 24 5 4K E E s ) to S n a i l a vador, V 5 A J O u c l t y . 5 1, , 1 1 9 9 3 3 5 4 S Sw w e it d z e e n rland. VA N D o ec v . . 26 1 , , 1 1 9 9 3 3 6 3 June 25 _ __ 4 Finland Dec. 3, 1934 Turkey Mar. 2, 1933 Tnnp 26 4 France 4 Jan. 28, 1937 United.King- J Ju u l n y e 7 30 _ 3 3 K G G e re r e m c a e ny 6 4 J S a e n p . t . 2 4 2 , , 1 1 9 9 3 3 2 7 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 July 10 3 Hungary. __ 4 Aug. 29, 1935 Yugoslavia.. 5 Feb. 1. 1935 Sept 9 2 Sept 25 5 Oct. 2 3 Change since March 27: Albania—April 1, down from 6K to 6 percent. Oct 9 2H Oct. 16 2 N Oc o t v . 2 2 0 6 2K m Dec. 3 2 Jan 28,1937 4 In effect Apr. 29,1937 2 4 4 2 MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] United Kingdom (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Month ac 3 B c e a m p n o t k a n e n t r c h s e s ' s, T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n f t o h r Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or j 1936—March 3.00 3.07 2.99 1.20 1.68 April 3.00 3.04 2.83 1.19 1.27 May 2.92 2.89 2.76 2.27 1.82 June 2.88 2.74 2.67 4.05 3.95 July 2.88 2.73 2.96 2.04 1.73 August 2.88 2.84 3.01 1.37 1.20 September 3.00 2.89 3.01 1.33 1.29 October 2.94 2.82 2.82 2.03 2.51 November 3.00 2.84 2.79 1.00 1.55 December. 3.00 2.88 3.05 .82 1.48 1937—January... 3.00 2.88 2.54 P. 56 February. . 3.00 2.86 2.47 P. 28 March 3.00 2.86 3.10 Sw la i n tz d er- ( B B e r l u g s i s u el m s) F (P ra ar n i c s) e (M It i a l l a y n) Hungary S ( h w S o t e o lm d ck e ) - n Japan (Tokyo) 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 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 c c i o a P l m r i p m m ap e e r e - r Da m y o -t n o e - y day L m oa t o o n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1936—March 2.26 1.38 3.74 5.00 2% 5.11 2.87 April 2.25 1.38 5.03 5.00 4.97 3.11 J J M u u n l a y y e 2 2 2 . . . 2 2 2 5 5 5 1 1 1 . . . 3 3 3 8 8 8 5 3 5 . . . 6 6 3 0 0 0 4 4 4 . . . 5 5 7 0 0 8 -6H 2 2 % % 2 2 V y V 2 2 - y V 4 2 y A 2 4 4 4 . . . 9 8 7 3 3 5 2 2 2 . , . 7 6 5 3 3 3 August 2.25 1.38 3.00 4.50 2% 4.75 2.69 September 1.98 1.38 3.38 4.50 -6V2 4.75 2.81 October 1.69 1.29 2.52 4.50 23 4.75 2.92 November 1.46 1.00 1.96 4.50 -6vl 4.75 2.86 December. 1.25 1.00 1.99 4.50 4.75 2.74 1937—January... 1.25 1.00 2.22 4. 50 4 -tsy 4.75 2.63 February __ 1.18 1.00 4.01 4.50 4.75 2.67 p Preliminary. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736, and May 1930, p. 318 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY ]937 FEDERAL RESERVE BULLETIN 495 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 r u a s l - ia A ( u sc s h tr il i - a g B iu e m l- Brazil (milreis) B I r n i d ti i s a h g B a u r i i - a Canada Chile China Co b l i o a m- Cuba (peso) (pound) ling) (belga) Official m F a r r e k e et (rupee) (lev) (dollar) (peso) (yuan) (peso) (peso) 1929 95.127 480.83 14.058 13.912 11.8078 36. 202 .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 5.87: 37. 523 1. 2958 99.913 5. 1240 29.751 57.083 99. 909 1936—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 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 March 32. 570 389. 26 18.677 16. 847 8. 7021 6.1069 36. 888 1. 2884 100.051 5.1726 29. 664 57. 008 99. 917 Year or month C s ( l k o z o v e r a c u k h n i a o a ] - ( m D k e r 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 u e a n n r - 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 f e 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 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—April 4.1359 22.064 506. 