Federal Reserve Bulletin, 1937-07

FEDERAL RESERVE BULLETIN JULY 1937 Recent Banking and Business Developments Statistics of International Capital Transactions Condition of All Banks in the 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—Recent banking and business developments 629-634 National summary of business conditions 635-636 Summary of financial and business statistics _. 638 Statistics of international transactions of the United States, January-March 1937 639-642 Statistics of all banks in the United States 643-647 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 650 Federal Reserve bank statistics 651-655 Reserve position of member banks; deposits in larger and smaller centers 656 Money in circulation 657 Gold stock and gold movements 658 All banks in the United States 659 All member banks 660-661 Reporting member banks in leading cities 662-665 Bank suspensions; bank debits; Postal Savings System 666 Acceptances, commercial paper, and brokers' balances 667 Federal Reserve bank discount rates 668 Money rates and bond yields . 669 Security markets 670 Treasury finance 671 Governmental corporations and credit agencies 672-673 Production, employment, and trade 674-682 Wholesale prices 683 International financial statistics: Gold reserves of central banks and governments . 686 Gold production 687 Gold movements 687-688 Central banks 689-692 Bank for International Settlements 693 Commercial banks 693-694 Discount rates of central banks ; 695 Money rates 695 Foreign exchange rates 696 Price movements: Wholesale prices ... 697 Retail food prices and cost of living 698 Security prices 698 Federal Reserve directory: Board of Governors and staff; Open market Committee and staff; Federal Advisory Council 700 Senior officers of Federal Reserve banks; managing directors of branches 701 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 23 JULY, 1937 No. 7 REVIEW OF THE MONTH This is in accordance with usual developments. Open-market rates quickly reflect In June excess reserves of member banks changes in credit conditions, while customer showed considerable fluctuations. These rerates are usually much slower to respond. serves, which had been at about Customer rates had not fully reflected until $900,000,000 since May 1, when the Excess last year the extreme monetary ease caused reserves final increase in reserve requireby the growth in excess reserves and the de-, ments went into effect, declined by cline in the demand for credit during the $180,000,000 during the week ended June 16 depression. From the latter part of 1929 to as a result of Treasury operations around the the beginning of 1935 open-market commermid-June financing period. The decrease reflected a reduction of $120,000,000 in total SHORT-TERM MONEY RATES balances of member banks with the Reserve banks and an increase of about $60,000,000 in required reserves owing to a growth in Treasury balances at depositary banks. During the following week excess reserves increased to $810,000,000'. These changes had little effect in the money market and caused no advances in money rates. Rates on bankers' acceptances declined slightly in June. During the first quarter of this year openmarket rates for money advanced somewhat 1932 1933 1934 1936 1937 from the extreme low levels Rates on of the latter part of 1936, but cial paper rates fell sharply, while customer customer loans this stiffening in open-market rates showed a much smaller decline. In rates was not reflected in 1935 and 1936, on the other hand, openmarket rates remained steady at a low level, changes in rates charged by banks to their while customer rates continued to fall, customers. Rates on customer loans as rethough not to the extremely low level reached ported by banks in 36 leading cities have conby open-market rates. tinued in recent months near the low level reached last year. As shown by the chart, In 1929 customer rates in leading cities the open-market rate on commercial paper were close to 6 percent. By the summer of increased from three-fourths of 1 percent, 1936 they had fallen in New York to below which had prevailed since the beginning of 23/2 percent, and have remained near that 1935, to 1 percent in the latter part of March, level since that time. In other leading cities but customer rates on the average showed there were further reductions in customer little change. rates in the latter half of 1936, and this year 629 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 FEDERAL RESERVE BULLETIN JULY 1937 they have averaged about 3% percent in 8 issued by the Treasury. Subsequently a part other northern and eastern cities and about of the notes purchased was resold to other 41/s percent in 27 southern and western cities. investors, and bank holdings of Treasury bills During the first five months of 1937 also declined owing to the repayment by the the Treasury increased the public debt by Treasury of maturing bills. As a net result about $800,000,000 and reduced of these transactions, holdings of direct obli- Treasury its working balance by $900,000,- gations of the United States Government at financing 000. In order to replenish the reporting member banks increased during working balance, the Treasury on the two weeks ending June 23 by $120,000,- June 15 sold $850,000,000 of Treasury notes. 000, all of which was in leading cities outside The offering was divided equally into two New York and Chicago. issues, one maturing on September 15, 1939, Payment for the new Treasury notes acand the other on March 15, 1942. Receipts quired by banks was made largely through from these new issues, together with income crediting the deposit accounts of the Treastaxes and other revenues in June, were utiury, with the consequence that United States lized for meeting current expenditures, for Government deposits at reporting member purchases of gold, and for the redemption of banks increased by $440,000,000 in the week $300,000,000 of Treasury bills, and in addiending June 16. Government deposits in tion the working balance of the Treasury inthese banks, which had declined from $700,creased by $500,000,000. 000,000 at the beginning of the year to a Bank loans to customers for business pursmall figure by the middle of June, were reposes have continued to increase. At reportstored to $550,000,000 by June 23. ing member banks in leading Member bank cities the increased demand Disbursements by the Treasury of its bank credit for commercial loans was re- balances largely accounted for the increase in flected through May 12 in so-adjusted demand deposits at reporting memcalled "other" loans and since that time in ber banks since March. As the Treasury the newly reported item of "commercial, in- drew upon its balances, which are not industrial, and agricultural loans." Until June cluded in adjusted demand deposits, funds commercial loans increased both at banks in were transferred to private accounts and New York City and at other banks but in the were added to these deposits. four weeks ending June 23 the further in- Balances due to banks, following a decline crease was confined to banks in New York from March through the early part of May City. In this period New York reporting in connection with adjustment by interior banks also showed a further increase in loans banks to the raising of reserve requireto brokers and dealers in securities. These ments, showed little change thereafter in loans have increased during most of the New York but outside New York they conperiod since last November and for all reporting banks are now about $320,000,000 larger tinued to decline through the first part of than at that time. June. On June 23 balances due to banks by all reporting member banks were some- Member bank holdings of United States what less than $5,000,000,000, as compared Government securities, after declining with a level of about $6,000,000,000 during sharply in the first quarter of the year, showed further slight reductions until June, the latter half of 1936 and the opening when they increased. On June 15 reporting months of this year and with an average level member banks in leading cities purchased a of about $3,000,000,000 for several years considerable part of the $850,000,000 of notes prior to 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

631 FEDERAL RESERVE BULLETIN JULY 1937 Prices of securities, including both stocks n yields of bonds as prices decline and a deand bonds, have shown a considerable down- fine in prices of stocks are both reflected ward movement since the beginning n downward movements of the curves on the Security of this year, as shown on the chart. ihart. markets y QY bon( j s the c h ar t shoWS not The decline in security prices in 1937 folprices, but yields, which in the case of bonds lowed further advances during 1936 to new are more significant. In order to facilitate high levels for bonds and to the highest levels comparison with stock prices the scale on since 1930 for stocks. The decline in bond the bond chart is inverted, so that a rise prices began near the end of 1936, and in March prices of Treasury bonds and other lasses of United States Government securi- BOND YIELDS AND STOCK PRICES ties declined rapidly and prices of stocks also BOND YIELDS declined. Since early in April prices of high- INVERTED SCALE t grade bonds have improved somewhat, while 2 2 lower-grade corporate bonds have continued U.S. GOVERNMENT 3 3 to be weak, and prices of stocks have declined 4 4 further. 5 5 Near the end of June the average yield on longer-term Treasury bonds was 2.65 per- 6 6 cent, compared with a high of 2.78 percent 7 CORPORATE Ba< 7 in April and a low of 2.22 percent last De- 8 8 cember. The average for high-grade cor- 9 9 porate bonds was 3.29 percent, as compared 10 10 with 3.48 percent at the high point in April and with 3.07 percent at the low in January. 11 11 ijV For lower-grade corporate bonds average 12 12 yields as shown by Moody's average of Baa 13 13 bonds were near 5 percent in the last week of June, as compared with 4.50 percent in STOCK PRICES January. At their current levels yields of INDEX OF PRICES, 1926=10 bonds of the various grades are about the same as in the early part of 1936. In the last week of June the general level of stock prices was about 15 percent below the high level for the recovery period reached early in March and about the same as in August 1936. The decline in average prices from March to June was somewhat larger for railroad than for industrial and public utility stocks. Declines in bond prices in the first quarter of the year were accompanied by hesitation in the capital markets. In January Capital offerings of new securities sold less 20 1932 1933 1934 1935 1936 1937 issues readily than before and for some Sources : U. S. Government bonds, Treasury Department; cor> new issues the price declined below porate bonds, Moody's Investors' Service; 419 common stocks Standard Statistics Company. Latest figures are for week end' the original offering price. Under these coning June 26. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 FEDERAL RESERVE BULLETIN JULY 1937 ditions security offerings were considerably This is about the same proportion as for the curtailed in March, April, and May. During last quarter of 1936. these months the amount of capital issues, as A substantial proportion of the offerings compiled by the Commercial and Financial for newT capital came from railroads and Chronicle, averaged about $300,000,000, com- from petroleum companies. Issues for new7 pared with a monthly average of over $500,- capital by public utility companies and by 000,000 during 1936. Available information companies in the metal and mining industries indicates that in June total offerings in- have been smaller than in 1936. creased to about $600,000,000. In recent months an increased proportion As shown in the following table the decline of corporate issues for both new and refundduring the spring reflected principally reduc- ing purposes has been offered to security tions in the volume of municipal issues from holders of the issuing corporation, and there the unusually large amount sold in January has also been some increase in private offerand in the amount of corporate refunding ings to insurance companies and other instiissues. Corporate issues to raise new capi- tions. tal also declined somewhat in April and Industrial production was maintained in again in May. Other offerings, including April and May at 118 percent of the 1923foreign issues and publicly offered issues of 1925 average, as compared Federal agencies, were small following a Recent business with an average of 115 in the large amount of foreign refunding issues in developments fourth quarter of 1936 and January and February. 119 for the year 1929. Preliminary reports indicate a decline in June, CAPITAL ISSUES1 reflecting a sharp reduction in steel output, [In millions of dollars] largely as a result of labor disturbances. In the construction industry, public projects Domestic Total corporate have been in smaller volume this year than domes- a year ago and in recent months the expantic and Munic- Other foreign Re- New ipal sion in private work, which had been in fund- capital ing progress since the early part of 1935, ap- 1936—Monthly average 518 j 282 99 93 44 pears to have been somewhat retarded by the 1936—December 726 1 408 218 97 3 sharp rise in construction costs that occurred 1937—Januarv 603 1 204 95 206 98 February 497 1 225 130 44 98 during the past winter and spring. In agri- M arch 382 1 181 138 59 4 April 272 i 87 85 80 20 culture, growing conditions have been better Mav 261 87 78 51 45 i than a year ago, and with increased acreage, 1 As compiled by the Commercial and Financial Chronicle; exclude crops are expected to be considerably larger. U. S. Government issues, other than guaranteed issues publicly offered. Since the beginning of April wholesale Notwithstanding a decline in April and prices of many raw materials and semi- May, corporate securities for new capital finished products, which earlier had risen sold in the first five months of 1937 averaged most, have declined considerably, while $100,000,000, which is about the same as the prices of finished goods have shown little average monthly volume during 1936. It is change. Price declines in some agriculreported that about three-fourths of the tural products like grains and cotton have amount offered for new capital in the early reflected in part prospects for larger supmonths of 1937 was intended to be used for plies than last season. Trade reports indiincreasing working capital and for the ac- cate that buying from manufacturers, which quisition of plant, equipment, and real estate. was in unusually large volume during the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

633 FEDERAL RESERVE BULLETIN JULY 1937 latter part of 1936 and the first quarter of The number of persons employed in non- 1937, has been at a lower level during the agricultural pursuits has continued to insecond quarter and this has been a factor in crease this year and is now7 from recent price developments. Course of 81 o to 9 millions larger than in March 1933, according to esti- Incomes of the different groups of the mates recently compiled by the population have shown a further substan- Bureau of Labor Statistics. These figures, tial growth this year, and distribution of which take into account 1935 census data, commodities to consumers has been in larger indicate a higher level of employment in revolume than last year. Industrial payrolls cent years than had previously been estihave advanced sharply, reflecting increases mated. The current number employed is in employment and in wage rates, and agricultural income and corporate profits and NONAGR1CULTURAL EMPLOYMENT dividends have been considerably larger than a year ago. Profits reported by large industrial corporations during the first quarter of 1937, although slightly below those of the preceding quarter, Corporate profits and dividends were about 50 percent larger than in the corresponding period of 1936. The decline from the final quarter of last year is attributed in part to seasonal factors, in part to labor difficulties, particularly in the automobile industry, and in part to increasing costs. The increase as compared with the first quarter of 1936 was chiefly in various groups of corporations in the heavy industries, including iron and steel, building materials, household supplies, railroad equipment, and machinery. In the automobile industry profits were affected by labor disturbances. Railroads as a group reported a profit for the first three months of 1937 as compared with a loss in the same period of 1936. Profit: of public utility companies were somewhat higher. 1929 1930 1931 1932 1933 1934 1935 1936 1937 Source: Bureau of Labor Statistics. Total cash dividends declared by corporations, as compiled by the New York Times, shown as nearly 35 millions, which is bewere about 20 percent larger in the first five tween 1 and IV2 millions lower than the months of 1937 than in the corresponding average in 1929. Since that time the labor period of 1936. Since the latter part of 1936 force of the country has grown considerably the monthly distribution of dividend pay- so that the increase in the number of persons ments has been affected by changes in divi- unemployed or employed on relief projects dend policy resulting from the Federal tax on has been much larger, as compared with undistributed corporate profits. 1929, than the decline in the number em- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

634 FEDERAL RESERVE BULLETIN JULY 1937 ployed. The course of employment since while employment in other lines showed 1929 is shown for various groups in the table decreases ranging from 25 percent for the and in the accompanying chart. The figurespublic utilities and service industries to 50 are not adjusted for seasonal variation. percent for construction. Of the 81/2 to 9 millions increase in employ- NONAGRICULTURAL EMPLOYMENT ment since early in 1933, approximately onehalf has been in manufacturing and mining [Thousands of persons] and one-fourth in trade and service. Change from The fact that the number currently em- Mav 1937 1929 March ployed is less than in 1929 reflects largely the average 1933 continued low level of employment in con- Total 34, 722 -1,436 +8, 825 struction, transportation, and mining. In Manufacturing 9,749 +37 +3, 984 manufacturing and in trade and service the M Co in n i s n tr g uction 1,2 7 3 5 4 8 - -5 2 5 6 0 5 i + + 5 1 3 7 2 4 current level of employment is about the same Transportation 1,920 -585 +365 Public utilities 931 -193 +99 as in 1929. Employment in government and Trade 5, 849 -200 +1,618 Service 2,625 -21 +659 the professions is above pre-depression levels Other nonagricultural: Finance 795 -95 +83 and the number of proprietors and self-em- Government and professions 3,531 +302 +319 Proprietors and self-employed 4,245 +157 +504 ployed is also larger. The current levels of Casual workers 3,085 -23 +488 employment for the various groups differ i Of the 532,000 increase in construction employment, about 200,000 from those in 1929, partly as a result of is due to the usual seasonal rise from March to May. The comparisons shown for other groups and for the total are not greatly affected by sea- differences in activity, but also because of sonal influences. Source: Bureau of Labor Statistics. changes in efficiency and in the number of hours worked. Nonagricultural employment as a whole declined from about 36 million persons in 1929 to about 26 million in March 1933, a Appointment of Class C Director at Federal decrease of 28 percent. Employment in the Reserve Bank group, including proprietors and self-em- On June 15, 1937, Mr. J. Frank Porter was appointed as Class C director of the Federal ployed, casual workers, and those employed Reserve Bank of Atlanta for the unexpired in government service and in the professions, portion of the three-year term ending Dedeclined by 10 percent during the depression, cember 31, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1937 FEDERAL RESERVE BULLETIN 635 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 25 and released for publication June 27] Volume of industrial production in Mayindex advanced somewhat further. Employcontinued at the level of the two preceding ment in the durable goods industries conmonths. Commodity prices declined slightly tinued to increase while employment in other in May and the first three weeks of June. lines declined seasonally. Factory payrolls Production, employment, and trade.—In remained at the April level, following sharp May the Board's seasonally adjusted index increases in earlier months. of industrial production remained unchanged at 118 percent of the 1923-1925 average. FACTORY EMPLOYMENT ANDPAYROLLS Output of iron, steel, automobiles, and lumber PER CHENT \ PERC increased further. At cotton and woolen 120 mills and at shoe factories activity continued 110 110 at a high level, while at silk mills, meat- 100 4 / 100 packing establishments, and sugar refineries 90 90 there were considerable decreases. Crude 80 NA E \ mployment rA j 80 INDUSTRIAL PRODUCTION 70 \ 1 A \J ' 70 60 60 140 1 1 Payrolls _>v^ 50 50 130 "" 1 1 11 40 i 40 1 1 2 1 0 0 i ' f 30 1929 1930 1931 ! 1932 1933 1934 1935 1936 1937 30 1 » 100 — Monthly indexes of number employed and payrolls at factories, 90 — unadjusted for seasonal variation, 1923-1925 average = 100. 1— -- \ fV r v ~ Distribution of commodities to consumers i Vt : -— continued in May at the level of other recent months. Sales at department stores and at 60 variety stores showed a seasonal rise and 50 1929 K>30 1931 1932 1933 1934 1935 1936 1937 mail-order sales were maintained. Monthly index of physical volume of production, adjusted for Commodity prices.—Between the middle seasonal variation, 1923-1925 average =• 100. of May and the third week of June, prices of petroleum production continued to rise and output of bituminous coal increased some- WHOLESALE PRICES what, following a sharp decline in April Shipments of iron ore in May were larger than in the corresponding month of any previous year. In the first three weeks of June automobile production declined seasonally and, largely owing to labor disturbances, steel output was reduced to 77 percent of capacity as compared with 90 percent in May. Value of construction contracts awarded in May was smaller than in April, according to figures of the F. W. Dodge Corporation, There were declines in awards for residential and other private projects, while contracts for public projects increased, In the first Indexes compiled by United States Bureau of Labor Statistics, 1926 = 100. By weeks, 1932 to June 19, 1937. half of June awards for both private and public work were at a somewhat higher rate grains, except spring wheat, declined conthan in May. siderably and there were smaller declines in Factory employment, which usually de- cotton, cotton goods, wool, rubber, and steel clines at this season, showed little change scrap, while prices of most other commodifrom April to May and the Board's adjusted ties showed little change. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 FEDERAL RESERVE BULLETIN JULY 1937 Bank credit.—Excess reserves of member the week ending June 16, in connection with banks, which had been about $900,000,000 Treasury operations, but increased in subseafter the May 1 increase in reserve require- quent days and on June 23 were at a level of ments, declined by about $180,000,000 during $810,000,000. At reporting member banks in leading cities holdings of United States Government MEMBER BANK CREDIT BILLIONS OF DOLLARS BILLIONS OF DOLLARS obligations, after several weeks of little 2hange, increased sharply during the week ending June 16, reflecting purchases of the new issues of Treasury notes. Commercial loans at member banks continued to increase in the four weeks ending June 16. This increase was largely at banks in New York City, which also showed a growth in loans to other New York banks and to brokers and dealers in securities. Money rates.—The open-market rate on 90-day bankers' acceptances, which had been '34 1935 1936 1937 reduced from %c> to Vo of 1 percent on May 7, was further reduced to ~4r> of 1 percent on Wednesday figures for reporting member banks in 101 leading June 22. Other money rates have shown little cities, September 5, 1934, to June 16, 1937. Loans on real estate, loans to banks, and acceptances and commercial paper bought in- change in recent weeks. cluded in total loans and investments but not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

637 JULY 1937 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 13 13 y 12 12 11 11 10 H 10 GOLD STOCK / ^_ 8 c 8 \ MOMEY IN CIRCULATION j \ 1 ^ ^^ 4 4 i TREASLRY CASH ,»• 3 3 ^•—.y...... ... 2 j RESERVE BANK "*•*"* 2 : (:REDIT 1 1 : TREASURY DEPOSITS : j f T 0 I—-—-—;;:;, x 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 June 23, 1937. See table on pa*?e 650. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 FEDERAL RESERVE BULLETIN JULY 1937 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1937 1936 Annual averages> May Apr. Mar. May Apr. Mar. 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 2,577 2,522 2,472 2,476 2,480 2,484 2,481 2,475 2,502 2,429 2,077 1,459 Bills discounted 16 10 6 5 6 6 6 7 36 283 521 952 Bills bought 5 4 3 4 5 5 4 5 25 83 71 241 U. S. Government securities 2,526 2,480 2,432 2,430 2,430 2,430 2,430 2,431 2,432 2,052 1,461 208 IVtonetary gold stock 11,901 11, 686 11, 503 10, 324 10,202 10,172 10, 578 9,059 7,512 4,059 3,952 3,996 Treasury currency 2,546 2,541 2,537 2,495 2,503 2,502 2,503 2,478 2,381 2,271 2,096 2,015 Money in circulation _ 6,426 6,397 6,391 5,918 5,892 5,857 6,101 5,585 5,403 5,576 5,328 4,476 Treasury cash - 3,069 2,863 2,682 2,574 2,540 2,518 2,474 2,791 2,798 288 236 207 Treasurv deoosits with F R. banks 85 159 205 559 845 760 446 128 81 55 39 22 Nonmember deposits and other accounts 511 506 530 606 608 603 551 507 438 497 407 406 Member bank reserve balances: Total 6,932 6,824 6,704 5,638 5,300 5,420 5,989 5,001 3,676 2,343 2,114 2,358 Excess 927 1,552 1,371 2,800 2,510 2,653 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, 201 22, 280 22, 610 21, 832 21, 745 21, 449 22,064 19,997 18, 672 17,505 19,080 22, 599 Loans to brokers and dealers in securities ._ 1,326 1,276 1,318 1,185 1,223 1,193 1,181 991 981 111 618 «2,208 Loans on securities to others (except banks)1 2,028 2,046 2,030 2,078 2,077 2, 076 2,055 2,1S1 2,545 3,157 4,226 «5, 448 All other loans - - - 6,169 6,077 5,938 5,092 5,061 4,957 5,226 4,907 4,965 5,222 6,578 9,231 U. S. Government obligations: Direct - 8,320 8,447 8,802 8,877 8,767 8,737 9,080 7,989 6,856 5,228 4,413 2,865 Fullv guaranteed 1,163 1,181 1,206 1, 286 1,273 1,248 1,250 928 •325 Other securities - 3,195 3,253 3,316 3,314 3,344 3,238 3,272 3,053 •3,000 3,121 3,245 2,847 Reserve with Federal Reserve banks 5,350 5,340 5,205 4,577 4,180 4,361 4,799 4,024 2,875 1,822 1,673 1,725 Cash in vault 338 346 359 378 370 365 383 326 271 240 214 248 Balances with domestic banks 1,790 1,967 1,998 2,283 2,262 2,334 2,358 2,112 1,688 1,322 1,250 1,142 Demand deposits—adjusted -. __ 15, 420 15, 283 15, 429 14, 371 13,982 13, 882 14, 619 12, 729 Time dpnosits (excluding interbank)3 5,194 5,145 5,142 5,051 4,971 4,923 4,999 4,883 4,937 4,946 5,666 6,788 Deposits of domestic banks* 5,138 5,544 5,679 5,477 5,484 5,650 5,810 4,938 3,814 2,822 2,772 2,787 Borrowings 20 3 3 7 13 5 6 8 115 228 674 MONEY RATES AND BOND YIELDS Averages of weekly figures; percent per annum Commercial paper - - - 1.00 1.00 .88 .75 .75 .75 .75 .76 1.02 1.72 2.73 5.85 Stock exchange call loans __-_ 1.00 1.00 1.00 .93 .75 .75 .91 .56 1.00 1.16 2.05 7.61 U. S. Treasury bills .65 .70 .58 .18 .10 .11 .14 .14 .26 .52 .88 TJ S Treasury bonds, long term 2 67 2.74 2.50 2.50 2.51 2.54 2.47 2.70 3.10 3 31 3.65 " 360 Corporate high grade bonds (Moody's Aaa) 3.33 3.42 3.32 3.27 3.29 3.29 3.24 3.60 4.00 4.49 5.01 4.73 CAPITAL ISSUES Amounts per month;in millions of dollars All issues—total 261 272 382 420 986 763 518 392 180 89 146 959 New 150 152 185 112 176 128 164 121 116 60 100 841 Refunding 111 121 197 308 810 635 354 270 64 29 46 118 Domestic corporate issues—total 165 172 319 305 658 595 382 189 41 32 54 781 New 78 85 138 38 128 59 99 34 15 13 27 667 Refunding _ _ _ 87 87 181 267 530 536 282 155 26 18 27 115 PRICES Index numbers Common stocks (1926—100) 116 125 130 101 109 109 111 78 72 63 r49 190 Wholesale commodity prices (1926=100): All commodities 87 88 88 79 80 80 81 80 75 66 65 95 Farm products 90 92 94 75 77 77 81 79 65 51 48 105 Foods 84 86 88 78 80 80 82 84 71 61 61 100 Other commodities 86 87 86 79 79 79 80 78 78 71 70 92 Retail food prices (1923-25=100) 87 86 85 80 80 80 82 80 74 66 68 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation 1928-25=100 Industrial production *>118 118 118 101 101 93 105 90 79 76 64 119 Manufactures __ P118 118 117 101 100 93 105 90 78 75 63 119 Minerals.. P116 115 128 102 106 97 104 91 86 82 71 115 Construction—total .. 53 56 46 47 47 55 37 32 25 28 117 Residential - M4 44 45 32 30 26 37 21 12 11 13 87 All other - - 61 64 57 60 63 70 50 48 37 40 142 Factory employment - P102 102 101 90 89 88 92 86 83 72 66 105 Factory payrolls (unadjusted) 105 101 81 79 78 82 71 63 49 46 109 Freight-car loadings 80 84 83 72 71 66 75 64 62 58 55 107 Department store sales 93 93 93 87 84 84 88 79 75 67 69 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month;in millions of dollars Exports, including re-exports P269 256 1 201 193 195 1 205 190 178 140 134 437 General imports P287 308 192 203 199 202 171 138 121 110 367 v* *P rrerleiimiiuinuaiaryr.y. r R• exvviesveidse.u. Partly estimated. 1 Includes loans on securities to banks, 1929-1934. 8 Figures not available. 3 Include time deposits of banks, domestic and foreign, 1929-1934. * Do not include time deposits 1929-1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 639 JULY 1937 STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES JANUARY-MARCH 1937 Statistics of international capital transac-period from May 1929 to the end of 1936, totions of the United States through the first gether with five charts and a detailed descripquarter of 1937 are published in the follow- tion of the statistics, were published in the ing tables. Monthly and weekly data for the BULLETIN for May 1937, pages 394-431. NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT In banking funds In security transactions In From Jan. 2, 1935, to— Total Increase in Decrease brokerage Total f f o u r n ei d g s n in fu U nd . s S. balances se T cu o r t i a ti l es D se o c m ur e it s i t e i s c s F ec o u re ri i t g ie n s in U. S. abroad 1935—Dec. 31 .. 1,411.4 963.5 603. 3 360.3 6.0 441.8 316.7 125.2 1936—j)ec 30 2, 606. 7 1, 360. 3 930.5 429.8 12.9 1, 233. 6 917.4 316.2 1937—Jan. 6 2, 618. 6 1, 356. 2 924.0 432.1 15.6 1, 246. 8 918.5 328.3 Jan.13 _ 2, 614. 1 1, 339.8 906.9 432.9 13.0 1, 261. 3 927.9 333.4 Jan. 20 - 2, 651. 4 1, 357. 5 931.6 425.9 7.6 1, 286. 3 948.9 337.4 Jan. 27. __ 2, 679. 3 1, 449.0 1,026. 8 422.2 8.1 1, 222. 2 957.9 264.3 Feb 3 2, 716. 7 1, 470. 5 1,051.4 419.1 10.9 1, 235. 3 968.3 266.9 Feb. 10 2, 736. 5 1, 476. 0 1, 056. 8 419.2 .9 1, 259. 6 1, 000. 4 259.2 Feb. 17 . 2, 773. 6 1, 499. 7 1, 067. 3 432.4 7.3 1, 266. 6 1, 004. 3 262.3 Feb 24 2, 807. 5 1, 565.1 1,136. 8 428.3 2.3 1, 240.1 1,014. 5 225.6 Mar. 3 2, 828. 5 1, 520. 2 1,094. 8 425.4 4.7 1, 303. 5 1,025.7 277.9 Mar 10 2, 873. 9 1, 538. 7 1, 102. 9 435.8 -2.9 1,338.0 1,054. 4 283.7 Mar. 17 ___ 2, 899. 6 1, 515. 5 1,100. 0 415. 5 5.6 1, 378. 5 1,064. 7 313.9 Mar 24 2, 922. 4 1, 539.9 1,110.6 429.3 3.3 1, 379. 3 1,062.1 317.1 Mar. 31 2, 929. 8 1, 530. 9 1,121. 6 409.3 4.1 1, 394. 8 1, 075. 7 319.1 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From J t a o n — . 2, 1935, 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 l w a e n r i - t d z- 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 ti r n ica E F a a s r t O A th ll er 1935—Dec. 31 1,411.4 554. 9 210.2 114.5 130.4 36.6 24.0 130.0 1, 200. 6 0) 69.8 128.3 12.7 1936—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 1937—Jan. 6 2, 618. 6 843.7 295.7 226. 5 340.7 84.0 43.8 233.7 2,068. 2 149.0 202.1 182.0 17.5 Jan.13 2, 614.1 834.6 297.8 228.0 342.9 83.7 41.6 232.4 2, 061.1 144.3 204.5 188.4 15.9 Jan. 20 2, 651. 4 855. 6 285. 7 231. 3 346. 8 85. 6 39.6 239. 9 2,084. 4 146. 5 215.0 189. 6 15.9 Jan. 27 2, 679. 3 843.0 291. 4 238.0 350.3 83.5 37.7 237.3 2, 081.1 143. 9 254. 8 182. 9 16.6 Feb. 3 2, 716. 7 849.6 295. 1 240.5 350.7 93.1 34.8 237.5 2,101. 4 151. 1 259.8 187.8 16.5 Feb. 10 2, 736. 5 848.3 303.7 248.4 351.5 100.4 32.5 232.9 2,117. 7 154.3 260. 8 186.1 17.7 Feb. 17 2, 773. 6 871.7 301. 1 249.8 357. 4 101.3 29.9 236. 1 2,147. 3 160.6 269.1 180.4 16.2 Feb. 24 2, 807. 5 891. 5 308.5 250. 2 349. 7 103.1 38.4 229. 9 2,171. 4 161.5 270.6 186.2 17.9' Mar. 3 2, 828. 5 899.9 312.2 257.3 354.1 106.7 34.9 221.3 2,186. 5 164.7 273.4 187.0 16.8 Mar. 10 2, 873. 9 921.5 316.8 259.8 359.0 102.3 40.8 224.1 2, 224. 3 168.8 276.5 185.3 19.0 Mar. 17 2, 899. 6 931.6 309. 6 260.3 359.8 103. 4 39.1 242.7 2, 246. 5 168.0 282.8 183. 3 19.1 Mar. 24 2, 922. 4 945. 3 321. 2 263.3 358.4 102.6 38.9 251.0 2, 280. 8 155.9 291.4 177.7 16.6 Mar. 31 2, 929. 8 927.2 308. 9 267.1 363.5 103. 5 37.0 258.1 2, 265. 2 142.0 334. 9 170.4 17.2 » Inflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

640 FEDERAL RESERVE BULLETIN JULY 1937 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES United Neth- Switz- From Jan. 2,1935, Total K d i o n m g- France la e n r- ds la er n - d 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 ti r n ica E F a a s r t O A th ll er 193.5—Dec. 31 963. 5 337. 4 177.6 55. 4 74.0 28.8 21.0 69.5 763.7 41.4 52.5 96.1 9.9 1936—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 1937—Jan. 6-.... 1,356.2 354. 0 201.8 59. 0 117.4 69.2 37.6 103. 7 942.6 113.0 174.8 119.2 6. 6 Jan. 13... 1,339.8 345. 5 201.6 56. 8 115.6 69.0 35.6 102.2 926.4 106.3 177.2 125.0 5.0 Jan. 20... 1, 357. 5 361. 0 188.4 57. 5 114.3 71.6 33. 7 108.4 935. 0 105.7 187.2 124. 6 5.0 Jan. 27.-. 1, 449. 0 345.4 192. 6 61.8 114.4 69.7 31.8 104. 5 920.2 180.1 226.9 116.3 5.4 Feb. 3__. , 470. 5 348.4 194. 6 6.1.0 112.6 79.6 29.0 103.5 928.7 185.1 231. 7 119.6 5.4 Feb. 10.. , 476. 0 320.8 201. 5 60. 5 108.5 87.9 26.9 125.5 931.6 191.1 231.8 116.0 5.4 Feb. 17... , 499. 7 337. 3 198. 5 f8.2 113.0 89.5 24.5 128.2 949.1 197. 9 238.3 110.6 3.9 Feb. 24.. , 565.1 348. 0 203. 2 52. 5 99.8 91.8 33. 1 117.7 646.1 206. 6 292.8 114.6 4.9 Mar. 3 , 520. 2 348. 8 205. 6 54. 5 100.8 95. 9 29.5 108.0 943.2 164. 2 295.5 113.9 3.4 Mar. 10 , 538.7 355. 1 209. 8 50. 6 102.7 92. 0 35.6 111.3 957.1 165.6 298.6 111.7 5.7 Mar. 17. ,515.5 359. 6 202. 9 46.9 101.1 93.3 34.0 101.5 939.2 159.9 304.1 106.3 5.9 Mar. 24. 1, 539. 9 371. 1 215.9 49.8 99. 5 92.6 34.0 108.8 971.7 152.4 312.7 99.9 3.2 Mar. 31 _. 1,530.9 347.2 203. 9 49.1 102. 6 93.5 32.1 115.9 944.3 135. 3 355.4 92.3 3.5 TABLE 4.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES 1935—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 1936—Dec. 30. 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Jan. 6_. 924.0 | 175.7 142.0 62.2 114.7 1.7 21.3 80.8 598.4 79.1 148.9 86.0 11.7 Jan. 13. 906. 9 162. 3 141.3 60. 3 112.6 .9 19.6 79.3 576.3 75.9 152.2 91.9 10. 6 Jan. 20- 931.6 176.8 128. 5 60. 1 111.3 2.4 17.5 85.5 582.1 82.5 161.2 95.2 10.6 Jan. 27. 1, 026. 8 159.2 133.4 63.0 111.5 .6 16.0 81.3 564.9 162. 7 200.1 87.9 11.2 Feb. 3_. 1,051.4 168. 6 134. 9 61.3 109.3 9.9 13.9 80.5 578.3 165.7 204.5 91.1 11.7 Feb. 10. 1, 056. 8 142. 8 141.9 59.9 105.4 18.2 12.7 103. 8 584.8 164. 6 206.9 88.5 12.0 Feb. 17. 1,067. 3 146.9 137.2 58.7 109.9 19.8 9.3 105.4 587.1 167.4 213.0 87.5 12.3 Feb. 24- 1,136. 8 156. 9 142.4 53.3 96.9 23.3 18.4 98.6 590.0 176.2 268.7 12. 1 Mar. 3_- 1,094. 8 149.0 144.4 55.2 97.7 26. 6 15.1 89.4 577.5 128. 5 268.4 109.0 11.5 Mar. 10.. 1,102. 9 156. 5 148.2 50. 0 99.6 22.2 20.1 90.7 587.4 125.4 275.6 101.2 13.3 Mar. 17.. 1,100. 0 170.1 142. 1 48.5 97.9 23.9 19.8 81.6 583.9 129. 3 278.0 95.8 13. 0 Mar. 24_. 1,110.6 173. 6 155.5 48.9 98.0 23.8 19.9 86.1 605. 8 115.8 283.9 93.2 11.9 Mar. 31 _. 1, 121.6 154. 7 140.9 47.6 99.4 24.5 17.9 94.2 579.2 110.7 326. 4 94.7 10.5 TABLE C.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES 1935—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. b 1936—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 X937—Jan 6 432.1 178. 3 59.8 -3.2 2.7 67.4 16.4 22.8 344.2 33.9 25.9 33.2 -5. 1 Jan 13 432.9 183. 2 60. 3 -3.5 3.0 68.2 16.0 23.0 350.2 30.4 24.9 33.1 -5.6 Jan. 20 425. 9 184.2 60. 0 -2. 6 3.0 69. 3 16.2 22.9 352. 9 23.2 26.0 29.3 — 5 6 Jan 27 422. 2 186.2 59. 2 -1.2 3.0 69.1 15.8 23.2 355.3 17.4 26.8 28.4 -5.8 Feb. 3 419.1 179.8 59. 7 3.4 69.7 15.2 22.9 350.3 19.4 27.1 28.5 -6. 2 Feb. 10 419.2 178.0 59.6 .6 3.0 69.8 14.2 21.7 346.9 26.5 24.9 27.5 -6. 6 Feb. 17 432.4 190. 3 61.3 -.5 3.1 69.7 15.3 22.8 361.9 30.5 25.3 23.1 -8.5 Feb. 24 428. 3 191.1 60. 8 -.9 2.9 68.4 14.7 19.0 356.1 30.4 24.1 24.9 -7.2 Mar. 3 425.4 199.8 61.2 3. 1 69.3 14.4 18.6 365. 7 35.7 27.1 4.9 -8.0 Mar. 10 435.8 198. 6 61.6 '.6 3.1 69.8 15.5 20.6 369.8 40.2 23.1 10.5 —7. 7 Mar. 17 415.5 189.5 60.8 -1.5 3.2 69.4 14.2 19.9 355.4 30. 6 26.1 10.5 -7.1 Mar. 24 429.3 197. 6 60.4 .9 1.5 68.8 14.1 22.7 365.9 36.6 28.8 6.7 -8.7 Mar. 31 409.3 192. 4 63.0 1.5 3.2 69.0 14.2 21.7 365.1 24.6 29.0 -2.4 -7.0 TABLE 6.—BROKERAGE BALANCES, BY COUNTRIES 1935—Dec. 31 6.0 0) 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 —. 7 .3 .4 22.6 -7.6 -4.2 2.1 (2) 1937—Jan. 6 15.6 4.2 9.9 -.6 8.7 0) 2 1.7 24.1 -5.7 -4.4 1.7 -.1 Jan. 13 13.0 5. 1 9.5 _ 9 8.4 .1 '.2 .4 23.5 -7.9 -4.3 1.7 . 1 Jan 20 7.6 4.6 9.2 -1.4 7.4 (2) .2 -.2 19.7 -8.6 -4.5 1 0 — l Jan. 27 8.1 4.9 9.8 -.8 7.9 (2) .1 .1 22.0 -10.1 -4.6 1.0 -.1 Feb. 3 10.9 7.5 9.0 -.4 7.5 .2 .1 -.1 23.8 -9.2 -4.8 1.6 —. 5 Feb. 10 .9 1.6 8.4 -1.5 7.6 0) .2 -.6 15.6 -10.3 -4.7 .4 (2) Feb. 17 7.3 3.7 9.6 -1.0 9.4 0) . 1 -1.1 20.9 -9.1 -3.7 -.3 -.4 Feb. 24 2.3 2.5 8.0 -1.2 8.2 0) .3 -.8 17.0 -8.6 -5.1 -.8 -.2 Mar. 3 4.7 3.8 8.8 .4 7. 7 0) .3 .4 21.5 -8.7 -5.8 -2.1 -.2 Mar. 10 -2.9 -.1 8.0 1.2 8.5 1 .2 0) 17.8 -9.8 -6.1 -4.6 -. 1 Mar. 17 5.6 2.2 8.6 .6 9.8 (2)' .2 .5 21.8 -6.4 -5.1 -4.9 .2 Mar. 24 3.3 2.4 10. 3 .8 9.8 (2) .1 .8 24.1 -11.5 -5.1 -4.5 .3 Mar. 31 4. 1 .8 9.4 2.7 10.3 -. 1 .2 .9 24.3 -10.0 -5.4 -5.4 .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