78 2.1807 6. 5898 40. 238 .9389 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 .9338 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 March 3. 4879 21. 807 500. 87 2,1531 4. 5945 40. 215 . 8951 30.355 19. 779 5. 2608 28. 494 27. 750 54. 702 Year or month Z ( e p N a o e l u a w n n d d ) N (k o r r o w ne a ) y P ( o zl l o a t n y d ) P es o g c r u a t d l u o - ) Ru ( n l m i eu a a ) - ( S A p o o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d t e o r e t l a t n la l i t e r t s ) s - ( S d kr w e o e n n - a) e S ( r f w r l a a i n t n c z d ) - T (p u o r u k n e d y ) U ( K p d n o i o u n i m t n g e d - d ) ( g U p u r e u s a - o y ) ( Y s d l i a u n v g a i r o a ) - 1929 483.21 11.194 4.4714 . 5961 483.27 56.012 26. 784 19. 279 48.411 485. 69 98. 629 1. 7591 1930 468. 22 11.205 4. 4940 .5953 483. 79 55. 964 26. 854 19.382 47. 061 486. 21 85. 865 1. 7681 1931. 415.29 11. 197 4. 2435 . 5946 480. 76 52. 445 25. 254 19.401 47.181 453. 50 55. 357 1. 7680 1932 320. 19 11.182 3.1960 . 5968 476. 56 40. 397 18. 471 19. 405 47. 285 350. 61 47. 064 1.6411 1933 340. 00 14.414 3.9165 .7795 414. 98 49. 232 22. 032 24.836 60. 440 423. 68 60. 336 1. 7607 1934 402. 46 18. 846 4. 6089 1. 0006 498. 29 59.005 25. 982 32.366 79.047 503. 93 79.956 2. 2719 1935 391. 26 18. 882 4.4575 . 9277 484. 66 57.173 25. 271 32. 497 80.312 490.18 80. 251 2. 2837 1936 398. 92 18. 875 4. 5130 .7382 485. 05 58. 258 25. 626 30. 189 80. 357 497. 09 79. 874 2. 2965 1936—April 396. 80 18. 826 4. 5092 .7330 488. 76 57. 939 25. 482 32. 580 80. 284 494. 27 79. 769 2. 2882 May 399. 02 18. 792 4.5115 .7309 491. 59 58. 240 25. 619 32. 391 80. 278 496. 97 79.720 2. 2866 June 402. 84 18. 800 4. 5455 .7273 496. 53 58. 833 25. 877 32.425 80. 270 501. 92 79.709 2. 2871 July 403. 26 18.915 4. 5568 .7279 497. 07 58.873 25. 893 32. 724 80. 355 502. 25 79. 820 2. 2985 August 403. 42 18.827 4. 5558 .7317 497.19 58.916 25. 910 32. 599 80. 272 502. 59 79. 719 2. 2926 September 403. 97 18. 824 4. 5586 .7315 497. 99 59. 095 25. 965 31.418 80.145 503. 63 79. 679 2. 2912 October 393.25 18. 828 4. 4475 .7309 484. 32 57. 446 25. 253 22. 993 79. 834 79. 857 2. 2956 November 392. 36 18. 825 4. 4373 .7289 483.43 57.314 25.196 22. 984 79. 883 80.045 2. 2990 December 393. 87 18. 853 4.4514 .7285 485. 33 57. 544 25. 300 22. 985 80.162 490. 78 80. 000 2. 3003 1937—January 393. 82 18.924 4. 4487 .7273 485. 40 57. 549 25. 301 22. 936 80.156 490. 75 78. 926 2. 3022 February 392. 92 18. 929 4.4457 .7275 484. 24 57. 404 25. 232 22. 829 79. 700 489. 39 78. 856 2. 3059 March 392. 32 18.939 4.4411 .7284 483. 81 57. 194 25.186 22. 792 79. 953 488. 51 78. 753 2. 3057 NOTE.—For information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see note in BULLETIN for April 1937, p. 371. 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496 FEDERAL RESERVE BULLETIN MAY 1937 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Nether- Switzer- Year or month (1 U S 92 n t 6 a i = t t 1 e e 0 d s 0) (1 C 9 a 26 n = a 1 d 0 a 0) K (1 U 9 in 3 n 0 g i = d t 1 e o 0 d m 0) (1 F 9 r 1 a 3= n 1 c 0 e 0) G (19 e 1 r 3 m =1 a 0 n 0 y ) (19 I 2 t 8 a = l 1 y 00) 1 ( 9 O J 0 a c 0 t p = o 1 a b 0 n e 0 r ) (1 l 9 a 1 2 0 n 6 0 - d ) 3 s 0= (J = u l 1 l a y 0 n 0 1 ) d 914 1926 100 100 695 134 237 106 144 1927— _ . 95 98 642 138 225 103 142 1928 97 96 645 140 100 226 102 145 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 76 H97 64 96 1936—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 July 81 74 94 391 104 75 197 62 93 August..- _ _ . _ _ 82 76 95 403 105 76 197 63 93 Sept.Amhp.r 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 r538 105 «79 233 73 108 February 86 83 104 '533 106 81 230 74 111 March 88 86 107 554 P106 240 76 113 Preliminary. • Revised. 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 o d 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 g o u r d r i u c a u l c l t - s P s r io o n v s i- a p t f r n I i r i n n d o a i d l d s s h r u u e e a s c m d w - ts i- p tr I r i i n o s a d d h l u u e f d s c i - 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 85 100 155 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 138 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—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 ••543 103 93 97 123 February 91 87 '84 99 107 516 '548 103 94 97 123 March 94 88 86 101 111 528 577 *>104 P95 P98 P124 c Corrected. P Preliminary. r Revised. Sources.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, October 1935, p. 678, March 1937, p. 276, and April 1937, p. 372. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

497 MAY 1937 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Y m e o a n r t o h r 1 S U 9 t 1 2 n a 9 5 i t 2 = t e 3 e 1 s - d 0 1 0 1 E l 1 a 9 J n 0 u 1 n 0 g 4 l d y - = 1 F 9 r J 1 a u 4= n ly 1 c 0 e 0 19 m 1 G 1 9 4 a 1 e = n 3 r 1 y - - 00 N 19 l e a 1 1 t 9 3 n h 1 = d 1 e 1 - s r 0 - 01 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 e 3 1 e s - d 0019 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 3 r 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 1 J w a e u 4 r n i = l t - y d 1 z 0 - 0 1926 161 554 146 161 160 1926 103 170 505 142 168 162 1927 156 557 153 163 158 1927 102 164 514 148 168 160 1928 157 549 153 166 157 1928 100 166 519 152 169 161 1929 105 154 611 156 162 156 1929 99 164 556 154 168 161 1930 100 145 614 146 150 152 1930 _ 97 158 581 148 161 158 1931 82 131 611 131 136 141 1931 89 148 569 136 151 150 1932 68 126 536 116 119 125 1932 80 144 526 121 141 138 1933 66 120 491 113 120 117 1933 76 140 520 118 139 131 1934 74 122 481 118 124 115 1934 ... 78 141 516 121 140 129 1935 80 125 423 120 118 114 1935 81 143 483 123 136 128 1936 82 130 470 122 120 120 1936 82 147 507 125 2 132 130 1936—Jan 82 131 441 122 118 1936—Jan 81 147 124 130 Feb. 81 130 446 122 118 Feb. 147 124 130 Mar.... 80 129 446 122 117 118 Mar 146 486 124 2 131 130 April... 80 126 443 122 119 April... 81 144 124 130 May. . 80 125 456 122 119 May... 144 124 130 June _ 84 126 458 123 119 120 June 144 497 125 131 130 July.. . 84 129 446 124 120 July.... 82 146 125 130 Aug. _ 84 129 460 124 120 Aug. 146 125 130 Sept.... 84 131 483 122 121 121 Sept.... 82 147 504 124 132 130 Oct 83 132 504 122 124 123 Oct. 148 124 134 132 Nov.... 83 136 520 121 124 123 Nov. 151 124 134 132 Dec 83 136 534 121 122 123 Dec 82 151 540 124 133 132 85 136 562 121 124 126 1937—Jan. 151 125 134 133 Feb. 85 135 5,77 122 122 129 Feb. 151 125 134 136 Mar 85 135 577 122 129 Mar.. 84 151 125 136 1 From August 1933 to July 14, 1936, the Bureau of Labor Statistics published biweekly indexes. Figures given are for the date nearest 15th of month. 