JULY 1937 FEDERAL RESERVE BULLETIN 641 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 7.—TOTAL SECURITIES, BY COUNTRIES Net Purchases by Foreigners From J t a o n — . 2, 1935, 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 l w e a r n i - t d z- m G a e n r y - Italy E O u t r h o e p r e O A th ll er 1935—Dec. 31- 441.8 217. 5 30.2 57. 9 £3 9 7.9 2.9 59.1 193(5—Dec. 30. 1,233.6 483.8 82.9 168.0 213! 9 15.1 6.1 126.4 1937—Jan. 6... 246.8 485.4 84.0 168.1 214.6 14.9 6.0 128.4 Jan. 13. 261.3 484.0 86.7 171.4 218. 9 14.6 5.8 129.8 Jan. 20- 286.3 490. 0 88.0 175. 2 225. 1 14.0 5.8 131.7 Jan. 27- 222.2 492.7 89.0 176.9 228.0 13.9 5.7 132.8 Feb. 3_-_ 235.3 493.7 91.5 179.9 230.6 13.3 5.7 134.2 Feb. 10_ _ 259. 6 526.0 93.8 189.4 235. 4 12.5 5.4 108.0 Feb. 17. _ 266. 6 530.7 93.0 192. 6 235. 0 11.8 5.3 108.9 Feb. 24. _ 240.1 540. 9 97.4 198. 9 241. 7 11.3 5.0 113.1 Mar. 3... 303. 5 547. 3 97.8 202.4 245. 6 10.8 5.1 Mar. 10.. 338.0 566.5 98.9 207.9 247. 8 10.4 5.0 Mar. 17. _ 378.5 569. 9 98.0 212.7 248.9 10.2 4.9 Mar. 24. 379. 3 571. 8 95. 1 212. 7 249. 1 10.0 4.8 Mar. 31.. 394. 8 579. 2 95.6 215.3 250. 5 10.0 4. 7 TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners 1935—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 1936—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 1937—Jan. 6—. 918. 5 368. 8 65.8 157.9 200. 9 — 1.1 -3.4 38.7 821.0 30.0 15.8 44.4 7.3 Jan. 13... 927.9 367.1 67.9 161.0 204. 3 -7.9 -3.5 39.5 828.4 31.1 15.9 44.8 7.6 Jan. 20... 948.9 373. 6 68.8 164.5 209.9 -8.9 -3.5 40.9 845.4 32.7 16.3 46.8 7.8 Jan. 27... 957.9 376.5 69.2 165.6 212. 5 -9.3 -3.6 41.1 852.0 33.5 16.3 48.1 8.0 Feb. 3_-_ 968.3 378.4 71.7 168.4 214.8 -9.8 -3.6 41.1 860.9 34.1 16.4 48.8 8.1 Feb. 10-. 1,000.4 393. 6 73.5 176.6 218.8 -10.6 -3.7 42.3 890.5 32.8 16.7 51.5 8.8 Feb. 17_. 1,004.3 397.8 72.6 179.0 217. 8 -11.2 -3.8 42.4 894.6 32.1 16.7 51.8 9.0 Feb. 24__ 1,014. 5 ! 404.6 74.6 182.2 216.4 -11.8 -4.0 43.3 905.3 29.9 16.6 53.5 9.2 Mar. 3__. 1,025. 7 408.7 74.9 185.9 219.4 -12.3 -4.3 42.6 914.9 28.5 16.8 56.1 9.4 Mar. 10-- 1,054. 4 427.2 76.1 191.0 221.0 -12.7 -4.3 42.0 940.3 29.1 16.8 58.9 9.3 Mar. 17- 1,064. 7 431.3 75.2 195.5 221.9 -13.1 -4.5 42.2 948.5 29.0 16.3 62.1 8.7 Mar. 24.. 1,062.1 432.3 72.4 195.2 221.7 -13.4 -4.5 42.0 945.7 28.9 16.2 62.4 8.9 Mar. 31-. 1,075.7 438.7 72.9 197.5 222. 7 -13.6 -4.6 42.4 956.0 30.2 16.9 63.6 9.0 TABLE 9.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners 1935—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 1936—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 1937—jan fi 328.3 116. 6 18.3 10.2 13.7 22.6 9.3 89.6 280. 4 11.8 15.8 16.8 3.5 Jan. 13 333.4 116.9 18.8 10.4 14.6 22.5 9.2 90.3 282.8 14.8 15.7 17.0 3 2 Jan 20 337.4 116.4 19.2 10.8 15.1 22.9 9.3 90.7 284.3 16. 6 16.0 17.2 3.3 Jan 27 264.3 116.2 19.7 11.3 15.5 23.2 9.3 91.7 286.9 -59.6 16.2 17.5 3.3 Feb 3 266.9 115.3 19.8 11.5 15.8 23.2 9.3 S3.1 288. 0 -58.9 16.6 17.8 3.4 Feb. 10 2£9. 2 132.4 20.3 12.8 16.6 23.1 9.1 65.7 279. 9 -59.3 17.1 18.2 3.5 Feb. 17 262.3 133.0 20.3 13.6 17.2 23.1 9.0 66. 5 282.7 -60. 2 17.9 18.3 3.7 Feb. 24 225.6 136. 3 22.8 16.6 25.4 23.1 9.0 69.8 303.0 -06.5 -33.7 18.8 4.0 Mar. 3 - - 277.9 138.6 22.9 16.5 26.1 23.1 9.4 70.3 307.0 -19.3 -33.1 19.1 4 1 Mar. 10 283.7 139.3 22.8 16.9 26.8 23.1 9.4 70.7 309.1 -16.1 -32.8 19.3 4.2 Mar. 17 313.9 138.6 22.8 17.2 27.1 23.3 9.4 €8.6 336.9 -14.5 -32.5 19.7 4.2 Mar. 24 317.1 139.6 22.7 17.5 27.4 23.4 9.3 £9.3 339.3 -13.9 -32.3 19.9 4.2 Mar. 31 319.1 140.5 22.7 17.8 27.8 23.6 9.3 < 8. 9 340.6 -13.4 -32.1 19.8 4.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 FEDERAL RESERVE BULLETIN JULY 1937 OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [In millions of dollars] TABLE 10.—LIABILITIES TO FOREIGNERS Date Total U K d n o in i 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 Canada A L m a e ti r n ica E F a a s r t O A th ll er Reported by Banks in New York City 1929—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—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—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 1932—Dec. 28 745.6 169. 7 71.1 11.9 78.0 32.9 39.8 66.2 469. 6 98.2 121.7 43.5 12.6 1933—Dec. 27 392.0 48.9 27.0 8.0 11.5 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 Reported by Banks in United States 1934—Dec. 26_ 610.6 83.0 39.6 12.2 13.5 30.0 19.5 47.1 245. 0 97.9 125.2 130.1 12.4 1935—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 1936—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 1937—Jan. 6— 1,485.1 247.9 174.1 75.0 128.4 31.1 40.0 127.4 823.8 178.4 263.5 195.8 23.6 Jan. 13- 1, 468. 0 234.5 173.4 73.2 126.3 30.2 38.3 125. 8 801. 7 175.2 266.8 201.8 22.6 Jan. 20- 1, 492. 7 249.0 160.6 73.0 124.9 31.7 36.2 132.1 807. 5 181.8 275.7 205.1 22.6 Jan. 27- 1, 587. 9 231.3 165.5 75.8 125.1 29.9 34.8 127.9 790.3 262.0 314.7 197.8 23.1 Feb. 3._ 1,612.5 240.8 167.0 74.1 122.9 39.3 32.6 127. 1 803. 7 265. 0 319.1 201.0 23.6 Feb. 10. 1,617.9 214.9 174.0 72.8 119.1 47.5 31.5 150.4 810.2 263. 9 321.4 198.4 24.0 Feb. 17.. 1, 628. 5 219.1 169.3 71.6 123.5 49.1 28.0 152.0 812.5 266. 7 327.6 197.4 24.3 Feb. 24. 1, 698. 0 229.1 174.5 66.2 110.6 52.7 37.2 145.2 815.4 275.6 383.2 199.6 24.1 Mar. 3- 1, 656. 0 221.2 176.5 68.1 111.4 55.9 33.8 136.0 802.9 227.8 383.0 218.9 23.4 Mar. 10. 1, 664.0 228.6 180.4 62.8 113.3 51.6 38.9 137.3 812.8 224.7 390.1 211.1 25.3 Mar. 17. 1, 661.1 242, 2 174.3 61.3 111.6 53.2 38.5 128.2 809.3 228.6 392.5 205.7 25.0 Mar. 24. 1,671.7 245. 7 187.6 61.8 111.7 53.1 38.7 132.7 831.2 215.1 398.4 203.1 23.8 Mar. 31. 1, 682. 7 226.9 173.0 60.4 113.1 53.9 36.6 140.8 804.7 210.0 441.0 204.6 22.5 TABLE 11.—FOREIGN ASSETS 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 l w a e n r it d - z- 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 ti r n ica E F a a s r t O A th ll er Reported by Banks in New York City 1931—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 1932—Dec. 28 918.2 92.5 62.9 13.0 6.2 434.9 11.8 97.0 718.3 42.2 130.3 24.0 3.5 1933—Dec. 27 879.8 197.7 66.9 18.4 12.3 260.9 16.7 83.2 656.2 32.3 135.5 49.7 6.2 Reported by Banks in United States 1934—Dec. 26 1,115.0 287.0 85.7 17.6 8.3 233.6 29.7 81.0 742.8 94.0 152.4 117.8 8.0 1935—Dec. 31 762.1 93.3 32.5 19.0 6.6 202.0 13.5 71.2 438.2 100.9 132.8 80.1 10.1 1936—Dec. 30 656.7 119.3 16.8 21.9 5.4 165.1 10.9 57.8 393.7 59.4 119.9 67.2 12.9 1937—Jan. 6 654.4 119.0 19.0 21.8 5.4 163.7 10.8 56.9 396.7 62.4 117.2 64.4 13.6 Jan.13 653.6 114.2 18.4 22.2 5.1 163.0 11.2 56.8 390.8 65.9 118.2 64.5 14.1 Jan. 20 660.6 113.2 18.8 21.2 5.0 161.9 11.0 56.9 388.0 73.1 117.1 68.3 14.1 Jan. 27 664.4 111.1 19.5 19.8 5.1 162.1 11.4 56.6 385.7 78.8 116.4 69.2 14.3 Feb. 3 667.4 117.5 19.0 18.9 4.7 161.5 12.1 56.8 390.6 76.9 116.0 69.1 14.7 Feb. 10 667.3 119.4 19.2 18.0 5.0 161.4 13.0 58.0 394.1 69.8 118.3 70.1 15.1 Feb. 17 654.1 107.0 17.5 19.1 5.0 161.5 11.9 57.0 379.0 65.7 117.9 74.5 16.9 Feb. 24 658.2 106.2 18.0 19.5 5.1 162.7 12.5 60.8 384.8 65.9 119.1 72.7 15.7 Mar. 3 661.1 97.6 17.5 19.3 5.0 161.8 12.8 61.2 375.2 60.6 116.1 92.7 16.5 Mar. 10 650.7 98.8 17.2 18.0 5.0 161.4 11.7 59.2 371.2 56.1 120.1 87.1 16.2 Mar. 17 671.0 107.8 18.0 20.2 4.9 161.8 13.0 59.9 385.6 65.7 117.1 87.1 15.5 Mar. 24 657.2 99.8 18.3 17.7 6.6 162.4 13.1 57.1 375.1 59.7 114.4 90.9 17.2 Mar. 31 677.2 104.9 15.8 17.1 4.9 162.2 13.0 58.1 375.9 71.7 114.1 100.0 15.5 NOTE.—The outstanding amounts shown above for Dec. 30, 1936, and subsequent dates indicate movements since earlier dates shown that differ from the movements recorded in tables 1, 4, and 5, due to a change on Aug. 12, 1936, in the reporting practice of one bank. See BULLETIN for May 1937, pages 425 and 431. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1937 FEDERAL RESERVE BULLETIN 643 ALL BANKS IN THE UNITED STATES ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 31, 1937, DECEMBER 31, AND MARCH 4, 1936, BY DISTRICTS [Amounts in millions of dollars; iigures for nonmember banks are for dgites indicated or nearest thereto for which figures are available.] 1i-oans aad Investments Deposits, exclusive of Number of interbank deposits banks Federal Reserve District Total Loans Investments Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. 1937 1936 1936 1937 1936 1936 1937 1936 1936 1937 1936 1936 1937 1936 1936 ALL BANKS1 Boston 5,676 5,583 5,429 2,793 2,726 2,769 2, 883 2, 857 2, 661 5, 876 5,897 5, 696 888 887 893 New York7" 18, 921 19,149 18, 225 8,881 8,771 8,412 10,040 10,378 9,813 18, 942 19,116 17, 765 1,241 1,248 1,259 Philadelphia 3,456 3,462 3,263 1,267 1,260 1,258 2,189 2,203 2,006 3,678 3,713 3,368 948 948 947 Cleveland 3,578 3,593 3,251 1,374 1,341 1,279 2,204 2,252 1,972 3, 860 3,962 3,461 1,265 1,274 1,273 Richmond 1,931 1,914 1,699 840 809 744 1 091 1,106 955 2,198 2,244 1,978 1,060 1 063 1 069 Atlanta - 1,291 1,286 1,113 611 602 511 681 684 602 1, 535 1,530 1,325 1,089 1,087 1,088 Chicago 5,195 5,366 4,770 1,849 1,820 1,509 3,346 3,547 3,261 5,888 6,372 5,507 2,556 2,557 2,579 St. Louis 1,497 1,481 1,362 672 662 597 825 818 765 1,756 1,777 1, 543 1,599 1,602 1,645 Minneapolis 1,083 1,095 994 415 415 416 668 680 578 1,238 1,273 1,156 1,368 1,382 1,398 Kansas City 1,356 1,369 1,227 600 585 538 757 784 688 1,740 1,794 1,609 1,921 1,928 1,958 Dallas 948 954 835 465 458 408 484 496 427 1,211 1,243 1,089 991 996 1,009 San Francisco 4,205 4,271 3,944 2,025 2,001 1,826 2,181 2,271 2,119 4,656 4,780 4,220 643 656 690 Total1" 49,138 49, 524 46,115 21, 790 21,449 20, 267 27, 348 28,075 25, 847 52, 577 53, 701 48, 716 15, 569 15, 628 15,808 MEMBER BANKS Boston _ _ 2,020 1,950 1,896 1,031 970 939 989 980 956 2,187 2, 215 2,098 360 360 362 New York 11,642 11, 851 11,186 5,045 4,914 4,507 6,597 6,937 6,678 11,651 11, 822 10, 574 789 789 791 Philadelphia 2, 366 2,394 2,258 941 939 931 1,424 1,455 1,327 2,522 2,573 2,302 658 658 657 Cleveland 2,796 2,822 2,516 1,040 1,010 941 1,756 1,812 1,576 3,005 3,115 2,678 623 627 623 Richmond 1,232 1, 227 1,062 533 511 453 699 717 609 1,415 1,433 1,248 405 404 403 Atlanta __ 1,024 1,027 886 469 459 380 555 568 506 1,155 1,164 1,021 327 330 328 Chicago 4,109 4,278 3,758 1,361 1,319 1,014 2,748 2,959 2,743 4,499 4,998 4,268 752 741 701 St. Louis _ 1,091 1,092 975 457 446 381 634 646 594 1,123 1,155 1,023 388 388 390 Minneapolis 762 782 709 287 289 293 476 493 416 868 906 827 476 481 498 Kansas City 1,100 1,119 974 444 434 388 656 685 588 1,267 1,314 1,183 727 726 727 Dallas 816 827 716 385 387 337 431 440 380 1,032 1,063 929 548 550 550 San Francisco.. 3,566 3,631 3,354 1,706 1,682 1,535 1,860 1,948 1,818 4,020 4,136 3,622 314 322 347 Total 32, 525 33, 000 30, 288 13, 699 13, 360 12,099 18, 826 19, 640 18,189 34, 746 35, 893 31, 774 6,367 6,376 6,377 NONMEMBER BANKS Boston 3,655 3,634 3,534 1,762 1,757 1,829 1,894 1,877 1,704 3,689 3,682 3,597 528 527 531 New Yorkr _ _ . 7,279 7,298 7,040 3,836 3,857 3,904 3,443 3,441 3,135 7,291 7,294 7,190 452 459 468 Philadelphia 1,090 1,068 1,006 325 321 327 765 747 679 1,156 1,140 1,066 290 290 290 Cleveland _ 782 771 735 334 330 339 448 440 397 854 847 784 642 647 650 Richmond 699 687 637 306 298 291 392 389 345 783 812 730 655 659 666 Atlanta 268 259 228 142 143 132 126 116 96 380 366 304 762 757 760 Chicago 1,087 1,089 1,012 488 501 494 598 588 518 1,388 1,374 1,239 1,804 1,816 1 878 St. Louis 406 388 387 215 216 216 191 172 170 633 622 520 1,211 1,214 1,255 Minneapolis 321 313 286 129 126 123 192 188 162 370 366 329 892 901 900 Kansas City 256 250 253 156 151 151 100 99 103 473 480 426 1,194 1,202 1,231 Dallas 132 127 119 79 72 72 53 55 47 178 181 159 443 446 459 San Francisco 639 641 591 319 319 291 320 322 300 636 644 598 329 334 343 Totalr 16, 613 16, 524 15, 827 8,091 8,089 8,169 8,522 8,435 7,658 17, 832 17, 808 16,942 9,202 9,252 9,431 r Amounts for March 1936 revised. i Comprises all licensed National banks in the continental United States and all licensed nonnational banks described in footnote 1. on page 646. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

644 FEDERAL RESERVE BULLETIN JULY 1937 ALL BANKS IN THE UNITED STATES—Continued ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 31, 1937, AND DECEMBER 31 AND MARCH 4, 1936, BY STATES—Continued [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks March Dec. March March Dec. March March Dec. March Mar. Dec.Mar. 1937 1936 1936 1937 1936 1936 1937 1936 1936 1937 1936 1936 New England: Maine 107,358 104, 251 111,122 209, 254 203, 219 191, 294 327, 253 320, 821 305,878 103 102 103 New Hampshire 100,602 99,178 103,021 169,462 167, 599 160,960 265,087 266,979 258,494 110 110 112 Vermont 85,969 85.104 84,137 80, 508 81, 327 79,565 169,052 170,084 165, 548 91 91 92 Massachusetts 1,857,938 1,816,840 1,829,723 1, 726,8181, 715, 5921,608,044 3, 711, 5283, 735, 8323, 615,920 395 395 396 Rhode Island 179, 594 172,129 177, 568 279,642 277, 580 258,154 461,293 462,838 443,958 35 35 35 Connecticut 597, 203 582, 344 595, 928 552, 481 545, 099 481,286 1,234,639 1, 228, 756 1,174, 562 197 197 Middle Atlantic: New York 8,138, 243 8,038,120 r7, 675, 9349, 070,1569,401,500 '8, 950, 42616, 997, 72817,157, 907"15,950,1 897 904 913 New Jersey 729,812 721,063 732, 510 1, 000,1991,009,176 884, 338 1,993,053 2,021,730 1, 845,060 419 419 423 Pennsylvania 1,511,574 1, 516,041 1,490,669 3,003,623 3,063, 829 2, 803, 2514, 647, 8354, 729, 62- 4, 296, 0371,125 1,132 1,130 East North Central: Ohio 826, 324 787, 396 746,335 1,035,989 1,036, 753 873,983 2,144,109 2,171,116 1,878.047 713 715 715 Indiana 244,16^ 238, 595 216, 509 383, 554 380, 863 318,112 758,801 765,810 643, 796 536 536 550 Illinois 958. 926,714 736, 942 1,805, 9152, 035, 754 1,945,740 2, 925,1403, 387, 586 2, 925, 696 882 882 882 Michigan 345, 172 366, 020 293. 033 711,093 680, 054 617,366 1,309,087 1, 342, 727 1,169,898 471 471 475 Wisconsin 240, 07 234, 901 220, 614 457, 521 462, 937 382, 583 802, 649 807, 626 703, 497 607 607 619 West North Central: Minnesota 286,113 287, 765 279, 622 443, 575 455, 628 390,997 800, 573 828, 283 750, 790 688 687 Iowa 229, 293 219,06; 198,339 244,194 239, 496 213, 854 583,955 557, 565 503, 535 657 659 662 Missouri 416, 55^ 407. 875 363,069 591, 390 597,652 558,651 1,217,917 1, 232, 268 1,086,012 673 673 706 North Dakota 23, 263 23, 483 26, 274 32, 941 34. 283 28,075 67,132 69,148 66,544 192 196 201 South Dakota 31,385 30, 629 32, 722 36, 734 36, 634 31,415 84, 329 86, 575 77, 662 184 191 199 Nebraska 105,013 101. 674 97, 545 120,449 134,836 121, 564 258, 721 273,012 261,117 435 435 Kansas 128,471 127, 535 123, 226 138,164 139, 548 130, 946 356, 295 375, 672 333, 559 705 708, South Atlantic: Delaware 78,973 72,736 70, 749 102,482 106,112 89,479 176, 428 194, 287 152,353 48 48! 48 Maryland 207,317 197. 530 198,015 480,852 489,616 424, 772 721, 230 747, 739 674,336 199 199 202 District of Columbia._ 97, 915 95, 234 86.082 147, 771 134,533 116,798 316,371 306,711 283, 221 22 22 22 Virginia 259,198 251. 966 233, 427 177, 710 190, 239 154,943 494,836 506,129 441, 544 323 323 327 West Virginia 119,245 117,734 113,002 98, 348 96, 625 86, 985 269, 588 268, 524 243,393 187 187i 184 North Carolina 136, 268 126,659 105, 860 155, 667 164,479 149,615 311,676 327,082 278, 111 209 211 214 South Carolina 46, 750 46, 645 34,916 53, 453 51, 732 40, 732 147, 097 150, 407 115,869 149 150 149 Georgia 185, 503 181, 876 147,1 113,174 121, 644 126,050 340, 603 342, 860 303, 845 325 325 321 Florida 76,940 74,415 59, 282 166,949 145,981 132,785 322, 559 290, 655 260,831 162 158 155 East. South Central: Kentucky 206, 672 206,109 193, 061 163,359 163,432 154.521 411,670 415,405 364, 309 434 434 435 Tennessee 191,902 191, 75' 159,196 156,193 158,335 140, 927 391, 610 400, 538 348,842 312 315 326 Alabama 95, 646 93,126 84,982 108,975 106, 345 87, 361 249, 780 253, 210 213, 716 218 218 217 Mississippi 56, 525 53, 716 53, 679 78, 535 76, 083 62,155 187,048 190, 986 150, 954 207 209 West South Central: Arkansas 47, 200 45, 893 44, 700 62, 597 62,100 50,149 152,846 156, 238 125,394 222 222 225 Louisiana 123, 241 124,532 107,1 171,397 185,669 140, 824 343,465 367, 504 296, 661 146 146 150 Oklahoma 124,471 118,742 110,885 157, 769 163,991 142, 673 358,928 359,919 326, 344 401 403 404 Texas 418,57 413,869 367,821 445,366 457, 577 396, 459 1,080, 8771,107,652 981,761 878 882 892 Mountain: Montana 28,822 28, 458 32,113 62,146 63,172 51,946 123,945 128, 734 116, 255 117 119 120 Idaho 24, 255 24,157 19, 673 41,190 40,953 35, 557 94,038 95,402 77, 558 53 53 60 Wyoming 21, 216 20,085 19, 662 18, 519 18, 279 15,969 54, 748 58, 299 51, 207 58 58 59 Colorado 79,942 79,993 66,440 126,657 123, 815 110,851 278,454 285,191 249,972 149 151 155 New Mexico 15, 601 14, 692 12, 754 19,017 18,071 14,842 51,011 51, 552 42, 877 41 41 41 Arizona 23, 443 26,032 18, 230 26,804 26,064 24,378 80,777 75,035 64,692 13 14 15 Utah 50, 915 51, 520 44,363 53, 523 52,896 54, 208 124,168 124, 466 114,177 59 59 59 Nevada 6,535 4,994 14,325 15,929 13, 960 30,180 31,093 26, 764 10 10 10 Pacific: Washington 176, 573 174,520 153,167 215,864 219,913 194, 315 457,402 462,843 393,052 185 186 188 Oregon 77,149 70, 232 58. 963 141,371 146, 274 132,337 266,165 266,144 227, 303 83 93 94 California 1, 670,6521,653,569 1,531,011 1,694, 2381, 775,799 1,671,089 3,623, 5313, 744, T 3, 334,441 244 246 270 Total 21, 790, 473 21, 449,05620, 267,375 27, 347, 913 28,075,01'725,847, 28452, 577, 207 53, 700,966'48, 716,272 15, 56915,62815,808 r Revised. 1 Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on page 646. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1937 FEDERAL RESERVE BULLETIN 645 ALL BANKS IN THE UNITED STATES—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 31, 1937, AND DECEMBER 31 AND MARCH 4, 1936, BY STATES—Continued [Amounts in thousands of dollars] Loans Investments Deposit b s a , n e k x c d l e u p si o v s e i t o s f inter- X u b m an b k e s rof March Dec. March March Dec. March March Dec. March Mar. Dec. Mar. 1937 1936 1936 1937 1936 1936 3937 1936 1936 1937 1936 1936 New England: Maine 36, 990 35,099 36,036 68, 801 68, 670 63, 930: 118,383 114.479 107. 290 40 40 4( New Hampshire 28,822 27, 398 26, 681 33, 242 31, 379 30, 377 61, 964! 63, 856 58, 397 52 52 52 Vermont 21, 637 20, 772 20,059 27, 257 28,076 25, 919 50,344| 51,376 47, 349 42 42 43 Massachusetts 552, 445 519, 326 491,471 481, 231 464, 342 466, 845 1,117,4521 1,117,511 1, 087, 620 128 128 12* Rhode Island 46, 279 38, 680 38,186 40, 275 39, 756 42, 949 78,657! 77,951 75, 211 12 12 12 Connecticut 113,470 103,021 106, 036 106, 827 107, 956 102, 437 258. 8361 263, 928 244,159 54 54 54 Middle Atlantic: New York 1, 745, 733 1, 702, 004 1,551,811 2, 641, 6362,814,528 2, 527, 0574, 294, 789!4. 294, 468 3, 912, 940 451 455 459 New Jersey 233, 23^ 224, 488 219, 557 398, 927 407, 904 355, 732 745, 5361 774, 213 667, 521 233 233 234 Pennsylvania 779, 660 776, 095 756, 557 1, 479, 4891, 544, 095 1, 378, 0912, 284. 739 j2, 326, 029 2, 080, 823 703 708 709 East North Central: Ohio 306,166 260, 565 493, 269 495, 951 432, 234 918, 784 927, 478 792, 491 248 249 24S Indiana 104, 081 98, 509 77, 882 219, 547 216, 856 184,108 372, 380 379, 389 313, 604 124 124 125 Illinois 697, 613 688, 644 524, 798 1,238,411 1, 432, 274 1, 369, 4031, 960, 959 2, 348, 929 2,042, 063 309 307 299 Michigan 155, 012 159, 778 107, 677 393,127 372,094 336, 284 673, 205 708, 462 617,087 83 83 83 Wisconsin 105, 502 100, 326 92, 777 256, 690 262,106 218,139 417,49' 422,474 372, 269 105 105 106 West North Central: Minnesota 199,822 204, 648 200, 309 300, 884 316, 448 270, 830 540, 872 572, 764 524, 688 197 197 205 Iowa 73, 290 70, 355 63, 583 105,099 104, 435 95, 460 194, 435 190,169 173,447 113 113 118 Missouri 181,211 172, 529 142, 776 274,935 269, 871 432, 373 446, 724 404,023 86 86 87 North Dakota 13, 884 14,104 16, 253 25, 515 26, 857 22,000 46, 910 48, 926 47, 449 57 61 64 South Dakota.-. 17, 650 16, 327 16, 979 24, i 25,018 20,975 50. 722 50, 795 45, 949 48 48 52 Nebraska 73, 490 71,119 66, 569 98, 322 112, 082 102,5341 185,653 198,160 190,191 136 135 137 Kansas 59, 066 58, 533 55, 553 86, 393 87, 495 81, 535 189. 950 202, 360 180,062 188 188 190 South Atlantic: Delaware 7. 646 7,651 10, 530 10, 274 9, 6231 18.512 18, 049 16, 522 16 16 16 Maryland 60, 070 58, 596 54, 334 186,124 192, 691 167, 883 249, 936; 265, 405 243, 902 63 63 63 District of Columbia- 44, 5f$ 42, 958 38, 743 77, 706 70, 307 172,1961 169,041 157, 620 9 9 9 Virginia 138, 501 135, 700 127, 332 117, 644 127, 958 98, 949 301,074 310, 714 272, 210 132 132 132 West Virginia 58, 719 57, 872 54, 764 52, 877 54,069 49,716 139, 299 139.713 125, 541 79 79 79 North Carolina 38, 945 35, 193 30,101 31,039 34,152 30, 807 87, 690 92, 871 77, 698 43 43 43 South Carolina 26. 102 26, 56' 18,871 30,139 29, 091 20, 577 76,060 78,116 60,103 20 20 20 Georgia 122, 783 119, 156 90, 989 81, 332 89, 802 101,015 218. 822| 221, 079 201, 399 56 56 57 Florida 55, 513 52, 337 42, 689 135, 705 117, 380 106, 847 241. 572 217, 357 196, 484 53 53 51 East South Central: Kentucky 96, 266 95, 703 87, 908 86,1 86, 772 89, 343 201, 246 204, 981 187, 310 100 100 100 Tennessee 131,979 134,324 106, 959 124,240 129,058 115,893 269, 594 282, 405 247, 423 72 72 72 Alabama 69, 879 67, 359 57,126 79, 487 76, 85' 59, 651 173, 463 176,893 150,542 69 69 69 Mississippi 18, 436 18, 013 17, 960 28, 855 28, 172 23,145 63, 569 64, 908 52, 342 25 25 25 West South Central: Arkansas 27, 591 26, 284 24, 533 40, 830 40,333 33,593 84,407 87, 799 72,195 50 50 ."0 Louisiana 80, 848 82,108 67, 418 120, 349 134, 695 101,161 215, 818 236,928 192,818 30 30 30 Oklahoma 106, 102, 653 95,613 142,216 148, 053 127, 840 309, 605 Oil < 281, 379 214 214 214 Texas 348, 853 347,149 301, 044 396, 780 395,415 346, 527 922, 788; 930^ 409 823, 252 457 456 454 Mountain: Montana 13, 297 13,201 16, 862 37, 939 38, 513 31. 693 71,155 74, 482 68, 26' 44 45 46 Idaho 10, 650 9, 776 7,529 22, 318 21,311 15, 503 42,971 43,095 32, 340 20 20 23 Wyoming 13, 490 12,844 12,363 14, 730 14, 750 . 12, 768 38, 615 40,961 35, 852 26 26 26 Colorado 60, 446 61, 333 50, 288 108, 413 106, 902 93, 498 223, 827 232,018 204, 636 77 78 81 New Mexico 11,726 11. 020 9, 440 15, 680 14, 996 11,800 40, 049 40,051 33,711 22 22 22 Arizona 16,190 18, 559 11,961 17,753 17, 288 15,878 53, 646 50, 706 41, 949 6 7 Utah 20, 304 19, 585 17, 399 24, 992 23, 840 26, 294 54, 679 54, 997 50, 442 13 13 13 Nevada 5,278 5,119 3,991 12,161 13, 738 12,040 25, 266 25, 993 20, 883 5 5 6 Pacific: Washington 108. 083 107,148 150, 701 155,088 135. 802 297, 657 304, 575 256, 303 55 56 58 Oregon__ 62, 783 56, 406 122, 469 127, 796 115, 084 226, 852 225, 079 192, 354 32 38 41 C alifornia 1,158,556 1,141, 856 1,153,300 1, 216, 120 1,147.610 2, 540, 4922, 626, 423 2, 324, 518 108 108 123 Total-.. - 8. 459, 550 8, 257, 123 7, 420, 57512, 222, 59612,756.077 11, 567. 557 22. 355. 300 23, 106. 775 20. 604, 56,2 P3 055,5 .3 (3)2f55, 375 i i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 FEDERAL RESERVE BULLETIN JULY 1937 ALL BANKS IN THE UNITED STATES—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 31, 1937, AND DECEMBER 31, AND MARCH 4, 1936, BY STATES—Continued [Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Number of bank deposits banks State March Dec. March March Dec. March March Dec. March Mar. Dec. Mar. 1937 1936 1936 1937 1936 1936 1937 1936 1936 1937 1936 1936 New England: Maine 70,368 69,152 75,086 140,453 134, 549 127,364 208, 870 206, 342 198, 588 63 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 64, 332 64, 078 53, 251 53, 251 53, 646 118,708 118, 708 118,199 49 49 49 Massachusetts L, 305,4931, 297, 514 1, 338, 2521, 245, 5871, 251, 250 1,141,199 2, 594,0762, 618, 321 2, 528, 300 267 267 268 Rhode Island 133,315 133, 449 139, 382 239,367 237, 824 215, 205 382, 636 384,887 368, 747 23 23 23 Connecticut 483, 733 479, 323 489, 892 445, 654 437,143 378, 849 975, 803 964, 828 930,403 143 143 144 Middle Atlantic: New York >, 392, 5106, 336,116r6,124,123 6, 428, 5206, 586, 972r6, 423, 36912, 702,93912,863,439 12,037,940 446 449 454 New Jersey 496, 575 496, 575 512, 953 601, 272 601, 272 528, 606 1, 247, 5171, 247, 517 1,177, 539 186 186 189 Pennsylvania 731,914 739,946 734,112 1, 524,1341, 519, 734 1, 425,1602, 363,096 2, 403, 598 2, 215, 214 422 424 421 East North Central: Ohio 520,158 485, 770 542, 720 540,802 441, 749 1, 225, 3251, 243, 638 1,085, 556 465 466 467 Indiana 140,086 140, 086 138, 627 164,007 164,007 134, 004 386, 421 386, 421 330,192 412 412 425 Illinois 261,153 238,070 212,144 567, 504 603,480 576, 337 964,181 1,038, 657 883, 633 573 575 583 Michigan 2190,160 206, 242 185, 356 317, 966 307, 960 281,082 635,882 634, 265 552,811 388 388 392 Wisconsin 134, 575 134, 575 127, 837 200, 831 200, 831 164,444 385,152 385,152 331, 228 502 502 513 West North Central: Minnesota 86, 291 83,117 79, 313 142, 691 139,180 120,167 259, 701 255, 519 226,102 491 492 482 Iowa 156,003 148, 712 134, 756 139,095 135,061 118, 394 3 389, 520 367, 396 3 330,088 544 546 544 Missouri 235, 346 235,346 220, 293 322, 717 322, 717 288, 780 3 785,544 3 785,544 681, 989 587 58: 619 North Dakota 9,379 9,379 10,021 7,426 7,426 6,075 20, 222 20, 222 19,095 135 135 137 South Dakota 13, 735 14, 302 15, 743 11,887 11,616 10, 440 33, 607 35, 780 31, 713 136 143 147 Nebraska 31, 523 30, 555 30, 976 22,127 22, 754 19,030 73, 068 74, 852 70, 926 299 300 299 Kansas 69,405 69,002 67,673 51, 771 52,053 49, 411 3166, 345 3 173,312 153, 497 51' 520 533 South Atlantic: Delaware 71, 327 65,085 62, 961 91, 952 95, 838 79,856 157, 916 176, 238 135, 831 32 32 32 Maryland 147, 247 138,934 143,681 294, 728 296,925 256, 889 471, 294 482,334 430, 434 136 136 139 District of Columbia.- 53, 346 52, 276 47, 339 58, 939 56, 827 46,491 144,175 137, 670 125, 601 13 13 13 Virginia 120, 697 116, 266 106, 095 60, 066 62, 281 55, 994 193, 762 195, 415 169, 334 191 191 195 West Virginia 60, 526 59, 862 58, 238 45, 471 42, 556 37, 269 130, 289 128,811 117, 852 108 108 105 North Carolina 97, 323 91,466 75, 759 124,628 130,327 118,808 223,986 234,211 200, 413 166 168 171 South Carolina4 20, 648 20,078 16, 045 23, 314 22, 641 20,155 3 71,037 3 72, 291 55, 766 129 130 129 Georgia 62, 720 62, 720 56, 709 31,842 31, 842 25,035 121, 781 121, 781 102, 446 269 269 264 Florida 21, 427 22,078 16, 593 31, 244 28,601 25, 938 73, 298 64, 347 109 105 104 East South Central: Kentucky 110, 406 110, 406 105,153 76, 660 76, 660 65,178 210, 424 210, 424 176, 999 334 334 335 T ennessee 59,923 57, 433 52, 237 31,953 29, 277 25,034 122,016 118,133 101, 419 240 243 254 Alabama. 25, 767 25, 767 27, 856 29, 488 27, 710 76, 317 76,317 63,174 149 149 148 Mississippi 35, 703 35, 719 49, 680 47, 911 39, 010 123, 479 126, 078 98, 612 182 183 184 West South Central: Arkansas 19, 609 19, 609 20,167 21, 767 21, 767 16, 556 68,439 53,199 172 172 175 Louisiana..-^ 42, 393 42, 424 40, 390 51,048 50, 974 39, 663 127, 647 130, 576 103, 843 116 116 120 Oklahoma 17, 484 16,089 15, 272 15, 553 15,938 14, 833 49, 323 48, 633 44, 965 187 189 190 Texas 69, 723 66, 720 66, 777 48, 586 62,162 49, 932 158,089 177, 243 158, 509 421 426 438 Mountain: Montana 15, 525 15, 257 15, 251 24, 207 24, 659 20, 253 52, 790 54, 252 47, 988 73 74 74 Idaho 13,605 14,381 12,144 18, 872 19, 642 20,054 3 51,067 s 52, 307 3 45,218 33 33 37 Wyoming 7,726 7,241 7,299 3,789 3,529 3,201 16,133 17,338 15, 355 32 32 33 Colorado 19, 496 18, 660 16,152 ' 18, 244 16, 913 17, 353 54, 627 53,173 45, 336 72 73 74 New Mexico 3,875 3,672 3,314 3,337 3,075 3,042 10,962 11, 501 9,166 19 19 19 Arizona 7,253 7,473 6,269 9,051 8,776 8,500 3 27,131 3 24,329 3 22,743 7 7 8 Utah 30, 611 31,935 26, 964 28, 531 29,056 27, 914 69, 489 69, 469 63, 735 46 46 46 Nevada 1,391 1,416 1,003 2,164 2,191 1,920 3 4,914 3 5,100 3 5,881 5 5 4 Pacific- Washington 68, 490 67, 372 58, 799 65,163 64, 825 58, 513 159, 745 158, 268 136, 749 130 130 130 Oregon 14, 366 13, 826 11, 264 18, 902 18, 478 17, 253 39, 313 41, 065 34, 949 51 55 53 California 512,096 511,713 478, 623 540,938 559, 679 523, 479 1,083,039 1,117, 976 1,009, 923 136 138 147 Total 13, 330,923 13,191, 933 12, 846, 800 15,125, 317 15, 318, 940 14, 279, 727 30, 221, 907 30, 594,191 '28, 111, 64410, 26410, 303 10, 433 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 The reduction in loans since December 31,1936 is due to the elimination of practically all "real estate mortgages securing debentures," amountng to $21,000,000 on December 31, from the abstract of condition reports of trust companies. s Includes interbank deposits. * Includes cash depositories. NOTE.—All figures in the March 1937 columns are as of March 31, except as follows: Maine, Mar. 27; New Hampshire, June 30, 1936; Vermont, New Jersey, Indiana, Wisconsin, North Dakota, Georgia, Kentucky, Alabama, Arkansas, Dec. 31; Massachusetts, savings banks, Oct. 31; Rhode Island, State banks, Mar. 17, savings banks, Dec. 31; New York, savings banks, Dec. 31; Pennsylvania, Mar. 1; Minnesota, Apr. 3; Missouri, Nov. 25; Nebraska, Mar. 22; Kansas, Mar. 20; Maryland, State banks, Apr. 2; savings banks, Dec. 31; Louisiana, Apr. 5. For call dates of figures included in December and March 1936 columns, see footnotes on bottom of pages 437 and 533, respectively, of the May 1937 and July 1936 BULLETINS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1937 FEDERAL RESERVE BULLETIN 647 ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 31, 1937, AND DECEMBER 31, 1936 AND MARCH 4, 1936, BY STATES [Figures in this table are also included in the table on p. 646 covering "State Banks." Amounts in thousands of dollars. Loans Investments Deposits, exclusive of inter- Number of bank deposits banks State March Dec. March March Dec. March March Dec. March Mar. Dec. Mar. 1937 1936 1936 1937 1936 1936 1937 1936 1936 1937 1936 1936 Connecticut: District No 1 311 318 290 213 199 185 449 451 404 3 3 3 District No. 2 132 134 147 122 132 99 364 383 314 1 1 1 Georgia l __ -_ 800 800 594 287 287 161 2,491 2,491 1,803 43 43 40 Indiana i: District No. 7 1,830 1,830 2,019 1,380 1,380 1,288 5,379 5,379 4,730 25 25 27 District No. 8 254 254 287 170 170 159 532 532 543 4 4 5 Iowa 161 168 136 260 258 236 546 582 513 2 2 2 Kansas 23 3 2 25 25 67 82 84 95 1 1 1 New Jersey Dist. No. 2 L_ 16 16 15 11 11 17 6 6 21 1 1 2 New York 93, 856 89, 232 '90,831 407, 263 408, 039 '342,913 435,083 401, 434 r323, 237 14 17 18 Ohio . 2,157 2,073 1,958 648 626 508 3,345 3,308 3,075 14 14 14 Pennsylvania: District No. 3 3 9,785 9,618 9,667 45, 582 41,013 40, 691 67,175 60, 492 63,136 17 17 19 District No. 4_ 31, 086 1, 057 1,084 1,103 997 732 2,207 2,217 1,713 5 5 5 South Carolina 735 817 901 237 255 2 1,311 1,240 1,127 1 1 1 Total 111,126 106, 320 r107, 931 457, 301 453, 392 r387, 058 518, 970 478, 599 "•400, 711 131 134 138 1 December 31 figures repeated in the March 1937 columns. 2 Figures are for March 20. 3 Figures are for March 1. r Revised. NOTE.—For call dates of figures included in the March 1936 columns, see footnote 1 at bottom of page 535 of the July 1936 BULLETIN. MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 31, 1937, AND DECEMBER 31, 1936, AND MARCH 4, 1936, BY STATES [Figures in this table are also included in the table on p. 646 covering "State Banks." Amounts in thousands of dollars.] Loans Investments Deposits Number of banks State March Dec. March March Dec. March March Dec. March Mar. Dec. Mar. 1937 1936 1936 1937 1936 1936 1937 1936 1936 1937 1936 1936 California 32,903 33, 644 35, 750 61, 277 61, 340 57,405 87, 684 88,457 87, 926 1 1 1 Connecticut: District No. 1. 276,308 277, 549 285,964 262,133 255, 764 220,642 555, 513 547, 904 538, 273 59 59 59 District No. 2. 78,926 78,960 80,786 80, 095 77, 929 71,866 159,670 156,906 151,647 14 14 14 Delaware 12,024 11,913 12,156 26,032 24, 976 22, 626 34, 563 34,099 31,822 2 2 2 Indiana: District No. 7. 8, 085 8,085 8,684 3,494 3,494 2,681 13,028 13,028 12, 724 4 4 4 District No. 8. 4,461 4,461 4,650 2,340 2,340 1,988 7,630 7,630 7,151 1 1 1 Maine 30, 778 31,131 34,759 99,956 95, 385 90, 369 126,623 125, 210 123,014 32 32 32 Maryland 45, 541 45, 541 51,807 163,982 163,982 149, 758 216, 639 216, 639 2Q8, 598 12 12 13 Massachusetts 1,074,983 1,074, 983 1,120,932 1,016,973 1,016,973 936,250 2,128, 242 2,128,242 2,087, 771 193 193 193 Minnesota 10,071 10,174 10,460 54,111 53,656 49, 856 67, 389 67,031 64,647 1 1 1 New Hampshire.- 63,824 63,824 68,095 127, 772 127, 772 122, 769 186,860 186,860 185,324 45 45 47 New Jersey:1 District No. 2 136, 581 136,581 142,878 168,511 168,511 154,413 314, 929 314,929 309, 393 22 22 22 District No. 3 5,048 5,048 5,276 8,800 8,900 8,042 14,656 14, 656 14, 213 3 3 3 New York 3,007, 537 3,007, 537 3,100, 329 2, 283,128 2, 283,128 2,038, 653 5,246,086 5, 246,086 5,188,808 135 135 135 Ohio 39,113 37, 727 36, 452 71, 785 72,187 72,845 118, 297 119,137 116,869 3 3 3 Oregon 752 714 171 723 626 583 1,479 1,370 801 1 1 1 Pennsylvania: District No. 3 73,144 73,124 76,179 410,139 389,119 378,072 521, 345 518,311 497,169 6 6 6 District No. 4. 12, 965 13, 059 13, 521 40,429 39, 617 37,047 52,140 51, 502 48,828 1 1 1 Rhode Island 51,340 51, 340 55, 603 125,859 125,859 115,508 173, 762 173,762 169, 580 9 9 9 Vermont 32, 464 32, 464 30,110 27, 721 27, 721 30,896 65, 733 65, 733 67,637 14 14 14 Washington 27, 057 26, 784 25, 540 32, 444 32, 446 28, 272 60, 547 60,808 56, 085 3 3 3 Wisconsin: 4 District No. 7 2,067 2, 067 2,274 1,790 1,790 1,493 4,255 4,255 4,099 3 3 1 District No. 9. 50 50 61 57 57 35 98 98 83 1 1 Total 5,026,022 5,026, 760 5, 202,487 5,069, 651 5,033, 572 4, 592, 06910,157,16810,142, 653 9, 972,462 565 565 569 NOTE.—All figures in the March 1937 columns are as of March 31, except as follows: Indiana, Maryland, New Jersey, New York, Rhode Island, and Vermont, which are as of Dec. 31; Maine, Mar. 27; Massachusetts, Oct. 31; Minnesota, Apr. 3; New Hampshire, June 30,1936; Pennsylvania, Mar. 1. For call dates of figures included in the Dec. and Mar. 1936 columns, see footnotes at bottom of pages 438 and 534, respectively, of the May 1937 and July 1936 BULLETINS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 FEDERAL RESERVE BULLETIN JULY 1937 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank Treas- reserve balances ury Treas- Treasury Other Mone- Money deposits Non- Fed- U. S. tary cur* in cir- ury with mem- eral Date Bills Gov- Other gold rency cula- cash Federal ber de- Reserve co d u i n s t - ed bo B u il g ls ht m er e n n - t R b e a se n r k ve Total stock st o a u n t d - - tion nh i ro n Vi g QM s " R b e a s n e k rv s e posits co a u c n - ts Total E ( x e c s e ti s - s securi- credit1 ing mated) ties End of month figures: 1936—May 30 5 3 2,430 35 2,474 10,402 2,490 5,953 2,583 518 337 256 5,719 2,866 June 30 4 3 2,430 35 2,473 10, 608 2,498 6,241 2,497 690 262 257 5,633 2,717 July 31 4 3 2,430 24 2,462 10,648 2,496 6,162 2,432 447 306 253 6,005 3,029 Aug. 31 8 3 2,430 30 2,471 10,716 2,500 6,227 2,404 104 287 256 6,410 1,950 Sept. 30 9 3 2,430 30 2,473 10, 845 2,512 6,267 2,458 253 234 262 6,357 1,840 Oct. 31 6 3 2,430 36 2,476 11,045 2,516 6, 351 2,388 77 205 262 6,753 2,175 Nov. 30 7 3 2,430 13 2,453 11,184 2,521 6.4C6 2,364 78 201 261 6,788 2,236 Dec. 31 3 3 2,430 64 2,500 11, 258 2,532 6.543 2,376 244 259 261 6,606 1,984 1937— F jaenb> . 3 2 1 7 3 5 3 3 2 2 , , 4 4 3 3 0 0 6 2 0 7 2 2 . , 4 4 9 6 7 5 1 1 1 1 , , 3 43 5 6 8 2 2. , 5 5 3 3 2 6 6 6. . 3 3 9 4 9 9 2 2 , , 6 5 0 2 8 0 1 19 9 4 5 2 28 8 8 1 2 2 6 5 0 3 6 6 , , 7 6 8 9 1 5 2 2 , , 0 1 7 5 8 2 Mar. 31 12 3 2.430 12 2,458 11,574 2, 541 6.377 2, 753 311 236 258 6,639 1,398 Apr. 30 12 4 2. 525 24 2, 565 11,799 2, 543 6,426 2,967 88 288 257 6,881 1,594 May 31 17 6 2,526 35 2,585 11,990 2,547 6,462 3,144 73 272 255 6, 915 918 Wednesday figures: 1936—July 1 4 3 2,430 35 2,473 10, 612 2,498 6.250 2,501 731 256 256 5,589 2,670 July 8 3 3 2,430 36 2,472 10, 622 2,498 6,242 2,508 507 263 256 5,814 2,883 July 15 3 3 2,430 42 2,478 10, 629 2,496 6,190 2,428 593 266 255 5,872 2,923 July 22 3 3 2.430 30 2,466 10, 634 2,497 6,153 2,436 519 300 254 5,935 2,986 July 29 4 3 2,430 23 2,460 10, 642 2,496 6,123 2,441 466 298 253 6,016 3,049 Aug. 5 4 3 2,430 26 2.463 10, 650 2,496 6,163 2,427 439 321 254 6,005 3,051 Aug. 12 8 3 2,430 36 2.477 10,661 2,498 6,170 2,421 338 337 255 6,116 3,167 Aug. 19 6 3 2,430 18 2,457 10, 678 2,499 6,184 2,410 215 342 255 6,229 1,813 Aug. 26 7 3 2,430 25 2,465 10, 695 2,501 6,184 2,410 143 336 256 6,332 1,892 Sept. 2 9 3 2,430 21 2,463 10,717 2,502 6,225 2,375 107 280 255 6,441 1,958 Sept. 9 8 3 2.430 41 2,482 10.736 2,508 6,276 2,365 55 271 288 6,471 1,997 Sept. 16 8 3 2,430 54 2,495 10, 762 2,507 6,255 2,371 418 251 263 6,206 1,714 Sept. 23 7 3 2,430 33 2,473 10, 786 2,509 6,239 2,399 388 255 263 6,225 1,743 Sept. 30 9 3 2,430 30 2,473 10, 845 2,512 6,267 2,458 253 234 262 6,357 1,840 Oct. 7 8 3 2,430 31 2,472 10, 971 2,509 6,305 2,440 196 271 263 6,479 1,954 Oct. 14 8 3 2,430 43 2,485 11,003 2,512 6,316 2,421 135 249 261 6,617 2,072 Oct. 21 6 3 2,430 23 2,463 11,008 2,514 6,311 2,403 88 227 264 6,693 2,127 Oct. 28._ _ 6 3 2,430 23 2,462 11,031 2,514 6,302 2,390 100 220 263 6,732 2,158 Nov. 4. 7 3 2,430 7 2,448 11,058 2,515 6,378 2,392 95 200 262 6,693 2,138 Nov. 10 7 3 2.430 29 2,470 11,105 2,516 6,393 2,366 55 191 262 6,825 2,260 Nov. 18 5 3 2,430 25 2,464 11,127 2,520 6,375 2,378 50 197 260 6,851 2,276 Nov. 25 6 3 2,430 18 2.457 11,162 2,520 6,429 2,370 79 206 261 6,795 2,210 Dec. 2 _. . 6 3 2.430 28 2.467 11,188 2,522 6,466 2,353 110 212 260 6,775 2,205 Dec. 9 6 3 2.430 29 2.468 11,206 2,525 6,497 2,372 93 229 278 6,731 2,157 Dec. 16 8 3 2,430 42 2.483 11,222 2,532 6,552 2,346 173 227 265 6,674 2,046 Dec. 23 9 3 2,430 100 2.542 11,229 2,531 6,680 2,342 251 256 266 6,507 1,881 Dec. 30 5 3 2,430 46 2,484 11,251 2,530 6,550 2,368 231 274 270 6,572 1,946 1937—Feb. 3 3 3 2,430 28 2,463 11,364 2,531 6,348 2,529 176 286 261 6,758 2,150 Feb. 10 3 3 2,430 42 2,477 11,387 2,531 6,360 2,563 132 310 259 6,771 2,184 Feb. 17 3 3 2,430 41 2.478 11,403 2,530 6,351 2,575 162 300 256 6,768 2,186 Feb. 24 4 3 2,430 22 2,460 11,425 2,532 6,372 2,602 180 302 255 6,705 2,097 Mar. 3 7 3 2,430 17 2,457 11,443 2,535 6,407 2,620 216 280 253 6,660 1,310 Mar. 10 5 3 2,430 16 2,454 11,484 2,537 6,376 2,672 186 238 254 6,749 1,380 Mar. 17 4 3 2,430 12 2,450 11,515 2,538 6,385 2,697 87 243 261 6,830 1,449 Mar. 24 8 3 2,430 22 2,463 11, 541 2,537 6,375 2,723 279 326 260 6,578 1,269 Mar. 31 12 3 2,430 12 2,458 11, 574 2,541 6,377 2,753 311 236 258 6,639 1,398 Apr. 7 8 3 2,459 23 2.493 11,592 2,539 6,387 2,774 275 247 258 6,684 1,442 Apr. 14 11 4 2,487 27 2,528 11, 697 2,541 6,383 2,876 112 236 258 6,901 1,627 Apr. 21 8 3 2,487 25 2. 523 11,737 2,540 6,388 2,914 119 245 259 6,877 1,587 Apr. 28 11 4 2,526 29 2,571 11, 782 2,541 6,381 2,956 95 270 258 6,934 1,643 May 5 17 4 2,526 30 2,577 11,838 2,547 6,426 3,013 97 286 257 6,882 887 May 12 16 5 2,526 29 2,576 11,882 2,545 6,405 3,056 106 237 257 6,943 936 May 19 15 4 2,526 19 2,565 11,907 2,547 6,399 3,079 117 250 256 6,918 907 May 26 16 6 2,526 9 2,557 11,977 2,546 6,399 3,140 80 261 256 6,944 938 June 2 17 6 2,526 23 2,573 12,027 2,548 6,487 3,182 115 255 256 6,854 860 June 9 14 6 2,526 26 2,573 12, 118 2,547 6,435 3,254 85 279 255 6,929 931 June 16 14 5 2,526 38 2,583 12, 220 2,548 6,415 3,348 250 267 263 6,808 752 June 23 13 4 2,526 19 2,562 12, 270 2, 550 6,394 3,396 151 324 263 6,854 814 1 Includes industrial advances. 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. 638. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

651 JULY 1937 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1937 1937 1936 June 23 June 16 June 9 June 2 May 26 May 19 May 12 May April May ASSETS Gold certificates on hand and due from U. S. Treasury 8, 837, 903 8, 838!,,4058, 838, 4018, 838, 4148, 838, 913 8, 8391,,4088, 838, 416 8, 843, 385 7', ,824, 035 Redemption fund—F. R. notes 10, 241 9, 860 9,971 11,341 11,341 11, 583 11,713 11,341 9,595 13,061 Other cash 322, 491 313, 595 305, 738 272, 695 296, 310 289,155 285, 236 282,019 295, 258 Total reserves 9,169, 636 9,161, 3589,154,114 9,122, 4379,146,065 9,139, 6519,139, 4019,134, € 9,134, 999 8,132, 354 Bills discounted: For member banks 13, 302 14,2 14, 295 17, 485 15, 698 15,282 15, 654 17, 425 12,098 5,437 For nonmember banks, etc 1 11 Total bills discounted 13, 303 14, 328 14, 295 17, 485 15, 698 15, 282 15, 654 17,425 12, 098 5,448 Bills bought: Payable in dollars 1,190 2,012 2,743 3,186 3,18! 1,404 1,465 3,189 669 Payable in foreign currencies 3,083 3,082 3,075 3,075 3,071 3,071 3, 069 3,075 3,069 3,076 Total bills bought 4,273 5,094 5,818 6,261 6,260 4,475 4, 534 6,264 3,738 3,076 Industrial advances 22, 012 22,049 22,196 22, 232 22, 40' 22, 523 22, 779 22, 404 22, 954 30, 274 U. S. Government securities: Bonds 732, 558 732, 608 732, 608 732, 608 732, 608 732, 608 732, 428 732, 608 733, 478 265, 847 Treasurv notes 1,168, 2131,166,213 1, 152, 2131,152,2131,152, 2131, 152, 2131,152, 3931,152, 2131,156, 3931, 545, 908 Treasury bills 625, 469 627, 641, 469 641, 469 641,469 641, 469 641, 469 641, 469 635,119 618, 648 Total Government securities 2, 526, 240 2, 526, 290 2, 526, 290 2, 526, 290 2, 526, 2920, 526, 290 2, 526, 290 2, 526, 290 2, 524, 990i ,2 4,30, 403 -3,376 15, 502 4' ,2—25 -9"65 -13,260 6,295 12, 892 932 4,727 Other Reserve bank credit 2, 562, 452 , 583, 2632, 572, 8242, 573, 233 2, 557, 3952, 564, 690 2, 575, 5522, 585, 275 2, 564, 712 2,473, Total Reserve bank credit outstanding. LIABILITIES 4,162, 8324,177, 8054, 200, 9654, 235,114 4,184, 0424,184,4254,193,868 4, 223, 418 4, 204, 7143, 794, 589 F. R. notes in actual circulation Deposits: 6,854,411 >, 807, 978 6, 928, 916, 853, 7106, 943, 5976, 918, 227 6, 942, 727 6, 915, 388 6, 881,167 5, 719, 490 Member bank—reserve account 150,928 250,21" 84, 642 115,099 80, 486 116,777 106,177 73,449 88,010 517,941 U. S. Treasurer—general account 166, 963 147, 450 139, 671 121, 749 124,041 126,110 104,979 120,365 94,873 53,523 Foreign bank 156, 553 119, 479 139,470 133,705 136, 725 123,933 131,566 151,460 192,664 283,173 Other deposits Total deposits 7, 328, 8557, 325,119 7, 292, 760 7, 224, 2637, 284, 849 7, 285,0477, 285, 449 7, 260, 6627, 256, 714 6, 574,127 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 79.6 79.6 79.6 79. 79. 79.6 78.4 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 o t o d n a 6 th y s s m 1 o t y n 6 o e t a h r s 2 1 y y t e o e a a r r s 2 5 y y to e e a a r r s s 5 O y v e e a r rs Bills discounted: May 26 15, 698 14,276 165 722 236 292 7 June 2 __ . - _ .- . .. _. 17,485 15,947 269 574 367 320 8 June 9 14,295 12, 525 586 416 406 358 4 June 16 14,328 12, 663 474 437 397 354 3 June 23 _. 13, 303 11,451 616 375 400 459 2 Bills bought in open market: May^26 6,260 770 1,663 886 2,915 26 June 2 ___ 6,261 1, 437 3,002 635 1,187 June 9 5,818 3,223 880 528 1,187 June 16 _. ._ ._ 5,094 3,098 233 647 1,116 June 23 4,273 1,956 470 1,421 426 Industrial advances: May 26 22, 407 794 178 566 1,027 1,872 3,533 5,482 8,955 June 2 22, 232 812 324 521 735 1,996 3,476 5,436 8,932 June 9 __ _ 22,196 791 297 996 465 1,889 3,405 5,433 8,920 June 16 22,049 903 135 920 687 1,826 2 537 6,224 8 817 June 23 22,012 871 140 910 748 1,844 3,309 5,385 8,805 U. S. Government securities: May 26 2, 526, 290 24, 767 33, 461 70, 223 78, 920 323, 534 378, 912 258,971 675, 815 681, 687 June 2 2, 526, 290 22,120 42,051 67, 808 63,075 331,049 383, 714 258,971 675,815 681, 687 June 9 2, 526, 290 33, 561 34, 660 70, 608 70,121 319,423 381, 444 258, 971 675, 815 681,687 June 16_ _ 2, 526, 290 44,151 32, 247 76, 689 58, 493 307,828 464, 330 252, 497 608, 368 681, 687 June 23 _. 2, 526, 240 34,710 35, 063 78, 920 132, 266 219, 008 481, 721 247, 497 615, 368 681, 687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

652 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o ew rk P p d h h e i 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 Lo S u t i . s n M o e i l a n i p - s - K C s a a it n s y - Dallas F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury: May 26 8, 838, 414448, 948 3i,, 377, 286 5265,51 682,195 279, 228 240, 4481,718,769 2781,,077192,192 263, 488 176, 276 654, 956 June 2 8, 838, 401448, 543 3r,311,491520^ 043 695, 341292,412 242,880 1,743,519 279i,,478190, 568 274, 686 183,194 656, 246 June 9 8, 838, 405455, 399 3, 287,131507, 990 695, 531280,110 237,728 1,777,278 276•,,727196,189 276, 304182,134 665, 884 June 16 8, 837, 903456, 5013,269,758 """,\516 693, 906 281, 014243, 2241, 770, 731277, 792195,187 2791,,467189,125 663, 682 June 23 8, 836,904434, 4253, 375, 522 50!2, ,238 ""' 197 280,837237,0681, 718, 325 283; 371397,138 2701,,025186,058 660,1'"" Redemption fund—Federal Reserve Notes: May 26 11,341 761 1, 194 595 850 857 1, 697 541 1, 265 723 421 508 1,930 June 2 11,341 760 1,194 59J 850 857 1, 697 541 1,265 723 421 508 1,930 June 9 9,971 652 881 493 743 512 1,589 402 1,226 706 401 483 1,883 June 16 9,860 624 769 443 704 738 1,556 364 l,21f 702 395 477 1,872 June 23 10, 241 600 1,650 394 666 464 1, 523 324 1, 20( 697 470 1,860 Other cash: May 26 296, 310 39, 087 83, 633 22, 852 16, 585 21, 547 12, 894 32, 861 14, 69£ 5, 57t 16, 531 5,960 24,086 June2_._ 272, 695 39,152 69,126 22, 460 16, 340 20, 407 10, 291 30,142 14,137 5,331 15, 752 5,453 24,104 June 9 305, 738 40,838 92,342 23,823 13, 573 18,957 12, 496 36, 732 15,688 4,790 16, 542 5,939 24,018 June 16 313, 595 40, 693 89, 428 23, 847 15, 672 20, 654 12,318 40, 546 16, 952 5,234 16,749 6,032 25, 470 June 23 322, 491 46, 610 85, 949 24, 574 17, 928 21, 629 13, 441 39, 541 17,17? 5,292 17, 235 7,916 25,197 Total reserves: May 26 1,146, 065 , 7953. 462,113 5491,,9 9<8 699, 630301, 632 255,0 3(91,752,171294,03; 198,494 280,440182, 744 680, 972 June 2 >, 122, 437488, 455 3:;, 381,815143,098 712, 531313, 676 254,8 i681, 774, 202 294, 880196, 622 290, 859 189,155682, 280 June 9 1,154,114 3, 380, 3545 312, 306 709, 847299, 579 251,,8!131, 814, 412 293, 641201, 685 293; 247188, 556 691, 785 June 16 >, 161, 358497,818 3, 359, 955 541, 806 710, 282302, 406 257,0981,811,641295,960 201,123 296,611119955, 663344 691,024 June 23 1,169, 636481, 635 3, 4-63 ,121527,206 709, 791302, 930 252,0321, 758, 190 301, 203,127 287,64^194, 444687, 755 Bills discounted: Secured by U. S. Government obligations direct or fully guaranteed: May 26 12, 326 794 6,481 1,969 310 490 510 210 350 45 294 523 June 2 12,524 1,014 6,214 1,409 365 538 649 170 53 45 464 523 June 9 11,006 620 6,118 1,372 495 442 494 240 380 3 95 224 523 June 16 11,521 850 5,033 1,402 762 743 1,444 205 230 36 75 197 544 June 23 ... 9,844 1,490 4,063 1,138 764 54fi 85 34 75 164 510 Other bills discounted: May 26 3,372 1,611 9' 564 12 74 5 142 128 252 June 2 4,961 347 1,914 93 1,936 12 78 8 131 142 300 June9 3,289 97 1,808 76 629 72 140 154 305 June 16 2,807 111 1,570 4 498 72 8 150 236 158 June 23 3,459 136 1,868 11 84 760 78 33 131 256 102 Total bills discounted: May 26 15,698 1,281 8,092 2, 066 310 490 1,074 222 424 355 187 422 lib June 2 17, 485 1,361 8,128 1,502 365 538 2,585 182 1,158 61 176 606 823 June 9 14, 295 717 7,926 1,448 495 442 1,123 240 452 11 235 378 828 June 16 14, 328 961 6,603 1,406 762 743 1,942 205 302 44 225 433 702 June 23 13, 303 1,626 5,931 1,149 848 1,309 85 164 67 206 420 612 Bills bought in open market: May 26 6, 260 223 1,998 393 374 149 133 459 112 114 112 2,114 June 2 6,261 223 1,996 394 374 149 133 460 112 79 114 112 2,115 June 9 5,818 223 2,041 394 374 149 133 460 112 72 114 112 1,634 June 16 5,094 223 1,758 394 374 149 109 424 92 69 114 112 1,276 June 23 4,273 223 1,552 385 359 149 107 384 86 60 772 Industrial advances: May 26 22, 40' 3,170 4,101 2,130 229 920 333 785 672 1,284 1,921 June 2 22, 232 3,168 5,909 4,011 900 2,124 224 920 329 782 660 1,278 1,927 June 9 22,196 3,173 5,904 3,994 900 2,123 221 920 328 791 655 1,292 1,895 June 16 22,049 3,154 5,922 3,988 2,030 215 918 324 788 630 1,261 1,920 June 23 22,012 3,134 5,908 3,979 922 2,029 211 913 325 784 629 1,258 1,920 U. S. Government securities: Bonds: May 26 732, 608 53, 385 210, 233 61,861 71,: 38, 575 32, 284 80, 726 32, 298 23,828 35, 992 28,601 63, 516 June 2 732, 608 53, 385 210, 233 61, 861 71, 309 38, 575 32, 284 80, 726 32, 298 23, 828 35, 992 28,601 63, 516 June 9 732,608 53,385 210,233 61, 861 71,309 38, 575 32, 284 80, 726 32,298 23,828 35,992 28,601 63, 516 June 16 732, 608 53, 385 210, 233 61, 861 71, T 38, 575 32, 284 80, 726 32, 298 23,828 35,992 28,601 63,516 June 23 732, 558 53, 385 210, 233 61, 861 71, 309 38, 575 32,234 80, 726 32, 298 23, 828 35,992 28, 601 63, 516 Treasury notes: May 26 1,152, 213 83, 974 97, 303 112,167 60,678 50,623 126,979 50,803 37,482 56,616 44,987 99,910 June 2 1,152, 213 83, 974 330, 691 97, 303 112,167 60, 678 50, 623 126,979 50, 803 37, 482 56, 616 44, 987 99, 910 June 9 1,152, 213 83,974 330, 691 97,303 112,167 60,678 50,623 126, 979 50,803 37, 482 56, 616 44, 987 99, 910 June 16 1,166, 21384,994 334, 709 98, 485 113, 529 61,415 51, 239 128, 522 51, 421 37,937 57, 304 45, 533101,125 June 23 1,168, 213 85,140 335, 283 98, 654 113, 724 61, 521 51,326 128,742 51, 509 38,002 57, 402 45,612 101,298 Treasury bills: May 26 641, 469 46, 750 184,105 54,172 62, 446 33, 781 28,184 70, 693 28, 284 20, 866 31, 519 25,046 55, 623 June 2 641, 469 .46, 750 184,105 54,172 62, 446 33, 781 28,184 70,693 28,284 20,866 31, 519 25,046 55, 623 June 9 641, 469 46, 750 184,10; 54,172 62, 446 33, 781 28,184 70, 693 28,284 20,866 31, 519 25,046 55, 623 June 16 627,469 45, 730 180,087 52,990 61, 084 33,044 27, 568 69,150 27, 666 20,411 30,831 24,500 54, 408 June 23 625, 469 45. 584 179,513 52, 821 60,889 32,938 27,481 68,930 27, 578 20, 346 30, 733 24, 421 54,235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

653 JULY 1937 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Bos- New Phila- Cleve- Kich- At- St. Min- Kan- San Total ton York p de h l- ia land mond lanta Chicago Louis n o e l a i p s - C sa it s y Dallas F c r is a c n o - ASSETS—continued Total U. S. Government securities: May 26 I, 526, 290184,109 725, 029 213, 336 245, 922133, 034111.091 278, 111,385 82,176124,127 98, 634 219, 049 June 2 I, 526, 290184,109 725,029 213, 336 245, 922133,034111,091 278, 398 11'1., 385 82,176124,127 219,049 June 9 I, 526, 290184,109 725, 029 213, 336 245, 922133,034111,091 278, 398111,385 82,176124,127 98, 634 219,049 June 16 !, 526, 291084, 109 725, 029 213, 336 245, 922133, 034111,091 278, 398111,385 82,176124,127 98, 634219, 049 June 23 I, 526, 240184,109 725,029 213, 336 245, 922133, 034111,041 278, 398111,385 82,176124,127 98, 634219,049 Total bills and securities: M ay 26 !, 570, 655188, 783 741,017219,896 247, 570135, 803112, 52' 279,999 112,254 83, 39;125,100100,452 223, 859 June 2 !, 572, 261888, 861 741,062 2~1 9",1,243 247, 561135,845 114:,, 033 279, 960 83, 098125,077100,630 223,914 J J J u u u n n n e e e 9 2 1 3 6 __ » ! \ , , 5 5 6 5 6 5 6 8 , 7 , , 8 5 2 7 9 8 6 9 1 1 11 8 8 8 9 8 8 , , , 0 4 2 9 4 2 2 7 2 7 7 73 4 3 8 0 9 , , , 3 9 1 0 2 0 2 2 1 1 9 9 , 1 1 1 , , , ,1 8 1 1 4 7 2 7: 9 4 2 2 2 2 4 4 4 7 8 7 , , , 9 0 6 5 9 5 1 1 71 1 1 3 3 3 5 5 6 , , , 9 0 7 5 9 4 6 8 81 1 1 1 1 1 2 2 3 , , , 5 6 3 6 6 5 8 8 7 2 2 2 7 8 7 9 0 9 , , , 0 9 7 4 1 8 5 8 0 1 1 1 1 1 1 2 1 2 , , , 2 9 1 7 6 0 7 0 3 8 8 83 3 3 , , , 0 0 0 5 7 8 0 7 1 1 1 2 2 2 5 5 5 , , , 1 0 0 3 9 6 1 6 0 1 1 1 1 - 0 0 0 0 ~ 0 0 0 0 ~ , , , , 4 4 4 4 1 4 1 4 6 0 0 0 2 22 2 2 22 2 3 2 2 2 , , , ! 9 - 3 4 5 7 3 Due from foreign banks: May 26 228 1 23 21 10 8 27 3 16 June 2 226 17 23 21 10 8 27 3 6 16 June 9 226 17 23 21 10 8 27 3 6 16 June 16 219 17 23 21 10 8 27 3 6 16 June 23 219 17 23 21 10 8 27 3 6 16 Federal Keserve notes of other banks: May 26 21,615 307 5,268 700 1.483 1,814 2, 346 2,432 1,491 1, 692 1,801 June 2 18, 847 321 3,846 620 988 1, 360 1,493 2, 631 M 1,821 1,921 463 1,489 June 9 22, 025 314 4,708 973 1,526 2,168 2, 296 3,353 1,755 758 1.307 648 2,219 June 16 21, 277 350 5,729 768 1, 298 2,033 1,865 2,503 1, 377 1,206 1,214 461 2,473 June 23 23, 108 354 5, 924 1,005 1, 726 2,008 1, 522 2,427 1,754 1,533 1, 610 415 2,830 Uncollected items: May 26 604, 558 64, 557 148, 398 48,147 59, 760 52, 591 22, 568 81, 921 25, 872 14, 761 31, 020 24, 094 30, 869 June 2 _ 646,056 63, 883 147, 814 48, 644 68, 835 60, 949 20, 482 89, 717 27, 4?" 18,098 36,029 28,006 36,120 June 9 595, 266 60,000 141, 355 48,197 55, 354 54, 308 24, 254 83,171 26, 616 16, 288 31, 503 25, 270 28, 950 June 16 866, 372 84, 286 205, 574 75, 665 99, 854 69,101 28,117 131, 746 35, 457 21, 39,002 30, 849 44, 854 June 23 630, 603 64, 239 157, 316 52,109 60, 463 52, 821 21, 352 87, 578 26,215 16, 521 32, 541 24, 557 34, 891 Bank premises: May 26 45, 776 3, 038 10, 071 4,910 6. 320 2,773 2,220 4,671 2,373 1, 500 3, 230 ,264 3, 406 June 2 45, 685 3,033 10,055 4, r 6,306 2, 764 2,219 4, 661 2, 369 1, 497 3,217 ,259 3, 406 June 9.. _ 45, 687 3,033 10,055 4,1 6, 307 2, 764 2, 219 4, 661 2,370 1,497 3,217 ,259 3, 406 June 16 45, 700 3, 033 10,069 4,899 6, 306 2,764 2,219 4,661 2,370 1, 497 3,217 ,259 3, 406 June 23... 45, 697 3,033 10,069 4,,r" 6, 307 2,764 2, 216 4,661 2,369 1,497 3,217 ,259 3,406 All other assets: May 26. — 47, 202 2, 909 13, 407 5, 645 5,058 2,904 4,413 1,821 1, 662 2,129 ,817 3, 557 June 2 47, 853 2,990 13,667 5, 675 5,093 2,899 V 1, 865 1, 2,108 ,843 3,618 June 9 49,199 3,033 13, 849 6,319 5,166 2, 983 1,890 1,714 2,152 ,905 3,682 June 16 40, 243 2,421 11,495 5,011 4, 335 2, 549 4,576 1, 505 1,428 1.765 ,563 2,940 June 23- 40, 733 2,440 11,648 5, 077 4, 395 2,570 3,665 1,524 1,439 1,793 ,566 2,982 Total assets: 3,716 May 26 !, 436,099748,406 4, 380, 359 829, 319 019,I, 842 497, 527 396, 588 2,125, 634 438, 254 301, 306 443, 618 31'606, 9£44, 480 June 2 !, 453, 372 560 41,, 229988,,3 34400 8 82222,,2 02202 041, 335517, 503 395, 02[4 2,155, 687 441, 475 302, 824 459, 213721,362 995500,^ 843 J J u u n n e e 9 16.. 1 ! . , 4 3 7 5 0 , 2 1 , 1 6 937 7 07 5 6 1 , ; 3 5 7 0 2 8 4 4t :, ,, , 3 2 3 2 3 9 3 9 2 1 2 1 , , . , 2 33 1 00 2 66 8 8 81 4 11 7 1, , , ! r8890 0 2 7 5 0 ,. , , 0 9 5 1 3 2 5 4 5 4 11 99 44 77 ; , ,, 88 55 11 66 9 0 9 0 4 3 0 95 < , 2 0 3 8 0 8 2 2 , , 2 1 3 9 < 0, 1 2 8 1 8 8 4 4 4 3 8 8 ; , 7 5 7 " 7 5 7 - 6 3 6 " " 3 3 31 -0 10 4 0^ • , , 2 2 9" 00 9" 11 5 4 4 6 5 6 6 , , 9 1 5 1 63 3 3 3 1 0 8 , , 0 2 6 1 0 2 9 9{ (6 5 7 3 , , 6 4 6 6 0 4 June 23 J, 475, 824740,810 4 : , , 386, 57 " 6 ~ 8 - 09, 168030,754 499, 201"3 91, 3812, 136; 379 4'"45 , "5"8•4 "307, 207 451, 874322, 657 954, 233 LIABILITIES Federal Reserve notes in actual circulation: May 26 4,184,042 307, 526 894, 825 313,, 381 430, 756 192, 178, 517 971, 525 177, 620138, 723 158, 84890, 411329, 173 J J u u n n e e 9 2 4 4 , , 2 2 3 0 5 0 , , 1 9 1 6 4 5 3 3 0 0 7 5 , ,0 2 1 4 2 3 9 9 2 0 5 3 , , 3 7 5 3 1 2 3 331 1 14 5 4, , , 1 6 5 6 9 1 4 4 3 3 1 3 , ,1 08 8 9 5 1 19 9 3 2 , , 9 7 6 4 9 1 1 17 7 8 6 ; , 7 7 1 05 9 97 7 0 6 , ,1 32 6 4 6 1 17 8 8 0 , ,3 3 9 0 7 2 1 1 3 3 9 8 , , 3 2 3 9 8 2 1 1 6 6 2 0 , , 0 4 3 5 0 39 9' 2 1 , , 7 9 3 3 6 0 3 3 3 3 4 4 , , 4 0 9 0 0 5 June 16 4, 177, 805290, 718 909, 872 312,, 946 429,416 190, 843175,161 966, 872 178, 296137,948162,049 91, 336332, 348 June 23 4, 162, 832285, 279 902, 248 310,, 630 431,546 192,129 172, 920 967,598 177,170137, 901161,070 92, 213332,128 Deposits : Member bank—reserve account: May 26 6. 943, 597336, 710 31,,068, 347 4013,493 455, 380 221, 640 174, 4071, 002, 566 20•9,1,66130,305 235,080 172,922533, 581 June 2 6, 853, 710336, 780 2!,, 996622;, 418 39.5,,259 465,929 227,464 "' "'1,007, 477 206, '4128,842 241,234179,223527, 587 June 9 6, 928,977347,171 22,, 998822,,992277 338855,, 788 462,681 224,162 172,152 1,, 065,, 637 203,, 245 1-32,,2 74307,822 177, 820533, 835 June 16 6, 807,978330,037 2\, 997755,,003377 337722,,443300 455,784 218,320 174,7821, 006, 707 203, 985 130, 822 238, 347181, 382520, 345 June 23 6,854,411 336,340 31,," 0'23,153 378, 241454, 279 219, 065 168, 597 11, 771214, 648 134, 529 237, 207174, 636531, 945 U.S. Treasurer—general account: May 26 80, 486 4,095 33, 467 3, 880 5,825 8,467 2,153 7,139 2,746 2,554 4,554 2,371 3,225 June 2 115,099 3,223 35, 813 8,322 8,619 12,367 2,373 21, 044 3,536 1,784 7,161 2,222 8,635 June 9 84, 642 3,543 28, 769 5,333 5,855 3, 392 2,925 8,317 3,518 3,457 8,064 3,395 8,074 June 16 250, 212 34, 312 32,037 25,171 20,155 14,175 4,768 63, 843 6,314 5,354 12, 592 4,532 26, 959 June 23 150, 928 16,444 26, 470 9,833 16,093 11,037 7,033 33,984 4,782 2,433 7,017 9,128 6,674 Foreign bank: May 26 124,041 8,900 46,137 11,948 11,216 5, 242 4, 267 14,142 3,657 2,804 3,536 3,536 8,656 June 2 121, 749 8, 754 45,1171 11,753 11,033 5,157 4,197 13,911 3,598 2,758 3,478 3,478 8,515 June 9 139,671 10, 206 50, 337 13, 701 12,862 6,012 16,217 4,194 3,215 4,054 4,054 9. 926 June 16 147,450 10, 699 53, 800 14, 363 13, 483 6, 302 5,129 17,000 4,397 3,371 4,250 4,250 10, 406 June 23 166, 963 11, 902 62, 779 15,978 15,000 7,011 5,707 18,913 4,891 3,750 4,728 4,728 11,576 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

654 FEDERAL RESERVE BULLETIN JULY 1937 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] 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 - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - LIABILITIES—continued Deposits—Continued Other deposits: May 26 136, 725 2,994 9,235 23, 937 2, 355 2,781 1,972 6,467 2,815 164 4,017 11,324 June 2 133, 705 2,606 62, 368 9,115 23, 867 4,149 3,533 1,684 7,564 2,833 242 3,438 12,306 June 9 139, 470 2,050 67,711 9,331 24, 429 3,567 2,872 1,444 10, 560 2,186 188 3,195 11,937 June 16 119, 479 2,282 52,113 9,488 23, 050 3,268 3,437 1,821 6,776 2,147 234 3,463 11,400 June 23 156, 553 2,255 92, 477 9,180 20, 884 3,050 3,906 1,766 5,890 2,683 140 3,401 10,921 Total deposits: May 26 7, 284, 849352, 699 216,615 ;28, 566 496, 358237, 704.83, 608 025,819222,036 .38,478243, 334.82, 846.56, 786 June 2 7, 224, 263351, 363 105, 716t24, 449 509, 448249,137 .84, 826 044,116221,472 .36, 217252,115 L88, 361 .57,043 June 9 7, 292, 760362, 970 129, 744414,153 505, 827237,133 .82,842 091,615221, 517.41, 595 253,128188, 464563, 772 June 16 7,325,119 377, 330 112,987421, 452 512, 472242,065 ,88,116 089, 371221, 472 .41,694 2~5~5~, 4"2"393, 627569,110 June 23 7,328, 855366, 941 204, 879413, 232 506, 256240,163 :85, 243 036, 434230, 211 43, 395 249,092L91,893 561,116 Deferred availability items: May 26 618, 046 64, 093 147, 473 53, 814 60, 720 51, 997 21, 764 83, 467 28, 004 14, 73931, 399 26, 416 34,160 June 2 645, 317 64, 860 145, 554 49,110 68, 898 59, 350 18, 749 90, 788 29, 074 17, 97836, 712 29, 21 35,027 June 9 591, 267 59, 226 136, 306 48, 955 54, 927 52, 566 22, 826 83, 233 28,182 15, 68231, 432 26, 589 31, 343 June 16 851,089 84,199 187, 774 79, 391 96, 208 66, 857 28, 241 133, 202 38, 496 21,156 39, 462 34, 202 41, 901 June 23 634,198 64, 441 157, 496 51, 582 60, 916 51, 859 20, 480 87, 525 27, 660 16, 51731, 688 27, 427 36, 607 Capital paid in: May 26 132, 202 9,378 51, 267 12, 239 12, 856 4,856 4,323 12, 608 3,811 3,! 3.861 10.112 June 2 132,198 9,376 51, 261 12, 239 12, 856 4,857 4,323 12, 609 3,813 3,995 3,861 10,110 June 9 132,196 9,376 51, 257 12, 239 12, 861 4,854 4,323 12,608 3,813 2,899 3,995 3,861 10,110 June 16 132, 240 9,374 51, 257 12, 239 12, 875 4,855 4,327 12,631 3,813 V 3,995 3, 864 10.113 June 23 132, 205 9,373 51,196 12, 243 12, 875 4,856 4,336 12, 637 3,815 4,002 3,865 10,113 Surplus (section 7): 2,894 May 26 145, 854 9, 826 51, 474 13, 362 14, 323 5,616 21, 504 4,655 3,116 3,613 3,851 9,645 June 2 145, 854 9,826 51, 474 13, 362 14, 323 4, 5,616 21, 504 4,655 3,116 3,613 3,851 9,645 June 9 145, 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 June 16 145, 854 51, 474 13, 362 14, 323 4, 5,616 21, 504 4, 655 3,116 3, 613 3,851 9,645 June 23 145, 854 9, 826 51, 474 13, 362 14, 323 4, 5,616 21, 504 4,655 3,116 3,613 3,851 9,645 Surplus (section 13b): May 26 27, 490 2,874 7,744 4, 325 1,00' 3,422 754 1,416 545 1,003 1,142 1,262 1,996 June 2 27, 490 2,874 7,744 4, 325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 1,996 June 9 27, 490 2,874 7,744 4, 325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 1,996 June 16 27, 490 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 1,996 June 23 27, 490 2,874 7,744 4, 325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 1,996 Reserve for contingencies: May 26 35, 939 1,570 9,091 3,000 3,121 1,522 1,690 7,860 2,062 941 1,847 2,037 June 2 35,940 1, 570 9,091 3,000 3,121 1,522 1, 7,'" 199 2,062 941 1,847 2,037 June 9 35, 940 1, 570 9,091 3,000 3,121 1, 522 1,690 7, 199 2,062 941 1,847 2,037 June 16 35, 931 1,570 9,14: 3,000 3,121 1,497 1,690 7, 199 2,055 941 1,847 2,037 June 23 35,906 1,570 9,11' 3, 000 3,121 1,49' 1, 690 7, 199 2, 055 941 1,847 2,037 All other liabilities: May 26 7,677 440 1,870 632 701 420 316 1,435 385 348 272 571 June 2 7,196 448 2,149 558 593 377 29' 1,228 320 258 246 227 495 June 9 8,64^ 654 1,958 1,194 661 453 332 1,658 340 300 282 256 556 June 16 7, 402 481 1, 581 631 411 325 1, 360 300 286 223 510 June 23 8,484 506 2,422 794 710 406 342 1,433 329 326 326 299 591 Total liabilities: May 26.. 12, 436, 099748, 4064, 380, 359 8291,,3191,019. 842497, 527396, 588 125, 634438, 254 301, 306443, 618310, 766944,480 June 2 12, 453, 372"47, 5604, 298, 340822, 20:1, 041, 335517, 503395, 024 155, 687441, 475302,824459, 217321,36!950,843 June 9 12, 435,116 751, 508 4, 29,1 306811,8891, 025, 912497, 560395, 088 190, 218438, 553304,995456, 563318,060953,464 June 16 12, 702, 930776, 3724, 332, 212847, 2961,070, 053514, 819404, 230 234,188448, 776310, 201466,911330,212967, 660 June 23 12, 475, 824740, 8104, 386, 576*" 1,1681, 030, 754499, 201391, 381 136, 379 44i5,, 584307, .51, 874322, 65'954, 233 Contingent liability on bills purchased for foreign correspondents: May 26 1,532 112 553 150 141 66 54 178 46 44 109 June 2 1.532 112 553 150 141 66 54 178 46 4- 109 June 9 2, 532 185 914 248 233 109 89 294 76 73 180 June 16 3,745 258 1, 346 325 152 124 410 106 102 103 251 June 23 4,044 273 1, 652 367 344 161 131 434 112 109 109 Commitments to make industrial advances: May 26 17,18* 2, 294 6,119 170 1,350 2,01 350 1,161 130 302 3,226 June 2 17,01 2,248 6,042 170 1,336 2,008 350 1,158 128 302 3,200 June 9 16, 95€ 2, 235 6,038 15.c 1, 333 2,00 345 1,158 128 302 3,186 June 16 16, 801 2,194 5,898 15! 1,322 2,01 345 1,145 128 302 3,226 June 23 16, 732 2,175 5, 883 155 1,315 2,002 339 1,139 128 302 3,220 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1937 FEDERAL RESERVE BULLETIN 655 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO JUNE 23, 1937 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Eeserve 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 o date, Nu s t o ( e o m w u e r t i s b y t h e c r o n a t d n o C A d i o t 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 e v o n d a s a u e d n e n t r k r i - c v n a e e l g s s c R F t o m a b e e o m n d a s e u d e n e n m t r i r k - 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 i t d d E o r r r x e a a c e p p p w a w t i a p n c n r . i i l t e t d i , h - d b , - , y i s F n p p t t g a i a u a o n n t r t u i i a t i d n o i o t n c i s - n n n c t i s - i - g - 2 1936—May 27- 8,113 329,316 2,374 141, 749 2,162 132, 549 30,958 25,095 59, 512 7,641 June 24.. 8,158 331,391 2,394 142,811 2,183 133, 343 30,4«7 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 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 2,266 138,938 26, 720 22,040 7,719 75,045 7,414 Dec. 30__ 8,379 342,699 2,500 149,204 2, 280 139,829 25, 533 20,959 8,226 77,903 7,208 1937—Jan. 27... 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. 28- 8,510 348,342 2,563 152,724 2,336 144,564 23,904 17,528 9,045 86,806 7,281 May 26. 8,524 349,288 2,577 153,720 2,353 145,228 23,166 17,188 8,462 89,268 7,114 June 23 3. 8,542 351,346 2,582 153.988 2, 357 145, 383 22,872 16, 733 7,267 91, 282 7,229 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 $11,351,024 on June 23, 1937. 3 June 30 figures not yet available. NOTE.—On June 23, 1937, there wTere 29 applications amounting to $3,603,500 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i l i l - a a- C l l a e 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 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 - Federal Reserve notes: Issued to F. R. bank by F. R. agent: May 26 4, 496,626 332,491 999,945 333,813 457,091 203,168 196,384 1,001,507 .,454144[,, 3697 11,191 97,977372,236 June 2 4, 505,125 334,8241,004,087331,135 456, 647 203,886 1946,43 1,002,007188,688145,088 177:1,111 99, 054 337733,,955 June 9 4,517,118 334,8421,011,396331, 905 458, 523 203, 729 193"," '6 84, 0100,115 188,556143, 076 172,878 1'0'1., 763376,651 June 16 4, 505, 873 331, 8671,011,746328, 984 457,943201, 516 191 699,881 188,114142,845 17r:2,166101, 340 377. June 23 4, 501, 262329,4521,013,053327,837 457,915203, 678 191. 995,202 187,042 142,992 17~2!,,279100, 211 1^481 Held by Federal Reserve bank: May 26 312, 584 24,965 105,120 20,432 26, 335 10,431 17,867 29, 982 8,834 5,646 12, 343 7, 56643,063 June 2 270,011 27, 581 78, 736 15,976 25, 558 9, 917 15,874 25, 841 8,291 5, 796 10, 658 6,318 39,465 June 9 316,153 29, 830 107, 664 17,244 25, 338 10, f" 16,979 29, 791 10, 254 4,738 10,848 9,833 42, 646 June 16 328,068 41,149 101,874 16, 03828, 527 10,673 16, 477 33, 009 9,818 4,897 10,117 10, 00445, 485 June 23 :_ 338,430 44,173 110,805 17, 20726, 369 11,549 18, 200 27,604 9,872 5,091 11, 209 7,998 48,353 In actual circulation:1 May 26 4,184,042307, 526 894,825 313,381 430,756 192,737 178,517 971, , 620138,723 158,848 0, 411329,173 June 2 4, 235,114'607, 243 925,351 315,159 431,089193,,'996699 178,769 976,106 180,397139, 292 16.0, 92, 736 334, 490 June 9 4, 200,965305,012 903, 732 314, 661 433,185 1912',7,4 1741176,705 970,324 178, 302138, 338 162, 91,930 334,005 June 16 4,177,8052<J0, 718 909,872 3?1"2 , "94 6 4"29, 416190, 843175,161 966, 87':2 1178, 296137, 948 162,049 91, 336 332,348 June 23 4,162, 832285,279 902, 248 310, 630 431, 546 192', 129 172J 920967, 598177,170 137,901161,070 92, 213 332,128 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: May 26... 4, 537,132341,000 1,010,000 335,000 459, 500 206,000178,000 1,010,000 189,632 146,000174,000 99,000 389,000 June 2.. 4, 538,132341,000 1,010,000 335,000 459, 500 206,000 178', 000 1,010', 010809,632 146,000 174,000100,000 389,000 June 9 4, 550,132341,000 1,020,000 335,000 459, 500 206,000 178,000 1,010,000 i, 632 146,000174,000102,000 389,000 June 16 4, 544, 632341, 000 1,020,000 335,000 459, 500 203,000 178,0001 ,'010,000189, 632143,000 174,000102, 500 389,000 June 23 4, 542, 632 1, 020,000 335,000 459, 500 205,000 178,000 1,010,000 189, 632 144,000174,000102,500389,000 Eligible paper: May 26 18,037 1,281 8,378 2,067 392 520 999 298 400 374 212 447 2, 669 June 2 19, 943 1,361 8,433 1,503 447 567 2, 610 258 1,134 80 201 632 2,717 June 9 16, 324 717 8,291 1,449 577 471 1,148 316 428 22 262 403 2,240 June 16 15, 634 961 6, 659 1,478 844 772 1,944 245 208 53 254 458 1,758 June 23 13,801 1,626 5,751 1,205 915 916 1,309 85 114 67 217 430 1,166 U. S. Government securities: May 26 20,000 20,000 June 2 20,000 20,000 June 9 _ 20,000 20,000 June 16 20,000 20,000 June 23 20,00C 20,000 Total collateral: May 26 4, 575,169342, 2811,018,378 337,067459, 892 206, 520198,999 1,010,298190,032 146i,, 374174, 212 99, 447 391,,«669 June 2_. 4, 578,075342,3611,018,433 336,503 459',; 947206, 567200,610 1,010,258190,766 146,080174, 201100, 632 391,,7'17 June 9 4, 586,456341,7171,028,291 336,449 460i,,00'77206, 471199,148 1,010,316 190,060146,022174,262102, 403 391,,2:40 June 16 4, 580, 266341,6611, 026, 659 336, 478 4i6,304,4342403 2, 0737'2 7199,944 1,010,245189,840 143,053174, 254102; 958 390, 758 June 23 4, 576, 433337, 6261, 025, 751 336, 205 4),6401,5 205, 916199,309 1,010,085189,7 c, 067174,217102,930 390,166 1 Includes Federal Reserve notes held by the U. S. Treasury or by a Federal Reserve bank other than the issuing bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

656 FEDERAL RESERVE BULLETIN JULY 1937 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, MAY, 1937 BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserve? with Central reserve Gross Net Federal Reserve All city banks Re- Coun- Cl a a n s d se s d i o s f t r b ic a t n s ks m d d a e e n - - d m d d a e e n - - d p T o d i s m e i - t e s banks b m a b n e e m k r s - 1 New Chi- b s c a e i r n t v y k e s ba t n ry ks1 posits posits1 qu R i e r - ed Held c E e x s - s York cago Total reserves held: All member banks.. 29, 501 24, 748 11,224 6,005 6, 932 927 1936—April 5,300 2,163 506 1. 675 956 May 5,638 2,384 636 1.657 961 Central reserve city banks: June 5, 484 2,183 682 1,664 954 New York 10,056 9. 367 765 2,481 2, 684 203 July 5,861 2, 279 653 1,886 1,042 Chicago 2, 233 1,969 440 538 589 51 Aug. 1-15 6,063 2,5X)2 572 1, 899 1, 0(J0 Aug. 16-312 6,291 2,503 580 2,005 1, 204 Reserve city banks: September 6,345 2,462 619 2,046 1,218 Boston district 960 867 116 180 194 13 October 6,594 2,574 637 2,153 1,230 New York district 193 163 138 41 42 November 6, 785 2, 695 651 2,185 1,254 Philadelphia district. 1,146 971 246 209 278 69 December 6, 665 2,662 605 2,157 1,241 Cleveland district 1,445 1,204 707 283 327 44 1937—January 6, 716 2,719 568 2,158 1,271 Richmond district 619 480 211 109 137 28 February 6, 747 2,812 546 2,128 1,261 Atlanta district 552 425 163 95 105 10 March 2 6,704 2, 652 533 2,203 1,315 Chicago district 1, 137 884 486 206 242 36 April 6,824 2,739 563 2,201 1,321 St. Louis district 682 556 168 121 141 20 May 2 6, 932 2,684 589 2, 272 1, 386 Minneapolis district... 328 256 93 57 66 9 Week ending (Friday): Kansas City district... 912 664 160 142 167 25 May 7 6,897 2,634 592 2,278 1. 392 Dallas district... 570 400 109 87 101 14 May 14 6, 943 2,676 582 2,291 1,394 San Francisco district. 1,908 1,576 1, 853 426 473 47 May 21 6,946 2,687 599 2,274 1,385 May 28 6, 950 2,724 588 2,258 1,380 Total 10,453 8, 446 4, 450 1,956 2, 272 316 Excess reserves: 1936—April 2,510 940 262 796 512 Country banks: May 2,800 1,134 377 778 511 A B C S N P R M K D S C t a h h o i l t e a a . i e n c l i i w s l n n a L l c v h l t n a s a n a o F e o m a Y d s e g t n l r u s a a a e a o o d o i p n l n d s C n i r d p d d o s k c d i d i i h s t l i i s t i d i r s s d i y t d t s s a i c r t r i i t i c s r o i i s r s d d c i t t c t i t d r c . i t r c i r t . d s i i i s t i t . c c t s . . i c t r t s t t r t i r t i . c r i c t c i t c . t . t . . . . 1,2 2 4 4 3 4 4 7 3 5 5 7 4 6 8 3 5 6 2 4 8 8 8 9 4 6 8 1 0 7 7 5 6 3 0 1 4 3 2 3 4 3 5 2 2 6 9 1 3 0 3 5 7 0 2 6 3 9 9 3 4 2 4 2 1 9 7 6 6 8 9 8 1,3 8 3 2 6 2 2 6 2 5 1 7 2 0 7 1 2 5 1 9 5 5 7 6 9 8 3 5 4 3 5 1 3 5 6 2 1 1 1 4 4 4 4 4 2 1 9 6 1 5 2 7 6 4 8 8 2 6 7 6 5 6 4 2 1 1 1 1 9 4 8 6 6 7 7 5 3 7 5 2 4 9 0 2 1 3 8 5 5 0 3 3 2 6 2 5 2 2 1 1 1 1 8 0 6 9 9 9 6 2 0 6 5 7 1937 • — J N A D A A S F J O M M J u u e e u o p e a u c l a a n p b n c t y g r g v y r e o t i r u e . . e c l e b u m a 2 h m m 1 1 e a r - 6 y b r r 1 b - b - y ' e 3 5 e e r 1 r r -' 2 2 2 2 2 2 3 2 1 1 1 1 , , , , , , , , , , , , 2 3 1 5 1 8 0 0 0 9 9 5 8 7 5 5 1 5 0 4 9 4 0 2 9 5 1 2 2 9 1 5 6 3 3 7 7 3 2 1 1 , ,0 9 6 8 4 6 7 5 2 5 6 7 2 0 6 6 0 0 9 3 0 5 0 3 3 2 4 8 7 0 1 7 0 8 1 3 9 5 6 2 4 2 2 3 1 1 1 1 1 1 2 1 0 5 9 4 6 7 5 2 6 9 0 1 4 5 4 0 7 9 5 L 8 0 5 1 4 6 6 4 3 9 6 7 6 6 7 9 6 8 2 9 1 2 5 9 7 7 6 0 7 6 8 4 0 6 4 1 6 5 0 2 1 5 1 4 4 5 4 6 4 5 5 5 4 4 3 5 9 2 9 5 9 0 0 9 1 1 2 3 7 8 3 0 7 6 2 5 8 8 9 8 1 5 Total 6, 759 4, 966 5, 570 1,029 1, 386 357 Week M en a d y i n 7 g (Friday): 883 145 56 319 364 May 14 931 196 46 324 365 1 Gross demand deposits minus demand balances with domestic banks May 21 943 213 58 317 355 (except private banks and American branches of foreign banks) and May 28 948 242 48 307 350 cash items in process of collection. NOTE.—See table at foot of page 668, 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 Aug. 16, 1936, March 1, 1937, and May 1, 1937; see table at foot of page 668 for amount of changes. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] All member banks Membe ( r p l b ac a e n s k s o v i e n r l 1 a 5 r , g 0 e 0 r 0 ) centers Memb ( e p r l a b c a e n s k u s n i d n e s r m 1 a 5 l , l 0 e 0 r 0 c ) enters Federal Reserve district Gross demand Time Gross demand Time Gross demand Time May April May April May April May April May April May April Boston . 1,751 1 770 692 692 1 632 1 652 564 565 119 118 128 127 New York 11,493 11,721 2,278 2, 259 1 1,167 1 1,164 i 1 035 i 1 034 270 270 479 479 Philadelphia 1 729 X 757 1 099 1 091 1 511 1 538 661 654 219 220 438 437 Cleveland . 2,031 2 041 1,332 1 332 1 804 ] 813 1 054 1 056 227 228 277 276 Richmond. _ _ 1,086 1,105 540 538 913 929 355 353 173 176 185 185 Atlanta 1 003 1 057 372 368 846 891 291 288 157 165 80 80 Chicago . 4,151 4,091 1.541 ], 530 1 1 616 1 1 605 1 847 1 840 302 304 254 251 St. Louis 1 009 1 047 383 ' 384 817 855 282 283 193 192 101 100 Minneapolis . ... 616 632 365 367 437 452 178 180 178 181 187 187 Kansas City . 1, 343 1,370 316 316 1,026 1, 052 201 201 317 318 114 115 Dallas 1 035 1 044 200 '?00 774 782 160 159 261 261 40 40 San Francisco-.. ... 2,253 2,286 2,106 2, 085 2,121 2,153 2,008 1,987 132 133 98 98 Total 29, 501 29, 922 1.1,224 11,163 114, 664 114, 887 1 7, 637 1 7, 601 2,547 2,566 2,383 2,376 1 Excluding central reserve city banks, for which figures for latest month are shown in ta*ble above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

657 JULY 1937 FEDERAL RESERVE BULLETIN KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c G c e a r o t t i l e f d s i- d S o il l v la e r r s c S c e i a r lv t t i e e f s i r - T o 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 e y id r - M c i o n i o n r U S n n t o a i t t t e e e s d s R F n e e d o se e te r r s v a e l R F b n e e d a o se n t e e r r k s v a e l t n b i N o o a n n t a e a - k s l 1936-May 5,953 102 914 312 133 265 3,760 378 June 6,241 101 955 316 135 278 4.002 366 July 6,162 100 958 318 136 274 3,937 352 August 6,227 321 137 278 3,978 342 September 6,267 326 138 278 4,011 332 October... 6,351 1,020 329 139 282 4,076 324 November. 6,466 1,051 334 141 4,156 316 December, 6,543 1,057 337 142 4,233 307 1937—January... 6,349 1,012 329 140 276 4,118 300 February. 6,399 1.022 329 140 288 4,155 294 March 6,377 1, 022 333 141 287 4,139 287 April 6, 426 1, 039 335 142 291 4,171 281 May 6. 462 1.062 338 143 289 4. 189 27o Back figures. —See Annual Report for 1935 (table 38). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve, hanks. In millions of dollars] Papei currency 2 Total ¥,nd of month i c n u c la ir - - Coin $1 $2 $5 $10 $20 $50 and over a U s e s n d o - r ^ ttion^ Total $50 $100 $500 $1,000 $5,000 $10, 000 1936—May 5, 953 480 451 32 820 1,402 1.369 1, 409 363 648 127 245 n 19 10 June 6,241 486 463 33 850 1, 468 1, 466 1,479 398 683 127 245 7 18 4 July 6,162 490 460 32 844 1,459 1,431 1, 449 383 667 127 247 7 19 3 August 6, 227 494 471 32 863 1,482 1,436 1,452 381 667 128 250 6 19 3 September. 6, 267 501 477 33 868 1,488 1,437 1, 467 383 673 130 253 6 21 4 October. __ 6,351 505 484 33 882 1, 516 1, 460 1,478 385 679 132 255 7 19 November. 6, 466 513 492 33 900 1,548 1, 486 1, 501 390 690 132 258 23 December. 6,543 517 499 35 806 1, 563 1, 501 1,530 399 707 135 265 7 18 1937—January... 6. 349 506 472 33 864 1,500 1, 458 1,525 393 702 135 269 8 18 February.. 6, 399 506 475 33 874 1,519 1, 464 1,538 395 706 135 273 9 19 10 March 6, 377 511 476 33 869 1,519 1,451 1,520 386 696 136 275 9 18 2 April 6, 426 514 482 33 883 1,542 1,468 1, 507 381 687 137 277 9 17 3 May 6, 462 518 489 33 893 1,558 1. 466 1.507 380 689 136 278 8 17 4 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. 2 Includes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures.—See Annual Report for 1935 (table 39). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY fHeld by Treasury and Federal Reserve banks and in circulation, In millions of dollars] [By selected banks in New York City. In thousands of dollars] Ship- Receipts Net Net Silver Fed- Year or month ments to from ship- receipts End of month Total d s o a il l n v l d a e r r s S i s a u id r b y - - M co in in or U S n ta it te e s d s e R e r r e a v - l e t b i N o a n a n - k al Europe Europe ments bul- silver notes bank notes 1P32 567 83, 838 83, 271 lion* notes 1933 554 91, 059 90,505 1934 345 40 587 40 242 1935 10, 628 19, 966 9,338 1936 34, 774 26, 216 8,558 1936—May 2 490 1,236 330 138 347 55 384 June_._ 2, 498 1,255 332 139 347 53 372 1936—May 3,852 1,685 2,167 July 2,496 1,264 335 140 347 51 358 June 3,037 1,164 1,873 August 2,500 1,277 338 142 347 49 348 Julv 900 2,348 1,448 September . 2, 512 1,294 341 143 347 48 339 August 981 2,078 1,097 October _. ? 515 1,303 346 145 347 47 329 September... 3,949 1, 131 2,818 November. _ 2,521 1,310 351 146 347 46 322 October 2,013 5,422 3,409 December __ 2, 532 1,323 356 147 347 45 314 November . 5,960 1,536 4,424 December... ...... 8,469 745 7,724 1937—January 2, 532 1, 332 356 148 347 44 305 February... 2,536 1,343 356 149 347 42 298 1937—January 2,092 2,197 105 March 2,541 1,355 357 149 347 42 291 Februarv 4,279 3,265 1,014 April 2,543 1,365 357 150 347 40 284 March 968 3,728 2, 760 May 2, 547 1, 375 358 150 347 39 278 April 1,434 3, 023 1 589 Mav 909 1, 8(>o 95(3 * Includes silver held apainst silver certificates amounting to $1,2C8,000,- 000 on May 31, 1937, and $1,107,000,000 on May 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

658 FEDERAL RESERVE BULLETIN JULY 1937 GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES» [In millions of dollars] [In thousands of dollars] Gold stock at 1937 end of year Increase Net or month in Net release Other Year or month t g o o t l a d l im go p l o d rt f e ro ar m - factors* May April Ja M nu a a y ry- 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 5,399 17, 222 France 1, 375 596 14, 048 1935— September. _ 9,368 165.0 156.7 1.0 7.3 Germany October 9, 893 325 2 315.3 -1.9 11.8 Netherlands 1,371 November 9,920 226.7 210.6 .6 15.5 Switzerland 1,166 15, 827 December 10,125 205.2 190.0 1.3 13.9 Union of Soviet Socialist Re- Year 10,125 1,887.2 1,739.0 .2 148.0 publics 504 United Kingdom.. 103,822 -- 175,172 7 549, 675 49 1936—January 10,182 57.2 45.6 -1.7 13.3 Canada 14, 438 7,226 43,115 4 February 10,167 -15.5 -16.6 -9.5 10.6 Central America,.. 285 260 1,405 March 10,184 17. 2 5.5 1.0 10.7 Mexico __ _ __ _. 2,800 1,980 6 19,129 15 April __ 10, 225 41.0 28.1 -.2 13. 1 Argentina 2 • 3 May.. 10,402 176 7 170.0 -3.2 10.0 Chile 354 915 3,487 June 10, 608 206.6 277. 8 -24.8 -46.4 Colombia 5,496 4, 261 9.761 July _._ 10, 648 39.2 15.4 2.3 21.5 Ecuador 144 135 711 August 10, 716 68.4 67.5 -11.9 12.9 Peru 67 150 948 September. 10, 845 129. 0 171.8 -28.8 -14.0 Uruguay October 11,045 199.7 218. 8 -11.3 -7.9 Venezuela 31 42 248 November 11,184 139.6 75.8 3.0 60.8 Australia... . 2,613 2,388 12, 994 December 11,258 26.5 73.3 57.0 -.7 17.0 British India.._ ._ 3,797 4,857 25, 777 China and Hong Year 11, 258 26.5 1,132.5 1,116.6 -85.9 101.7 Kong 53 75 837 Dutch East Indies. 1937—January 11,358 126. 5 100.1 121.3 -48.3 27.1 Japan 16, 593 9,978 32, 267 February 11,436 204.7 78.2 120.3 -8.0 -34.1 Philippine Islands. 2,106 2,231 10 513 March __ 11, 574 342.5 137.9 154. 3 -.4 -16.0 All other countries2. 225 126 7, 376 April 11, 799 568.0 225. 6 215.8 7.2 2.5 May... , .__ 11, 990 759.1 191. 1 155.4 26.2 9.6 Total 155, 366 4 215, 825 13 767, 224 67 1 Gold released from earmark at Federal Reserve banks less gold 1 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. 687, and Annual Report for 1935 (tables 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.—SeeA nnual Report for 1935 (table 32) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1937 FEDERAL RESERVE BULLETIN 659 ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS Member banks Nonmember fin millions of dollars] banks Member banks » Nonmember banks Call date Total Other Total ti N on a- al State M s b a a u v n t i u n k g a s l s b m n a b o e n e m n r k - s - Call date ba A n l k l s Total ti N on a- al State M s b a a v u n i t n u k g s a s l b n e o O r n t b m h a e e n r m k - s 1932—Dec. 31 _ 18,390 6,816 6,011 805 594 10,980 1932—Dec. 31. __ 41,643 24,803 16,101 8,702 10,022 6,818 1933—June 30» 14,519 5,606 4,897 709 576 8,337 1933—June 301_. 37,998 23,338 14, 772 8,566 9,713 4,946 Oct. 25 2 5,818 5,052 766 Oct 25 2 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 2 6,206 5,288 918 1934—Mar. 5 K.. 25,293 16,203 9,090 June 30 15,835 6,375 5,417 958 """578" ~~"8,~882 June 30—_ ~4l,~870~ 26, 615 17,097 9,518 9,780 5,47fi Oct. 17 2_ _ 6,433 5,461 972 Oct 17 2 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 193fi—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 6,386 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 1937—Mar. 31 15, 569 6,367 5,305 1,062 565 8,637 1937—Mar. 31 52, 577 34, 746 22, 355 12, 390 10,157 7,674 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 ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s t t s - 1932—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 2 24,953 13,059 11, 894 Dec. 30 40,319 21,977 18, 342 25, 220 12,833 12, 386 9,985 5,906 4,079 5,115 3,238 1,877 1934—Mar. 5 2 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 2 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 1938—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 1937—Mar. 31 49,138 21, 790 27, 348 32, 525 13, 699 18, 826 10, 096 5, 026 5,070 6.. 518 3,065 3,453 1 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. * Nonmember bank figures not available. » Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Back figures.—See Annual Report for 1935 (tables 47-48). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 FEDERAL RESERVE BULLETIN JULY 1937 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U.S. Govern- Purchased paper ment obliga- Call date i m T n lo a v o e n a e n t n d a s t s t l s - Total C Y N k o s b T i i o e u r e t d o o y r r w t e s - k - i o se t t T o h i c e n u o e s r rs i- e l R o st a e a n a t l s e a b a c p o a n R i c o w n n c e e r g e k p n t - - s t s - ' O c c u w a u u n s t n r r h i e s s e e d - e e e d d - r- b L a o t n o a k n s s a U a b c p n n A e l a e i c p c y t e t e i - - - s n d ab B p a r b a i o l y l l e a - s d b p C m o c a o u i p e a m g r e l - h r - t k L C Y N e b o r i t o r e s t o a o y r w n i k - J n s Total Direc t t io a n F g n s u u te a l e l r y d - s O e ti t c e h u s e r r i- States TOTAL—ALL MEM- BER BANES 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 3Q2 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 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 5,748 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 6,098 1937—Mar. 31 32, 525 11,862 258 2,816 2,440 128 6,220 99 170 22 386 1,159 18,826 10,856 1,861 6,108 NEW YORK CITY S 1929—Dec 31 8,774 4,964 55 2,145 169 2,595 322 128 46 21 1,202 2,091 1,112 979 1933—June 30' 7,133 2,297 38 1,044 157 120 937 162 224 10 10 720 3,709 2,551 1,158 1934—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 Dec. 31___ 8,418 2,196 60 793 140 107 1,0 )6 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 1.268 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 1937—Mar. 31 9,101 2,676 74 790 142 69 1,600 51 119 6 4 1,105 5,140 3,356 473 1,311 CITY OF CHICAGO « 1929—Dec. 31 1,757 1,330 240 533 21 5$5 88 9 5 5 11 309 116 193 1933—June 30 » 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 4 1 14 1 1,107 766 87 254 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 1937—Mar. 31 1,868 629 52 155 14 2 407 4 o 1 12 1 1,220 853 94 273 RESERVE CITY BANKS 1929—Dec. 31 12,029 8,418 425 2.775 1,538 3,679 258 42 24 102 239 2,944 1,368 1,576 1933—June 30 a 8,492 4,258 63 ,340 1,131 46 1,678 99 36 6 38 45 4,011 2,483 1,528 1934—Dec. 31 10,028 4,024 90 , 124 1,090 49 1,671 55 13 9 108 105 5,715 3,809 "279" 1,628 1935—Mar. 4 ... 10,036 3,974 83 ,090 1,077 48 1,677 48 12 9 122 106 5,766 3,724 376 1,666 June 29 10,151 3,967 87 L, 053 1,105 40 1,682 43 10 7 112 25 5,986 3,712 571 1,703 Dec. 31 10, 780 4,144 96 ,057 1,094 46 1,851 34 19 10 120 21 6,432 4,076 656 1.701 1936—Mar. 4 10, 655 4,071 101 ,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 ,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 ,048 1,124 56 2,231 23 17 5 131 36 7,000 4,426 697 1,877 1937—Mar. 31.... 11,611 4,618 114 ,039 1,135 55 2,276 29 37 10 154 38 6, 725 4,250 669 1,805 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 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 2,606 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 1937—Mar. 31... 9,945 3,940 17 833 1,150 2 1,937 15 12 5 216 16 5, 741 2,397 626 2,719 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 8 Beginning June 30, 1933, figures relate to licensed banks only. 8 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

661 JULY 1937 FEEERAL RESERVE BTJLLETITv ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demanddeposits Time deposits se R rv e e - s a B nc a e l- s r i e t p e o m r s t - Interbank C f e ie r d ti- I v n i d d i - - De- Interbank I v n i d d i - - Call date b s F1 e 1 a R e 7 e r 1 n r e < a v d k 1 - l k e - s C v i a a n u sh lt b w m a d t n i i e o c t k s h - - s1 o p t f l e r i e i o o s c n c s o c n - - l 2 - b m D a t n i e o c k s - - s b F e a i o n g r k n - s S U m G e t e a r n o e n d t i n v e t - t - - s f P u l u n ic b d - sc l h c c e o a e e a f t o n f c t s r f d i e s h k - ' r s s , s t p p u i n h c o o a a o e i n r l r p r r s a t s - - s - , - , , j d i m u t e s s a p t a n e o d d d s- - 4 b m D a t n i e o c k s - - sb F e a i o n g r k n - s P s i t n a a o g v l s - s - - f P u l u n ic b d - s s t p p u i h n c o o a a o e i n r p l r r r a s t s - s - - , - , , r B i o n o w g r s - credit« etc. etc. TOTAL—ALL MEM BER BANKS 1 <29—Dec. 31 2,374 558 2,168 3,896 3,517 544 143 1,335 1,681 17,526 16,647 95 154 122 595 12,267 879 1933—June 30 « 2,235 405 2,008 1,485 3,057 145 806 1,087 657 11,830 12,089 89 1 788 300 7,803 191 1934—Dec. 31 4,082 609 3,149 1,903 4,569 147 1,636 1,799 838 14,951 15,686 134 7 452 294 9,020 13 1936—Mar. 4 4,518 534 3,386 1,475 5.095 169 1,270 1,861 741 14,872 15,999 145 8 399 290 9,203 17 June 29 4,933 537 3,396 1,183 4,978 273 779 2,091 417 16,206 17, 630 136 5 307 285 9,462 9 Dec. 31 5,573 665 3,776 2,255 5,696 444 844 2,139 882 18,035 18,801 151 5 218 361 9,680 6 1936 Mar 4 5,784 624 3,970 1,718 6,148 394 600 2,173 779 17, 927 19,161 152 5 167 344 9,784 11 June 30 5,607 713 3,944 2,147 5,986 465 1,037 2,320 789 19,322 20, 284 151 6 152 378 10,099 6 Dec. 31 6. 572 697 4,066 2,533 6,402 432 882 2,329 881 20,970 21, 647 153 6 104 296 10,429 15 1937—Mar. 31 6.613 662 3. 445 1,974 5,752 458 415 2,564 677 20,085 21,352 153 6 97 269 10,639 18 NEW YORK CITY • 1929-Dec. 31 827 68 179 2,406 1,198 464 20 128 1,180 5,847 4,750 40 133 18 33 1.112 179 1933—June 30 6 846 46 101 874 1,255 127 332 96 461 4,676 4,358 22 1 110 4 671 8 1934—Dec. 31 .. . 1,576 86 103 1.069 1,798 126 792 229 540 5,370 5,069 1 7 56 4 591 1935—Mar. 4 1,856 58 86 810 2,047 147 572 190 500 6,329 5,209 1 7 44 4 595 2 June 29 1,935 51 133 447 1,983 248 369 354 149 5,924 5,979 4 27 6 567 Dec. 31 2,541 65 111 1,133 2,338 410 224 323 524 6,479 6,193 4 3 12 591 1936—Mar 4 2,493 57 108 829 2 527 363 140 260 496 6,471 6,398 4 11 586 2 June 30 2,106 65 114 982 2,390 428 215 357 489 6,891 6,756 5 10 601 Dec 31 2, 658 61 133 1,087 2,493 393 225 285 457 7,274 6,929 4 13 679 12 1937—Mar. 31 . 2,719 56 123 853 2,171 419 129 314 354 7,237 7,051 5 14 758 1 CITY OF CHICAGO • 1929—Dec. 31 169 13 133 158 310 26 8 42 32 1,041 957 19 7 2 68 332 41 1933-June 30 5 232 34 203 61 259 2 46 87 16 870 912 6 1 358 1934—Dec. 31 - 415 40 207 90 445 2 46 182 23 1,073 1,189 1 381 1935—Mar. 4_ 359 34 182 70 505 3 41 184 19 1,047 1,179 374 June 29 675 37 249 73 504 3 20 198 24 1,208 1,357 469 Dec. 31 . . 511 39 209 135 522 4 98 208 27 1,301 1,401 413 1936—Mar. 4 480 35 195 96 594 4 81 217 26 1,243 1,390 407 June 30 749 38 195 147 635 5 102 221 27 1 444 1,546 444 Dec. 31 558 32 188 159 599 5 72 191 27 1, 495 1, 554 449 1937—Mar. 31. - 482 21 93 114 596 5 96 203 38 1,001 1,128 440 1 RESERVE CITY BANKS 1929—Dec. 31 751 156 947 1.041 1,604 50 76 423 300 5,547 5,229 30 14 41 371 4,433 292 1933-June 30* 705 122 1,002 401 1,315 15 312 349 108 3.708 3,764 59 ..... 388 208 2,941 16 1934—Dec. 31 1,268 207 1,543 537 1,984 17 620 585 169 4,919 5,136 117 186 206 3,494 1935—Mar. 4 1,386 197 1,690 432 2,179 18 505 643 132 4,854 5,197 128 167 211 3.611 1 June 29 _ 1,403 213 1,607 471 2,145 21 299 674 140 5,314 5,656 119 118 203 3 670 Dec. 31 1,594 256 1,779 752 2,422 28 385 707 204 6,001 6.161 134 79 266 3.796 1936-Mar. 4 1,794 264 1,910 607 2,594 26 285 733 151 5,961 6.238 135 72 251 3, 853 1 June 30 1,763 289 1,907 763 2,551 30 513 733 152 6,419 6.541 135 65 288 3960 Dec. 31 2,108 285 1,816 971 2,826 33 407 843 230 7,023 7,126 137 35 203 4.026 1937—Mar. 31 2,108 264 1,545 764 2,546 32 132 935 155 6,833 7,159 137 2 34 176 4,064 5 COUNTRY BANKS 1929—Dec. 31. 627 321 908 291 405 3 39 742 169 5,091 5,711 6 61 133 6.390 367 1933-June 30* 452 203 702 149 228 1 116 555 72 2,576 3,054 7 285 86 3.833 167 1934—Dec. 31 822 275 1,296 207 342 2 178 804 106 3,589 4.292 16 210 84 4,554 13 1935—Mar. 4 916 246 1,427 163 364 1 152 845 90 3.642 4,414 17 188 75 4,623 14 June 29 _ 920 236 1,406 192 347 1 90 865 104 3,761 4,538 16. 162 76 4.756 9 Dec. 31 927 305 1,676 235 415 1 137 901 127 4,254 5.047 16 136 83 4 879 6 1936—Mar. 4 1,017 268 1,757 187 433 1 93 965 106 4,252 5.136 17 .... 95 82 4,938 8 June 30 989 322 1,727 256 410 1 207 1,008 121 4. 567 5,440 16 87 80 5.094 6 Dec 31 1,247 319 1,929 316 483 2 178 1,011 167 5,177 6.039 16 69 80 5. 275 3 1937—Mar. 31 1,304 321 1,684 242 440 2 57 1,113 130 5,013 6,012 16 64 79 5,377 11 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, Includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items on band but not in process of collection, amounting on that date to $16,000,000. »Includes "Due to Federal Reserve banks (transit account)", known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935. • Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 5 Beginning June 1933 figures relate to licensed banks only. 6 Central reserve city banks. Back figures.—See Annual Report for 1935 (table 53) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 FEDERAL RESERVE BULLETIN JULY 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] Loans 1 Investments Re- Total U. S. Govern- serve Bal- Date or month i m n lo a v e n a e n n d s t s t s - Total c b d u i r e n a r o T a i n t k l s o i d e e e e r - s r s * s ( b s t o e i e a x t e O c n h c s u k e n e r t r p s o i s ) t - ' ba T n o ks e l R o st a e a n a t l s e p O m k a p a p e e r t e n - r' l O o t a h n e s r 1 Total D m i e re n t c t i t o o n b a F s g l n i u u t g a e l a l r e y - - d s O e t t c i h e u s e r r i- b s w F e a R e e r n r i e a t v d k - h l e - s v C a i a n u s l h t d b a w o a n t m i i n c c t e k e h s s s - TOTAL—101 CITIES 1936 May °1 832 8 355 1,185 2,078 82 1,146 333 3,531 13, 477 8,877 1,286 3,314 4,577 378 2, 283 November 22, 444 8, 755 1 156 2 024 62 1,148 323 4,042 13, 689 9,232 1,255 3,202 5,422 404 2,463 December.. 22, 760 9,030 1,248 2,034 64 1,154 338 4,192 13, 730 9,241 1,242 3,247 5,264 427 2,439 1937—January _. 22, 734 8,998 1,228 2,007 59 1,153 379 4,172 13, 736 9,263 1,230 3,243 5,292 401 2,307 February 22, 600 8,982 1 217 2 021 72 1,150 399 4,123 13, 618 9,118 1,212 3,288 5, 326 387 2,252 March 22, 610 9,286 1,318 2,030 86 1,152 411 4,289 13, 324 8,802 1,206 3,316 5,205 359 1,998 April 22, 280 9,399 1 276 2 046 78 1,155 396 4,448 12, 881 8,447 1,181 3,253 5,340 346 1,967 May 22, 201 9,523 21, 328 2 2,061 120 1,160 2 382 24,477 12, 678 8,320 1,163 3,195 5,350 338 1,790 1937—Apr. 14. 22. 293 9,394 1,261 2,048 74 1,153 395 4,463 12, 899 8,457 1,183 3,259 5,381 353 2,018 Apr. 21 22, 268 9,402 1,269 2,047 76 1,156 392 4,462 12, 866 8, 439 1,178 3,249 5,378 340 1,962 Apr. 28 22, 202 9,428 1 297 2 040 84 1,156 393 4,458 12, 774 8,370 1,175 3,229 5,425 354 1,964 May 5 _ _ __ 22, 240 9, 533 1,341 2 054 128 1,157 381 4,472 12, 707 8,334 1,165 3,208 5,307 337 1,797 May 12 22, 205 9,531 1 316 2 068 122 1,161 382 4,482 12, 674 8,323 1,164 3,187 5,359 349 1,783 May 19 22, 177 9,500 11, 323 12 002 118 1,162 1497 14, 398 12, 677 8,314 1,162 3,201 5, 349 329 1,781 May 26 22, 182 9, 529 1 324 1 989 110 1,161 490 4,455 12, 653 8,308 1,159 3,186 5,385 338 1,796 June 2 22,158 9, 571 1,333 1,995 123 1,161 483 4,476 12, 587 8,287 1,156 3,144 5,278 329 1,766 June 9 22, 214 9.647 1 369 2 000 123 1,166 481 4,508 12, 567 8,258 1,166 3,143 5,367 337 1,751 June 16 22. 573 9,741 1,370 2,010 167 1,166 475 4, 553 12,832 8,556 1,165 3,111 5,280 299 1,774 June 23 22,414 9,766 1,444 2,011 142 1,171 465 4,533 12,648 8,374 1,160 3,114 5,335 308 1,734 NEW YORK CITY 1936—May 8, 585 3,261 1 000 750 48 133 144 1,186 5,324 3,647 545 1, 132 2,234 52 74 November _ 8,622 3,420 978 710 30 130 135 1,437 5,202 3,721 461 1,020 2,575 58 78 December . 8, 750 3,581 1, 053 712 34 130 140 1, 512 5,169 3,666 451 1,052 2,509 63 86 1937—January. _ 8,606 3, 532 1,024 709 28 130 146 1,495 5,074 3,555 452 1,067 2,565 56 81 February . 8. 543 3,521 1,017 731 43 129 136 1,465 5,022 3.455 453 1,114 2,670 53 80 March 8, 651 3,708 1,111 733 55 128 133 1,548 4, 943 3,319 452 1,172 2,506 49 81 April 8,385 3, 725 1 085 734 48 128 114 1,616 4, 660 3,100 442 1,118 2,562 53 74 May.. _ 8,335 3,804 U,133 2 733 76 129 2 103 21, 632 4,531 3,024 435 1,072 2,492 54 70 1937—Apr. 14.. 8, 386 3,718 1,076 736 45 127 112 1, 622 4, 668 3,106 442 1,120 2,622 54 77 Apr. 21 8,350 3,721 1,084 731 46 129 110 1,621 4, 629 3,076 439 1,114 2,579 50 74 Apr. 28 . 8,353 3,744 1,102 728 51 129 113 1,621 4,609 3,072 439 1,098 2,562 58 71 May 5 8,379 3,814 1 147 732 79 129 104 1,623 4,565 3,034 442 1,089 2,430 55 71 May 12 8.322 3,805 1 119 734 80 130 101 1,641 4,517 3,027 434 1,056 2,480 55 72 May 19. 8,318 3,787 11,127 *751 76 129 1157 11, 547 4,531 3,022 434 1,075 2,496 51 68 May 26 8,320 3, 808 1 124 746 69 129 158 1,582 4,512 3,014 429 1,069 2,561 54 71 June 2 8.392 3, 856 1,140 753 74 129 160 1, 600 4,536 3,060 428 1,048 2,440 64 70 June 9 . _ 8,474 3,921 1,168 753 81 131 162 1, 626 4,553 3,062 441 1,050 2,498 51 62 June 16 8. 606 4,011 1 169 758 126 131 163 1, 664 4, 595 3,141 440 1,014 2,478 48 69 June 23 8,513 4,032 1,217 761 100 134 164 1, 656 4,481 3,023 438 1,020 2,509 49 64 OUTSIDE NEW YORK CITY 1936—Mav 13, 247 5, 094 185 1,328 34 1,013 189 2,345 8,153 5,230 741 2,182 2,343 326 2,209 November 13. 822 5, 335 178 1,314 32 1,018 188 2,605 8,487 5, 511 794 2.182 2,847 346 2,385 December.. 14. 010 5, 449 195 1, 322 30 1,024 198 2,680 8, 561 5,575 791 2,195 2, 755 364 2,353 1937—January 14, 128 5, 466 204 1,298 31 1,023 233 2,677 8,662 5, 708 778- 2,176 2,727 345 2,226 February... 14, 057 5,461 200 1,290 29 1,021 263 2, 658 8,596 5,663 759 2,174 2, 656 334 2,172 March 13,959 5, 578 207 1,297 31 1,024 278 2,741 8,381 5,483 754 2,144 2,699 310 1,917 April 13, 895 5, 674 191 1,312 30 1,027 282 2,832 8,221 5,347 739 2,135 2,778 293 1,893 May 13, 866 5,719 2 195 21, 328 44 1,031 2 279 2 2,845 8,147 5, 296 728 2,123 2,858 284 1,720 1937—Apr. 14 13,907 5,676 185 1,312 29 1.026 283 2,841 8,231 5,351 741 2,139 2,759 299 1,941 Apr. 21 13, 918 5, 681 185 1,316 30 ,027 282 2,841 8,237 5, 363 739 2,135 2,799 290 1,888 Apr. 28 13,849 5, 684 195 1,312 33 027 280 2,837 8,165 5,298 736 2,131 2, 863 296 1,893 May 5 13. 861 5.719 194 1, 322 49 ,028 277 2,849 8,142 5,300 723 2, 119 2,877 282 1,726 May 12 .... 13, 883 5, 726 197 1,334 42 031 281 2,841 8,157 5, 296 730 2,131 2,879 294 1,711 May 19 13, 859 5, 713 U96 11,251 42 033 1340 12, 851 8,146 5,292 728 2,126 2, 853 278 1,713 May 26 13, 862 5. 721 200 1,243 41 ,032 334 2,871 8,141 5,294 730 2,117 2,824 284 1, 725 June 2 13, 766 5,715 193 1,242 49 ,032 323 2, 876 8.051 5,227 728 2,096 2,838 265 1,696 June 9 13, 740 5, 726 201 1,247 42 , 035 319 2,882 8,014 5,196 725 2,093 2,869 286 1,689 June 16 13, 967 5.730 201 1,252 41 L 035 312 2,889 8,237 5,415 725 2,097 2,802 251 1,705 June 23 13,901 5,734 227 1,250 42 1,037 301 2,877 8,167 5,351 722 2,094 2,826 259 1,670 1 Loan classification revised May 19 and beginning with that date figures for the items indicated are not strictly comparable with those formerly published; for explanation of revision see June BULLETIN, pages 530-531; for current figures on basis of new classification, see pages 664-665 of this BULLETIN. 2Average of figures for May 5 and 12 only (see note above). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 663 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 Deed as Other Interbank mand Interbank Bor- Other Capi- Date or month i c n e t o i s o p l s l n r e o o c ! f c - - assets l T i i o t a t i b e i a l s l - D b o a t m n ic k e s s- F b o a r 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 c r c . d t k i- s, Other i j d t u s e s — p te o a d s d - 2 - b m D a e n o s - k ti s c b e F a i o n g r k n - s Other r i o n w gs - li i a ti b e i s l- c ta o l u n ac t - TOTAL—101 CITIES 1936- May 1,269 1,376 31,715 5, 346 375 752 420 15, 220 14,371 131 s 5,051 874 3. 541 November 1, 663 1,318 33,714 6,106 448 548 584 16,441 15, 362 130 5 5, 032 880 3, 539 December 1,787 1,370 34, 047 6,025 435 601 617 16,714 15, 544 130 5 5,045 11 909 3,555 1937—January 1,548 1,349 33, 631 5,953 413 611 525 16, 539 15,516 132 3 5.052 3 837 3,563 February 1,573 1,360 33, 41-8 5, 854 410 409 573 16, 571 15,572 134 4 5^094 1 880 3, 568 March 1,602 1,356 33,130 5, 546 428 369 573 16,459 15,429 133 5 5,142 3 894 3,578 April 1,503 1,338 32, 774 5,424 473 312 460 16,325 15,283 120 6 5,145 3 925 3, 581 May.... -__. 1,450 1,338 32, 467 5, 032 528 201 441 10,429 15,420 106 8 5, 194 20 915 3, 593 1937—Apr. 14 1, 611 1,333 32, 989 5,526 476 351 443 16,417 15, 249 121 6 5.133 5 930 3,581 Apr. 21 1,487 1,323 32, 758 5,414 484 272 458 16,362 15, 333 117 6 5,146 1 915 3, 583 Apr. 28 1,509 1, 345 32, 799 5, 321 501 272 458 16,439 15, 388 116 6 5,158 3 944 3, 581 May 5 1,347 1,334 32, 362 5,116 515 233 423 16,273 15, 349 108 6 5,149 38 £09 3, 592 May 12 1,568 1,331 32, 595 5,075 533 207 448 16,496 15,376 107 5, 201 16 912 3, 593 May 19 ,448 1,342 32, 426 5,010 520 182 449 16,424 15,425 105 5, 205 24 909 3, 591 May 26 ,439 1, 344 32, 484 4,927 543 181 444 16,523 15,528 105 10 5, 222 4 929 3, 596 June 2 , 563 1,340 32, 434 5, 039 549 142 463 16,374 15,274 100 11 5, 231 13 COf) 3, 607 June 9 , 301 1,338 32, 308 4, 939 567 103 454 16, 353 15,506 100 12 5, 233 16 928 3, 003 June 10 ,727 1,306 32, 959 4, 942 580 547 496 16,473 15,242 99 12 5, 233 915 3, 604 June 23 , 385 1,338 32, 514 4.802 599 549 434 16,240 15,289 105 13 5, 233 38 904 3, 597 NEW YORK CITY 1936—May 565 494 12,004 2, 303 345 196 261 6, 478 6,175 4 581 300 1,470 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 6,878 6, 492 3 680 369 1,472 April 649 477 12,200 2,149 436 105 279 6, 689 6,319 4 671 395 1, 472 May 622 482 12,055 1,926 490 50 274 6, 730 6, 382 6 697 "l3~ 394 1, 475 1937—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 86 266 6, 656 6,311 4 671 390 1,472 Apr. 28 680 478 12,202 2,101 461 86 284 6, 720 6, 324 4 671 405 1, 470 May5 568 477 11,980 1,983 477 66 255 6, 646 6, 333 4 658 29 387 1, 475 May 12.... 661 481 12. 071 1,936 496 53 283 6,716 6. 338 6 704 8 393 1,476 May 19 630 488 12,051 1,916 483 41 282 6, 740 6, 392 6 704 15 389 1, 475 May 26 629 483 12,118 1,867 504 41 275 6,819 6, 465 8 721 409 1,474 June 2__ 699 480 12, 145 1,933 509 23 287 6, 771 6, 359 9 727 9 399 1,478 June 9_ 567 481 12,133 1,896 527 4 291. 6, 777 6, 501 10 724 14 413 1,477 June 16 762 469 12,432 1,905 541 289 318 6, 707 6, 263 11 726 53 405 1,477 June 23 602 471 12,208 1,863 559 289 258 6, 596 6, 252 11 722 31 404 1,475 OUTSIDE NEW YORK CITY 1936—May 704 882 19,711 3, 043 556 159 8,742 8,196 131 1 4, 470 508 2, 071 November 850 21,118 3,577 446 182 9,685 8,999 130 1 4,449 511 2,097 December 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 828 871 20, 584 3,313 238 185 9,581 8,937 133 2 4,462 3 525 2,106 April 854 861 20, 574 3,275 207 181 9, 636 8, 964 120 2 4,474 3 530 2, 109 May - 828 856 20, 412 3, 106 151 167 9, 699 9,038 106 2 4, 497 7 521 2,118 1937—Apr. 14 936 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 Apr. 28 829 867 20, 597 3,220 186 174 9, 719 9, 064 116 2 4,487 3 539 2,111 May 5 779 857 20, 382 3,133 167 168 9, 627 9,016 108 2 4,491 9 522 2,117 May 12 907 850 20, 524 3,139 154 165 9,780 9,038 107 1 4,497 8 519 2,117 May 19 818 854 20, 375 3, 094 141 167 9, 684 9,033 105 1 4,501 9 520 2,116 May 26 810 861 20, 366 3, 060 140 169 9, 704 9, 063 105 2 4, 501 4 520 2,122 June 2 864 860 20, 289 3,106 119 176 9, 603 8,915 100 2 4,504 4 506 2,129 June 9 734 857 20,175 3, 043 99 163 9, 576 9, 005 100 2 4, 509 2 515 2.126 June 16 965 837 20, 527 3, 037 258 178 9, 766 8, 979 99 1 4, 507 5 510 2.127 June 23 783 867 20, 306 2,939 260 176 9, 644 9,037 105 2 4,511 7 500 2,122 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

664 FEDERAL RESERVE BULLETIN JULY 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollars] FederalReserve District City Total B to os n - Y N o ew rk P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - At t la a n- Ch g ic o a- L S ou t. is n M o e l i a i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Y N o e r w k Ch g i o ca- ASSETS Loans and investments, total: May 19 22,177 1,295 9,207 1,187 1,886 626 556 3,051 663 381 690 481 2,154 8,318 1,995 May 26 22,182 1,291 9,219 1,178 1,891 634 555 3,065 656 379 688 479 2,147 8,320 2,009 June 2 22,158 1,288 9,292 1,163 1,888 631 551 3,043 634 382 684 477 2,125 8,392 1,989 June 9 22, 214 1,299 9,374 1,165 1,884 620 552 3,013 632 382 686 476 2,131 8,474 1,958 June 16 - 22, 573 1,336 9,511 1,182 1,901 643 559 3,061 641 391 693 487 2,168 8, 606 1,988 June 23 22, 414 1,332 9,399 1,192 1,883 640 557 3,046 642 392 686 489 2,156 8,513 1,979 Loans—total: May 191 9,500 694 4,223 454 699 242 273 971 291 164 252 214 1, 023 3,787 647 May 26 9,529 696 4,248 454 700 243 273 977 289 163 253 214 1,019 3,808 657 June 2 9,571 698 4,296 457 698 243 272 977 289 165 252 213 1,011 3,856 657 June 9 9,647 704 4,362 457 699 242 272 974 284 166 253 214 1,020 3,921 652 June 16 . _ 9, 741 704 4,449 458 702 239 271 976 284 168 252 214 1,024 4,011 655 June 23 9,766 705 4,468 468 696 238 269 985 282 168 253 216 1,018 4,032 668 Commercial, industrial, and agricultural loans: On securities: May 191 - '572 '37 '244 43 41 15 50 45 10 19 10 44 232 33 May 26 '572 '37 '241 44 40 12 50 44 9 20 15 46 229 33 June 2 _ _ '570 '38 240 44 40 '14 12 50 44 10 17 15 46 227 32 June 9 563 38 240 43 40 14 12 50 43 10 17 15 41 227 33 June 16 - - 565 "38 239 44 42 14 12 50 43 10 17 16 40 226 33 June 23 566 38 241 43 42 14 12 51 42 10 18 15 40 228 34 Otherwise secured and unsecured: May 191 '3, 633 246 '1, 491 156 r231 '92 131 528 126 71 133 116 312 1,381 390 May 26 — '3, 679 254 '1, 519 156 '232 '92 133 '534 125 71 135 116 312 1,410 396 June 2 '3 700 259 1,542 158 231 '92 133 533 123 72 134 116 307 1,433 395 June 9 _ _ 3,719 262 1,564 156 228 90 131 534 121 74 136 116 307 1, 456 395 June 16 '3 761 263 1,600 157 '230 89 129 533 121 76 136 115 312 1,491 394 June 23 3,742 264 1, 592 160 228 87 128 530 119 75 135 118 306 1,484 394 Open market paper: May 191 497 119 175 27 20 13 6 52 11 8 21 2 43 157 28 May 26 '490 116 178 26 21 13 6 '51 11 8 20 2 38 158 30 June 2 483 113 180 26 19 13 6 50 10 8 20 2 36 160 29 June 9 - 481 111 182 26 17 12 6 50 11 8 20 3 35 162 29 June 16 r475 110 181 26 16 12 6 50 11 7 '20 2 34 163 29 June 23 - 465 105 180 25 15 11 5 49 11 7 21 2 34 164 28 Loans to brokers and dealers: May 191 1,323 44 1,137 25 18 4 7 50 6 2 4 3 23 1,127 42 May 26 1,324 42 1,138 24 18 4 52 6 2 4 3 24 1,124 44 June 2 1,333 40 1,152 25 18 4 7 50 6 1 4 3 23 1,140 43 June 9 1,369 41 1,181 27 18 4 7 50 6 2 4 3 26 1,168 42 June 16 '1, 370 42 1,180 27 19 4 7 53 6 2 '4 3 23 1,169 44 June 23 1,444 44 1,228 36 21 4 66 6 2 4 3 23 1,217 58 Other loans for purchasing or carrying securities: May 191 722 37 358 38 38 21 18 96 13 9 15 19 60 277 81 June 26 '715 37 358 '39 38 20 17 96 13 9 15 15 58 276 81 June 2 720 37 361 39 38 20 17 97 13 9 15 15 59 280 82 June 9 __ _ 719 37 359 39 39 21 17 96 13 9 15 15 59 278 81 June 16 716 37 359 39 38 20 17 96 13 9 14 15 59 278 81 June 23 716 37 360 39 38 20 17 95 13 9 14 15 59 278 80 Real estate loans: May 191 1,162 83 239 61 181 28 27 80 45 6 19 21 372 129 14 May 26 1,161 83 238 61 181 28 26 80 45 6 19 21 373 129 14 June 2 1,161 83 239 61 181 28 26 80 45 6 19 21 372 129 14 June 9 1,166 83 240 61 182 28 27 80 45 6 19 21 374 131 14 June 16 1,166 83 240 60 181 28 27 81 45 6 19 21 375 131 14 June 23 1,171 86 243 60 180 29 27 81 45 6 19 21 374 134 14 Loans to banks: May 191 .- 118 5 76 2 4 2 4 7 9 2 1 1 5 76 3 May 26 110 5 69 2 4 2 5 7 8 2 1 1 4 69 3 June 2 123 6 74 3 4 2 5 12 9 2 1 1 4 74 8 June 9 123 6 81 3 4 2 5 7 8 1 1 1 4 81 3 June 16 167 6 126 2 4 2 5 7 8 1 1 1 4 126 3 June 23 142 6 100 2 4 2 5 7 9 2 1 1 3 100 3 Other loans: On securities: May 191 '708 '64 274 47 118 28 23 46 11 9 16 11 61 242 23 May 26 '702 '62 273 46 118 29 21 46 12 9 15 9 62 241 23 June 2 '705 '62 278 45 119 29 22 45 12 9 15 9 60 246 22 June 9 718 63 281 46 122 29 22 46 12 9 14 9 65 248 22 June 16 729 63 287 47 123 28 22 46 12 9 14 9 69 254 23 June 23 729 62 288 47 121 30 23 45 ]2 9 14 9 69 255 22 Otherwise secured and unsecured: May 191 '765 59 229 55 '48 40 42 62 25 47 24 31 103 166 33 May 26 '776 60 234 56 '48 41 46 61 25 47 24 32 102 172 33 June 2 __ 776 60 230 56 48 41 44 60 27 48 27 31 104 167 32 June 9. _ 789 63 234 56 49 42 45 61 25 47 27 31 109 170 33 June 16 '792 62 237 56 '49 42 46 60 25 48 27 32 108 173 34 June 23 791 63 236 56 47 41 45 61 25 48 27 32 110 172 35 U. S. Government direct obligations: May 26 8,308 422 3, 249 345 859 276 174 1,482 215 160 252 186 688 3,014 961 June 2 8 287 420 3 299 332 861 275 170 1, 460 193 160 250 186 681 3,060 942 June 9 8,258 423 3,301 332 857 270 171 1,434 198 160 251 183 678 3,062 916 June 16 8,556 462 3,388 347 872 296 179 1,478 205 167 260 194 708 3,141 943 June 23 8,374 457 3, 255 348 860 293 178 1.455 209 169 254 194 702 3,023 922 1 May 19 figures, although published in the previous BULLETIN, are repeated in this BULLETIN on a revised basis because of numerous changes made in some loan items since their original publication. r Revised. 664 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY .1937 FEDERAL RESERVE BULLETIN 665 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollars] Federa Total Bos- New Phila- Cleve- Rich- ton York del- land mond phia ASSETS—continued Obligations fully guaranteed by U. S. Government: May 26 1,159 22 469 93 59 June 2 1,156 22 467 93 60 June 9 1,166 23 481 94 60 June 16 1,165 23 480 94 59 June 23 1,160 23 477 94 60 Other securities: May 26 3,186 151 1, 253 286 273 June 2 3,144 148 1,230 281 269 June 9 3,143 149 1, 230 282 268 June 16 __ _ _ 3,111 147 1, 194 283 268 June 23 3,114 147 1,199 282 267 Reserve with Federal Reserve bank: May 26 - - -- 5, 385 244 2,688 270 328 June 2 5,278 243 2,571 258 342 June 9 -- 5,367 253 2,616 250 332 June 16 . -- - 5,280 239 2, 615 237 333 June 23 5, 335 246 2,666 245 332 Cash in vault: May 26 - - 338 59 70 17 39 June 2 329 53 80 15 38 June 9 337 54 68 18 40 June 16 --- -- 299 39 64 16 38 June 23 308 36 65 17 39 Balances with domestic banks: Mav 26 1,796 90 170 136 165 June 2 1, 766 97 172 139 173 June 9 - 1,751 93 160 135 158 June 16 1,774 87 158 325 165 June 23 1,734 85 146 153 155 Other assets: May 26 1,344 89 554 91 107 June 2 1,340 90 552 89 109 June 9 1,338 91 553 90 109 June 16 1, 306 91 540 89 106 Tune 23 1, 338 89 582 89 105 LIABILITIES Demand deposits—adjusted: May 26 15, 528 1,001 7,054 849 1,108 June 2 _ _ _ 15, 274 995 6, 954 829 1,111 June 9 15,506 1,013 7,083 836 1,098 June 16 15, 242 971 6,852 806 1,100 June 23 . 15, 289 970 6, 879 870 1,086 Time deposits: May 26 -- -- 5,222 278 1,122 286 720 June 2 5,231 278 1,129 283 722 June 9 -- 5,233 279 1,125 282 722 June 16 5,233 279 1,128 281 719 June 23 5,233 280 1,123 282 719 U. S. Government deposits: May 26 181 1 45 7 7 June 2 _- 142 1 26 3 5 June 9 103 1 6 June 16 --_____ 547 46 298 23 19 June 23 549 45 298 23 19 Interbank deposits, domestic: May 26 --- -_ - 5,032 210 1,932 293 329 June 2 5,139 215 2,001 292 345 June 9 -. 5, 039 213 1,963 283 332 June 16 5,041 212 1,970 282 337 June 23 4,907 207 1,927 264 322 Interbank deposits, foreign: May 26 553 10 514 4 1 June 2 560 10 520 4 1 June 9 579 10 539 4 1 June 16 592 9 554 4 1 June 23 612 10 572 4 1 Borrowings: Mav 26 4 1 1 June 2 13 10 June 9 16 1 15 June 16 58 2 54 June 23 38 2 32 Other liabilities: May 26 929 35 423 26 22 June 2 905 35 412 24 20 June 9 928 36 427 25 22 June 16 _ 915 37 419 25 21 June 23 904 38 418 26 21 Capital account: May 26 3,596 237 1,610 227 343 June 2 3,607 237 1,615 229 346 June 9 3,603 237 1,613 228 346 June 16 3,604 236 1,613 228 346 June 23 3,597 236 1,609 227 346 TC^O T C t O ^ 0C0O 0C0O C 3 ^, 5 Reserve District Atlan- Chica- ta go 31 31 31 31 31 72 77 70 78 70 78 70 78 70 79 132 106 136 106 135 104 133 106 132 102 20 11 18 11 20 12 17 10 18 12 121' 95 118 96 134 94 112 101 111 100 42 40 41 40 42 40 43 40 42 40 429 338 425 337 433 335 424 338 425 342 201 178 201 180 201 179 199 180 200 180 4 5 3 3 1 2 13 14 13 15 195 189 196 187 197 189 191 186 184 177 1 1 1 1 1 1 2 1 4 26 7 27 7 27 8 28 7 23 7 92 89 92 89 92 88 93 89 93 89 CO CO CO CO CO St. Min- Louis neap- olis 49 49 49 49 49 433 103 433 103 432 101 434 103 433 102 805 148 809 145 867 141 808 143 792 153 63 11 59 11 65 11 61 11 62 11 332 87 316 80 301 86 309 91 297 92 98 24 97 24 97 24 91 23 91 23 2, 286 385 2,237 352 2,266 380 2,272 392 2,244 408 856 183 858 182 860 183 861 183 862 183 84 1 79 1 74 1 56 9 57 9 745 260 758 262 751 235 748 228 730 225 8 8 8 8 8 1 1 27 10 26 9 26 9 28 9 29 9 357 87 358 87 358 86 357 87 358 87 ot ot ot ot ot City K C s a i a t s n y - Dallas F c S i r s a a c n n o - Y N o e r w k Ch g i o ca- 45 28 135 429 95 46 28 132 428 95 47 28 130 441 95 47 28 131 440 95 45 28 129 438 95 44 138 51 305 1 069 296 45 136 50 301 1,048 295 44 135 51 303 1 050 295 44 134 51 305 1,014 295 43 134 51 307 1,020 294 78 158 106 322 2,561 593 78 165 113 312 2,440 596 78 164 110 317 2 498 653 78 163 113 312 2,478 598 80 160 108 319 2, .509 586 6 13 10 19 54 27 5 11 9 19 64 26 6 13 10 20 51 29 5 11 9 18 48 28 6 13 10 19 49 28 71 193 160 176 71 168 73 183 148 171 70 166 78 187 150 175 62 153 72 208 156 190 69 145 71 201 152 171 64 141 17 23 29 230 483 64 17 23 28 230 480 64 17 23 28 224 481 64 16 23 27 217 469 59 17 23 27 210 471 59 261 486 396 935 6 465 1 523 261 474 389 910 6 359 1 498 263 488 390 921 6,501 1,519 266 499 397 925 6 263 1 512 270 494 390 911 6,252 1,499 121 145 120 1,012 721 449 121 145 121 1,011 727 450 121 145 121 1,015 724 451 121 146 122 1,014 726 451 121 145 122 1,016 722 453 2 3 7 15 41 78 2 2 5 12 23 74 2 2 4 8 4 71 2 8 12 47 289 41 2 8 13 47 289 41 106 347 174 252 1,867 547 110 351 174 248 1 933 554 114 344 172 246 1,896 551 112 351 175 249 1,905 548 111 342 175 243 1, 863 534 1 14 512 7 1 15 518 7 1 1 14 537 7 1 14 552 7 1 14 570 7 2 9 14 53 31 5 3 7 338 409 20 5 3 6 331 399 20 5 3 6 334 413 20 5 3 6 327 405 22 6 3 5 319 404 22 55 91 80 328 1 474 237 55 91 80 328 1,478 238 55 91 80 329 1, 477 238 55 91 80 329 1,477 237 55 91 81 325 1,475 237 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 FEDERAL RESERVE BULLETIN JULY 1937 BANK SUSPENSIONS1 POSTAL SAVINGS SYSTEM [In millions of dollarsl I Member Non-member banks banks Total, Assets all banks ti N on a- al State su I r n e - d2 in N su o r t ed U. S. Government Depos- securities itors' Cash Cash, Num 1 1 1 1 IQ 9 b 9 9 9 3 3 3 3 3 e 6 7 4 3 r 5 , o J M f a b n a a r - n . M k 1 s 6 a - y s D u e s c p . e 3 n 1 d e . d . : . 1 4 7 3 5 1 4 9 4 7 8 9 4 1 1 6 4 2 1 0 2 8 4 1 4 6 4 8 8 3 4 End of month a b n a c l e - s1 Total b i p t n a o o n r s d k y i e - s - Total t o r D i g b e o a c i l n - - i t - s G t o t i a g e u b o n a e a l n - - d i r - s - f s e u e r t n r e c v d - .* e s, Deposits of suspended banks (in thousands of dollars):3 1930—June.. 175 185 148 26 26 11 1933, Mar. 16-Dec. 31 145, 710 17, 322 3,527 124, 861 1931—June.. 347 356 307 27 27 22 1934 36 937 40 1,912 34, 985 1932—June. _ 785 801 682 71 71 48 1935 10,099 5,313 3,847 939 1933—June. _ 1,187 1,207 977 131 131 99 1 1 9 9 3 3 6 7 Jan -Mav 1 3 1 . , 2 30 0 6 5 507 1 2 0, , 7 2 8 0 2 7 4 5 2 9 3 2 1 19 9 3 3 5 4 — — J J u u n n e e . . _ . 1 1 , , 2 1 0 9 5 8 1 1 , , 2 2 3 2 6 5 3 6 8 9 5 5 4 7 5 7 3 7 4 6 1 3 8 0 1 3 4 5 7 7 7 7 4 1936—January 1,208 1,241 248 876 709 167 117 February._. 1,214 1,248 225 876 710 166 147 iRepresents licensed banks suspended; does not include non-licensed March 1,216 1,251 221 902 736 166 128 banks placed in liquidation or receivership after the banking holiday. April % 215 1,248 216 925 759 166 107 Fo 3 2 r D F s e e t d a p t e o i r s s a i t l t i s c d s o e f o p m f o l s e a i m t t t b i e n r e s r s u b e r e a a n n A k c n e s n a b u n e a d c l a i R m ns e e u p o r o e p r d t e r f n a o o t r n i v 1 - e m 9 3 J e 5 a m n (t b u a e a b r r l y e b 6 a 1 9 n , ) k . 1 s 9 s 3 u 4. spended J M J u u a n ly y e -. , , , 2 2 2 1 4 3 4 4 2 1 1 1 , , , 2 2 2 4 6 7 8 5 9 2 2 1 1 0 7 1 3 2 9 9 9 4 6 7 0 7 2 8 8 7 0 7 0 5 3 0 1 1 1 6 6 6 7 7 7 1 9 9 3 7 5 5 are as of dates of suspension, and deposits of non-insured non-member August ,249 1,283 166 972 805 167 145 banks are based on the latest data available at time of the report of closing September.. ,251 1,285 162 982 815 167 141 of the banks. October ,255 1,290 158 1,011 844 167 121 Back figures—See Annual Report for 1935 (table 69). N D o ec v e e m m b b e e r r _ .. , , 2 2 5 6 7 0 1 1 , . 2 2 9 9 3 6 145 1 1 , , 0 0 2 5 9 8 8 89 6 1 2 1 1 6 6 7 7 1 9 1 3 9 1937—January.... ,266 1,303 1,060 893 167 107 BANK DEBITS M Fe a b r r c u h ary.. 272 1,307 1, 001 894 167 113 April 269 [Debits to individual accounts. Amounts in millions of dollar?] May 1, 268 p Preliminary. c N en o t . e r o s f 1 Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. May Apr. May 2 Includes working cash with postmasters, 5-percent reserve fund and miscellaneous working funds with the Treasurer of the United States, New York City 1 15,114 17, 082 16.227 accrued interest on bond investments, and accounts due from late post- Outside New York City_._ 140 19, 292 20,051 16, 998 masters. Federal Reserve districts: Back figures.—See BULLETIN for August 1935, p. 502, Boston 1,930 2, 030 1,740 New York 15,914 17, 800 16,904 Philadelphia 1,788 1, 745 1,490 Cleveland 2, 029 2, 155 1.794 Richmond 691 728 589 Atlanta 867 918 758 Chicago 5, 020 5,270 4, 559 St. Louis 1,024 995 904 Minneapolis 620 665 559 Kansas City 1,099 1,158 955 Dallas 682 719 563 San Francisco 2,743 2, 950 2.410 Total. 34, 406 37,133 33, 225 Back figures.—See Annual Report for 1935 (table 08). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

667 JULY 1937 FEDERAL RESERVE BULLETIN COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders Bv classes Commercial Held by accepting Held by Federal Based on goods End of month paper Total banks Reserve banks Based stored in or shipped out- out- on Based between points in stand- stand- For ac- Held im- on ex- Dollar ing1 ing For count of by ports ports ex- Total Own Bills own ac- foreign others into from change Foreign bills bought count corre- U. S. U.S. U. S. counspond- tries ents 1936—ApriL _ . .. 174 344 310 143 167 34 Ill 86 2 57 89 M av 184 331 297 155 142 34 110 81 1 55 82 June 169 316 276 129 147 40 107 74 2 49 85 July 188 316 278 131 147 37 105 68 57 84 August _ 205 308 279 140 139 29 104 63 2 60 79 September 197 315 276 139 137 39 107 64 2 66 76 October. 199 330 296 150 147 34 110 67 2 75 77 November 191 349 309 157 152 40 112 77 1 83 76 December 215 373 315 151 164 57 126 86 2 83 76 1937—January 244 387 325 154 171 62 141 83 2 84 77 February 268 401 340 160 180 61 158 85 2 79 77 March 290 396 316 150 166 (2) 80 160 84 76 7h April 285 395 318 147 171 1 1 76 167 83 1 68 7( Mav , 184 386 295 137 159 3 2 86 168 81 1 62 7.r> 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Annual Report for 1935 (tables 66 and 67). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances* Other credit balances Debit Debit End of month Customers' balances in balances in Cash on debit partners' firm hand Money In In balances investment investment and in bor- partners' firm In (net)i an a d c co tr u a n d t i s ng an a d c co tr u a n d t i s ng banks rowed 2 Free O (n th et e ) r m i e n n v t e s a t- nd m i e n n v t e s a t n - d a c c a c p o i u t n al ts trading trading (net) accounts accounts 1935—September . 1,098 65 119 182 771 257 89 23 12 396 December _. 1,258 75 135 179 930 286 79 24 10 410 1036—April - 1,295 65 173 268 1,033 301 88 28 13 426 May 1,257 65 159 229 970 282 83 25 14 422 June _ - _ _ 1,267 67 164 219 985 276 86 24 14 420 July 1,295 68 158 221 981 287 96 24 14 422 August... _ ^ 1,287 69 142 213 967 283 92 25 12 423 September 1,317 72 141 227 995 289 99 24 14 423 October 1,333 69 151 235 989 318 99 25 17 428 November 1,364 65 150 260 986 346 110 24 17 435 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—January 1,433 62 162 243 1,028 372 118 32 19 428 February 1,482 61 188 230 1,084 366 116 32 25 418 March 1,549 61 175 223 1,172 346 115 29 18 419 April 1,559 58 163 227 1,215 314 111 29 18 417 Mav 1, 50 3 56 149 209 1,188 284 101 24 12 408 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. * 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

668 FEDERAL RESERVE BULLETIN JULY 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 n a e n s d e d r 1 v 3 a e a d v o A a f c n t t c h 1 e e s F u e n d - - A 10 d ( v b R a ) n e c o s e e f s r t v h u e e n A d F e c e r t d s e e r c a . l s d e t ( i h c l r a . e e s c 1 t U t 3 p o o n a b f i r t l t e a i h g d g e a r t a S F i p o t e h n a d t s e e o o r s f a f l Federal Reserve Bank Reserve Act) Ju R n a e t e 30 be In g in ef n fe in ct g- v P r i a r o e t u e - s Ju R n a e t 3 e 0 be I g n in ef n fe in ct g- Ju R n a e 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 May 11,1935 Oct. 19,1935 May 11,1935 Richmond May 9,1935 Sept. 23,1935 Feb. 19,1934 Atlanta Jan. 14,1935 Sept. 14,1935 Mar. 17,1934 Chicago Jan. 19,1935 Sept. 20,1935 Oct. 16,1933 St. Louis Jan. 3,1935 Oct. 3,1935 Feb. 21,1938 Minneapolis. _ May 14,1935 Oct. 29,1935 Apr. 15,1933 Kansas City.. May 10,1935 Aug. 26,1935 May 10,1938 Dallas May 8,1935 Oct. 8,1935 Mar. 12,1934 San Francisco Feb. 16,1934 Sept. 20,1935 Oct. 19,1933 1 Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures.—See Annual Report for 1935 (table 40). BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES Rates on advances and commitments under Sec. 13(b) of the Federal Buying rates at the Federal Reserve Bank of New York Reserve Act as amended June 19, 1934. Percent per annum except as otherwise specified. In effect June 30, 1937. [Percent per annum] [Percent per annum] Advances to financ- Maturity e R J ff u a e n c te e t i 3 o n 0 n In g i e n f n fe in ct g — 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 or com- tion for to make 1-15 days i... Oct. 20, 1933 mercial or- which On re- advances 16-30 days- ____do ganizations institu- maining 31-45 days... ....do. tion is portion 46-60 days... ....do obligated 61-96 days... ....do. 91-120 days.. ....do 121-180 days. ....do Boston 3K-6 3 New York.... 4-6 3 4-5 Philadelphia- 4-6 3 (2) i This rate also applies to acceptances bought under repurchase agree- Cleveland 4^-6 Wi 4 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 f o 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 ll s s . payable in A R Ch i t c l i a c h n a m g ta o o nd 5-6 6 6 4 1 -6 3 5 4 5- - 6 6 5 1 1 Y - - 2 2 i Back figures.—See Annual Report for 1935 (table 41). St. Louis 4-5H 4 Minneapolis- 6 4^-5 4^-5 A Kansas City.. 4-6 4 4 MAXIMUM RATES ON TIME DEPOSITS D Sa a n l la F s r . ancisco. 5 5 - - 6 6 3-4 4 5 4 - - 6 5 Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. i Authorized rate 1 percent above prevailing discount rate. « Same as to borrower but not less than 4 percent. [Percent per annum] »Flat charge. Back figures.—See Annual Report for 1935 (table 40). Nov. 1, 1933 Feb. 1, 1935 In effect MEMBER BANK RESERVE REQUIREMENTS to to beginning [Percent of deposits] Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 June 21, Aug. 16, 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 s n es d o b f a d n e k p s osits Au 1 1 9 g 9 1 . 3 7 6 1 - 5, Fe 1 1 b 9 9 . 3 3 6 2 7 - 8, 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.. 193/2 22% Reserve city 15 20 Country -. 14 NOTE.—Maximum rates that may be paid by insured nonmember On time deposits: banks as established by the Federal Deposit Insurance Corporation, effective February 1, 1936, are the same as those now in effect for mem- All member banks ber banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by 1 See footnote to table on page 606 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

669 JULY 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 Year, Prime Prime Stock- Stock ex- u. s. yie a l g d e 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 2 562.41 paper, accept- time day bills ury March __. 5.81 5.22 4.20 4.72 4. 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. 4.33 3.39 2.61 2.54 2.53 months da 90 ys da 90 ys New ne R w e- al w pe i r t i h o i d n notes J M un a e y. 5 5 . . 9 8 3 8 4 4 . . 5 7 9 4 4 4. . 1 1 3 1 4 4 . .5 6 5 1 4 4 . . 1 2 0 4 3 3 . . 3 4 0 2 2 2 . . 6 6 6 9 2 2 . . 4 5 4 1 2 2 . . 3 4 4 4 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 September 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 6.08 4. 4.27 4.35 3.76 3.28 2.72 2.46 1936 average. _ .75 .15 1.16 .91 .91 .14 1.11 November. 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—Apr U Ys 1 .75 .75 .10 1.10 May y& 1-1X .93 .93 .18 1.09 Year 5.88 4.C 4.22 4.49 4.02 3.33 2.70 2.49 June % H IX 1.00 LOO .23 1.12 8 other northern and July H-Vie IX 1.00 LOO .14 1.17 eastern cities: Aug Vie IX 1.00 LOO .18 1.12 January 5.87 5.88 4.61 5.07 4. 4.65 4.08 3.62 3.36 Sept % Vie IX 1.00 L. 00 .16 1.09 February „. 5.86 5.66 4. 5.13 4.84 4.49 4.02 3.63 3 43 N Oc o t v 8/ V V i i e e \y A 1 1. 0 0 0 0 L L O O O O . .1 1 0 3 1 . .1 9 2 9 A M p a r r i c l h. 5 6. . 0 9 0 1 5 5 . . 2 4 2 7 4 4 . . 6 5 2 7 5 5 . . 1 1 4 0 5 5 . . 3 0 9 9 4 4 . . 5 5 2 2 4 3. . 9 0 9 5 3 3 . . 6 4 0 7 3 3 . . 3 3 6 4 Dec. nn 21 1 04 May. 6.09 5.13 4.55 5.14 4. 4.39 3.88 3.45 3.45 June 6.02 5.06 4.49 5.13 4.97 4. 3.78 3.51 3.32 1937—Jan SA Vii-k' IX 1.00 1.00 .36 1.18 July 6.08 4.81 4. 5.05 4.82 4.15 3.87 3.61 Feb 3/ Vie IX 1.00 1.00 .38 1.22 August 6.11 4.79 4.47 5.12 4. 4.12 3.79 3.47 Mar •K-i Vie-Vie IX 1.00 1.00 .58 1.42 September. 6.24 4.74 4. 5.03 4.65 4.11 3.75 3.45 Apr l Vie IK 1.00 1.00 .70 1.59 October 6.25 4.75 4.62 4.96 4.51 4.13 3.75 3.50 May l #-»/ie 1.00 1.00 .65 1.48 November 6.12 4.66 4.87 4.88 4.54 4. 3.63 3.47 December 5.94 4.91 4.88 4.59 3.67 3.46 Week ending: Apr. 10 l Vie IX 1.00 1.00 .67 1.66 Year 6.04 5.07 4.61 5.05 4.83 4.29 3.52 Apr. 17... _ l Vie IK 1.00 1.00 .70 1.60 27 southern and Apr. 24... l Vie IK 1.00 1.00 .72 1. 54 western cities: May l_-_ i Vie IK 1.00 1.00 .74 1. 52 January 5.94 6.12 5.50 5.61 5. 5.40 4.95 4.47 4.16 May 8 i Vie IK 1.00 1.00 .72 1.48 February 5.96 6.05 5.43 5.61 5.56 5.39 4.84 4.51 4.15 May 15... i X IK 1.00 1.00 .69 1.49 March 6.04 5.98 5.40 5.64 5.66 5.40 4.85 4.44 4.15 M M a a y y 2 29 2 . . ._ .. _ i l X v 2 I I K K 1 1 . . 0 0 0 0 1 1 . . 0 0 0 0 . . 6 5 2 6 1 1 . . 4 4 7 6 A M p a r y il 6 6 . . 0 1 7 0 5 5 . .75 5 5 . . 3 2 6 6 5 5. . 6 6 4 3 5 5. . 6 6 6 8 5 5 . . 3 2 4 8 4 4.79 4 4 . . 4 4 0 3 4 4 . .1 2 7 1 June 5 i X IK 1.00 1.00 . 55 1.49 June — 6.16 5. 5.34 5.62 5.62 5.19 4.76 4.39 4.18 June 12 l X IK 1.00 1.00 .57 1. 52 July 6.17 5.63 5.30 5.63 5.54 5.07 4.58 4.35 June 19 l X IK 1.00 .00 .58 1 56 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 r Revised. November 6.29 5.50 5.53 5.55 5.42 4.93 4.51 4.24 i 91-day and 182-day bills. December 6.20 5.43 5.56 5.60 5.43 4.92 4.55 4.14 «182-day and 273-day bills. 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] Corporate4 Year, month, or date T U re .S as . - M i u p n a i l c- By ratings By groups ury a g ( r h a i d g e h ) - 3 Total Indus- Rail- Public Aaa Aa A Baa trial road utility 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—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 April _ 2.74 2.84 3.98 3.42 3.58 4.05 4.86 3.65 4.29 3.99 May 2 67 2 76 3.92 3.33 3.49 3.99 4.87 3.55 4.27 3.95 Mav 26 2.64 2.71 3.91 3.31 3.46 3.97 4.91 3.52 4.26 3.96 June 2 2 63 2 68 3 92 3 30 3.46 3. 98 4 92 3 51 4 27 3.97 June 9 2.63 2. 60 3.89 3. 26 3.43 3.96 4.90 3.49 4.24 3.94 June lfi 2 64 2 66 3 92 3 28 3 44 3 98 4 96 3 51 4 28 3.97 June 23 2.65 2.69 3.93 3. 27 3.45 4. 00 5. 00 3.51 4.31 3.98 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, a Standard Statistics Co. « Moody's Investors Service, revised series. Because of limited number of suitable issues, less than 40 industrial bonds are included; the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4. Back figures—See Annual Report for 1935 (table 74). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

670 FEDERAL RESERVE BULLETIxV JULY 1937 BOND PRICES i STOCK PRICESl Corporate3 Preferred Common stocks (index, 1926=100) U. S. i Munic- stocks Year, month, or date Treas- ipal Year, month, or date (indusury g ( r h a i d gh e) - 3 Total In tr d ia u l s- R ro a a i d l- (Jtility tr g ia r l a d h e i ) g 2 h- Total In tr d ia u l s- R ro a a i d l- Utility Number of issues.. 7-12 20 20 20 Number of issues 32 40 1934 average.. 10». 5 97.3 84.5 81.9 83.8 87.8 1934 average 120.7 /2 8i 1935 average.. 106.0 109.(4 88.6 88.2 79.4 98.2 1935 average 133. 8 78 9' | 71 1936 average.. 107.0 117.8 97.5 92.2 94.7 105.4 1936 average 138.9 111 127 | 104 1936— May_ 107.1 116 2 95.5 90.6 90.8 105.0 1936—May 138.6 H6 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 !24 106 August 107.2 117.8 97.7 91.6 95.8 105. 7 August 139.3 113 128 109 September.. 107.2 118.8 98.6 92.2 97.9 105. 8 September. 139.0 114 130 108 October 106. 9 119.5 99.6 93. 1 99.7 106.0 October.... 138.3 119 136 109 November.. 108. 2 122.1 94.2 99.2 106.0 November- 139.0 124 144 109 December.. 108. 0 124, 8 94.5 99.6 105. 6 December.. 140.1 123 143 111 1937—January 107.3 123.5 100.3 94.8 100.6 105. 7 1937—January 141.8 126 147 114 February. _. 107.2 110.7 100.0 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 April 102J) 114.8 96. 6 92.0 95. 3 102.4 April 136.0 125 147 101 May. 103. 3 116.3 96. 2 91. 9 95. 0 101.8 May 135. 4 116 137 94 May 2ti 103. T) 117. 1 96. 0 91.8 94. 6 101.5 May 20..... 135. 6 117 138 94 June 2_. __ 103. <> 117.7 95. 7 91.6 94. 2 101. 2 June 2 135.7 116 136 93 June 9_. 103. t) 118. 1 95. 8 91.4 94.6 101.4 June 9 ..... 135.9 116 137 93 June 16 103. .5 118.1 95. 1 90. 9 93. 0 100.6 June 16. 135.7 110 130 89 June 23 ... . 103. 4 117.5 94. 6 91.0 92. 5 100. 3 June 23 134.9 112 133 90 1 Monthly data are averages of daily figures except for municipal bonds, i Monthly data are averages of Wednesday figures. which are averages of Wednesday figures. > Average derived prices. 2 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 (tabl8 73); for U. S. Treasury bonds, see BULLETIN for May 1936, p. 317. CAPITAL ISSUES [In millions of dollars] ]For new capital For refunding T (n o e t w al Total Domestic Total Domestic Y m e o a n r t o h r f i u n r n e g - d ) - m a ( f d e o n o s r d - t - ic Total S m a t n a u d t - e F e e ra d l - Co B rp o o n r d a s te e F i o g r n - ! m a ( f e o d 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- ! eign) nici- Total and Stocks eign) nici- Total and Stocks pal notes pal notes 1927 . 9,774 7 556 6,219 1, 475 87 4,658 3,184 1 474 1 337 2 218 1,978 35 93 1,850 1,586 264 241 1928 9 898 8 040 6 789 1,379 64 5 346 2 385 2 961 1 251 1 858 1 620 36 o 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 o 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 o 774 765 136 317 312 312 o g 1935.. ___ 4,699 1,457 1,409 855 150 404 334 69 48 3 242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1 949 735 22 1,192 839 352 23 4 242 4 123 382 353 3 387 3 187 200 119 1936—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 603 241 241 146 0 95 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 Apr.. _ 272 152 152 67 0 85 45 40 0 121 101 13 1 87 69 18 20 May... 261 150 150 43 29 78 47 31 0 111 111 8 16 87 66 21 0 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. Source.—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

JULY 1937 FEDERAL RESERVE BULLETIN 671 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 May :il, 1037 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, 591 21,314 10, 121 J J u u n n e e 1 1 9 93 3 4 3 . . . . . . . . . 2 2 2 7 , , 0 5 5 3 3 9 2 26 2 , , 1 4 5 8 8 0 1 1 4 6 , ,5 2 1 2 0 3 4 6 , , 7 9 8 3 0 2 2 1 , . 2 6 0 3 0 5 1, 9 4 5 0 4 4 3 5 8 7 1 3 Ob 1 l 9 i 3 g 7 a — tio B n e s f o m re a t J u u r ly in g l. : _ m | 551 June 1935—. 28, 701 27, 645 14,936 10, 501 156 2,053 1,056 July 1-Sept. 30. 1, 7(59 817 951 Oct. 1-Dec. 31 ' 651 051 1936 1938—Jan. 1-Mar. 31 1,132 732 401 April 31, 425 30, 601 16,005 12, 383 259 1,953 825 Apr. 1-June 30 618 618 May 31, 636 30, 822 16,030 12, 381 258 2,153 814 July 1-Scpt. 30 596 596 June 33, 545 32, 756 18, 395 11,861 146 2 354 790 Oct. 1-Dec. 3.1 ___ .... July 33, 436 32, 672 18, 295 11,906 117 2, 353 764 1939 2, 762 2, 762 August 33, 377 32, 621 18, 274 11,886 107 2, 353 757 1940 2,854 I 2,854 S O e c p to te b m er ber.. 3 33 3 , , 8 8 3 3 1 0 3 3 3 3 , , 0 0 8 8 6 1 1 1 9 9 , , 2 2 5 5 7 5 1 11 1 , , 3 3 7 6 0 8 1 1 0 0 6 5 2 2,;3 3 5 5 3 4 7 7 4 4 5 9 1 1 9 9 4 4 1 3 2,2 8 1 9 9 8 I 8 8 3 9 4 8 1,385 November.. 33, 791 33,085 19, 262 11,366 104 2, 353 706 1945 1,401 1 1,401 December.. 34, 405 33, 699 20, 575 10, 804 117 2, 203 707 1946 1,519 i 1,519 1947 1,697 ! 1,697 1937 1948-1952 4, 328 4,328 January 34, 503 33,822 20, 597 10, 847 125 2,253 1953-1957 5, 694 5. 694 February .. 34, 601 33,926 20, 644 10, 868 161 2, 253 675 1958-1961 3,643 i 3, 643 March 34, 728 34,064 21, 273 10,357 231 2, 203 664 Special issues: I April 34, 941 34, 295 21, 295 10,377 269 2, 353 646 U. S. savings bonds 775 May 35,213 34. 591 21,314 10. 421 303 2.553 i 022 Adjusted service bonds.__ 405 405 All other 2 1,078 119 656 303 i Includes $316,000,000 of Government liability for retirement of national bank and Federal Reserve bank notes, as a result of deposit 1 Issues classified as of date of final maturity; most issues callable at of funds by banks; this compares with $438,000,000 on May 31, 1936. earlier dates; postal savings bonds only issues callable before 1940; adjusted service bonds and most of the U. S. savings bonds are redeemable at option of holder. 2 Includes such issues as postal savings bonds, 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 Receipts Expenditures 3 co a u c n - ts, I c n r c e r a e s a e s e d u o r r i n d g e- Excess etc. * period Period c M el is la - - Generala Recovery and relief ( c o + e f ) i p r o t e s r - ( c o + e f i ) p r o t e s - r Total c ta o I x n m e - e s n i r n n e n e t o u v a e u e e r l - - s ot A he ll r Total e I p d n s u t e t b e b o r l t n i - c o A th l e l r Total Relief P w u o b rk li s c ot A h l e l r' p t e u e n x r - d es i- p t e u e n x r - d es i- G b f a e u l n a n e n d r c a e l G d r e o b s t s Fiscal year ending June: 1934 3,116 818 1,470 828 6,745 757 1,984 4,004 1, 844 645 1,515 -3, 630 4-835 +1,720 +4,514 1935 3,800 1,099 1, 657 1,044 6,802 821 2,325 3, 657 2,342 1,020 294 -3,002 +613 -741 +1, 648 1936 4,116 1,427 2,010 680 8,477 749 5 4,436 3,291 985 2,092 213 -4, 3616 +123 +840 +5,078 11 months ending: May 1935 3, 337 845 1,519 972 6, 062 2,128 3, 232 2,084 938 209 -2, 725 +515 -625 + 1,585 May 1936.. 3, 587 1,116 1, 846 625 6,140 618 2,487 3, 035 953 1, 786 296 -2,553 +135 +517 +2, 936 May 1937 4,426 1, 610 1,971 844 6, 702 3,443 2,585 76 2, 639 6 130 -2, 276 -928 +1, 434 !8?5—May 256 35 158 63 558 258 291 21 264 7 -302 +7 -84 +211 June... 529 310 164 55 '2,337 132 »1,949 256 32 306 «83 -1,807 -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 V) November 233 33 148 52 535 8 267 260 • 2 260 e 2 -303 -17 -358 -38 1937— D Ja e n c u e a m ry ber 5 2 1 8 7 4 28 4 6 3 1 1 7 6 4 8 5 7 7 3 6 6 5 3 6 1 14 1 0 4 2 3 6 1 6 8 2 2 5 9 0 9 ; 3 2 2 2 7 2 4 2 8 7 2 4 6 - - 1 3 3 4 8 8 + + 2 7 6 2 + -1 5 8 0 0 0 + + 6 9 1 5 3 M Fe a b r r c u h ary 1, 2 0 7 1 5 2 7 5 0 8 0 1 1 4 8 8 8 1 6 2 8 3 5 75 5 4 3 1 2 5 0 9 3 3 3 8 1 8 2 2 0 0 2 8 2 2 2 2 0 2 5 4 6 6 1 4 8 + -2 2 7 5 9 7 -98 + -1 2 8 8 7 7 + + 1 9 2 9 7 April 363 57 166 140 708 68 401 239 ' 2 212 25 -345 +8 -124 +212 May 335 47 169 119 552 9 331 212 2 192 18 -217 +52 +272 1 Includes customs, processing taxes, taxes under Social Security Act, and miscellaneous receipts. 2 Excludes public-debt retirement. 3 Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and expenditures of the Reconstruction Finance Corporation. 4 Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against increment on gold (other than for retirement of national-bank notes), transactions in checking accounts of certain special governmental agencies, and unemployment trust fund account. s 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

672 FEDERAL RESERVE BULLETIN JULY 1937 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, APRIL 30, 1937 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds Financed part f l u y n f d ro s m Government Total Total Recon- Com- Public Agricul- Farm Other Home struction modity Works tural mort- farm mort- Finance Credit Admin- credit Other gage credit gage Other Apr. 30, Mar. 31Apr. 30, Corpo- Corpo- istra- institu- institu- institu- institu- 1937 1937 1936 ration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions 327 1 146 6 480 486 567 Preferred stock, etc 592 0) 3 161 752 745 852 Home mortgage loans 2,625 2,625 2,662 2,960 Farm mortgage loans 2,916 2,916 2,922 2,949 Other agricultural loans 1 140 24 156 238 558 569 705 All other loans 824 128 283 0) 1,235 1,211 1,176 Total loans and preferred stock 1,745 140 128 24 439 2,916 238 2,932 6 8,567 8,595 9,209 Cash . 2 (i) 7 57 121 23 105 11 326 291 319 United States direct obligations 3 5 30 44 99 6 347 534 536 470 Obligations of Government credit agencies: Fully guaranteed by U S. 14 0) 69 9 102 193 191 214 Other 2 25 2 1 29 29 26 Production credit association class (2) 1 A stock . 76 76 76 74 Accounts and other receivables._. . 32 2 32 175 3 36 4 285 279 273 All other assets - _ 6 0) 19 0) 224 157 0) 3 330 15 751 714 513 Total assets other than interagency 2 1, 788 140 147 152 783 3,413 433 3,418 485 10, 760 10,711 11,099 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... 250 0) 1,422 3,002 4, 674 4,666 4,696 Other 2 2 2 1,175 172 1 0) 1,350 1, 340 1,382 Other liabilities (including reserves) 49 6 5 46 170 3 148 88 516 497 328 Total liabilities other than interagency 2 299 6 5 48 2,767 176 3,152 88 6, 541 6,503 6,406 Excess of assets over liabilities, excluding interagency transactions. _ 1,489 134 147 147 735 646 257 266 397 4,220 4,208 4, 693 Privately owned interests. 174 3 35 139 350 346 346 U. S. Government interests 1,489 134 147 147 735 473 255 231 257 3,869 3,862 4, 347 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 of dollars] May 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28, Mar. 31, Apr. 30, May 31, 1936 1936 1936 1937 1937 1937 1937 1937 Loans to financial institutions 403.148 330,883 325,620 313, 335 304,815 295,654 286,611 1 277, 349 Loans on preferred stock of banks and insurance companies 45, 992 47, 586 43, 509 41, 796 41, 465 41, 379 41,132 2 40,677 Preferred stock, capital notes, and debentures 839, 714 658, 654 650, 777 630, 272 607, 777 596,998 591, 784 587, 668 Agricultural loans 8,684 1,273 1,369 1,327 1.405 1,461 1,468 1,402 Loans to railroads (including receivers) 393,154 345,190 345,980 345, 502 345, 447 340, 367 345,084 344,823 Loans for self-liquidating projects 174.149 194,184 195,044 200,181 206, 721 208,496 215,044 218, 589 Loans to industrial and commercial businesses 50,779 61,645 63, 592 63,079 63, 838 63,493 67,729 69, 524 Loans to drainage, levee, and irrigation districts. 55, 228 63,125 64,343 65,164 66,553 67, 744 70,832 71, 253 Other loans 3,518 1,935 1,928 1,943 1,949 2,050 2,169 2,312 Securities purchased from Public Works Administration._ 129, 634 136,850 118,822 113,076 108, 714 121, 622 114,537 120,929 Total loans and investments, other than interagency. 2,103, 999 1, 841,325 1,810,984 1,775, 677 1, 748, 684 1, 739, 265 1, 736,389 1, 734, 526 Loans to Federal land banks 33, 948 27,620 24,750 22, 784 22,191 14, 517 14, 333 13,934 Loans to Commodity Credit Corporation 172, 800 98,417 98, 721 135,024 129, 320 79, 688 55,485 50,371 Capital stock of Commodity Credit Corporation 97, 000 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 18, 429 35, 701 37,406 38, 670 39,233 44,340 45,994' Preferred stock of Export-Import banks 17, 000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 Total loans and investments 2,443,1 2,120,163 2,088,961 2,089,255 2,056,825 1,994,837 1,968,547 11, 964, 225 ^sM&*i* «Includes $2,400,000 of loans to Rural Electrification Administration. iir>;o7 uiommy.ii c?Aa aebulonl .;.r>a 10 J 10) 11 mil i3ri?o) W03 no insar oo£ jhfiru v-nni Jaeravolqma::.*.!! i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1937 FEDERAL RESERVE BULLETIN 673 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mo b rt y g - 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 to te Loans to cooperatives byand discounts for— Regional 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 a c p c o r n r c o r o e c d u e r a d d i a l d a g u t i b t i t t u r i t c i a i o r o c t - a n a n i o n s o l k s r s - n , s - , f c i i e n o n O t t x i a o s i o t v c n p t h n i e e c e t e s p s i r u r , n a t - g - ti P a o s r t n s o i o o d c n c u r i s e a c d - - it t R u i a r t r e g a a c g t r l o i i i o c o r c p u n n r o l s e a - - d l c d r E g r l o o o e m p a n u e n c a g r s y n h - d t m F b c i e e n r a d d e t n e e d i k a r r i - s a t te l B in C c a a B c o t e n l i o a n u k v p n d t s e e r k i s a r n f , - o l g r i M A i r n n e g t g a g v u r r o r i f A k c a u l e u v l n c t - l t d - for cooperatives l 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 47,162 94,096 43,400 172,489 2,731 50,013 44,433 1936—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 48,583 October ___ 2, 067, 647 835,187 135, 791 43,946 110, 775 28, 664 168, 688 758 71,150 51,348 November. 2.065, 719 836,194 131,644 41, 277 105,441 26,491 166,291 1,336 72, 500 56,216 December. 2,064,158 836, 779 129, 872 41,017 105, 212 25, 288 164,887 1,641 69, 647 53, 754 1937—January... 2,061,472 836,062 125,825 40, 080 106,081 24, 454 163,868 1,486 64,411 54,322 February.. 2, 060, 233 835, 509 130,139 41,061 114,551 24, 249 163, 250 1,359 60, 356 52,359 March 2,057,930 833,821 144, 250 42,367 131,905 23,892 174, 709 1,305 56, 736 51,810 April 2,055, 397 832, 881 153, 795 44, 042 143, 902 23, 588 187,185 1,249 49, 314 48, 522 May 2, 053, 558 831,705 159, 073 45,131 152. 466 23,453 189,686 1,070 45,000 47, 732 - Revised. i 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 x [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 Total Mortgage Loan Finance End of month Home bank Corpora- Corpora- Corpora- Owners' Number of loans to tion tions tion? Loan Cor- associations member poration i Loans institure- tions 2 1933—December. 180 180 Re- ported 1934—December. 3,063 980 1,834 249 Total porting 1935—Deeember. 4,494 1,387 2,855 252 1936—-January.., 4,562 1,399 2,911 253 February.. 4,630 1,407 2,970 253 1933—December 59 85,442 March 4,654 1,407 2,995 252 1 1 9 9 3 3 5 4 — — D D e e c c e e m m b be e r r 3 2 2 , , 8 3 9 9 7 4 , , 1 0 6 3 2 8 1,0 6 2 3 3 9 4 8 5 8 5 1 31 6 5 9 , , 6 7 8 3 3 4 1 8 0 6 2 , , 6 7 5 9 8 5 A M Ju p a n r y e il 4 4 4, , , 7 6 7 1 7 0 8 6 3 1 1 1 , , , 4 4 4 2 2 1 2 2 1 3 3 3 , , , 0 0 0 2 1 4 3 9 4 2 2 2 5 5 5 2 2 2 1936—May 2,961, 761 1,114 1,006 404, 722 110,922 July 4,724 1,422 3,050 252 1937— J J O A N S D F M u u J e e c u o a e n l a p b t y n g v c e o r t r u u e c e e b u a h s m m m e a r t r y r b b b y e e e - r r r _ . . .. . 2 2 2 2 2 2 2 2 2 . , , , , , , , , , 2 8 9 8 6 8 , 9 8 7 7 9 4 3 9 0 6 2 7 2 6 8 4 4 6 8 1 1 0 9 5 1 , , , , , , , , , , 6 8 5 0 5 6 0 1 2 4 2 2 4 4 0 1 9 1 8 9 7 7 2 3 1 0 8 0 4 4 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 2 1 1 2 1 2 1 2 1 2 0 7 3 8 4 6 2 1 9 4 6 5 5 3 0 5 8 2 2 9 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 1 0 0 0 0 1 0 0 0 5 7 6 4 1 6 7 8 2 8 7 6 8 3 7 5 6 0 5 0 4 4 4 6 6 5 5 5 5 5 3 6 7 1 9 1 4 4 3 4 0 6 5 2 7 1 4 4 2 4 , , , , , , , , , , 2 0 8 1 0 1 6 2 7 6 1 4 3 6 5 0 8 9 4 8 2 6 0 4 2 7 0 9 4 2 1 1 1 1 1 1 1 1 1 1 4 4 3 4 4 2 2 2 3 1 2 7 5 1 5 3 9 2 4 8 , , , , , , , , , , 7 7 1 9 2 5 2 4 7 2 2 6 0 4 0 8 6 0 4 1 0 7 1 1 7 5 1 1 5 8 1937— A A N M S D M F O J e e p u o e c a a a p b r c g t v y n r i o t r e u e c l u e u b m h m s m a e a t r b b r r b y . e y e e . _ r . . r r . . . _ 4 4 4 4 4 4 4 4 4 4, , , , , , , , , , 6 6 6 6 6 6 6 6 6 6 6 6 6 7 6 6 6 6 6 5 2 2 9 5 2 7 2 6 7 9 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 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 3 2 2 2 2 2 2 2 2 , , , , , , , , , , 0 9 9 9 9 9 9 9 9 9 0 9 9 8 9 8 8 8 8 9 3 2 5 8 2 7 8 8 8 3 • 2 2 2 • 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 5 5 1 2 2 2 2 2 0 2 2 0 April 2, 625, 493 1, 257 1,168 652,557 146,149 May 2, 591,115 1,270 1,157 663,924 153,488 r Revised. 1 Principal amount of obligations guaranteed as to interest and princi- 1 In addition to loans the HOLC held on May 31, 1937, $607,000,000 in pal. Also guaranteed are debentures issued by Federal Housing Adminother assets, consisting principally of investments in the Federal Savings istrator. The amount oustanding May 31, 1937, was $89,822. and Loan Insurance Corporation and in various savings and loan asso- a Excludes obligations guaranteed as to interest only. ciations, real estate and other property, and accrued interest receivable. » Excludes obligations held by U. S. Treasury and reflected in the 2 Includes loans to Federal savings and loan associations, all of which 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. 3 Includes accrued interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN JULY 1937 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production1* Construction contracts awarded (value)8 Fac- Y a e n a d r Total Ma t n u u r f e a s c- Minerals Total Residential All other Fa p c l t o o y r m y e n e t m 3 - r t p o o a l r y l y ss Fr l e o i a g d h i t n - g c s a 4 r * D s e to p ( r a v e a r l s t u a m e l e e ) s n * t month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justedjustedjustedjustedjustedjusted justedjusted justedjusted justedjustedjustedjustedjustedjustedjusted 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 78 87 1922 85 86 74 79 68 88 90 82 85 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 96 96 98 99 1925 104 105 99 122 124 120 100 101 103 103 1926 108 108 108 129 121 135 101 104 107 106 1927 106 106 107 129 117 139 99 102 104 107 1928 111 112 106 135 126 142 99 102 104 108 1929 119 119 115 117 87 142 105 109 107 111 1930 96 95 99 92 50 125 91 89 92 102 1931 81 80 84 63 37 84 77 67 74 92 1932 64 63 71 28 13 40 66 46 55 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 64 79 1936 105 105 104 55 37 70 92 82 75 88 1934 April 86 88 85 89 90 81 32 36 12 14 48 54 85 86 68 63 60 76 73 May.— 86 89 86 89 88 86 26 32 11 13 38 47 86 86 68 64 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 62 62 73 51 Aug 73 73 72 71 80 83 27 28 10 10 40 43 83 84 63 61 62 76 60 Sept 71 73 69 70 82 87 29 30 11 11 44 45 78 80 59 60 67 74 79 Oct. 74 75 72 73 81 87 31 29 12 12 46 43 81 82 62 59 65 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 60 57 77 135 1935 Jan. 90 88 90 87 95 92 27 22 12 10 39 32 84 82 65 63 59 76 59 Feb 90 91 88 91 97 93 28 24 14 13 39 33 85 85 70 66 62 77 61 Mar 88 91 87 91 97 90 26 26 16 16 35 34 86 86 72 65 63 79 71 April-... 86 89 86 91 88 79 27 30 18 22 33 38 86 86 72 62 59 75 79 May.... 85 87 84 87 90 88 27 32 21 25 32 39 85 85 69 61 60 74 76 June 87 86 85 84 99 97 30 35 24 26 36 43 84 83 67 64 63 79 76 July 86 83 87 83 85 85 35 39 25 25 43 50 85 84 67 59 59 80 55 Aug 88 87 89 87 83 86 38 40 24 24 50 54 86 86 71 63 64 77 61 Sept 91 90 92 89 87 93 43 44 25 25 58 59 86 88 74 64 71 81 86 Oct 95 97 95 96 93 101 48 45 25 25 66 62 87 89 76 68 75 78 86 Nov 96 98 97 98 93 96 60 53 26 25 88 76 88 89 76 68 69 82 91 Dec 101 96 101 95 102 97 68 54 26 22 103 80 89 88 78 68 64 83 145 1936 Jan. 97 95 96 95 104 100 62 50 25 21 92 75 89 87 74 70 65 81 63 Feb 94 95 92 93 111 107 52 45 25 22 75 63 87 87 74 71 68 83 66 Mar 93 96 93 97 97 90 47 47 26 28 63 62 88 88 78 66 64 84 77 April- 101 104 100 105 106 95 47 53 30 35 60 67 89 89 79 71 68 84 85 May..... 101 105 101 105 102 101 46 56 32 38 57 70 90 90 81 72 71 87 89 June 104 104 105 105 100 101 52 60 36 39 65 78 90 90 81 73 73 87 84 July 108 105 109 105 101 102 59 65 44 45 71 82 93 91 80 76 77 91 63 Aug 108 106 110 106 99 104 62 65 46 46 75 81 93 94 84 76 77 86 68 Sept 109 107 110 107 102 110 59 60 47 47 69 70 94 96 84 75 84 88 94 Oct 110 111 111 110 105 115 57 54 43 41 69 65 94 97 89 77 86 90 100 Nov 114 115 115 115 112 115 58 51 40 39 72 62 96 97 91 82 84 94 105 Dec 121 114 121 114 117 111 66 53 45 38 83 65 99 98 95 83 77 92 161 Jan 114 112 115 113 109 105 63 51 45 37 77 63 99 97 91 80 73 93 72 Feb 116 117 116 118 115 111 62 54 47 42 75 64 100 99 96 82 76 95 76 Mar.... 118 122 117 122 128 118 56 56 45 47 64 63 101 101 101 83 80 93 90 April.... 118 122 118 124 115 105 53 61 44 51 61 68 102 102 105 84 79 93 89 May P118 P122 P118 PUS P116 P117 P53 P64 P44 P51 P61 P75 P102 no2 P105 80 80 93 95 p Preliminary. * Average per wording day. 1 For indexes of groups and separate industries see pp. 675-676; for description see BULLETIN for February and March 1927. 8 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931. 8 The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pages 950-978 of BULLETIN for December 1936. For current indexes of groups and separate industries see pp. 677-680. Underlying figures are for pay-roll period ending nearest middle of month. 4 For indexes of groups see p. 682. Back figures.—See Annual Report for 1935 (table 75). For department store sales see p. 631 of BULLETIN for August 1936, and for freight-car loadings, see pp. 522-529 of BULLETIN for June 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

675 JULY 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] J936 1937 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactures—Total 100 101 105 109 110 110 Ill 115 121 115 116 117 118 P118 IRON AND STEEL 100 105 112 119 120 119 127 137 143 139 129 126 130 134 Pig iron 77 85 89 90 93 96 98 99 104 107 107 108 109 113 Steel ingots 102 107 115 121 123 121 130 141 147 142 131 128 132 136 TEXTIIES 99 100 107 116 119 120 114 121 139 124 126 129 124 P\22 Cotton consumption ___ __ 105 103 111 125 125 127 119 123 144 129 132 136 130 130 Wool 89 96 103 106 115 108 105 118 140 121 129 128 119 P120 Consumption 92 103 120 125 136 121 109 128 160 126 132 139 128 Machinery activity 1 96 102 95 98 101 97 104 118 134 130 137 125 118 P118 Carpet and rug loom activityL 68 68 66 66 77 89 95 92 94 92 104 101 96 P92 Silk deliveries 102 97 101 108 118 130 121 125 134 118 112 114 120 109 FOOD PRODUCTS 90 84 88 92 91 90 93 98 99 89 87 92 98 83 Slaughtering and meat packing... 89 84 85 92 96 100 105 109 100 87 86 89 93 76 Hogs 68 66 64 72 70 79 94 100 85 65 66 69 75 54 Cattle 114 104 113 116 128 125 115 115 117 111 108 113 113 99 Calves _ 116 111 119 130 141 144 129 122 125 130 122 136 130 124 Sheep 134 128 133 135 138 143 152 169 160 175 151 139 142 145 Wheat flour_ _ __ 88 87 94 101 92 77 82 83 87 87 89 89 95 90 Sugar meltings 95 78 89 77 71 70 68 83 115 98 89 108 123 98 PAPER AND PRINTING: Newsprint production 60 59 62 60 61 61 62 67 64 63 62 64 62 62 Newsprint consumption __ 131 136 137 131 136 140 140 150 141 142 145 144 144 147 TRANSPORTATION EQUIPMENT: Automobiles 122 117 118 124 111 107 93 105 122 120 120 121 130 135 Locomotives 3 6 9 9 8 6 5 8 10 8 11 22 30 LEATHER AND PRODUCTS 112 113 103 114 115 112 112 116 134 136 134 130 Pi 31 Tanning 97 97 91 94 95 90 93 104 108 108 106 103 107 Cattle hide leathers 94 93 84 93 97 91 100 111 111 111 108 106 107 Calf and kip leathers 85 78 88 77 70 68 65 79 98 90 92 85 94 Goat and kid leathers 115 124 113 117 113 109 103 112 111 119 114 115 121 Boots and shoes 122 124 110 127 129 127 125 124 151 154 152 150 145 ?*147 CEMENT AND GLASS: Cement 72 74 75 75 77 81 87 91 91 86 85 93 87 78 Glass, plate 213 220 218 220 226 236 242 164 89 77 244 229 241 223 NONFERROUS METALS: Tin deliveries1 101 98 112 128 107 99 105 97 105 125 131 144 138 115 Zinc 91 94 103 104 99 97 101 100 98 80 83 107 no 116 Lead 70 75 69 71 60 60 71 74 76 70 75 85 76 FUELS, MANUFACTURED: Petroleum refining 178 180 181 183 186 189 191 188 189 194 190 195 Gasoline1 223 227 233 236 241 246 249 241 236 245 242 249 Kerosene ___ 104 97 98 96 91 90 90 92 102 117 106 108 103 Fuel oil1 . _ 119 120 117 117 119 119 124 124 132 135 130 126 123 Lubricating oil1 116 116 108 110 111 111 110 114 116 111 126 120 131 Coke, byproduct 112 120 123 121 126 128 129 130 136 137 136 138 141 RUBBER TIRES AND TUBES 1 113 121 130 124 119 122 118 126 123 123 133 132 Tires, pneumatic 1 117 125 135 129 123 125 121 130 128 128 138 137 Inner tubes J 86 89 90 90 92 96 94 92 91 91 99 99 TOBACCO PRODUCTS _ _ 152 145 147 154 147 157 146 150 183 165 168 153 158 155 Cigars 74 71 70 76 73 75 74 75 83 83 78 83 82 74 Cigarettes 214 204 209 216 208 223 202 209 265 234 242 212 220 221 Minerals—Total 106 102 100 101 99 102 105 112 117 109 115 128 115 Pi 16 Bituminous coal 84 76 74 79 76 82 86 95 97 83 98 112 72 P$Q Anthracite 69 77 72 69 51 58 52 69 73 56 50 81 97 Petroleum, crude 150 149 146 144 149 146 152 152 161 164 168 173 174 P176 Iron ore 80 80 81 87 93 98 110 159 Zinc 91 94 103 104 99 97 101 100 98 80 83 107 110 116 Lead 70 75 69 71 60 60 71 74 80 76 70 75 85 76 Silver . 96 91 103 101 88 111 119 99 113 99 94 93 103 i Without seasonal adjustment. P Preliminary. «- Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, 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

676 FEDERAL RESERVE BULLETIN JULY 1937 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average = 100] 1936 Industry Apr. May June July Aug. Manufactures—Total 105 105 105 105 IRON AND STEEL 111 114 112 110 Pig iron 82 87 88 85 Steel yigots 113 117 115 113 TEXTILES 102 100 101 107 Cotton consumption . 112 106 106 114 Wool 88 92 97 99 Consumption ._ _ __ _ _ 90 94 108 111 Machinery activity 96 102 95 98 Carpet and rug loom activity. 68 68 66 66 Silk deliveries 101 96 90 103 FOOD PRODUCTS 85 82 87 90 Slaughtering and meat packing 80 81 84 87 Hogs _. _ 61 64 65 64 Cattle 101 101 106 115 Calves _ 126 126 124 126 Sheep 126 126 131 135 Wheat flour 80 82 83 98 Sugar meltings no 87 106 94 PAPER AND PRINTING: Newsprint production 61 60 64 59 Newsprint consumption 141 140 135 117 TRANSPORTATION EQUIPMENT: Automobiles 148 142 134 128 Locomotives 3 6 9 9 LEATHER AND PRODUCTS 110 104 99 113 Tanning 95 91 90 94 Cattle hide leathers 94 88 83 90 Calf and kip leathers 76 74 86 90 Goat and kid leathers 114 116 113 109 Boots and shoes . _ 119 113 105 125 CEMENT AND GLASS: Cement 70 88 93 91 Glass, plate 235 231 196 198 NONFERROUS METALS: Tin deliveries __ 101 98 112 128 Zinc 95 95 98 97 Lead .. _ 69 73 70 68 FUELS, MANUFACTURED: Petroleum refining 178 179 181 182 Gasoline 223 227 233 236 Kerosene 103 93 91 90 Fuel oil 119 120 117 117 Lubricating oil 116 116 108 110 Coke, byproduct 114 119 121 118 RUBBER TIRES AND TUBES 113 121 130 124 Tires, pneumatic 117 125 135 129 Inner tubes 86 89 90 90 TOBACCO PRODUCTS 140 147 161 167 Cigars 70 73 76 80 Cigarettes 195 206 230 238 Minerals—Total 95 101 101 102 Bituminous coal . 71 67 66 72 Anthracite 72 77 62 57 Petroleum, crude __ 150 150 149 147 Iron ore 120 157 164 Zinc 95 95 98 97 Lead 69 73 70 68 Silver__ _ __ _ 97 88 101 85 O rHOO CO OO O- Sept. 107 117 93 121 120 112 120 112 123 110 111 126 127 101 97 77 123 87 85 53 126 130 139 99 79 59 121 82 9 128 96 95 85 111 148 100 226 107 92 58 186 241 86 119 111 122 119 123 92 158 76 225 104 75 51 152 177 92 58 88 oo w OC SO 1937 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 110 115 114 113 118 . 122 124 P123 123 127 125 134 135 142 144 146 98 100 102 105 109 114 115 116 126 130 128 136 138 145 146 149 117 125 132 130 134 132 127 P122 122 128 133 135 141 143 140 134 111 125 141 123 135 129 117 P114 120 140 161 130 144 141 124 P120 104 118 134 130 137 125 118 95 92 94 92 104 101 96 121 129 119 135 120 110 119 90 95 104 101 91 86 91 94 94 104 121 117 100 85 84 83 59 80 110 111 87 73 69 C67 138 134 133 122 112 95 99 99 138 135 124 119 121 114 137 141 165 167 167 157 176 142 126 133 91 92 90 84 85 86 83 87 75 65 65 66 64 88 127 143 60 62 66 64 64 62 63 63 137 149 160 145 137 143 149 154 42 65 127 147 120 120 140 158 6 5 9 11 7 11 22 27 130 123 112 114 126 136 136 128 95 98 102 105 104 110 ••103 105 94 102 109 108 112 116 107 107 78 77 75 84 75 85 76 85 114 107 111 120 113 119 117 120 153 140 118 119 140 153 157 142 101 99 90 71 52 51 67 85 236 242 164 89 77 244 241 265 99 105 97 105 125 131 144 138 93 98 100 100 85 89 113 114 57 73 77 81 77 72 ' 77 84 189 192 189 192 189 194 190 195 246 249 241 242 236 245 242 249 92 95 100 111 119 108 104 102 119 124 124 132 135 130 126 123 111 110 114 116 111 126 120 131 125 129 133 138 138 140 142 142 122 118 126 123 123 133 132 125 121 130 128 128 138 137 96 94 92 91 91 99 99 173 157 153 149 156 153 146 145 86 91 90 62 64 67 76 77 245 212 207 217 230 220 201 200 no 115 115 111 105 111 118 105 87 94 106 103 93 103 112 61 58 67 71 72 61 54 67 101 150 153 150 156 158 165 171 174 178 167 93 93 98 100 100 85 89 113 114 57 73 77 81 77 72 77 84 106 118 106 114 100 102 102 104 OC O ot oo 82 74 52 96 140 142 85 109 63 151 163 ,12! ^133 92 234 115 117 75 157 76 224 P117 P70 P177 238 117 75 v Preliminary. r Revised. c Corrected. 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

FEDERAL RESERVE BULLETIN 677 JULY 1937 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100] 1936 1937 Industry and group Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total 88.6 89.8 90.4 92.8 93.4 93.8 94.4 96.2 98.6 98.8 99.7 100.9 101.6 102.1 Durable goods 81.2 82.7 83.8 85.6 85.7 86.6 88.2 89.9 92.7 92.4 93.9 96.3 97.4 98.3 Nondurable goods __-. 96.5 97.3 97.6 100.4 101.8 101.6 101.2 102.9 104.9 105.4 105.8 105.9 106.2 106.1 IRON, STEEL PRODUCTS. _ 87.1 89.0 90.8 93.5 95.3 96.8 98.4 99.6 101.0 102.3 103.7 106.4 108.0 108.8 Blast furnaces, steel works. _ 94 97 99 103 106 108 109 109 110 113 112 116 118 120 Bolts, nuts, washers, rivets. 74 74 75 76 76 77 79 81 84 87 89 90 93 94 Cast-iron pipe 62 62 62 64 64 65 66 67 68 68 69 71 72 72 Cutlery, edge tools__ ___ 75 76 76 78 79 80 82 84 87 89 87 87 87 89 Forgings - 56 58 59 62 60 60 61 64 68 69 70 69 73 73 Hardware— 78 77 77 79 72 75 84 91 95 80 96 99 99 98 Plumbers' supplies 86 87 84 82 85 85 85 86 90 94 90 95 97 97 Steam, hot-water heating.-_ 63 65 65 69 69 71 70 71 72 76 78 80 82 82 Stoves 97 97 103 103 107 104 107 107 111 114 117 116 113 113 Structural, ornamental 62 65 67 70 72 73 73 73 70 73 75 76 78 77 Tin cans, tinware. ._ 97 99 99 98 101 101 100 98 97 103 105 104 105 108 Tools 78 78 80 81 86 86 89 93 95 98 99 101 101 103 Wirework 148 151 148 146 143 149 164 175 188 179 176 187 186 184 MACHINERY 99.3 102.2 103.9 105.3 105.3 106.8 108.4 110.4 114.0 116.0 118.9 121.1 123.7 125.4 Agricultural implements 124 125 126 117 101 96 102 95 103 109 113 125 130 136 Cash registers, etc 118 119 112 114 100 116 119 120 121 123 127 131 131 133 Electrical machinery 86 88 90 92 92 97 100 103 106 104 109 111 115 118 Engines, turbines, etc 122 125 124 119 115 115 117 122 125 128 134 137 140 147 Foundry, machine-shop products 85 88 90 92 93 95 96 97 100 102 104 106 108 110 Machine tools 112 114 116 120 119 123 125 127 129 136 136 141 147 150 Radios, phonographs 185 198 209 210 209 186 176 171 188 201 196 190 189 148 Textile machinery 68 70 70 71 73 75 75 75 76 79 81 83 85 87 Typewriters 113 114 87 102 114 120 132 135 139 145 148 153 154 154 TRANSPORTATION EQUIPMENT 99.2 101.3 102. 2 105.1 100.9 100.8 105.0 112.3 118.7 110.2 113.0 117.3 118.6 122.1 Aircraft 533 571 564 603 613 631 645 646 698 740 772 783 798 802 Automobiles 109 112 112 116 109 109 113 123 133 120 123 127 128 133 Cars, electric, steam railroad 51 50 53 52 56 56 61 64 62 62 66 71 70 72 Locomotive? 28 31 34 36 35 38 41 42 44 49 54 54 55 55 Shipbuilding 99 98 99 101 102 102 102 98 89 95 100 106 106 104 RAILROAD REPAIR SHOPS. 57.0 57.0 58.2 57.4 58.7 59.1 60.1 60. 6 61.7 62.3 61.9 62.2 62.4 62.2 Electric railroad 63 62 62 62 62 62 63 63 63 63 63 64 64 63 Steam railroad 57 57 58 57 58 59 60 60 62 62 62 62 62 62 NONFERROUS METALS, PRODUCTS.. 93.4 94.6 96.4 97.8 101.1 102.5 105. 2 106. 7 110.7 109.6 111.7 113.2 114.3 115. 2 Aluminum 100 102 109 116 116 112 115 118 118 121 121 119 121 123 Brass, bronze, copper 97 99 100 102 106 109 110 111 115 120 122 122 126 124 Clocks, watches 104 105 106 107 113 112 114 115 117 120 120 122 124 125 Jewelry 75 78 78 84 88 87 88 91 91 90 89 90 90 95 Lighting equipment 71 76 76 75 79 84 89 94 99 75 98 104 100 100 Silverware, plated ware 63 62 61 59 66 67 70 70 71 72 73 73 74 73 Smelting, refining 77 76 78 79 78 79 78 78 80 80 79 81 85 87 Stamped, enameled ware 135 135 139 136 141 143 153 154 163 159 161 158 160 LUMBER PRODUCTS 63.5 64.1 64.2 65.6 65.1 65.8 66.2 66. 2 67.9 68.8 68.1 71.4 71.4 71.4 Furniture 74 75 76 79 81 82 81 84 86 89 87 88 90 91 Lumber, millwork. 47 47 49 48 51 52 53 54 55 57 57 58 58 56 Lumber, sawmills.. 51 51 50 51 49 50 . 50 49 51 50 50 54 53 53 STONE, CLAY, GLASS PRODUCTS.. 61.9 62.5 63.0 65.7 66.4 66.1 67.2 66.3 69.0 69.5 72.6 72.6 71.8 71.3 Brick, tile, terra cotta 43 44 45 47 47 47 47 48 51 54 55 54 54 52 Cement 54 55 54 55 59 61 64 65 68 68 68 70 66 62 Glass 96 97 96 101 102 99 103 96 101 98 109 109 108 110 Marble, granite, slate 38 39 41 42 43 42 42 42 42 43 43 43 43 44 Pottery.. 71 71 73 76 74 77 76 75 76 77 77 78 78 TEXTILES, PRODUCTS,. 97.6 97.6 98.1 102.6 104.9 102.6 101.7 104.4 106.8 108.3 107.3 107.0 107.9 107.5 A. Fabrics. 91.8 91.3 91.8 95.5 98.1 96.8 95.5 97.3 100.1 101.7 100.7 101.1 103. 8 103.1 Carpets, rugs 81 83 83 83 85 92 92 93 99 101 101 99 101 102 Cotton goods 88 89 90 95 99 99 97 98 99 101 102 103 105 106 Cotton small wares 91 91 94 96 101 99 101 104 106 107 102 102 103 96 Dyeing, finishing textiles. 116 115 116 117 117 114 115 117 121 120 117 116 119 119 Hats, fur-felt 85 88 93 91 85 81 82 87 89 80 89 88 86 84 Knit goods 114 113 112 118 121 121 117 116 119 123 123 122 122 121 Silk, rayon goods 78 76 78 79 81 78 79 79 79 81 79 80 85 84 Woolen, worsted goods... 84 80 80 83 81 77 78 84 92 93 85 88 94 89 B. Wearing apparel 108.4 109.5 110.3 116.6 117.0 113. 6 113.4 118.4 119.8 120.9 119.8 117.9 115.0 115.1 Clothing, men's 104 105 107 109 106 104 105 111 115 114 111 110 113 116 Clothing, women's 143 146 144 159 167 157 155 163 160 159 161 156 146 144 Corsets, allied garments.. 86 85 86 87 88 88 89 91 92 93 91 90 88 89 Men's furnishings 118 123 130 141 138 133 130 134 135 140 141 141 140 138 Millinery 55 55 54 60 60 57 55 53 51 57 57 58 54 53 Shirts, collars 111 109 111 115 118 116 117 119 124 132 129 129 124 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN JULY 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. :Uar. Apr. May LEATHER PRODUCTS . 89.2 89.0 89.0 90.3 90.9 91.4 92.0 94.9 98.8 99.1 98.1 97.4 96. 5 95. C Boots, shoes 89 89 89 91 91 91 92 95 100 101 100 99 97 96 Leather 94 95 94 94 96 98 96 99 98 97 97 97 100 100 FOOD PRODUCTS 107.7 109.3 110.3 112.4 113.2 113.3 112.7 113.4 115.0 114.8 116.7 117. 0 110.1 114.6 Baking 127 127 127 129 129 129 131 132 132 133 135 136 134 135 Beverages 178 189 183 196 195 196 187 197 197 203 202 205 199 203 Butter 84 85 86 86 85 82 82 82 84 86 88 88 86 88 Canning, preserving 131 137 147 140 141 148 146 135 147 148 157 152 154 142 Confectionery 77 77 77 78 82 78 76 80 81 83 81 80 79 78 Flour 76 74 74 77 76 74 74 73 74 75 75 75 77 76 Ice cream 71 74 72 72 70 72 69 70 72 71 73 73 73 76 Slaughtering, meatpacking.. 84 85 86 92 92 92 91 96 95 93 91 93 91 90 Sugar, beet 90 84 88 92 109 111 118 114 93 44 89 95 98 88 Sugar refining, cane 81 80 80 78 79 76 74 67 70 64 78 77 84 77 TOBACCO MANUFACTURES.. 59.4 61.3 60.3 61.2 61.9 61.7 61.1 62.4 62.0 62.0 61.8 61.7 61. 1 61.1 Tobacco, snuff 56 56 56 56 56 56 57 57 56 56 57 56 56 56 Cigars, cigarettes 60 62 61 62 63 62 62 63 63 63 62 62 62 62 PAPER, PRINTING 99.4 99.8 100.0 99.8 101.1 102.7 103.1 103.6 104.0 104.0 105. 5 107.4 107. 5 108. 0 Boxes, paper 93 93 94 95 97 99 100 100 103 103 104 106 106 106 Paper, pulp 109 109 109 108 109 110 111 112 113 114 116 118 119 120 Book, job printing 88 89 90 91 93 94 94 95 94 94 96 98 97 98 Newspaper, periodical printing— 103 103 103 101 102 105 105 104 104 103 104 105 105 106 CHEMICALS, PETROLEUM PRODUCTS __ 110.8 113.1 113.2 115.7 115.4 118.5 117.9 118.1 118.6 120.7 121.6 122.5 124.4 126. 0 A. Other than petroleum 109.1 112.0 112.2 114.6 114.9 118.1 117.4 117.4 118.3 120.9 121.8 122.7 124.8 126.3 Chemicals 116 117 117 121 122 126 129 129 129 133 133 135 136 138 Cottonseed oil, cake, meal 68 71 62 61 53 78 71 77 75 85 80 67 77 77 Druggists' preparations 103 104 105 105 102 101 100 102 105 105 109 111 113 111 Explosives 82 79 84 88 89 91 90 93 91 94 92 90 95 92 Fertilizers 74 91 86 87 87 86 85 80 87 87 86 88 94 100 Paints, varnishes 123 122 124 126 127 129 129 127 130 131 133 135 136 134 Rayon, allied products 325 342 350 358 360 360 354 357 355 364 363 370 378 392 Soap 94 96 97 95 103 106 103 100 100 102 110 111 107 104 B. Petroleum refining 118 118 117 120 117 120 119 121 120 120 121 122 123 125 RUBBER PRODUCTS 87.1 87.4 88.8 91.4 93.9 95.8 98.3 99.4 102.2 102.3 101.7 96.0 9o. 8 101.7 Rubber boots, shoes 78 75 73 78 75 75 75 74 76 75 73 82 82 8i a Rubber goods, other 121 122 123 124 124 126 130 133 138 140 140 142 144 145 Rubber tires, inner tubes. 75 76 79 82 87 89 92 93 95 95 94 80 79 L8»J NOTE.—Figures for May 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

679 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics;adjusted to Census of Manufactures through 1933. 1923-25 average==100] Factory employment Factory pay rolls Industry and group 1936 1937 1936 1937 Apr. May Jan. Feb. Mar. Apr. May. Apr. May Jan. Feb. Mar. Apr. May Total 89.1 89. 8 96. 5 99. 0 101.1 102. 1 102.2 79. 3 80.8 90. 7 95. 8 101.1 104 9 J05.1 Durable goods _ _ 82.3 84. 0 '90. 4 93. 2 96. 4 98. 6 99. 8 76. 0 78. 5 r86. 6 92. 5 100. 0 106. 4 107.4 Nondurable goods ___ 90. 3 96. 0 '•103. 0 105. 2 106.1 105. 9 104.7 83. 5 83.8 r96. 0 99. 9 102. 6 102.9 102. 2 IRON STEEL PRODUCTS 87.8 90.1 100.0 103.4 106.8 108.9 110.2 79.7 83.0 99. 8 103.9 112.6 124 5 124.7 Blast furnaces, steel works 96 99 112 114 117 120 122 89 93 116 119 127 146 146 Bolts, nuts, washers, rivets. 74 74 87 89 90 93 94 78 78 98 106 108 116 113 Cast-iron pipe _ _ 61 62 68 67 69 71 72 41 45 51 52 56 62 63 Cutlery, edge tools / i 76 87 88 89 90 89 66 64 80 81 84 86 87 Forgings . __ 57 58 69 71 73 74 74 49 49 65 68 72 76 74 Hardware _ __ _ 78 78 80 97 100 100 99 / / 79 82 90 117 114 118 Plumbers' supplies 84 85 91 91 96 95 96 58 63 69 68 80 78 76 Steam, hot-water heating 74 80 O') ^0 53 69 75 8'") 83 Stoves 99 100 97 108 113 115 117 80 82 77 97 102 106 107 Structural, ornamental 61 65 71 72 74 76 77 51 56 63 68 72 79 79 Tin cans, tinware - _ 94 97 96 98 100 102 106 91 95 94 99 104 108 113 Tools 79 78 98 100 102 102 103 79 78 103 109 111 116 113 Wirework _ _ __148 151 179 176 187 186 184 137 140 1()[ 156 180 184 191 MACHINERY - - 99. fi 102.4 114.9 118.6 121.2 124.3 125.9 91. 2 94.7 111.0 118.2 125. 5 133 Q 134.7 Agricultural implements 131 129 111 119 132 138 140 146 142 132 140 162 180 183 Cash registers, etc. 118 119 123 127 131 131 133 111 114 121 130 140 148 148 Flectrical machinery 86 88 104 109 111 115 118 78 81 97 107 112 121 123 Engines turbines, etc. 126 127 125 135 140 144 149 110 112 120 131 139 153 157 Foundry, machine-shop products- 87 89 101 104 107 110 112 79 83 99 105 112 119 119 Machine tools _ _ 312 114 135 138 143 147 150 103 107 137 142 153 159 162 Radios phonographs. _ _ 150 178 187 171 163 158 133 113 136 146 124 127 127 102 Textile machinery 70 70 80 83 85 87 88 64 65 83 88 90 96 95 Typewriters _____ 113 114 146 147 153 154 154 98 100 131 138 153 157 155 TRANSPORTATION EQUIPMENT 104 9 106. 3 I12-7 116.0 121.0 125.4 128.2 99. 9 101.6 100. 7 112.3 123. 6 128 o 135.0 Aircraft 544 582 725 756 791 814 818 442 491 606 652 703 739 739 Automobiles 116 117 125 127 132 136 140 109 111 108 122 132 136 145 Cars, electric, steam railroad, _ _ 55 55 56 63 70 75 79 52 52 59 67 79 89 91 Locomotives 29 33 45 50 54 <*)7 59 18 21 31 37 41 45 47 Shipbuilding 102 101 95 99 107 109 106 102 102 97 98 116 123 118 RAILROAD REPAIR SHOPS.- _ _ __ 57 8 58. () 61. 2 61.6 62. 2 63. 3 63. 4 58. 6 59. 5 61.2 63. 4 65. 8 67.4 66. 5 Electric railroad 03 62 63 03 64 64 63 63 63 65 65 67 68 66 Steam railroad __ _ _ _ _ _ 57 58 61 62 62 63 63 58 59 61 63 66 68 67 NONFERROUS METALS, PRODUCTS 94. 4 94. 7 106 9 111.5 114.6 115.5 115.3 77.8 79. 0 97.1 103. 5 111.8 114 2 112. 8 Aluminum 103 104 119 122 124 124 126 92 92 115 122 130 131 135 Brass, bronze, copper __ _ 99 100 119 122 124 128 126 81 84 113 120 128 133 126 Clocks watches 103 103 118 120 122 123 123 88 90 109 111 120 122 122 Jewelry 73 72 84 89 89 88 89 50 51 62 66 69 68 69 Lighting equipment.. _ _ _ __ 72 76 73 97 104 101 100 04 68 69 90 109 107 101 Silverware, plated ware. 64 64 69 72 74 74 74 48 48 58 63 68 69 70 Smelting, refining 77 76 80 79 81 85 87 60 61 69 69 75 82 84 Stamped enameled ware 139 137 155 159 165 162 163 127 123 148 155 163 164 166 LUMBER PRODUCTS 62.8 64. 1 65. 0 65. 8 69. 8 70. 6 71.4 52. 3 54.4 54. 9 58.2 64. 6 68 3 67. 8 Furniture _ _ _ ... 71 72 86 86 88 87 87 56 56 71 75 77 79 11 Lumber, millwork _ _ 47 48 54 55 57 58 57 40 42 47 50 53 56 55 Lumber, sawmills 51 52 47 48 52 53 54 43 45 37 40 48 52 52 STONE, CLAY, GLASS PRODUCTS.__ (53. 0 65. 3 62. 5 67.2 70.3 73. () 74.3 52.4 55. 6 52. 7 59.8 66. 1 71.1 71.9 Brick, tile, terra cotta 43 47 46 47 49 53 55 32 37 36 38 43 49 49 Cement 55 61 57 58 64 67 68 47 55 50 53 63 69 71 Glass . 99 99 93 108 110 111 112 91 92 85 107 115 120 118 Marble granite, slate 38 40 36 38 40 43 45 32 37 29 30 34 39 41 Pottery 75 74 75 78 81 82 81 59 55 63 68 74 72 /o TEXTILES, PRODUCTS 99 5 97.4 107.1 110.2 111.2 109.9 107.2 81.3 78.2 94.6 100.1 103.2 100. 2 96. I A Fabrics _- 91.7 90. 4 102. 3 103. 6 103.8 103.7 102.1 77.2 75.2 96. 0 97. 6 97. 5 100.3 98. 0 Carpets, rugs 82 83 98 100 102 103 102 67 66 96 98 103 102 101 Cotton goods 89 89 103 104 105 106 106 75 75 100 100 101. 108 107 Cotton small wares 95 93 107 107 109 108 98 89 84 104 105 109 108 96 Dyeing, finishing textiles 119 115 122 123 123 123 119 101 92 112 112 113 115 107 Hats fur-felt 86 87 88 90 91 88 83 64 70 86 94 90 66 69 Knit goods 115 113 120 123 124 123 122 111 105 120 127 127 128 125 Silk, rayon goods _ _ . _. 76 71 83 84 83 82 79 59 54 69 71 71 71 68 Woolen, worsted goods 80 79 93 92 90 89 87 61 61 83 82 79 83 81 B Wearing apparel _ _ _ 115.0 110.9 115.6 122. 6 125. 5 121.8 116.3 86.2 80. 9 88.1 100. 9 110.4 95.7 88. 5 Clothing, men's 106 101 110 114 116 115 111 77 72 88 99 106 96 90 Clothing, womec's 160 155 155 166 170 162 153 113 106 108 125 138 113 105 Corsets, allied garments 90 87 89 92 93 92 92 90 85 85 93 98 96 92 Men's furnishings 124 127 130 143 148 147 142 93 96 93 114 123 116 106 Millinery . 62 58 55 62 67 61 56 51 44 41 50 65 49 39 Shirts collars 113 110 119 127 130 127 120 101 97 100 112 122 115 102 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN JULY 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 Apr. May Jan. Feb. Mar. Apr. May. Apr. May Jan. Feb. Mar. Apr. May LEATHER PRODUCTS _. 90.8 88.2 97.5 99.0 100.8 98.3 94.7 67.7 63.8 86.3 90.9 92.4 87.7 81.1 Boots, shoes 91 88 99 102 103 99 95 62 57 82 88 89 82 74 Leather 94 94 97 98 99 100 99 90 91 103 105 107 111 110 FOOD PRODUCTS 100.3 102.7 105.2 105.1 105.7 107.7 107. 7 90.3 95.7 100.5 101.3 104.1 108.2 111.5 Baking 126 127 131 132 134 133 135 109 113 118 122 124 123 131 Beverages 177 193 182 182 193 197 208 187 214 188 189 211 220 237 Butter _ - 81 86 80 81 82 84 89 62 67 62 64 64 66 71 Canning, preserving 94 94 90 92 90 111 98 81 87 86 97 90 113 107 Confectionery • 72 70 80 79 79 74 71 62 61 76 76 76 71 69 Flour _ _-_ 74 72 75 75 74 74 74 65 67 71 71 70 72 73 Ice cream _..• 67 80 61 62 65 69 82 58 70 56 57 59 64 75 Slaughtering, meatpacking 82 84 96 91 91 88 89 75 79 96 88 92 99 99 Sugar, beet _ 40 44 38 37 39 44 46 42 46 42 44 45 50 50 Sugar refining, cane 81 81 62 75 76 84 69 69 51 66 81 81 71 TOBACCO MANUFACTURES 58.6 60.0 57.1 60.5 60.8 60.2 59.8 44.0 48.5 47.2 52.6 52.4 52.3 53.2 Tobacco, snuff.. 56 55 57 59 57 56 56 57 60 64 67 66 66 66 Cigars, cigarettes 59 61 57 61 61 61 60 42 47 45 51 51 51 52 PAPER, PRINTING 99.1 99.5 104. 3 105. 7 107.1 107. 2 107.7 89.8 90.7 98.7 100.5 104.1 104.8 106.0 Boxes, paper 91 92 100 102 104 104 104 85 86 98 103 107 108 106 Paper, pulp _ 109 109 114 116 118 119 120 96 96 110 114 117 120 122 Book, job printing _._• 88 89 96 98 98 97 98 80 81 91 91 94 93 95 Newspaper, periodical printing... 104 103 103 104 106 106 106 97 97 97 99 103 104 105 CHEMICALS, PETROLEUM PRODUCTS.._ 112.3 111.8 120.2 121.9 124.9 126.6 124. 6 103. 8 105.4 119.4 123.6 128.1 136.4 136.3 A. Other than petroleum 111.3 110.7 120.4 122.4 126.0 127.7 124.8 102.5 104.0 119.4 123.9 128.8 136.2 136.0 Chemicals 116 117 131 131 134 136 138 109 111 132 135 140 151 152 Cottonseed oil, cake, meal 52 44 91 82 69 59 48 37 32 76 67 59 50 42 Druggists' preparations 102 101 107 110 112 112 108 104 102 113 119 121 120 118 Explosives 80 78 94 93 90 92 91 74 77 98 93 98 108 104 Fertilizers 120 96 87 96 136 152 106 101 93 78 87 128 151 118 Paints, varnishes 125 128 128 131 135 138 140 114 120 120 127 133 142 145 Rayon, allied products 325 336 368 370 373 378 384 269 273 338 345 350 365 382 Soap 95 96 100 110 111 108 104 92 94 107 125 123 116 113 B. Petroleum refining 117 117 119 120 121 122 124 108 110 120 123 126 137 137 RUBBER PRODUCTS 87.9 88.9 101. 3 101. 6 96.7 96.7 103. 6 82.8 86.4 99.4 104.4 99.8 100.3 109. 3 Rubber boots, shoes 72 71 77 73 80 76 76 55 54 67 65 72 68 73 Rubber goods, other 123 123 139 142 144 147 147 111 110 136 141 146 151 154 Rubber tires, inner tubes 78 80 93 93 81 81 94 80 86 95 101 90 91 103 NOTE.—Figures for May 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

681 JULY 1937 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [ Figures for 37 States east of the Rocky Mountains, as reported by the F. W, Dodge Corporation. Value of contracts in millions of dollars.! Public works Total Residential Factories Commercia 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 _. 234.6 269.9 67.2 108.0 25. 5 30.1 24.3 28.7 73.4 65.7 23.2 14.0 21.1 23.4 May 216.1 244.1 70.3 83.9 12.9 18.5 18.8 25.7 63.6 66.7 20.7 22 2 29 8 27 0 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 p^pf p-friber 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 1832 1933 1934 1935 1936 1837 1932 1933 1934 1935 1936 1837 January* » 85 83 186 1C0 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 69 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 57 131 124 235 270 61 18 78 53 105 74 61 39 53 71 130 196 May 146 77 134 127 216 244 93 24 72 47 94 93 54 53 63 80 122 152 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 2C0 62 156 61 186 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 1 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 fFigures 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 1837 1936 Federal Reserve district Fede d ra is l t r R ic e t serve 1937 1936 1937 1936 May Apr. May May Apr. May May Apr. May Boston 20,816 18,080 16,059 N A P C R C M K D S h t l e h i t a a . i e c l w i i l n n a l v c L h l a n s a n a e m o a d s Y e g t l s u a e a a o o o i n l p n s C r p d o _ k d h i l t i i y a s _ _ _ _ _ _ _ . . 6 1 2 2 3 1 1 1 8 6 8 0 8 3 4 5 1 7 , , , , , , , , , , 8 1 1 3 0 0 4 3 7 3 1 4 5 1 3 1 1 0 7 3 5 2 6 0 0 2 8 2 9 3 2 3 4 5 1 1 1 1 1 7 2 6 5 9 7 7 5 7 2 , , , , , , , , , , 1 8 9 6 3 3 0 5 6 2 6 9 1 1 3 7 9 6 5 3 8 6 7 7 6 2 4 4 5 7 2 4 4 2 1 1 1 1 0 , 8 4 8 1 1 3 6 3 0 , , , , , , , , , , 6 7 7 4 4 2 9 5 5 8 1 0 1 1 0 8 2 1 3 8 9 4 8 8 9 4 1 2 8 9 N B P R A C M S K C h t o i e l h t a . i c e l i w i s n n a l v h c L t a n s n a o e m o d a e Y g l t n u s a e a a o o . o n i l p n C p s r d o d k h i l t i i y _ _ s a _ _ _ _ _ _ .. _ . . _ _ _ . _ 2 1 8 5 4 4 4 4 3 2 1 2 3 9 2 7 2 8 3 8 6 0 2 3 6 4 2 5 6 3 3 2 0 1 9 3 1 2 3 6 5 9 5 5 2 1 4 8 4 7 4 4 3 3 0 1 5 7 7 6 4 0 4 0 9 7 2 1 , , 7 5 4 7 5 3 2 3 2 1 3 1 5 6 8 2 1 0 0 3 0 5 2 6 4 4 0 9 3 4 2 1 1 , , , 3 1 2 6 3 3 3 1 9 1 4 6 0 6 4 1 8 5 9 6 3 0 7 4 8 2 5 5 5 5 7 1 1 1 , , , , 0 4 4 2 2 6 1 9 6 6 4 6 3 8 4 5 1 8 6 9 2 7 6 0 3 0 1 8 0 1 Total (11 districts) __ _ 244,113 269,934 216,071 D Sa a n ll a F s r ancisco ._ _ 10 1 3 3 10 1 2 6 8 1 0 3 1,05 8 3 4 3 8 4 2 4 8 73 7 1 6 Total 834 786 832 8,364 8, G06 15, 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN JULY 1937 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Merchandise imports 2 Excess of exports Month 1933 1934 1935 1936 1937 1933 1934 1935 1936 1937 1933 1934 1935 1936 1937 January 121 172 176 199 222 96 136 167 187 240 25 37 9 11 18 February 102 163 163 182 233 84 133 152 193 278 18 30 11 -11 -45 March 108 191 185 195 256 95 158 177 199 308 13 33 8 -4 -51 April 105 179 164 193 P269 88 147 171 203 P287 17 33 -6 -10 P-18 May 114 160 165 201 107 155 171 192 7 6 —5 9 June _ _- 120 171 170 186 122 136 157 191 —2 34 13 —5 July 144 162 173 180 143 127 177 195 1 34 —3 — 15 August 131 172 172 179 155 120 169 193 —23 52 3 — 14 September™ __ _ _ 160 191 199 221 147 132 162 216 13 60 37 5 October __ 193 206 221 265 151 130 189 213 42 77 32 52 NovflTnher 184 195 270 226 129 151 169 196 56 44 100 30 December.. 193 171 223 230 134 132 187 245 59 38 37 -15 Year- 1,675 2,133 2,283 2,456 1,450 1,655 2,047 2,422 225 478 235 34 p Preliminary. *• Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source: Bureau of Foreign and Domestic Commerce. 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 i Index of stocks (end of month) May Jan. Feb. Mar. Apr. 'May 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 on ou al t Adjusted for seasonal variation variation adjustment variation adjustment Tota C l oal. _. _ - - 7 7 2 4 8 7 0 8 8 7 2 7 8 8 3 7 8 8 1 4 8 7 0 7 1936 1937 1936 1937 1936 1937 1936 1937 Coke 72 83 76 92 102 88 Grain and grain products.._ 75 73 70 68 70 64 January 81 93 63 72 66 74 68 66 Livestock 40 43 41 42 43 44 February 83 95 66 76 66 76 62 72 Forest products _- ._ 44 48 51 51 49 53 March 84 93 77 90 65 76 67 78 Ore 75 117 114 114 249 133 M M i e s r c c e h l a la n n d e i o se u s * 6 7 5 9 9 6 0 7 9 6 5 8 9 6 4 9 6 9 9 1 9 6 0 9 A M p a r y il _ 8 8 4 7 9 9 3 3 8 8 5 9 8 9 9 5 6 6 6 5 7 7 6 6 6 6 8 7 7 7 9 8 June 87 84 64 62 Without seasonal adjustment July... _ 91 63 64 59 August.. __ 86 68 67 65 Total 71 73 76 80 79 80 3eptember._ _ 88 94 68 71 Coal 64 89 91 92 68 66 October 90 100 69 76 L C G i o r v a k e i e n st o a c n k d grain products... 3 6 6 6 9 7 9 6 4 7 5 2 1 6 3 02 4 4 9 6 3 6 2 4 3 8 6 6 9 3 8 3 5 5 9 8 N De o c v e e m m b b e e r r 9 9 4 2 1 16 0 1 5 7 7 1 1 8 6 0 7 F O o re rest products _ __ 1 4 0 5 5 4 2 2 6 4 2 9 7 2 5 9 2 1 5 0 1 2 18 5 7 5 Year 88 67 Miscellaneous 81 78 82 90 94 93 Merchandise i 65 64 66 69 70 69 1 Based on 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 i In less-than-carload lots. and April for the effects upon sales of changes in the date of Easter. NOTE.—For description and back data see pages 522-529 of BULLETIN for June 1937. Based on daily average loadings. Basic data compiled Back figures.—Department store sales, see p. 631 of BULLETIN for by Association of American Railroads. Total index compiled by com- August 1936; department store stocks, see pp. 254-255 of BULLETIN for bining indexes for classes with weights derived from revenue data of April 1935. the Interstate Commerce Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1937 FEDERAL RESERVE BULLETIN 683 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities Year, month, or week m c t A o o ie m d l s l i - - F p u r a c o r t m 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 pr T o e d x u ti c le ts m F li a u g t e e h l r t i i a a n n l g d s a p n M r d o e d m t u a e c l t s t a s l m B a u t i e l r d i i a n 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 h e d - - s l M an is e c o e u l s - 1929 95.3 104.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.8 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62 6 1934 74.9 65.3 70.5 78.4 72.9 73.3 86.9 86.2 75.9 81.5 69 7 1935 80.0 78.8 83.7 77.9 70.9 73.5 86.4 85.3 80.5 80 6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 80.4 81 7 70.5 1936—April 79.7 76.9 80.2 78 9 94.6 70.2 76.4 86 6 85.7 78.5 81.5 May 78.6 75.2 78.0 78.8 94.0 69.8 76.0 86 3 85.8 77.7 81.5 69.2 June 79 2 78.1 79.9 78.8 93.8 69.7 76.1 86 2 85.8 78.0 81.4 69.7 July 80.5 81.3 81.4 79.5 93.4 70 5 76.2 86 9 86.7 79.4 81.2 71.0 August 81.6 83.8 83.1 79 7 93.6 70.9 76.3 87.1 86.9 79.8 81.4 71.5 September 81.6 84.0 83.3 79.6 94.6 70.9 76.1 86.8 87.1 81.7 81.7 71.3 October 81.5 84.0 82.6 80.1 95.6 71.6 76.8 86.9 87.3 82.2 82.0 71.5 November 82.4 85.1 83.9 81.0 97.0 73.5 76.8 87.9 87.7 82.5 82.3 73.4 December 84.2 88.5 85.5 82.2 99.7 76.3 76.5 89.5 85.3 83.2 74.5 1937—January 85.9 91.3 87.1 83.4 101.7 77.5 76.6 90.9 91.3 87.7 86.5 76.2 February 86.3 91.4 87.0 84.1 102.7 77.5 76.8 91.7 93.3 87.8 87.9 77.3 March 87.8 94.1 87.5 85.5 104.2 78.3 76.2 96.0 95.9 87.5 88.4 79.5 April 88.0 92.2 85.5 86.5 106.3 79.5 76.8 96.5 96.7 86.9 89.0 81.1 May 87.4 84.2 86.3 106.7 78.7 77.2 95.8 97.2 84.5 89.3 80.5 Week ending— 1937—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 77.3 Mar. 13 87.2 93.6 87.3 85.4 104.2 77.2 77.2 95.8 95.7 87.3 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 Apr. 24 87.5 92.7 85.0 86.2 106.7 78.6 77.6 95.1 96.6 85.6 90.4 May 1 87.4 91.5 85.2 86.3 106.8 78.6 77.9 95.1 96.6 85.2 90.8 May 8 87.3 91.0 84.7 86.3 107.7 78.3 78.2 94.8 96.8 84.4 90.8 80.4 May 15 86.9 89.3 84.2 86.3 107.6 78.2 78.2 95.0 96.9 83.9 90.8 80.4 May 22 87.4 91.2 85.1 86.3 107.1 78.1 78.2 95.0 96.9 83.5 90.8 80.5 May 29 87.4 91.0 84.9 86.3 107.0 77.9 78.2 95.1 97.2 83.6 90.9 80.2 June 5 87.1 89.3 84.8 86.2 107. 6 77. 6 78.2 95.1 97.0 83.3 91.0 80.0 June 12 86.7 88.0 84.5 86.0 107. 6 77.4 78.1 95.1 97. 0 83.4 91.0 79.4 1937 1936 1937 Subgroups Subgroups May Feb. Mar. Apr. May May Feb. Mar. Apr. May FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 70.6 111.5 113.2 119.2 113.9 A gricultural implements 94.2 93.1 93.1 92.1 Livestock and poultry 82.5 89.9 93.7 93.6 95.9 Iron and steel 86.3 92.0 97.5 99.6 99.6 Other farm products 71.4 86.3 88.5 83.4 79.0 Motor vehicles 93.0 93.0 93.0 93.7 93.7 FOODS: Nonferrous metals 70.7 89.4 101.1 97.0 91.7 Dairy products 75.0 88.7 90.2 78.5 73.1 Plumbing and heating 73.8 77.4 77.6 78.7 78.7 Cereal products 82.2 89.3 90.1 89.8 88.7 BUILDING MATERIALS: Fruits and vegetables 72.3 87.8 86.5 83.5 84.1 Brick and tile 91.0 91.8 94.9 95.0 Meats 85.1 90.3 92.0 94.9 95.9 Cement 95.5 95.5 95.5 95.5 95.5 Other foods 71.5 78.8 78.2 77.0 75.2 Lumber 83.0 90.0 102.1 103. 0 103.0 HIDES AND LEATHER PRODUCTS: Paint and paint materials 78.8 83.4 83.9 83.9 83.7 Shoes 100. 2 101.4 102.3 103.8 106.1 Plumbing and heating 73.8 77.6 78.7 78.7 Hides and skins 87.3 114.9 118.5 121.4 117.7 Structural steel 92.0 104*. 7 112.9 114.9 114.9 Leather 84.4 95.5 97.1 100.7 100.6 Other building materials 89.9 95.0 98.9 101.3 Other leather products 95.4 101.7 101.7 102.3 102.3 CHEMICALS AND DRUGS: TEXTILE PRODUCTS: Chemicals . . 84.1 95. 6 95.3 94.2 91.1 Clothing 81.1 84.2 84.8 87.2 Drugs and Pharmaceuticals 73.2 83.0 8.3.0 82.9 79.2 Cotton goods 75.5 91.3 94.0 95.1 92.6 Fertilizer materials 64.7 70.7 70.3 70.7 70.6 Knit goods 60. 6 64.7 64.9 65.9 65.7 Mixed fertilizers 65.3 71.7 71.7 72.0 72.2 Silk and rayon 29.1 33.7 33.6 33.8 32.5 HOUSEFURNISHING GOODS: Woolen and worsted goods 82.2 93.1 92.6 93.5 93.3 Furnishings 85.0 91.2 91.7 92.1 92.5 Other textile products 67.5 65.9 66.5 Furniture 77.9 84.5 85.0 85.8 86.1 FUEL AND LIGHTING MATERIALS: MISCELLANEOUS: Anthracite 76. 6 81.6 77.8 72.4 74.2 Auto tires and tubes 47.5 53.1 55.0 56.4 56.4 Bituminous coaL 96.5 97.4 97.5 98.6 98.5 Cattle feed 71.2 .29.4 135.0 146.8 139. 9 Coke 93.7 97.6 97.7 102.8 105.1 Paper and pulp 80.5 87.5 90.2 93.9 94.6 Electricity 84.2 80.8 77.8 Rubber, crude 32.3 44.3 50.9 49.3 44.6 Gas 87.3 80.7 79.8 80.7 Other miscellaneous 80.7 84.2 85.3 85.5 Petroleum products 58.2 59.1 58.6 59.8 60. c Back figures.—For monthly and annual indexes of groups, see Annual Eeport for 1935 (table 80); indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1935, see Annual Report for 1935 (table 81). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

686 FEDERAL RESERVE BULLETIN JULY 1937 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Latin Asia End of month T c tr o o ( i 5 u e ta 2 s n l ) - * U S n ta i t t e e s d C a a d n a - c t E r o o ( i u 2 p u e r 6 s e n - ) - A c tr o m i ( i c 1 u e a e 1 s n r ) - - O c t i r a a c o i n e u e a d ( s n 8 n ) - - A c tr o f i ( r u e 5 i s n c ) a - U K d n i o i n m t g e - d France m G a e n r y - Italy 2 g B iu e m l- N l e a t n h d e s r- t S i N o w n a i - a t l zer B la .I n . d S. Bank 1934—December. 21,051 8, 238 134 11,010 601 805 263 1, 584 5,445 32 518 590 573 624 4 1935—December 21, 583 10,125 189 9,517 645 816 291 1,648 4,395 ;*3 270 611 438 454 8 1936—February.. 21,623 10,167 186 9, 487 648 825 310 1,653 4,362 29 228 593 463 472 10 March 21, 657 10,184 184 9,493 642 830 323 1,653 4,348 29 216 586 486 493 April 21,412 10, 225 187 9, 254 642 836 268 1,670 4,106 28 212 581 483 495 8 May 21, 306 10, 402 188 8, 966 641 841 268 1,701 3,781 28 211 610 465 485 11 June 21, 343 10, 608 187 8, 806 634 840 268 1, 782 3,580 29 210 638 404 460 12 Julv 21,682 10, 648 187 9, 099 635 845 269 1.977 3,643 29 209 633 437 471 10 August 21,809 10,716 189 9,145 642 849 269 2,017 3,614 28 209 632 457 489 12 September- 21,719 10,845 191 8, 919 638 857 269 2,049 3,322 25 208 631 456 508 12 October 21,778 11,045 186 8,774 658 847 269 2,049 3,194 26 208 621 388 583 13 November- 21,980 11,184 188 8, 829 656 852 270 2,049 3,194 27 208 630 388 624 13 December . 22, 602 11,258 188 9,307 708 858 283 2,584 2,995 27 208 632 490 655 11 1937—January __ P22, 632 11,358 190 9, 225 P697 P865 297 2,584 2,846 27 208 625 558 657 13 February.. P22, 773 11,436 191 9, 268 P698 P870 310 2, 584 2,846 27 208 626 598 657 12 Alarch 7>22 %2 11 574 194 () 295 P723 P859 317 3 2 584 2 846 27 208 619 626 657 15 April _ P23, 212 11,799 199 9, 302 P746 P876 P295 2, 584 2,846 28 208 607 670 635 11 May 11,990 193 *9. 463 2, 647 2.846 28 208 609 769 635 17 Europe—Continued End of month Austria g B a u ri l a - C v z s a e lo k 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 e e n - Y sl u av g i o a - 6 c t o o ri u t e h n s e - r 1934—December. 45 19 112 60 40 23 61 96 68 104 740 159 53 60 1935—December, 46 19 112 54 34 23 84 84 (J8 109 735 185 43 63 1936— February.. 46 19 112 54 33 23 84 85 (38 110 735 200 44 68 March 46 19 113 54 32 23 84 81 (38 110 726 206 44 67 April 46 19 113 54 32 23 84 72 I38 111 726 209 45 67 May^ 46 20 113 54 35 23 84 71 38 111 718 220 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 78 October 46 20 91 54 26 23 98 71 58 113 718 239 47 79 November- 46 20 91 54 26 25 98 72 58 113 718 239 48 79 December _ 46 20 91 54 26 25 98 75 58 114 718 240 48 82 1937—January... 46 21 91 54 26 25 98 75 58 114 718 240 49 82 February.- 46 21 91 53 27 25 98 76 58 115 718 241 49 82 March 46 21 91 53 27 25 98 77 58 115 718 241 49 82 April 46 21 91 53 27 25 98 78 68 115 718 241 50 82 May 46 22 90 53 26 25 88 78 p58 Pi 15 718 242 50 Latin America Asia and Oceania Africa End of month g t A i e n n r - a - Chile lo C b m o ia - - M ic e o x- Peru g U u ru a - 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 i t c h a c o t o r th i 3 u e e n s r - 1934—December- 403 29 19 23 19 82 26 275 7 394 77 25 22 6 55 184 24 1935—December. 444 29 16 £-28 20 74 36 276 10 425 64 23 24 b 65 212 24 1936—February.. 444 29 18 26 20 74 37 275 15 431 54 23 24 3 55 231 24 March 438 29 18 26 20 74 38 275 15 433 58 23 24 3 55 244 24 April 438 29 17 26 20 74 38 275 15 435 61 23 24 3 55 189 24 Ma"^y —--- 438 29 16 26 19 74 39 275 17 439 61 23 24 3 65 189 24 June 435 29 16 26 19 68 40 275 13 442 60 23 24 3 55 189 24 July 436 29 17 26 20 68 40 275 13 447 60 23 24 3 55 189 25 August 441 29 17 26 20 68 41 275 15 450 59 23 24 3 55 189 25 September 437 29 17 26 20 68 42 275 19 453 60 23 24 3 55 189 25 October... 455 29 17 26 20 68 42 275 6 456 60 23 24 3 55 189 25 November 452 29 18 26 20 68 43 275 7 459 60 23 24 3 55 191 25 December. 501 29 19 26 20 69 44 275 8 463 60 23 26 4 55 203 25 1937—January. __ 487 29 20 26 20 69 P45 275 9 466 60 23 28 i4 55 217 25 February— 489 29 22 26 20 66 P45 275 10 469 60 23 29 i4 55 230 25 March 519 29 18 26 20 66 P45 275 12 456 60 23 29 i4 55 237 25 April 536 29 18 26 P20 66 P46 274 16 P455 74 23 29 14 55 215 p Preliminary 1 See notes under United Kingdom, Italy, Spain, and Mexico. 2 Decline in reported gold holdings of Bank of Italy during 1936 has been distributed monthly on basis of gold imports from Italy reported by other countries. Figures for February and March 1937 are for 20th of month; other figures for 1937 carried forward from last previous report date. 3 According to a recent official announcement the British Exchange Equalization Account held $934,000,000 of gold on Mar. 31, 1937. Gold of the account is not included in above figures since this is the first occasion on which amount has been reported. For detailed statement of statistics included in above table see BULLETINS to which reference is made in note at foot of page. 4 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. 6 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

687 JULY 1937 FEDERAL RESERVE BULLETIN GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Year or month p w ro o d r u ld c- Africa North and South America Far East tion Total A So fr u ic th a Rho- A W fr e ic s a t B C e o l n g g ia o n Canada U S n ta i t t e e s d Mexico1 Co b l i o a m- Chile Au li s a tra- Japan B I r n i d ti i s a h $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$t0.67 1929 397,153 359, 347 215, 242 11,607 4, 297 2, 390 39, 862 45, 835 13,463 2, 823 683 8,712 6,927 7,508 1930 432,119 373,154 221, 526 11,476 4, 995 2, 699 43, 454 47, 123 13,813 3, 281 428 9, 553 8,021 6,785 1931 460,651 394, 399 224, 863 11,193 5, 524 3, 224 55, 687 49, 524 12,866 4,016 442 12,134 8,109 6,815 1932 498,164 421,656 238,931 12,000 5. 992 3, 642 62, 933 50, 626 12,070 5,132 788 14,563 8,198 6, 782 1933 525,071 420, 093 i 227,673 13, 335 6,623 3,631 60, 968 52, 842 13,169 6,165 3, 009 16, 790 8,968 6,919 rains of gold 9/10 fine; i. c, an ounce of fine gold=$85 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 958,033 723, 530 366, 795 24, 264 12,153 6, 549 104, 023 108,191 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 1,164,979 854, 203 396, 768 28,053 16,295 7,386 130,550 150,959 26, 465 13, 633 9,018 39,793 23,684 11, 599 1936—January 82.853 65, 822 32, 275 2. 320 1,221 592 9,714 10,246 2, 092 1, 335 770 2, 690 1,595 971 February ___ 81,943 64,712 31,2£0 2, 201 1,164 574 9, 325 9, 701 2, 815 1,159 918 2,801 1,843 920 March 86, 387 68, lb(\ ! 32,709 2, 359 1, 326 544 .10, 469 11,020 1,627 1, 040 1,147 2,882 2,065 968 April 86, 327 67, 896 ' 31,991 2, 410 1, 258 543 10,474 11,113 2,607 1,122 499 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 1,994 958 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 106, 967 73, 736 33, 830 2, 425 1,412 675 11,504 13, 627 1,818 1,098 1,029 3,422 1,916 981 September, _ 108,185 74,954 33,818 2,363 1,444 696 11,579 14, 280 2,346 1,236 467 3, 515 2,246 966 October 113,108 76, 677 i 34,199 2,292 1,493 691 11,693 15,821 1, 943 1,109 784 3,596 2,075 982 November __ 105,377 72.546 33, 042 2,270 1, 506 634 11,174 13, 240 2,291 1,035 758 3,467 2,162 966 December,.. 96, 397 73, 566 33, 858 2,262 1,544 631 11, 555 12,977 1,647 1,113 708 4,170 2,118 983 1937—January 91,826 73, 235 34, 352 2,315 1,671 586 11, 499 11,483 2, 854 1,332 '•635 3,158 2,065 984 February ___ 87,240 68, 408 32, 330 2,109 1, 563 579 10,853 10,171 2, 227 1,117 769 3,714 2, 077 89S March P93, 795 P73, 764 34, 381 2, 416 1,605 P579 11, 420 12, 531 P2. 240 1,285 620 3, 550 2, 156 982 April P92, 393 P 72, 122 P34,381 2, 391 P], 633 P579 11,317 11, 131 P2, 240 Pl, 285 P620 P3, 500 P2, 100 P945 p Preliminary. r Revised. 1 Beginning August 1936 figures are from the monthly bulletin of the Banco Nacional de Mexico. From November 1932 through July 1936 figures are those reported in Revista de Economia y Estadistica, published up to September 1936 by the Secretaria de Economia Nacional. For source of earlier figures see BULLETIN for April 1933, p. 234. NOTE.—For monthly figures back to January 1929 and for explanation of tables see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108, November 1934, p. 737, July 1936, p. 600, March 1937, p. 267, April 1937, p. 363 and May 1937, p. 487. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1936, pp. 108-109. Figures for Canada beginning January 1936 are subject to official revision. Estimated production of the U.S.S.R. for April 1937, in thousands of dollars: $11,040. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Net imports from or net exports (—) to: Year or month China All and other Hong coun- Kong tries 1934 1 1,131,994 499,870 260,223 94, 348 12,038 1,029 76, 820 15, 868 1935. 1,739,019 315, 727 934, 243 227,185 15,335 3,498 75, 268 37, 620 1936. 1,116, 584 174,093 573, 671 71,006 21, 513 23, 280 77, 892 31.828 1936—May 169,952 4,003 133,157 1,735 1,029 ,720 June. 277, 775 3,644 202, 983 2,124 2,511 5,947 July—. 15, 379 -9 27 2,4251 856 5,654 August. 67,493 5,837 17,880 11, 664 7161 1,747 10, 688 September 171,824 8,204 136, 671 6,338 2,405' 2,831 6,961 October 218, 812 72,154 95,013 12, 222 2,157 1, 5,782 November 75, 836 44, 665 20 10, 660 1 781 6,182 December 56,970 32,998 4,709 2,273 936 10,108 1937—January 121, 325 73,950 10,864 5, 865 2,123, 1,617 ,028 1, 305 February 120, 326 75, 238 1,138 10, 661 2,109 j 2,9101 7,077 3, 583 March 154, 332 121,4511 76 4,925 1,944 3.467 4,017 12, 727 April 215,811 175,165! 596 7, 225 2, 231 2,388 4,857 11, 640 May 155, 362 103, 8221 1, 375 14.434 2.106 2. 613 3, 797 17,700 i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. NOTE.—For gross import and export figures and for additional countries see table on page 658. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 FEDEKAL RESERVE BULLETIN JULY 1937 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom British India Net imports from or net exports (—) to: Change in: Year or Total Total Gold month net im- South net proports Africa, All imports duc- Re Private e o x r p n o e rt t s U S n ta i t t e e s d France m G a e n r y - g B iu 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 In ri d ti i s a h c o o th u e n r - e o x r p n o e rt t s ti i o n n serves in h g o s l d i - n West tries () India India* Idis Africa 1934 _„. 716, 269 -497,166 348,190 121,017 -13,585 32, 575 26,316 41,790 335, 253 206,711 115,168 -230, 720 11,222 173-219,671 1935 369, 747 -435, 502 142,137 -4, 726 -17,476 10, 796 16, 565 37, 981 404, 295 181,627 34,050 -161,872 11,393 -6 -150,472 1936 1,170,023 -276,813 756, 204 23, 295 -15,133 -21,130 12,928 26, 723 488, 814 128, 420 46, 715-121,102 11,599 -109,503 1935—Nov... 18,286 -33, 744 25,198 50 -20, 204 1,798 2,842 33, 325 12,857 -3,836 -14, 540 953 -13,587 Dec... 40,811 -22,075 910 114 -27 -6,982 1,798 1,995 42,442 14, 838 7,799 -10,303 966 -9,337 1936—Jan.. _. 41, 974 -12,059 3,202 78 94 -591 1,889 39, 852 11, 035 -1,526 -13,809 971 -12,838 Feb.__ 38, 649 1,136 -3,253 173 33 -7, 569 5,958 2,037 26,454 11, 686 1,993 -9,846 920 -8, 926 Mar- 47, 666 3,440 6,738 92 99 -13,354 4,090 2,574 31,033 10,896 2,057 -7, 667 968 Apr 77,137 -9, 465 12, 710 4,295 -1,383 -1,409 899 3,329 55,108 9,413 3,641 -10,351 944 -9,407 May._ 74, 590 -12, 611 26,936 1,875 -17,602 1,761 1,708 2,167 53,802 13,289 3,264 -11,357 979 -10, 378 June... 69,447 -26,802 27,060 3,903 -536 606 1,610 45,147 10,860 7,599 -10,355 958 -9, 397 July.__ 195, 066 -4,384 142, 535 1,913 -747 -2, 421 270 2,531 43,122 9,657 2,591 -15,032 981 -14,051 Aug... 281,401 -16,120 240,868 1,789 -804 -2,907 2,089 34, 552 15,011 6,922 -7,!"" -7,002 Sept... 151,814 -14,096 108,666 6,086 —1,029 2,084 36, 517 6,581 633 -8, 273 -7, 307 Oct.... 7,615 -72,441 -383 3,964 -1, 2,458 1,984 45,323 7,853 19,895 -11, 576 982 -10, 594 Nov.__ -49, 224 72, 506 -163 377 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,r~ -5, 506 -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 -2,262 Mar... 78,484 -104,399 124,121 507 1,587 965 2,727 26, 593 5,760 3 20, 624 -3, 494 982 -2, 512 Apr __. «12.036 -149,444 11,281 -1,055 104 927 2,122 44,198 2,8483 101,055 P-7,017 P982 P-6,035 May _. -48', 319 -101,710 -274 -1,7. -1,545 452 2,353 37,106 8,3C8 ' 8. 717 Germany Switzerland Total Net imports from or net exports (—) to: Total Net imports from or net exports (—) to: Year or month net net imports imports e o x r p n o e r t ts U K d n i o i n t m g ed - France N l e a t n h d e s r- e S r w la it n z d - c o t o A t r h u i l e e l n s r - e o x r ( p ) o n r e t t s U S n ta it t e e d s U K d n i o i n m t g ed - France g B iu e m l- Italy N la e e n r t d - h s - c o t o A t r h i u e l e n l s r - 1934..-. -90,920 -109,386 -42,907 -28,114 163* 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 4 7,281 -230, 788 647 -54,858 -181,725 -13,940 25, 542 342 -6,795 1936 -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—Nov.. 780 -17 5 67 -332 -3,227 1,849 -49 825 Dec. 2,004 -87 591 810 671 -2, 330 -2,088 -4,166 21 4,724 -139 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 6 8, 413 May -630 -3,935 3,256 76 -28 13,386 32 -4,298 284 -8 1,449 132 615,794 June 1,130 -1, 720 2 2,821 23 4 5,188 -4 -1,704 2,057 -235 2,952 2,113 9 July 3,248 -1,898 2 3,121 2,061 -38 -321 -7 820 -249 1,166 -20 -121 -1,911 Aug 1,580 -1,661 2 3,265 30 -55 2,829 -113 3,176 -254 -20 -21 59 Sept. -3, 514 -6,076 4 2,496 26 37 33,506 -675 -6, 396 40,875 -286 -641 487 42 Oct -3, 521 -3,954 —2 448 7 -20 14,848 19 5,988 656 8,177 62 57 -112 Nov 426 259 73 65 30 2,210 -3,676 2,892 1,241 1,723 -65 97 -3 Dec 4,763 572 2,346 1,006 822 15 -2,874 -4,916 2,291 -47 659 -33 20 -848 1937—Jan.. 17,426 221 15,352 -95 52 1,897 -135 -6, 675 5,227 -612 732 -100 -575 1,866 F M e a b r . . . 27,0 5 2 8 4 8 - - 5 1 0 2 4 0 11,432 1 - -8 7 9 7 14, 2 2 3 3 1 1 1 , , 1 5 5 5 7 8 -17,0 5 3 7 4 ." -6, 247 2 - , 4 4 6 3 3 6 -4 - 9 1 0 8 6 5 5 2 3 -56 5 6 5 «-13f5 8 0 1 7 9 Apr. I,1 944 2 -138 93 876 -1,506 -26 -1,966 -289 192 584 Mayp -4, 479 -1,174 -1,987 -3,132 1,107 611 p Preliminary. c Corrected. 1 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred a Figures derived from preceding columns; net imports plus production minus increase in reserves in India. 3 $22,520,000 imported by United Kingdom from U. S. S. R. in March, $98,510,000 in April, and $8,430,000 in May 1937. « $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. «$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 subject 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

JULY 1937 FEDERAL RESERVE BULLETIN 689 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in Note (Fi p gu o r u e n s d i s n s m te i r l l l i i n o g n ) s of d m i e s e p s n a u t r e ) t 1 - C O oi a n sh reser N v o es tes a c v n o D a d u n i c s n a - e t d s s - Se ti c e u s ri- ci t r i c o u n la- Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i s e li r - 1929—Dec. 25 145.8 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 __ _ . ___ 147.6 .6 38.8 49.0 104. 7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 _- _ 119.8 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Mar. 25 200.6 .8 54.1 5,0 97.0 406.5 83.6 18.0 37.0 18.3 Apr. 29 . 202.7 .8 45.9 8.3 114.0 416.9 104.7 7.5 39.0 17.7 May 27 206.4 .9 40.3 6.7 104.7 426.1 78.3 19.8 36.7 17.8 June 24 216.3 1.0 41.5 7.6 116.1 434.8 90.8 20.0 37.4 17.9 July 29 239.9 1.0 51.4 7.1 115.5 448.6 75.2 42.3 39.4 18.1 Aug. 26 244.8 1.1 61.3 9.2 102.6 443.4 100.9 17.2 37.8 18.2 Sept. 30 248.7 1.1 59.3 8.6 100.7 449.4 60.7 49.7 40.9 18.3 Oct. 28 248.7 1.0 65.9 6.6 99.7 442.7 86.5 27.6 41.4 17.7 Nov. 25 _. 248.7 .7 63.1 6.8 98.6 445.6 97.6 12.1 41.7 17.8 Dec. 30 313.7 .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 Apr. 28 313.7 1.0 44.8 5.5 119.7 468. 8 87.6 26.2 39.6 17.7 May 26 321.3 . 9 46.0 4.9 119.7 475.2 91.4 24.9 37.5 17.8 Assets Liabilities Domestic bills Loans on- Deposits Bank of France Ad- (Figures in millions of francs) Gold* ch F e e a i o x g n r - n g - e S c p ia e l - 8 Other v m G a e n t r o e o n c n v - e t - s m G S t e o h e n v r o t e m r r s t n - e - - s O e ti c t e h u s e ri r - N c b u e l g r e i o t s i t e e ia - s - a O s t s h e e ts r c N i t r i c o o u t n e la- G m ov e e n r t n- Other l O i t a t i b h e i s e l r icurities 1929—Dec. 27 41,668 25,942 8,624 2,521 5,612 5,603 68, 571 11,737 7,850 1,812 1930—Dec 26 53, 578 26,179 8,429 2,901 5,304 6,609 76, 436 12,624 11, 698 2,241 1931—Dec 30 68,863 21,111 7,389 2,730 7,157 8,545 85,725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 3,438 2,515 6,802 9,196 85, 028 2,311 20,072 2,041 1933—Dec. 29 77,098 1,158 4,739 2,921 6,122 8,251 82, 613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 3,971 3,211 5,837 8,288 83,412 3,718 15,359 1,907 1935—Dec. 27 66, 296 1,328 9,712 573 3,253 5,800 7,879 81,150 2,862 8,716 2,113 1936—M ar. 27 65, 587 1,297 12,053 671 3,325 5,708 8,028 83,197 2,889 8,434 2,148 Apr. 24 . 61,937 1,305 14,392 623 3,349 5,708 8,193 82, 557 2,722 7,895 2,334 May 29 57,022 1,426 19,381 796 3,381 5,708 8,134 84, 705 1,850 6,909 2,383 June 26 53, 999 1,297 7,750 14,333 1,048 3,441 5,708 8,015 85,106 1,305 6,528 2,652 July 31 54,942 1,270 6,041 14,333 1,461 3,555 6,708 8,699 85,892 1,694 6,254 2,267 Aug. 28 54, 511 1,250 7,063 14,333 809 3,454 5,640 8,125 84, 324 1,523 7,037 2,301 Sept. 25 50,111 1,245 27 7,484 15,903 838 3,653 5,640 9,643 83, 750 1,679 6,660 2,356 Oct. 30 64, 359 1,471 547 7,332 12,303 668 3,447 5,640 8,204 87,198 3,973 9,247 3,553 Nov. 27__ 64,359 1,466 925 8,056 12,298 702 3,464 5,640 8,029 86,651 2,069 13,058 3,160 Dec. 30 60,359 1,460 1,379 8,465 17, 698 715 3,583 5,640 8,344 89,342 2,089 13, 655 2,657 1937—Jan. 29_ _ 57, 359 1,435 1,620 8, 553 19, 772 1,168 3,701 5,640 8,209 87, 688 1,955 15,280 2,534 Feb. 26 _ 57,359 1,323 1,524 8,990 19, 772 873 3,594 5,640 8,235 87,062 2,315 15, 386 2,547 Mar. 26 57, 359 1,194 1,514 8,440 20,066 225 3.698 5,640 8,543 85,746 1,977 16,404 2,552 Apr. 30 57, 359 c 1,112 1,470 7,639 19,991 965 3,918 5,642 9, 256 87,063 4,361 13,408 2,518 May 27 57, 359 1,053 1,437 8,377 19, 980 385 3,777 5, 642 8,158 85, 745 3,154 14, 766 2,502 c Corrected. 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. From August 1,1931 to March 31,1933, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) was authorized by the British Treasury under Section 8 of the Currency and Bank Notes Act. a By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936, pp. 878-880). Of the total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund established by the law of October 1. ' Bills and warrants endorsed by the National Wheat Board (law of Aug. 15,1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of the Banques Populaires (law of Aug. 19,1936—see BULLETIN for October 1936, p. 788). NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p. 463 and July 1936, p. 603. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 FEDERAL RESERVE BULLETIN JULY 1937 CENTRAL BANKS—Continued Assets Liabilities Reichsbank Reserves Securities (Figu r r e e ic s h i s n m m ar i k ll s io ) ns of Gold e F xc o h re a i n g g n e Tr b e i a ll s s ury b c i O l h ls e t c h ( k a e s n r ) d Se lo c a u n ri s ty E a c l s i o g n v i o e b r t l e e Other O as t s h e e ts r ci N r ti c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - 1929—Dec 31 2,283 404 241 2,608 251 92 656 5,044 755 736 1930—Dec. 31 2,216 469 206 2, 366 256 102 638 4, 778 652 822 1931—Dec. 31 984 172 98 4,144 245 161 1,065 4, 776 755 1,338 1932—Dec 31 806 114 2, 806 176 398 1,114 3, 560 540 1,313 1933—Dec. 30 386 9 49 3,177 183 259 322 735 3, 645 040 836 1934— Dec. 31 79 5 45 4,021 146 445 319 827 3,901 984 1,001 1935—Dec. 31 82 5 53 4, 498 84 349 315 853 4, 285 1,032 923 itf3b—Mar 31 72 5 54 4,201 56 336 321 771 4,267 768 782 Apr. 30 70 5 71 73 240 319 702 4,348 688 798 May 30 70 B 37 4,' 606 60 219 319 648 4,430 729 807 June 30 72 5 98 4,699 56 220 311 704 4,389 960 815 July 31 72 5 90 4,623 67 220 310 711 4,471 787 840 Aug. 31 69 6 74 4,693 65 220 309 686 4,540 729 853 Sept. 30 63 6 51 4,875 59 219 308 695 4,657 744 875 Oct. 31 65 5 55 4,888 79 219 305 685 4,713 689 897 Nov. 30 66 5 57 4,852 67 219 303 770 4,674 753 911 Dec. 31 66 6 62 5,448 74 221 303 765 4,980 1,012 953 1937—Jan. 30 67 6 23 4,835 65 223 302 959 4,799 707 973 Feb. 27 67 6 35 4,777 102 222 302 1,059 4,816 785 968 Mar. 31 68 6 10 5,101 51 167 312 1,021 4,938 970 826 Apr. 30 68 6 29 5,124 52 106 310 896 4,979 794 816 May 31 69 6 54 5,001 50 104 310 947 4, 902 804 835 c Corrected. NOTE—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central bank 1937 1936 Central bank 1937 1936 [Figures as of last report [Figures as of last report date of month] date of month] May Apr. Mar. May May Apr. Mar May National Bank of Albania (thou- National Bank of Belgium—Cont sands of francs): Note circulation • 4, 380 4,421 4,404 4,284 Gold 7, 554 7, 555 7, 556 Demand deposits—Treasury 117 143 166 26 Foreign assets 23, 958 24, 522 18,095 Other 708 622 734 943 Loans and discounts 3, 458 3, 668 3, 009 Other liabilities 72 72 72 Other assets 4,174 3, 951 5, 061 Central Bank of Bolivia(thousands Note circulation 11,518 11,539 11,697 of bolivianos): Other sight liabilities 15,869 16, 382 10,401 Gold at home and abroad* il, 430 50, 421 22, 350 Other liabilities 11,758 11,775 11,624 Foreign exchange 104,602 111,320 20,861 Central Bank of the Argentine Loans and discounts 13, 077 11, 642 7,702 Republic (millions of pesos): Securities—Government 413, 413 414,560 418,072 Gold at home 1,224 1,224 1,224 Other 4,736 4, 735 2, 921 Gold abroad and foreign ex- Other assets 15,076 13, 968 17.480 change 338 286 121 Note circulation 240, 655 231, 293 162,106 Negotiable Government bonds___ 26 75 Deposits 253, 908 271,155 260,859 Other assets 193 165 158 Other liabilities 107,770 104,199 66, 420 Note circulation 1,165 , 140 1, 018 Bank of Brazil (millions of milreis) : Deposits—Member bank 450 383 338 Cash 224 239 212 Government 128 117 181 Correspondents abroad 459 413 333 Other 6 5 11 Loans and discounts 2,425 2,441 2, 909 Other liabilities 33 31 30 Note circulation 10 Commonwealth Bank of Aus- Deposits 3,056 2, 949 3,177 tralia (thousands of pounds): National Bank of Bulgaria (mil- Issue department: lions of leva): Gold and English sterling.__ 10,012 16,012 16, 003 Gold 1, 766 1,755 1,755 1,607 Securities 38,560 39,806 39, 343 Foreign exchange reserve (net)___ -129 Banking department: Other foreign exchange 477 546 554 482 Coin, bullion, and cash 1,093 1,109 1,223 Loans and discounts 1, 031 979 921 1, 385 London balances 28, 829 26, 299 20, 664 Government debt 3,551 3, 551 3, 551 2,671 Loans and discounts 15,328 15,139 11, 364 Other assets 1,015 995 1,053 1,102 Securities 38, 251 38, 251 35, 657 Note circulation 2,430 2, 636 2,440 2, 247 Deposits 79.940 56, 487 65,901 Deposits 3,171 2,899 3,109 2,305 Note circulation 47^ 039 48, 289 47, 045 Other liabilities 2, 239 2,291 2.287 2,567 Austrian National Bank (millions Bank of Canada (thousands of Caof schillings): nadian dollars) : Gold 243 243 243 243 Gold 187, 454 191,192 187, 947 79, 733 Foreign exchange (non-reserve) __ 98 97 96 86 Silver bullion 2, 438 2,388 2, 358 1,683 Loans and discounts 193 195 197 220 Sterling, United States and other Government debts 620 620 620 624 exchange 14,613 11,215 19, 706 15, 314 Other assets 143 139 125 162 Advances to Provincial Gov'ts... 3, 000 Note circulation 882 905 891 958 Government securities: Deposits 259 228 243 213 2 years or less 7,165 50, 252 50, 975 30, 607 Other liabilities 157 161 148 163 Over 2 years 100,816 101, 687 101,797 80, 241 National Bank of Belgium (mil- Other assets 4,573 6, 537 7,826 3,202 lions of belgas): Note circulation 131,113 129,063 125,970 93, 397 Gold 3,591 3, 579 3, 651 3, 597 Deposits—Chartered banks 190, 604 199, 472 194, 275 85, 071 Discounts, domestic and foreign_. 1,341 1,331 1,373 1,323 Dominion Government 21, 541 21, 222 36, 751 27, 235 Loans 35 38 38 79 Other 923 796 1,452 1,197 Other assets 310 310 314 326 Other liabilities 12, 878 12, 718 12,160 6,880 1 Gold abroad revalued in December 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Jl-i.Y 1937 FEDERAL RESERVE BULLETIN 691 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1937 1936 Central bank Central bank May Apr. Mar. May May Apr. Mar. May Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos) : dor (thousands of colones): Gold and foreign,exchange in re- Gold 13,143 13,143 13,142 12, 965 serve 143 143 142 Foreign exchange 6,870 7,119 6,986 3, 903 Loans and discounts 148 129 108 Loans and discounts... _ _ 260 219 597 124 Government debt. _ 799 799 706 Government debt and securities. 6,197 6, 247 6, 364 6,798 Note circulation 715 702 614 Other assets 2 816 2, 606 2,510 1,792 Deposits 298 291 261 Note circulation 17. 023 17, 463 18,182 14,076 Central Bank of China1 (millions of Deposits 8, 059 7,905 7,176 7, 361 yuan): Other liabilities 4 203 3, 967 4,240 4,144 Gold 55 42 58 Bank of Estonia (thousands of Silver 274 265 248 krooni): Foreign exchange 218 200 64 Gold . 34,187 34,184 34,180 34,135 Due from domestic banks 188 160 131 Foreign exchange (net) - _ 15,229 15,389 17,164 3,220 Loans and discounts 401 448 208 Loans and discounts 24, 625 26, 577 26,121 19, 460 Securities 173 164 314 Other assets. _ 92 024 22,114 21, 285 21, 734 Other assets 79 82 51 Note circulation 43, 901 46, 471 47,184 40, 997 Note circulation 369 363 279 Demand deposits 36 901 36 089 36 206 25 738 Deposits 870 846 673 Other liabilities 15,263 15,703 15, 360 11,814 Other liabilities 150 152 123 Bank of Finland (millions of mark- Bank of the Republic of Colombia kaa): (thousands of pesos): Gold. 811 816 816 501 Gold 24, 880 32, 504 40,212 28, 013 Foreign assets__ _ __ . _ 2, 023 2,017 1,960 1,457 Foreign exchange 20,457 11,490 9, 690 4, 900 Loans and discounts 1,135 1,130 1,085 1,017 Loans and discounts ]2,581 31,294 7, 024 5, 296 Domestic securities _ 324 316 308 273 Government loans and securities 45, 832 45, 912 45, 752 45, 200 Other assets 382 323 320 309 Other assets 25,811 26 638 27 015 25, 448 Note circulation 1 900 2,008 1,913 1, 501 Note circulation _ 51,728 51,544 51, 478 43, 260 Deposits—Treasury._ __ 396 415 467 15 Deposits 39, 958 38, 573 41,158 29, 095 Other 671 495 483 583 Other liabilities 37, 875 37, 720 37, 058 36, 503 Other liabilities 1,709 1,684 1,627 1,459 National Bank of Czechoslovakia Bank of Greece (millions of drach- (millions of koruny): mas): Gold* 2, 578 2, 581 2, 583 2, 695 Gold and foreign exchange (net)__ 3,248 3, 304 3,272 2, 994 Foreign exchange. 444 127 146 36 Loans and discounts.. ._ 3,614 3, 385 3,060 5,130 Discounts 967 1,239 1,180 767 Government obligations. 4,104 4,104 4,154 4,172 Loans _ _ __ 897 1,005 1,069 494 Other assets __ 2, 359 2,258 2,156 1,410 Government debt 2,017 2,018 2,018 2, 038 Note circulation _ 6, 329 6, 680 6, 368 5, 641 Other assets . _ .. _ 980 1 011 1,046 849 Deposits 4 928 4,442 4, 363 6,154 Note circulation 5, 789 tj q44 5 949 5 482 Other liabilities 9 QfJJ 1 930 1,916 1,911 Demand deposits 402 ' 363 464 464 National Bank of Hungary (mil- Other liabilities 1,692 1,674 1,628 932 lions of pengos): Bank of Danzig (thousands of Gold _ . 84 84 84 79 gulden): Foreign exchange reserve. _ 51 48 47 26 Gold . 29 5C)6 29, 552 20, 785 Discounts __ 405 421 451 493 Foreign exchange of the reserve 465 310 2, 325 Loans—To Treasury 107 104 102 80 Other foreign exchange 1 442 2,076 5, 934 Other 12 12 12 12 I oans and discounts 15,359 15,341 14,919 Other assets 238 221 208 127 Other assets 4 146 4 136 4 359 Note circulation 421 435 417 385 Note circulation 32, 654 32,018 29, 298 Demand deposits 187 174 200 119 Demand deposits 12,866 13, 243 3, 480 Certificates of indebtedness.. _ 93 93 93 98 Other liabilities 19,179 19,019 19,042 Other liabilities 197 190 194 217 National Bank of Denmark^ (mil- Reserve Bank of India (millions lions of kroner): of rupees): Gold. __ J18 118 118 118 Issue department: Foreign exchange 9 15 17 32 Gold at home and abroad . 444 444 444 Discounts _ _. 30 29 28 23 Sterling securities ... 803 793 683 Loans—To Government agencies 202 184 180 198 Indian Gov't securities 274 224 235 Other 337 155 141 136 Rupee coin 557 619 605 Securities 53 54 54 74 Note circulation ] 927 1,944 1, 659 Other assets.. _ 66 63 65 43 Banking department: Note circulation 384 392 378 392 Notes of issue department 151 136 308 Deposits 83 78 78 119 Balances abroad 273 265 153 Other liabilities 147 149 147 113 Investments __ 76 62 Central Bank of Ecuador (thou- Other assets 6 10 8 sands of sucres): Deposits 404 381 424 Gold < . 34, 006 27, 881 Other liabilities 103 106 108 Foreign exchange 24, 706 6, 974 Bank of Japan (millions of yen): Loans and discounts 31,794 36,480 Gold. _ 543 540 520 Note circulation __ _. __ 58,336 47, 441 Discounts 559 572 566 Deposits 43 462 12, 574 Loans—Government 208 204 140 National Bank of Egypt1 (thou- Other 74 93 142 sands of pounds): Government bonds 651 629 562 Gold 6 545 6 545 6 r)4 5 Other assets 2^3 228 177 Foreign exchange.. 2,619 3,515 2, 576 Note circulation. _ 1,450 1,464 1,371 Loans and discounts 3 698 4,136 3,494 Deposits—Government 439 400 358 British, Egyptian, and other Other 62 83 87 Government securities 38 427 39, 059 40, 589 Other liabilities 308 319 292 Other assets 8, 856 8, 086 5, 387 Bank of Java (millions of guilders): Note circulation. _ _ 20, 879 21,153 20, 529 Gold _ 109 89 89 Deposits—Government 9,468 10, 505 6, 271 Foreign bills 3 3 1 Other 21 643 21, 533 23, 485 Loans and discounts 67 68 62 Other liabilities 8,155 8,151 8, 307 1 Items for issue and banking departments consolidated. 2 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. 3 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 .Tune 30, 1936. 4 By decree of June 13, 1£36, gold in vault revalued at rate of 11.6466 sucres per gram of fine gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN JULY 1937 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1937 1936 Central bank Central bank May Apr. Mar. May May Apr. Mar. May Bank of Java—Cont. Bank of Portugal—Cont. Other assets 110 99 50 Non-reserve exchange 167 169 102 Note circulation 191 182 156 Loans and discounts 336 332 365 Deposits 73 51 22 Government debt 1,043 1,044 1, 046 Other liabilities 25 26 24 Other assets 1,303 1, 2£0 1 049 Bank of Latvia (millions of lats): Note circulation- _ 2,021 2,059 2,025 Gold* 77 77 46 Other sight liabilities 1,204 1,152 1,041 Foreign exchange reserve-. 42 42 40 7 Other liabilities 1,105 1,111 883 Loans and discounts . 122 120 118 113 National Bank of Rumania (mil- Other assets 47 47 44 53 lions of lei): 46 46 49 37 Gold 3 15 797 15 731 11 005 Deposits 212 208 201 153 Special exchange accounts 4,857 4,460 4,618 Other liabilities 31 31 30 30 Loans and discounts 6,372 6,329 5,467 Bank of Lithuania (millions of litu): Special loans 4 2,077 2,157 2,445 Gold 77 77 77 54 Government debt 10, 740 10,820 11,193 6 6 6 21 Other assets 9 739 9 267 6 930 Loans and discounts 92 97 99 74 Note circulation 26,131 25, 949 21, 983 Other Bssots 34 33 34 25 Demand deposits 12, 666 11, 657 8,780 Notp oiroiilation 108 112 114 108 Other liabilities 10 785 11,158 10 896 Deposits 78 79 80 45 South African Reserve Bank Other liabilities . 22 22 21 21 (thousands of pounds): Netherlands Bank (millions of guil- Gold _ 26, 331 28, 783 22, 923 ders) • Foreign bills 4 765 5 455 10 389 Gold 1 130 985 920 684 Other bills and loans 28 22 67 Silver (including subsidiary coin) 19 19 17 21 Other assets... 15, 770 17, 048 14, 370 Foreien bills 2 2 2 1 Note circulation 16, 646 15, 355 15, 013 Discounts 19 21 21 28 Deposits _. 27, 237 31,904 29,989 Loans 183 178 179 131 Other liabilities 3,011 4,049 2,745 Other assets 63 63 63 64 Bank of Sweden (millions of Note circulation 836 796 814 763 kronor): 64 76 74 49 Gold 533 532 531 484 Other 473 349 269 73 Foreign assets 923 873 891 522 Other liabilities 44 46 45 44 Discounts _ __ 12 12 11 11 Reserve Bank of New Zealand Loans 26 22 22 25 (thousands of pounds): Domestic securities _ _ 6 32 33 33 Gold 2,802 2,802 2 802 Other assets 374 360 346 211 20, 309 19 099 23 738 Note circulation 837 862 873 773 Advances: To State or State un- Demand deposits.. _ 853 782 775 413 6, 749 7,130 Other liabilities 186 187 185 99 Investments 2,906 2,453 1,996 Swiss National Bank (millions of Other assets 219 273 451 francs): Note circulation 12, 957 13,179 10 157 Gold* 2,624 2,623 2,718 1,484 18,401 16,921 17, 252 Foreign exchange 22 22 22 6 Other liabilities 1, 627 1,656 1 578 Discounts _ 26 29 30 146 Bank of Norway (millions of Loans 30 32 43 64 kroner): Other assets ._ - _ 608 612 622 72 Gold 195 215 215 185 Note circulation 1,374 1,386 1,394 1,302 Foreign assets 124 103 100 79 Other sight liabilities 1,301 1,298 1,409 373 Total domestic credits and Other liabilities 635 633 633 96 securities 239 254 227 223 Central Bank of the Republic of Discounts 174 149 166 Turkey (thousandsc of pounds): Loans (2) 26 25 19 Gold 36,709 36, 709 36, 707 30,199 Securities 54 53 38 Foreign exchange—Free 66 23 54 435 Other assets _ __ .__ (2) 16 16 22 In clearing acccounts 41, 694 46,488 48,927 19,265 Note circulation 403 411 410 366 Loans and discounts 37, 477 34,175 30,239 13,068 Demand deposits—Government 62 56 46 50 Securities 186, 748 186,971 187,132 185, 504 Other 47 61 44 33 Other assets... _ 26,982 24, 517 26, 202 20,925 Other liabilities (2) 60 59 60 Note circulation. 173,327 176,376 180,975 162,790 Central Reserve Bank of Peru Deposits 36, 277 37,022 38, 331 38, 547 (thousands of soles) : Other liabilities 120,072 115,484 109,955 68,059 Gold and foreign exchange 44, 071 Bank of the Republic of Uruguay Discounts ...::: 32,148 (thousands of pesos): Government loans .: 42,121 Issue department: Other assets 8,285 Gold and silver. 41, 601 41, 601 41,091 Note circulation 88, 673 Note circulation 91, 494 92,162 79, 600 Deposits 25, 563 Banking department: Other liabilities 12 389 Cash reserves 25,118 23,156 46,157 Bank of Poland (millions of zlotys): Loans and discounts 76, 286 82, 559 90, 388 Gold 412 409 406 375 Other assets 81,381 85, 977 57, 339 Foreign exchange 41 36 35 7 Deposits 93,130 101, 594 113,161 Loans and discounts 580 614 640 851 Other liabilities 89, 655 90,097 80, 722 Securities _ _. . 135 134 135 91 National Bank of the Kingdom of Other assets 475 454 453 449 Yugoslavia (millions of dinars): Note circulation 975 996 1,000 1, 061 Gold 1,669 1,663 1,650 1,522 Other sight liabilities 268 245 254 123 Foreign exchange. . 764 706 623 341 Other liabilities 399 407 415 588 Loans and discounts 1,712 1,669 1,683 1, 623 Bank of Portugal (millions of Government debt. 2,250 2,250 2,249 2,273 escudos): Other assets 1,944 1,879 1,835 1,374 Gold 914 913 910 Note circulation 5,433 5,463 5,381 4,844 Other reserves fnet^ 567 574 478 Other sight liabilities 2,176 1,991 1,980 1,625 Other liabilities 731 712 679 665 c Corrected. 1 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. » 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). * Agricultural and urban loans in process of liquidation. «Gold revalued after September 30, 1936, at rate of 215 milligrams of fine gold per franc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

693 JULY 1937 FEDERAL RESERVE BULLETIN BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs i 1937 1936 1937 1936 Assets Liabilities May 31 Apr. 30 May 31 May 31 Apr. 30 May 31 Gold in bars 51, 041 32, 235 32, 292 Demand deposit (gold) 16, 641 21, 688 24,110 Cash on hand and on current account with banks.. _ . __ 42, 643 32, 695 7,765 Short-term deposits (various curren- Demand funds at interest 43, 556 25, 234 15, 308 cies) : Central banks for own account: Rediscountable bills and acceptances Demand. . _. .. _. 47, 667 31,143 24,095 (at cost): Time—Not exceeding 3 months. 155, 204 103, 744 113, 615 Commercial bills and bankers' ac- Time—Between 3 and 6 months. 12, 889 centances 117 834 106 654 154 212 Treasurv bills 131,417 133, 379 176, 390 Total 215, 760 134, 887 137, 711 Total.. 249, 251 240, 034 330, 602 Central banks for account of others: 3,517 4,268 5, 435 Time funds at interest—Not exceeding Time—Not exceeding 3 months 2,994 3 months.. 21, 898 26,138 33, 994 Other depositors: Between 3 and 6 months 14, 281 1,666 Demand 428 354 119 Time—Not exceeding 3 months 8 8 333 Sundry bills and investments: Maturing within 3 months: Long-term deposits: Treasury bills 17, 899 21, 605 28. 944 Annuity trust account ... 152, 911 153, 280 154,905 Sundry investments.. 86, 707 99, 451 41, 481 German Government deposit 76, 456 76, 640 77, 453 Between 3 and 6 months: French Government guaranty fund. 41, 483 41,727 61,930 Treasury bills. 15,498 10, 282 29, 365 French Government deposit (Saar). 1,360 1,368 2,031 Sundry investments 68, 784 48,481 84, 964 Over 6 months: Total 272, 210 273,015 296,318 Trpasnrv bills 80 410 77 449 41 388 Sundry investments 4,577 5,779 1,765 Capital paid in _ 125, 000 125, 000 125,000 Reserves: Total 273, 874 263, 047 227, 908 Legal reserve fund 4, 238 3,784 3,784 Dividend reserve fund 6, 315 6,092 6,092 Other assets: General reserve fund __ _ 12, 631 12,183 12,183 Guaranty of central banks on bills Profits allocated for distribution on sold 1,319 1,302 1,330 July 1, 1937 7 928 7 994 Sundry items 355 400 7,045 Other liabilities: Guaranty on commercial bills sold.. 1,389 1, 359 1,334 Total assets _. 698, 219 622, 750 656, 243 Sundry items 32,155 40,111 32, 837 Total liabilities 698, 219 622, 750 656, 243 i See BULLETIN for December 1936, p. 1025. COMMERCIAL BANKS [Figures are as of end of month, except those for the United Kingdom, which are averages of weekly figures] Assets Liabilities (Figures i U n n m i i t l e li d o n K s o in f g p d ou o n m ds sterling) re C se a r s v h es M c n a o s l o h n l t o e i a c r y n t e d at B co il u ls n d te i d s- Se t c ie u s ri- L cu o s a e t n r o s s m t - o Other Total D D e e p m o a s n it d s 1 Time1 lia O b t i h li e t r ies 10 London clearing banks 1930—December. 144 322 285 933 240 1,876 992 847 254 1931—December. 184 119 246 297 905 222 1,737 868 846 237 1932—December. 207 127 408 472 778 208 1,983 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December. 216 151 255 594 759 247 1,971 1,044 910 251 1935—December. 221 159 322 605 784 231 2,091 1,140 924 231 1936—December. 236 187 316 630 864 238 2,238 1, 288 1,012 232 11London clearing banks2 1936—February... 229 157 295 629 828 227 2,123 1,125 940 242 March. 217 162 252 635 854 230 2,108 1,123 951 241 April 227 161 268 637 868 233 2,154 1,145 974 240 May 220 159 309 640 870 227 2,185 1,156 992 239 June 225 158 329 642 878 237 2,229 1,215 995 240 July 225 158 349 639 884 227 2,244 1,223 986 237 August 233 163 345 641 877 226 2,246 1,212 991 240 September.. 229 166 344 648 882 226 2,257 1,228 1,000 238 October 227 164 351 655 892 231 2,280 1,238 999 239 November.. 233 181 329 656 895 238 2,287 1,241 1,006 243 December.. 244 195 322 660 890 249 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 1,200 1,003 259 April 230 177 241 661 951 256 2,252 1,194 1,008 263 May 233 168 244 657 957 259 2,255 263 1 Excluding deposits of the National Bank relating to offices outside the United Kingdom, which are included in the total. 2 District Bank included beginning in 1936. NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pages 639-640. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDERAL RESERVE BULLETIN JULY 1937 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France (4 large banks. fr F a i n g c u s r ) es in millions of re C se a r s v h es D b u a e n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w e c p e n s t- lia O b t i h li e ti r es 1930—December.. 2,419 4, 675 20, 448 10, 743 2, 361 35,284 1,397 921 4,357 1931—December.. 11,311 2,168 18,441 9, 274 2,130 37, 023 1,222 576 4, 503 1932—December. _ 9,007 1,766 22,014 7, 850 1,749 36,491 1, 268 295 4,331 1933—December__ 5. 870 1,416 19, 848 8.309 1,827 31, 773 862 273 4,362 1934—December.. 5,836 1,421 18,304 8,159 1,717 30,039 904 193 4,301 1935—December.. 3,739 2.484 16,141 8,025 1, 900 26, 859 694 337 4,399 1936—March 3, 587 2,617 16,135 7, 700 1,222 26, 522 672 391 3,677 April 3,517 2,902 16,199 7,677 1,270 26, 714 696 397 3,757 May 3,513 3,032 16,014 7,542 1,333 26, 523 676 424 3,812 June 3,494 2,768 14,972 7,328 1,385 25,022 633 394 3,897 July 3,206 2,410 15,410 7, 215 1,445 24,761 573 359 3,994 August 3,097 2,326 15,445 7,031 1,451 24, 451 528 335 4,035 September. 3,083 2,757 14,876 7,398 1,457 24, 613 524 368 4,066 October 3,186 2,766 17, 070 7,452 1,727 27,028 521 408 4,244 November _ 3,173 2,839 17, 298 7, 625 1,824 27, 467 548 454 4,290 December.. 3,100 2,975 17,582 7, 631 1, 957 27, 955 529 473 4,289 1937—January 2, 852. 3, 589 18, 289 7,949 1,340 29, 304 527 561 3,626 February... 2,798 3,770 17,825 8, 056 1, 397 29,061 583 602 3,600 March 5, 237 3, 596 16,901 8,357 1,448 30, 465 543 600 3, 732 April 2, 891 3, 579 16, 043 8,116 1,481 27,164 539 583 3,825 Assets ]liabilities Germany * (5 large B l e io rl n in s o b f a r n e k ic s h . sm F a ig r u k r s} es in mil- re C se a r s v h es b f D r a o n u m k e s B co il u ls n t d e i d s- Loans Se t c ie u s ri- O as t s h e e t r s Total D D e e p m o a s n it d s Time o C b b f r t a r e a o n d i m n k it s e s d l O ia t t i b h e i s e li r - 1930—November _ 191 1,483 2, 453 7,416 482 880 9,091 3, 857 5, 233 1,986 1,828 1931—November 173 817 1, 431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November 143 583 1, 631 4, 570 938 991 6,161 2, 958 3,203 1,146 1, 550 1933—November 131 471 1,702 3, 731 860 1,003 5,754 2,624 3,130 661 1,481 1934—November ._ _ _ 115 393 2, 037 3,331 874 983 5.816 2,731 3,085 485 1,432 1935—November 139 316 2,162 2,884 1,027 983 5,376 2,435 2,941 686 1,449 1936—March 186 317 2,285 2,890 982 935 5,544 2, 560 2,985 651 1,399 April. _ _ __ _ 136 301 2,429 2,847 973 916 5,595 2,585 3,010 644 1,363 May 141 300 2,406 2,884 980 873 5,621 2,622 2,999 636 1,327 June 175 295 2, 435 2,858 1,008 839 5,712 2,688 3,023 622 1,276 July 146 263 2,363 2,843 1,037 824 5,557 2,595 2,962 613 1,306 August 138 274 2,329 2,826 1,047 816 5,533 2,529 3,005 605 1,291 September 180 287 2,360 2,779 1,066 847 5,621 2,575 3,045 575 1,323 October 130 273 2,569 2,735 1, 075 858 5,712 2,644 3, 068 586 1,342 November _ _ 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 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 March 201 315 2, 908 2,732 1,014 813 6,135 2,942 3,194 559 1,288 April _... _ 132 297 3,204 2. 666 949 805 6.213 2,926 3,287 551 1, 289 Assets Liabilities Canada Entirely in Canada S a e l b o c r a u o n r a s i d ty D a e d p a o s e i x t c s l u d p d e a p i y n o a g s b it i l n s e t e in rb a C n 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 ll e a s r s i ) n mil- Cash Security O lo t a h n e s r an f d r d o u m n e et Se t c ie u s ri- O as t s h e e ts r ci N r ti c o o u t n l e a- l O ia t t i b h e i s e li r reserves loans and dis- foreign Total Demand Time counts banks 1930—December.. _. __ _ 207 205 1,275 171 604 602 133 2,115 689 1,426 816 1931—December 201 135 1,253 146 694 510 129 2,058 698 1,360 752 1932—December 211 103 1,104 155 778 439 115 1,916 538 1,378 760 1933—December 197 106 1, 036 134 861 432 121 1,920 563 1,357 725 1934—December.. 228 103 977 155 967 449 124 2,035 628 1.407 718 1935—December 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936—March.. _ _ _ ._ _ 227 77 864 154 1,316 459 117 2,197 665 1,532 783 April 228 83 862 145 1,314 478 114 2,229 692 L, 536 767 May 225 87 828 131 1,345 446 116 2,193 666 L, 527 753 June 230 91 nil 113 1,368 502 115 2,207 702 L 505 757 July 227 91 768 110 1,357 481 113 2,174 680 L 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 L 510 784 November 264 116 800 179 L, 316 485 109 2,269 722 L 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 L 549 781 February _ 239 119 805 214 1,422 483 108 2,369 i 805 I, 564 804 March __ 242 124 814 161 1, 427 516 105 2. 370 i 786 .584 810 April 246 121 835 141 , 440 511 106 2,383j 799 L, 583 805 1 Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice. (See BULLETIN for June 1935, p. 389) NOTE.—For other back figuresa nd explanation of table see BULLETIN for October 1933. pp. 641-646, and June 1935, pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

695 JULY 1037 FEDERAL RESERVE BULLETIN DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Date effective K U in n g i d te o d m Franc Cen m G t a r e a n r l y - ba I n ta k l y of— N la et n h d e s r Sw la i n tz d er- b C an en k t o r f a — l J R u 3 a n 0 t e e ef D fe a ct t i e ve b C an e k n t o r f a — l J R u a 3 n t 0 e e ef D fe a ct t i e ve J M J J J J M J J J J J M I F F M n u u a u a u u u a u e e n a a a n n l l n a n n n n b b e y y y y r y e . e e e e . f . 1 f 1 7 2 1 3 2 3 2 4 e 1 7 4 6 7 2 2 0 c 0 0 4 8 0 6 5 1 8 t 9 J 3 — . a 6 n. _ 1 _ _ , 1936 2 4 3 5 6 g 4 5 6 4 4 5 1^ 3 4 4 i s 3 y K y 2 2 2y2 E E D E D B C B C C C B A A B A l s c e a r u a o o h e u z r v l t u n b i n l n l l l g S e o i a s t g o g i a l m a t i z e a k c n a v e m i a s r d n i n d u h l i i i h a g i r o a v a a i a t b a m i o a r r i a a i I n k s d a n l a _ o o d . _ r - _ i _ _ _ a . _ 4 4 4 4 4 3 3 6 6 2 i 6 H n J A J J N O N J N J A M J M M A a u a a u u u o c o u o p n n n l a l a a l t v g y v y g y v . r . . . r y r . . i . . . . . - l 3 2 1 1 2 1 1 1 1 3 0 8 1 1 2 1 5 9 5 6 8 9 1 1 0 , , , , , , , , , , , , , , , 1 , 1 1 1 1 1 1 1 9 1 1 1 1 9 1 1 1 9 9 1 9 9 9 9 9 9 9 9 3 3 9 9 3 9 3 9 3 3 3 3 3 3 3 3 6 3 3 6 5 3 3 5 5 5 7 6 2 5 5 6 2 7 3 5 S S S R S N N P P P N J J I L L t w p w o a a o e o u e o a e i a l p u v a r r l a t t i w e t r m l a u h t a t i a t v h n y d w n z u n h n e a i d e u e a g d a r n n r A a a y l Z i l a l a a f n n r e n i i a _ d c a d _ _ _ - s a _ - - _ . . . 5 2 4 3 s 2 5 4 4 6 5 3 3 4 ^ K H M . H « 29 J J N J D M M D M D O J N D A M u u u a e e e o c e o p l a a n a n l a c c y c t c y v v r y y y e . y . . . . . . . . 2 2 1 2 1 1 2 1 1 1 7 9 6 5 1 0 5 2 5 6 3 7 4 8 1 1 , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 6 6 6 3 4 6 2 3 6 6 3 7 6 5 6 6 S O O S O e e c c c p p t t t. . t t . 2 1 9 2 9 6 5 _ 2 2 3 5 V2 2 H G F G F r i u e r n a r e n l n e m a g c c n a a e e d r n y y 4 6 4 6 4 J A D S J a u e u e n p n g c . t e . . . 2 2 1 4 3 9 2 5 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 7 4 5 2 7 U U Y Tu . n u d r i g S o t k o e m . e d s S y l i a K . v R i i n a . g . . . . - 5 8 2 5 }J J M M F u e a a n b r r e . . . 3 2 2 1 2 0 , , , , 1 1 1 1 9 9 9 9 3 3 2 3 2 3 7 5 Oct. 20 Nov. 26 _ IK Dec. 3 2 Changes since MajT 29: France—June 15, up from 4 to 6percent. Jan. 28,1937 . 4 June 15 __ -_ 6 In effect June 30,1937 2 6 4 2 V/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 m e a 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 l l a o d n w e k p a e o n r s c s i e t ' s d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r i c a v o t a e u t n e t M 1 o m ne o y n f th or 1936—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 P. 24 April 2.90 2.71 2.55 P. 22 May 2.88 2.63 2. 69 P. 22 Sw la it n z d er- ( B B e r l u g s i s u e m ls) F (P r a a r n is c ) e (M It i a la ly n) Hungary S ( h w S o t e o lm d c e k ) n - Japan (Tokyo) Month d P i r s r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P i r s 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—May 2.25 1.38 5.60 4.78 4 -6; 4.93 2.73 June 2.25 1.38 5.60 4.50 4.83 2.63 July 2.25 1.38 3.30 4.50 4.75 2.53 August 2.25 1.38 3.00 4.50 4 -6; 4.75 2.69 September 1.98 1.38 3.38 4.50 4 -e: 4.75 2.81 October 1.69 1.29 2.52 4.50 4 -6 4.75 2.92 November 1.46 1.00 1.96 4.50 4 -6^ 4.75 2.86 December, 1.25 1.00 1.99 4.50 4 -6; 4.75 2.74 1937—January- 1.25 1.00 2.22 4.50 -6k 4.75 2.63 February. . 1.18 1.00 4.01 4.50 6H 4.75 2.67 March 1.00 1.00 4.06 4.50 4.75 2.83 1.00 4.00 4. 50 4.75 2.80 April 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

696 FEDERAL RESERVE BULLETIN JULY 1937 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month A t r i g n e a n- t A ra u l s i - a A ( u sc s h t i r l- ia g B iu el m - Brazil (mi Ire is) B I r n i d ti i s a h g B a u r l i - a Canada Chile China Co b lo ia m- Cuba (peso) (pound) ling) (belga) Free (rupee) (lev) (dollar) (peso) (yuan) (peso) (peso) Official market 1929 95.127 480.83 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. 8788 37. 523 1. 2958 99.913 5.1240 29. 751 57. 083 99. 909 1936—May 33 111 396.09 18. 722 16. 938 8. 5755 37. 504 1. 2844 99.806 5.0775 29. 690 57.004 99.900 June 33.418 399. 99 18. 759 16. 907 8. 6310 37. 872 1. 2838 99.721 5.0659 29. 890 56.900 99.900 July 33. 489 400.15 18.848 16.899 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 April 32. 774 391.78 18. 687 16. 860 8. 7105 6. 2538 37.120 1. 2875 100.120 5.1725 29. 714 56. 956 99.918 May 32. 928 393. 70 18.719 16.868 8. 7192 6.4164 37. 280 1.2839 100.149 5.1725 29. 798 56. 967 99.917 Ger- Year or month C s ( l k z o o e v r c a u h k n o ! a) - ( m D kr e a o n r n k - e) ( E p g o y u p n t d) F (m in ar l k a k n a d ] F (f r r a an n c c ) e ( m m re a a ic r n h k y s ) - G (d m r r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I ( t li a r l a y ) J ( a y p en a ) n M (p e e x s i o c ) o N ( l 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 1936 4.0078 22.189 509. 68 2.1903 6.1141 40. 297 .9289 31.711 29. 558 7.2916 29.022 27. 760 64. 481 1936—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 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 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 April 3. 4862 21. 945 504. 07 2.1656 4. 4963 40.206 .9003 30.509 19. 785 5. 2607 28. 635 27. 751 54. 757 May 3. 4853 22. 051 506.49 2.1784 4. 4768 40. 171 . 9052 30. 600 19. 781 5. 2606 28. 780 27. 750 54. 936 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 n a e y ) P ( o zl l o a t n y d ) [ P es o g c r a u t l d u o - ) R ( u n le m i u a ) a- ( S A p o o fr u u i n c th d a ) Spain S S m [d t e o r e t l a t n la l i t e r t ) s s - ( S k d r w e o n n e- a) e S ( r f w r l a a i n t n c z d ) - T p u o r u k n e d y ) U ( K p d n o i o i u n m t n g e d - d ) ( g U p u e r s a u o y - ) ( s Y d l u i a n g v a i o r a ) - 1929. 483.21 26. 683 11.194 4. 4714 .5961 483. 27 14. 683 56.012 26.784 19. 279 48.411 485. 69 98. 629 1. 7591 1930 468. 22 26. 760 11. 205 4. 4940 .5953 483. 79 11.667 55.964 26. 854 19. 382 47. 061 486. 21 85. 865 1. 7681 1931 415. 29 25.055 11.197 4. 2435 .5946 480. 76 9.545 52.445 25. 254 19. 401 47.181 453. 50 55. 357 1. 7680 1932 320.19 18.004 11.182 3.1960 .5968 476. 56 8.044 40.397 18. 471 19. 405 47. 285 350. 61 47.064 1. 6411 1933 340.00 21.429 14.414 3. 9165 .7795 414.98 10. 719 49. 232 22. 032 24. 836 60. 440 423. 68 60.336 1. 7607 1934 402.46 25. 316 18.846 4.6089 1.0006 498. 29 13.615 59.005 25. 982 32. 366 79.047 503.93 79.956 2.2719 1935 391. 26 24. 627 18. 882 4. 4575 .9277 484. 66 13. 678 57.173 25. 271 32. 497 80.312 490.18 80.251 2. 2837 1936— 398. 92 24. 974 18. 875 4. 5130 .7382 485. 05 12. 314 58. 258 25. 626 30. 189 80. 357 497.09 79.874 2.2965 1936—May 399.02 24. 969 18. 792 4.5115 .7309 491. 59 13. 645 58. 240 25. 619 32. 391 80. 278 496. 97 79. 720 2. 2866 June 402. 84 25. 218 18. 800 4. 5455 .7273 496. 53 13. 659 58. 833 25. 877 32. 425 80. 270 501. 92 79. 709 2. 2871 July 403.26 25.233 18. 915 4. 5568 .7279 497. 07 13.714 58. 873 25. 893 32. 724 80. 355 502. 25 79.820 2. 2985 August 403.42 25. 249 18. 827 4. 5558 .7317 497.19 13. 643 58.916 25.910 32. 599 80. 272 502. 59 79. 719 2. 2926 September—. 403.97 25. 304 18. 824 4. 5586 .7315 497.99 12. 347 59.095 25.965 31. 418 80.145 503. 63 79.679 2. 2912 October 393. 25 24. 608 18.828 4.4475 .7309 484.32 8.954 57. 446 25. 253 22 993 79. 834 489. 84 79. 857 2. 2956 November 392. 36 24. 555 18. 825 4. 4373 .7289 483.43 8.798 57.314 25.196 22!984 79 883 488.80 80.045 2.2990 December 393. 87 24. 656 18. 853 4. 4514 .7285 485. 33 7.727 57. 544 25. 300 22. 985 80.162 490. 78 80. 000 2.3003 1937—January 393. 82 24. 658 18.924 4.4487 .7273 485.40 7.099 57. 549 25. 301 22. 936 80.156 490. 75 78. 926 2. 3022 February 392. 92 24. 589 18. 929 4.4457 .7275 484. 24 6.736 57.404 25. 232 22.829 79. 700 489. 39 78. 856 2. 3059 March 392. 32 24. 544 18.939 4. 4411 .7284 483. 81 6.149 57.194 25. 186 22. 792 79. 953 488. 51 78. 753 2. 3057 April 394. 76 24. 699 18. 959 4. 4599 .7286 486. 89 5.711 57. 640 25. 339 22. 824 80. 246 491. 63 78. 626 2.3056 May 396. 61 24. 819 18.934 4. 4723 . 7290 489. 17 5.348 57. 929 25. 465 22. 870 80. 134 493. 99 78. 659 2. 3060 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

697 JULY 1937 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U S n ta it t e e d s Canada K U in n g it d e o d m France Germany Italy (O Ja c p to a b n er N l e a t n h d e s r- Sw la it n z d er- (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) (19 1 2 0 6 0 - ) 30= (J = u 1 ly 0 0 1 ) 914 1926 100 100 695 134 237 106 144 1927 95 642 138 225 103 142 1928 97 645 140 100 226 102 145 1929 95 627 137 95 220 100 141 1930 86 100 554 125 85 181 90 126 1931 73 502 111 75 153 76 110 1932 65 427 97 70 161 65 96 1933 66 398 93 63 180 63 91 1934 75 376 98 62 178 63 90 1935 338 102 68 186 62 90 1936 411 104 76 197 64 96 1936—April 371 104 76 i92 61 92 May 374 104 76 192 61 92 June 378 104 76 194 62 92 July 391 104 75 197 62 93 August 403 105 76 197 63 93 September 420 104 77 201 63 97 October. __ 471 104 77 200 68 103 November 492 104 78 204 70 105 December. 101 519 105 79 215 71 107 1937—January. __ 103 538 105 81 233 73 108 February.. 86 104 533 106 83 230 • 74 111 March 107 550 106 84 240 76 113 April 109 552 106 248 77 113 May 111 550 106 241 77 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 p an 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 c l l t - s P s r io o n v s i- a p t f r n I r i i n n o d a d i d l s s u u r e h a s c m e w - t d s i- p tr I r i i n o s a d h d l u e u fi s d c n * t - s 1926 100 100 100 581 793 129 132 130 150 1927 99 97 94 599 678 138 129 132 147 1928 106 101 93 584 697 134 133 134 159 1929 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 . 48 61 70 88 85 482 380 91 86 89 118 1933 . 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935.. . — - 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 105 86 94 121 1936—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 86 101 111 528 570 104 95 98 124 April... 92 86 87 102 113 522 •"577 104 95 97 124 May 90 84 86 102 115 520 576 104 98 97 124 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

698 FEDERAL RESERVE BULLETIN JULY 1937 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 2 i t = 3 t e 1 - e s 0 d * 019 E l 1 J a n 4 u n g = l - d y 1001 F 9 J r 1 u a 4= l n y 1 c 0 e 019 m 1 G 1 9 4 a 1 e = 3 n 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 e 3 1 s 0 d - 019 E l J 1 a u 4 n n l = g y d 1 - 001 F 9 J r 1 J u a 4 a n = n n e 1 . c - 0 e 01 m 9 G 1 1 9 a 4 e 1 = n r 3 1 y - - 00 N 19 l e 1 a 1 t 9 3 n h 1 = d 1 e 1 s - r 0 - 01 S 9 l J 1 w a e u 4 r n i = l - t y d 1 z 0 - 0 1926 _. 109 161 554 146 161 160 1926 103 170 505 142 168 162 1927 105 156 557 153 163 158 1927 102 164 514 148 168 160 1928 103 157 549 153 166 157 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 »132 130 1936—April. . 80 126 443 122 119 1936—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 1937—Jan. . 85 136 562 121 124 126 1937—Jan. 151 125 134 133 Feb. 85 135 577 122 122 129 Feb. 151 125 134 136 Mar.._. 85 135 577 122 123 129 Mar.... 84 151 581 125 134 136 Apr 86 135 580 122 125 129 Apr 151 125 136 137 May_ 87 136 584 122 129 May 152 125 136 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 = 100) Year or month ( U a p S v r n t i e c i a r t e a t e ) g e 1 d e s ( 1 E D 9 n e 2 c 1 g e = l m a 10 n b 0 d e ) r (1 F 9 r 1 a 3= n 1 c 0 e 0) G ( e a p r v r m e ic r e a a ) g n e y ( N 19 l e a 2 t 9 n h = d e 1 s 0 r 3 0 - ) U S n ta it t e e d s England France Germany (1 N 9 l e a 3 t 0 n h = d e 1 s 0 r 0 4 - ) Number of issues. _ 60 87 36 139 8 419 278 300 329 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1927 100.7 110. 7 71.7 118.3 107.0 123.2 145.0 1928 . . 100.8 112.3 80.8 85.5 149.9 115. 9 178.1 136.1 1929 98.0 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122.8 1930 99.3 111.8 95.8 83.3 104.3 149.8 102.6 187.6 100.2 100. 0 1931 90.9 108.4 96.9 2 83.4 104.1 94.7 78.9 132.2 *78.0 70.0 1932 69.5 113.2 88.6 2 67.1 94.8 48.6 67.9 105.2 »50.3 46. 0 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52. 0 1934 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55.0 1935 88.6 129.9 83.5 95.3 107.8 78.3 86.3 79.7 82.9 55.0 1936 97.5 131.2 76.3 95.8 109.1 111.1 97.0 77.2 91.6 66.0 1936—April 95.9 131.5 75.8 95.3 105. 5 108.9 95.5 82.8 88.3 59. 6 May 95.5 131.1 74.7 95.5 103.4 101.0 93.8 71.2 91.1 58.5 June 96.2 130.6 73.8 95.8 100.2 105.6 94.0 66.1 93.2 60.3 July 97.1 131.0 73.2 95.9 106.0 109.2 94.7 59.2 94.6 61.9 August 97.7 131.6 73.2 96.1 108.5 113.0 97.3 58.8 93.4 62.2 September... 98.6 132.1 75.2 96.1 109.9 114.1 98 2 65.7 91.8 63.5 October 99.6 132.9 80.8 96.2 117.5 118.7 102! 1 83.7 97.2 78.9 November... 99.8 132.0 78.8 96.3 120.0 124.2 103.2 89.7 97.8 88.6 December __. 99.9 130.9 78.4 96.4 120.3 123.1 103.5 94.8 96.7 91.2 1937—January 100.3 129.7 77.5 96.7 121.9 126.4 104.2 114.6 97.8 101.5 February 100.0 125. 5 75.1 97.4 121.2 129.5 103.8 113.3 99.2 109.0 March.. 98.5 124. 3 74.6 97.7 121.6 129.9 102.7 112.0 100.3 113.7 April 96.6 125.3 72.6 98.5 124.5 101.0 96.6 101.5 110.1 May _ - 96.2 125.0 72.3 98.8 116.3 99.3 94.8 102.6 105 5 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. » Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. 3 Index of reciprocals of average yields. Average yield in the base year 1929 was 4.57 percent. 4 New index of stock prices of the Centraal Bureau voor de Statistiek, published in the Maandschrift (monthly bulletin) of the Bureau. Sources— See BULLETIN for February 1932, p. 121, June 1935, p. 394, and April 1937, p. 373. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DIRECTORY 699 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. MCKEB 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 oj Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 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. STEELE. 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 District No. 4 (CLEVELAND) .. L. B. WILLIAMS. WM. MCC. MARTIN District No. 5 (RICHMOND) .. CHARLES M. GOHEN . JOHN K. MCKEB 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. District No. 10 (KANSAS CITY) . W. T. KEMPER. CHESTER MORRILL, Secretary 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 700 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENTOR OFFICERS OF FEDERAL RESERVE BANKS Fed B e a ra n l k R o e f— serve Cha R irm es a er n v e an A d g F e e n d t eral President First Vice President Vice Presidents Boston... F. H. Curtiss. R. A. Young _ W. W. Paddock. _ W. Willett.2 New York Owen D. Young1 G. L. Harrison. Allan Sproul. W. R. Burgess. 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 E. C. Hill. Cleveland . E. 8. 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. Kettig Oscar Newton R. S. Parker H. F. Conniff. L M. Clark. W. S. McLarin, Jr.» Chicago R. E. Wood1 G. J. Schaller H. P. Preston. W. H. Snyder.s C. S. Young. J. H. Dillard. St. Louis W. T. Nardin ... W. McC. Martin 0. M. Attebery J. S. Wood. J. G. McConkey Minneapolis _ W. B. Geery J. N. Peyton.. 0. S. Powell Harry Yaeger. rr T 7iflrn«r 3 E. W. Swanson. Kansas City __. J. J. Thomas.. __ G. H. Hamilton C. A. Worthington... A. M. McAdams. J. W. Helm.3 Dallas C. 0. Walsh B. A. McKinney R. R. Gilbert R. B. Coleman.' W. J. Evans. San Francisco A. 0. Stewart W. A. Day Ira Clerk_ S. G. Sargent. W. M. Hale. C. E. Earhart.* 1 Deputy chairman. * Cashier. 3 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. 701 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS ••••• 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