2 Index recalculated as from March 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100) Year or month U (a p S v n r t i e i c a r t e a t e ) g e d 1 e s ( 1 E D 9 n e 2 c 1 g e = l m a 10 n b 0 d e ) r ( a 1 F g 91 r e 3 = a 1 n a 0 c v 0 e e ) r- G ( e a p r v r m e ic r e a a ) g n e y (1 N 9 l e 2 a 9 t n h = d e 1 s 0 r 3 - 0) U S n ta it t e e d s England Fiance Germany N l e a t n h d e s r- 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—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... 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... 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 96.7 121.9 126.4 104.2 114.6 97.8 63.1 February 100.0 125.5 75.1 97.4 121.2 129. 5 103.8 113.3 99.2 67. 3 M arch 98.5 124.3 74.6 97.7 121.6 129. 9 102.7 112.0 100.3 69.3 * 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. 8 Index of reciprocals of average yields. Average yield in the base year 1929 was 4.57 percent. Sources—See BULLETIN for February 1932, p. 121, June 1935, p. 394, and April 3937, p. 373. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DIRECTORY 499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman JOSEPH A. BRODERICK JOHN K. MCKEE M. S. SZYMCZAK CHESTER C. DAVIS CHARLES S. HAMLIN, Special Counsel LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel 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 LATJCHLIN 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 0. 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. STEELS. 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 Vice-President WM. A. DAY WM. MCC. MARTIN District No. 4 (CLEVELAND) L. B. WILLIAMS. JOHN K. MCKEE District No. 5 (RICHMOND) CHARLES M. GOHEN. B. A. MCKINNEY District No. 6 (ATLANTA) EDWARD BALL. RONALD RANSOM District No. 7 (CHICAGO) EDWARD E. BROWN. 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 500 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.* New York. Owen D. Young* _ G. L. Harrison Allan Sproul W. R. Burgess. 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.3 W. J. Davis. E. C. Hill. Cleveland.. E. S. Burke, Jr.. _ M. J. Fleming F. J. Zurlinden H. F. Strater. W. H. Fletcher. W. F. Taylor.a Richmond Robert Lassiter Hugh Leach J. S. Walden, Jr R. H. Broaddus. J. G. Fry. G. H. Keesee.2 Atlanta W. H. Kettigi Oscar Newton R. S. Parker . _ _ H. F. Connifl. L M. Clark. W. S.McLarin, Jr.3 Chicago. R. E. Wood1 ._ G. J. Schaller H. P. Preston. _ W. H. Snyder.3 J. H. Dillard. St. Louis.. W. T. Nardin W McC. Martin 0. M. Attebery J. S. Wood. J. G. McConkey. Minneapolis... _ W. B. Geery J. N. Peyton _. 0. S. Powell Harry Yaeger. E. W. Swanson. Kansas City __ J. J. Thomas__ _ G. H. Hamilton C. A. Worthington.___ A. M. McAdams. J. W. Helm3 Dallas C. C. Walsh B. A. McKinney R. R. Gilbert R. B. Coleman.3 W. J. Evans. San Francisco A. 0. Stewart W. A. Day Ira Clerk. __ S. G. Sargent. "CW. EA./ fE aTrThoalort.» 1 Deputy chairman. * Cashier. 'Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch B. J. Lazar. Denver branch J. E. Olson. Pittsburgh branch G. H. Wagner Oklahoma City branch C. E. Daniel. Richmond: Omaha branch L. H. Earhart. Baltimore branch 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. 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MO. w 'U>«»!*S ST.L0 V15 v^— —•••• BOUNDARIES OF FEDERAL RESERVE DISTRICTS .«.. BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES <$ FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATED CITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis