Federal Reserve Bulletin, 1937-08

FEDERAL RESERVE BULLETIN AUGUST 1937 Recent Gold Movements Analyses of the Banking Structure French Financial Developments **??!*»* 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 gold movements—French financial developments 703-708 Analyses of the banking structure 709, 781-813 Treasury announcement regarding sale of gold to China and Brazils 710 National summary of business conditions ;__ -- 711-712 Summary of financial and business statistics . - 714 Law Department: Rulings of the Board: Savings deposits received during first five days of month 715 Purchase of called preferred stock by State member banks 715 Transfers of loans under Regulation U 715 Application of Regulation U to the purchase of debentures , 716 Application of Regulation U to a loan to an investment trust to retire debentures 717 Amendment of Regulation U __. 718 Earnings and expenses of Federal Reserve banks 719 French financial measures : 720 Annual report of the Netherlands Bank _ _._ 721-730 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 732 Federal Reserve bank statistics , „. -. 1. - 733-737 Reserve position of member banks; deposits in larger and smaller centers -- 738 Money in circulation - 739 Gold stock and gold movements 740 All banks in the United States 1 . -- 741 All member banks .._ . _ 742-743 Reporting member banks in leading cities 744-747 Bank suspensions; bank debits; Postal Savings System ... 748 Acceptances, commercial paper, and brokers' balances ._- 749 Federal Reserve bank discount rates __. 750 Money rates and bond yields __. 751 Security markets . . _--- 752 r Treasury finance 753 Governmental corporations and credit agencies 754-755 Production, employment, and trade __ 756 764 Wholesale prices . _ 765 Crop report 766 International financial statistics: Gold reserves of central banks and governments 768 Gold production _. __ 769 Qold movements _ . ._ 769-770 Central banks _ . 771-774 Bank for International Settlements 775 Commercial banks _. 775-776 Discount rates of central banks 777 Money rates. 777 Foreign exchange rates 778 Price movements: Wholesale prices _ 779 Retail food prices and cost of living _...__ __ _ _ 780 Security prices _ _ 780 Federal Reserve directory: Board of Governors and staff; Open market Committee and staff; Federal Advisory Council 816 Senior officers of Federal Reserve banks; managing directors of branches _ 817 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 23 AUGUST, 1937 No. 8 REVIEW OF THE MONTH the resources of the British Exchange Equalization Account, which are discussed later in Movement of gold from Europe to the this review. During the month the United United States, which had been in large volume States Treasury made arrangements to sell in the spring, declined sharply early in July up to $60,000,000 of gold to Brazil at such and then virtually ceased. The dollar price times and in such amounts as the Brazilian of gold in London through- Government might request, and to sell gold out the sPrin*had been such to China and purchase silver in order to asas to render gold shipments sist the Chinese Government in maintaining to the United States unusually profitable; but stability of the yuan. On July 20 the Treasin July it rose to a point at which gold pur- ury's inactive gold account showed a reducchased in London no longer yielded a profit tion of $42,000,000. This was the first reducwhen sold in New York, after deduction of tion in this account since its establishment on costs. Gold imports continued to arrive, how- December 24, 1936. Prior to this decline the ever, from Canada and from Japan. gold held inactive by the Treasury amounted The Japanese Minister of Finance had an- to $1,213,000,000. Nearly two-thirds of this nounced early in March that $14,000,000 of was acquired through the heavy movement gold would be exported and that more would of funds to the United States during the be shipped if necessary. By the end of July spring. $130,000,000 of Japanese gold had been This movement of funds was associated to shipped to this country. Late in July a plan a considerable extent with dishoarding of was announced for revaluing the gold re- gold in London. It reflected the second wave serves of the Bank of Japan on the basis of of dishoarding which has occurred in a gold content for the yen about 13 percent hoards *ess than a year* Last September, higher than the gold equivalent of the current on the eve of the new currency arexchange rate. The proposed revaluation rangement, it is estimated that from $1,500,will increase the Bank's gold reserves by 000,000 to $2,000,000,000 of gold was hoarded about 160 percent and will yield the Govin Europe. Estimates of this character ernment a profit of about 800,000,000 yen necessarily have a wide margin of error. ($250,000,000), of which it is reported that Some of the basic information is shown in some 200,000,000 yen will be utilized to repay the table on the next page. advances from the Bank of Japan, and the While most of the data in the table are remainder will be allocated to an exchange officially reported, figures for gold reaching stabilization fund. the outside world from the U. S. S. R. repre- Other important developments in relation sent, in the absence of Soviet figures, aggreto gold were the revaluation of gold reserves gates of net gold imports from the U. S. S. R. of the Bank of France and enlargement of 703 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 FEDERAL RESERVE BULLETIN AUGUST 1937 reported by other countries. Somewhat sim- Netherlands, and Switzerland had been subilar methods have been employed for China, jected in connection with the Fall dishoarding Straits Settlements, and Egypt. Figures for defense of their existing gold movement the return of coin and scrap and for indus- parities ended with major trial consumption are based in part on reg- readjustments downward in the exchange ularly reported statistics, in part upon scat- rates of these countries. At the same time the Tripartite Declaration, indicating a comtered data and estimates. mon policy of maintaining stability on the The table starts with the year 1931, in new exchange basis, subject to the requirewhich the international crisis developed and ments of internal prosperity, was issued by gold hoarding on a large scale began. It in- England, France, and the United States. Beldicates that in the period 1931 through Sepgium, the Netherlands, and Switzerland subtember 1936 gold to the amount of $3,450,sequently announced their adherence to this 000,000 went into unreported central holdings declaration. The new international currency or into private hoards, mainly in Europe. The arrangement was followed by increased acamount of gold in stabilization funds and tivity in the capital markets of all the parother unreported holdings of governments ticipating countries. Stock prices in France, and central banks in September can be known Switzerland, and the Netherlands rose at a only within broad limits, but it is believed more rapid rate than in the United States, and that the amount was in the neighborhood of in England there was a moderate advance. $1,700,000,000. Of the $1,500,000,000 to $2- In conjunction with this expansion of stock- 000,000,000 accumulated in private holdings market activity capital flowed to the former in Europe, perhaps two-thirds was in the gold-bloc countries as well as to the United London market, much of it held by nationals States—much of it coming from gold and of countries other than England. other resources previously held idle in Lon- The first substantial dishoarding movement don. During October and the first half of occurred last fall. At the end of September November, while Europeans reduced their • 1936 the series of crises to which France, thedeposits in this country, they greatly in- SOURCES AND USES OF GOLD, t JANUARY 1931 TO JUNE 1937 [In millions of dollars at $35 an ounce] Oct. January 1931 to September 1936 1936 Total* to June 1936 1937P Total (9 mos.) 1935 1934 1933 1931 Sources of gold: Mine output (excluding U.S.S.R.) - 5,460 748 4,713 715 883 823 794 776 722 Receipts from: Indian private holdings 1,224 49 1,176 88 163 206 234 355 129 U.S.S.R. *. 522 149 373 11 25 86 68 82 100 China, Straits Settlements, and Egypt 367 12 355 18 29 52 68 114 73 Return of coin 250 250 1 35 51 98 65 Return of scrap .. 799 66 733 66 110 144 146 162 105 Total 8,622 1,023 7,599 899 1,245 1,362 1,409 1,554 1,129 Reported uses of gold: Increase in reported central gold reserves (excluding U.S.S.R.) 5,822 2,177 3,645 136 532' 1,532 -19 964 500 Industrial consumption 566 63 502 63 78 66 76 87 132 Total , 6,387 2,240 4,147 199 610 1,598 57 1,051 633 Indicated increase in unreported official holdings and private hoards in western countries 2,235 1,217 3,452 701 635 -236 1,352 504 496 9 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 705 creased the rate of their investment in Amer- Meanwhile, however, a gold scare had ocican securities. curred, accompanied by dishoarding and a These developments indicate that the sub- heavy movement of European funds into stantial dishoarding of gold which occurred American bank deposits. This movement in the fall was in response to an increased was accelerated by a rise in sterling to levels feeling of security in regard to currency re- which the market did not regard as permalationships and to a belief that investment nent, and a consequent increase in the disopportunities were exceptionally attractive. count on sterling for future delivery which The dishoarding movement of this spring increased the inducement to move bank funds was of quite a different character. It oc- to New York. At the greater forward discurred at a time of weakness or uncertainty count a better return could be realized by in most of the leading stock London banks through placing funds in New Spring dishoarding markets of the world. Pro-York and buying future sterling back at a movement ceeds of the sales of dishoarded gold, insofar as they came to the RETURN ON BRITISH SHORT-TERM FUNDS EMPLOYED IN LONDON OR IN NEW YORK United States, were apparently not invested, 1.50 but were largely held idle on deposit with American banks. The movement was accom- A 1 L 1.25 IN NEW YORK L panied by rumors of impending reductions (wcf IT rxw FCHW»*O |P 1.00 in the American gold price, and at the close In u of the movement the French franc, which .75 •VI A ... / A had suffered a sharp decline in April, under- MlV / .50 went a more severe crisis, with the result -rrI- (TR I C N *(U JON DON ) I that the exchange basis determined upon last fall was abandoned. .NOV. APR. 1936 1937 STERLING EXCHANGE IN NEW YORK The return in London represents the rate per annum earned on DOLLARS PEB POUND DAILY RATES DOLLARS PEft POUND three-months British Treasury bills on the basis of the Friday tender; the return in New York is on a daily basis and represents the profit (expressed as percent per annum) obtained when sterling: funds are employed to purchase spot dollars, and simultaneously a contract is made to convert the dollars back into a f larger amount of sterling three months later. Such a profit is 1 possible only when forward sterling is at a discount. Minor incidental expenses or the possibility of obtaining interest in the New 1 York market have been disregarded. Most of the movement of J short-term funds into the United States this spring took the form 1/ of deposits in American banks without interest. discount than could be made by lending the A w if same funds in the London open market. This N (if situation is shown in the second chart on this page; the first chart shows the rise in sterling in April, which was to a considerable extent the result of the heavy American purchases 1 N 9 OV 3 . 6 1 A 9 PR 3 - 7 of gold in London. The rise in sterling was This sequence of events began with a de-halted at the end of April, but dishoarding cline in the American stock market in the continued and the gold flow to the United middle of March. Foreign buying interest, States was sustained. Toward the end of the which had receded to more moderate levels movement funds began to leave France in since the first wave of dishoarding in the fall, large volume, and while most of these funds disappeared altogether, and in April foreign- went in the first instance to London and ers sold American securities on balance. other nearby centers, indirectly they con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 FEDERAL RESERVE BULLETIN AUGUST 1937 tributed to the movement to the United adoption of a new financial program. The States. June crisis was the second of the year for From the end of March through the first France, the first having come to a head early week of July $775,000,000 of gold was re-in March as the result of a persistent outflow ceived from abroad and added to the Treas- of capital during the four preceding months. ury's stock of inactive gold. During this The principal measures taken to meet the sitperiod the volume of gold produced or dis- uation in March were removal of the restrichoarded abroad was of comparable mag- tions on private dealings in gold imposed by nitude. Since September 1936 more than the law of October 1, 1936, creation of a new $1,000,000,000 of gold appears to have come administration for the Stabilization Fund, out of private holdings, leaving a remainder flotation of a large loan with a foreign exprobably considerably less than $1,000,000,- change guarantee, and an undertaking, in 000. As the dishoarding movement has been view of improved economic conditions, to rechiefly concentrated in London, the amount duce Government expenditures. The details of hoarded gold still held in that market must of this program were made known on March now be less than half a billion dollars. 5. Subsequently there was a, considerable re- Early in July the British authorities took turn flow of capital to France, and the franc, action to enlarge the resources of the Equali- which -had fallen from -about 4.65 to 4.50 „ . , zation Fund. The capacity cents, recovered a large part of its losses. Slerhng exchange ^ -^ . French exchange continued to rise until the Qf t() buy g oM f need be was raised by £200,- end of the first week in April, when rumors 000,000 (about $1,000,000,000). This action of an impending reduction in the American was proposed to Parliament in the midst of price for gold led to a speculative demand for dollars in foreign markets. The franc, in comthe French crisis in the latter part of June mon with other leading currencies, was subwhen French funds were moving in large jected to pressure. But while the degree of volume to London. After the readjustment decline in other currencies was narrowly redownward of the franc and the institution of stricted, the franc suffered a severe descent. new budgetary measures, this movement of The speculative demand for dollars gradually funds was reversed. The backflow of French subsided following President Roosevelt's money, however, did not depress sterling, statement on April 9 that he knew of no which, on the contrary, rose during the first plan to reduce the price of gold, but the franc three weeks of July under the influence of never recovered from its decline. Continued market forces, among them a transfer of application of the social reform measures en- Japanese funds from New York to London. acted in 1936, labor difficulties and demands The rise of sterling to new high levels served by labor for additional social reforms, the to maintain the unusual discount on forward persistence of a heavy import surplus, and sterling, and this in turn continued to exert rumors regarding the position of the Treasan influence against the return of' British ury, served to create nervousness regarding funds from New York to London. the political outlook and the economic situa- In France the outflow of capital during tion- Disappointing tax receipts for April, the second quarter of the year resulted in a reported at the end of May, further contrib- _ , „ financial crisis. Depletion of uted to the uneasiness of the markets. Dur- French financial rn , , -. ,. ing the first half of June, while the Governdevelopments Treasury cash and exhaustion ment was preparing its financial program, of the gold resources of the capital left France in large amounts. By the French Stabilization Fund in June were fol- middle of June the gold resources of the Stalowed by a change of Government and the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

707 AUGUST 1937 FEDERAL RESERVE BULLETIN bilization Fund were exhausted. While of- 29 the Treasury's cash resources amounted ficial support had served to maintain a fairly- to only 20,000,000 francs, and obligations at steady rate of exchange for spot francs, the the end of June were met by exceptional prevailing uncertainty was reflected in the means. appearance of unusually wide discounts on The first measure taken by the Governfrancs for future delivery. ment under the new powers was a decree, At this juncture the Cabinet decided to re- dated June 30 to take effect July 1, removing quest authority to take financial measures by the limits to exchange movements of the franc decree rather than to submit detailed legisla- laid down in the law of October 1,1936. The tion to Parliament. Following two refusals October law abolished the former gold conby the Senate to grant the authority in the tent of the franc and authorized the Governform requested the Cabinet resigned on June ment to fix the gold content, by decree, at 21 and a new Cabinet was formed by Camille not more than about 75 percent nor less than Chautemps. Former Premier Blum was made about 66 percent of its previous amount. Vice-Premier and Finance Minister Auriol, Pending such a decree the Stabilization Fund who became Minister of Justice, was replaced established by the law was required to mainby Georges Bonnet, at that time Ambassador tain the gold value of the franc within the of France to the United States. above limits, which worked out, in terms of No definitive action was taken by the new dollars, at 4.96 and 4.35 cents respectively. Government until June 29, following the re- The decree of June 30 removing these limits turn of Finance Minister Bonnet from the is published on a later page of this issue of United States. On that day the stock and the BULLETIN. The same decree approves a commodity exchanges were closed, postpone- convention providing that the Bank of France ment of commercial obligations expressed in shall make additional temporary advances to gold or foreign exchange was authorized, and the Treasury without interest for a maxithe Government's program was presented. mum amount of 15,000,000,000 francs. On On June 30 Parliament voted to authorize the July 1 the franc was quoted in this market Government until August 31, 1937, to take at 3.84 cents, a decline of approximately 14 by decree "any measures tending to insure the percent from the June level and of about 2 repression of attacks on the credit of the percent from the pre-depression parity of State, the prevention of speculation, economic 3.92 cents. recovery, control of prices, equilibrium of the Assurance that the Tripartite Agreement budget and of the Treasury, and the defense, of September 25,1936, would remain in effect without exchange control, of the reserves of between France, England, and the United the Bank of France." On July 1 the stock States was contained in communications on market was reopened and the privilege of July 1 between the Treasuries of the three postponing commercial payments was cancountries. Secretary Morgenthau addressed celled. The commodity markets were not rethe following message to the French Minister opened until July 6. In explaining the necessity for the grant of Finance, and a similar message was sent of decree powers to the Government the by the British authorities: Finance Minister revealed that gold losses by "Now that the French Ministry of Finance has the Bank of France and the Stabilization been given the powers which it sought to meet the present situation, I look forward to a continuation of Fund between June 1 and 28 had amounted close cooperation between our Treasuries under the to nearly 7,800,000,000 francs, or approxi- Tripartite Declaration. mately $350,000,000. He also disclosed the "May I express to you the sincere hope that France will soon emerge from the temporary difficulties with difficult position of the Treasury. On June which she is now confronted?" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 FEDERAL RESERVE BULLETIN AUGUST 1937 Finance Minister Bonnet replied as fol- government securities in France yielded more lows : than 5 percent compared with about 2% percent in the United States and less than S1^ "I wish to express my heartfelt thanks for the percent in England. wishes you were kind enough to convey to me. The French Government attaches the greatest value to For the remainder of 1937 French Treasthe close collaboration which unites the two Treasury requirements, as announced by Finance uries. The energetic efforts we are now making to achieve our financial rehabilitation will allow us to Minister Bonnet, will be in excess of 30,pursue fruitfully the policy of the Tripartite Decla- 000,000,000 francs. Advances from the Bank ration and to put an end to the difficulties with which we have been confronted." of France under the convention of June 30 Further monetary measures were taken in will cover 15,000,000,000 francs of this the latter part of July. Following the resig- amount. Decrees dated July 8 increased tax nation of Governor Labeyrie of the Bank of rates on incomes of 20,000 francs or over by France and his replacement by Pierre Four- 20 percent, raised other direct and indirect nier, first Deputy Governor of the Bank, a taxes by substantial amounts, and made tax convention was concluded between the Treas- evasion more difficult. It was estimated that ury and the Bank of France providing for the these measures would yield between 3 and second revaluation of the gold reserves of the 4,000,000,000 francs of additional revenue in Bank since last September. Under a con- a half year. Increases in railroad fares and vention approved by the law of October 1, freight rates were expected to reduce the 1936, the Bank's gold reserves had been re- amount of the railway deficit, for which the valued at the rate of 49 milligrams of gold Treasury is responsible, by 1,000,000,000 0.900 fine per franc, the upper limit to the francs. Measures to reduce expenditures are gold value of the franc set by that law. Un- in progress. der the new convention the gold reserves are Anti-speculative measures include a decree, to be revalued at the rate of 43 milligrams of promulgated July 2, which prohibits comgold 0.900 fine per franc, the lower limit set modity prices from being increased except as by the law of October 1, although this limit officially approved for certain reasons such as is no longer in effect. The resulting incre- the higher cost of imported products. Toment will amount to about 6,800,000,000 wards the end of June, according to official francs and will be allocated to a fund estab- announcement, banks were instructed to curlished for the purpose of regulating the mar- tail their foreign exchange business, parket for government securities. Purchases of ticularly forward operations. A decree of securities by this fund, in addition to their July 8 imposed a tax of 100 percent on the direct effect upon security prices, will in- profits derived from speculative forward purcrease the available resources of the money chases of gold or foreign exchange negotiated market and tend to ease credit conditions between June 10 and 30 and falling due after generally. At the end of July both short June 28. and long-term money rates in France were Following its initial decline French exsubstantially above those in other leading change rose moderately during the first two centers. The discount rate of the Bank of weeks of July. In the third week, however, it France was 5 percent, to which it was reduced broke sharply. At the end of July the franc from 6 percent on July 7. The open-market was quoted at about 3.75 cents, which was rate of discount in Paris was also about 5 persomewhat above the low point reached, but cent compared with rates of ^ percent or less about 2 percent below the level at the beginin New York, London, and Amsterdam. Most ning of the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

709 AUGUST 1937 FEDERAL RESERVE BULLETIN ANALYSES OF THE BANKING STRUCTURE As a part of its function to keep the Board although some of them reported no demand of Governors informed of developments deposits on December 31, 1935, numbered within the fields of its responsibilities, the 14,935. Of these 5,386 were national, 998 Board's staff regularly pursues studies of State members of the Federal Reserve Sysproblems in finance, money, credit, and bank- tem, 7,641 insured nonmember, and 910 uning. It has been the Board's policy to make insured banks. Other institutions included material of this kind available to the public in the total of 15,964 are 39 cash depositories, through the FEDERAL RESERVE BULLETIN. 234 private banks, 82 Morris Plan and indus- Recent issues have presented data on inter- trial banks, 567 mutual savings institutions, national capital movements, interest rates 10 branches of foreign banks, 77 trust comcharged by banks, State laws relating to bank panies without deposits, 5 other financial inreserves, earnings and expenses of member stitutions without deposits, 1 deposit insurbanks, laws relating to branch banking, large ance national bank authorized to accept dedeposit accounts, and liquidity of banks. It posits, 1 State operated bank, and 13 trust is the Board's purpose in the pursuance of companies (with some deposits) which do this policy to publish such pertinent material not do a general banking business. in more frequent sequence, and in the near The tabulations distribute the 14,935 sofuture it contemplates publication of factual called commercial banks by States and geomaterial on the following subjects among graphic divisions on the basis of the amount others: Changes in the banking structure and of loans and investments, amount of deposits, bank assets and liabilities over the past 15 ratio of demand to total deposits, ratio of years, bank suspensions, bank profits, branch total capital account to total deposits, and acbanking, and group banking. cording to the population of the city in which In this issue of the BULLETIN tabulations located. Analyses are also presented of given on pages 781-813 present a detailed banks not on the Federal Reserve par list analysis by States of the banking structure and of banks with capital stock less than the on December 31, 1935, accounting for 15,964 applicable minimum statutory requirements banking institutions. Incorporated banks of for Federal Reserve membership or for the deposit, generally referred to as commercial, establishment of national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 FEDERAL RESERVE BULLETIN AUGUST 1937 TREASURY ANNOUNCEMENTS REGARDING SALE "The United States Treasury will also OF GOLD TO CHINA AND BRAZIL broaden the scope of the arrangements under which the Central Bank of China has been July 9,1937. enabled, under conditions which safeguard the interests of both countries, to obtain dol- The following joint statement is made by lar exchange for currency stabilization purthe Secretary of the Treasury and the Minposes. ister of Finance of China: "Both the Secretary of the Treasury and "The monetary cooperation which resulted the Finance Minister of China are greatly from the conference of the Secretary of the gratified by the beneficial results to both coun- Treasury of the United States of America tries which have been the consequence of with representatives of the Chinese Ministry their understanding reached last year, and of Finance in May, 1936, has contributed to they are equally gratified to be able to anthe very successful functioning of the new nounce further progress in their cooperation. Chinese monetary system with benefits both It is a source of satisfaction to them that the to the internal economy of China and to program of monetary reforms and currency American trade. stabilization in China has been carried out "We are now able to announce further with great success and has been accompanied progress in monetary cooperation between by* an increase of trade between China and the two countries in pursuit of the underother nations, particularly the United States, standing reached a year ago. At that time which occupies the first place in China's forthe Secretary of the Treasury, in a public eign trade. statement, said: "Because of his desire to express the ap- " *I feel confident that the monetary program being preciation of the Chinese Government and the pursued by the National Government of China is not people of China, the Chinese Minister of only along sound lines, but constitutes an important Finance came in person to the United States step toward the desired goal of stability of world currencies. to conduct the negotiations which have just " *To supplement their efforts toward that objective been concluded. and to cooperate with them in their program of "The Secretary of the Treasury greatly apmonetary reform and currency stabilization, and in preciates having had this opportunity for peraccordance with our silver purchase policy, we have sonal contact with the Finance Minister of definitely indicated our willingness, under conditions mutually acceptable, to make purchases from the China and of undertaking in conference with Central Bank of China of substantial amounts of him to further the welfare of both countries/' silver, and also to make available to the Central Bank of China, under conditions which safeguard the interests of both countries, dollar exchange for currency July 16,1937. stabilization purposes.' The following joint statement is made by "At the same time, the Minister of Finance the Secretary of the Treasury and the Minof China in a public statement expressed the ister of Finance of Brazil: firm belief that the new measures of mone- "The Secretary of the Treasury of the tary reform which were then being adopted by United States of America and the Minister the Chinese Government, and the arrange- of Finance of the United States of Brazil ments made with the United States would inare entering into an agreement under which: sure the stability of the Chinese currency, and "1. The United States undertakes to sell this would inevitably lead to greater economic gold to Brazil at such times and in such improvement and prosperity of the Chinese amounts as the Brazilian Government may people. request, up to a total of $60,000,000; "Arrangements have now been made "2. The United States will make dollar exthrough which the Government of China will change available to the Government of Brazil purchase from the United States Treasury a substantial amount of gold. To aid the Chi- or its fiscal agent, under conditions which nese Government thus to augment its gold safeguard the interests of both countries, for reserves, and in accordance with the terms of the purpose of promoting exchange equithe United States Silver Purchase Act of ibrium. 1934, the United States Treasury will pur- "The agreement is designed to promote the chase an additional amount of silver from the development of conditions favorable to the Chinese Government. maintenance of monetary equilibrium be- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

711 AUGUST 1937 FEDERAL RESERVE BULLETIN tween the two countries and to facilitate the this favorable development of the Brazilian establishment by the United States of Brazil economy makes feasible at this time this of a central reserve bank as a part of the important step. program of the Brazilian Government for "Both the Secretary of the Treasury and improving the financial structure of the the Minister of Finance are pleased to have Nation to meet the needs of its expanding had this opportunity to extend the field of economy. cooperation between their countries and, in "In recent years there has occurred a accordance with their conversations, the Secnotable improvement of the trade and finan- retary of the Treasury stands ready to supcial position of Brazil. It is a matter of ply such technical assistance as Brazil may gratification both to the Secretary of the care to avail itself of in connection with the Treasury and the Finance Minister that organization of the new bank." NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled July 26 and released for publication July 28] Activity in most manufacturing industries F. W. Dodge Corporation. There was a and at mines continued in June at the May marked rise in contracts for public projects, level, with allowance for seasonal influences, and awards for private building increased but the total output was decreased by labor somewhat, reflecting chiefly a larger volume difficulties in steel mills* In July, production of contracts for factories and for apartments. at these mills increased* Factory employment and payrolls declined Production and employment.—Volume of more than seasonally from the middle of May industrial output, as measured by the Board's to' the middle of June, largely as a result of seasonally adjusted index, was 115 percent strikes in the iron and steel industry. In of the 1923-1925 average in June as compared most other manufacturing industries and also with 118 percent maintained in the preceding in non-manufacturing lines changes in emthree months. The decrease was largely ac- ployment were chiefly of a seasonal nature. counted for by the decline in steel produc- Agriculture.—The July 1 cotton report of the Department of Agriculture showed an 1NDUSTR1AL PRODUCTION acreage of 34,192,000, which is larger than in any year since 1933, but considerably smaller than the average of 41,424,000 acres for the five years 1928-1932. Reports on other major 120 Q crops indicate larger production than last season and about equal to the average for 1928-1932. Distribution.—Distribution of commodities to consumers was maintained in June at the DEPARTMENT STORE SALES 2PE5R0 CENT 50 1929 1930 1932 1933 1934 1935 1936 1937 200 Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. 4 tion. Automobile production declined sea- 4 -. r sonally and lumber output showed little ! V change. There was considerable reduction ^4 T in activity at shoe factories and at sugar refineries, while textile production was close to the level of other recent months. At is ted for sttasonal variation mines output continued in about the same WithwtseasontI adjustmen I t 1929 1930 1931 1932 1933 1934 1935 1936 1937 volume as in May. Indexes of value of sales, 1923-1925 average = 100. Value of construction contracts awarded, level of other recent months, with allowance which had declined in May, increased confor seasonal influences. Department store siderably in June, according to figures of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 FEDERAL RESERVE BULLETIN AUGUST 193 sales showed a seasonal decline and there was member banks increased from $810,000,000 little change in mail-order business. Sales to $870,000,000, owing principally to a deat variety stores increased somewhat. De- cline in the amount of required reserves repartment store trade in the mid-western in- sulting from a decrease in deposits at member dustrial area in June and in the first half of banks in leading cities. the year showed larger increases over a year Commercial* loans of reporting member ago than did sales in other parts of the banks continued to increase both in New country. York City and in other leading cities during Freight-car loadings declined somewhat the five weeks ending July 21. There was a further in June, reflecting largely a decrease substantial decline in adjusted demand dein shipments of miscellaneous freight. posits, mostly at New York City banks. This Wholesale commodity prices.—The general decline corresponded to decreases in holdings level of wholesale commodity prices, which of United States Government obligations, folhad declined gradually from the beginning of April to the middle of June, advanced some- lowing increases at the time of new Treasury note issues at the middle of June, and in hold- WHOLESALE PRICES PERCENT PERCENT MEMBER BANK CREDIT 120 120 BILUONS DF DOLLARS BILLIONS OF DOLLA 2 R 4 S no 110 16 23 IS " Ad d jU H 5t e e&— -J*»" 22 too 100 14 ' V 21 13 20 90 90 12 / 11 Obligation S 80 ao 11 Balances of 10 6 pnnks in 11 S J*/*\ 70 to 5 4 / ^ ^^ Time Deposits ^? J> Totol Loons 60 60 3 Other Sroinfies^ -—^ 2 50 1 ^^ U.SG0VI Deposit* 1929 1930 1931 1932 1933 1934 1935 1936 1937 0 Index compiled by United States Bureau of Labor Statistics, '34 1955 1936 1937 1936 1926 = 100. By months, 1929 to 1931; by weeks, January 2, 1932, to July 17, 1937. Wednesday figures for reporting: member banks in 101 leading citiea, September 5, 1934, to July 21, 1937. Loans on real estate, loans to banks, and acceptances and commercial paper bought inwhat after that time. Prices of hogs and cluded in total loans and investments but not shown separately. pork rose considerably and grain prices adings of other securities. Loans to brokers vanced during most of the period. Steel and dealers in securities, which increased in scrap prices increased sharply and prices of June, declined during the first three weeks of tin, zinc, and hides also advanced, while cotton goods and rubber continued downward. July. In the past week prices for grains declined Money rates.—Open-market rates on Treasand cotton prices also moved lower. ury bills and yields on Treasury notes and Bank credit.—In the four-week period end- bonds declined in July to the lowest levels ing July 21 the volume of excess reserves of since March. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 713 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 13 13 12 / 12 11 11 _^ 10 10 GOLD STOCK/ 9 8 8 1 I I I I MOMEY IN CIRCULATION J l\ 1 \ "w * —^^^-^ 4 4 -\. J[REASl RY CASH 3 / 3 2 ! RESERVE BANK 2 : (DREDIT 1 1 1 1 TKbASUKY ULHObllb 0 •••••»••••• .»••••••••*•• 1932 1933 1934 1935 1936 1937 MEMBER BANK RESERVE BALANCES ::-.-::-EXCESS RESERVES %• REQUIRED RESERVES rjf^ _ _ +Mm+a.MmS *********** * ffff ** * * Jf 1933 1934 1935 1936 1937 1932 Latest figures for July 21, 1937. See table on page 732. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 FEDERAL RESERVE BULLETIN AUGUST 1937 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1937 Annual averages June May Apr. Jane May Apr. 1936 1935 1934 1933 1932 1929 RESERVE BANK CREDIT, MEMBER BANK RESERVES, Averages of daily figures; in millions of dollars AND BELATED ITEMS Reserve bank credit—total 2,578 2,577 2,522 2,478 2,476 2,480 2,481 2,475i 2,502 2,429 2,077 1,459 Bills discounted - — 15 16 10 6 5 6 6 7* 36 283 521 952 Bills bought 5 5 4 3 4 5 4 5 25 83 71 241 U. S. Government securities . 2,526 2,526 2,480 2,430 2,430 2,430 2,430 2,431 2,432 2,052 1,461 208 Monetary gold stock 12,189 11,901 11,686 10,514 10,324 10,202 10, 578 9,059 7,512 4,059 3,952 3,996 Treasury currency... 2,548 2,546 2,541 2,492 2,495 2,503 2,503 2,478 2,381 2,271 2,096 2,015 Money in circulation _ 6,435 6,426 6,397 6,062 5,918 5,892 6,101 5,585 5,403 5,576 5,328 4,476 Treasury cash, — 3,322 3,069 2,863 2,579 2,574 2,540 2,474 2,791 2,798 288 236 207 Treasury deposits with F. R. banks 131 85 159 793 559 845 446 1 128 81 55 39 22 Nonmember deposits and other accounts 549 511 506 567 606 608 551 507 438 497 407 406 Member bank reserve balances: Total 6,878 6,932 6,824 5,484 5,638 5,300 5,989 5,001 3,676 2,343 2,114 2,358 Excess 876 927 1,552 2,593 2,800 2,510 2,512 2,469 1,564 528 256 43 REPORTING MEMBER BANES Averages of Wednesday figures; in millions of dollars Total loans and investments 22,330 22,201 22,280 22,373 21,832 21,745 22,064 19,997 18,672 17,505 19,080 22.599 Loans to brokers and dealers in securities 1,393 1,326 1,276 1,312 1,185 1,223 1,181 991 981 777 618 •2,208 Loans on securities to others (except banks)1 2,006 2,028 2,046 2,096 2,078 2,077 2,055 2,131 2,545 3,157 4,226 •5,448 All other loans * — 6,298 6,169 6,077 5,127 5,092 5,061 5,226 4,907 4,965 6,222 6,578 9,231 U. S. Government obligations: Direct 8,355 8,320 8,447 9,202 8,877 8,767 9,080 7,989 6,856 5,228 4,413 2,865 Fully guaranteed 1,160 1,163 1,181 1,303 1,286 1,273 1,250 928 •325 Other securities - 3,118 3,195 3,253 3,333 3,314 3,344 3,272 3,053 '3,000 3,121 3,245 2,847 Reserve with Federal Reserve banks 5,332 5,350 5,340 4,389 4,577 4,180 4,799 4,024 2,875 1,822 1,673 1,725 Cash in vault 315 338 346 387 378 370 383 326 271 240 214 248 Balances with domestic banks - 1,761 1,790 .1,967 2,290 2,283 2,262 2,358 2,112 1,688 1,322 1,250 1,142 Demand deposits—adjusted 15,300 15,420 15,283 14,563 14,371 13,982 14,619 12,729 (*) (*) (2) Time deposits (excluding interbank)* 5,233 5,194 5,145 5,037 5,051 4,971 4,999 4,883 4,937 4,946 && 6,788 Deposits of domestic banks* 5,028 5,138 5,544 5,503 5,477 5,484 6,810 4,938 3,814 2,822 2,772 2,787 Borrowings _ - 25 20 3 3 5 6 8 115 228 674 MONET RATES AND BOND YIELDS Averages of weekly figures; percent per annum Commercial paper 1.00 1.00 1.00 .75 .75 .75 .75 .76 1.02 1.72 2.73 5.85 Stock exchange call loans —- __ 1.00 1.00 1.00 1.00 .93 .75 .91 .56 1.00 1.16 2.05 7.61 U. S. Treasury bills .58 .65 .70 .23 .18 .10 .14 .14 .26 .52 .88 U. S. Treasury bonds, long term 2.64 2.67 2.74 2.50 2.50 2.51 2.47 2.70 3.10 3.31 3.65 3.60 Corporate high grade bonds (Moody's Aaa) 3.28 3.33 3.42 3.24 3.27 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 560 261 272 734 420 986 518 392 180 89 146 959 New 359 150 152 218 112 176 164 121 116 60 100 841 Refunding 200 111 121 516 308 810 354 270 64 29 46 118 Domestic corporate issues—total 418 165 172 528 305 658 382 189 41 32 54 781 New 269 78 85 152 38 128 99 34 15 13 27 667 Refunding 149 87 87 376 267 530 282 155 26 18 27 115 PRICES Index numbers Common stocks (1926=100) 114 116 125 106 101 109 111 78 72 63 49 190 Wholesale commodity prices (1926=100): All commodities 87 87 88 79 79 80 81 80 75 66 65 95 Farm products , 89 90 92 78 75 77 81 79 65 51 48 105 Foods 85 84 86 80 78 80 82 84 71 61 61 100 Other commodities -, 86 86 87 79 79 79 80 78 78 71 70 92 Retail food prices (1923-25=100) 86 87 86 84 80 80 82 80 74 66 68 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, t9S$-£5=100 Industrial production 118 118 104 101 101 105 90 79 76 64 119 Manufactures 118 118 105 101 100 105 90 78 75 63 119 Minerals 116 115 100 102 106 104 91 86 82 71 115 Construction—total 56 53 52 46 47 55 37 32 25 28 117 Residential - 44 44 36 32 30 37 21 12 11 13 87 Allother fi6 61 65 57 60 70 50 48 37 40 142 Factory employment 102 102 90 90 89 92 86 83 72 66 105 Factory payrolls (unadjusted). P103 105 105 81 81 79 82 71 63 49 46 109 Freight-car loadings 78 80 84 73 72 71 75 64 62 58 55 107 Department store sales 93 93 93 87 87 84 88 79 75 67 69 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports.. P2Q5 290 269 186 201 193 205 190 178 140 134 437 General imports 285 287 191 192 203 202 171 138 121 110 367 p Preliminary. . • Partly estimated. * Includes loans on securities to banks, 1929-1934. * Figures not available. * Includes 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

AUGUST 1937 FEDERAL RESERVE BULLETIN 715 LAW DEPARTMENT Savings deposits received during first five days of 1. ESSENTIALS OF THE TRANSFER OF A month. IOAN.—The first question presented in con- The Board's Regulation Q provides in sec- nection with this provision was whether a tion 3(d) that "A member bank may pay bank should be regarded as accepting the interest on a savings deposit received during transfer of a loan if it makes a loan to a custhe first five days of any calendar month at tomer to enable him to reduce or retire existthe applicable maximum rate prescribed pur- ing indebtedness at another bank or to replace suant to the provisions of subsection (a) of funds which the borrower has used to reduce this section calculated from the first day of or retire indebtedness at another, bank. such calendar month until such deposit is A transaction such as that described should withdrawn or ceases to constitute a savings not be considered to be the accepting of the deposit under the provisions of this regula- transfer of a loan pursuant to section 3 (e). tion, whichever shall first occur/* The Board The provisions of section 3 (e) apply only to has taken the position that where the fifth a loan which is transferred by the process of day of any calendar month is a Sunday or a payment by the transferee bank to the transfull holiday, a savings deposit received on feror bank against the receipt of the proper the next business day after the fifth day of collateral, and a transaction such as that dethe month may be deemed to have been re- scribed above does not come within the proceived during the first five days of the month visions of the section. within the meaning of this provision of the 2. THE INDEBTEDNESS AND COLLATERAL TO regulation. BE TRANSFERRED.1—Questions also were raised as to the indebtedness and the collateral to be transferred. In general, two differ- Purchase of called preferred stock by State member ent types of cases were presented in this conbanks. nection, one relating to indebtedness incurred Under the provisions of section 5136 of on or after May 1, 1936, and the other to inthe United States Revised Statutes and secdebtedness incurred prior to that date. Since tion 9 of the Federal Reserve Act, State memno question was presented as to the requireber banks of the Federal Reserve System are ments that might affect the transferor bank, not permitted to purchase stock for their the two types of cases were considered only own account. An inquiry was received by with respect to the requirements that affect the Board as to whether a State member the transferee bank. bank may purchase called preferred stock in Loans made on or after May 1,1936.—The view of these provisions of the law and, after first type of case involved indebtedness that considering the matter in the light of the was for the purpose of purchasing or carrydecisions of the courts on similar questions, ing stocks registered on a national securities the Board expressed the view that preferred exchange, that was not excepted from the stock which has been called for redemption regulation, and that was incurred on or after May 1, 1936. Although the transferor bank or retirement must still be considered as may have treated certain portions of this instock within the meaning of the statute and, debtedness as separate loans for certain purtherefore, may not be purchased by a State poses, the agreement between the customer member bank for its own account. and the bank was such that all the collateral for any of the described indebtedness secured all such indebtedness. Transfers of loans under Regulation U. In this connection, it is to be noted that the The Board has recently considered a numsecond paragraph of section 1 of Regulation ber of questions regarding the transfer of U provides: loans pursuant to section 3(e) of Regulation U which provides in part as follows: * * * the entire indebtedness of any borrower to any bank incurred on or after May 1, 1936, for the A bank may accept the transfer of a loan from ani In view of Amendment No. 3 of Regulation U which eliminates other bank, or permit the transfer of a loan between the distinction between loans made on or after May 1, 1936, and borrowers, without following the requirements of this loans made before that date, that portion of part 2 of this ruling regulation as to the making of a loan, provided the which relates to loans made before May 1, 1936, will no longer be applicable after September 1, 1937, the effective date of Amendloan is not increased and the collateral for the loan is ment No. 3. On and after this effective date, transfers of all loans not changed; * * * should be treated as if the loan had been made after May 1, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 FEDERAL RESERVE BULLETIN AUGUST 1937 purpose of purchasing or carrying stocks registered lateral which has been treated as having loan on a national securities exchange shall be considered value for the purposes of the loan and as not a single loan; and all the collateral securing such inhaving loan value for other purposes, should debtedness shall be considered in determining whether or, not the loan complies with this regulation. be considered as a unit, and they should be so considered without regard to a customers' In view of this provision, it is evident that agreement under which collateral for one the regulation contemplates that, in certain loan secures another. connections, the aggregate of the described Accordingly, if the entire amount of such indebtedness and all the collateral that secures an old loan thus identified is to be accepted the indebtedness should be considered a unit, by the transferee bank pursuant to section regardless of whether or not the transferor 3(e), it should be accompanied by all the bank may have treated a portion of such incollateral which, as indicated above, has been debtedness as a separate loan and assigned treated as having loan value for the purposes particular collateral to that portion. It is of the loan and as not having loan value for clear that it would be permissible under secother purposes. Similarly, if a portion of tion 3 (e) for a transferee bank to accept the such a loan is to be accepted by the transferee transfer of the aggregate of such indebtedbank pursuant to section 3(e), it should be ness accompanied by the aggregate collateral, accompanied by a corresponding portion of but there was presented the additional questhe collateral so that the collateral will not be tion of whether it is permissible under section changed, i.e., the ratio of the part of the 3 (e) to accept the transfer of a portion of this indebtedness transferred to the part of the aggregate indebtedness accompanied by a collateral transferred is the same, as that of proportionate part of the aggregate collateral. the indebtedness originally treated as a single If a portion of the aggregate, indebtedness loan to the collateral treated as having loan is transferred to a bank and the transferred value only for the purposes of such loan. portion is accompanied by a corresponding 3. DETERMINATION OF FACTS REGARDING portion of the collateral so that the ratio of TRANSFER OF LOAN.—A question was also the part of the indebtedness transferred to presented as to the method which a transferee the part of the collateral transferred is the bank may use to determine whether or not the same as that of the aggregate indebtedness conditions necessary for the transfer.of a loan to the aggregate collateral, it may properly pursuant to section 3 (e) are being followed. be considered that "the collateral for the loan Specifically, the question was raised whether is not changed" and the transferee bank may the transferee bank may rely upon a signed in accordance with section 3 (e) of the regula- statement of the borrower or the transferor tion accept such a transfer "without follow- bank which it accepts in good faith to deing the requirements of this regulation as to termine these facts. the making of a loan". The Board pointed out that, as in the case Loans made before May 1, 1936.—The of a number of other facts that are relevant other type of case involved indebtedness that to operations under the regulation, no specific was for the purposes of purchasing or carrymethod of determining these facts is reing registered stocks, that was not excepted quired. The requirement is that the bank from the regulation, but that was incurred act diligently and in entire good faith, and prior to May 1, 1936. in doing this it may utilize various methods It will be noted that the provision of secfor ascertaining the facts in particular cases. tion 1 of the regulation quoted above with As one method of determining the facts in respect to the treatment of aggregate inconnection with the transfer of a loan, a debtedness and aggregate collateral as a unit transferee bank acting in good faith would does not apply to indebtedness incurred prior be justified in relying upon a signed stateto May 1, 1936. In the case of such an old loan, therefore, identification of the loan and ment of the borrower or the transferor bank. the collateral therefor, all or part of which are to be transferred, should be made on the Application of Regulation U to the purchase of debasis of the practice which the transferor bentures* bank and the borrower have consistently The Board recently considered the quesfollowed in good faith in dealing with the ti t on whether the purchase of certain debenloan. Any indebtedness which has been tures by a national bank is subject to the treated as constituting a single loan, and col- Board's Regulation U, which relates to loans Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

717 AUGUST 1937 FEDERAL RESERVE BULLETIN by banks for the purpose of purchasing or corporate investment trust on stocks to encarrying stocks registered on a national se- able the investment trust to retire certain curities exchange. debenture bonds issued by it prior to the en- It appeared that the debentures in question actment of the Securities Exchange Act of were issued for the purpose of obtaining 1934. It was understood that the debentures funds to acquire certain stocks which were were originally issued to obtain funds for registered on a national securities exchange.- the usual operations of the investment trust These stocks were pledged with a trustee that which consist very largely of purchasing and was to maintain the collateral for the deben- carrying listed stocks. tures at a certain level, calling debentures for Since the loan was to retire the debentures redemption and liquidating collateral as of the investment trust, it appeared not to might be necessary for this purpose. be for the purpose of purchasing stocks regis- It seemed clear that the purpose of the tered on a national securities exchange and, issue of debentures was to purchase or carry therefore, the question was whether the loan stocks registered on a national securities ex- was for the purpose of carrying such stocks. change, but it was noted that Regulation U It appeared from the nature of the loan is expressed almost entirely in terms of that it was one for the purpose of carrying "loans" instead of using the somewhat registered stocks unless some provision of broader term of "extend credit" which ap- the regulation removed it from that category. pears in the provisions of section 7 of the In this connection section 3 (b) of the regulation provides: Securities Exchange Act of 1934 under which the regulation is issued. This, of course, No loan, however it may be secured, need be treated would not prevent the scope of the regulation as a loan for the purpose of "carrying" a stock regisfrom being broadened in this respect if such tered on a national securities exchange unless the pura change should appear to be advisable. pose of the loan is to enable the borrower to reduce or retire indebtedness which was originally incurred to The information in the inquiry was not purchase such a stock, or, if he be a broker or dealer, entirely clear as to the status of the deben- to carry such stocks for customers. tures ; but it was the view of the Board that, It will be seen that section 3(b) was inif the debentures complied with the requiretended to exempt from the regulation loans ments of section 5136 of the Revised Statutes which might otherwise be considered to be and the regulations of the Comptroller of the for the purpose of "carrying" registered Currency issued thereunder with respect to stocks merely because they happen to be the purchase of investment securities, the secured by such stocks. This was to afford purchase of the debentures, whether directly banks more certainty in their operations from the issuer or from some other source, under, the regulation. would not be subject to the present pro- It was the view of the Board that the devisions of .Regulation U since the regulation is at present expressed in terms of loans. If bentures in question constituted indebtedness the debentures were securities that failed to within the meaning of section 3(b) and that meet these requirements, the inability of the the purpose of the loan must be considered national bank to purchase the debentures to be the retirement of these debentures would have prevented any question from aris- rather than merely their purchase. It also ing in the present case as to the application was felt that in connection with matters of of Regulation XL this kind the present status of the stocks The Board further stated that, if the facts should be considered and that, therefore, are such that the debentures should not be since the stocks in question had become regisconsidered to be securities and thus would tered after the passage of the Act, the denot be subject to section 5136, they should, bentures should be considered to be indebtedof course, be treated as loans. The facts ness originally incurred for the purchase of stated in the inquiry seemed to indicate that, registered stocks within the meaning of sec* if the debentures should be treated as loans tion 3(b). Furthermore, the reference in they would be loans subject to Regulation U the section to brokers and dealers indicates that the section was not intended to exempt Application of Regulation U to a loan to an investment loans which are closely connected with tradtrust to retire debentures. ing in registered stocks and emphasizes the The Board has considered a question as to fact that loans of the type under considerawhether Regulation U applies to a loan to a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN AUGUST 1937 tion do not come within the general purposes collateral at such time to be less than the amount of the exemption contained in the section. of the loan. In case such maximum loan value has become less than the amount of the loan, a In view of these facts, the Board expressed bank shall not permit withdrawals or substituthe opinion that the loan in question was sub- tions that would increase the deficiency; but the ject to the provisions of Regulation U. amount of the loan may be increased if there is provided additional collateral having maximum loan value at least equal to the amount of the Amendment of Regulation U increase." Regulation U, which relates to loans by 2. Section 2 of said regulation is amended by subbanks for the purpose of purchasing or carry- stituting the word "may" for the word "thereafter" in the unlettered portion of said section so that the ing stocks registered on a national securities unlettered portion of said section as thus amended exchange, was recently amended by the will read as follows: Board, effective September 1, 1937. This amendment, which is designated as Amend- "SECTION 2. EXCEPTIONS TO GENERAL RULE ment No. 3 of Regulation U, is as follows: Notwithstanding the foregoing, a bank may make and may maintain any loan for the purpose Regulation U, as amended, is hereby further specified above, without regard to the limitations amended in the following respects: prescribed above, if the loan comes within any of the following descriptions:" 1. Section 1 of said regulation is amended by inserting the words "o? at any previous time," in the In general, the effect of this amendment is second paragraph of said section after the words to eliminate the distinction between loans "incurred on or after May 1, 1936,"; and by substituting the words "While a bank maintains any made on and after May 1, 1936, and loans such loan, whenever made, the" for the words "After made prior to that date so that, on and after any such loan has been made, a" in the third para- the effective date of the amendment, withgraph of said section'; so that said section 1 as thus drawals and substitutions of collateral for amended will read as follows: loans made before May 1, 1936, will be sub- "SECTION 1. GENERAL RULE ject to the provisions of the regulation to the On and after May 1,1936, no bank shall make same extent as if the loans had been made any loan secured directly or indirectly by any after that date. In view of this amendment, stock for the purpose of purchasing or carrying the explanatory foreword accompanying Regany stock registered on a national securities exulation U has been changed to read as follows: change in an amount exceeding the maximum loan value of the collateral, as prescribed from time to time for stocks in the supplement to this EXPLANATORY FOREWORD regulation and as determined by the bank in (Not a part of the regulation) good faith for any collateral other than stocks. This regulation is issued pursuant to the provisions For the purpose of this regulation, the entire of section 7 of the Securities Exchange Act of 1934. indebtedness of any borrower to any bank in- The regulation does not restrict the right of a bank curred on or after May 1, 1936, or at any preto extend credit, whether on securities or otherwise, vious time, for the purpose of purchasing or for any commercial, agricultural, or industrial purcarrying stocks registered on a national securi- pose, or for any other purpose except the purchasing ties exchange shall be considered a single loan; or carrying of stocks registered on a national securiand all the collateral securing such indebtedness ties exchange. shall be considered in determining whether or The regulation does not prevent a bank from taking not the loan complies with this regulation. for any loan collateral in addition to that required While a bank maintains any such loan, when- by the regulation, nor does it require a bank to reduce ever made, the bank shall not at any time permit any loan, to obtain additional collateral for any outwithdrawals or substitutions of collateral that standing loan, or to call any outstanding loan because would cause the maximum loan value of the of insufficient collateral. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING THE SIX-MONTH PERIOD ENDED JUNE 30, 1937 New Phila- Cleve- Rich- St. Minne- Kansas San Fran- Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas cisco CURRENT EARNINGS Discounted bills $77, 908 $7,613 $33,017 $11,762 $1,822 $2,665 $6,622 $2,792 $1,201 $1,831 $3,396 $3,065 Purchased bills 16,056 1,033 5,888 1,527 1,414 570 511 1,824 310" 416 416 1,703 U. S. Government securities 18,627,456 1,352,209 5,173,956 1,534,036 1,862,943 1,001,690 830,766 2,084,018 854,563 629,733 942,472 732,060 1,629,111 I C n o d m us m tr i i t a m l e a n d t v s a t n o c e m s ake ind _ ustrial advances 5 1 9 0 1 6, , 5 3 9 4 2 1 68 9 t ,6 5 3 1 0 2 1 3 3 9 9 , , 9 1 6 0 9 4 121,6 9 0 5 3 7 2 6 5 , , 4 9 6 56 7 6 1 5 0 , , 3 41 0 5 2 8,9 7 8 8 7 1 29,35 9 7 8 8 7, , 1 9 9 6 7 5 21,7 3 8 4 2 9 1 1 9 , , 3 0 4 8 2 6 3 2 7 , , 0 0 3 0 7 3 4 2 5 7 , , 6 3 8 5 4 0 Allother 339,253 2,156 42,289 8,958 34,873 12,063 11,093 91,360 8,973 4,060 75,946 5,702 41,780 Total currents earnings 19,758,606 1,441,153 6,434,223 1,678,843 1,933,475 1,092,605 858,759 2,209,449 882,264 657,435 1,041,093 780,614 1,748,693 CURRENT EXPENSES Operating expenses: Salaries: Officers 1,15Q, 528 58,875 270,582 58,913 97,738 75,250 78,719 121,225 86,374 53,310 82,316 65,900 107,326 Employees _ 8,114,334 549,673 2,144,257 649,457 725,841 470,284 416,170 947,501 440,669 271,999 450,130 352,045 Retirement System contributions for current service 439,676 27,606 114,847 33,941 37,702 26,742 20,129 51,354 25,344 16,663 28,585 18,798 37,965 Legal fees - 26,507 1,623 802 486 2,796 1,186 29 4,551 5,352 4,540 5,142 D Fe ir d e e c r t a o l r A s' d fe v e i s s o a r n y d C e o x u p n e c n i s l e f s e es and e _ xpenses.. 6 8 6 , , 6 27 6 6 3 3,0 7 9 5 5 0 4,6 4 3 5 9 4 , 4,12£ 4,2 5 0 7 5 5 3, 4 23 3 7 7 5, 4 96 93 6 3,2 7 1 0 6 6 6,7 67 8 5 7 6,1 5 3 6 6 5 13, 8 03 50 9 4,2 7 6 5 9 8 7 1 , , 5 8 6 5 1 0 Traveling expenses (other than directors and 550 members of Federal Advisory Council) 143,584 8,506 29,725 13,182 11,503 11,539 7,842 12,955 10,956 10,989 5,334 6,635 14,4*8 Postage and expressage.- 1,588,575 173,338 265,181 151,968 141,821 127,186 116,903 177,457 72,781 57,605 101,738 75,026 127,571 Telephone and telegraph , 277,168 12,869 55,621 17,399 .26,404 17,707 27, 675 17,839 20,318 10.249 23,075 18,650 29,462 Printing, stationery and supplies 388,227 37,370 79,344 37,580 28,433 21,445 25,336 38,090 20,653 16, 656 23,039 19,603 40,678 Insurance on currency and security shipments 140,896 19,963 27,667 15,234 15,091 9,962 9,066 15,091 3,020 4,213 4,719 4,234 12,646 Other insurance i 121,193 7,643 14,606 9,388 8,857 7,994 9,157 10,446 11,581 9,982 12,248 8,210 11,081 Taxes on bank premises 702,666 73,143 206,519 34,884 65, 538 34,137 28,548 92,431 26,642 33,467 43,471 16,162 47,724 Depreciation on bank building 602,072 27,916 101,064 63,266 78,385 54,617 21,307 62,003 24,447 14,073 70,045 33,371. 51, 578 Light, heat, power, and water 191,415 11,796 37,070 19,035 21,308 11,898 9,216 20,896 11,571 8,708 16,916 8,990 14,011 Repairs and alterations to bank building 64,634 1,747 10,997 5,675 4,166 3,250 1,002 8,858 7,239 3,424 6,015 4,582 7,679 Rent -- 90,579 120 660 42,057 14,719 2,255 3,093 1,540 46 . 765 25,424 Furniture and equipment 96,316 8,277 24,429 14,418 805 3,807 4,841 7,837 13, 641 2,638 4,148 4,545 7,030 Allother 275,519 14,536 33, 572 33,787 26,742 14,827 19,869 32, 595 20, 585 12,877 17,503 13,737 34,889 Total operating expenses 14,494,828 1,038,846 3,421,376 1,163,849 1,339,967 909,028 805,580 1,623,622 804,723 538,151 908,523 660,820 1,280,343 Less reimbursements for certain fiscal agency and other expenses 2,053,582 105,614 359,191 113,309 133,043 139,645 267,354 286,706 195,760 78,467 113,914 137,493 123,086 Net operating expenses 12,441,246 3,062,185 1,050,540 1,206,924 769,383 538,226 1,336,916 459,684 794,609 523,327 1,157,257 = Assessment for expenses of Board of Governors._. 773, 365 279,458 76,089 71, 245 33,110 27,084 17,974 22,185 22,748 54,717 Federal Reserve currency: Original cost , 653,043 52,648 206,304 34,746 51,803 28,091 23,627 108,893 17,391 15,390 21,045 27,505 65,600 Cost of redemption 99,349 7,260 21,192 8,704 6,948 6,112 8,757 14,870 5,504 2,808 3,270 4,375 9,549 Total current expenses. 13,967,003 1,049,343 3,569,139 1,170,079 1, 336,920 597,694 1,550,373 654,716 495,856 841,109 577,955 1,287,123 D Cu iv r i r d e e n n t d n s e p t a e i a d rnings. 3 5 , , 7 9 9 0 1 4 , , 4 6 0 0 4 3 2 3 8 9 1 1 , ,8 2 1 7 0 1 1 1, , 8 5 6 3 5 8 , , 0 0 8 3 4 3 3 5 6 0 7 8 , , 0 7 6 6 6 4 3 6 8 9 5 6 , , 0 5 5 5 1 5 2 1 5 44 5 , , 9 9 6 0 9 9 2 1 6 2 1 9 , , 0 54 6 6 5 3 6 7 5 7 9 , ,0 4 7 0 6 2 2 1 2 1 7 4 , ,1 5 3 4 4 8 1 8 61 7, , 3 5 0 7 6 9 1 11 9 9 9 , , 7 9 2 8 5 4 — 2 1 0 1 2 5 , , 6 7 5 0 - 9 7 3 4 0 6 4 1 , , 1 5 — 9 7 4 0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 FEDERAL RESERVE BULLETIN AUGUST 1937 FRENCH FINANCIAL MEASURES At the end of June and during July a num- October 1, 1936,1 are superseded by the following ber of measures were taken in France with provisions: Article 2. The new gold content of the franc, the a view to improving the financial situation French monetary unit, shall be fixed ultimately by a and promoting economic recovery. The law decree adopted by the Council of Ministers. of June 30, 1937, which granted the Govern- The provisions regarding convertibility into gold ment wide powers to take action by decree, of Bank of France notes shall likewise be fixed by a decree adopted by the Council of Ministers. and a decree of the same date modifying the Article 3, paragraph 1. Until issuance of the first monetary law of October 1,-1936, and approvdecree mentioned in the preceding article, a stabilizaing an agreement by the Bank of France to tion fund shall regulate the relationships between extend additional non-interest-bearing ad- the franc and foreign currencies. vances to the Treasury, are given in transla- ART. 2. The convention between the Minister of Finance arid the Governor of the Bank of France, tion below. Other measures are briefly disconcluded June 30, 1937, is approved and its text is cussed on pages 706-708 of this issue of theattached to the present decree. BULLETIN. ART. 3. The decree of June 28, 1937, providing for suspension of payment of commercial bills and other commercial obligations denominated in gold or LAW GRANTING THE GOVERNMENT POWERS WITH A foreign currencies, is ratified. VIEW TO INSURING FINANCIAL RECOVERY ART. 4. The present decree shall be submitted to The Senate and the Chamber of Deputies have the Chambers for ratification in conformity with adopted, the provisions of the law of June 30, 1937., The President of the Republic promulgates the Done at Paris, June 30, 1937. following law: ALBERT LEBRUN. SOLE ARTICLE. Until August 31,1937, the Government is authorized to take, by decrees deliberated in By the President of the Republic: Council of Ministers, any measures tending to insure The Minister of Finance, the repression of attacks upon the credit of the State, GEORGES BONNET. the prevention of speculation, economic recovery, control of prices, equilibrium of the budget and of CONVENTION BETWEEN THE MINISTER OF FINANCE AND the Treasury, and the defense, without exchange con- THE GOVERNOR OF THE BANK OF FRANCE trol, of the reserves of the Bank of France. These decrees shall be submitted to the Chambers Between the undersigned, M. Georges Bonnet, for ratification within three months from the pro- deputy, Minister of Finance, acting on behalf of the mulgation of the present law, or, in any case, at State, . the first meeting of the extraordinary session of 1937. And M. E. Labeyrie, Governor of the Bank of The present law, deliberated and adopted by the France, duly authorized by decision of the general Senate and the Chamber of Deputies, shall be exe- council of the Bank of France, under date of June cuted as law of the State. 30, 1937, Done at Paris, June 30, 1937. It has been agreed as follows: ALBERT LEBRUN. ARTICLE 1. Notwithstanding article 8 of the convention of June 23,1928,2 the Bank of France under- By the President of the Republic: takes to grant to the State, at the request of the The President of the Council, Minister of Finance, and in addition to the advances CAMILLE CHAUTEMPS. provided for in article 3 of the convention of June 18, 1936,3 new temporary advances in a maximum The Minister of Finance, amount of 15,000,000,000 francs. GEORGES BONNET. ART. 2. These advances shall be subject to the provisions set forth in the convention of June 18, 1936, in so far as advances mentioned in article 3 MODIFICATION OF THE MONETARY LAW OF OCTOBER 1, of the said convention are concerned. 1936, AND APPROVAL OF A CONVENTION WITH THE ART. 3. The present convention is exempt from . BANK OF FRANCE stamp and registration taxes. The President of the French Republic, Executed in duplicate at Paris, June 30, 1937. By virtue of the law of June 30, 1937, granting the Government powers with a view to insuring financial Read and approved: recovery*; GEORGES BONNET. Read and approved: On the report of the Minister of Finance; The Council of Ministers concurring, E. LABEYRIE. Decrees: ARTICLE 1. The provisions of article 2 and of the 1 See BULLETIN for November 1936, pp. 878-880. first paragraph of article 3 of the monetary law of 2 See BULLETIN for August 1928, pp. 571-574. 3 See BULLETIN for July 1936, p. 636. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

721 AUGUST 1937 FEDERAL RESERVE BULLETIN ANNUAL REPORT OF THE NETHERLANDS BANK The annual report of the Netherlands Bank as well as through the action of other factors for the year ending March 31,1937, was pre- enumerated above. sented to .the general meeting of shareholders There can be little doubt, therefore, that on June 1, 1937, by Mr. L. J. A. Trip, Gover- developments in the past few months involve nor of the Bank. Sections of the report are the danger of inflation. The * authorities given herewith:1 should exercise great caution and be ready In the world's economic and financialh is-to act promptly to keep the balance from tory the year 1936 will be recorded as a sig- shifting. These dangers were pointed out in nificant period. Many influences were at last year's report. Meanwhile they have bework, and the resulting changes throw a come more imminent and of greater imporsharper light on the course which world tance than could be expected at that time. affairs will follow in the near future. Gold production.—The following data (in International developments.—Taken as a round figures) show the rapid growth in gold whole, the world has freed itself from pres- production: sure exerted by the depression of 1929 and Output in the years following, with their disastrous con- Year fine ounces sequences in economic and financial spheres. 1930 20,722,000 1931 22,371,000 An added advantage of the new situation is 1932 24,306,000 that it has helped to diminish, if not com- 1933 25,503,000 pletely to dispel, the depression psychology. 1934 27,630,000 1935 30,991,000 On the other hand, existing conditions are 1936 35,254,000 ^ still far from healthy and are full of dangers for the future. This is the result of artificial During a period of six years, the annual and unsound measures to which all countries production of gold rose by 70 percent in resorted during the depression and which actual amount. Expressed in terms of money continue to exert their influence. the increase, as a result of depreciation of Another major cause of rising prices and various currencies, was considerably greater. of increased employment of labor and capital The output for 1930 was worth about 430,is the great expansion of armaments. This 000,000 U. S. A. dollars of the weight and finedevelopment gives no encouragement for the ness of that time, while production for 1936 future for it reflects the unsatisfactory state represented a value of 1,234,000,000 presentof international political relations, and shows day dollars, an increase of more than 187 that mankind has reverted to the dangerous percent. Under present conditions, morementality of pre-war days. Re-armament, over, nearly all new gold is added to monemoreover, has no lasting beneficial effect; it tary reserves, whereas before the depression more than 40 percent was used each year for does not produce new sources of income but non-monetary purposes, including the demand only leads to a further and drastic rise of the from the Far East. Increasing quantities of already inflated level of public expenditure. gold are also being sold out of the private The consequences to national budgets in the hoards built up in previous years and go to countries, concerned will be serious, and ultiswell monetary reserves. mately the taxpayers will have to bear the added burden. VALUE OF MONETARY GOLD STOCKS ACCORDING TO Finally, one should take account of changes OFFICIAL PUBLICATIONS in the price level resulting from the rapid increase in gold production. Such an in- End of crease, to judge from past experience, as a Country End of 1929 ' March 1937 rule exerts its influence only gradually. In United States I... $3,900,000,000 11,574,000,000 present circumstances, however, the increase Great Britain : £146,100,000 313,662,000 may well have more rapid and more power- France - Francs 41,668,000,000 57,359,000,000 Belgium 5,876,000,000 18,256,000,000 ful effects because of world-wide currency Switzerland... : 447,000,000 2,718,000,000 Netherlands -— Guilders 595,000,000 921,000,000 depreciation and the expansion of gold stocks, 1 The report, available in Dutch and English, contains in addi- A complete record of the gold stocks in tion sections dealing with international economic, finance, and, each country cannot be given, because figures monetary developments, the money market, etc., together with a number of tables. For earlier reports, see BULLETIN for July for the various Exchange Equalization Funds 1936, 1934, 1933, September 1932, August 1931, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 FEDERAL RESERVE BULLETIN AUGUST 1937 are not published. From figures published for it, partly or entirely, with funds not newly in a few important countries, however, we created by the central bank but withdrawn have the preceding table. Values are based from the money market through sales of on the parities given in the official publica- Treasury bills, so that a further easing of tions, i \ the money market is prevented. Along this Dangers of over-expansion of credit; reme- line, the Equalization Funds having Treasury dial measures.—The figures given above indi- bills available for the purchase of gold and cate the extent to which the basis of potential foreign exchange have rendered good servlending has been widened. The dangers in- ice. This method, however, has its limitaherent in such an expansion are generally tions both as to duration and extent, beadmitted. A study might well be made of cause it involves the expense of interest payfurther possible means of counteracting these ments on the Treasury bills, whereas the dangers, in addition to indirect governmental assets purchased with the proceeds of the measures, such as enlarging quotas, reducing bills consist almost entirely of gold and theresubsidies to home industries and agriculture, fore yield no return. reducing armament and public works, and Three other measures for the same purpose balancing the budget. First and foremost, a should be mentioned.* farsighted policy on the part of leaders in The first is to put gold coins into circulation industry, trade and banking is of fundamen- again on a large scale. Advocates of this tal importance. Above all, no expansion of measure admit that it is out of the question productive capacity requiring substantial so long as the principal currencies have not new investments should be made except been brought into a fixed and permanent relawhere there is an assured and permanent tion to gold. Once this condition is fulfilled, increase in demand from actual consumers. distrust of the stable value of currencies will Problems of this character facing managers disappear; in which case, as experience has of industrial concerns and bankers are ex-> shown, bank notes are preferred to gold coins tremely complex, but past experience of for ordinary use. The crucial point, however, heavy losses caused by over-investment jus- lies in the fact that to put gold coins into cirtifies the hope that the necessary caution will culation will have no influence in checking be observed. * the production of gold, which will be main- Second, central banks should be guided by tained at its present excessively high level. developments in the international situation On the other hand, gold put into circulation in shaping -their credit policies. The London is taken out of the reserves of central banks, Conference of 1933 recommended that cen- or at least does not augment those reserves. tral banks should adapt their credit policy, Hence, the maximum of bank notes and deso far as the business position in their own posits which can be issued by central banks country would permit, towards the correc- against gold reserves will be less than if gold tion of undesirable changes in the develop- were not put into circulation. Against this it ment of business activity; and that any ex- can be said that the creation of fiduciary pansion of business which obviously could money in excess of the sums expended on purnot be permanent in character should be a chases of gold depends on the policy of the reason for a policy of credit restriction on the central bank and can be restricted without part of central banks. putting gold coins into circulation, while gold This recommendation, however wise and once put into circulation is no longer availdesirable, can be followed only when the cen- able for its main purpose, namely, to serve tral bank is a lender in such* volume that it as an international means of payment. can influence the market by contracting In contrast to the measure just described, credit. Where the central bank cannot do the two others would, if adopted, affect the this, because the inflow of gold has created output of gold. The first of these two meassuch an abundance of funds that the bank's ures would be to reduce the price—as exdiscounts and advances have declined to a pressed in national currency—which central negligible amount, the policy recommended banks and Equalization Funds would pay for will have little or no effect. This is the case gold. This would mean at least a partial reat present in a number of countries. Some versal of the policy of devaluation and depre- Governments have therefore adopted a policy ciation, which has been followed since Sepof sterilizing newly imported gold by paying tember 1931. Gold mining would become less Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 723 profitable and the policy of working low grade regard to the production of gold. In the inores might have to be abandoned. In any terest of the producers themselves as well as case, the quantity of money made available of the whole world, it is highly desirable that through purchases of gold would be kept at the annual output of gold be so regulated as a lower level. to insure a harmonious and healthy growth On the other hand, before it would be pos- of trade and general production throughout sible to lower the price of gold without caus- the world. ing new disturbances in the foreign ex- It should not be inferred from what has changes, agreement between the principal been said, however, that'gold exerts an un- Powers as to the extent of the reduction to favorable influence on world economic and be effected would have to be reached. As con- financial conditions and that it should thereditions vary widely from country to country, fore cease to be the basis of the international and the effects of a uniform reduction in the monetary system. Apart from the undenigold price would probably be vastly different able fact that conditions prevailing at present in various countries, it is unlikely that such are mainly the result of currency tinkering an agreement could be reached. Apart from in various countries, it must be remembered these considerations, however, I wish to em- that the experience of the recent past has phasize the dangerous and objectionable con- once more proved that gold is an indispensable sequences which the measure would entail. instrument for making international pay- Practically, it would result in making the gold ments. Especially in times like the present, price the permanent regulator of economic when nationalism is rampant, and the isolaand financial developments. For, as soon as tion of several countries is particularly proa slump became apparent or finanical difficul- nounced, such an instrument is more than ties manifested themselves, an irresistible ever necessary. It is as such an instrument pressure would be brought to bear on the that gold renders its most excellent services. authorities to alter the gold price once more, Conditions in the Netherlands.—During the and this time to raise it. A continuous and past year a considerable measure of recovery took place in the Netherlands. Even prior to highly undesirable state of uncertainty would September 26, 1936, the date on which the thereby be created, leading to arbitrary acgold standard was suspended, a gradual imtions and difficult situations. provement was in process. The value of both It seems to me more desirable to try to imports and exports rose, and the volume of control the output of gold directly through exports expanded. Activity increased in international cooperation. This idea was advosome important branches of industry. Shipcated by Professor R. A. Lehfeldt of Johannping companies experienced a larger demand esburg in 1926, a year before his death. It for their tonnage. Adjustment of the Dutch lies outside the scope of this report to discuss level of costs and prices to that of other counthe proposals contained in Professor Lehtries made progress. Even without currency feldt's book, but I believe his idea to be based depreciation, these developments would unon a true understanding of the problem and doubtedly have occurred and would have well worth further consideration. The output gathered force; they were brought about of gold is no doubt a factor which in the long chiefly by expansion of production throughrun powerfully affects the world's economic out the world, a growing demand for goods, and financial well-being. History supports rising prices, and higher freight rates. Imthis contention. In present circumstances proved business conditions in the Netherland the yearly output of gold is chiefly deter- Indies, which is an important producer of mined—apart from the effects of the exhausraw materials for export, would in any case tion of old or the discovery of new mines— have afforded substantial support to the ecoby the general price level. A steep fall in nomic position of the Netherlands. It is idle commodity prices will be followed by an into speculate on how much progress might have crease in gold production, whereas a decline been made, and whether the nation's interests in gold production is to be expected only after would not ultimately have been better served, a sharp rise in commodity prices. It follows if our country had been able to maintain legal that the remedial action will set in only after gold parity. The link between the guilder and the evil has manifested itself in the form of gold had to be severed, and the general trend violent and harmful price fluctuations. If of affairs since September 26, 1936, has been planning is called for anywhere, it is with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 FEDERAL RESERVE BULLETIN AUGUST 1937 favorable. What share each of the contribut- other countries during the same period, as ing factors has had in accelerating recovery shown in the following table: is impossible to determine and is of minor importance. The main point is that Holland Percent United States. 2.8 has been able to shake off her depression "Great Britain. 2.1 psychology and, without serious disturbance, France 9.6 to improve her international trade relations Belgium 5.2 Switzerland 5.0 This is the result in large measure of the admirably calm attitude of the public, both at The Government's efforts to prevent or home and in the colonies, as well as of inter- mitigate an increase in the cost of living have national cooperation in stabilizing exchange had excellent results; they will be among the rates. The attitude of the public enabled most important factors determining the monetary measures and price regulations to country's future. It is imperative, particuhave their full effect. Both at home and larly for the Netherlands, that an upward abroad, confidence in the economic and finan- trend in the cost of living, so far as it results cial future of the Netherlands was consider- from depreciation of the guilder, should be ably strengthened. That such was the case— opposed to the utmost. The best means to although the ratio of guilder depreciation re- this end will be the gradual removal of measmained substantially smaller than that of ures which have thus far kept the Dutch price other currencies—is undoubtedly to a great level above that in other countries which, in extent the result of the policy of adaptation this respect, are comparable with the Netherfollowed in previous years. lands. A consistent use of such, means, to Trade figures reflect a favorable trend. whatever extent may be necessary to achieve The value of imports and exports by quarters the main purpose, is called for even though since the beginning of 1936 shows the follow- the agricultural relief fund or budgets of ing proportionate changes as compared with public bodies should suffer as a result. Morethe corresponding periods of the preceding over, it holds good in cases where the State year: and other public bodies are concerned that the execution of a good policy may require Imports Exports them to take a loss. The restoration, both at home and abroad, Percent Percent of confidence in the future of economic condi- 1936, first quarter... + 3.0 - 2.1 1936, second quarter. + 2.2 - 1.9 tions in the Netherlands and the Netherland 1936, third quarter,. + 6.6 +11.5 1936, fourth quarter, +21.3 +28.0 Indies led to a large scale repatriation of 1937, first quarter.... +44.6 +68.1 capital invested abroad, and to an influx of foreign capital seeking investment in Dutch In general, industries producing for world and Indian securities. As a result, easier markets improved their position and in- conditions came to prevail in the money and creased their earning capacity. In some cases capital markets, and the rate of interest for there is even a shortage of skilled labor. both short- and long-term loans declined ap- Shipping is employed at full capacity; ship- preciably. Private as well as public borrowyards are well supplied with orders. Wheil, ers benefited greatly by the fall in interest in addition, one considers the sharp advance rates, which enabled them to improve their in prices of the Netherland Indies' export financial position by consolidating outstandproducts and in the demand.for them, with a ing debts or by converting such debts into consequent increase of purchasing power both loans at lower interest. In the last month in the Netherland Indies and in the Nether- of the financial year the rapid progress of lands, it is clear that a fundamental change conversion operations was interrupted. This,, in conditions has taken place. however, seems to me rather the result of too- In these circumstances it must be con- rapid a succession of conversion loans than, sidered a great advantage that the trend of of a change in the trend of interest rates. living costs, thus far at least, constitutes no The weaknesses of the Netherlands ecothreat to what has been accomplished. From nomic structure, in my opinion, are unem- September 1936 up to March 1937 the cost ployment, which is still widespread, and the* of living rose by only 1.7 percent. This con-state of the public finances. As to the first trasts favorably with the changes in some point, it seems probable that a considerable Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

725 AUGUST 1937 FEDERAL RESERVE BULLETIN number of persons will continue to be unem- cussion of this problem it is well to bear in ployed in spite of the anticipated further in- mind that a little country like our own, so crease of employment. On March 31,1937, the greatly dependent on international trade, number of unemployed persons had declined will never be able to escape the influence of by 25,681 as compared with last year; yet on powerful international factors. From this that date there were still as many as 403,365 it follows that the real desideratum is to unemployed person registered at the labor avoid serious disturbances and to prevent exchanges. The Government has taken an any undesirable consequences of conditions important step in setting up an inquiry into created or measures taken within the country the causes and actual significance of this itself, so far as they are unrelated to intermore permanent unemployment. The results national developments. From this point of of this investigation will form the basis of view there would seem to be little danger of corrective measures. inflation. This opinion is confirmed by the In regard to public finance, it is enough to fact that the Netherlands has undertaken no recall the Government's statement that vari- such experiments as might cause unforeseen ous measures taken to diminish temporary and considerable fluctuations. The economic deficits are of an emergency nature and can- revival was comparatively late in getting not be regarded as sound budgetary practice. under way and its progress at first was This applies both to the Government and to gradual. The depreciation of the guilder as a number of municipalities. This restora- compared with that of pther currencies retion of budgets really balanced on a sound mained within narrow limits. The business basis is an aim that will undoubtedly meet community, although weakened by the dewith general approval, especially now that pression, is fundamentally sound. The bankour country is unable to avoid increasing ex- ing system is strong and has been distinpenditure on armaments, while the debts of guished by wise management, which is a the State and local authorities show a con- safeguard against a dangerous and unwarsiderable rise over the past few years. The ranted expansion of credit. The Government consolidated debt of the Kingdom, together has in readiness numerous measures such as with the balance of outstanding short-term lowering or discontinuing subventions, easobligations, rose from 2,489,491,000 guilders ing or abolishing quotas, and lightening other on December 31,1931, to 3,176,882,000 guild- burdens which, directly or indirectly, have ers on December 31, 1936; an increase of an unfavorable effect on the cost of living. 687,391,000 guilders, or more than 27 percent Furthermore, reorganization of expenditures in five years' time. The consolidated debt for public works and unemployment relief and the balance of short-term liabilities over and reform of the public budgets, are sure cash of all the municipalities rose from to have a powerful influence for good. 2,252,523,000 guilders on January 1, 1930, My conclusion would be, therefore, that the to 2,695,552,000 guilders on January 1, 1936, economic and financial prospects of the Nethan increase of 443,029,000 guilders, or 20 erlands are favorable, and that no fear of percent in six years. The increase in these excesses and over-expansion need be enterdebts was a result of the world crisis, but it tained if the country's affairs continue to be must not be overlooked that in too many conducted in a spirit of wise foresight. cases new debts were created for unproduc- The Netherlands Bank.—For the Nethertive purposes. It is urgently necessary, lands Bank the past year was a period of therefore, to resume the financial policy of great significance. Without doubt, the susthe period 1925-1931, which brought about pension of the gold standard was the outa reduction of 577,961,000 guilders in the standing event, and had important conseconsolidated Government debt, and to follow quences in respect of the Central Bank's the same course with regard to the debts of tasks and responsibilities. The decision of local authorities. the French Government on September 25, It has been asked whether Holland, as a 1936, to reduce the gold value of the franc result of the recent heavy growth of her and thus to withdraw from the gold bloc, monetary gold reserves and the resulting placed the two remaining countries, Switzerliquidity of the money market, is in danger land and the Netherlands, in a most difficult -of overexpansion and therefore of an un- position which had to be dealt with immesound inflationary development. In a dis- diately.^ The Netherlands took the view that, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 FEDERAL RESERVE BULLETIN AUGUST 1937 since developments in France had caused the to yield. It was plain that serious incon- French franc to lose much of its former in- veniences would follow for trade and indusfluence upon the currencies of the other twotry in the form of dear money, and for the countries, and since the international price Government when it came to issue short-term level was showing a strong upward trend Treasury bills or to renew those outstanding; as a result of increasing industrial activity, while the Netherlands Bank would have to the two countries acting together might be come in with help on a large scale in order successful in continuing their policy of main- not only to enable the Treasury to meet its taining their gold parity. At first there were obligations, but also to preserve the necesgood reasons to expect that Switzerland sary liquidity of the banking system by rewould take the same view. When, however, discounting and making advances against Switzerland decided on September 26, 1936, eligible securities. On the other hand, there to follow the French example, Holland, as was no assurance that, if these injurious conthe only country in the world still holding sequences were accepted, the desired object to the pre-war gold parity of its currency, would be achieved, and that the tension might had to consider what policy to follow in these not become so strong as to make it necessary circumstances. The result of its delibera- in the end to abandon the effort. Finally, tions was set forth in the following statement when one considers that if the necessity bepublished by the Government on September came a fact conditions would have become 27, 1936: much more unfavorable, and many people would in the meantime have had an oppor- After the Netherlands Government, following the tunity to enrich themselves at the expense announcement of monetary measures in France, had proclaimed its intention to maintain its monetary of the general welfare and of their less privipolicy without change, the decision taken by the leged fellow-citizens, it is beyond question Swiss Government has compelled the Netherlands that the Government's decision was justified Government to reconsider its attitude. and was made necessary by the facts in the Now that the Netherlands has become the only country in the world to maintain intact the gold case. parity of its currency, and consequently will experi- The Royal decree of September 26, 1936, ence to the fullest extent the pressure on her ex- No. 52, prohibiting the export of gold was change and her gold stocks, it is no longer possible made effective by the act of the 30th of the to continue the present monetary policy. In order to prevent Holland from being forced to same month (Staatsblad No. 101). A second abandon the gold standard after an unjustifiable de- act of the same date (Staatsblad No. 403) crease of the gold stock of the Netherlands Bank, established the Exchange Equalization Fund, the Government, in complete agreement with the and suspended the obligation of the Netherviews of the Netherlands Bank, has decided to prohibit as from September 27 the export of gold, except lands Bank to redeem its notes in gold. The as covered by an authentic certificate of the Nether- texts of both acts are given in annexes to the lands Bank. report. Measures passed promptly by the The Stock Exchange will be closed on Monday, Sep- Legislature outlined the new monetary retember 28, and Tuesday, September 29. Further communications regarding the intentions of the gime under which the Netherlands would Government will be published on Monday, Septem- function for some time to come. In addition, ber 28. the Government explicitly stated that the It is clear from this statement that the relation between the Netherlands and the Government and the Bank were in complete Netherland East Indian currencies would be agreement as to the course to be taken. In maintained, and that no change of the existfact, the Bank considered it necessary to ing parity would be effected, the currencies being allowed, of course, to fluctuate in relapoint out that the Government would be wise tion to one another within the same narrow to reserve to itself full freedom of action limits as formerly. and no longer to hold itself bound by international rules which, in their original form, As a result of these measures the Netherwere observed nowhere else in the world. lands Bank was tacitly released from the ob- As to the further development of monetary ligation which it had assumed in its staterelationships nothing could be predicted. So ment of 1903 and which had previously been much only was certain, that it would be real- suspended from July 31, 1914, until April ized at home and abroad that the Nether- 29, 1925. The statement reads as follows: lands, as the last surviving member of the The Bank undertakes vis-a-vis the Government to gold bloc, would sooner or later be compelled maintain and continue the gold policy hitherto pur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

727 AUGUST 1937 FEDERAL RESERVE BULLETIN sued by the Bank, by continuing to keep its gold stock both in the Netherlands and in foreign counavailable for export, as far as lies within its power, tries. Except for the intervention of the on the basis of 1,653.44 guilders per kilogramme fine Fund along the lines for which it was created, for bullion, and at corresponding prices for gold specie, whenever the foreign exchanges rise above violent and disastrous fluctuations would ungold parity. doubtedly have resulted. This intervention meant that the Fund must take up substan- The task of regulating exchange rates tial amounts of gold; this, in turn, caused through the purchase and sale of gold and great liquidity on the money market. Beforeign exchange has now been turned over cause of the secret character of the operato the Exchange Equalization Fund. This tions of the Equalization Fund, details re- Fund, which has at its disposal Treasury bills garding its intervention cannot be given. I in an amount of 300,000,000 guilders, is can say only that no artificial measures to managed by the Netherlands Bank in acincrease the liquidity of the money market cordance with regulations laid down by the have been taken and that, on the contrary, Minister of Finance, and under his superthe course adopted in financing the Fund has vision. resulted in the placing of less money at the No decision has as yet been taken in redisposal of the market than would have been gard to the new gold parity of the guilder. the case if confidence had been restored under The authorities have reserved to themselves the regime of the gold standard. full freedom of action on this point This Renewal of the Bank's charter,—The secdoes not mean, however, that the guilder has ond event in the history of the Netherlands been abandoned to its fate. In the interest Bank was the promulgation of the act of of industry and trade, the Equalization Fund February 2, 1937 (Staatsblad No. 400), for was created to prevent or at least to mitigate the renewal and revision of the Bank's the undesirable effects of capital movements charter. The complete text of the Bank Act or speculative operations. It is not surprisof 1937 (Staatsblad No. 401) is published as ing that some uncertainty prevailed as to the an annex to the report. future of the exchanges. At first the guilder The term of the new charter is limited to was generally expected to depreciate to a a period of five years/ expiring March 31, lower level than was indicated by spot quo- 1942. Thereafter the charter will be renewed tations, partly because the Fund, having only from year to year, unless either the Bank or Treasury bills at its disposal, had no re- the Government avails itself of the right to sources with which to support the guilder, terminate it at three years' notice. In this however much it might wish to do so. In respect the act differs very greatly from the order to make quite clear that such support bill as originally drafted, which provided for on a substantial scale was its intention, the a renewal of the Bank's charter for fifteen Fund bought gold from the Netherlands Bank years and fixed the period for notice of termion October 5,1936, to the amount of 100,000,- nation at five years. We deplore the change 000 guilders. So far, however, na measures because it makes the continuation of the to support the guilder have been necessary. Bank's existence as a Central Bank uncer- On the contrary, the 100,000,000 guilders of tain, and must inevitably have an adverse gold was repurchased by the Bank from the influence on decisions touching business op- Fund in December; and during the re- erations and personnel, which must be taken mainder of the fiscal year, as a result of the within the next few years. The change was firmness of the guilder, the Bank on several made because a majority in the Second occasions bought further quantities of gold Chamber wanted the^recommendations of a from the Fund. Royal Commission on the banking situation In appraising these events, it should not in this country. The Royal Commission was be overlooked that in the circumstances the established by the Royal Decree of March 4, decision of September 26, 1936, was bound 1937, No. 34. Its terms of reference are to have far-reaching consequences. Before that date confidence in the guilder was at a "to consider and report on the question whether legislow ebb in the Netherlands and abroad. lation with regard to commercial banking is necessary or desirable; if so, to report further on what There was a general tendency to sell guilders would be the most suitable form for such legislation, or to contract debts expressed in guilders. and also on the question whether and to what extent After that date a radical change took place the status of the Netherlands Bank needs to be modiand a strong demand for guilders developed fied, without impairing the Bank's independence." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 FEDERAL RESERVE BULLETIN AUGUST 1937 It seems wise not to enter in ^dvance upon sterling. On the other hand, no allocation to a discussion of the matters which the Com- the general reserve fund is to be made until mission will have to investigate. But it may that loss has been amortized out of the yearly be observed that no criticism has been voiced profits, in accordance with the provisions of which demands such an investigation. The the act. general view is that the Dutch banking sys- Thus the amortization of the loss on stertem can in every respect bear comparison ling will proceed, notwithstanding the suswith that of any other country. Also it is a pension of the gold standard and the deprecause for satisfaction that, so far as infor- ciation of the guilder. This follows from the mation is available, the independence of the conviction that, for the time being, no state- Central Bank, so consistently observed in the ment can be made regarding the ultimate past, is to be maintained in the future. gold value of the guilder, and for this reason The second important change inaugurated the gold stock of the Netherlands Bank must by the new Bank Act consists in broadening continue to be valued at the same level as the functions of the Bank to include open- before the suspension of the gold standard. market operations. These operations will There has, therefore, been no discussion of a consist of purchases and sales of bankers' book profit on the gold reserves. The Bank, acceptances, and of Treasury bills to the ex- in an exchange of views with the Governtent that they were in the hands of third ment, took the position that there should be parties before purchase. Almost all Central a direct and necessary connection between a Banks are now authorized to conduct an profit of this character and the loss on steropen-market policy. This authorization will ling incurred in 1931. We feel that no profit have to be used with great care; and only on the revaluation of the gold stock can be gradually, to the extent justified by circum- said to have been made until the entire loss stances, will these operations gain impor- incurred by the Bank—amounting to 29,889,tance as strengthening the Bank's control 408.15 guilders—has been amortized. In our over the money market. opinion the Bank should recognize that any The other changes to be mentioned have profit surplus above this amount belongs to to do with the allocation of the Bank's profits. the community for the general welfare; on The governing motive has been the desire to the other hand, the Bank has an equal right strengthen the Bank's reserves* After de- to demand that its entire loss should first of ducting from the gross profits an amount all be made good. This does not mean that equal to 3^ percent of the authorized capital we favor the distribution to the shareholders for the benefit of the shareholders, 15 per- of such part of the amount repaid as would cent of the remaining amount is to be applied exceed the remainder of loss as shown on the to the general reserve fund until it is equal balance sheet. We should prefer to allocate to the amount of the authorized capital almost all of any possible surplus to the (20,000,000 guilders). Under the former Bank's reserves, as provided for in the new charter the general reserve fund received 10 charter., Such a procedure is the more to percent of the remainder up to a maximum be recommended because, so far as can be of one quarter of the authorized capital. judged at this time, the Bank's earning power Moreover, one half of the income derived by wUl continue to be severely limited. The the Bank from open-market and foreign ex- existing abundance of funds in the market change operations is to be applied to a special and the low rates of interest prevailing genreserve fund, until it is equal to one half of erally will not fail to have an adverse effect the authorized capital; this allocation is to on the earnings of the Bank. be made prior to any 'distribution of profits Discount policy.—In view of the continued to shareholders. On the other hand, no demands made on the Bank's gold stock durbonuses out of profits are henceforth to be ing May 1936, and in connection with the paid to the management, the board of direc- tightening of the money market, we raised tors, and the advisory committee. the discount rate by 1 percent—from 2i/ to 2 The last two provisions will come into 31/2 percent—effective May 30, 1936. The force independently of the amortization, effect of this measure was unsatisfactory; under the Act of May 27, 1932 (Staatsblad the outflow of gold continued as a result of No. 221), of the remainder of the Bank's the tension prevailing in the foreign exdebt to the State resulting from the loss on change market, while the private discount Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

729 AUGUST 1937 FEDERAL RESERVE BULLETIN rate rose above the Bank's discount rate. In vincial and municipal authorities was more order to prevent this situation from leading than double last year's figure. It rose from at last to an excessive demand for credit ac- 22,000,000 to 59,500,000 guilders. New iscommodation at the Bank, we raised all our sues for account of private enterprises inrates once more by 1 percent, as of June 4, creased from 3,500,000 to 18,900,000 guilders. 1936. Of the latter amount, 7,500,000 guilders was The return of easier conditions in the for- issued in the form of shares, and was 5,100,eign exchange and money markets, which be- 000 guilders higher than the corresponding came apparent in the second half of June, figure for last year. Although the total induced us to lower our rates of interest by amount of shares Issued is by no means high, V% percent, effective June 25, 1936; thainsd some of the flotations concerned took measure was followed by two similar reduc- place in connection with reorganizations, the tions on June 30, 1936, and on July 7, 1936, increase may be considered a symptom of the respectively. On the latter date the discount improvement of business conditions. rate again stood at 3 percent. During the first part of the past year con- When enough time had elapsed for the ditions on the capital market were dull; not monetary events of September 1936 to make until the end ot July, 1936, was some imtheir influence felt in the money market, we provement noticeable; but the monetary once more lowered our rates by % percent measures of September caused investors once on October 20, 1936. A similar reduction more to adopt a waiting attitude. It was not was made effective on December 3, 1936, long, however, before these measures had a bringing the discount rate to 2 percent. In favourable influence on the Stock Exchange; the existing circumstances the reduction was on the share market a sharp advance took •of negligible importance for debtors of com- place, while bond prices also rose as a result mercial banks; for the banks, although they of the restoration of confidence after moneuse the Netherlands Bank's bill discount rate tary uncertainty was removed. Money soon as the basis for rates to their own customers, became so abundant on the capital market do not usually make reductions below a cer- that a great number of conversions could take place, while the interest rate for loans tain minimum, which in most cases had alof public bodies fell to about 31/2 percent. ready been reached. Nevertheless, we de- Domestic conversions aggregated 444,000,000 cided to make the reduction because it would guilders in the year under review, as comhave a favorable psychological effect and, pared with only 59,800,000 guilders in the above all, considering the low level of bank previous year. rates prevailing in most foreign countries, Conversions of foreign bonds amounted to we wished to avoid even the appearance of 13,549,000 guilders. In this connection it any intention to keep our own rate at a may be recalled that we had privately intihigher level than circumstances required. mated at the beginning of 1933 that, in our Other rates were always kept one half of view, no flotation of new issues for foreign 1 percent above the discount rate for bills. account should take place until more cer- Capital market.—Demands made on the tainty existed with regard to the develop- Dutch capital market during the year under ment of international relations. Recent review show a slight decrease as compared events have enabled us to modify our attiwith the previous year. The total of public istude slightly in this respect. Although we sues, exclusive of conversions and introducare still of the opinion that issues and introtions, amounted to 126,300,000 guilders, as ductions of foreign securities should not be against 144,900,000 guilders last year. allowed in unlimited amounts in existing cir- The amount of new issues for account of cumstances, we are prepared to consider in the Government was much smaller than in each individual case whether special reasons the previous year. It decreased from 119,exist to justify giving permission for a spe- 400,000 to 47,900,000 guilders. On the other cial issue. hand the amount floated for account of pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 FEDERAL RESERVE BULLETIN AUGUST 1937 BALANCE SHEET OP THE NETHERLANDS BANK AS OF MARCH 31, 1937, AND MARCH 31, 1936 [In thousands of guilders] March March March March ' Assets 31, 1937 31,1936 Liabilities 31, 1937 31,1936 Gold coin _ __. 124,107 127,602 Notes in circulation 823,131 792,019 Gold bullion 796,408 587,052 Current accounts 117,549 Silver coin 17,119 19,315 Other demand liabilities 143 169 Correspondents abroad 2,400 1,797 Capital _ 20,000 20,000 Foreign bills _ _.. 2,364 1,079 Reserve fund _• 4,339 3,106 Domestic bills _ 20,256 24,486 Special reserve _ „_. 6,600 6,300 Loans _ 84,420 Pension fund ._, 11,278 10,144 Advances in current account _._ _. 95,051 41,856 Unearned discount on domestic bills , 4 12 Advances to the Government (law of May 27,1932). 10,194 11,958 Unearned discount on foreign bills ., 2 1 Investments in shares listed by the Amsterdam Dividends payable - , 22 18 Brokers' Association _._ 32,736 28,315 Balance of profits at the disposal of the general Shares of the Bank for International Settlements meeting , 940 1,116 of which 25 percent is paid in _ 1,208 1,200 Other investments 8,669 9,845 Net balance with banking correspondents 233 6 Cash items 37 45 Interest accrued on loans 615 Interest accrued on advances in current account- 709 Interest accrued on investments 343 331 Commission account 78 47 Bank premises and furniture 4,600 4,600 Total assets 1,201,548 950,433 Total liabilities. 1,201,548 950,433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 731 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL RESERVE BULLETIN AUGUST 1937 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Member bank Reserve bank credit outstanding reserve balances Treas- Treasury Other Mone- ury Money Treas- deposits Non- Fed- U. S. tary cur- in cir- on with mem- eral Date Bills Gov- Other gold rency cula- hold- Federal ber de- Reserve Excess co d u i n s- ted b B ou il g ls ht s m e e c r e n u n - r t i- R c b e r a s e e n d r k i v t* e Total stock st o i a n u n g t d - - tion ings R b e a s n e k rv s e posits co a u c n - ts Total m (e a s t t e i- d) ties End of month fleures: 1936—May 30 5 3 2,430 35 2,474 10,402 2,490 5,953 2,583 518 337 256 .\ 719 2,866 June 30 4 3 2,430 35 2,473 10,608 2,498 6,241 2,497 690 262 257 MB3 2,717 July 31 4 3 2,430 24 2,462 10,648 2,496 6,162 2,432 447 306 253 6,005 3,029 Aug. 31 8 3 2,430 30 2,471 10,716 2,500 6,227 2,404 104 287 256 6,410 1,950 Sept. 30 9 3 2,430 30 2,473 10,845 2,512 6,267 2,458 253 234 262 6,357 1,840 Oct. 31 6 3 2,430 36 2,476 11,045 2,516 6 351 2,388 77 205 262 6,753 2,175 Nov. 30 7 3 2,430 13 2,453 11,184 2,521 6,466 2,364 78 201 261 6,788 2,236 Dec. 31 3 3 2,430 64 2,500 11,258 2,532 6,543 2.376 244 259 261 6,606 1,984 1937—Jan. 31 3 3 2,430 60 2,497 11,358 2,532 6,349 2,520 195 281 260 6,781 2,152 Feb. 27 5 3 2,430 27 2,465 11,436 2,536 6,399 2,608 1P4 288 253 6,695 2,078 Mar. 31 12 3 2,430 12 2,458 11,674 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 June 30 10 4 2,526 22 2,562 12,318 2,550 6,447 3,445 93 285 260 6,900 865 Wednesday figures: 1936—Aug. 5 4 3 2,430 26 2.463 10,650 2,4S6 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 g 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 6t'311 2,403 8S 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 2,620 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 6,3P0 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 2£4 6,740 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 6t375 2,723 279 326 2P0 6,678 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 ?,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 fi 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 2,626 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 goo June 9 14 6 2,626 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 June 30 10 4 2,526 22 2,562 12,318 2,550 6,447 3,445 93 285 260 6,900 865 July 7 13 4 2,526 35 2,578 12,376 2,552 6 524 3 511 101 285 258 6 827 875 July 14. 15 4 2,526 40 2,585 12,423 2,551 6,457 3,550 90 • 275 258 6,928 964 July 21 12 3 2,526 22 2,564 12,404 2,553 6,436 3,527 184 258 258 6,858 874 i 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 fitmres for recent months and years are shown in the table on p. 714. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 733 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1937 1937 1936 July 21 July 14 July 7 June 30 June 23 June 16 June 9 June May June ASSETS Gold certificates on hand and due from U. S. Treasury 8,833,905 8,835,407 8,835,406 8,835,907 8,836,9048,837,903 8,838,405 8,835,907 8,838,416 8,106,542 Redemption fund—F. R. notes 9,976 9,549 10,399 10,471 10,241 9,860 9,971 10,471 11,341 12,949 Other cash __ 318,928 307,824 277,661 312,309 322,491 313,595 305,738 312,309 285,236 265,154 Total reserves. 9,162,809 9,152,780 9,123,466 9,158,687 9,169,636 9,161,3589,154,1149,158,6879,134,993 8,384,645 Bills discounted: For member banks... 12,171 15,045 13,017 9,928 13,302 14,328 14,295 9,928 17,425 4,072 For nonmember banks, etc.- 1 1 1 1 1 10 Total bills discounted. 12,172 15,046 13,018 9,929 13,303 14,328 14,295 9,929 17,425 4,082 Bills bought: Payable in dollars 206 513 586 718 1,190 2,012 2,743 718 3,189 Payable in foreign currencies. 3,074 3,083 3,083 3,083 3,083 3,082 3,075 3,083 3,075 3,077 Total bills bought. 3,280 3,596 3,669 3,801 4,273 5,094 5,818 3,801 G,264 3,077 Industrial advances 21,665 21,759 21,783 22,152 22,012 22,049 22,196 22,152 22,404 29,878 V. S. Government securities: Bonds 732,508 732,508 732, 508 732, 508 732, 558 732,608 732,60S 732, 508 732,608 315,671 Treasury notes _ 1,162,7131,165,7131,165, 7131,170,7131,168,2131,166,2131,152,213 ., 170,713 , 152,213 ,494,219 Treasury bills 630,969 627,969 627,969 622,969 625,469 627,469 641,469 622,969 641,469 620,337 Total Government securities- 2,526,1902, 526,190 2, 526,190 2,526,190 2, 526,240 2, 526,290 2, 526,2902, 526,190 , 526,290 ,430,227 Other Reserve bank credit 491 18,499 13,161 -3,376 15,502 4,225 12,892 5,415 Total Reserve bank credit outstanding'. 2,563,798 2,585,0902,577,8212,561,6742, 562,452 2,583,263 2, 572,8242,561,6742,585,275 , 472,679 LIABILITIES F. R. notes in actual circulation 4,197,8714,213,898 4,252,41' 4,206,4774,162,832 4,177,805 4,200,965 4,206,477 4,223,418 4,034,482 Deposits: Member bank—reserve account... 6,858,3006,927,951 6,826,70;6,900,288 6,854,411 6,807,978 6,928,97' 6,900,2886,915,388 5,632,735 U. S. Treasurer—general account. 183,743 90,232 100,93; 92,813 150,928 250,212 84,642 92,813 73,449 690,102 Foreign bank 161,864 159,009 172,325 157,400 166,963 147,450 139,671 157,400 120,365 54,169 Other deposits. 95,966 115,621 112,381 127,671 156,553 119,479 139,470 127,671 151,460 207,723 Total deposits.. 292,813 7,212,3507,278,1727,328,855 7,325,119 7,292; 760 7,278,17!7,260,662 6,5S4,729 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 79.5 79.6 79.7 79.8 79.6 79.6 79. 79.5 79.0 MATURITY DISTRIBUTION OF BILLS AND U- S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a t y o s 30 31 d a t y o s 60 61 d a t y o s 90 m 91 o t o d n a 6 th y s s m 1 o t y 6 n o e t a h r s 2 1 y t y o e e a a r r s 2 5 y y t e o e a a r r s s 5 O y v e e a r rs Bills discounted: June 30 9,929 8,044 596 724 206 354 July 7— _c 13,018 11,053 162 562 399 828 July 14 15,046 12,877 151 761 414 830 . July 21 12,172 9,624 283 918 559 786 Bills bought in open market: June 30 3,801 232 1,523 419 1,627 July 7 3,669 438 1,256 348 1,627 July 14 3,596 1,455 190 324 1,627 July 21 3,280 273 225 232 2,550 Industrial advances: June 30 - 22,152 849 246 721 813 1,940 3,763 5,251 8,569 July 7 21, 783 784 767 341 969 1,972 3,116 5,379 8,455 July 14 21,759 749 736 657 808 2,358 2,485 5,442 8,524 July 21 21,665 1,216 87 674 844 1,890 3,056 5,434 8,464 TJ. S. Government securities: June 30 2,526,190 32,247 35,561 66,075 148,926 212,481 483,848 247,497 617,868 681,687 July 7 _...._. 2,526,190 35,063 33,045 61,621 153,359 209,877 491,173 247,497 612,868 681,687 July 14 2,526,190 35,561 57,993 146,834 214,377 490,745 244,497 615,868 681,687 July 21 2,526,190 33,045 43,375 127,416 65,661 217,990 496,651 238,997 621,368 681,687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 FEDERAL RESERVE BULLETIN AUGUST 19 3 7 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e 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 r is a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury: June 30 8,835,907 422,242 3,400,750516,195 693,641273,234 235,324 1,716,071 276,,91 2 194,183 26,7,070 182,055 658,230 July 7 8,,8 35,,40 65 442,120 3,292,784522,36: 702,877 275,144 238,919 1,738,264 284,086 201,563 281,510182,431673,341 J J u u l l y y 2 1 1 4 88 8 ,, ,8 88 3 33 3 55 , ,, 9 44 0 00 , "7 4 43 4 5 2 , ,8 9 6 7 2 6 3 3, ,3 3 8 49 0 , ,9 41 3 - 0 5 5 1 0 1 9 , , 1 8 0 4 7 6 6 6 9 9 7 2 , , 1 7 3 7 3 4 2 2 6 6 8 9 , , 8 5 5 8 4 8 2 2 2 3 5 1 , , 2 8 4 3 1 9 1 1 , , 7 7 1 2 1 4 , , 9 8 1 0 7 8 2 2 7 8 2 0 , , 5 6 1 3 9 7 1 1 9 9 " 5 7 , T 9 2 8 3 6 4 2 2 8 7 2 9 , , 2 2 5 9 2 8 1 1 8 8 5 2 , , 1 3 8 5 8 0 6 6 7 6 2 9 , , 0 4 8 7 0 9 Kedemption fund—Federal Reserve Notes: June 30 — 10, 47: 577 1,555 354 629 515 1,492 778 1,195 692 380 462 1,842 July 7 —.—-. 10,39S 552 1,441 313 589 808 1,455 722 1,182 687 371 453 1,826 July 14 9,54S 51- 1,270 313 525 426 1,402 651 1,165 679 358 440 1,806 July 21.__ - 9,971 482 1,068 692 896 706 1,348 509 1,124 658 310 421 1,762 Other cash: June 30 '-_-.. 312,30S 43, 876 76,695 22,444 16,979 21,591 13,431 40,449 17,681 16,850 10,228 25,125 July 7 , 277,661 38, 797 74,594 19,625 12, 797 18,129 10,618 34,284 16,376 5,385 15,003 9,666 22,387 July 14 307,824 39,207 82,254 22,461 14,977 18,667 12,112 41,871 16,944 6,312 15,502 11,088 26,429 July 21 318,928 38,711 81,769 22,954 19, 958 20,809 13, 569 43,091 16,314 6,706 15,210 11,910 27,927 Total reserves: June 30— 9,158,687 466,695 3;,, 479,000 538,993711,249 295,340 250,2471,757,298 295,788 201,835 284,300192,745 685,197 July7 9,123,466 4•8'1",469 3,368,819 542,305 716, 263 294,081250,992 1, 773,270 301,644 207,635 296,884 192,550 697,554 July 14 9,152,780475,697 3,432,938 533,881 712,635 28,8,681 245,353 330 298,746 204,977 298,112 196,716 697,714 Bills J u d l i y s c 2 o 1 unted: 9,162,8094JJ8"if2t ,0ri5v*5 n3 ,4* f6irm3 ,•7•*6*_ 7_5n3.n 3,j4_9_2_ 713/628 290,369 240,158 1,755^ 517 289; 957 202J 598 294J 818 194| 687101,769 Secured by U. S. Government obligations direct or fully guaranteed: June 30 7,042 735 3,284 944 569 586 301 20 100 54 25 79 345 July 7 9,623 1,845 3,863 1,012 506 801 525 85 94 84 179 629 July 14 11,718 770 6,809 1,014 566 1,091 376 145 75 34 234 604 July 21 _ 8,619 435 4,070 1,076 579 668 387 145 154 34 15 367 Other bills discounted: June 30 2,887 136 1,628 7 84 482 52 30 92 207 169 July 7 3,395 139 1,845 8 84 523 61 91 232 326 July 14 3,328 67 1,762 8 84 63 599 38 60 91 174 Tota J l u b ly il l 2 s 1 discounted: 3,553 102 l — 34 149 731 60 110 392 82 June 30 9,929 871 4,912 951 653 586 783 20 152 84 117 514 July 7 13,018 1,984 5,708 •1,020 590 801 1,048 85 180 145 91 411 955 July 14 15,046 837 8,571 1,022 650 1,144 975 183 161 94 91 540 778 Bills bou Ju g l h y t i 2 n 1 open market: 12,172 • 53' 5,839 1,076 613 817 1,118 183 240 94 125 1,081 449 June 30 3,801 224 1,545 355 322 146 108 60 376 July7 >—. 3,669 224 1,413 355 322 146 108 385 60 98 376 July 14 3,596 224 1,339 355 322 146 108 385 60 99 1 376 July 21 3,280 224 1,131 341 321 146 .108 384 60 99 Industrial advances: June 30 22,152 3,200 5,897 3,954 916 2,007 200 913 324 776 1,249 2,078 July 7 21,783 2,955 5,889 3,907 876 2,004 198 912 322 774 624 1,246 2,076 July 14 21,759 2,973 5,885 3,910 874 2,001 195 898 320 771 619 1,238 2,075 July 21 21,665 2,961 5,867 3,902 854 1,996 193 896 320 760 613 1,230 2,073 17. S. Government securities: Bonds: June 30 _ 732,508 53,385 210,233 61,861 71,309 38,575 32,184 80,726 32,298 35,992 28, 60163,516 July 7 732,508 53,385 210,233 61,861 71,309 38,575 32,184 80,726 32,298 23,828 35,992 28,601 63,516 July 14 _ 732,508 53,385 210,233 61,861 71,309 38,575 32,184 80,726 32,298 23,828 35,992 28,601 63,516 July 21 732,508 53,385 210,233 61,861 71,309 38,575 32,184 80,726 32,298 23,828 35,992 28,601 63,516 Treasury notes: June 30 1,170,713 85,322 336,001 98,865 113,968 61,652 51,436 129,018 51, 61938,083 57,525 45,709101,515 July 7 1,165,713 84,958 334,566 98,443 113,481 61,389 51,216 128,467 51,398 37,921 57,279 45,514101,081 July 14 1,165,713 84,958 334,566 98,443 113,481 61,389 51,216 128,467 51,398 37,921 57,279 45,514101,081 July 21. 1,162,713 84,739 333,705 113,189 61,231 51,085 128,136 51,266 37,823 57,132 45,397100,821 Treasury bills: June 30 622,969 45,402 178,795 52,610 60,645 32,807 27,371 68,654 27,468 20,265 30,610 24,324 54,018 July 7 627,969 45,766 180,230 53,032 61,132 33,070 27,591 69,205 27,689 20,427 30,856 24,519 54,452 July 14 ._.„ 627,969 45,766 180,230 53,032 61,132 33,070 27,591 69; 205 27,689 20,427 30,856 24, 519 54,452 July 21 _ 630,969 45,985 181,091 53, 286 61,424 33,228 27,722 69,536 27,821 20,525 31,003 24,636 54,712 Total XJ. S. Government securities: June 30 „„ 2,526,190 184,109 725,029213,336 245,922133,034 110,991 278,398111, 38582,176124,127 98,634 219,049 July 7 '. 2,526,190 [84,109 725,029213,336 224455,,992222 133,034110,991 278,398 111,385 82,176124,127 98,634 219,049 July 14 2, 626,190:84,109 725,029213,336 224455,,992222 1331i,034110,991 278,398 111,385 82,176124,127 98,634 219,049 July 21 2, 526,190.84,109 725,029213,336 245,922 133,034110,991 278,398 111,385 82', 176 124,12798,634 219,049 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN" 735 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to o n s- Y N o ew rk P p d h h e i 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 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 t n o i - ASSETS—Continued Total bills and securities: June 30 , 2,562,072 188,404 737,383 218,596 247,813 135,773 112,082 279,716 111,947 83,090124,978 .00,207222,017 July 7_ 2,564,660 189,272 738,039 218,618 247,710 135,985 112,345 279,780 111,973 83,155[24,938 00,389222,450 July 14... 2,566,591 188,143 740,824 218,623 247,768136,325 112,269 279,804111,952 83,101 124,933 00,511222,278 July 21 2, 563,307 187,831 737,866 218,655 247,710135,993 112,410 279,861112,031 83,090124,901 01,044221,855 Due from foreign banks: June 30 219 16 22 20 8 26 4 3 G 6 1G July 7 219 16 83 22 20 26 4 3 6 6 10 July 14 , 219 16 83 22 20 26 4 3 6 6 16 July 21 222 16 86 22 20 8 26 4 3 6 16 Federal Reserve notes of other banks: June 30. 23,933 332 5,528 1,359 2,559 1,674 3,750 1,940 1,339 1,097 464 2,908 July 7 „ 21,950 340 3,435 902 1,119 2,554 1,360 4,133 .1,629 972 1,506 601 3,399 July 14._ 26,890 346 6,442 1,034 1,305 1,741 2,096 3,599 1,898 1,903 1,916 564 4,040 July 21 28,917 348 8,604 1,027 1,516 1,679 1,959 3,427 1,789 1,366 2,315 551 4,336 TJncollected items: June30.._. 664,235 70,159 190,137 50,516 63,646 51,706 19,317 26,990 16,986 34,303 22,083 28,372 July 7 638,313 62,299 146,011 48,726 62,555 58,653 24,375 85,631 30,166 17,485 39,051 20,839 30,522 July 14 759,714 78,544 189,228 56,757 80,000 60,137 22,761 108,773 34,645 19,227 44,654 29,333 35,665 July 21 645,445 65,459 152,809 50,975 65,535 53,531 21,299 88,667 29,085 18,026 40,904 20,185 32,979 Bank premises: June 30..— j 45,615 3,029 10,053 6,293 2,755 2,216 4,651 2,366 495 3,217 1,253 3,398 J J u u l l y y 7 1 . 4 .._ 4 45 5 , , 6 6 0 0 1 1 3 3 , , 0 0 2 2 9 9 1 10 0 . , Q 05 5 3 3 4 , , 8 8 89 . 6 6 , , 2 2 9 9 3 3 2 2 , , 7 7 5 5 5 5 2 2 , f 2 2 1 l6 6 4 4 ; , , 6 6 5 5 1 1 2 % ,; r~ , 4 4 9 9 5 5 3 3 , , 2 2 0 0 3 3 1 1 , , 2 2 5 5 3 3 3 3 , , 3 3 9 9 8 8 July 21 45,582 3,029 10,053 4,878 6,293 2,755 2,213 4,651 2,366 495 3,203 1,253 3,393 All other assets: June 30 41,720 2,502 11,724 5,559 4,456 "2,604 1,624 3,763 1,563 469 1,810 1,604 3,042 July 7 _ 41,977 2,562 12,032 4,962 4,556 2,651 1,630 3,880 1,596 490 1,853 1,646 3,119 July 14_______. 42,945 2,599 12,415 5,031 4,619 2,723 1,659 3,975 1,625 ,525 1,918 3,188 July 21 _ 43,588 2,650 12,458 5,261 4f" 2,718 1— 4,047 1,655 ,541 1,962 l!G75 3,243 Total assets: June 30—* - 12,496,481731,137 4,433,908 819,558 1,034,836 490,746 387,168 2,139,164 440,598 306,223 449,77118,422 944,950 July 7 : 12,436,186738,987 4,278,472 820,424" — 449,378" 312,235 4'67", 4"4"1323,284966,464 July 14 12,594,740748,374 4,391,983 820,237 2,168,218 451,236 312,231474,742330,051966,305 July 21 12,489,870741,388 4,385,634 814,310 1,039,391 487J 054 379', 723,6136,196 436,887 308,119 468,169325,395967,591 LIABILITIES Federal Reserve notes in actual circulation: June 30.. _ - 4,206,477287,534 929,245 313,868 432,425 191,833 172,081 972,225 178,305 137,700 162,429 92,387336,442 July 7....—-. 4,252,417292,200 934,341315,753 437,711 193,254 173,027 981,517 179,469 139,739 165,408 94,160345,838 July 14 4,213,898288,546 927,059 315,012 435,236 190,942 169,876 976,354 178,972 137,334 164,828 92,037337,702 July 21 4,197,871286,131 923,025 313,590 431,788 189,605 168,659 975,289 179,144 137,546 164,659 92,227336,208 Deposits: Member bank—reserve account: June 30 6,900,288333,590 3,064,437 390,492 463,985 211,715 169,573 994,944 205,596 132,154 233,309 174,692 525,801 July 7 6,826,707344,231 2,956,830 391,521 4' 61,109 217,101170,885 990,085 212,161 136,487 245,414 175,516 525,367 July 14 6,927,951342,775 3,026,785 388,500 463, _ .,. , 003,381 209,740 138,193 247,704 182,062 543,091 July 21 6,858,300348,742 3,000,620 389,111 461,320 212,279 166,331 984,864 200,410 113333,,440011 243,774 177,102 540,346 U. S. Treasurer—general account: June 30 92,813 2,229 16,746 6,720 9,068 11,348 3,054 16,826 5,875 3,569 4,081 7,057 6,240 July 7... 100,937 3,636 9,454 6,635 12,209 4,547 3,632 29,628 4,399 3,456 3,219 6,149 13,973 July 14 .... 90,232 1,026 31,272 4,696 8,087 4,664 3,592 19,187 3,870 2,863 4,254 3,860 2,861 July 21 183,743 103,112 3,174 13,371 7,188 3,204 21,899 5,074 3,933 4,812 6,488 9,128 Foreign bank: June 30 157,4Q0 11,712 55,336 15,724 14,301 6,899 5,616 18,612 4,813 3,690 4,653 4,653 11,391 July 7 172,325 12,488 63,472 16,765 15,278 7,356 5,987 19,844 5,132 3,935 4,961 4,961 12,146 July 14 _ 159,009 11,491 58,418 15,427 14,483 6,769 5,510 18,261 4,722 3,621 4,565 4,565 11,177 July 21 161,864 11,835 68,271 15,888 14,915 6,971 5,674 18,806 4,863 3,729 4,701 4,701 11,510 Other deposits: June 30 _ - 127,671 2,299 61,825 9,236 20,254 4,898 1,872 6,029 2,586 154 3,947 11,308 'July-7 _ 112,381 1,818 49,037 9,107 20,538 3,642 3,350 1,794 6,403 2,549 215 3,981 9,947 July 14 115,621 2,876 49,000 9,431 20,721 3,530 3,121 1,594 6,910 2,358 187 4,88: 11,012 July 21 95,966 3,055 30,779 9,1S6 20,499 3,247 2,885 1,827 6,405 2,481 165 4,869 10,568 Total deposits: June 30 7,278,172349,830 3,198,344 422,172 507,608 233,225 183,1411,032,254 222,31;141,999 242,197 190,349554,740 July 7 7,212,350362,173 3,078,793 424,028 509,134 232,646 183,8541,041,351 228,095146,427 253,809190,607 561,433 July 14 7,292,813358,168 3,165,475 418,054 506,397 228,058 181,742 1,042,423 225,242147,035 256,710119955,,368 568,141 July 21 j 7,299,873365,992 3,192,782 417,359 510,105229,685 178,0941,027,396 216,752143,544 253,452193,16C0 571,552 Deferred availability items: June 30 664,852 185,562 49,669 63,187 50,776 19,320 90,126 29,544 17,245 35,333 24,726 29,715 July 7 625,371 60,726 145,029 47,421 59,978 55,977 23,398 83,687 31,380 16,767 38,399 27,544 35,065 July 14 741,434 77,713 179,064 53,942 79,194 58,539 22,045 104,681 36,531 18,541 43,24: 31,628 36,315 July 21 645,176 65,323 149,311 49,896 65,703 52,946 20,305 88,76: 30,510 17,71 40,08: 29,004 35,616 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 FEDERAL RESERVE BULLETIN AUGUST 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 il l i - 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 Capital paid in: June 30 132,302 9,374 51,196 12,243 12,876 4,85; 4,340 12, 727 3,815 2,894 4,002 3,865 10,113 July 7 132, 355 9,374 51,201 12, 245 12,876 4,858 4,334 12, 740 3,818 2,895 4,008 3,872 10,134 July 14 132,459 9,378 51, 223 12,245 12,916 4,336 12, 746 3,823 2,896 4,022 3,877 10,137 July21__ 132, 514 9,385 51, 223 12, 247 12,918 4^861 4,337 12,758 3,834 2,896 4,034 3,878 10,143 Surplus (section 7): June 30 145,854 9,826 51,474 13,362 14,323 4,869 5,616 21,504 4,655 3,116 3,613 .3,851 9,645 July 7 __ 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 July H 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 July 21 _„_•_-__ 145,854 9,826 51,474 13,362 14, 323 4,869 5,616 21,504 4,655 3,116 3,613 3,851 9,645 Surplus (section 13b): June 30. 27,490 2,874 7,744 4,325 1,007 3,422 754 1,416 54, 1,003 1,142 1,262 1,996 July 7- ._ 27,490 2,874 7,744 4,32, 1,007 3,422 754 1,416 545 1,003 1,142 1,262 1,996 July 14 _. 27,490 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 1,996 July 21 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: June 30- 35,906 1,570 9,117 3,000 3,121 1,497 1, 7,832 1,199 2,055 941 1,847 2,037 July 7 _ __._ 35,906 1,570 9,117 3,000 3,121 1,497 1,690 7,832 1,199 2,055 941 1,847 2,037 July 14 __._ 35,906 1,570 9, 117 3,000 3,121 1,497 I,1"" 7,832 1,199 2,055 941 1,847 2,037 July 21 _. 35,872 1,570 9,117 3,000 3,121 1,496 1,691 7,805 1,199 2,048 941 1,847 2,037 All other liabilities: June 30- 5,428 1,226 919 26' 226 1,080 219 211 114 135 262 July 7 4,443 244 773 290 165 253 1,324 217 233 121 141 316 July 14 4,886 299 827 297 446 184 293 1,262 269 251 245 181 332 July 21 _.„ 6,220 287 . 958 531 426 170 280 1,261 248 252 24' 166 394 Total liabilities: June 30 12,496,481731,, 137 ,4 4,33,908 819, 5581,034,836 490,746 387,1682,139,164 440,598 306,223 449, 771318,422944,950 July 7 _ _. 12,436,186738,987 4;, 227788,; 472 820^ 424 1,038, 516 496^ 688 392^ 9262 ,%1 51511,^3 73711 4 44499,,3' 73788 3 132l,£ 2 23355 4 6476,74|41323,284966,464 July 14— . 12,594,740748,374 4,, 339911,, 983 820,237 1,052, 640 492,371 386,352 2f,168,218 451, 236 3r1 2,231 47"4 , 7"4'2 330,051966,305 July 21 12,489,870741,388 4,385,634 814,310 11,039,391487,054379, 736 2,136,196 436; 887 308,119 468,169 325,395967,591 Contingent liability on bills purchased for foreign correspondents: June 30 4,015 293 1,449 393 173 141 466 120 117 117 285 July 7 _ 4,138 306 1,458 411 386 180 147 487 126 122 122 298 Julyl4__ 4,150 306 1,470 411 180 147 126 122 122 298 Com Ju m ly it m 21 e _ n ts to make industri _ al .„ 3,587 262 1,295 351 154 126 416 108 82; 104 104 255 advances: June 30 __ 16,331 2,155 5,747 155 1,313 335 1,074 128 302 3,049 July 7 16,110 2,169 5,553 155 1,308 1,995 315 1,072 125 302 3,041 July 14 16,171 2,145 5,527 167 1,435 1,991 315 1,072 125 302 3,019 July 21 _ ' 15,859 2,089 5,484 167 1,307 1,955 315 1,045 125 302 2,996 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 737 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 24, 1936, TO JULY 21, 1937 [Amounts in thousands of dollars] Applications rec* Applications approved to date by Federal Reserve banks (with and ommended for without conditions) approval by In- Applications dustrial Advi- Date ( e la a s c t h W m e o d n n th es ) day of N r u ec m e b iv e e r n d e t t A o m da o t u e n , t Nu s t o ( e m o w u e r t i s b y t h c e o r n a t d n o C A i d 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 v e o n a d s a u e d n e n t r i k r - c v n a e e g l s s c R F t o m a b e e o m n d a s e u d e n e m n t r i r k - t v n a i s t e g l - A b p p u c l p e o t r t m o e n d v o - e t » d d E o r r r x e a a c e p p p w a w t a p i c n n r i . i l t e t d i , h - b d , - y , i s n F p p t t a g i u a a o n n t r t u i i a d i t n o i o t n i c - s n n n c i t s g - i - - * 1936—June 24 8,168 331,391 2,394 142,811 2,183 133,343 30,487 24,454 9,381 61,422 7,599 July 29 8,197 331,659 2,413 143,978 2,198 134,233 30,217 23,711 8,429 64,342 7,534 Aug. 26____. 8,240 333,930 2,437 145,939 2,218 135,421 29,265 23,355 9,168 66,304 7,329 Sept. 3O..__ 8,284 336,119 2,463 147,191 2,243 137,251 28,885 23,307 8,566 69,217 7,276 Oct. 28 8,308 336,763 2,477 148,237 2,269 138,731 27,038 22,790 8,544 72,915 7,444 Nov. 25.... 8,339 339,903 2,483 148,317 2,266 138,938 26,720 22,040 7,719 75,045 7,414 Dec. 30..... 8,379 342,699 2,500 149,204 2,280 139,829 25,533 20,959 8,226 77,903 7,208 1937—Jan. 27 8,398 342,999 2,506 149,527 2,287 140,213 24,781 20,238 7,697 80,500 6997 Feb. 24 _... 8,427 343,904 2,517 149,711 2,297 140,515 24,208 19,523 7,709 82,163 f Mar. 31 .... 8,483 346,911 2,543 150,561 2,323 141,545 23,054 18,611 7,898 85,215 6,912 Apr. 28 8,510 348,342 2,563 152,724 2,336 144,564 23,904 17,528 9,045 6,767 J J M u u n l a y y e 2 3 2 1 0 6 3 . . . . . . . . 8 8 8 , , , 5 5 5 2 4 4 4 9 6 3 3 35 5 4 1 1 9 , , , 7 4 2 C 2 8 0 8 0 2 2 2 , , , 5 5 56 7 8 0 7 7 1 1 1 5 5 5 3 4 5 , , , 7 9 0 2 6 2 0 0 3 2 2 2, , , 3 3 3 6 6 5 6 1 3 1 1 14 4 4 5 5 5 , , , 8 2 7 5 2 5 4 8 8 2 2 2 3 3 2 , , , 0 1 5 1 9 3 4 6 0 1 1 1 6 7 5 , , 8 1 3 £ 8 3 9 8 1 8 1 3 , , , 0 4 4 7 6 7 4 2 0 8 9 9 9 9 7 , , , 2 0 6 6 5 6 8 3 8 7 7 7 7 , , , , 2 1 2 3 8 1 7 3 1 4 5 8 ' * Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. * Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $ 11,364,524 on July 21,1937. 3 July 28 figures not yet available. NOTE.—On July 21, 1937, there were 15 applications amounting to $2,810,833 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: June 30 • 4,508,973327\, 709 1,020,431 330,078 457,,127 202,725189,496 995, 213186,743 142,961 .72,503 .01,360382,627 July 7_ _ •4,550,464332,879 1, 031, 111 333,290 460,703 203,072189,935 1004,503188,872 144,129 .74,998 .01,561385,411 July 14 __ 4,552,646331,887!1,032,588 331,127 463,501 2?02,129 188,930 1,005,242187,565 [43,317 "5,037 [00,969390,354 July 21 4, 540,032329,120 ,028,550 333,349462,836 201,139 187,352 1,003,842 189,035L42, 769.75,822100,597385,621 Held by Federal Reserve bank: June 30 302,496 40,175 91,186 16,210 24,702 10,892 17,415 8,435 5,261 10,074 8,973 46,185 July 7 — 298,047 40,679 96,770 17,537 22,992 9,818 16,908 22,986 9,403 4,390 9,500 7,401 39,573 July 14 -_- —• 338,748 43,341 105,529 16,115 28,265 11,187 19,054 28,888 8,593 5,983 10,209 8,932 52,652 July 21 —. 342,161 42,989 105,525 19,759 31,048 11,534 18,693 28,553 9,891 5,223 11,163 8,370 49,413 In actual circulation:1 J J u u n ly e 7 30 4 4 , , 2 2 0 5 6 2, , 4 4 1 7 7 72 2 8 9 7 2 , , 5 2 3 0 4 0 9 9 2 3 9 4 , ,3 2 _4 4 ..1 5 3 3 1 1 5 3 , ,8 7 6 53 8 4 4 ..3 3 7 2 , ,4 71 2 1 5 i 1 Q 9 3 1 t , 2 8 5 3 4 31 1 7 7 2 3 , , 0 0 8 2 1 7 9 9 7 8 2 1 , , 2 5 2 1 5 7 11 1 7 7 "9 8 , , '4 3 6 0 -9 8L L3 3 9 7 , , 7 7 3 0 9 01 1 6 6 2 5 , , 4 4 2 0 9 8 9 9 2 4 , , 3 1 8 6 7 0 3 34 3 5 6 , , 8 4 3 4 8 2 J Ju u l l y y 2 1 1 4 _ —. 4 4 , , 2 1 1 9 3 7 , , 8 8 9 7 8 1 2 28 8 6 8 , , 1 5 3 4 1 6 9 9 2 2 3 7 , , 0 0 2 5 5 9 3 3 1 1 3 5 , , 5 0 9 1 0 2 4 4 3 3 1 5 , , 7 2 8 3 8 6 1 1 9 8 0 9 , , 9 6 4 0 2 5 1 1 6 6 9 8 , , 8 6 7 5 6 9 9 9 7 7 5 6 , , 2 35 8 4 91 7 7 8 9, , 1 9 4 7 4 2 L 13 3 7 7 , , 5 3 4 3 6 41 [ 6 6 4 4 , , 8 6 2 5 8 9 9 9 2 2 , , 0 2 3 2 ' 7 3 33 3 6 7 , , 2 7 0 0 8 2 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due fro J J J J m u u u u l l l n y y y e X J 2 7 1 3 . 1 4 0 S . Treasur : y ~ - : - - 4 4 4 4 , , , , 5 5 5 5 8 8 5 6 7 5 2 3 , , , , 6 6 6 6 3 3 3 3 2 2 2 2 3 3 3 3 3 3 3 3 6 6 6 6 ! , , , 6 0 0 0 5 0 0 0 6 0 0 0 . 1 1 1 £ 1 , , 0 0 0 0 3 4 4 3 0 0 0 a , , , 0 0 6 0 0 0 0 0 0 0 6 0 3 3 3 3 3 3 3 3 ^ 5 5 5 , , , O 0 0 0 O 0 0 0 O 0 0 0 4 4 4 4 5 6 6 6 9 2 5 ^ , , , 5 5 5 5 0 0 0 0 0 0 0 0 2 2 2 2 0 0 0 0 5 5 5 i; , , , 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 * 17 7 7 7 * 3 3 3 8 " ; , , , 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 ., , , , 0 0 0 0 1 2 1 2 0 0 0 0 ., , | , 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 9 8 8 " 9 0 9 9 0 ^ , , , 6 6 6 6 3 3 3 3 2 2 2 2 1 1 1 1 4 4 4 4 4 5 5 5 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 1 1 7 7 7 7 6 4 6 8 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 2 2 2 2 , , , , 5 5 5 5 0 0 0 0 0 0 0 0 3 3 3 3 8 9 9 9 9 9 9 9 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 Elig J J J J ib u u u u l l n l l e y y y e 7 p 2 1 3 a 1 4 0 p er: _ —- 1 1 1 9 4 2 1 , , , , 8 8 6 9 6 4 7 8 0 4 7 4 8 5 7 3 1 ' 4 8 5 5 , , , , 1 7 4 2 9 3 0 4 2 8 2 4 1 1 1 , , , 0 0 0 5 5 9 8 6 9 6 6 6 64 8 1 7 : 2 9 9 1, 8 8 1 6 7 4 2 1 0 3 7 2 1, 9 9 7 11 7 6 8 0 8 7 3 1 1 8 2 8 8 5 0 3 3 1 1 1 1 2 0 8 2 5 6 5 2 1 8 9 4 9 4 4 5 4 1 1 1 1 0 2 0 3 1 7 0 5 1,0 2 4 5 9 9 2 5 2 6 2 1,1 9 5 0 2 1 0 3 2 U. S J J J J . u m u u l l n G y y y e o 7 2 1 3 v _ 1 4 0 ernment securities: 2 2 2 2 0 0 0 0 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 0 0 0 0 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 Tota J J J J l u u u u l n c l l y y y o e l 2 7 1 l 3 a 1 4 0 te ral: _ - 4 4 4 4 , , , , 5 5 6 6 8 9 1 2 2 6 7 2 , , , , 6 4 3 4 1 7 0 9 6 6 9 2 3 3 3 3 3 3 6 7 6 , , ,5 8 9 7 3 8 1 7 4 1 1 1 1 , , , , 0 0 0 0 4 3 4 3 5 4 8 5 , , , , 2 7 4 1 4 0 3 9 4 2 8 2 3 3 3 3 3 3 3 3 6 5 6 6 , , , , 9 0 0 0 8 5 5 9 0 8 6 9 4 4 4 4 6 6 6 6 6 0 3 6, , , , , 1 1 1 1 8 1 4 7 2 9 2 9 1 2 2 2 2 0 0 0 0 6 5 1 5 , , , , 8 1 6 8 2 7 1 4 7 0 2 3 1 1 1 19 9 9 9 8 4 3 3 , , , , 1 9 9 9 7 1 7 6 7 8 0 ' r8 3 1 1 1 1 1 , , , , 0 0 0 0 1 1 2 2 0 0 0 0 , , , , 0 0 1 1 2 8 8 8 0 5 3 3 1 1 1 1 8 9 8 9 9 9 0 0 , , , , 7 7 8 7 7 5 " 1 3 5 7 8 4 1 1 1 1 4 4 4 4 5 4 5 5 , , , , 1 0 0 0 4 8 9 9 , 4 4 4 1 1 1 1 7 7 7 7 6 4 6 8 , , , , 1 1 1 J 3 O 2 0 £ 7 C 1 1 1 10 0 0 0 3 2 3 2 , , , , 7 0 9 5 9 5 2 9 6 1 2 3 3 3 4 3 9 8 9 0 9 9 9 0 , , , , 6 1 9 5 6 0 2 1 9 0 3 2 i 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

738 FEDERAL RESERVE BULLETIN AUGUST 1937 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, JUNE 1937 BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Coun- Classes of banks m d a e n - d m d a e n - d T d im e- e banks m b e e m r - s c e i r t v y e iry and districts de- de- posits banks* New Chi- banks banks* posits posits* Re- Held Ex- York cago quired cess Total reserves held: All member banks.. 29,452 24,718 11,299 6,002 6,878 876 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. 10,106 9,402 803 2,493 2,669 176 July. 5,861 2,279 653 1,886 L,042 Chicago 2,205 1,948 442 533 603 70 Aug. 1-15 6,063 2,502 572 1,899 L,090 Aug. 16-312 6,291 2,503 580 2,005 L,204 Reserve city banks: September., 6,345 2,462 619 2,046 L, 218 N Bo ew st o Y n o d r i k s t d r i i s c t t rict 9 1 5 9 5 1 8 1 6 5 6 9 1 11 3 7 8 1 4 8 0 0 1 4 9 2 4 1 2 4 N O o ct v o e b m er ber 6 6 , , 5 7 9 8 4 5 2 2 , , 5 6 7 9 4 5 6 6 3 5 7 1 2 2, , 1 1 8 5 5 3 L 1, f 2 2 5 3 4 0 Philadelphia district.. 1,102 925 243 200 239 39 December 6,665 2,662 605 2,157 1,241 Cleveland district 1,435 1,199 709 282 323 40 1937—January 6,716 2,719 568 2,158 1,271 Richmond district 609 .483 210 109 134 25 February 6,747 2,812 546 2,128 1,261 Atlanta district.. 547 422 164 94 103 9 March* 6,704 2,652 533 2,203 1,315 Chicago district 1,141 886 491 207 240 34 April.... 6,824 2,739 563 2,201 1,321 St. Louis district 673 539 168 118 149 31 May K 6,932 2,684 589 2,272 1,386 Minneapolis district... 343 262 92 58 66 8 June 6,878 2,669 603 2,230 1,377 Kansas City district... 913 661 160 142 168 26 Week ending (Friday) Dallas district 573 403 111 87 102 15 June 4 6,884 2,670 591 2,238 1,386 San Francisco district. 1,897 1,563 1,861 424 470 45 June ll._ 6,891 2,632 625 2,246 1,388 June 18— 6,859 2,647 604 2,226 1,381 Total 10,380 8,368 4,464 1,941 2,230 289 June 25 6,854 2,672 593 2,200 1,389 Excess reserves: Country banks: 1936-April _ 2,510 940 262 796 512 B N o ew st o Y n o d r i k s t d r i i s c t t r ict „ 1,2 7 5 8 2 3 1,0 6 0 4 2 0 1,3 5 8 7 2 7 2 1 2 2 3 4 2 1 9 4 0 5 2 6 1 7 J M un ay e _ 2 2 , , 5 8 9 0 3 0 lt1 9 3 0 4 8 3 4 7 1 7 4 7 77 7 5 8 5 49 1 6 1 Philadelphia district.. 591 456 851 115 145 30 July 2,907 1,004 369 961 575 Cleveland district 587 434 632 99 138 39 Aug. 1-15. 3,105 1,226 290 970 619 Richmond district 468 333 329 66 86 20 Aug. 16-312 1,852 600 160 601 490 Atlanta district 438 304 208 55 69 14 September 1,852 535 195 624 498 Chicago district. 779 570 621 117 169 52 October 2,043 639 205 696 502 St. Louis district 329 239 217 46 60 14 November 2,219 751 221 724 523 Minneapolis district 299 208 272 45 66 21 December 2,046 697 175 675 498 Kansas City district- 431 274 156 48 72 24 1937—January 2,093 767 147 662 518 Dallas district.. 464 302 91 48 76 28 February... 2,151 868 128 651 505 San Francisco district. 340 239 253 49 59 11 March a 1,371 401 54 488 428 April... 1,552 530 101 490 431 Total 6,762. 5,001 5,589 1,035 1,377 341 May» 927 203 51 316 357 June. _. 876 176 70 289 341 Week ending (Friday) i Gross demand deposits minus demand balances with domestic banks June 4 . 905 192 54 304 354 (except private banks and American branches of foreign banks) and June 11 908 152 87 313 355 cash items in process of collection. June 18 850 151 70 283 346 NOTE.—See table at foot of page 750, for percentages of deposits re- June 25 839 172 63 252 352 quired, to be held as reserves. i Weekly figures of excess reserves of all member banks and of country banks are estimates. 3 Reserve requirements increased Aug. 16, 1936, March 1, 1937, and May 1,1937; see table at foot of page 750 for amount of changes. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] All member banks Member banks in larger centers Member banks in smaller centers (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time June May June May June May June May June May June May Boston : 1,738 1,751 694 692 1,619 1,632 565 564 119 119 128 128 New York 11,549 11,493 2.323 2,278 11,173 11,167 il,040 11,035 270 270 480' 479 Philadelphia 1,692 1,729 1..094 1,099 1,472 1,511 656 661 220 219 438 438 Cleveland... 2,023 2,031 1,341 1,332 1,795 1,059 1,054 228 227 282 277 Richmond 1,077 1,086 539 540 906 *913 354 355 171 173 185 185 Atlanta 985 1,003 372 372 835 846 292 291 150 157 80 80 Chicago 4,125 4,151 1,555 1,541 U,618 i 1,616 1856 1847 302 302 257 254 St. Louis... 1,002 1,009 385 383 807 817 282 2.8.2 195 193 102 101 Minneapolis 642 616 364 365 463 437 178 178 178 178 186 187 Kansas City 1,345* 1,343 316 316 1,027 1,026 201 201 317 317 115 114 Dallas 1,037 1,035 202 200 777 774 161 160 260 261 41 40 San Francisco 2,237 2,253 2,114 2,106 2,108 2,121 2,017 2,008 129 132 97 98 Total 29,452 29,501 11,299 11,224 U4,601 114,664 .17,662 17,637 2,541 2,547 2,391 2,383 * Excluding central reserve city banks, for which figures for latest month are shown in table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 739 KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars! End of month Total c c G e a r o t t i e l f d s i- d S o i l lv la e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o ! e r 8 t a y e 9 s s 0 - S s u i i a b lv r s y e id r - M co in in or U S n t n o a i t t t e e e s s d R F n e e o d se t e e r r v s a e l R F b n e e o a d se t n e e r k r s v a e l t n b i N o o a n t n a e a - k s l 1936—June 6,241 101 955 316 135 278 4,002 366 July 6,162 100 053 318 136 274 3,037 352 August 6,227 09 986 321 137 278 3,978 342 September. 6,267 93 993 326 133 278 4,011 332 October. 6,351 97 1,020 329 139 282 4,076 324 November. 6,466 96 1,051 334 141 4,156 310 December. 6,543 95 1,057 337 142 4,233 307 1937—January... 6,349 94 1,012 329 140 276 4,118 300 February.. 6,399 92 1,022 329 140 288 4,155 294 March 6,377 91 1,022 333 141 287 4,139 287 April....:. 6,426 90 1,039 335 142 291 4,171 281 May 6,462 89 1,062 333 143 289 4,189 275 June 6,447 1,078 341 141 281 4,169 2C9 Back figures. —See Annual Report for 1935 (table 38). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Paper currency l in cir- $50 and over Un- End of month cula- Coin .$1 $2 $5 $10 $20 assorttion! Total $50 $100 $500 $1,000 $5,000 $10,000 ed* 1936—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 1,43G 1,452 381 667 128 250 6 19 3 September 6,267 501 477 33 86S 1,488 1,437 1,467 383 673 130 253 6 21 4 October » 6,351 505 484 33 882 1,516 1,400 1,478 385 679 132 255 7 19 7 November ........ 6,466 513 492 33 900 1,548 1,486 1,501 390 690 132 258 t 23 7 December 6,543 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 13 8 1937—January 6,349 506 472 33 864 1,500 1,458 1, 525 393 702 135 269 S 18 9 February - .. - 6,399 506 475 33 ' 874 1,519 1,464 1,538 395 70G 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 1,406 1,507 380 689 136 278 8 17 , 4 June 6,447 523 487 34 885 1,539 1,458 1,526 384 699 138 283 8 14 5 i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. »Includes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported t the Treasury as destroyed. Back figuTes.Sw Annual Report for 1935 (table 39). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve banks and in circulation. In millions of dollars] [By selected banks in New York City. In thousands of dollars] Ship- Receipts Net End of month Total d S s o a l b i i i l l l n o u v v l n d a l e e - r * r r s s S i i s a l u i v r d b y e - - r M co in in or U S n n t o a i t t t e e e s d s s n b F e R e o a e r r e t n a d v e - k l - e s t n b i N o o a n t a n e - a k s l 1 1 1 9 9 93 3 3 4 2 3 Year or month m E e u n r t o s 5 5 3 p 6 5 4 t e o 4 5 7 E f u 8 9 4 ro 1 3 0 ro , , , m 0 8 5 p 5 3 8 e 9 8 7 m sh e i n p t - s rec 8 9 4 N e 3 0 0 e i , , , 2 5 2 p t 7 0 4 ts 1 5 2 1935 10,628 19,966 9,338 1936 34,774 20,216 8,553 1936— N O D S J A J u e u c e o u l p n t c v y g o t e e e e u b m m m s e t b r b b e e e r r r . - . 2 2 2 2 2 2 2 , , , , , , , 4 4 5 5 5 5 5 9 9 0 1 1 3 2 6 0 8 2 5 2 1 1 1 1 1 1 1 1 , , , , , , , 2 2 2 2 3 3 3 6 9 7 5 1 0 2 4 4 7 5 0 3 3 3 3 3 3 3 3 3 3 3 4 3 4 5 5 2 5 1 8 6 6 1 1 1 1 1 1 1 1 3 4 4 4 4 4 4 9 0 2 3 5 7 6 3 3 3 3 3 3 3 4 4 4 4 4 4 4 7 7 7 7 7 7 7 5 5 4 4 4 4 4 3 1 9 8 7 6 5 3 3 3 3 3 3 3 7 5 4 3 2 1 2 2 9 3 8 9 4 2 1936— J A S N D O J u u e u c o e l n p y t g c v o e t e u e e b m s m m e t r b b b e e e r r r . . . . . . . . . ! . . 3 3 2 5 , , , , 0 0 0 0 9 0 3 4 1 0 6 8 7 9 3 0 0 1 2 1 5 2 1 1 , , , , , , 1 3 5 4 0 1 7 6 3 4 2 7 3 4 4 6 8 8 2 1 5 2 1 4 7 , , , , 8 4 8 7 1 2 2 7 8 4 4 3 1 3 1 , , , 4 0 4 9 4 0 7 8 9 1037— J M A F M u J e p n a a a b r y e r n i r c l u u h a a r r y y . . . . . . . 2 2 2 2 2 2 , , , , , , 5 5 5 5 5 5 3 3 4 4 4 5 6 2 1 3 7 0 1 1 1 1 1 1 , , , , , , 3 3 3 3 3 3 3 4 5 8 6 7 2 3 5 5 5 2 3 3 3 3 3 3 5 5 5 5 5 5 6 7 6 7 8 9 1 1 1 1 1 1 4 4 5 4 5 5 8 9 0 9 0 1 3 3 3 3 3 3 4 4 4 4 4 4 7 7 7 7 7 7 4 4 4 3 3 4 2 2 0 9 8 4 2 2 3 2 2 2 8 9 0 9 7 7 4 8 5 1 8 2 1937— A M J F M u J e p a a a n b r r n y e i r c l u u . h a . a . r r . y y . s .. - . 4 2 1 7 , , , , 4 2 0 0 9 9 3 7 9 0 6 0 4 9 2 0 S 9 3 3 3 2 1 1 , , , , , , 2 7 0 1 9 8 6 9 2 2 7 6 5 7 8 3 2 5 1 5 , , 0 0 1 2 4 8 2 1.t7 5 1 9 S 6 0 5 9 0 5 6 * Includes silver held against silver certificates amounting to $1,305,000,- For description and back figures see BULLETIN for January 1032 000 on June 30,1937, and $1,134,000,000 on June 30,1936. pp. 7-9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 FEDERAL RESERVE BULLETIN AUGUST 1937 GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATESl [In millions of dollars] [In thousands of dollars] Gold stock at 1937 end of year Increase Net or month in Net release Year or month total gold from Januarygold import ear- June May June Total I a n c a c c o t u iv n e t stock mark From or to— Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1934 8,238 4,202.5 1,133.9 82.6 1935—October 9,693 325.2 315.3 -1.9 Belgium 5,228 22, 450 November— _ 9,920 226.7 210.6 .6 France 11,059 1,375 25,107 December ._. 10,125 205.2 190.0 1.3 Germany 1 392 2,762 Year _„ 10,125 1,887.2 1,739.0 .2 Switzerland 36,235 1,166 52,002 Union of Soviet 1936—January 10,182 57.2 45.6 -1.7 Socialist Re- February... 10,167 -15.5 -16.6 -9.5 publics 504 March 10,184 17.2 5.5 1.0 United Kingdom.. 156, 959 16 103,822 706, 634 65 April 10,225 41.0 28.1 -.2 Canada 20,946 14,438 4 64,060 4 May 10,402 176.7 170.0 -3.2 Central America. „_ 605 285 2,010 June 10,608 206.6 277.8 -24.8 Mexico 730 64 2,800 19,859 79 July 10,648 39.2 15.4 2.3 Argentina 2 7 August __ __ 10,716 68.4 67.5 -11.9 Chile _ 2,359 354 5,846 September 10,845 129.0 171.8 -28.8 Colombia 2,177 5,496 11,937 October 11,045 199.7 218.8 -11.3 Ecuador 164 144 " 875 November _-. 11,184 139.6 75.8 3.0 Peru 444 67 1,392 December 11,258 "~26.~5~ 73.3 57.0 -.7 Uruguay Venezuela __. 19 31 267 Year 11, 258 26.5 1,132. 5 1,116. 6 -85.9 Australia 2,167 2,613 15,162 British India 3,966 3,797 9Q 74 ^ 1937—January 11,358 .126.5 100.1 121.3 -48.3 China and Hong February 11,436 204.7 78.2 120.3 -8.0 Kong 237 53 1,074 March 11, 574 342.5 137.9 154.3 -A Dutch East Indies. April 11,799 568.0 225.6 215.8 7.2 Japan 15,316 16, 593 47,584 JMuanye. 1 1 1 2 , , 9 3 9 1 0 8 1,0 7 8 5 6 9 . .1 8 3 1 2 9 7 1 . . 8 1 2 1 6 5 2 5 . . 0 4 -1 2 5 6 . . 9 2 A Ph ll i l o i t p h p e i r n c e o u Is n l t a ri n e d s s 2. . 2,06 3 4 8 2,1 2 0 2 6 5 1 7 2 ,5 4 7 1 7 4 Total- 262,103 81 155, 366 4 1,029,327 148 Back figures.—See AnnualReport for 1935 (table 32). i Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. * Includes all movements of unreported origin or destination. Back figures.—See table p. 769, and Annual Report for 1935 (tables 34 and 35). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 741 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 {In millions of dollars] banks Member banks * Nonmember banks Call date Total Other Total ti N on a- a l ' State M s b a u a v n t i u n k a g 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 ks - 1932—Dec. 31 18,390 6,816 6,011 805 694 10,980 1932-Dec. 31... 41,643 24.803 16,101 8,702 10,022 6,818 1933—June 30 * 14,619 5,606 4,897 709 676 . 8,337 1933—June 30»__ 37,998 23.338 14,772 8,566 9.713 4,946 Oct. 25 * 5,818 5,052 766 Oct. 25 *.. 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 5,020 1934— Mar. 5 * 6,206 5,288 918 1934—Mar. 5*... 25,293 16,203 9,090 June 30 15,835 6,375 5,417 958 578 8,882 June 30... 41,870 26.615 17,097* 9,518 9,780 5.475 Oct. 17 *. 6,433 6,461 972 Oct. 17 • 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 1835—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 6,425 985 571 9,013 June29_._ 45,766 29,496 19,031 10,465 9,920 6,350 Nov. 1 15,904 6,400 5,403 997 671 8,933 Nov. 1 47,522 31,072 20,128 10,944 9,936 6,513 Dec. 31 15,837 6,387 5.386 1.001 570 8,880 Dec. 31 48,964 32,159 20,886 11,273 9,963 6,842 1936—Mar. 4 16,808 6,377 5,375 1,002 569 8,862 1936—Mar. 4 r48,716 31,774 20,605 11,169 9t972 '0,970 June 30 15,752 6,400 6,368 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. ' Revisec1. LOANS AND INVESTMENTS [In millions of dollars] ill banks Member banks :Nonmember banks Mutua1 savings banks Other nonmember banks Call date Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans, I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 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 2.616 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 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 1034—Mar. 5 * 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 27 559 12.293 15,267 Dec 31 43,458 20,473 22,984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935-Mar. 4 43,747 20,394 23,353 28,271 11,953 16,318 9.775 5,478 4,297 5,701 2,963 2,738 June 29 -- ------ 44,416 20,272 24,145 28,785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Nov. 1 45,008 20,140 24,868 29,301 11,841 17,460 9,854 5,302 4,552 5,853 2,997 2,856 Dec. 31 45,717 20,329 25,388 29,985 12,175 17,810 9.804 5,210 4,594 5,927 2,944 2,983 1538 Mar 4 — '46,115 ••20,267 ••25,847 30,288 12,099 18,189 9,795 5,202 r6,032 '2,966 '3,066 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 * Beginning June 30,;i933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. • PriortoDw. 30?193Vmember^bank figures include interbank deposits not subject to Immediate withdrawal, which aggregated $103,000,000 on that date. Back ftguTcs.-B&e Annual Report for 1935 (tables 47-48). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

742 FEDERAL RESERVE BULLETIN AUGUST 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 l a o v o e n a e n t n d a s t s t s l - Total C Y N o k s b T l i r o u e e d t o o r r t w y - e - s k i o se t t T o h c ie n u o e s r r i s - e l R o st a e a n a t l s e a b a c p o a n c R o w n e c e r k p e - n t t s - s -1 c O c u w a u u n s t n r r h e i s s e e - d e e e d d r - - b L a o t n o a k n s s a U a b c p n A n e l a e i c p c y t - e e t i - - s d n ]ab B a r b i o l 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 O Y N e b o r i r t o e s o o t a r w y - n i k n i s Total Direc t t ion a F g n s u u te a l e l r y d - s O e ti t c e h u s e r r i- States TOTAL—ALL MEM- BER BANES 1920—Dec. 31 , 35,934 23,193 3,191 11,515 714 212 291 1,660 9,784 3,863 5,921 1033—June 30 * 24,786 11,337 165 3,752 2,372 192 4,857 330 291 87 788 11,928 6,887 5,041 1034—Dec. 31 28,150 10,509 187 3,110 2,273 232 4,708 155 256 232 843 16,122 9,906 6,227 1935—June 29 28,785 10,369 192 2,931 2,277 135 4,834 119 201 247 975 16,857 9,871 1,558 5,427 Dec. 31_._. 29,985 10, 548 196 2,893 2,284 169 5,006. 93 181 272 1,047 17,810 .0,601 1,768 5,541 1936—Mar. 4 10,460 211 2,832 2,301 156 4,960 82 164 280 1,089 18,189 0, 564 1,880 5,74fl June 30 32, 259 10,943 266 2,863 2,340 117 5,355 81 144 278 1,079 19,717 1, 721 1,950 6,04fi Dec. 31_... 33,000 11,628 266 2,785 2,405 131 6,041 85 161 324 1,144 19,640 1,630 1,906 6,095 1937—Mar. 31 32,525 11,862 258 2,816 2,440 128 6,220 99 170 386 1,159 :8,826 0,856 1,861 6,108 June 30P 32,710 12,361 260 2,832 2,505 113 6,651 115 133 378 1,279 18,432 L0,872 1,818 5,742 NEW YORK CITY « 1929—Dec. 31 8,774 4,964 2,145 169 2,595 322 128 1,202 2,091 1,112 979 1933—June 301 7,133 2,297 1,044 157 120 937 162 224 720 3,709 2,551 1,158 1934—Dec. 31 7.761 2,202 820 139 164 1,024 63 210 662 4,602 3,246 278 1,078 1935-June 29 2,146 783 13S 82 1,085 48 183 930 3,462 348 1,174 Dec. 31 8,418 2,196 793 140 107 1,096 42 158 1,018 4,985 3,425 401 1,159 1938—Mar. 4 8,802 2,215 792 148 99 1,112 29 141 1,043 5,355 3,602 505 1248 June 30 9,556 2,338 813 146 65 1,238 28 123 1,028 6,028 4,196 567 1 26fi Dec. 31 9,280 2,567 753 144 65 1,527 42 136 1,095 6,425 3,739 470 1,217 1937—Mar. 31 9,101 2,676 790 142 69 1,600 51 119 1,105 5,140 3,356 473, 1,311 June 30P 8,989 2,884 824 149 65 1,770 62 1,219 4,719 3,176 454 1,089 CITY OF CHICAGO » 1929—Dec. 31 1,757 1,330 240 633 635 116 193 1933—June 30 » 1,287 589 48 251 237 610 384 226 1934-Dec. 31 1,581 435 29 170 202 1,049 743 229 193fi—June 29 .. 1,592 458 33 163 236 1,107 766 264 Dec. 31 . 1,868 455 28 149 249 1,392 1,061 243 1936— J M un a e r . 3 4 0 1 1 , , 9 9 4 5 6 1 4 5 5 1 6 3 3 5 2 9 1 14 4 r 8 f 2 28 5 4 1 1 1 , , 4 4 7 1 0 9 1 1 , , 1 0 3 1 1 4 2 3 5 1 0 2 Dec. 31. 2,100 613 50 140 402 1,467 1,107 260 1937—Mar. 31 1,868 629 62 155 407 1,220 853 273 June 30* , 1,957 646 50 144 433 1,288 903 292 RESERVE CITT BANES 1929-Dec. 31 12,029 8,418 425 2,775 1,638 3,679 258 102 239 2,944 1,368 1,576 1933-June 30 > 8,492 4,258 63 1,340 1,131 1,678 99 38 45 4,011 2,483 1,628 1934—Dec. 31 10,028 4,024 90 1,124 1,090 1,671 55 108 105 5,715 3,809 279 1,628 1935—June 29 10,151 3,967 87 1,053 1,105 1.682 43 112 25 6,986 3,712 571 1,703 Dec. 31 10,780 4,144 96 1,057 1,094 1,851 34 120 ' 21 6,432 4,076 656 1,701 1936-Mar. 4 10,655 4,071 101 1,027 1,096 1,805 31 120 30 6,375 3,958 656 1,761 June 30 11,306 4,242 115 1,044 1,101 1,941 31 113 34 4,349 651 1,863 Dec. 31 . 11,795 4,582 123 1,048 1,124 2,231 23 131 7,000 4,426 697 1,877 1937—Mar. 31 11.611 4,618 114 1,039 1,135 2,276 29 154 6,725 4,250 1,805 June 30? 11,632 4,738 114 1,034 1,164 2,387 34 145 44 6,639 4,272 1,730 COUNTRY BANES 1029-Dec. 31 13,375 8,481 2,231 1,462 705 163 208 4,439 1,267 3,172 1933—June 30 » 7,873 4,194 1,117 L055 2,005 27 10 3,598 1,469 2,129 1934—Dec. 31 8,780 3,849 996 1,026 1.810 92 50 4.756 2,108 355 2,293 1935-June 29 8,739 3,798 932 1,020 1,831 116 18 4,780 1,931 553 2,296 Dec. 31_ 8,919 3,754 894 1,035 1,810 135 7 5,002 1,940 623 2,439 1936-Mar. 4 8,885 3,716 865 1,043 1,791 145 14 1,873 630 2,486 June 30 9,446 3,850 861 1,078 1,891 152 16 5,407 2,163 640 2,606 Dec. 31_ 9,825 843 1,123 1,881 178 13 6,747 2,368 645 2.734 1937—Mar. 31 9,945 3; 940 833 1,150 1,937 216 16 5,741 2,397 626 2,719 June 30P 10,132 4,093 830 1,180 2,061 212 16 5,786 2,520 635 2,631 p Figures for this date are preliminary. 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. J Beginning June 30,1933, figures relate to licensed banks only. 3 Central reserve city banks. Back figures,—See Annual Report for 1935 (table 52). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1837 FEDERAL RESERVE BULLETIN 743 ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash s w e R r i e v t - h es a B n a c l e - s r i e e t p d e o m a r s s t- Interbank C f e le r d ti I v n i d d i - - De- Interbank I v n i d d i - - Call date b s F e a R e e r n r e a d v - k l - e s C va I a n u sh lt b w m a d t i e n o i t s k - c - h s1 o p t f l e r i e i o o c s n c s o n c - - l * - b m D a t e n i o c s k - - s b F e a i o n g r k n - s S U m G e t e a n r e o d n t i n v e t - t - - s f P u l u n ie b ds c l h c c e o a e a e o f t 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 r n r l p r r s a t - - s s - , - , , j d i m u t e s s a p t n a e o d d d s - - b m D a t e n i o c s k - - sb F e a i o n g r k n - s P s i t o a n a v g s l - s - - f P u u l n i b e d - s s t p p u i n h c o o a a o e i r n r l p r r a s t - s - s - , - , , r B i o n o w g r s - credit * etc. etc. TOTAL—ALL MEM- BER BANES 1929-Dec. 31 2,374 568 2,168 3,517 544 143 1,335 1,681 17,626 16,647 95 154 122 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 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 9,020 13 1935-Mar. 4 _. 4,518 534 3,386 1,475 5,095 169 1,270 1,861 741 14,872 15,999 145 8 399 9,203 17 June 29 4,933 537 3,396 1,183 4,978 273 779 2,091 417 16,206 17,530 136 6 307 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 9,680 6 1936-Mar. 4. „.. 6,784 624 3,970 1,718 6,148 394 600 2,173 779 17,927 19,161 152 6 167 9,784 11 June 30.. 5,607 713 3,944 2,147 5,986 465 1,037 2,320 789 19,322 20,284 151 6 152 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 10,429 16 1937—Mar. 31 6,613 662 3.445 1,974 5,752 458 415 2,564 677 20,085 21,352 153 6 97 10,639 18 NEW YORK CITY * 1929—Dec. 31 827 179 2,406 1,198 464 20 128 1,180 5,847 4,750 133 1,112 179 1933—June 30« ._. 846 101 874 1,255 127 332 96 461 4,676 4,368 1 671 8 1934—Dec. 31 1,576 103 1,069 1,798 126 792 229 540 5,370 6,069 7 691 1935—Mar. 4 1,856 86 810 2,047 147 572 190 600 6,329 5,209 7 595 June 29 1,935 133 447 1,983 248 369 364 149 5,924 6,979 4 667 Dec. 31 2,541 111 1,133 2,338 410 224 323 624 6,479 6,193 4 591 1936-Mar. 4 2,493 108 2,527 363 140 260 496 6,471 4 586 June 30 2,106 114 2,390 428 215 357 489 6,891 6,756 5 601 Dec, 31 2,658 133 1,087 2,493 393 225 285 457 7.274 6,929 4 679 12 1937—Mar. 31 2,719 123 853 2,171 419 129 314 354 7,237 7,031 758 1 CITY OF CHICAGO • 1929—Dec. 31 133 168 310 8 42 1,041 957 19 332 41 1933-June 30« 203 61 259 46 87 870 912 358 1934—Dec. 31 415 207 90 445 46 182 1,073 1,189 381 1936—Mar. 4 359 182 70 605 41 184 1,047 1,179 374 June 29_ 675 249 73 504 20 198 1,208 1,357 469 Dec. 31 511 209 135 522 98 208 1,301 1,401 413 1936—Mar. 4 480 195 Da 594 81 217 1,243 1,390 407 June 30- 749 195 147 635 102 221 ],444 1,546 444 1937— D M e a c. r . 3 3 1 1 . 658 1 9 8 3 8 1 1 5 1 9 4 7 9 2 6 2 19 0 1 3 1 1 , , 4 0 9 0 5 1 1 1, , 1 5 2 5 8 4 4 4 4 4 9 0 RESERVE CITY BANKS 1929—Deo. 31 751 156 947 1,041 1,604 76 423 300 5,547 6,229 14 41 371 4,433 292 1933-June 30» 705 122 1,002 401 1,315 312 349 108 3,708 3,764 59 388 208 2,941 16 1934—Dec. 31 1,268 207 1,543 637 1,984 620 685 169 4,919 5,136 117 1 186 206 3,494 1936—Mar. 4 1,386 197 1,690 432 2,179 605 643 132 4,854 5,197 128 167 211 3,611 1 1 9 9 3 3 6 7 — — J J D D M M u u e e n n c a c a e e . . r r . . 3 3 3 2 3 4 1 1 0 9 1 2 2 1 1 1 1 , , , , , , 1 1 4 7 7 5 0 6 0 9 0 9 3 3 8 4 8 4 2 2 2 2 2 2 8 6 8 1 6 5 5 4 9 3 4 6 1 1 1 1 1 1 , , , , , , 8 5 9 9 6 7 1 4 0 1 0 7 6 5 7 0 7 9 7 4 7 9 6 7 6 7 6 7 0 6 4 1 3 1 7 2 2 2 2 2 2 2 , . , , , , 5 8 6 4 5 1 4 2 5 2 9 4 6 6 1 2 4 5 4 2 3 2 6 1 0 3 9 1 8 8 7 2 9 3 5 5 . 9 8 6 7 7 7 3 4 3 7 0 3 5 3 3 4 7 3 2 2 1 1 1 1 3 0 5 5 4 5 0 4 1 5 0 2 6 5 6 7 5 6 , , , , , , 3 8 4 0 0 9 1 1 3 2 0 6 4 9 3 3 1 1 5 6 7 6 7 6 , , , , , , 1 6 1 1 5 2 5 2 6 5 4 3 9 6 1 1 8 6 1 1 1 1 1 1 3 3 3 1 3 3 4 7 5 9 5 7 " " 1 2 1 1 1 l 1 7 3 3 7 6 1 9 5 4 2 5 8 2 2 2 1 0 8 5 7 3 8 1 6 3 3 4 3 4 3 , , , , , , 6 7 9 0 0 8 7 9 6 2 5 6 0 6 0 6 3 4 COUNTRY BANKS 1 1 1 1 1 1 9 9 9 9 9 9 3 2 3 3 3 3 7 9 3 6 4 6 — — — — — - J J D D M M D J D M u u e u e a n e e n c c a n a c c e r . . e r r e . . . . . 3 3 2 3 3 3 3 4 3 4 1 0 9 1 1 1 0 1 _ _ » .'__. 1 1 1 , , , 3 0 2 9 9 9 8 9 4 6 0 1 4 8 2 2 1 2 5 2 7 4 7 9 7 0 6 2 2 7 3 2 3 3 2 3 3 2 2 2 2 1 6 2 0 3 2 0 4 7 1 9 8 2 5 6 1 3 6 5 1 1 1 1 1 1 1 , , , , , , , 9 7 6 7 4 4 2 7 2 2 7 5 0 2 9 0 9 7 6 7 6 7 6 2 2 3 1 2 2 2 2 1 1 1 4 1 6 8 3 0 4 9 9 6 2 6 6 7 6 7 9 2 1 3 4 4 4 4 4 3 3 4 2 3 4 8 1 3 1 4 6 2 4 0 0 3 0 3 5 7 4 8 2 5 1 1 2 1 1 1 5 7 9 0 0 3 5 1 7 7 8 3 7 0 7 2 6 8 1 1 1 , , , 1 0 0 8 8 9 9 8 7 6 1 0 1 6 0 0 6 4 4 5 3 8 1 5 4 1 5 2 5 5 1 1 1 1 1 1 1 1 3 0 2 0 6 7 9 2 6 0 0 6 1 4 7 2 0 7 9 6 3 4 4 5 5 6 2 4 3 , , , , , , , , , 1 0 2 5 7 5 0 6 2 7 1 5 6 6 7 9 4 5 7 3 4 7 1 6 1 2 2 5 6 5 3 4 4 5 6 4 5 , , , , , , , , , , 0 0 0 0 1 7 5 2 4 4 3 5 1 4 3 1 1 3 9 4 9 4 2 6 1 7 4 8 2 0 2 2 1 1 1 6 8 1 9 8 6 6 3 6 8 1 5 0 5 7 9 4 6 2 8 1 8 8 3 8 7 7 8 8 8 7 6 4 3 3 5 6 2 0 0 9 6 3 4 4 4 4 4 5 5 5 , , , , , , , , , , 3 8 5 7 6 8 9 0 2 3 9 3 5 5 2 7 3 9 7 7 0 3 4 6 3 9 8 4 5 7 3 1 6 6 1 1 1 7 9 7 3 8 6 1 6 4 3 I Prinr tn TW %\ 1935 excludes balances with private banks to the extent that they were then reported in "Ither assets." Since Oct. 25, 1933, includi time balances with S?tTc banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." ?Does™ot; mcluite cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on b%bnUclund» * 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. a Beginning June 1933 figures relate to licensed banks only. s 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

744 FEDERAL RESERVE BULLETIN AUGUST 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] Loans1 Investments Re- Date or month i m T n lo a v o e n a e n t n d a s t s l t s - Total c b d u i r e n a r T o a i n t k l o s d i e e e e r - r s s s ' ( b s t e o 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 p st a e a n a t s l e p O m a k p p a e e e r t n - r: l O o t a h n e s r ' Total D U m . i e r S e n . c t t i t G o o n o b F g s v l u u i e g a l r a l r n y - - - s O e t t i c e h u s e ri r - b s s w F e a R e e e r n r i r e a t v d v - k h l e - e s v C a i a n u s l h t d b a w o B a n t m n i i a c c t k e l e h - s s santeed TOTAL—101 CITIES 1936—June 22,373 8,535 1,312 2,096 92 1,149 319 3,567 13,838 9,202 1,303 3,333 4,389 387 2,290 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 si,328 *2,061 120 1,160 2382 4,477 12,678 8,320 1,163 3,195 5,350 338 1,790 June 22,330 9,697 1,393 2,006 131 1,167 474 4,526 12,633 8,355 1,160 3,118 5,332 315 1,761 1937—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... 22,168 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 June 30- 22,290 9,760 1,447 2,016 98 1,169 467 4,563 12,530 8,301 1,152 3,077 5,400 303 1,783 July 7... 22,217 9,734 1,425 1,999 111 1,168 ••464 4,567 12,483 8,297 1,141 3,045 5,278 314 1,743 July H.. 22,163 9,714 1,356 2,003 106 1,161 463 4,625 12,449 '8,254 1,154 3,041 5,352 325 1,801 July 21.. 22,213 9,740 1,357 2,001 129 1,162 459 4,632 12,473 8,240 1,195 3,038 5,302 300 1,785 NEW YORK CITY 1936—June 8,987 3,396 1,101 762 59 133 132 1,209 5,591 3,896 561 1,134 2,049 76 December... 8,750 3,581 1,053 712 34 130 140 1,512 5,169 3,666 451 1,052 2,509 86 1937—January 8,606 3,532 1,024 709 28 130 146 1,495 5,074 3,555 452 1,067 2,565 81 February.... 8,543 3,521 1,017 731 43 129 136 1,465 5,022 3,455 453 1,114 2,670 80 March 8,651 3,708 1,111 733 55 128 133 1,548 4,943 3,319 452 1,172 2,506 81 April 8,385 ,3,725 1,085 734 48 128 114 1,616 4,660 3,100 442 1,118 2, 562 74 May 8.335 3.804 n,133 *733 76 129 *103 U,632 4,531 3,024 435 1,072 2,492 70 June........ 8,491 3,969 1,184 758 88 132 163 1,644 4,522 3,059 437 1,026 2,506 66 1937—May 12.. 8,322 3,805 1,119 734 80 130 101 1,641 4,517 3,027 434 1,056 2,480 72 May 19.. 8,318 3,787 »1,127 1751 76 129 1157 11,547 4,531 3,022 434 1,075 2,496 68 May 26.. 8,320 3,808 1,124 746 69 129 158 1,582 4,512 3,014 429 ',069 2,561 71 June 2... 8,392 3,856 1,140 753 74 129 160 1,600 4,536 3,060 428 ,048 2,440 70 June 9... 8,474 3,921 1,168 753 81 131 162 1,626 4,553 3,062 441 ,050 2,498 June 16- 8,606 4,011 1,169 758 126 131 163 1,664 4,595 3,141 440 ,014 2,478 June 23- 8,513 4,032 1,217 761 100 134 164 1,656 4,481 3,023 438 ,020 2,509 64 June 30__ 8,470 4,026 1,227 766 61 133 166 1,673 4,444 3,010 437 997 2,603 67 July 7___ 8,417 4,000 1,207 756 73 134 164 1,666 4,417 3,006 429 982 2,462 68 July 14.. 8,325 3,959 1,147 759 66 134 162 1,691 4,366 2,968 427 971 2,514 68 July 21.. 8,359 3,964 1,142 751 91 135 159 1,686 4,395 2,966 458 971 2,508 67 OUT3IDE NEW YORK CITY 1936—June -_. 13,386 5,139 211 1,334 1,016 187 2,358 8,247 5,306 742 2,199 2,340 334 2,214 December 14,010 5,449 195 1,322 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 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 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 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 1,027 282 2,832 8,221 5,347 739 2,135 2,778 293 1,893 May 13,866 5,719 *195 U.328 1,031 2279 *2,845 8,147 5,296 728 2,123 2,858 284 1,720 June 13,839 5,728 209 1,248 1,035 311 2,882 8,111 5,296 723 2,092 2,826 262 1,695 1937—May 12 13,883 5,726 197 1,334 1,031 281 2,841 8,157 5,296 730 2,131 2,879 294 1,711 May 19 13, 859 5,713 »196 11,251 1,033 1340 2,851 8,146 5,292 728 2,126 2,853 278 1,713 May 26 13,862 5,721 200 1,243 1,032 334 2,871 8,141 5,294 730 2,117 2,824 284 1,725 June 2 13,766 5,715 193 1,242 1,032 323 2,876 8,051 5,227 728 2,096 2,838 265 1,696 June 9 13,740 fi, 726 201 1,247 1,035 319 2,882 8,014 5,196 725 2,093 286 1,689 June 16 13,967 5,730 201 1,252 1,035 312 8,237 5,415 725 2,097 2,802 251 1,705 June 23 13,901 5,734 227 1,250 1,037 301 2,877 8,167 5,351 722 2,094 2,826 259 1,670 June 30 __ 13,820 5,734 220 1,250 1,036 301 2,890 8,086 5,291 715 2,080 2,797 249 1,716 July 7 13,800 5,734 218 1,243 1,034 300 2,901 8,066 5,291 712 2,063 2,816 262 1,675 July 14 13,838 5,755 209 1,244 1,027 301 2,934 8,083 5,286 727 2,070 2,838 270 1,733 July 21 13,854 5,776 215 1,250 1,027 300 2,946 8,078 5,274 737 2,067 2,794 252 1,718 i 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 pa^es 664-665 of this BULLETIN. D * Average of figures for May 5 and 12 only (see note above). •• Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 745 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] Cash Total Demand deposits Time deposits Date or month i r c n i t e e e o t i s p d e o p l s o l m n r e a o o r c s 1 s t f c - - - O as t s h e e ts r l a T i i s a t o s i b e t e i a s t l l s - D b o a t I m n i n c k e t s e s- rb F a b o n a r k n e k ig s n G U S m o n t v a e i e t t n r e e 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 m u t e s D s p a - t e e a n o - d d s d - 1 - b m D a I e n o n s - k t t i e s c rb b a e F a n i o n g k r n k - s Other B r in o o g w r s - - O li i a t t i b h e i e s l r - c t C a o a l u p n a i c t - - TOTAL—101 CITIES 1936—June 1.385 1.371 32,195 5,371 447 797 499 15,449 14,563 132 4 5,037 3 013 3 543 December 1,787 .370 34,047 6,025 435 601 617 16,714 15,544 130 6 5,045 11 009 3,655 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 33,498 5,854 410 409 573 16,571 15,572 134 4 5,094 1 880 3,568 March . 1,60? ,356 33,130 5,546 428 369 573 16,459 15,429 133 5 5,142 3 894 3,678 April 1,503 1,338 32,774 5,424 473 312 460 16,325 15,283 120 6 6,145 3 925 3,581 May 1,450 ,338 32,467 5,032 528 201 441 16,429 15,420 106 8 5,194 20 915 3,593 June- 569 3?fi 32,632 4,927 579 378 489 16,380 15,300 101 12 5,233 25 906 3,CO2 1937—May 12 1,568 1,331 32,595 5,075 633 207 448 16,496 15,376 107 7 5,201 16 912 3,593 May 19 1,448 1,342 32,426 5,010 520 182 449 16,424 15,425 105 7 5,205 24 909 3,591 May 26 1,439 1,344 32,484 4,927 543 181 444 16,523 15,528 105 10 5,222 4 929 3,590 June 2 1,563 1,340 32,434 6,039 549 142 463 16,374 15,274 100 11 5,231 13 905 3,607 June 9 1,301 1,338 32,308 4,939 567 103 454 16,353 15,506 100 12 5,233 16 928 3,603 June 16 1,727 1,306 32,959 4,942 580 547 496 16,473 15,242 99 12 5,233 58 915 3,004 June 23 1,385 1,338 32,514 4,802 599 549 434 16,240 15,289 105 13 5,233 38 904 3,597 June 30 1,871 1,302 32,949 4,913 602 547 596 '16,462 '15,187 103 14 5,235 879 3,598 July 7 1,568 1,282 32,402 5,037 622 477 543 15,880 14,855 103 15 5,249 9 869 3,598 July 14 1,560 1,287 32,488 5,003 612 451 460 16,131 15,031 102 16 5,250 7 860 3,596 July 21 1,449 1,276 32,325 4,977 607 429 459 16,008 15,018 100 17 5,251 18 862 3,597 NEW YORK CITY 1 Q^fil_June 650 496 12,311 2,310 416 194 326 6,635 6,311 4 547 2 407 1,470 December 878 492 12,778 2,468 397 155 415 6,893 6,430 4 613 10 372 1,451 714 493 12,515 2,421 378 181 336 6,783 6,404 3 601 2 343 1,467 767 490 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 0,319 4 671 395 1,472 May 622 482 12,055 1,926 490 50 274 6,730 6,382 6 697 13 394 1,475 716 474 12,306 1,911 540 179 311 6,729 6,324 11 723 21 404 1,477 1937 May 12 661 481 12,071 1,936 496 63 283 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 3S9 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 Juno 23 602 471 12,208 1,863 559 289 258 6,596 6,252 11 722 31 404 1,475 Tim ft 30 949 467 12,610 1,957 564 289 400 6,792 6,243 12 718 400 1,478 July 7 739 460 12,198 1,985 579 248 365 6,385 6,011 13 742 4 402 1,475 July 14 642 460 12 064 1,927 570 235 280 6,423 6,061 13 741 401 1,474 July 21 616 456 12,054 1,929 566 224 289 6,398 6,071 14 743 15 401 1,475 OUTSIDE NEW YORK CITY lO^fi Til n ft 735 875 19,884 3,061 31 603 173 8,814 8,252 132 4,490 1 506 2,073 December .. 909 878 21,269 3,557 38 446 202 9,821 9,114 130 1 4,432 1 537 2,104 1937— F J e an b u ru ar a y ry 8 8 3 0 4 6 8 87 5 0 6 2 2 1 0 , , 1 8 1 9 6 5 3 3 , , 5 4 3 6 2 2 3 3 5 5 '2 43 7 0 1 1 1 8 7 9 5 9 9 , , 7 7 5 4 6 6 9 9 , , 1 1 1 1 2 5 1 1 3 3 2 4 i" 4 4 , , 4 4 5 6 1 3 1 1 4 5 9 1 4 3 2 2 , , 0 0 9 9 6 4 March „- ... 828 871 20,584 3,313 36 238 185 9,581 8,937 133 2 4,462 3 525 2,106 April 854 861 20,574 3,275 37 207 181 9,636 8,964 120 2 4,474 3 530 2,109 May... - - - 828 856 20,412 3,106 38 151 167 9,699 9,038 106 2 4,497 7 521 2,118 June. 853 851 20,326 3,016 39 199 178 9,651 8,976 101 1 4,510 4 502 2,125 1937—May 12 907 850 20,524 3,139 37 154 165 9,780 9,038 107 1 4,497 8 519 2,117 May 19 - 818 854 20,375 3,094 37 141 167 9,684 9,033 105 1 4,501 9 520 2,116 May 26 810 861 20,366 3,060 39 140 169 9,704 9,063 105 2 4,501 4 520 2,122 June 2. 864 860 20,289 3,106 40 119 176 9,603 8,915 100 2 4,504 4 506 2,129 June 9 734 857 20,175 3,043 40 99 163 9,576 9,005 100 2 4,509 2 515 2,126 965 837 20,527 3,037 39 258 178 9,766 8,979 99 1 4,507 5 510 2,127 June 23 783 867 20,306 2,939 40 260 176 9,644 9,037 105 2 4,511 7 500 2,122 June 30 922 , 835 20,339 2,956 38 258 1% 9,670 8,944 103 2 4,517 479 2,120 July 7 829 822 20,204 3,052 43 229 178 9,495 8,844 103 2 4,507 5 467 2,123 July 14. 918 827 20,424 3,076 42 216 180 9,708 8,970 102 3 4,509 7 459 2,122 July 21 833 820 20,271 3,048 41 205 170 9,610 8,947 100 3 4,508 3 461 2,122 i Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount of ^D^^d°ge^n£s b^ U.DS. 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). *• Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 FEDERAL RESERVE BULLETIN AUGUST 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - At t l a an Ch g i o ca- L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas . F c S r is a a c n n o - Y N o e r w k Ch g i o ca- ASSETS Loans and investments— total: June 30 22,290 1,324 9,358 1,178 1,878 616 552 3,035 640 391 687 490 2,141 8,470 1,967 July 7 22, 217 1,318 9,296 1,174 1,880 638 550 3,029 641 391 491 2,119 8,417 1,963 July l4—._ 22,163 1,321 9,207 1,176 1,881 631 545 3,050 652 389 702 491 2,118 8,325 1,979 July 21 22,213 1,316 9,242 1,177 1,883 620 546 3,059 660 390 714 494 2,112 8,359 1,993 Loans—total: June 30 9,760 703 v4,473 461 233 991 280 166 254 219 1,015 4,026 667 July 7 - 9,734 706 4,444 461 238 987 279 166 259 221 1,008 4,000 666 JulyH - 9,714 705 4,405 461 237 265 999 285 165 224 1,001 3,959 674 July 21— 9,740 701 4,410 463 700 236 265 1,006 291 166 278 222 1,002 3,964 Commercial, industrial, and agricultural loans: On securities: June 30 566 242 41 229 32 July 7—— - '558 243 '36 230 32 JulyH 572 252 37 239 31 July 21 579 255 37 241 32 Otherwise secured and unsecured: June 30 3,765 266 1,605 161 227 128 540 117 136 121 304 1,495 401 July 7 ' 3,773 267 1,602 160 227 127 543 117 141 123 '304 1,491 404 July 14... 3,835 271 1,631 161 229 124 555 119 149 126 306 1,519 413 July 21 3,847 270 1.623 163 230 124 559 123 154 126 310 1,512 419 Open market paper: June 30 - 467 •103 ' 181 27 17 5 49 11 20 34 166 27 July 7 "464 103 179 27 17 5 49 10 21 •"33 164 27 July 14 • 463 101 178 26 17 5 51 11 22 33 162 28 July 21 '459 99 174 26 17 5 52 11 24 32 159 29 Loans to brokers and dealers: June 30 1,447 43 1,248 26 21 7 61 4 22 1,227 51 July 7 • 1,425 44 1,226 26 23 7 • 58 4 22 1,207 49 July 14 - 1,356 41 1,166 25 21 56 4 22 1,147 48 July 21 -~— 1,357 40 1,162 25 22 61 4 21 1,142 52 Other loans for purchasing or carrying securities: June 30 714 361 •58 279 81 July 7 713 361 56 279 78 July 14 707 355 38 56 274 78 July 21 703 351 38 56 270 78 Real estate loans: June 30 1,169 242 179 375 133 14 July 7 1,168 242 178 375 134 14 Loan J J u u s l l t y y o 2 1 b 1 4 a nks: - 1 1 , ,1 1 6 6 1 2 2 2 4 4 3 2 1 1 7 7 8 8 3 3 6 6 8 8 1 1 3 3 4 5 1 1 4 4 Othe J J J J r u u u u l l l n l y y y o e a 2 1 7 n 3 1 4 s 0 : 1 1 1 2 0 1 0 9 6 1 3 6 9 6 7 7 1 1 4 4 4 4 4 2 2 2 2 9 6 7 6 1 1 3 6 2 2 2 2 On securities: Othe J J J J r u u u u w l l l n y y y i e s 2 7 e 1 3 1 4 0 secured and 7 7 7 7 1 2 2 3 9 4 8 6 2 2 2 2 7 8 7 9 3 0 8 0 47 1 1 1 1 2 2 2 2 1 2 1 0 2 2 2 2 4 4 4 5 6 0 7 8 2 2 2 2 4 4 4 4 and unsecured: XT. S. J J J J G u u u u l l n l o y y y e v e 2 1 7 3 r 1 4 0 nment direct 7 7 7 7 8 9 9 9 5 0 4 8 2 2 2 2 3 3 4 3 8 6 3 7 4 4 4 4 6 7 7 8 45 1 1 1 1 0 0 0 0 9 9 8 9 1 1 1 1 7 7 7 7 4 5 2 8 3 3 3 3 6 6 6 5 obligations: Obli J J J J g u u u u a l l l n t y y y i e o 2 7 1 n 3 1 4 s 0 fully ~ guaranteed • 8 8 8 - , , 8 , , 2 3 2 2 0 4 9 5 1 0 7 4 4 4 4 4 4 5 4 5 S 0 8 6 3 3 3 3 , , , , 1 1 2 2 8 8 3 3 9 8 2 7 ' 3 3 3 3 3 3 3 3 1 4 7 0 8 8 8 8 5 5 5 5 5 6 7 4 3 2 2 2 8 0 9 8 4 0 5 2 1 1 1 1 7 7 7 7 0 4 2 6 1 1 1 1 , , , , 4 4 4 4 4 4 3 3 6 0 8 8 2 2 2 2 1 0 0 1 3 9 9 4 1 1 1 1 6 6 6 6 7 9 8 9 2 2 2 2 5 6 6 5 9 5 2 7 1 1 1 1 8 9 9 9 9 2 2 2 6 6 6 9 8 8 4 5 4 3 3 2 2 , , , , 0 0 9 9 1 0 6 6 0 6 6 8 9 9 9 9 1 1 1 1 1 1 9 5 by U. S. Government: J J J J u u u u l l n l y y y e 2 7 1 3 1 4 0 ... , % 1 1 1 1 , , , 5 1 1 1 9 4 4 5 5 1 2 4 5 4 7 6 0 7 6 0 - 9 9 • 9 9 4 9 4 9 60 33 1 1 1 1 8 7 7 7 1 3 4 4 1 1 1 1 2 2 2 2 8 7 8 6 4 4 4 4 2 3 2 5 9 7 7 8 1 9 9 9 0 5 5 5 0 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 747 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City- Total B to o n s- Y N o e r w k P p d h h e i i l l - a a- C la le n v d e- m Ri o c n h d - At t l a an- Ch g i o ca- L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Daflas 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—continued Other securities: June 30 3,077 142 1,171 286 268 68 78 433 102 44 130 51 304 997 294 July 7 -- 3,045 141 1,154 285 266 63 77 430 103 44 128 50 299 982 21)1 July 14 3,041 142 1,144 286 267 67 77 431 103 44 127 50 303 971 291 July 21 3,038 143 1,144 284 268 67 77 432 103 44 125 51 300 971 292 Reserve with Federal Reserve bank: June 30 - ... 5,400 242 2,717 257 340 126 102 805 145 80 161 110 315 2,603 July 7 5,278 250 2.584 258 334 130 103 795 151 84 170 110 309 2,462 583 July 14 5,352 248 2,644 252 332 127 104 806 148 34 171 116 320 2,514 595 July 21 „- 5,302 255 2,626 255 333 127 101 791 137 31 166 111 319 2, .503 581 Cash in vault: 303 33 69 16 38 16 11 63 10 6 12 10 19 54 30 July 7 314 34 69 17 40 18 11 64 11 6 13 11 20 52 30 July 14 — 325 35 72 17 41 19 12 65 12 6 14 11 21 55 30 July 21 300 33 65 16 37 18 11 61 11 6 13 10 19 48 27 Balances with domestic banks: June 30 1,783 82 151 156 166 117 101 322 91 76 199 153 169 67 158 July 7 - 1,743 100 149 139 156 106 98 315 91 73 203 143 165 68 156 July 14 1,801 89 146 128 167 116 101 309 93 75 232 157 188 6S 152 July 21 1,785 86 138 132 160 127 99 312 90 71 227 155 188 67 143 Other assets: 1,302 88 538 90 106 42 40 93 24 17 23 26 215 4G7 60 July 7 —- 1,282 86 531 S3 105 39 39 92 23 16 23 26 214 460 60 July 14 1,287 86 531 87 107 40 39 93 23 16 23 26 216 4G0 61 July 21 1,276 85 527 87 105 41 38 93 23 16 23 26 212 456 61 LIABILITIES Demand deposits—adjusted: June 30 --- • --••15,187 957 6,792 869 1,105 411 340 r2,261 399 274 482 390 907 6,243 '1,513 July 7 14,855 969 6,557 852 1,080 415 332 2,238 392 273 478 386 883 6,011 1,494 July 14 - 15,031 964 6,611 834 1,096 424 338 2,263 403 273 493 402 925 6,061 1,511 July 21 15,018 968 6,607 837 1,093 427 337 2,269 399 269 499 401 912 0,071 1,510 Time deposits: June 30 - — 5,235 281 1,120 278 718 199 180 867 183 122 145 122 1,020 718 450 July 7 5,249 280 1,143 279 720 200 180 866. 184 121 144 122 1,010 742 455 j J u u ly ly 1 2 4 1 5 5, , 2 2 5 5 1 0 2 28 8 0 0 1 1 , , 1 1 4 4 1 3 2 28 8 5 3 7 7 2 2 1 2 2 2 0 0 0 0 1 1 7 7 9 9 8 86 6 7 6 1 1 8 8 4 4 1 1 2 2 1 1 1 14 4 4 4 1 1 2 2 2 1 1 1 , ,0 0 0 0 6 8 7 7 4 4 1 3 4 4 5 5 4 4 XT. S. Government deposits: June 30 -- - --- 547 45 298 23 19 13 14 57 9 2 8 12 47 289 41 July 7 477 39 256 20 17 12 13 50 8 2 8 11 41 243 35 July 14 451 37 243 19 16 11 12 47 8 2 7 11 33 235 34 July 21 - 429 35 231 18 15 10 12 45 7 2 7 10 37 224 32 Interbank deposits, domestic: June 30 r5,016 203 2,022 270 323 180 176 ••740 224 110 353 179 236 1,957 '537 July 7 .. 5,140 219 2,052 272 332 191 180 747 238 112 375 183 239 1,935 543 July 14 6,105 218 1,995 270 330 185 176 754 239 112 399 182 245 1,927 553 July 21 - 5,077 214 1,997 276 326 183 171 744 236 109 399 180 242 1,929 549 Interbank deposits, foreign; June 30 616 10 577 4 1 1 7 1 1 14 576 6 July 7 637 11 594 5 2 1 1 8 1 14 592 7 J J u u l l y y 2 14 1 6 62 2 4 8 1 1 1 1 5 58 8 2 5 4 5 1 1 1 8 i 1 l 1 ^ 6 580 7 Borrowings: June 30 — July 7 9 1 4 2 1 1 4 July 14 7 4 2 1 July 21 18 16 1 1 15 Other liabilities: June 30 879 38 412 25 18 23 7 27 8 6 3 5 307 400 19 July 7 869 33 414 21 19 19 6 25 3 5 3 4 312 402 19 July 14 860 33 413 22 18 20 6 24 '8 5 3 4 304 401 19 July 21 862 32 413 20 17 21 6 23 S 6 3 4 309 401 19 Capital account: June 30 3,598 235 1,612 228 344 91 88 359 87 55 91 80 328 1,478 239 July 7 3,598 236 1,609 227 345 91 88 361 87 56 91 SO 327 1,475 239 J J u u l l y y 2 1 1 4 3 3 , , 5 5 9 9 7 6 , 2 2 3 3 6 5 1 1, , 6 6 0 0 9 8 2 2 2 2 7 7 3 34 4 5 5 9 9 1 1 8 8 3 3 3 3 6 6 0 0 '8 8 6 7 5 5 6 6 9 9 1 1 8 8 0 0 3 3 2 2 8 8 1 1 , , 4 4 7 7 4 5 2 2 3 3 9 9 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 FEDERAL RESERVE BULLETIN AUGUST 1937 BANK SUSPENSIONS * POSTAL SAVINGS SYSTEM [In millions of dollars] Member Non-member banks banks Total, Assets all banks ti N on a- al State su I r n e - d* in N su o r t ed U. S. Government Depos' securities itors' Cash Cash, Num 1 1 1 9 9 9 b 3 3 3 e 6 4 5 r of banks s _ u _ s „ p . ended: End of month a b n a c l e - s1 Total b i p t a n o o n d r s k y e i- s - Total o r D b ec i l - i t - G o t a e u b n e a l d - i r - - f s e u e r t n r c e v d . - * e s, 1937, Jan.-June___ gations Deposits of suspended banks (in thousands of dollars)' * 1934 36,937 40 1,912 34,985 1930—June _ 175 185 148 26 26 11 1935 _:____ "10,015 5,313 '3,763 939 1931—June _ 347 356 307 27 27 22 1936... 11,306 507 10,207 592 1932—June 785 801 682 71 71 48 1937, Jan.-June 6,311 1,466 4,410 435 1 19 9 3 3 4 3 — — J J u u n n e e 1 1, , 1 1 9 8 8 7 1 1 , , 2 2 0 2 7 5 9 69 7 5 7 4 1 5 3 3 1 4 1 1 3 8 1 35 9 7 9 7 1935—June 1,205 1,236 385 777 630 147 74 r Revised. 1 Represents licensed banks suspended; does not include non-licensed 1936—February 1,214 1,248 225 876 710 166 147 banks placed in liquidation or receivership. March 1,216 1,251 221 902 736 166 128 2 Federal deposit insurance became operative January 1, 1934. April "" 1,216 1,248 216 925 759 166 107 3 Deposits of member banks and insured non-member banks suspended May 1,214 1,248 211 940 773 167 97 are as of dates of suspension, and deposits of non-insured non-member June 1,232 1,265 203 967 800 167 95 banks are based on the latest data available at the time the suspen- July 1,244 1,279 172 972 805 167 135 sions were reported. August 1,249 1,283 166 972 805 167 145 September 1,251 1,285 162 982 815 167 141 Back figures.—See Annual Report for 1935 (table 69). October 1,255 1,290 158 1,011 844 167 121 November 1,257 1,293 145 1,029 862 167 119 BANK DEBITS 1937— D Ja e n c u e a m ry ber 1 1 , , 2 2 6 6 6 0 1 1 , , 2 3 9 0 6 3 1 1 3 4 6 5 1 1, , 0 0 6 5 0 8 8 8 9 9 1 3 1 1 6 6 7 7 10 9 7 3 February 1,270 1,307 133 1,061 894 167 113 [Debits to individual accounts. Amounts in millions of dollars] March 1,272 1,310 132 1,097 930 167 81 April 1,270 1,307 134 1,100 933 167 73 May 1268 1937 1936 June... , 268 No. of centers June May June » Preliminary. i Outstanding principal, represented by certificates of deposit. Does New York City 1 16,434 15,114 18,623 not include accrued interest nor outstanding savings stamps. Outside New York City. 140 20,019 19, 292 18,880 ' Includes working cash with postmasters, 5-percent reserve fund and miscellaneous working funds with the Treasurer of the United States, Federal Reserve districts; accrued interest on bond investments, and accounts due from late post- Boston 1,972 1,930 1,943 masters. N Ph e i w la Y de o l r p k hia..,. 1 1 7 , , 8 3 0 3 1 0 1 1 5 , , 7 9 8 1 8 4 1 1 9 , , 6 4 6 0 5 6 Back figures.—See BULLETIN for August 1935, p. 502. Cleveland _ 2,152 2,029 1,960 Richmond 727 691 680 Atlanta 865 867 748 Chicago 5,225 5,020 5,256 St. Louis 1,043 1,024 952 Minneapolis 636 620 624 Kansas City 1,184 1,099 1,059 Dallas 710 682 593 San Francisco 2,808 2,742 2,617 Total 141 36,453 34,406 37,503 Back figures.—See Annual Report for 1935 (table 68). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 749 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS* ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Com- End of month p m c a i p e a r e l - r Total Held b b y a n a k c s cepting H R e e ld se b rv y e F b e a d n e k ra s l Based sto B re a d se i d n o o n r s g h o i o p d p s ed out- out- on Based between points in stand- stand- For ac- Held im- on ex- Dollar ing* 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—May 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 2 57 84 August 205 308 279 140 139 . 29 104 63 2 60 79 Sentember 197 315 276 139 137 39 107 64 2 66 76 October 199 330 296 150 147 34 110 67 2 75 77 Vnvpm hpr 191 349 309 157 152 40 112 77 1 83 76 Deepmbpr 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 (') 80 160 84 2 76 76 April .. 285 395 318 147 171 1 1 76 167 83 1 68 76 May C287 386 295 137 159 3 2 86 168 81 1 62 75 June- 285 364 273 130 143 1 4 87 157 77 1 55 74 «Corrected. . i As reported by dealers; includes some finance company paper sold m open market. * 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 balances1 Other credit balances Debit Debit End of month Customers' balances in balances in Cash on debit partners' firm hand Money In In balances investment investment and in bor- partners' firm In (net)i an a d c c t o r u a n d t i s ng an a d c c t o r u a n d t i s ng banks rowed * Free O (n th et e ) r m in e v n e t s a t- nd m i e n n v t e a st n - d a c c a c p o i u t n al ts trading trading (net) accounts accounts 1935—September. 1,098 119 182 771 257 23 366 December.. 1,258 135 179 930 286 24 410 1936—March 1,351 168 181 995 303 23 429 1937— J J M J S F A O N D A M J u u u e e a p e c o u n a n l p b a n c t y r g v e y e o t r u r i e u e e c l u b a m m m s h r a e t y b r r b b y . e e e r r r - - 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 3 4 4 5 3 3 5 5 4 3 2 2 2 6 8 8 5 9 1 0 4 3 3 6 9 8 4 9 2 9 5 7 3 9 3 3 7 5 7 1 1 1 1 1 1 1 1 1 1 1 1 1 4 5 6 6 5 8 6 6 5 4 4 6 7 1 1 1 4 0 8 4 2 8 2 9 3 5 2 2 2 2 2 2 2 2 2 2 2 2 2 4 1 2 3 2 1 6 1 0 2 4 2 3 9 4 7 0 1 9 0 3 9 3 3 7 5 1 1 1 1 1 1 1 , , , , , , , 0 0 2 0 1 2 1 9 9 9 9 9 9 8 4 1 2 1 7 8 8 9 6 8 8 8 4 8 7 8 5 2 8 1 5 7 9 5 6 3 2 2 2 2 3 3 3 3 3 3 2 2 4 8 7 8 8 4 6 1 7 4 6 1 8 2 7 6 3 9 6 6 8 2 6 6 4 4 1 1 1 1 1 1 1 9 9 9 1 0 9 1 1 9 1 1 0 9 6 2 0 3 9 8 6 2 5 1 1 2 2 2 3 2 2 2 3 3 2 2 2 2 4 4 5 0 5 4 4 2 2 9 9 5 4 4 4 4 4 4 4 4 4 4 4 4 3 4 2 2 2 2 2 2 3 2 1 1 1 9 0 0 3 3 2 4 8 5 8 8 9 7 7 8 » Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) °f ^Tncludes^th 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 theifigur£ are derived Sd 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

750 FEDERAL RESERVE BULLETIN AUGUST 1937 FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Advances secured by Rediscounts and advances un- Advances under sec. direct obligations of der sees. 13 and 13a of the Fed- 10(b) of the Federal the United States eral Reserve Act > Reserve Act (last paragraph of sec. 13 of the Federal Federal Reserve Bank Reserve Act) Ju R l a y t e 31 be In g in ef n fe in ct g- v P r i a r o e t u e - s J R ul a y t e 31 be In g in ef n fe in ct g- Ju R l a y t 3 e 1 be I g n i n e n ff i e n ct g- Boston , Feb. 8,1934 Sept.20,1935 Oct. 20,1933 New York Feb. 2.1934 Oct. 10,1935 r Feb. 8,1934 Philadelphia r Jan. 17,1935 Nov. 2,1935 Oct. 20,1933 Cleveland „__. May 11,1935 Oct. 19,1935 May 11,1936 Richmond May 9.1935 Sept.23,1935 Feb. 19,1934 Atlanta , 2 Jan. 14,1035 Sept.14,1935 Mar. 17,1934 Chicago..— , 2 Jan. 19,1935 Sept.20,1935 4 Oct. 16,1933 St. Louis 2 Jan. 3,1935 Oct. 3,1935 4 Feb. 21,1935 Minneapolis 2 May 14,1935 Oct. 29,1935 4W Apr. 15,1933 Kansas City 2 May 10,1935 Aug. 26,1935 May 10,1935 Dallas 2 May 8,1935 Oct. 8,1935 Mar. 12,1934 San Francisco 2 Feb. 16,1934 Sept.20,1935 4 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. I3(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 July 31, 1937. [Percent per annum] [Percent per annum] Rate in Advances to financ- Maturity e J ff u e l c y t 3 o 1 n In g in ef n f i e n c g t — be- Pr r e a v t i e ous Advances ing institutions— direct to Commit- Federal Reserve Bank industrial On por- ments 1-15 days* Oct. 20, 1933 or com- tion for On re- to make 16-30 days .....do mercial or- which maining advances 31-45 days ganizations institu- portion 46-60 days Ji"idoiinii;; tion is 61*90 days do . obligated 01-120 days...,: ..do 121*180 days.... do........ Boston 3H-6 3 New York 4-6 3 Philadelphia 4-6 3 $ i This rate also applies to acceptances bought under repurchase agree- Cleveland 1 ments, which agreements are always for a period of 15 days or less. NOTE.—Minimum rates on prime bankers' acceptances payable in Richmond ... „ 6 4-6 4-6 1-2 dollars; higher rates may be charged for other classes of bills. Atlanta 6 5 5 M Chicago 5-6 5-6 1-2 Back figures.—See Annual Report for 1935 (table 41). 3t. Louis... 4 Minneapolis 6 43^-5 1 Kansas City 4-6 4 MAXIMUM RATES ON TIME DEPOSITS Dallas 5-6 3-4 5-6 1 San Francisco 5-6 4-5 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^8e& 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. I, 1936 " S P a o v s in ta g l s S d a e v p i o ng si s t s d , eposits _ and banks A Ju 1 u n 9 g e 1 . 7 2 1 - 1 5 , , A Fe 1 u b 9 g . 3 . 6 2 1 - 8 6 , , A M 1 p a S r r 3 . . 7 3 1 - 0 , , an M d 1 a 9 a 3 y f 7 t l e , r Other time deposits pay' 1936 1937 1937 able in: 6 months or more 5* 90 days to 6 months On net demand deposits:* Less than 90 days Central reserve city 8* 1 Reserve city 20 Country 14 ion NOTE.—Maximum rates that may be paid by Insured nonmember banks as established by the Federal Deposit Insurance Corporation, On time deposits: 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 See footnote to table on page 738 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

AUGUST 1937 FEDERAL RESERVE BULLETIN 751 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Percent per annum] PRINCIPAL CITIES (Weighted averages of prevailing rates; percent per annum] Prevailing rate on- Average rate on- Aver- 1929 1930 1931 1932 1933 1934 1935 1936 1937 age Year, Prime Prime Stock- Stock ex* U. S. yield on New York City: month or com- bank- ex- change call Treas- U.S. January 5.74 5.64 4.24 L71 4.12 2.83 2 64 2.50 date" mercial ers' change loans ury 273- Treas- February 5.73 5.35 4.31 1.71 4.11 3.43 2.90 2 66 2.41 paper, accept- time day bills ury March 5.81 5.22 4.20 t.72 4.88 3.31 2.64 2.61 2.50 4 to 6 ances, loans, offered 3*5 year April 5.85 .91 4.17 i. 69 4.33 3.39 2.61 2.64 2.53 months 90 90 Re- within notes May 5.88 .74 4.U 1.55 4.24 3.42 2.69 2.51 2.44 days days IN8W newal period June ... 5 4.5'J 4.13 ;.6i 4.10 3.30 2.66 2.44 2.34 July - 5.88 US 4.05 .42 3.93 3.30 2.61 2.44 2.36 Aucust 6.05 i.41 3.97 i. 45 3.97 3.33 2.67 2.42 1934 average... 1.02 .25 .90 1.00 1.00 1.26 2.11 September 6.06 1.29 3.93 .30 3.79 3.26 2.72 2.40 1935 average... .76 .13 .56 .56 .56 *.14 1.28 October 6.08 1.26 4.27 i.35 3.76 3.28 2.72 2.46 1936 average... .75 .15 1.16 .91 .91 .14 1.11 November 5.86 17 4.67 L 123.62 3.22 2.77 2.43 December 5.74 1.16 4.64 22 3.48 3.18 2.61 2.43 1936—May M 8 1-IK .93 93 .18 1.09 June % 1.00 1.00 .23 1.12 Year 5.88 4.22 4.40 4.02 3.33 2.70 2.49 July % •\jt_x IK 1.00 1.00 .14 1.17 8 other northern and Aug % IK 1.00 1.00 .18 1.12 eastern cities: Sept Vie IK 1.00 .00 .16 1.09 January 5.87 5.88 4.61 6.07 4. 1.65 4.08 3.62 3.36 N D O e c o c t v - S % % i A . V V V M M ie I V K tf. 1 1 1 .0 0 0 0 0 0 L L . O 0 ,0 0 O 0 . . . 1 1 2 3 0 1 1 1 . . . 9 1 0 2 9 4 M A Fe p a b r r i r c l u h ary..— 5 5 6 . . . 9 8 0 1 6 0 5 5 5 . . . 6 4 2 6 7 2 4 4 4 . . . 6 5 6 3 7 2 5 5 5 . . . 1 1 1 4 3 0 4 5 5 . . . 8 3 0 4 9 9 1 L ,5 .4 5 2 9 2 4 4 3 . . . 0 0 9 2 5 9 3 3 3. . . 4 6 6 1 C 3 3 3 3 . . . 3 3 4 4 6 3 May 6.09 5,13 4.55 5.14 4.99 .39 3.88 3.4C 3.45 1937—Jan...... H */\*-H IK 1.00 L.00 .36 1.18 June 6.02 6.06 4.49 5.13 4.97 .30 3.78 3.51 3.32 Feb % Vie iy^ 1.00 LOO .38 1.22 July... 6.08 4.81 4.48 5.05 4.82 .15 3.87 3.61 3.32 Mar..... iK 1.00 t.00 .58 1.42 August 6.11 4,79 4.47 6.12 4.68 L12 3*. 79 3.47 Apr IK 1.00 LOO .70 1.59 September 6.24 4.74 4.48 5.03 4.65 .11 3.75 3.45 J M un a e y..... I IK K 1 1 . . 0 0 0 0 L L O O O O . . 6 5 5 8 1 1 . . 4 5 8 4 N O o ct v o e b m er ber 6 6 . . 2 1 5 2 4 4 . . 7 6 5 6 4 4 . . 6 8 2 7 4 4 . .96 4 4 . . 5 5 1 4 i 1 . . 1 0 3 8 3 3 . .7 6 5 3 3 3 . . 4 5 7 0 December 5.94 4.68 4.91 4.88 4.69 3.98 3.67 3.46 Week ending: May 15_ K iK 1.00 LOO .69 1.48 Year 5.07 4.61 6.05 4.83 4.29 3.62 May 22... IK 1.00 ;LOO .62 L47 27 southern and May 29.... IK 1.00 LOO .56 1.46 western cities: June 5__._. IK 1.00 LOO .55 1.49 January 6.94 6.12 5.50 5.61 5.60 5.40 4.95 4.47 4.16 June 12 IK 1.00 LOO .57 1.52 February. 5.96 6.05 5.43 6.61 5.56 6.39 4.84 4.51 4.15 June 19._. X IK 1.00 i.oo .58 1.56 March 6.04 5.98 5.40 5.64 5.66 5.40 4.85 4.44 4.15 June 26.. „ IK 1.00 1.00 .62 1.57 April 6.07 6.86 5.36 5.63 5.68 5.34 4.80 4.40 4.21 July 3 l Vii iK 1.00 1.00 .49 1.55 May . 6 10 5.75 5.26 6.64 5.66 6.28 4.79 4.43 4.17 July 10.... i j/" IK 1.00 1.00 .51 1.50 June —— — -•6.16 5.69 5.34 5.62 5.62 5.19 4.76 4.39 4.18 July 17.... l IK 1.00 1.00 .50 1.45 July 6.17 5.63 5.30 5.63 5.64 5.07 4.68 4.35 4.19 July 24.... l VM 1.00 1.00 .49 1.41 A Se u p g te u m st b .. er 6 6 . .2 2 7 2 5 5 . . 5 5 8 5 5 5 . . 2 3 8 2 6 6 . . 6 6 8 3 5 5 . . 6 6 3 5 6 5 . . 0 0 5 4 4 4 . .5 6 1 3 4 4 . . 2 2 5 9 October 6.29 5.54 5.38 5.56 5.50 5.05 4.55 4.23 »* Revised. November- 6.29 5.50 5.53 5.55 5.42 4.93 4.51 4.24 » 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.—Bee Annual Report for 1935 (tables 42 and 43). Year 6.14 6.72 5.39 5.62 6.56 6.17 4.69 4.35 BOND YIELDS1 [Percent per annum] Corporate4 Munic- Year, month, or date T U u r r e .S y a 1 . s- g ( r h i a p i d g a e l h ) - » Total Aaa A B a y ratings A Baa In tr d i u al s- ]By R r g o a r a i o d lups P ut u i b li l t i y c Number of issues 7-12 15 120 30 30 30 30 40 40 40 3.10 3.95 4.96 4.00 4.44 5.08 6.32 4.52 4.96 5.40 2.70 3.16 4.46 3.60 3.95 4.55 5.75 4.02 4.95 4.43 2.47 2.68 3.87 3.24 3.47 4.02 4.77 3.50 4.24 3.8$ 2.50 2.72 3.94 3.24 3.51 4.09 4.90 3.54 4.35 3.91 2.50 2.70 3.90 3.23 3.48 105 4.84 3.52 4.31 3.86 2.43 2.68 3.85 3.21 3.44 3.99 4.74 3.48 4.22 3.85 2.41 2.62 3.79 3.18 3.41 3.94 4.62 3.44 4.09 3. S3 2.42 2.58 3.75 3.18 3.38 3.90 4.54 3.42 4.02 3.80 2.29 2.45 3.71 3.15 3.31 3.85 4.52 3.38 4.00 3.74 2.27 2.31 3.67 3.10 3.28 3.78 4.53 3.37 3.96 3.69 2.29 2.38 3.66 3.09 3.30 3.76 4.50 3.36 3.95 3.68 2.31 2.57 3.75 3.22 3.41 3.85 4.54 3.46 4.04 3.76 2.50 2.72 3.87 3.32 3.50 3.98 4.69 3.55 4.17 3.90 2.74 2.84 3.98 3.42 3.58 4.05 4.86 3.65 4.29 3.99 Mav 2.67 2.76 3.92 3.33 3.49 3.99 4.87 3.55 4.27 3.95 2.64 2.67 3.93 3.23 3.45 3.99 4.97 3.51 4.29 3.97 • 2.65 2.65 3.9S 3.29 5.48 4.02 5.12 3.53 4.39 4.02 JUly 7 2.63 2.64 3.91 3.27 3.44 3.97 4.96 3.50 4.29 3.95 July 14 - 2.61 2.64 3.91 3.27 3.43 3.96 4.96 3.51 4.30 3.91 July 21 2.58 2.62 3.91 3.27 3.45 3.96 4.95 3.52 4.30 3.91 i Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday figures. ' Average of yields of all outstanding bonds due or callable after 8 years. * MoodVs 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.Set Annual Report for 1935 (table 74). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDERAL RESERVE BULLETIN AUGUST 1937 BOND PRICES x STOCK PRICES» Corporate' Preferred Common stocks (index, 1926=100) U.S. Munic- stocks Year, month, or date Treas- ipal Year, month, or date (Indusury' g ( r h a i d g e h > - Total In tr d i u al s- R ro a a i d l- Utility tr g ia r l a d h e ig )8 h- Total In tr d i u al s* R r a o i a l d - Utility Number of Issues 7-12 15 60 20 20 Number of Issues 20 '420 ••348 40 1934 average 103.5 97.3 84.5 81.9 87.8 1934 average 120.7 72 81 •—-i 69 1935 average 106.0 109.14 88.6 88.2 98.2 1935 average 133.8 78 91 71 1936 average. 107.0 117.8 97.5 92.2 105.4 1936 average ._ 138.9 111 127 104 1936-June 106 6 116 9 96 2 90.6 92.5 105.5 1936—June 138.8 106 121 102 July 106.6 117 4 97.1 91.1 94.2 106.0 July 139.1 109 124 106 August 107.2 117.8 97.7 91.6 95.8 105.7 August 139.3 113 128 109 September- 107.2 118 8 98.6 92.2 97.9 105.8 September". II.. 139.0 114 130 108 October 106.9 119.5 99.6 93.1 99.7 106.0 October 138.3 119 136 109 November 108.2 122.1 99.8 94.2 99.2 106.0 November™ 139.0 124 144 109 December. 108.0 124.8 99.9 94.5 99.6 105.6 December — 140.1 123 143 111 1937—January 107.3 123.5 100.3 94.8 100.6 105.7 1937—January . 141.8 126 147 114 February 107.2 119.7 100.0 94.7 100.2 105.1 February 141.2 130 152 111 March 105.2 116.9 98.5 93.5 98.3 103.6 March __ 138.0 130 153 106 April 102.6 114.8 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 June.. 103.5 117.9 95.0 91.2 93.2 100.6 June. 135.2 114 134 91 June 30 103.4 118.2 93.7 90.8 90.7 99.5 June 30 133.9 112 132 91 July 7 103.6 118.4 95.4 91.5 93.6 101.0 July 7___.__ 134.8 118 139 96 J J u u l l y y 1 2 4 1 ..F____ 1 1 0 0 3 4 . . 8 1 1 1 1 1 8 8 . . 4 8 9 9 5 5 . . 5 3 9 9 1 1 . . 4 6 9 9 3 3 . . 4 5 1 10 0 1 1 . . 3 1 J Ju u l l y y 2 1 1 4 ____ 1 13 3 6 5 . . 4 3 1 1 1 2 8 1 1 1 4 4 0 3 i Monthly data are averages of daily figures except for municipal bonds, r Revised. which are averages of Wednesday figures. 1 Monthly data are averages of Wednesday figures. * Average prices of all outstanding bonds due or callable after 8 years. * Average derived prices. 3 Prices derived from average yields. Source.—U. S. Treasury bonds, based on price quotations from Treas- Source.—Standard Statistics Co. ury Department; for other bonds, Standard Statistics Co. Back figures.—See Annual Report for 1935 (table 73). Back figures—Bee Annual Report for 1935 (table 73); for U. S. Treasury bonds, see BULLETIN for May 1936, p. 317, CAPITAL ISSUES [In millions of dollars] For new capital For refunding Total (new Domestic Domestic and Total Total Y m e o a n r th or f i u r n n e g - d ) - m e a ( f i o e d n g r s o d n - t - ) ic Total S n m a p t i n a a c u d l t i - - e a F c e g i e r e e a d s n l - ! - Total Co B n r a o p o n t o n d e r d s a s te Stocks e F i o g r n - * m e a ( f i e d o g n o s r n d - - t ) ic Total S n m a p t i n a a c u d l t i - e - a F c e g i e r e e a d s n l * - - Total C B n o a o o r n p t n d e o d s r s at S e tocks e F ig o n r ^ - 1927. 9,774 •7,555 6,219 1,475 87 '4,657 ••3,183 1,474 1,337 2,218 1,978 35 93 1,850 1,586 264 241 1928 9,898 8,040 6,789 1,379 64 5,346 2,385 2,961 1,251 1,858 1,620 36 0 1,584 1,054 530 238 1929 11,513 10,091 9,420 1,418 0 8,002 2,078 5,924 671 1,422 1,387 13 0 1,374 542. 833 36 1930 7,619 6,909 6,004 1,434 87 4,483 2,980 1,503 905 709 527 53 0 474 451 23 182 1931 4,038 3,089 2,860 1,235 75 1,551 1,239 311 229 949 893 21 51 821 789 32 56 1932 1,751 1,194 1,165 762 77 325 305 20 29 557 498 87 93 319 315 4 59 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1 19 9 3 3 6 5 4 6, , 2 6 1 9 4 9 1 1, , 9 4 7 5 2 7 1 1 , , 9 4 4 0 9 9 8 7 5 3 5 5 1 2 5 2 0 1,1 4 9 04 2 3 8 3 3 4 9 35 6 2 9 S 3 4 , , 2 24 4 2 2 3 4 , , 2 1 1 2 6 3 3 38 6 2 5 3 9 5 8 3 7 3 1, , 8 3 6 8 4 7 3 1 , , 1 78 8 2 7 2 8 0 1 0 1 2 1 6 9 1936—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 June 560 359 359 90 0 269 187 82 0 200 200 21 30 149 139 11 0 r Revised. i 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

AUGUST 1937 FEDERAL RESERVE BULLETIN 753 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 June 30, 1937 Total inter- End of period (gross est debt) Total Bonds Notes C ic e a r t t e i s f- 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 35,800 21,822 11,325 350 2,303 June 1933 22,539 22,158 14,223 4,780 2,200 954 381 Obligations maturing: June 1934 27,053 26,480 16,510 6,932 1,635 1,404 573 1937—Before Oct. 1 1,819 817 1,001 June 1935 28,701 27,645 14,936 10,501 156 2,053 1,056 Oct. 1-Dec. 31 651 651 1938-Jan. 1-Mar. 31 1,383 732 651 1936 Apr. l-June30..... 618 618 May 31,636 30,822 16,030 12,381 258 2,163 814 July 1-Sept. 30 596 596 June 33,545 32,756 18,395 11,861 146 2,354 790 Oct. 1-Dec. 31 July 33,436 32,672 18,295 11,906 117 2,353 764 1939 3,188 3,188 August 33,377 32,621 18,274 11,886 107 2,353 757 1940 2,854 2,854 September 33,831 33,086 19,257 11,370 106 2,353 745 1941 2,219 834 1,385 October 33,830 33,081 19,255 11,368 105 2,354 749 1942 426 426 November 33,791 33,085 19,262 11,366 104 2,353 706 1943 „ „ 898 89S December 34,405 33,699 20,575 10,804 117 2,203 707 1945 1,401 1,401 1946 1,519 1,519 1937 1947 1,697 1,697 January 34,503 33,822 20,697 10,847 125 2,253 681 1948-1952 4,328 4,328 February 34,601 33,926 20,644 10,868 161 2,253 675 1953-1957 6,694 5,694 March "34,732 '34,069 '21,277 10,357 231 2,203 664 1958-1961 „ 3,643 3,643 April 34,941 34,295 21,295 10,377 269 2,353 646 Special issues: May—.....- 35,213 34,691 21,314 10,421 303 2,553 622 U. S. savings bonds ___ 800 800 June 36,425 35,800 21,822 11,325 350 2,303 1625 Adjusted service bonds 889 889 All other»_ 1,177 119 708 350 *• Revised, i Includes $310,000,000 of Government liability for retirement of i Issues classified as of date of final maturity; most issues callable at national bank and Federal Reserve bank notes, as a result of deposit earlier dates; postal savings bonds only issues callable before 1940; adof funds by banks; this compares with $424,000,000 on June 30, 1936. justed service bonds held by veterans amounting to $389,000,000 and most of the U. S. savings bonds are redeemable at option of holder. »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 ac- Receipts Expenditures > counts, Increaseor de- Period c M el i l s a - - GeneralJ Recovery and relief E ( c o + e x f i c f p r e o e t s - s r s < e c o e x e + f t c i c p ) e r . o * s t e s s r * crea p s e e r < i luring Total c ta o I x n m e - e s n i r n n n e e t u o v a e u e e l r - s - ot A h l e l r* Total* e p I d n s u e t t b e b o l r t n i - c o A th f e t r' Total Belief P w u o b rk li s c ot A h l e l r' p t e ( u e - n r x ) d e - s i- p t e ( u e » n x re d ) * s i- G b f e a u n l n a e d n r c a e l G d r e o b s t s Fiscal year ending June: 1934 3,116 -818 1,470 828 6,745 757 1,984 4,004 1,844 645 1,515 -3,630 +835 +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 +1,648 1936 4,116 1,427 2,010 680 8,477 749 4,436 3,291 985 2.092 213 -4,361 +123 +840 +5,078 1937 5,294 2,158 2,181 955 8,001 866 4,288 2,846 78 •92 -2,707 -67 -12S +2,646 1936— J T u u l n y e .. 2 5 9 2 4 9 3 3 1 9 0 2 16 0 4 1 5 6 4 5 2,3 4 3 1 7 2 13 1 2 0 1,9 3 4 2 9 0 25 8 6 2 3 3 2 5 3 2 0 7 6 5 •2 • 2 8 8 3 — - 1 1 ,8 1 0 8 7 -+122 + -4 3 5 2 1 3 +2 - , 3 1 3 4 5 2 August — 343 32 264 47 551 26 273 252 14 247 •9 -208 -55 -327 -63 S O e c p to te b m er ber 4 2 9 7 9 2 28 2 8 7 1 1 6 8 1 6 5 6 0 0 6 6 6 8 8 1 1 7 4 4 4 2 2 5 9 5 2 2 3 6 1 8 5 8 5 2 2 5 7 2 7 3 8 2 - - 1 4 6 0 9 9 0 - ) 15 + -4 2 2 8 4 4 +45 O 2 November * 233 33 148 52 535 8 267 260 2 260 « 2 -303 -17 -358 -38 December 517 286 174 57 656 140 266 250 *3 274 •26 -138 +26 +500 +613 1937""-January * -„ -_ 284 43 168 73 631 14 318 299 2 222 74 -348 +72 -180 +95 February 275 58 148 68 553 20 331 202 2 205 •4 -279 -7 -187 +99 March 1,012 700 183 123 754 159 388 208 2 224 •18 +257 -98 +287 +127 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 -3 +52 +272 June 868 547 210 111 1,300 194 845 261 2 221 38 -432 +20 +800 +1,212 i Includes customs, processing taxes, taxes under Social Security Act, and miscellaneous receipts. » Excludes public-debt retirement. * Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and expenditures of the Reconstruction Finance Corporation. t t * 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. * Includes expenditures under the Adjusted Compensation Payment Act of 1936, amounting to $1,673,000,000 in June 1936 and to $557,000,000 in fiscal year 1937 of which $500,000,000 was in June. * Excess of credits. 7 Less than $5p0,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDERAL RESERVE BULLETIN AUGUST 1937 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MAY 31, 1937 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed partly from Government Financed wholly from Government funds funds Total Total Recon- Com- Public Agricul- Farm Other Home s F t C r i u n o c r a p t n i o c o * e n m C C o o re r d p d i o t i y t - A W i d s o t m r r a i k - n s - i c n t r s u e t r i d a t i l u t - Other in m g s a o t g i r t e t u - - ' i n c f s r a e t r i m d tu it - in m g s a o t g i r t e t u - - Other M 1 a 9 y 3 7 31, Ap 1 r 9 . 3 3 7 0, M 1 a 9 y 3 6 31, ration ration tion tions tions tions tions ASSETS Loans and preferred stock: L Pr o e a f n e s r r t e o d f s i t n o a c n k c , i a e l t c institutions.. 3 5 1 8 8 8 j 1 8 1 1 5 7 3 3 6 4 76 7 0 8 4 7 8 5 0 2 5 8 6 4 5 8 2,591 2,591 2,625 2,962 Farm mortgage loans 2,910 2,910 2,916 2,954 Other agricultural loans . 1 126 23 157 244 0) 552 558 678 All other loans „ .—^ .. 830 123 293 1,246 1,235 1,180 Total loans and preferred stock - 1,737 126 123 23 451 2,910 244 2,917 6 8,537 8,567 9,187 Cash 5 7 67 72 27 94 11 283 326 298 United States direct obligations 4 5 31 44 100 13 348 545 534 468 Obligations of Government credit agencies: Fully Guaranteed by U. S—. 14 69 11 102 196 193 213 Other * 25 2 1 29 29 28 Production credit association class A stock 76 76 76 74 Accounts and other receivables 35 0) 32 173 5 34 4 285 285 260 All other assets 6 0) 20 229 159 (0 3 363 14 790 751 542 Total assets other than interagency ' - ... 1,788 126 143 152 811 3,359 445 3,433 485 10*742 10,760 11,070 LIABILITIES Bonds, notes, and debentures'. Guaranteed by United States,.. 250 1,422 2,997 4,669 4,674 4,719 Other» a 1,119 178 26 C1) 1,324 1,350 1,392 Other liabilities (Including reserves) 47 1 5 47 174 7 137 88 505 516 316 Total liabilities other than interagency1 - 297 1 5 49 2,714 184 3,160 88 6,498 6,541 6,427 Excess of assets over liabilities, excluding interagency transactions.. 1,490 125 143 148 762 645 261 272 397 4,244 4,220 4,642 Privately owned interests 177 3 36 139 355 350 347 U. S. Government interests 1,490 125 143 148 762 468 258 237 258 3,889 3,869 4,295 t Less than $500,000. »Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. * Shares of Federal savings and loan associations subscribed by HOLC are classified in "Preferr ed 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] June 30, Dec. 31, Jan. 31, Feb. 28, Mar. 31, Apr. 30, May 31, June 30, 1936 1936 1937 1937 1937 1937 1937 1937 Loans to financial Institutions 325,620 313,335 304,815 295,654 286,611 277,349 i 271,588 Loans on preferred stock of banks and insurance companies.. 45,863 43,509 41,796 41,465 41,379 41,132 40,677 * 40,483 Preferred stock, capital notes, and debentures 788,922 650,777 630,272 607,777 591, 784 587,668 581,900 Agricultural loans _ 1,499 1,369 1,327 1,405 1,461 1,468 1,402 1,349 Loans to railroads (including receivers) 388,432 345,980 345,502 345,447 340,367 345,084 344,823 354,320 Loans for self-liquidating projects 170,269 195,044 200,181 206,721 208,496 215,044 218,589 221,907 Loans to industrial and commercial businesses 52,651 63,592 63,079 63,493 67,729 69,524 70,549 Loans to drainage, levee, and irrigation districts 56,114 64,343 65,164 66,553 67,744 70,832 71,253 72,424 Other loans *. 3,115 1,928 1,943 1,949 2,050 2,169 2,312 2,533 Securities purchased from Public Works Administration 134,170 118,822 113,076 108,714 121,622 114,537 120,929 120,110 Total loans and investments, other than interagency.__ 2,027,377 1,810,984 1,775,677 1,748,684 1,739,265 1,736,389 1,734,526 1,737,443 Loans to Federal land banks- 33,538 24,750 22,784 22,191 14,517 14,333 13,934 13,757 Loans to Commodity Credit Corporation 162,280 98,721 135,024 129,320 79,688 55,485 50,371 47,393 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 E. F. C. Mortgage Co. 19,165 37,406 38,670 39,233 43,769 44,340 45,994 48,286 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 2,356,360 2,088,961 2,089,255 2,056,825 1,994,837 1,968,647 1,964,225 1,967,870 i Includes $83,000,000 of loans for distribution to depositors of closed banks. »Includes $465,000 of preferred stock instalment sale contracts. * Includes $4,000,000 of loans to Rural Electrification Administration. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN" 755 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mo b r y t 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 a s c p c o r n c r o r o e c d u e r a d d i a l d a g t u 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 n e o n O t t x a i o s i o n t c v p t h n c i e e e t e i s p s r u n r , t a - g - ti P a o s r t n s i o o o d c c n r u i s e a c - d - it t E i u a t r r e g a c a g t r o l i i i o c r o c p u n n r o l s e a - - d l - c d r E g r l o o o e m p a u n e n g c a 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 c B o e t n l i o n a u k v p n d t s e e r k i s a r n f , - l o g r M i A i r n n e g g t a g v u r r o i r f k c A a l u e u v l n c t - l - t d for cooperatives i 1933—December 1,232,707 70,738 73,263 60,989 27 144.636 89,811 16,211 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 19357-December 2,071,925 794,726 104,706 47,162 94,096 43,400 172,489 2,731 50,013 44,433 1936-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 58,267 48,583 October 2,067,647 835,187 135,791 43,946 110,775 28,664 168,688 758 71,150 61,348 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 66,736 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 June 2,052,319 830,577 164,977 45,337 159,439 22,914 189,141 635 45,032 46,854 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 THE UNITED STATES l LOANS OUTSTANDING, BY INSTITUTIONS [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 O H w o n m e e rs' Number of lo b a a n n s k to Co t r i p o o n ra- o ti r o p n o * ra- Co ti r o p n o ' ra- Loan Cor- associations member poration l Lo re a - ns i t n io s n ti s t u * - 1933—December.. 180 180 Re- ported 1934— December.. 3,063 1.834 249 Total port- 1935—December.. 4,494 1,387 2,855 252 ing 1936—February 4,630 1,407 2,970 263 March 4,654 1,407 2,995 252 1 1 1 9 9 9 3 3 3 4 6 3 — — — D D D e e e c c c e e e m m m b b b e e e r r r . . . , . . . . . • 2 2 , , 8 3 9 9 7 4 , , 1 0 6 3 2 8 1,023 4 8 5 8 5 1 3 6 1 9 5 , .6 7 8 3 3 4 1 8 8 0 5 6 2 , , , 4 6 7 4 5 9 2 8 5 A J M Ju u p a l n r y y i e l . 4 4 4 4 , , , , 6 7 7 7 7 1 2 0 6 8 4 3 1 1 1 1 , , , , 4 4 4 4 2 1 2 2 2 1 2 2 3 3 3 3 , , , , 0 0 0 0 1 4 2 5 3 4 9 0 2 2 2 2 5 5 5 5 2 2 2 2 1 1 9 9 3 3 6 7— — J O S A N M D F u J J e c e u a o e u l a p t y b n g c v n r o t u r u e c e e e b u a h m s . m m e . r t a r y b b r b y e e e r . r r . , . - , . . 2 2 2 2 2 2 2 2 2 2 2 , , , , . , , , , . , 9 8 9 8 8 8 6 7 7 6 6 2 9 4 7 3 0 6 6 2 2 9 1 0 8 4 4 1 1 5 9 5 8 , , , , , , , , , , , 2 4 6 8 0 5 2 5 0 4 6 9 8 1 2 4 7 4 9 0 9 1 4 0 0 7 3 4 2 8 1 3 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 2 1 1 1 1 2 2 1 2 2 2 0 3 7 6 8 4 5 9 4 1 2 6 5 5 5 3 9 7 2 0 2 8 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 0 0 0 1 0 0 0 1 1 1 0 1 7 2 8 7 6 8 5 4 6 6 7 6 5 0 6 8 0 7 3 5 8 4 4 4 5 5 6 6 5 5 6 5 6 9 4 1 5 4 3 3 7 1 4 5 7 4 2 2 2 4 0 6 1 4 , , . , , , , , , , 0 8 7 0 6 2 1 2 1 5 6 4 5 4 6 9 8 3 0 1 5 8 6 2 4 4 9 0 0 7 2 7 2 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 3 3 4 4 4 4 4 8 2 9 5 4 7 2 6 1 5 3 , , , , , , , , , , , 5 7 1 2 9 7 2 1 2 4 7 8 6 1 0 4 2 4 6 0 0 4 7 7 8 1 1 0 9 1 5 1 5 1937— A N S J D O M A M F J u e e a u o e c p a n p a n b t c g v r r e o t y u i e r u e c e l b u a m . s h m m . e r a t . y b r b r b y e e e r r r M 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 7 8 5 6 9 7 2 7 2 2 2 5 4 9 2 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 4 4 4 4 4 4 4 4 4 4 4 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 • • 2 2 2 2 2 2 • 2 3 3 2 2 , , , , , , , , , 9 , 9 9 9 9 9 , 9 0 0 9 9 9 9 9 8 8 8 8 0 1 8 8 3 5 3 8 8 8 8 2 2 8 7 2 2 2 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 5 5 5 2 2 2 2 2 2 2 1 0 0 0 2,591,115 1,270 1,166 ••679,949 M53,491 June 2,556,401 1,286 1,166 699,849 167,057 r Revised. i Principal amount of obligations guaranteed as to interest and principal. Also guaranteed are debentures issued by Federal Housing Adminr Revised istrator. The amount outstanding June 30,1937, was $90,366. *In addition to loans the HOLC held on June 30, 1937, $680,000,000 in ' Excludes obligations guaranteed as to interest only. other assets, consisting principally of investments in the Federal Savings * Excludes obligations held by U. 8. Treasury and reflected in the and Loan Insurance Corporation and in various savings and loan asso- public debt. Figure for December 1933 includes notes given in purchase ciations, real estate and other property, and accrued interest receivable. of gold which were retired in February 1934. * Includes loans to Federal savings and loan associations, all of which are members, and a negligible amount to others than member institutions. 1 Includes accrued interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 FEDERAL RESERVE BULLETIN AUGUST 1937 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average«=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production** Construction contracts awarded (value) * Fac- Y an e d ar Total Ma tu n r u e f s ac- Minerals Total Residential Allother F p a l c o t y o m ry e n em t* - r t p o o a r l y l y s' F l r o e a ig di h n t g -c s* ar * D st e o ( p r v a e a i• s lu t a m l e e ) e s* nt month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justedjusted 1919 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 108 118 91 94 1921 67 67 70 56 44 65 82 77 78 87 1922 85 86 74 79 68 88 90 82 85 88 1923 101 101 105 84 81 86 104 103 100 9S 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 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 J M F a e n a b . r 9 9 8 0 0 8 9 9 8 1 1 8 8 9 8 8 0 7 9 8 9 1 7 1 9 9 9 5 7 7 9 9 9 3 0 2 2 9 2 7 8 6 2 2 99 4 6 1 i 1 n 4 6 1 i 1 n 6 3 3 3 An 9 5 3 3 3 2 3 4 8 8 8 4 5 6 8 8 8 2 5 6 6 7 7 5 0 2 6 6 6 3 6 5 6 6 5 2 3 9 77 7 97 6 6 7 1 1 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 77 61 Sept 91 90 92 89 87 93 43 44 25 25 58 59 86 88 74 64 71 81 86 D N O e o c c v t. 10 9 9 1 6 5 9 9 9 8 6 7 1 9 9 0 7 5 1 9 9 9 5 6 8 1 9 9 02 3 3 1 9 9 0 6 7 1 4 6 6 8 0 8 5 4 5 4 5 3 2 2 2 6 6 5 2 O 2 R 2 5 1 8 f 0 if 8 3 i f 8 7 lr 0 6 t 80 8 8 77 8 9 8 8 8 9 9 8 7 7 7 6 8 6 6 6 6 8 8 8 7 6 6 5 9 4 8 8 7 2 3 8 1 9 O 4 R 1 5 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 QA 68 Sept 109 107 110 107 102 no 59 60 47 47 69 70 94 96 84 75 84 88 94 Oct no 111 111 110 105 115 57 54 43 41 69 65 94 97 89 77 90 100 Nov 114 115 115 115 112 115 58 61 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 1937 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 '125 115 105 53 61 44 51 61 68 102 102 105 84 79 93 89 May 118 122 118 123 116 117 56 68 44 52 6ft 81 102 102 105 80 80 93 95 June nis ni4 *115 nis *U8 P60 P70 "43 J>47 *>102 • noi *»103 78 79 93 90 * Preliminary. •• Revised. * Average per working day. i For indexes of groups and separate industries see pp. 757-758; for description see BULLETIN for February and March 1927 J 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931. * 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. 759-762. Underlying figures are for pay-roll period endmg nearest middle of month. v * For indexes of groups see p. 764. 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

AUGUST 1937 FEDERAL RESERVE BULLETIN 757 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average = 100] 1936 1937 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactures—Total 101 105 109 110 110 Ill 115 121 115 116 117 118 118 P114 IRON AND STEEL 105 112 119 120 119 127 137 143 139 129 126 130 134 119 Pig iron .. 85 89 90 93 96 93 99 104 107 107 108 109 '114 107 Steel ingots .. _ 107 115 121 123 121 130 141 147 142 131 128 132 136 121 TEXTILES 100 107 116 119 120 114 121 139 124 126 129 124 123 P126 Cotton consumption . 103 111 125 125 127 119 123 144 129 132 136 130 ' 130 136 Wool 96 103 106 115 108 105 118 140 121 129 128 119 121 P120 Consumption .. 103 120 125 136 121 109 128 160 126 132 139 123 132 P131 Machinery activity * 102 95 98 101 97 104 118 134 130 137 125 118 120 H18 Carpet and rug loom activity*. 68 66 66 77 89 95 92 94 92 104 101 96 93 P94 Silk deliveries 97 101 108 118 130 121 125 134 118 112 114 120 109 115 FOOD PRODUCTS 84 88 92 91 90 93 98 99 89 87 92 93 83 80 Slaughtering and meat packing... 84 85 92 96 100 105 109 100 87 86 89 93 76 77 Hogs ._ 66 64 72 70 79 94 100 85 65 66 69 75 54 49 Cattle 104 113 116 128 125 115 115 117 111 108 113 113 99 111 Calves 111 119 130 141 144 129 122 125 130 122 136 130 124 134 Sheep „„ 128 133 135 138 143 152 169 160 175 151 139 142 145 145 Wheat flour 87 94 101 92 77 82 83 87 87 89 89 95 90 93 Sugar meltings 78 89 77 71 70 63 83 115 98 89 103 123 93 09 PAPER AND PRINTING: Newsprint production... . 59 62 60 61 61 62 67 64 63 62 64 62 62 61 Newsprint consumption 136 137 131 136 140 140 150 141 142 145 144 144 147 145 TRANSPORTATION EQUIPMENT: Automobiles .... 117 118 124 111 107 93 105 122 120 120 121 130 135 130 6 9 9 8 6 5 8 10 8 11 22 30 25 LEATHER AND PRODUCTS* 113 103 114 115 112 112 116 134 136 134 132 ••131 132 P120 Tanning 97 91 94 95 90 93 104 108 108 106 103 107, 109 Cattle hidfi leathers 93 84 93 97 91 100 111 111 111 108 106 107 no Clftif ftnrt kin leathftrs 78 88 77 70 63 65 79 98 90 92 85 94 81 Goat and kid leathers 124 113 117 113 109 103 112 111 119 114 115 121 133 Boots and shoes ....... 124 110 127 129 127 125 124 151 154 152 150 '146 146 P12S CEMENT AND GLASS: Cement 74 75 75 77 81 87 91 91 86 85 93 87 78 Glass* plate 220 218 220 226 236 242 164 89 77 244 229 241 223 260 NONFERROUS METALS: Tin deliveries * 98 112 128 107 99 105 97 105 125 131 144 138 115 112 Zinc .. 94 103 104 99 97 101 100 93 80 83 107 110 116 115 75 69 71 60 60 71 74 80 76 70 75 85 76 70 FUELS, MANUFACTURED: 180 181 183 186 189 191 188 191 139 194 190 195 200 227 233 236 241 246 249 241 242 236 245 242 249 253 -p. 97 98 96 91 90 90 92 102 117 106 103 103 112 Fuel oil I 120 117 117 119 119 124 124 132 135 130 126 123 130 116 108 110 111 111 110 114 116 HI 126 120 131 131 Onlrp hvnroduct 120 123 121 126 123 129 130 136 137 136 138 141 143 TlTTTlttFR TTREq AND TtTEES 1 121 130 124 119 122 118 126 123 123 133 132 133 132 Tirfts THiPTiniRtic I 125 135 129 123 125 121 130 128 128- 138 137 138 137 89 90 90 92 96 94 92 91 91 99 99 100 94 TOBACCO PRODUCTS 145 147 154 147 157 146 150 183 165 163 153 158 155 150 Cigars .. - 71 70 76 73 75 74 75 83 S3 78 33 82 74 73 Cigarettes— - 204 209 216 203 223 202 209 265 234 242 212 220 221 212 Mineral*—Total 102 100 101 99 102 105 112 117 109 115 128 115 116 P115 Bituminous coal ... „-..-- 76 74 79 76 82 86 95 97 83 98 112 72 80 P80 77 72 69 51 58 52 69 73 56 50 81 97 63 P74 149 146 144 149 146 152 152 161 164 168 173 174 176 P173 80 80 81 87 93 98 110 159 122 Zinc 94 103 104 99 97 101 100 98 30 S3 107 110 116 115 Lead — 75 69 71 60 60 71 74 . 80 76 70 75 85 76 70 Silver 91 103 101 83 111 119 99 113 99 94 93 103 101 i Without seasonal adjustment. p Preliminary. Revised. paper, of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 FEDERAL RESERVE BULLETIN AUGUST 1937 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1936 1937 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactures—Total _ 105 105 105 106 107 110 115 114 113 118 122 125 123 P115 IRON AND STEEL 114 112 no 118 117 123 127 125 134 135 142 144 146 119 Pig iron . ...... 87 88 85 89 93 98 100 102 105 109 114 115 116 105 Steel ingots — -. ........ .... . 117 115 113 121 120 126 130 128 136 138 145 146 149 TEXTILES - .-_ .. ... 100 101 107 112 120 117 125 132 130 134 132 127 123 *>120 Cotton consumotion 106 106 114 112 123 122 128 133 135 141 143 140 134 130 Wool - 92 97 99 110 111 111 125 141 123 . 135 129 117 116 J>114 Consumption -~ .... .*.... 94 108 111 126 127 120 140 161 130 144 141 124 122 P118 Machinery activity 102 95 98 .101 97 104 118 134 130 137 125 118 120 J>118 Carpet and rug loom activity. 68 66 66 77 89 95 92 94 92 104 101 96 93 P94 Silk deliveries 96 90 103 123 136 121 129 119 135 120 110 119 108 102 FOOD PRODUCTS. _ . 82 87 90 87 90 95 104 101 91 86 91 94 . 82 78 Slaughtering and meat packing... 81 84 87 85 94 104 121 117 100 85 84 83 74 76 Hogs - ~ 64 65 64 53 59 80 110 111 87 73 69 67 52 50 Cattle 101 106 115 126 138 134 133 122 112 95 99 99 96 104 Calves • 126. 124 126 130 138 135 124 119 121 114 137 141 140 139 Sheep .. .. __.._ .* ... 126 131 135 139 165 167 167 157 176 142 126 133 142 142 Wheat flour 82 83 98 99 91 92 90 84 85 86 83 87 85 82 Sugar meltings „ .. 87 106 94 79 75 65 65 66 64 88 127 143 109 82 PAPER AND PRINTING; Newsprint production . 60 64 59 59 60 62 '66 64 64 62 63 63 63 63 Newsprint consumption 140 135 117 121 137 149 160 145 137 143 149 154 151 144 TRANSPORTATION EQUIPMENT; Automobiles 142 134 128 82 42 65 127 147 120 120 140 158 163 147 24 Locomotives .... 6 OO LEATHER AND PRODUCTS 104 99 113 128 . 130 123 112 114 126 136 136 128 121 PU6 Tanning 91 90 94 96 95 98 102 105 104 110 103 105 103 Cattle hide leathers. 88 83 90 95 94 102 109 108 112 . 116 107 107 105 Calf and kin leathers 74 86 90 85 78 77 75 84 75 85 76 85 77 Goat and kid leathers 116 113 109 111 114 107 111 120 113 119 117 120 124 Boots and shoes. .. . 113 105 125 143 153 140 118 119 140 153 157 '143 133 P121 CEMENT AND GLASS: Cement 88 93 91 100 101 99 90 71 52 51 67 85 92 Glass, plate... _ 231 196 198 226 236 242 164 89 77 244 241 265 234 234 NONPERROUS METALS: Tin deliveries 98 112 128 107 09 105 97 105 125 131 144 138 115 112 Zinc * . 95 98 97 92 93 98 100 100 85 89 113 114 117 111 Lead 73 70 68 58 57 73 77 81 77 72 77 84 75 72 FUELS, MANUFACTURED: Petroleum refining 179 181 182 186 189 192 189 192 189 194 190 195 199 Gasoline 227 233 236 241 246 249 241 242 236 245 242 249 253 Kerosene - 93 91 90 86 92 95 100 111 119 108 104 102 108 Fuel oil 120 117 117 119 119 124 124 132 135 130 126 123 130 Lubricating oil 116 108 110 111 111 no 114 116 111 126 120 131 131 Coke, byproduct 119 121 118 122 125 129 133 138 138 140 142 142 142 RUBBER TIRES AND TUBES 121 130 124 119 122 118 126 123 123 133 132 133 132 Tires pneumatic 125 135 129 123 125 121 130 128 128 138 137 138 137 Inner tubes 89 90 90 92 96 94 92 91 91 • 99 99 100 94 TOBACCO PRODUCTS . .. 147 161 167 158 173 157 153 149 156 153 146 145 157 164 Cigars . . .. 73 76 80 76 86 91 90 62 64 67 76 77 76 80 Cigarettes 206 230 238 226 245 212 207 217 230 220 201 200 224 234 Mineral*—Total 101 101 102 104 no 115 115 111 105 111 118 105 117 J>118 Bituminous coal 67 66 72 75 87 94 106 103 93 103 112 61 70 P71 Anthracite... 77 62 57 51 58 67 71 72 61 54 ' 67 101 63 p&5 Petroleum, crude - .. 150 149 147 152 150 153 ISO 156 158 165 171 174 177 P177 Iron ore .. ... . .. - .„ 120 157 164 •177 178 167 93 238 240 Zinc. . 95 98 97 92 93 98 100 100 85 89 113 114 117 111 Lead 73 70 es 58 57 73 77 81 77 72 77 84 75 72 Silver.. . 88 101 85 88 106 118 106 114 100 102 102 104 98 p Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, and March 1937, p. 256. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, 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

759 AUGUST 1937 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1523-25 average=100] 1936 1937 Industry and group May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June Total 89.8 90.4 92.8 93.8 94.4 96.2 98.6 98.8 99.7 100.9 101.6 102.2 101.6 Durable goods 82.7 83.8 85.6 85.7 86.6 88.2 89.9 92.7 92.4 93.9 96.3 97.4 98.4 98.0 Nondurable goods. 97.3 97.6 100.4 101.8 101.6 101.2 102.9 104.9 105.4 105.8 105.9 106.2 106.2 105.4 IRON, STEEL PRODUCTS , 89.0 90.8 93.5 ,95.3 96.8 98.4 99.6 101.0 102.3 103.7 106.4 108.0 108.7 102.4 Blast furnaces, steel works 97 99 103 106 108 109 109 110 113 112 116 118 120 109 Bolts, nuts, washers, rivets.. 74 75 76 76 77 79 81 84 87 90 93 94 82 Cast-iron pipe.— 62 62 64 64 65 66 67 68 71 72 72 69 Cutlery, edge tools 76 76 78 79 80 82 84 87 87 .87 87 89 86 Forgings 58 59 62 60 60 61 64 68 70 69 73 73 72 Hardware 77 77 79 72 75 84 91 95 96 99 99 96 Plumbers' supplies 87 84 82 85 85 85 86 90 94 90 95 97 91 Bteam, hot-water heating.„. 65 65 69 69 71 70 71 72 76 78 80 82 82 80 Stoves : •„„, • 97 103 103 107 104 107 107 111 114 117 116 113 113 118 Structural, ornamental 65 67 70 72 73 73 73 70 73 75 76 78 77 78 Tin cans, tinware 99 99 98 101 101 100 98 97 103 105 104 105 107 105 Tools 78 80 81 86 86 89 93 95 98 99 101 101 103 101 Wirework 151 148 146 143 149 164 175 188 179 176 187 186 183 180 MACHINERY _ 102.2 103.9 105.3 105.3 106.8 108.4 110.4 114.0 116.0 118.9 121.1 123.7 125.6 128.6 Agricultural implements 125 126 117 101 96 102 95 103 109 113 125 130 136 141 Cash registers, etc . 119 112 114 100 116 119 120 121. 123 127 131 131 134 136 Electrical machinery 88 90 92 92 97 100 103 106 104 109 111 115 118 118 Engines, turbines, etc 125 124 119 115 115 117 122 125 128 134 137 140 147 146 Foundry, machine-shop products. 88 90 92 93 95 96 97 100 102 104 106 108 110 113 Machine tools 114 116 120 119 123 125 127 129 136 136 141 147 160 153 Radios, phonographs 198 209 210 209 186 176 171 188 201 196 190 189 155 193 Textile machinery 70 70 71 73 75 75 75 76 79 81 83 85 87 87 Typewriters 114 87 102 114 120 132 135 139 145 148 163 154 154 159 TRANSPORTATION EQUIPMENT 101.3 102.2 105.1 100.9 100.8 105.8 112.3 118.7 110.2 113.0 117.3 118.6 122.2 122.7 Aircraft. __. 671 664 603 613 631 645 646 698 740 772 783 798 807 789 Automobiles— 112 112 116 109 109 113 123 333 120 123 127 128 133 134 Cars, electric, steam railroad... 60 53 52 66 66 61 64 62 62 66 71 70 71 71 Locomotives 34 36 35 38 41 42 44 49 54 54 65 65 57 Shipbuilding 101 102 102 102 95 100 106 106 104 104 RAILROAD REPAIR SHOPS 67.0 58.2 57.4 68.7 59.1 60.1 60.6 61.7 62.3 61.9 62.2 62.4 62.4 63.9 Electric railroad 62 62 62 62 62 63 63 63 64 64 63 62 Steam railroad 67 67 58 59 60 62 62 62 62 62 64 NONFERROUS METALS; PRODUCTS... G4.6 96.4 97.8 101.1 102.5 105.2 106.7 110. 7 109.6 111.7 113.2 114.3 115.4 115.6 Aluminum 102 109 116 116 112 115 118 118 121 121 119 121 123 132 Brass, bronze, copper 99 100 102 106 109 110 HI 115 120 122 122 126 124 123 Clocks, watches.. 105 106 107 113 112 114 115 117 120 120 122 124 125 124 Jewelry. 78 78 84 88 87 91 91 90 90 SO 95 95 Lighting equipment 76 76 75 79 84 94 99 75 104 100 100 96 Silverware, plated ware *_ 62 61 59 66 67 70 70 71 72 73 73 74 73 73 Smelting, refining 76 78 79 78 79 78 78 80 80 79 81 85 88 89 Stamped, enameled ware ~ 135 139 136 141 143 163 154 166 163 159 161 158 160 162 • LUM F B u E r R n i P tu R r O e DUCTS 6 7 4 5 .1 7 6 6 4.2 6 7 5 9 .6 8 65 1 .1 6 8 5 2 .8 6 81 6.2 8 6 4 6.2 6 8 7 6 .9 6 8 8 7 .1 8 7 8 1.4 7 9 1 0 .4 7 9 1 1 .7 9 71 2 .9 Lumber, millwork - 47 49 48 51 52 63 54 55 57 57 68 58 56 56 Lumber, sawmills . 51 60 51 49 50 60 49 51 * 50 50 64 53 54 STON B E ri , c C k L , A ti Y le , , Q te L r A r S a S c P o R tt O a DUCTS . 6 4 2 4 .5 4 6 5 3.0 4 6 7 5.7 4 6 7 6.4 4 66 7 .1 6 4 7 7 .2 4 6 8 6.3 6 5 9 1 .0 6 5 9 4 .5 7 5 2 5 .6 7 5 2 4 .6 7 5 1 4 .8 7 5 1 2 .3 7 5 0 0 .3 Cement........ •-—- -— 55 54 55 69 61 64 65 68 68 68 70 66 62 62 Glass — 97 96 101 102 99 103 96 101 98 109 109 108 110 109 Marble, granite, slate 39 41 42 43 42 42 42 42 43 43 43 43 44 42 Pottery 71 73 76 74 77 76 75 76 77 77 78 78 79 81 TEX A TI . L F C E C S a a o , b r t p t r P o i e R c n t O s s g , D o r U u o C g d T s s S 9 91 7 . . 3 6 9 9 8 9 8 1 3 0 . . 1 8 1 9 8 9 0 5 3 5 2 . . 5 6 . 1 9 8 9 0 8 5 9 4 . . 1 9 1 9 9 9 0 6 9 2 2 . . 8 6 1 9 9 9 0 5 2 7 1 . . 5 7 1 9 9 9 0 3 7 8 4 . . 3 4 1 1 9 9 0 0 0 9 9 6 . . 1 8 1 1 1 1 0 0 0 0 8 1 1 1 . . 3 7 1 1 1 1 0 0 0 0 7 0 1 2 . . 3 7 1 1 1 9 0 0 0 7 9 1 3 . . 0 1 1 1 1 1 0 0 0 0 7 3 1 5 . . 9 8 1 1 1 1 0 0 0 0 7 3 2 6 . . 6 2 1 1 1 1 0 0 0 0 1 5 4 2 . . 4 6 Cotton small wares 91 94 96 101 99 101 104 106 107 102 102 103 96 99 Dyeing, finishing textiles. 115 116 117 117 114 115 117 121 120 117 116 119 119 113 Hats, fur-felt 88 93 91 85 81 82 87 89 90 89 88 86 84 90 Knit goods 113 118 121 121 117 116 119 123 123 122 122 121 118 Silk, rayon goods 76 *78 79 81 78 79 79 79 81 79 80 85 84 86 Woolen, worsted goods... 80 80 83 81 77 78 84 92 93 85 88 94 90 87 B. Wearing apparel 109.6 110.3 116.6 117.0 113.6 113.4 118.4 119.8 120.9 119.8 117.9 115.0 115.3 112.5 Clothing, men's :.._ 105 107 109 106 104 105 111 115 114 111 110 113 116 110 Clothing, women's 146 144 159 167 157 155 163 160 159 161 156 146 144 142 Corsets, allied garments... 85 86 87 88 88 89 91 92 93 91 £0 88 89 90 Men's furnishings 123 130 141 138 133 130 134 135 140 141 141 140 138 141 Millinery. . 55 64 60 60 67 55 63 51 57 67 68 54 53 54 Shirts, collars 109 111 115 118 116 117 119 124 132 129 129 124 119 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 FEDEEAL RESERVE BULLETIN AUGUST 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] 1937 Industry and group May June July Aug. Sept. Oct. Nov. Bee. Jan. Feb. Mar. Apr. May June LEATHER PRODUCTS . 89.0 89.0 90.3 90.9 91.4 92.0 94.9 98.8 99; 1 98.1 97.4 96.5 96.0 95.9 Boots, shoes 89 89 91 91 91 92 95 100 101 100 99 97 96 96 Leather — 95 94 94 96 99 98 97 97 97 100 100 99 FOOD PRODUCTS 109.3 110.3 112.4 113.2 113.3 112.7 113.4 115.0 114.8 116.7 117.0 116.1 114.7 114.1 Baking 127 127 129 129 129 131 132 132 133 135 136 134 135 136 Beverages „ 189 183 196 195 196 187 197 197 203 205 199 203 204 Butter 85 86 86 85 82 82 82 84 86 88 86 88 90 Canning, preserving 137 147 140 141 148 146 135 147 148 157 152 154 144 138 Confectionery ; 77 77 78 82 78 76 80 81 83 81 80 79 78 77 Flour — 74 74 77 76 74 74 73 74 75 75 75 77 75 Ice cream . 74 72 72 70 72 69 70 72 71 73 73 73 77 Slaughtering, meat packing 85 92 92 92 91 96 95 93 91 93 91 90 90 Sugar, beet _ 84 92 109 111 118 114 93 44 89 95 98 90 90 Sugar refining, cane 80 80 78 79 76 74 67 70 64 78 77 84 78 75 TOBACCO MANUFACTURES 61.3 60.3 61.2 61.9 61.7 61.1 62.4 62.0 62.0 61.8 61.7 61.1 61.2 60.1 Tobacco, snuff 56 • 56 56 56 56 57 57 56 56 57 56 56 56 58 Cigars, cigarettes „ 62 61 62 62 63 63 62 62 62 PAPER, PRINTING 99.8 100.0 99.8 101.1 102.7 103.1 103.6 104.0 104.0 105.5 107.4 107.5 108.0 108.2 Boxes, paper 93 94 95 97 99 100 100 103 103 104 106 106 106 106 Paper, pulp 109 109 108 109 110 111 112 113 114 116 118 119 120 121 Book, job printing 89 90 91 93 94 94 95 94 94 96 98 97 98 98 Newspaper, periodical printing.... 103 103 101 102 105 105 104 104 103 104 105 105 106 106 CHEMICALS, PETROLEUM PRODUCTS __ 113.1 113.2 115.7 115.4 118.5 117.9 118.1 118.6 120.7 121.6 122.5 124.4 126.0 127.7 A. Other than petroleum 112.0 112.2 114.6 114.9 118.1 117.4 117.4 118.3 120.9 121.8 122.7 124.8 126.1 128.2 Chemicals — __. 117 117 121 122 126 129 129 129 133 133 135 136 138 137 Cottonseed oil, cake, meal 71 62 61 53 78 71 77 75 85 80 67 77 77 75 Druggists' preparations 104 105 105 102 101 100 102 105 105 109 111 113 112 114 Explosives. „ 79 84 88 89 91 90 93 91 94 92 90 95 93 97 Fertilizers 91 86 87 87 86 85 80 87 87 86 88 94 98 108 Paints, varnishes 122 124 126 127 129 129 127 130 131 133 135 136 134 134 Bay on, allied products 342 % 350 358 360 360 354 357 355 364 363 370 378 392 408 Boap 96 97 95 103 106 103 100 100 102 110 111 107 103 104 B. Petroleum refining 118 117 120 117 120 119 121 120 120 121 122 123 125 125 RUBBER PRODUCTS 87.4 88.8 91.4 93.9 95.8 98.3 99.4 102.2 102.3 101.7 96.0 95.8 101.7 99.6 Rubber boots, shoes 75 73 78 75 75 75 74 76 75 73 82 • 82 81 75 Rubber goods, other , 122 123 124 124 126 130 133 138 140 140 142 144 145 143 Rubber tires, inner tubes 76 79 82 87 89 92 95 95 94 80 79 89 NOTE.—Figures for June 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

AUGUST 1937 FEDERAL RESERVE BULLETIN 761 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 , 1937 1936 1937 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. lay Total 89.8 90.1 99.0 101.1 102.1 102.3 101.2 80,8 81.1 95.8 101.1 104.9 05.2 102.8 D N u o r n a d b u l r e a g b o le o d g s oods. 8 9 4 6 . . 0 0 8 95 4 . . 9 7 1 9 0 3 5 . . 2 2 1 9 0 6 6 . . 4 1 1 9 0 8 5 . . 6 9 1 9 0 9 4 . . 9 8 1 9 0 9 3 . , 0 6 7 8 8 3 . . 5 8 7 8 9 3 . . 0 9 9 9 2 9 . . 5 9 . -0 0 2 0 . . 6 0 1 L 0 0 6 2 . . 4 9 , . 0 0 7 2 . . 5 3 1 1 0 0 4 0 . . 4 8 IRON P B B H F S S T T W C S C , t o l t t o i o l a u a o u r e n i S a r o s l r t r u v a g s m T t t l d e l s t c c - m e e s i E w w , i n b a t s r f r E , u y n n g u e o o a L r h , s s r u r n r r a n , k s e o P e t l ' a s t p t , d R i - , c s i g O n w o u e p w e w D r s e p a n , a U t p t a o a s e s l C r h o m r i t e T e e e l h s s S e e r l n s e , a t w a . t r . i l o i . n v . r g k e _ s t _ _ s _ _ * . _ . , , , , . 1 1 9 9 7 6 7 5 7 8 6 6 9 7 0 5 0 9 4 2 6 8 8 5 5 5 7 8 0 1 .1 1 1 1 1 9 7 6 8 7 7 0 5 6 6 8 0 0 4 1 5 4 5 6 7 0 9 5 8 0 4 1 8 .4 1 1 1 1 1 8 8 0 6 9 1 7 9 7 7 9 0 0 7 9 8 3 7 1 4 1 7 7 2 8 8 0 6 .4 1 1 1 1 1 1 1 9 9 0 1 7 8 0 7 1 0 0 8 0 6 6 7 3 0 0 4 3 0 2 7 .8 1 1 1 1 1 1 1 9 9 0 2 7 9 7 8 0 7 1 0 0 8 8 3 0 0 1 5 4 2 0 6 5 2 2 6 .9 1 1 1 1 1 1 9 1 8 7 7 9 9 2 8 7 1 0 0 8 0 4 9 2 4 9 6 2 2 7 7 5 3 3 .1 1 1 1 1 1 1 8 0 1 7 8 9 8 7 9 7 1 0 0 8 2 3 0 1 6 3 0 2 7 9 9 8 1 0 .1 1 8 9 7 4 4 6 6 7 8 9 5 5 7 4 3 3 8 5 9 4 3 9 2 5 3 6 8 0 .0 1 8 9 7 4 6 4 6 7 8 5 8 3 4 5 5 6 7 8 3 8 7 5 0 4 .6 1 1 1 1 i 0 5 1 8 6 9 6 7 9 0 6 9 5 0 3 2 9 1 8 0 8 5 7 9 8 9 6 6 .9 1 1 1 1 1 > , 1 1 8 8 5 7 7 1 7 0 1 8 2 0 0 2 4 0 6 2 9 7 2 4 1 0 7 8 2 .6 1 . . L 1 1 . 2 8 6 7 8 7 7 1 4 1 0 1 0 8 4 6 2 8 5 6 9 6 6 6 6 4 8 4 .5 . 1 . , 8 7 4 6 7 8 1 7 1 1 0 2 8 1 7 7 6 2 4 3 3 9 4 4 2 7 9 7 .7 1 1 1 1 1 1 7 9 9 7 8 1 1 0 8 7 8 6 1 2 6 3 6 7 2 6 5 0 6 2 8 0 1 6 .6 MAC T T A E E R F M C H e l o y n a a g e a I x g p d u s r N c c h i t i e i n t h E c i n o r w l d u r i R i e e s e n c r l r , s Y g t y e a m i , u p t . l , i ^ e t s t r h a u o m m a t r c o e s o l r h n a r a b l s i i s c o c i m n , n h h g e e i e i p r r n n t a s l y c e , e e p . - r m h e s y s t h e c o n p ts pro „ duct ~ s. , 1 1 1 1 1 1 1 8 0 8 1 2 2 7 1 1 7 2 8 9 9 7 9 0 4 4 8 .4 1 1 2 1 1 1 P 0 9 8 1 0 2 2 7 1 3 0 0 4 2 0 4 7 0 6 .6 1 1 1 1 1 1 1 1 1 8 1 1 3 0 2 7 0 3 4 8 3 9 5 9 7 1 4 8 7 .6 1 1 1 1 1 1 1 1 1 1 4 3 8 2 3 6 5 4 0 1 1 0 1 5 2 3 3 3 7 .2 1 1 1 1 1 1 1 1 1 8 2 1 3 1 3 4 5 5 4 4 7 5 8 0 1 4 8 4 7 .3 1 1 1 1 1 1 1 1 1 2 8 4 1 3 4 5 1 4 5 6 8 9 8 4 0 0 2 0 4 .1 1 1 1 1 1 1 1 1 1 2 8 3 1 8 1 5 5 3 5 8 7 9 3 5 8 3 0 6 4 .4 1 1 1 1 1 1 9 8 8 6 1 0 3 0 1 4 4 1 3 5 2 7 6 0 4 2 .7 1 1 1 1 1 8 9 3 0 8 6 7 5 1 1 3 5 1 7 4 2 3 5 0 2 .8 1 1 1 1 1 1 1 1 1 1 0 8 4 3 3 2 0 3 4 8 7 8 0 8 1 4 5 0 2 .2 1 1 1 1 1 1 1 1 1 2 1 9 3 5 1 5 4 6 2 5 2 0 9 3 2 3 0 2 7 .5 1 1 1 1 1 1 1 1 1 3 2 9 1 5 5 2 5 8 4 3 1 6 9 9 3 7 7 0 8 .9 1 1 , . 2 9 4 6 8 5 0 3 5 1 4 5 9 2 4 7 4 9 5 9 .9 1 1 1 1 1 1 1 1 1 9 3 2 7 4 1 5 5 6 5 6 4 4 9 7 9 1 5 5 8 .4 TRAN L A A C S S o h a i u P r c i r t c p O s o o r , b R m m a u e f T o o t l i A e l t b d i c T i v t i I l r n e O e i s g s N c - , s E t Q e U am IP M ra E i N lr T . oa _ d. . . . . 5 1 I 1 3 0 5 O 8 1 6 3 1 5 2 7 .3 5 1 1 3 9 5 9 1 05 5 8 7 3 6 .3 7 1 1 9 6 5 5 2 1 9 3 0 6 7 6.0 7 1 1 1 7 9 5 3 0 2 0 1 4 2 7 1.0 8 1 1 1 5 7 1 0 3 2 7 5 4 9 5 6 .4 8 1 1 1 7 5 2 0 2 4 8 9 3 7 8 0 .3 8 1 1 1 0 2 3 2 3 8 6 8 .6 4 1 1 1 2 9 5 1 0 0 1 1 2 1 1 2 .6 5 1 2 9 5 0 0 2 8 4 9 7 .7 6 1 1 3 5 2 1 6 2 7 2 2 7 .3 7 1 1 1 4 0 1 3 2 7 3 1 3 6 2 9 .6 7 1 1 1 8 3 4 2 2 3 8 9 9 5 3 6 .6 7 L 3 9 3 4 4 l 4 9 0 7 4 9 .1 1 1 1 ' 9 5 2 3 1 5 3 1 5 2 5 6 .8 RAIL E S R t l O e e a c A m t D r ic r R a E r i a l P r i A o lr a I o R d a d S HOPS : .„. 6 5 58 2 8 .0 5 6 5 8 2 8 .5 6 63 1.6 6 6 6 2 2 4 .2 6 6 3 4 .3 6 6 6 4 3 3 .6 6 6 6 4 4 2 .2 6 5 5 3 9 9.5 6 6 6 0 0 2 .1 6 6 6 3 3 5 .4 6 6 6 5 6 7 .8 6 6 6 7 8 8 .4 6 67 6 .1 6 6 7 9 7 0 .1 NON J S LL S B C S A F ee t m i E i l r i l w a l g o w a u v h K m e h c s m e e t R l e k s ti r l t p i , O i r i w s y n e n n y b , U g d a . u g . r w . S r , o m , e e . a n r e q M . , t e . n z c u p f E e a h i i l n T m , p e a i A c m s t n e e o L g l e d p e S n d p , w t e P w r a R r a O e re DU _ « C ,. TS.. 1 1 1 1 7 7 6 7 0 9 3 0 0 4 2 6 4 6 3 7 4 0 .7 1 1 1 1 7 7 6 7 3 9 0 0 0 5 3 6 2 8 9 4 0 7 .5 1 1 1 1 1 8 9 7 7 5 1 2 2 2 9 7 2 9 9 1 0 2 2 .5 1 1 1 1 1 1 8 8 7 0 6 1 2 2 2 9 1 4 4 4 5 4 2 4 .6 1 1 1 1 1 1 8 8 7 0 2 6 1 2 2 8 5 4 1 3 5 2 8 4 .5 1 1 1 1 1 1 8 7 8 0 2 6 1 2 2 9 4 8 0 3 3 5 6 6 .5 1 1 1 1 1 9 9 7 8 6 2 1 2 3 0 6 5 9 2 4 2 3 0 .5 1 0 5 6 4 9 7 8 6 2 0 1 8 8 2 9 4 1 3 .0 1 9 9 6 7 5 4 6 8 2 4 9 2 4 9 2 6 3 5 .9 1 1 1 1 1 1 6 9 0 2 6 6 2 5 3 1 6 0 2 3 9 0 5 .5 1 1 1 1 1 1 6 3 1 2 2 0 6 7 6 1 9 0 0 8 9 8 5 3 .8 1 1 1 1 1 1 3 1 2 0 6 3 6 8 6 4 1 2 7 S 3 9 2 4 .2 1 1 1 1 1 1 1 3 2 6 0 2 7 8 6 3 5 7 9 2 2 0 5 6 .1 1 1 1 1 1 1 3 7 9 2 6 1 8 6 2 6 1 4 5 9 9 5 6 .1 LUM L F B u u E m r R n b i P t e u R r r O , e D m U il C lw TS o , rk 6 7 4 5 4 2 2 8 , .1 7 6 5 5 4 4 2 0 .8 8 4 6 5 6 8 5 5 .8 5 5 7 2 8 7 5 5 7 0 8 3 .6 8 7 5 5 7 1 7 5 .6 8 7 5 5 9 2 7 5 .5 5 4 5 4 4 2 6 5 .-4 5 4 5 4 5 9 5 4 .8 7 5 4 5 8 5 0 0 .2 7 6 5 4 4 7 3 8 .6 6 7 5 5 8 9 6 2 .3 7 6 5 5 8 7 3 5 .2 7 7 5 5 2 9 8 7 .3 STON P L M B G C o E u r e l a a i , t m m c r t s C e b k s b e r L l , n e y e A t t r , i , Y l g e s , r , a a G w t n e L i m r A t r e S a i , l S l s c s P l o a R t t t O e _ a — D •_ U , • CTS.. 4 6 9 6 4 7 5 7 9 1 0 4 3 4 4 6 6 9 7 6 9 3 2 9 1 .4 1 4 6 5 3 7 0 7 8 8 8 7 8 .2 1 4 6 4 8 7 1 9 4 0 1 0 0 .3 1 5 6 8 7 4 1 3 7 2 3 3 1 .0 1 7 5 6 4 8 1 4 5 9 5 2 2 .4 1 7 5 7 4 8 1 3 4 0 4 0 2 .9 3 5 5 9 3 5 7 5 5 2 7 5 .6 3 5 3 5 9 5 5 9 7 6 1 2 ,8 1 3 5 5 3 0 9 8 3 0 7 .8 1 6 4 6 1 3 7 6 3 3 5 4 4 .1 1 4 7 6 3 2 7 1 9 9 9 0 2 .1 1 4 7 7 4 1 7 2 9 1 1 9 5 .0 1 7 4 7 3 7 1 1 9 5 7 0 9 .1 TEX B A TI . . L W M S M W C H S C C C D K E F C C h i i S a o o l l i a y o a l n l e e o o o , k r b r t l r t e t i a n o t t t t s s t p P t , i r i h h r o o ' e l s , i n R n s i e e r g i i c , n t n n e f a g n n O t n s o s f u s g r c y , g , g u , D s o g r , y o o f m a - r , , l d w o U a r f i n l n l u w e n m o p s l C a i a o i l g d s i p r l e T g t o r s e h l s s s s d a o S h m n i t w r n o e i ' e g n e g d s d a l a n g . s r s . - r e ' - g s t J m s o e x o e d t n i s l t e s s , . . . _ _ _ „ _ . 1 1 1 1 1 1 1 5 8 7 6 8 7 1 2 s o 1 0 5 9 8 1 6 1 y 3 0 o 3 7 0 8 7 1 0 7 1 5 3 5 9 7 . . . 9 4 4 1 1 1 1 1 1 1 8 9 8 9 8 7 5 1 0 9 Oo 7 1 2 4 1 0 Qy 3 6 7 0 6 1 2 1 1 9 6 0 2 4 7 1 . . . 6 3 2 1 1 1 1 1 1 1 1 1 1 1 1 - 8 9 9 6 1 2 0 2 4 0 0 2 6 2 0 1 9 0 4 2 2 2 3 3 2 3 7 0 3 6 7 4 4 0 . . . 2 6 6 1 1 1 1 1 1 1 1 1 1 1 1 9 8 9 1 0 0 0 9 6 2 2 2 0 7 3 4 1 1 3 1 3 3 9 5 0 7 3 5 4 2 0 0 8 6 . . . 2 8 5 1 1 1 1 1 1 1 1 1 1 1 1 8 8 0 0 0 0 8 2 0 2 6 9 6 2 1 4 2 8 9 3 9 3 6 2 3 8 3 1 1 2 2 5 7 7 . . . 9 7 8 1 1 1 1 1 1 1 1 1 1 1 9 8 0 8 0 0 1 7 0 2 9 1 5 1 5 4 2 7 8 3 2 8 6 9 9 2 2 6 1 3 2 6 2 0 . . . 3 2 5 1 1 1 1 1 1 1 1 1 1 9 0 9 8 0 0 0 7 8 1 0 9 0 3 3 5 1 3 9 6 4 3 9 2 9 6 8 9 0 7 8 7 1 9 . . . 6 8 8 1 1 7 7 8 9 6 7 7 0 5 6 8 7 9 0 8 4 9 8 5 4 2 6 5 0 0 5 4 1 2 6 6 5 4 7 . . . 2 2 9 1 7 7 6 7 8 8 7 6 7 5 0 7 8 8 9 3 9 6 5 6 6 6 2 8 5 2 6 4 9 6 2 7 5 5 . . . 8 2 6 1 1 1 1 1 1 1 1 1 0 9 9 0 1 0 9 2 8 7 0 9 2 9 1 5 1 0 7 8 0 2 5 0 4 7 2 1 9 5 3 4 0 2 . . . 1 6 9 1 1 1 1 1 1 1 1 1 1 1 0 9 0 0 0 1 9 2 7 1 7 0 3 9 2 6 2 3 7 3 1 9 3 0 7 0 1 9 6 8 8 3 5 2 . . . 2 5 4 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 1 2 6 7 8 9 9 1 9 1 4 1 0 0 2 8 8 5 8 5 6 1 3 6 3 6 6 9 5 . . . 2 3 1 1 1 1 1 1 1 9 9 0 9 0 0 6 2 6 8 8 9 0 0 9 3 0 6 8 1 6 7 6 9 5 8 8 1 0 6 6 2 9 2 . . . 0 9 1 1 1 1 1 9 9 9 9 0 0 7 6 2 7 8 8 9 8 3 0 0 1 4 1 5 0 2 5 8 0 9 3 8 2 6 7 4 3 . . . 6 0 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 FEDERAL RESERVE BULLETIN AUGUST 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 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May June LEATHER PRODUCTS 88.2 86.8 99.0 100.8 98.3 95.1 93.6 63.8 64.6 90.9 92.4 87.7 81.6 80.4 Boots, shoes 88 86 102 103 99 95 94 57 58 88 89 82 74 73 Leather 94 93 99 100 99 91 90 105 107 111 110 108 FOOD PRODUCTS 102.7 107.9 105.1 105.7 107.7 107.9 112.0 95.7 98.9 ,101.3 104.1 108.2 111.6 115.8 Baking . 127 128 132 134 133 135 137 113 115 122 124 123 130 134 Beverages 193 199 182 193 197 207 222 214 221 189 211 220 237 259 Butter ... 86 91 81 82 84 89 95 67 71 64 64 66 71 76 Canning, preserving 94 126 92 90 111 100 119 87 103 97 90 113 109 122 Confectionery -_, 70 69 79 79 74 71 69 61 60 76 76 71 69 68 Flour. , 72 72 75 74 74 74 74 67 67 71 70 72 73 74 Icecream „ 80 84 62 65 91 70 73 57 59 64 76 82 Slaughtering, meat packing 84 86 91 91 89 79 81 88 92 99 99 99 Sugar, beet. 44 49 37 39 44 47 49 46 50 44 45 50 51 55 Sugar refining, cane 31 80 75 76 84 78 75 67 66 81 81 72 TOBACCO MANUFACTURES 60.0 60.5 60.8 60.2 60.0 48.5 50.1 52.6 52.4 52.3 53.6 55.6 Tobacco, snuff 55 55 59 57 56 56 56 60 56 67 66 66 66 70 Cigars, cigarettes 61 61 61 61 60 60 47 49 51 51 51 52 54 PAPER, PRINTING _ 99.5 98.8 105.7 107.1 107.2 107.7 106.9 90.7 89.2 100.5 104.1 104.8 105.9 104 Boxes, paper _ 92 91 102 104 104 104 103 86 86 103 107 1C8 106 104 Paper, pulp 109 109 116 118 119 120 121 96 95 114 117 120 122 124 Book, job printing... ___ 89 88 98 98 97 97 95 81 78 91 94 93 95 91 Newspaper, periodical printing... 103 103 104 106 106 106 105 97 97 99 103 104 105 104.9 CHEMICALS, PETROLEUM PRODUCTS 111.8 110.3 121.9 124.9 126.6 124.5 124.1 105.4 105.4 123.6 128.1 136..4 136.7 137.4 A. Other than petroleum ; 110.7 108.5 122.4 126.0 127.7 124.6 123.6 104.0 103.3 123.9 128.8 136.2 136.2 136.2 Chemicals 117 119 131 134 136 138 139 111 113 135 140 151 153 155 Cottonseed oil, cake, meal 44 38 82 69 59 48 46 32 29 67 59 50 42 41 Druggists' preparations 101 100 110 112 112 108 109 102 99 119 121 120 118 120 Explosives , 78 83 93 90 92 91 96 77 84 93 98 108 103 103 Fertilizers , 96 59 96 136 152 105 74 93 55 87 128 151 116 79 Paints, varnishes 128 129 131 135 138 140 140 120 121 127 133 142 145 143 Rayon, allied products 336 336 370 373 378 384 391 273 277 345 350 365 382 392 Soap 96 96 110 111 108 103 104 94 95 125 123 116 114 116 B. Petroleum refining , 117 118 120 121 122 124 126 110 112 123 126 137 138 141 RUBBER PRODUCTS .. , 88.9 101.6 96.7 96.7 103.6 100.8 86.4 89.0 104.4 99.8 100.3 109.2 103.8 Rubber boots, shoes 71 73 80 76 76 71 54 57 65 72 68 73 69 Rubber goods, other 123 122 142 144 147 147 142 110 111 141 • 146 151 154 145 Rubber tires, inner tubes 80 S3 81 81 94 93 86 90 101 90 91 ' 103 NOTE.—Figures for June 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

AUGUST 1937 FEDERAL RESERVE BULLETIN 763 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [ Figures for 37 States east of the Eocky Mountains, as reported by the F. W. Bodge Corporation. Value of contracts in millions of dollars.] Public works Total Residential Factories Commercial and public Educational All other Month utilities 1936 1937 1936 1937' 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 January 214.8 242.8 37.4 78.4 9.0 37.0 15.5 21.6 86.9 68.6 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 65.2 90.2 18.4 22.2 17.3 30.0 62.3 52.5 19.0 10.0 20.6 26.4 April 234.6 '269.7 67.2 108.0 25.5 30.1 24.3 '28.5 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.. 232.7 318.1 73.6 93.1 10.2 36.8 21.9 24.5 80.0 99.9 18.3 37.4 28.7 26.4 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 Septemb er 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 *• .Revised. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING (Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.) Total Publicly financed' Privately financed1 Month 1932 1933 1934 3835 1936 1937 1932 1933 1S34 1935 1936 1937 1932 1633 1934 1935 1936 1937 January 86 83 186 3C0 235 243 39 89 167 66 149 112 45 44 29 45 66 130 February..* 89 63 97 . 75 340 388 34 27 65 38 79 69 56 2fi 31 37 62 119 March 112 €0 378 323 231 46 25 126 68 96 66 67 36 62 65 103 165 April 122 67 331 124 235 270 61 18 78 63 105 74 61 39 63 71 130 196 May*. 146 77 134 127 216 244 93 24 72 47 94 93 64 53 63 80 122 152 June 113 102 127 148 233 318 64 29 73 64 116 138 49 74 64 84 116 180 July 129 83 120 159 £95 85 20 62 67 363 44 63 67 93 341 August 134 106 320 169 275 81 47 69 92 163 63 59 51 76 122 128 120 110 167 234 £0 71 69 97 336 47 49 41 70 119 October 107 145 135 201 226 61 1C0 79 114 301 46 45 67 87 125 November 105 162 112 388 208 73 126 74 118 89 32 36 38 70 119 December 81 207 93 264 2C0 52 156 61 1S6 82 29 51 32 68 117 Year 1,351 1,256 1,643 3,845 2,675 768 683 976 1,007 1,334 583 673 668 837 1,341 i Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars.] [Figures for 37 States east of the Eocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1937 1936 Federal Reserve 1937 1936 1937 1936 Federal Reserve district June May June district •* June May June June May June Boston 20,226 20,816 17,409 New York ~ 70,513 60,110 46,318 Boston 66 83 67 889 766 848 Philadelphia 16,538 15,018 14,442 New York 203 259 217 2,270 2,715 2,661 Cleveland 34,923 26,302 20,286 Philadelphia 34 42 54 770 452 926 Richmond - 39,994 24,030 22,143 Cleveland 49 47 54 731 584 1682 21,299 18,779 18,962 Richmond , 37 42 40 442 310 266 Chicago 55,492 37,412 39,577 Atlanta 21 33 15 279 224 164 St. Louis 18,310 13,333 26,154 Chicago _. 90 120 120 1,458 1,530 1,749 D M K a a i l n n l n s a a s e s a p C o i l t i y s 1 1 1 3 5 1 , , , 5 2 9 5 7 5 9 9 9 1 8 8 1 , , , 1 8 3 4 1 5 2 5 6 1 7 7 2 , , , 8 4 0 7 5 4 4 9 0 S M K t a . i n n L n s o a e s u a i p C s o i l t i y s , , 2 2 3 2 1 8 2 4 1 8 8 6 3 2 1 3 8 7 2 2 2 4 0 9 9 7 7 3 2 1 0 3 0 9 4 3 [IL 1 9 0 7 6 Total (11 districts) 318,092 244,113 232,665 D Sa a n l la F s r ancisco , 1 7 7 2 1 1 0 3 3 1 1 1 7 1 4 1 9 0 4 5 1,05 8 3 4 1 1 ,0 1 8 4 7 8 Total 670 834 773 8,191 8,364 9,177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 FEDERAL RESERVE BULLETIN AUGUST 1937 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Merchandise imports» Excess of exports Month 1933 1934 1935 1936 1937 1933 1934 1935 1936 1937 1933 1934 1935 1936 1937 January ... * 121 172 176 199 222 96 136 167 187 240 25 37 9 11 -18 February 102 163 163 182 233 84 133 152 193 278 18 30 11 -11 -45 March 108 191 185 195 '257 95 158 177 199 '307 13 33 8 -4 -51 April 105 179 164 193 269 83 147 171 203 287 17 33 —6 —10 -18 May 114 160 165 201 290 107 155 171 192 285 6 —5 9 5 June 120 171 170 186 P265 122 136 157 191 P286 —2 34 13 —5 p 21 July 144 162 173 180 143 127 177 195 1 34 —3 15 August 131 172 172 179 155 120 160 193 -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 November 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 1,875 2,133 2,283 2,456 1,450 1,655 2,047 2,422 225 478 235 34 * Preliminary. r Revised. 1 Including both domestic and foreign merchandise. * General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source: Bureau of Foreign and Domestic Commerce. Back figure*.—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) June Feb. Mar. Apr. May June Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal Adjusted for seasonal variation variation adjustment variation adjustment Tota C l oal 7 7 3 2 8 7 2 7 8 8 7 3 8 8 1 4 8 7 0 7 7 7 6 8 1936 1937 1936 1937 1936 1937 1936 1937 Coke . ... . 75 76 92 102 88 89 L F O G o i r r v e r a e e in s st t o a p c n k r d o d gr u a c i t n s products 4 4 7 7 3 5 6 9 1 4 7 5 1 1 0 1 4 1 4 6 5 1 2 8 1 4 2 4 4 4 7 3 9 9 0 1 6 4 5 3 4 4 3 3 1 4 7 5 1 1 4 2 3 J F M a e a n b r u r c u a h a * ry r . y .*. . . 8 8 8 3 1 4 9 9 9 3 5 3 6 6 7 3 6 7 9 7 7 0 2 6 • 6 6 6 6 5 6 7 7 7 4 6 6 6 6 5 2 7 8 6 7 7 6 2 8 M M i e s r c c e h l a la n n d e i o se u s l 8 6 0 5 9 6 5 8 9 6 4 9 6 9 9 1 9 6 0 9 8 6 7 7 April _ 84 93 85 89 65 76 68 79 May 87 93 89 95 66 76 67 78 June ... 87 93 84 90 64. 75 62 73 Without seasonal adjustment July... 91 63 64 59 August 86 68 67 65 Total 73 76 80 79 80 79 September 88 94 68 71 L G C C i o o r v a k a e i e l n s . - t o a c n k d grain produ .. c . ts 3 6 6 7 5 1 9 7 1 6 3 9 0 4 4 1 2 9 9 3 6 2 6 4 2 8 6 6 3 6 8 3 9 6 8 3 5 6 5 9 8 6 8 3 7 5 2 3 2 D N O e o c c t v o e e b m m e b r b e e r r 9 9 9 4 2 0 1 1 1 0 0 6 0 5 1 7 6 7 1 9 1 8 6 7 0 7 6 F O o re r es . t products 1 4 3 8 0 4 2 9 7 2 5 9 2 1 5 0 1 2 1 5 8 5 7 19 5 2 5 Year.. 88 67 Miscellaneous, 83 82 90 94 93 90 Merchandise 1 __ 66 66 69 70 69 68 1 Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and * In less-than-carload lots. holidays. Adjustment for seasonal variation makes allowance in March NOTE.—For description and back data see pages 522-529 of BULLETIN and April for the effects upon sales of changes in the date of Easter. 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 the Interstate Commerce Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 765 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities Ail Tear, month, or week m co o m di - - F p a r a c o r t d m s * Foods Total H p l i r e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts m F li a u g t e e h l r t i i a n a n l g d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e l r d i i a n l g s c C a d l h r s e u m a g n s i d - i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.6 95.4 94.2 94 3 82.6 1930 86.4 88.3 90.6 85.2 100.0 80.3 78.6 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 76.0 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 73.6 76.1 64.4 1933 65.9 61.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62 5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 76.9 81.6 69 7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 80 6 80 8 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 70.6 1936-May 78 6 75.2 78.0 78.8 94.0 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 78.1 86 2 85.8 78.0 81.4 69.7 July 80 6 81.3 81.4 79.5 93.4 70.6 76.2 86.9 88.7 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 71.6 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 71.6 November. 82.4 85.1 83.9 81.0 97.0 73.5 76.8 87.9 87.7 82.6 82.3 73.4 December.. 84.2 88.5 85.6 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 85.6 104.2 78.3 76.2 96 0 95.9 87.6 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 89.8 84.2 86.3 1D6.7 78.7 77.2 95.8 97.2 84.6 89.3 80.5 June 87.2 88.6 84.7 86.1 106.4 78.2 77.5 95.9 96.9 83.6 89.5 79.4 Week ending— 1937—Mar. 13.. 87.2 93.6 87.3 85.4 104.2 77.2 77.2 95.8 95.7 87.3 89.8 77.9 Mar. 20.. 87.6 94.4 87.9 85.6 105.0 77.6 76.8 96.0 96.2 87.3 89.8 78.8 Mar. 27.. 87.8 94.7 S7.5 85.8 106.7 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 00.3 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 S0.1 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. G 90.4 80.9 May l.._ 87.4 01:5 85.2 86.3 106.8 78.6 77.9 95.1 96.6 85.2 90.8 80.6 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 GO. 8 80.4 May 22.. 87.4 91.2 85.1 86.3 107.1 78.1 78.2 95.0 9G.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 June 19.. 86.5 87.4 84.0 85.9 107.2 77.3 78.1 95.1 97.0 83.6 91.0 79.2 June 26— 86.7 88.4 84.4 85.9 106.8 77.4 78.2 95.1 96.9 83.0 91.0 78.6 July 3— 87.2 89.7 85.3 85.9 106.6 77.4 78.1 95.1 96.9 83.1 91.0 78.8 July 10... 87.7 90.5 86.8 86.1 106.4 77.9 78.3 95.3 96.9 83.0 91.3 78.9 July 17... 87.8 91.1 86.1 86.2 107.6 77.7 78.4 95.3 96.8 83.4 91.6 79.2 1936 1£37 1936 1937 Sub£roups Subgroups June Mar. Apr. May June June Mar. Apr. May June FARM G ra P i R n O s DUCTS: 73.0 113.2 119.2 113.9 105.7 MET A A g L r S i c A u N l D tu M ra E l T im AL p l P e R m O e D n U ts CTS: 94.2 93.1 92.1 93.8 94.1 Livestock and poultry 83.2 93.7 93.6 95.9 £8.3 Iron and steel 86.3 97.5 99.6 99.6 69.7 Other farm products 75.8 88.5 83.4 79.0 77.4 Motor vehicles 92.9 93.0 93.7 93.7 93.7 FOO D DS a : iry products 77.6 SO. 2 78.5 73.1 72.0 P N l o u n m fe b r i r n o g u s a m nd e t h a e ls ating 7 7 0 3 . . 0 8 1 7 0 7 1 . . 6 1 9 7 7 8 . . 0 7 9 7 1 8 . . 7 7 9 7 1 8 . . 9 7 Cereal products... 81.6 90.1 89.8 88.7 SO. 4 BUILDING MATERIALS: Fruits and vegetables 82.0 86.5 83.5 84.1 84.5 Brick and tile 89.2 91.8 94.9 95.0 95.0 Meats 85.1 92.0 94.9 95.9 S8.0 Cement - 95.5 95.5 95.5 95.5 95.5 Other foods 72.3 78.2 77.0 75.2 74.3 Lumber 82.1 [02.1 103.0 103.0 .02.2 HIDE S S h o A e N s D LEATHER PRODUCTS: 99.7 102.3 103.8 106.1 107.5 P P a lu in m t b a i n n d g p a a n i d n t b e m a a ti t n e g rials— 7 7 9 3 . . 5 8 8 7 3 7 . . 9 6 8 7 3 8 . . 9 7 8 7 3 8 . . 7 7 8 7 3 8 . . 6 7 Hides and skins.,. 89.0 118.5 121.4 117.7 114.6 Structural steel 92.5 112.9 114.9 114.9 114.9 Leather 83.2 97.1 1C0.7 100.6 £8.8 Other building materials S0.1 98.9 99.9 101.3 101.1 Other leather products 95.4 101.7 102.3 102.3 102.3 v C HEM C I h C e A m L i S c a A ls N D DRUGS: - 84.3 95.3 94.2 91.1 S0.1 TEXT C I l L o E t h P in R g ODUCTS: 80.9 84.8 87.2 89.1 Drugs and Pharmaceuticals -~ 73.2 83.0 82.9 79.2 78.0 Cotton goods 75.4 94.0 95.1 92.6 89.7 Fertilizer materials _.. 64.0 70.3 70.7 70.6 70.5 Knit goods „ 60.3 64.9 65.9 65.7 64.6 Mixed fertilizers 66.0 71.7 72.0 72.2 72.3 W Sil o k o l a e n n d a r n a d y o w n o rsted goods .. 8 2 2 9 . . 6 3 3 9 3 2 . . 6 6 3 S3 3 . . 8 5 3 93 2 . . 3 5 3 6 2 3 . . 6 2 HOU F S u E r F n U i R sh N i I n SH gs I NG GOODS: —• 85,2 91.7 92.1 92.5 92.5 Other textile products 66.9 66.5 68.8 68.9 67.6 Furniture...: 77.5 85.0 85.8 86.1 86.6 FUEL A E B C G l o i n a A e t s k t u c N h e t m D r r a i i L c c n I i i o G t t y e u H s T c IN o G al MATER — IALS: 8 9 9 8 7 8 3 3 6 7 . . . . . 0 4 7 0 5 7 9 9 7 7 7 7 9 7 7 . . . . . 7 8 8 5 8 1 8 9 7 7 0 8 0 2 7 2 . . . . . 6 7 4 1 8 1 8 9 7 0 3 8 4 5 . . . . 0 2 5 1 1 S 7 0 4 8 5, . . 0 5 5 MIS • C A P O C B E a a u t L u h p t t L b t o e e l A r b r e t N e i m a f r r E e n e , i e O s s d c d c U a r p e S u n l u : l d d l a p e n t . u e — o b u es s 4 8 8 3 8 3 0 0 7 0 . . . . . 0 6 7 5 8 1 5 £ 8 5 3 5 0 4 0 5 . . . . . 0 2 8 9 0 1 5 4 9 8 4 6 9 3 5 6 . . . . . 4 9 3 3 8 1 5 9 4 8 3 6 4 4 5 9 . . . . . 4 6 6 5 9 1 5 9 4 8 1 6 5 1 5 6 . . . . . 4 0 0 9 8 Petroleum products 67.7 68.6 59.8 60.9 61.5 Back figure*— For monthly and annual indexes of groups, see Annual Eej irt for 1935 (table 80); indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1935, see Annual Report for 19 5 (table 81). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 FEDERAL RESERVE BULLETIN AUGUST 1937 JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of July 1, 1937] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion July 1, tion July 1, tion July 1, tion July 1, 1936 1937 1936 1937 1936 1937 1936 1937 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,754 7,743 119 92 119 92 New York___- 23,779 26,759 6,601 9,024 6,496 105 126 Philadelphia- 48,733 53,613 17,730 20,162 17,555 19,972 175 190 Cleveland 155,673 183,167 45,798 57,029 45,605 56,814 193 215 Richmond 126,279 136,771 25,331 29,125 25,331 29,125 Atlanta 149,800 167,889 5,938 7,602 5,938 7,602 Chicago 548, 775 992,210 64,389 86,842 62,177 84,839 2,212 2,003 St. Louis 202,726 342,550 60,806 75,760 60,630 75,631 176 129 Minneapolis.. 107, 341 240,447 56,655 164,665 8,249 15,069 48,406 149,596 Kansas City__ 70,862 327,677 213,604 274,981 206,125 263,811 7,479 11,170 Dallas 80,623 85,690 19,441 42,955 19,348 42,853 93 102 San Francisco. 6,982 7,335 110,049 114,050 61,559 59,027 48,490 55,023 Total — 1,529,327 2,571,851 626,461 882,287 519,013 663,641 107,448 218,646 Oats Tame hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion July 1, tion July 1, tion Julyl, tion Julyl, 1936 1937 1936 1937 1936 1937 1936 1937 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston,.. 6,900 7,176 3,103 3,482 27,748 31,574 53,493 61,281 New York__. 19,819 21,336 4,443 5,856 1,008 1,374 31,139 33,877 Philadelphia-. .15,104 17,256 1,788 2,342 33,650 32,015 25,631 26,402 Cleveland 50,268 55,772 . 3,816 5,048 80,888 126,223 21,222 21,071 Richmond 15,286 18,452 2,532 3,492 658,341 761,125 19,690 30,297 Atlanta 10,496 12,838 2,524 2,879 152, 515 158,332 9,921 14,299 Chicago __ 366,027 488,864 14,054 15,980 18,880 25,408 47,442 58,355 St. Louis 38,026 46,319 4,447 5,984 176,784 279,823 8,333 12,843 Minneapolis.. 129,907 267,677 7,405 10,253 1,361 1,938 27,369 47,486 Kansas City- 82,429 116,999 6,153 7,190 1,908 3,131 29,170 33,017 Dallas 24,577 31,658 1,194 1,310 3,620 4,196 San Francisco. 30,261 11,850 11,505 52,967 61,105 Total... 789,100 1,111,229 75,321 1,153,083 1,420,943 329,997 404,229 NOTE.—1936 figures for corn, tame hay and tobacco are as revised in July 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN AUGUST 1937 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Latin Asia Total* Eur- Amer- and Africa Swltzt End of month c tr o ( i 5 u e 2 n s) - U S n ta it te e s d , C a a d n a - c tr o o ( i 2 p u e 6 e s n ) - c tr o i ( c i 1 u e a 1 n s) - O c t i r c o a i e u e a ( s n 8 n ) - * c tr o i ( u e 5 n s) - U K d n i o i n m t g ed - France m G a e n r y - Italy* g B iu e m l- N la e n th d e s r- t B i N o a n a n - a k l B.I.S. 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 33 270 611 438 464 8 1936—March 21,657 10,184 184 9,493 642 830 323 1,653 4,348 29 216 686 486 493 8 April 21,412 10,225 187 9,254 642 836 268 1,670 4,106 28 212 681 483 495 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 3,680 29 210 638 404 460 12 July.. 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 *>22, 632 11,358 190 9,225 *>697 *865 297 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 March P22, 962 11,574 194 9,295 P723 P859 317 »2,584 2,846 27 208 619 626 657 15 April P23.213 11,799 199 9,302 P743 P876 295 2,584 2,846 28 208 607 670 635 11 May P23,580 11,990 193 J>Q 464 *767 P875 P291 2,647 2,846 28 208 609 769 635 17 June 12,318 187 P9,466 2,689 2,722 28 208 625 848 635 8 Europe—Continued End of month Austria g B a u ri l a - C v z s a e l k o c - i h a o- m De a n r - 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 r u t i h e 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 64 34 23 " . 84 84 68 109 735 185 43 63 1936-March 46 19 113 64 32 23 84 81 68 110 726 206 44 67 April 46 19 113 54 32 23 84 72 68 111 726 209 46 67 May 46 20 113 64 35 23 84 71 68 111 718 220 45 68 June 46 20 113 54 33 23 89 70 68 112 •TIC 231 46 70 J A u u ly gust .__ 4 it 6 2 2 0 0 1 1 1 0 3 9 5 5 4 4 3 2 1 8 2 23 3 9 8 1 9 6 7 9 0 6 6 8 8 1 1 1 1 2 2 7 1 1 J. 8 O 2 2 3 3 1 2 4 4 6 6 7 7 1 3 September. it 20 108 54 27 23 98 71 68 113 718 238 46 78 October ... it 20 91 54 26 23 98 71 68 113 718 239 47 79 November. it 20 91 54 26 25 98 72 68 113 718 239 48 79 December. it 20 91 54 26 25 98 75 68 114 718 240 48 82 1937—January... it; 21 91 54 26 26 98 75 63" 114 718 240 49 82 February. - itJ 21 91 53 27 25 98 76 68 115 718 241 49 82 March it5 21 91 63 27 25 98 77 68 115 718 241 49 82 J A M u p n a r e y i . l — „ A 4 A t t 5 5 ) 2 2 2 1 2 2 9 9 9 1 0 1 5 5 5 3 3 3 2 2 2 7 6 3 2 2 2 5 5 5 8 9 8 8 8 8 8 7 7 to R 80 P6 C D fDt 8 O O off i1 1 1 H 1 I1 1 OR 0K 6 7 7 I 1 1 l R o 8 2 2 2 4 4 4 1 2 2 O 5 5 en K 0 0 ) P 8 8 7 2 9 2 Latin America Asia and Oceania Africa End of month g t A i e n r n a - - Brazil Chile lo C b m i o a - - Peru g U u r a u- y c o t o t r h u 5 ie e n s r - I B n is r d i h i t a - China Japan Java N l Z a e e n a w d - T k U e T y * c o t o t r h 2 u ie e n s r - Egypt A So fr u ic th a c o t o t r h 3 u ie e n s r - 1934—December. 403 8 29 19 19 82 41 275 7 394 77 25 22 6 55 184 24 1935—December. 444 17 29 16 20 74 «45 275 10 425 54 23 24 6 55 212 24 1936—March 438 19 29 18 20 74 45 275 16 433 68 23 24 3 55 244 24 April 438 19 29 17 20 74 45 275 15 436 61 23 24 3 65 189 24 May 438 20 20 16 10 74 45 275 17 439 61 23 24 3 55 189 24 June 435 21 29 16 19 68 45 275 13 442 60 23 24 3 55 189 24 July 436 21 29 17 20 68 45 276 13 447 60 Q ee 25 August 441 22 29 17 20 68 45 275 15 460 59 23 24 0 00 189 26 September 437 23 29 17 20 68 45 275 19 453 60 23 24 33 6555 189 25 October 455 23 29 17 20 68 45 276 6 456 60 23 24 3 55 189 25 November 452 24 29 18 20 68 45 275 7 459 60 23 24 3 65 191 25 December. 501 25 29 19 20 69 45 275 8 463 60 23 26 4 65 203 25 1937—January... 487 25 29 •20 20 69 P45 275 9 466 60 23 28 P4 55 217 25 February.* 489 26 29 22 20 66 P45 275 10 469 60 23 29 Pi 65 230 25 March 519 26 29 18 20 66 P44 275 12 456 60 23 29 55 237 25 April 536 27 29 18 21 66 P45 274 16 P455 74 23 29 Pi 65 215 25 May 565 28 29 14 66 P45 274 19 P452 74 23 29 55 211 P25 p Preliminary. 1 See notes under United Kingdom, Italy, Spain, and Latin America: 5 other countries. * 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. a 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. « 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 suDseQuent months. * Figure of $26,000,000 reported by Bank of Mexico for March 1935 carried forward for subsequent months. imn L N at O in T E A . m — e T r h ic e a: c o B u o n l t i r v i i e a s , f E o c r u w ad hi o c r h , E fi l g u S r a e l s v a a d re o r n , o G t u sh at o e w m n a l s a e , p a ar n a d t e M ly e x a i r c e o i ; n i n E A ur s o ia p e a : n A d l O ba c n ea ia n , i a D : a A n u z s i t g r , a E lia s , t o a n n i d a. S F ia in m l ; a n a d n , d L in a t A v f i r a i , c a a - n A d lg L e i r t i h a u , a B n e i l a - ; gian Congo, and Morocco. Au ust 193? fiB667S and ^*UU description of this table'see BuL^ETI^ for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547; and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 769 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Tear or month p w ro o d r u ld c- Africa North and South America Far East tion r Total A So fr u ic th a R de h s o i - a A W fr e ic st a B C e o l n g g ia o n Canada S U t n a i t t e e s d ' Mexico Co b l i o a m Chile Au li s a tra- Japan B I r n i d ti i s a h %l-t6-8/10 grains of gold 9/10 fine; i. e.t an ounce of fine Q0ld-%Z0.67 1923 „. 397.163 359,317 215,242 11,607 4,297 2,390 39,802 45,835 13,163 2,823 083 8,712 6,927 7,608 1 19 9 3 3 1 0 — .... . 4 4 6 3 0 2 , , 6 1 5 1 1 9 3 39 7 4 3 , , 3 1 9 5 9 4 2 2 2 2 1 4 , , 5 8 2 6 6 3 1 1 1 1 , , 4 1 7 9 6 3 4 5 , , 9 5 9 2 5 4 2 3, , 2 6 2 9 4 9 4 5 3 5 , , 4 6 5 8 4 7 4 4 7 9(, 5 1 2 2 4 3 1 12 3 , , 8 8 0 1 6 3 3 4 , , 2 0 8 1 1 6 4 4 2 4 8 2 1 9 2 , , 5 1 5 3 3 4 8 8 , , 0 1 2 0 1 9 6 6 , , 8 7 1 8 5 5 1932.... 498.164 421,656 238,931 12,000 5,992 3,642 02.933 50,626 12,070 5,132 788 14,503 8,198 6,782 525,071 420,093 227,673 13,335 6,623 3,631 60,968 52,842 13,169 6,165 3,009 16,790 8,963 6,919 %1-16-6/tl grains of gold 9/10 fine; i. e., an ounce of fine aotd-%S5 1933... 888.997 711,260 385,474 22.578 11,214 6,148 103,224 89,467 22,297 10,438 6,094 28,428 16,183 11.716 1934... 958,033 723,530 366,796 24i 264 12,153 6,549 104,023 108,191 23.135 12,045 8,360 30,447 16,354 11,223 1935.., 1,040,217 771,827 377,090 25,477 13,625 7,169 114,971 126,326 23,858 11,617 9,251 31,117 20,043 11,394 1936- 1,166,529 855,753 396,768 28,063 16,295 7,386 130,550 162,509 26,465 13,633 9,018 39,793 23,684 11,599 1936—February __, 82,073 64,841 31,2S0 2,201 ~~L~164 574 9,325 97830~2,815 1,159 918 ~2,801 ~ 1,843 .,,1...,920 March 86,516 68,285 32,709 2,359 1,326 544 10,409 11,149 1,627 1,040 1,147 2,882 2,005 968 April 86,456 68,025 31,991 2,410 1,258 543 10,474 11,242 2,607 1,122 499 3,127 1,808 944 May 92,000 69,568 32,826 2,413 1,289 547 10,797 12,074 2,075 1,086 652 3,045 1,885 970 June 98,006 71,175 33,086 2,384 1,285 685 11,083 12,077 2,570 1,065 611 3,476 1,994 968 July 107,816 75,784 33,846 2,354 1,352 676 11,183 15,171 2,632 1,235 776 3,602 1,977 981 August,. „__ 107,096 73,865 33,830 2,425 1,412 675 11,604 13,756 1,818 1,098 1,029 3,422 1,916 981 September- 108,314 75,083 33,816 2,363 1,444 696 11,579 14,409 2,346 1,236 467 3,516 2,246 966 October 113,237 76,806 34,199 2,292 1,493 691 11,693 15,960 1,943 1,109 784 3,596 2,075 982 November. 105, 506 72,675 33,042 2,270 1,606 634 11,174 13,369 2,291 1,035 758 3,467 2,162 966 December!. 96,526 73,695 33,858 2,262 1,544 631 11,665 13,106 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 1,332 935 3,168 2,065 084 February „ 87,240 68,408 32,330 2,109 1,663 579 10,863 10,171 2,227 1,117 769 3,714 2,077 899 March J>93,850 P73,819 34,381 2,416 1,605 634 11,420 12,631 P2,240 1,285 '620 3,550 2,156 982 April. *>92,695 *72,363 34,308 2,391 3,669 638 11,317 11,131 *2,240 1,269 F620 3,725 *2,100 956 May *>100,768 *>75,737 *33, S£0 2,4C8 Pi, 715 »63S 11, £04 14,248 P2,240 1,234 *620 *3,725 >2,100 ' Revised. Monthly figures for United States (including Philippine Islands) for 1936 represent estimates of American Bureau of Metal Statistics revised by adding to each monthly figure a constant amount so that the aggregate for 1936 is equal to the final annual estimate compiled by Bureau of the Mint in cooperation with Bureau of Mines. t J o JH J o UU f U f 1 i 1 c U i H a l U aL r I e Jl v M i J s 1 i 0 o IO n . B CC E Jli s -lJ t J i U m lU a iW te U d Wi I p m r o i d yi u is c tv ti ui o n «->* o *i f *w t . h ir e ii uv T » L «* S » . " S » . «| R * . » *" f o •« r * ' M -.»•» a . y — 1 - 9o 3 — 7 « , ~ in t - h ^ o —— usands of dollars: $15,840. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Net imports from or net exports (—) to: Total Year or month net i e m o x r p p o n o r r e t t t s s U K d n i o i n t m g ed - France g B iu e m l- N la e e n r t d - h s - S l w a e n r it - d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra u l s i - a C H K a h o o n i n n d n g g a B I r n i d ti i s a h c o t A o t r h i u l e e l n s r - 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 16,452 76,820 15,868 1935... 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 9,431 75,268 37,620 1936 ... 1,116,584 174,093 573,671 3,351 71,006 7,511 72,648 39,966 11,911 21,613 23,280 7,917 77,892 31,828 1936— N D J A S O J u e u e o u c l p n c t y v g o t e e e u e b m m s m e t b r b b e e e r r r „.. 2 2 1 7 6 1 6 7 1 7 5 6 8 7 7 5 1 , , , , , , , 8 9 8 4 8 7 3 3 7 2 1 9 7 7 6 0 4 2 3 5 9 4 7 3 8 3 4 6 2 2 , , , , , , 6 2 6 8 1 9 — 4 6 0 3 6 9 4 5 4 4 8 7 9 2 1 9 0 1 3 5 2 7 6 , , , , 0 9 8 6 1 8 7 8 2 2 3 3 1 0 9 7 0 2,6 7 4 9 5 2 2 2 9 3 2 8 5 1 , , , 8 4 7 0 1 4 3 1 5 3 3 , , 6 2 5 9 8 2 8 1 8 4 1 1 1 4 6 1 0 2 , , , , , 7 3 6 6 2 8 5 0 3 6 6 2 8 5 9 4 8 0 2 2 1 1 1 5 4 , , 2 6 3 8 4 6 6 8 8 6 6 6 3 3 4 9 8 9 2 4 0 2 t 2 , , i 1 1 0 0 g 4 1 2 2 2 2 2 1 , , , , , , 1 1 4 6 4 2 7 2 5 2 2 0 7 1 4 7 8 5 5 3 6 2 3 2 1 1 , , , , , 5 7 7 8 8 8 9 1 4 6 8 3 5 3 1 7 9 1 1 6 6 ""1,1 6 4 4 4 9 9 0 5 5 4 3 0 3 1 1 2 2 1 1 5 5 6 5 6 0 0 , , , , , , , 9 9 6 1 7 6 1 4 6 5 8 8 8 0 7 1 2 4 8 2 8 3 2 3 2 1 1 1 , , , , , , , 9 2 6 7 8 2 0 1 4 5 7 6 5 7 1 2 7 1 1 6 9 1937—January 121,325 73,960 10,864 10,691 271 6,606 5,865 1,945 1 2,123 1,617 158 6,028 1,305 M Fe a b rc r h u — ar — y. ._«.--— 1 1 6 2 4 0 , , 3 3 3 2 2 6 1 7 2 5 1 , , 2 4 3 5 8 1 1,13 7 8 6 1,131 1,08 1 6 4 8,155 1 4 0 , , 9 6 2 61 5 9 3 , , 1 2 6 4 3 2 3 2 1 , ,9 1 4 0 4 9 2 3, , 4 9 6 1 7 0 2 2 8 6 7 5 7 4, , 0 0 1 7 7 7 1 3 2 , , 6 72 8 7 3 April 215,811 175,165 696 6,399 7,225 1,973 4,261 2,231 2,388 75 4,857 11,640 J M u a n y e 2 1 6 5 2 5 , , 0 3 2 6 2 2 1 1 6 0 6 3 , , 9 8 4 2 3 2 1 1 1 , , 3 0 7 6 5 9 6,228 1,392 36,235 2 1 0 4 , ,4 9 3 4 4 6 2,8 6 0 6 0 5 2 5 , , 1 4 7 9 7 6 2 2 , , 1 0 0 6 6 4 2 2 , , 6 1 1 6 3 7 23 5 7 3 3 3 , , 7 9 9 6 7 6 1 1 7 8 , , 7 9 0 4 0 5 i Differs from official customhouse figures in which Importtss aanndd eexxppoorrttss ffoorr JJaannuuaarryy 11993344 aarree vvialued at approximately $20.67 a fine ounce. NOTE!-FOT gross Import and export figures and for additional countries see table on page 740. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 FEDERAL RESERVE BULLETIN AUGUST 1637 GOLD MOVEMENTS—Continued [ID thousands of dollars at approximately $35 a fine ounce] United Kingdom British India Net imports from or Bet exports (—) to: Change in: Year or Total Total Gold month net im- South net pro* ports Africa, All Imports duc- Be- Private e o x r p n or e t t s U S n ta i t t e e s d France m G a e n r- y g B iu e m l- N l e a t n h d e s r-: Canada Aus li t a ra- d R e h s o ia - , B I r n i d ti i s a h c o o th u e n r - e o x r p n o e rt t s tk in m in in h g o s ld i - n West tries India India* India> Africa 1934 716,269 348,190 121,017 -13,686 32,675 26,316 41,790 206,711 115,168 -230,720 11,222 173-216,671 1936 369,747 142,137 -4,726 -17,476 10,796 16,565 37,981 404,295 181,627 34,050 -161,872 11,393 -6 -150,472 1936 1,170,023 756,204 23,295 -15,133 -21,130 12,928 26,723 488,814 128,420 46,715 -121,307 11,599 '-109,708 1935-Dec... 40,811 -22,07e 910 • -•• 114 -27 -6,982 1,798 1,995 42,442 14,838 7,799 : 966 -9 f 3l7 1936-Jan 41,974 -12,059 3,202 78 94 -691 1,889 39,852 11,035 -1,526 -13,809 971 -12,838 Feb.-. 38,649 1,136 -3,253 173 -7,. 6,"958 2,037 26,454 11,686 1,993 -9,846 620 -8,926 47,666 3,440 6,738 62 -13,354 4,090 2,574 31,033 10,896 2,057 -7,667 668 77,137 -9,466 12,710 4,295 -1,409 899 3,329 55,108 9,413 3,641 -10,556 944 '-6,612 liayT 74,580 -12,611 26,936 1,876 -17,602 1,761 1,708 2,167 63,802 13,289 3,264 -11,357 976 -10,378 June.... 69,447 -28,802 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 2,631 43,122 9,657 2,591 -15,032 681 -14,051 Aug.... 281,401 -16,120 240,868 1,789 -804 -2,907 34,662 15,011 6,922 -7,983 -7,002 Sept* 161,814 -14,096 108,666 6,086 6,369 -1,029 2,084 36,517 6,681 633 -8,273 -7,307 Oct 7,615 -72,441 -383 3,964 -1,039 2,458 1,984 45,323 7,853 16,865 -11,576 982 -10,594 NNov.__ 83,168 -49,224 72,506 -163 377 1,486 2,304 36,230 14,896 4,756 -9,347 966 -8,381 Dec 100,505 -63,914 118,655 -624 -1,130 1,836 2,126 41,683 7,243 -6,506 -4, 523 1937—Jan... -25,623 -73,568 22,453 -220 414 1,021 2,504 16,903 3,953 1,019 -8,447 684 -7,463 Feb. 122,296 -75,616 163,919 153 452 1,756 .1,668 24,113 8,705 -3,156 -3,161 896 Mar. 78,484 -104,399 124,121 507 1,587 965 2,727 26,593 5,760 * 20,624 -3,464 682 -2,512 12.036 -149,444 11,281 -1,055 104 927 2,122 44,198 2,848'101,055 -6,068 656 -5,11s y -48,319 -101,710 -274 -1,786 -1,545 452 2,353 37,106 3 8,717 *-3,G02 *»956 *>-2,946 June. 22,957 -128,380 79,545 8,398 -7,915 S97 -18 1,552 46,933 2,782 319,061 P-1,848 J>956 p-892 Germany Switzerland Total Net imports from or net exports {—) to; Total Net imports from or net exports (—) to: Tear or month net net imports imports e o x r p n o e r t ts U K d n i o i n t m g e - d France N l e a t n h d e s r- e S r w la it n z d - c o t o A t r h i u e l e n l s r - e o x r p n o e rt t s U S n ta it te e s d U K d n o i i n m t g ed - France g B iu e m l- Italy N la e e n r t d - h s - c o t o A r th i u l e e n l s r - 1034 -90,920 -109,386 -42,607 -28,114 163* 89,324 -46,065 -12,784 -45,955 -26,236 18,397 16,431 2,580 1,500 1936 ., 42,969 5,180 13,225 7,394 9,888 «7,281 -230,788 647-64,858 -181,725 -13,640 26,642 342 -6,765 1936 1,868 -22,784 -2,121 20,188 3,239 -390 121,788 -9,127 -2,205 14,631 61,299 4,600 23,378 — 1936—Dec 2,004 -87 6 •• 6 — 1 810 671 19 -2,330 -2,088 -4,166 21 4,724 -139 -682 1936—Jan „ -2,684 -71 -2,441 -35 61 -68 2,462 -195 -6,783 47 6,496 -137 Feb. -1,307 35 -2,029 801 27 -140 6,671 -518 -5,705 1,821 9,612 1,377 -16 Mar -258 -69 -19 -142 20 -69 21,413 -841 -3,462 1,724 21,637 567 1,917 A M Ju p a n r y e il -1 - 1 , 6 , 2 1 3 0 3 0 1 0 - - - 4 3 1 , , , 2 9 7 7 3 2 7 5 0 1 2 3 3 2 3 , , , 0 8 2 7 2 5 7 1 6 2 2 7 3 3 6 - - 3 2 7 8 4 2 1 6 2 3 , , , 1 5 3 8 7 8 8 0 6 -4 32 - - 1 4 - , , 7 1 2 0 3 9 4 1 8 2 7 , , 0 2 2 5 6 8 7 2 4 -2 - - 3 8 3 5 2 6 1 , , , 4 9 9 4 7 5 9 2 0 2,1 1 2 1 3 9 3 2 • * 1 8 5 , , 4 76 1 4 3 6 July 3,248 ir~ 2 3,121 2,061 -38 -321 -7 820 -249 1,166 -20 -121 -1,611 Aug 1,680 2 3,265 30 -55 2,826 -113 3,176 -264 -20 -21 69 Sept -3,614 -6,076 4 2 496 26 37 33,506 '"-575 -6,366 -286 -641 487 42 Oct -3,621 -3,964 448 -20 14,848 19 5,988 8,177 62 67 -112 Nov 426 259 73 65 30 2,210 -3,676 2,892 1,723 -65 97 -3 Dec 4,763 572 2,346 1,006 822 15 -2,'87< -4,916 2,291 -33 20 -848 1937-Jan 17,426 221 15,352 -95 52 1,867 -13S —6,675 5,227 -612 732 -100 —575 1,866 Feb 27,024 -120 11,432 -77 14,231 1,658 -17,034 -6,247 2,436 -1 662 -566 •-13.507 Mar 688 -604 -89 23 57£ -463 -490 653 55 819 Apr 1,778 944 2 -138 93 '876 -1,506 -1,666 -289 192 584 May 2,654 1 -143 34; -4,479 -1,174 -1,987 -3,132 1,107 96 611 June -49,417 -36,242 -4,351 -8,740 521 274 -879 p Preliminary. »Revised. J Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 1 Figures derived from preceding columns; net imports plus production minus increase in reserves in India ! S?'£5'2iX Sported by United Kingdom from U. S. S. R. in March, $98,510,000 in April, $8,430,000 in May, and $14,027,000 in June 1937. * $86,390,000 imported by Germany from U. S. S. R. in 1934, and $6,376,000 in 1635. * $8,444,000 imported by Switzerland from Czechoslovakia in April and $15,433,000 in May 1936 « $14,292,000 (corrected) 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 1637, are subject to official revision. France and Netherlands.—No figures reported by France since September and by Netherlands since October 1636. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AtJOVST 1937 FEDEEAL RESEBVE BULLETIN 771 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England (Fi p gu o r u e n ? d s is s m te i r l l l i i n o g n ) s of G d m o i e s e l p s d n a u t r e ) ( t * i - n Cash reserves co B u is n * ts Securi- ci N t r i c o o u t n l e a- Deposits l O ia t b h i e li r and ad- ties ties Coin Notes vances Bankers' Public Other 1929—Dec. 25___ 145.8 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 1930—Dec. 31... 147.6 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 1931-Dec. 30... 120.7 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 1932—Dec. 28— 119.8 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 1933~Dec. 27— 160.7 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 1934—Dec. 26___ 192.3 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 1936—Dec. 25— 200.1 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 1&36—Apr. 29... 202 7 .8 45.9 8.3 114.0 416.9 104.7 7.5 39.0 May 27... 206.4 .9 40.3 6.7 104.7 426.1 78.3 19.8 36.7 June 24... 216.3 1.0 41.fi 7.6 116.1 434.8 90.8 20.0 37.4 July 29-... 239.9 1.0 51.4 7.1 115.5 448.6 75.2 42.3 39.4 Aug. 26... 244.8 1.1 61.3 9.2 102.6 443.4 100.9 17.2 37.8 Sept. 30._ 248.7 1.1 59.3 8.6 100.7 449.4 60.7 49.7 40.9 Oct. 28.__ 248.7 1.0 65.9 6.6 99.7 442,7 86.5 27.6 41.4 Nov. 25... 248.7 63.1 6.8 98.6 445.6 97.6 12.1 41.7 Dec. 30.-. 313.7 46.3 17.5 155.6 467.4 150.6 12.1 39.2 1937—Jan. 27 313.7 .4 61.4 8.0 97.4 452.3 98.4 12.1 38.4 Feb. 24... 313.7 .7 58.6 4.9 105.3 455.1 100.4 13.0 37.9 Mar. 31... 313.7 1.0 39.8 7.1 123.4 473.8 62.3 52.2 38.5 Apr. 28... 313.7 1.0 44.8 5.5 119.7 468.8 87.6 26.2 39.6 May 26... 321.3 46.0 4.9 119.7 475.2 91.4 24.9 37.5 June 3O.._ 326.4 38.0 6.3 164.3 4S8.4 140.5 10.8 40.2 Assets Liabilities Domestic bills Loans on- Deposits Bank of France Ad- (Figures in millions of francs) Gold* ch F e e a i o x g n r - n g - e S ci p a e l - * Other v m G a e n t r e o o n c n v - e t - s m G S t e o h e n v r o e t m r r s t n - e * - s O e t c i t e u h s r e i r - N c b u e l g r e i o ti s t e e ia - s - O as 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 68,671 11,737 7,850 1.812 1930—Dec. 26 53,578 26,179 8,429 2,901 5,304 76,436 12,624 11,698 2,241 1931—Dec. 30 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 2,615 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—Apr. 24 61,937 1,305 14,392 623 3,349 5,708 8,193 82,567 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 J J u u l n y e 3 2 1 6 .. 5 5 3 4 , , 9 9 9 4 9 2 1 1, , 2 2 7 9 0 7 7 6 , ,0 7 4 5 1 0 1 14 4 , r 3 3 3 3 3 3 1 1 , , 0 4 4 6 8 1 3 3 , ,4 5 4 5 1 5 5 5, , 7 7 0 0 8 8 8 8 , ,0 6 1 9 5 9 8 8 5 6 , , 8 1 9 0 2 6 1 1 , , 5 3 9 0 4 5 6 6 , , 2 5 5 2 4 8 2 2 , , 6 2 5 8 2 7 Aug. 28 54,511 1,250 7,063 14,333 3,454 6,640 8,125 84,324 1,523 7,037 2,301 Sept. 25 50,111 1,245 27 7,484 15,903 3,553 5,640 9,643 83,750 1,679 6,660 2,356 Oct. 30 64,359 1,471 547 7,332 12,303 3,447 5,640 8,204 87,198 3,973 9,247 3,653 Nov.'27. 64,359 1,466 925 8,056 12,298 702 3,464 6,640 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 6,640 8,209 87,688 1,955 15,280 2,534 Feb. 26 111 57,359 1,323 1,524 8,990 19,772 873 3,594 5,640 8,235 87,062 2,315 15,386 2,647 Mar. 26 67,359 1,194 1,514 8,440 20,066 225 3 698 6,640 8,543 85,746 1,977 16,404 2,652 Apr. 30 57,359 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 3,164 14,766 2,602 June 24 54,859 1,058 1,260 9,356 21,380 776 4,013 5,641 8,110 85,985 2,209 15,710 2,649 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. 567-669), 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. * 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

772 FEDERAL RESERVE BULLETIN AUGUST 1937 CENTRAL BANKS—Continued - Assets Liabilities ReJchsbank Securities (Figu re re ic s h i s n m m ar il k l s io ) ns of Gold e F x o c r h e a i n g g n e Tr b e i a l s ls ury b c i O l h l e s t c h ( k e a s r n ) d Se lo c a u n ri s ty E a c s li o g n v i o e b t r l e e Other Other ci N t r i 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. 3L_. 984 172 93 4,144 245 161 1,065 4,776 755 1,338 1932—Dec. 31... 806 114 1 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30... 386 9 49 3,177 183 259 322 735 3,645 640 836 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 1936—Apr. 30.. 70 6 71 4,353 73 240 319 702 4,348 688 798 May 30... 70 6 37 4,608 60 219 319 648 4,430 729 807 June 30__. 72 5 98 4,699 66 220 311 704 4,389 960 815 July 31... 72 6 90 4,623 67 220 310 711 4,471 787 840 Aug. 31... 69 74 65 220 309 686 4,540 729 853 Sept. 30.. 63 51 4,875 59 219 308 4,657 744 875 Oct. 31 __ 65 55 4,888 79 219 4,713 689 897 Nov. 30.. 57 4,852 67 219 770 4,674 753 911 Dec. 31... 62 5,448 74 221 303 765 4,980 1,012 953 1937—Jan. 3(U_ 23 4,835 65 223 302 959 4,799 707 973 Feb. 27... 35 4,777 102 222 302 1,059 4,816 785 968 Mor. 3K. 10 5,101 51 167 312 1,021 4,938 970 826 Apr. 30... 29 5,124 52 106 310 896 4,979 794 816 May 31.., 54 5,001 50 104 310 947 4,902 804 835 June 30.. 61 5,262 55 104 300 878 4,992 SSO S62 NOTE—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central bank 1937 Central bank 1937 1936 [Figures as of last report [Figures as of last report date of month] June May Apr. date of month] Juno May Apr. June National Bank of Albania (thou- National Bank of Belgium— Cont. sands of francs): Note circulation... 4,418 4,380 4,421 4,354. Gold 7,554 7,554 7,556 Demand deposits—Treasury 165 117 143 13 Foreign assets 23,471 23,958 17,756 Other . 7C6 708 622 1,129 Loans and discounts 3,332 3,458 3,507 Other liabilities „. I 72 72 72 72 Other assets 4,255 4,174 4,7C8 Central Bank of Bolivia (thousands Note circulation 11,275 11,518 11,491 of bolivianos): Other sight liabilities... 15,649 15,869 10,322 Gold at home and abroad' 52,006 51,430 22,834 Other liabilities.. ll,6£0 11,758 11,774 Foreign exchange 110, 537 104,602 16,533 Ce R n e t p ra u l bl B ic a n ( k m i o ll f i on th s e o f A pe rg so e s n ): tine L Se o c a u n r s i t a ie n s d — d G is o c v o e u r n n t m s ent 4 1 1 5 3 t ,2 7 4 2 7 5 41 1 3 3 , , 4 0 1 7 3 7 41 8 5 , ,8 0 9 3 6 8' • Gold at home 1,224 1,224 1,224 Other 4,735 4,736 2,820 Gold abroad and foreign ex- Other assets 16, £82 15,076 14,973 change^ 262 106 Note circulation 246,6£8 240,655 167,956 Negotiable Government bonds 32 26 54 Deposits J 259,705 253,908 240,169 Other assets 157 193 159 Other liabilities 105,430 107,770 72,971 Note circulation 1,137 1,165 1,013 Bank of Brazil (millions of milreis) : Deposits—Member bank 363 . 450 326 Cash 202 224 2S0 Government 135 128 158 Correspondents abroad., 464 459 343 Other 6 6 8 Loans and discounts 2,376 2,425 3,003 Other liabilities 33 37 Note circulation ^ 10 Commonwealth Bank of Aus- Deposits 3,127 3,056 3,324 tralia (thousands of pounds): National Bank of Bulgaria (mil* Issue department: lions of leva): Gold and English sterling-.. 16,012 16,012 15,999 Gold 1,797 1,766 1,755 1,607 Securities 38,559 38,560 39,342 Foreign exchange reserve (net) -140 Banking department: Other foreign exchange -.. 415 477 546 446 Coin, bullion, and cash ... 1,109 1,093 1,201 Loans and discounts.. 1,109 1,031 979 1,402 London balances 33,100 28,829 21,018 Government debt ... 3,523 3,551 3,551 2,671 Loans and discounts .__., 13,953 15,328 13,602 Other assets 1,038 1,015 995 1,212 Securities 38,032 38,251 Note circulation 2,394 2,430 2,636 2,453 Deposits , 79,940 70,S88 Deposits 3,268 3,171 2,899 2,174 Note circulation 47,039 47,039 47,045 Other liabilities 2,189 2,239 2,291 2,570 Austrian National Bank (millions Bank of Canada (thousands of Caof schillings): nadian dollars): Gold . 243 243 243 243 Gold 181,543 187,454 191,192 79,692 Foreign exchange (non-reserve) ~ 100 98 97 87 Sterling, and United States ex- Loans and discounts „„ 191 1C3 195 220 change . . ._ 18,113 14,613 11,215 9,760 Government debts 62Q 620 620 624 Canadian Gov't. securities: " Other assets ... ... _.„ 145 143 .139 164 2 years or less 35,943 47,165 50 252 28,049 Note circulation.. 896 882. £05 9S0 Over 2 years.. 98,269 100,816 101,687 Deposits. „ 245 259 228 221 Other securities 10,018 Other liabilities "_ 159 157 161 168 Other assets 7,402 7,010 8,925 9, £84 National Bank of Belgium (mil- Note circulation 133,142 131,113 129,063 95,764 lions of belgas): Deposits—Chartered banks 190,604 199,472 189,463 Gold 3,688 3,591 3,579 3,762 Dominion Government 14, SSO 21,541 21,222 17,878 D L O o t i h a sc e n o r s u a n s t s s e , t d s omestic and foreign.. 1, 3 3 3 9 0 3 9 1 1, 3 3 3 1 4 5 0 1 1, 3 3 3 3 1 8 0 1 1, 3 4 7 2 0 8 5 2 Other liab O ili t t h ie e s r 13,2 £0 1 1 9 12,8 92 7 3 8 12,7 79 1 6 8 7,5 32 9 6 3 » Gold abroad revalued in December 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

773 AtJGtiST 1937 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1037 1036 Central bank Central bank June May Apr. June June May Apr. June Central Bank of Chile (millions of Central Reserve Bank of El Salvador (thousands of colones): Gold and foreign I exchange in re- Gold L3,143 3,143 3,004 serve 143 143 143 Foreign exchange _-. 6,870 7,119 3,473 Loans and discounts 150 148 117 Loans and discounts 260 , 219 238 Government debt 799 799 702 Government debt and securities. 6,197 6,247 6,782 Note circulation 711 715 612 Other assets 2,816 2,606 1,403 Deposits 323 298 278 Note circulation 7,023 7,463 3,856 Central Bank of China1 (millions of Deposits . „. 8,059 7,905 5,860 yuan): Other liabilities 4,203 3,967 5,184 Cold 64 55 45 Bank of Estonia (thousands of Silver 279 274 270 kreoni): Foreign exchange 255 218 52 Gold 34,192 34,187 34,184 34,145 Due from domestic banks 171 188 92 Foreign exchange (net) 17,534 15,229 15,389 3,071 Loan? and discounts 414 401 365 Loans and discounts... 25,405 24,625 26,577 18,872 Securities 168 173 184 Other assets 22,727 22,024 22,114 22,225 Other assets , 80 79 53 Note circulation 42,901 43,901 46,471 39,372 Note circulation 374 369 300 Demand deposits — 40,772 36,901 36,089 26,975 Deposits __. 904 870 639 Other liabilities 16,183 5,263 •5,703 .1,966 Other liabilities _ 154 150 122 Bank of Finland (millions of mark- Bank of the Republic of Colombia kaa): (thousands of pesos): Gold 693 811 816 531 Gold 24,880 32,504 28,537 Foreign assets 2,170 2,023 2,017 1,331 Foreign exchange 20,457 11,490 -3,933 Loans and discounts 1,114 1,135 1,130 1,005 loans and discounts 12,681 11,294 6,606 Domestic securities - 329 324 316 280 Government loans and securities- 45,832 45,912 46,311 Other assets 416 382 323 374 Other assets 25,811 25,419 Note circulation 1,859 l,£00 2,008 1,465 Note circulation 51,728 51,544 45,330 Deposits—Treasury 268 396 415 Deposits 39,958 38,573 29,038 Other..... 864 671 495 620 Other liabilities 37,875 37,720 36,438 Other liabilities 1,731 1,709 1,684 1,436 National Bank of Czechoslovakia Bank of Greece (millions of drach- (millions of koruny): mas): N D J D G O G O F o o o o e t o t i h h r a s l m v t d e e e e c n e i * r r a o g r s c n n n a l u i . i d r s . m a n . c e s b d t e u e x i s t n e c l l s . a i p t h t . t i a o . i d e . n o s s e . g i . n b t e s . t . . . _ .... 2 2 6 1 3 1 , , , , , , 1 5 0 1 7 0 3 9 2 7 7 7 5 1 2 6 8 1 6 9 1 8 5 8 0 2 1 2 2 5 1 , , , , 8 4 9 £ 5 0 4 7 6 9 4 8 6 7 1 0 8 9 7 4 0 7 8 2 7 9 2 2 2 1 5 l 1 1 , , , , , , , 5 2 0 0 3 9 1 0 6 8 1 3 6 1 4 2 C 7 1 3 1 9 7 8 4 4 5 2 2 1 5 1 , , , , , 8 8 6 8 0 0 7 0 3 7 5 9 9 0 3 3 1 0 8 1 2 7 1 0 7 2 N l a i t o N D G L O O G G i n o o s o e o t t o o n h h a p l l t v o d d e e e n a o e f r r l s s a r c p i n a n l i a B t i e r s m d s n a c n s a d b u e f e g n i o l t n o l d k s a r i t s e t t i ) i i s i o o o e : g c b f s n n o l u H i e g n x u a t c s t n h io g a n n a s g r . y e — ( ( n m e i . t l* ) .. . 3 3 4 2 6 4 2 , , , , , , , 1 1 9 2 1 9 4 C 7 5 6 3 1 4 8 7 1 5 1 5 7 0 4 3 3 4 2 6 4 2 , , , , , , , 2 1 3 6 3 9 0 0 4 2 1 5 8 2 6 4 4 4 9 8 9 7 8 3 4 4 3 2 6 1 , , , , , , , 3 1 4 2 3 6 9 0 0 4 5 8 8 8 3 4 4 4 8 2 5 0 0 2 4 5 6 2 5 1 , , , , , , , 8 1 6 5 7 1 6 4 7 2 5 9 0 9 7 6 2 9 4 6 8 7 9 Bank of Danzig*« (thousands of Foreign exchange reserve 54 51 • 48 26 gu D N G O F L O O ld o o e o t t t o e h h h r a m t l e n e e e e n d i r r ) a r s g c : . n n l a f . i a d . i o r s n a r c s e b d e d e x u i i t e c g l l s d i p a h n t i t o a i s i e n e c s o s i x o g n t c e s u . h n . o . a t f s n g th e e _ rese - . r _ v — e— 2 3 1 1 1 4 8 1 2 1 2 9 5 , , , , , , , , 0 6 1 1 6 1 0 8 5 7 3 1 2 6 1 1 3 0 9 8 0 1 5 5 2 3 1 1 1 9 2 4 1 5 2 9 , , , , , , , 4 1 6 4 3 8 1 £ 6 4 5 5 4 6 7 6 5 4 9 6 6 2 9 6 2 2 1 1 3 0 6 4 4 9 5 9 , , , , , , , , 7 7 2 3 S 1 7 £ 8 4 3 £ 8 C 2 8 5 6 3 8 5 7 0 0 Res D L N O D C O er o i e o t e t v s h h a r m t c e t e n e e i o r a r s f c u i B — n a c l i n d i s a r a a T t s c O t s n b e d e u o k t i s t e l h l s i T p a o e t o o t i r r f i e f e s o s i i a n t n I s s d n . u . e . d r b y i t a e d ( n m es il s lions , 4 1 2 4 1 1 0 9 0 4 3 8 9 1 0 3 7 7 7 0 5 2 4 2 4 1 1 1 0 2 3 9 0 1 8 9 5 1 8 3 7 2 7 7 4 4 1 2 1 I 2 2 3 0 9 7 S 1 1 1 5 4 3 4 O 2 4 3 1 1 2 9 9 9 3 2 1 9 0 0 9 3 4 7 2 8 9 National Bank of Denmark (mil' of rupees): lio D N D G F L S O O n o e o s e i o o t t c s h r h a p t l o e c u e d e n e o f i o r r r s g s c i u k — t n a l i i i n r i t r s e a s o c t O T e s s . b s u n e x o t i l t e c h l a s i G r h e t t ) i a i r : o o e n v s n g e e rnment agenci — — e :. * s . 3 2 1 1 1 E 9 8 2 5 6 5 1 1 5 8 4 7 5 8 3 8 5 0 1 3 1 1 1 2 6 1 8 9 1 5 7 4 5 9 3 8 4 2 5 4 8 9 5 2 3 1 1 1 1 2 3 8 3 8 1 7 0 3 5 2 9 6 0 1 8 1 8 8 5 I B s a su n e S I k N N B I G R O n n i t a u o o o d t e n d v h l l p t r t e g i a e d e e e l a e p n i s s r n e n d a c a t c m o g a t i r e e c r G f s t s p h o c e F m s i o a u i o a n e e s n r e v l m t b c s t a s t s n u ' u r m t t e o t e r i : o i s e a a t e n d d i n n e c e t d s : u p r a a i b t r i t r e m o s a . e . d . n " . t . . . . . . l,8 4 8 2 2 2 5 C 4 0 7 2 2 6 7 0 4 3 4 7 5 8 3 4 1, 4 8 2 5 2 1 9 0 4 7 5 7 4 6 0 3 4 4 1 0 5 9 7 3 1, 4 8 2 5 2 1 9 4 0 7 5 5 7 7 2 4 3 4 7 1 3 6 7 7 1, 4 6 2 6 6 3 1 8 4 3 3 4 5 C E 3 4 4 3 9 3 O 8 1 Central Bank of Ecuador (thou- Deposits 428 385 404 473 sands of sucres): 34,912 33,334 Other liabilities 106 105 103 108 Nat . L N D G F io o o e o o n a r p l t e d e n a o i s l g s c i n i a B t r s n c e a d u x n l c d k a h i t s i a o o c n n o f g - u e E nt g s ypt - 1 _ ( thou- -. - 2 4 6 4 6 0 0 1 , , , , 0 3 5 1 1 0 0 8 2 2 0 8 3 4 1 2 5 7 7 , , , , 3 4 2 0 4 4 9 8 8 1 4 2 Ban D G L k G o i o o o s a l v f c d n e o J s r u a — n n p m O t G a s e n t o h n v e t ( m e r b r i n o ll m n io d e s n n s t of yen . ) . : . 4 5 2 8 2 8 5 6 3 4 9 4 4 1 5 5 2 7 1 3 0 1 1 1 5 9 8 3 5 5 2 6 4 5 5 7 C 3 9 1 4 8 5 5 1 1 5 2 4 4 2 4 4 8 7 2 5 san F L G d o o o s r a l e d n o i s g f n a p n o e d u x n c d d h is s a c ) n : o g u e nt . s .—.. • 2 6 3 , , , 2 2 5 3 9 4 6 1 5 6 2 3 , , , 6 5 6 1 4 £ 9 5 8 3 6 2 , , , 6 3 5 7 8 4 9 7 5 N D O e o th p te e o r s c i a t i s r s c — s u e l t G O s at t o i h o v e n e r rnment 1,5 2 3 7 2 £ 5 1 8 1 2 1, 3 5 1 3 7 0 8 9 4 4 2 1, 2 4 4 2 3 5 6 3 9 2 0 1, 1 4 2 9 3 6 7 6 0 9 2 N O B D O r o e t t G h i h p t t e e o e i o r s r v s c h i e l a i , t i r r s s a c n s — b u e E m i l t l g G s a O e it t y n o i i t e p o t h v s n t e s e i . e r a ^ r n c n . u m . , . r e . i - t a n i n e t s d oth . e , r .. 3 2 2 8 9 0 7 8 0 , , , , , , 1 9 3 4 6 4 1 6 6 4 0 0 1 1 6 4 7 4 2 3 2 8 9 0 8 8 1 , , , , , , 8 4 8 1 4 6 5 7 6 5 4 2 6 9 3 7 5 8 4 2 19 0 8 5 7 3 , , , , , , 6 2 0 4 3 5 7 1 2 4 6 7 5 9 4 4 8 8 Ban F L O G k o o o t o r h a l e f d e n i r s J g a n l a i v a n b a b d i i l l ( l d i s m t i i s i e c l s l o i o u n n s t s of guilder _ s . ) _ 373 3 1 3 0 6 8 5 9 8 3 1 0 0 8 9 31 S 6 1 2 S 3 i Items .„. «,™» „„----_„„ --, g 0Ii f January 1937, p. 15;, g, oglodl dre rveavmaleuae da ta rta rtaet oei o »fi 31.21 milligrams fine gold per crown; resulting increment oSnVertVd Into toS SSSS* and carried partly fa that Hem and partly m other assets. » Figures not yet available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN AUGUST 1937 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1937 1936 Central bank Central bank June May Apr, June June May Apr. June Bank of Java—Cont. Bank of Portugal—Cont. Other assets _ 117 110 50 Non-reserve exchange 164 167 111 Note circulation 191 191 156 Loans and discounts 315 336 354 Deposits 81 73 23 Government debt 1,043 1,043 1,046 Other liabilities 25 25 24 Other assets 1,326 1,303 1,057 Bank of Latvia (millions of late): Note circulation 2,006 2,021 2,053 Gold i 77 77 77 46 Other sight liabilities... 1,216 1,204 1,017 Foreign exchange reserve ., 41 4: 4! 8 Other liabilities .__ 1,109 1,105 909 Loans and discounts 122 122 120 112 National Bank of Rumania (mil* Other assets 47 47 47 54 lions of lei): Note circulation * .. 47 46 46 36 Gold * 15,863 15,842 15,797 11,041 Deposits 209 212 208 154 Special exchange accounts 5,875 5,785 4,857 2,886 Other liabilities 31 31 31 30 Loans and discounts 6,184 6,281 6,372 6,534 Bank of Lithuania (millions of Htu Special loans * 2,069 2,075 2,077 2,447 Gold 77 77 77 59 Government debt 10,985 10,955 10,740 11,394 Foreign exchange __ 6 6 6 16 Other assets 9,712 9,798 9,739 8,211 Loans and discounts 94 92 97 73 Note circulation 25,975 26,158 26,131 22,268 Other assets . 35 34 33 28 Demand deposits- 13,015 12,991 12,666 8,548 Note circulation 108 108 112 106 Other liabilities 11,698 11,588 10, 785 10,697 Deposits .... 81 78 79 48 South African Reserve Bank Other liabilities 22 22 22 22 (thousands of pounds): Netherlands Bank (millions of gull Gold _ 24,409 25,628 26,331 22,916 ders): Foreign bills 6,285 5,615 4,765 9,771 Gold __ 1,246 1,130 985 594 Other bills and loans , 139 37 28 25 Silver (including subsidiary coin] 19 19 19 21 Other assets - , 13,408 14,771 15,770 13,754 Foreign bills 2 2 2 1 Note circulation 15,416 16,852 16,646 14,244 Discounts 18 19 21 46 Deposits _. 25,990 26,325 27,237 29,272 Loans 178 183 178 144 Other liabilities 2,835 2,874 3,011 2,950 Other assets . 64 63 63 62 Bank of Sweden (millions of Note circulation 821 836 796 767 kronor): Deposits—Government 75 64 76 13 Gold 534 533 532 509 Other 590 473 349 48 Foreign assets 962 923 873 504 Other liabilities ___ 42 44 46 40 Discounts ,. 13 12 12 11 Re»erre Bank of New Zealand Loans 28 26 22 35 (th G o o u l s d a nds of , pounds): 2,802 12,802 2,802 D O o th m er e s a t s ic se s t e s c urities .. „ 35 6 1 37 6 4 3 3 6 2 0 2 3 3 3 5 Sterling exchange reserve 22,327 20,309 22,122 Note circulation 872 837 862 792 Advances: To State or State un- Demand deposits. 851 853 782 440 dertakings 4,873 6,749 Other liabilities 170 186 187 95 Investments 2,906 2,906 2,037 iwiss National Bank (millions of Other assets 179 219 465 francs): Note circulation.^ 12,975 12,957 10,041 Gold* 2,624 2,624 2,623 1,407 Demand deposits ___ 18,489 18,401 15,796 Foreign exchange 71 '22 22 Other liabilities 1,624 1,627 1,590 Discounts . 23 26 29 161 Bank of Norway (millions of Loans. _» . 31 30 32 89 kr G on o e ld r): 215 195 N O o th te er c a ir s c s u e l t a s t ion III"""" 1,4 6 0 1 9 5 1,3 6 7 0 4 S ' 1 ,38 6 6 12 1,30 74 1 T Fo o r t e al i gn d a o s m se e ts stic credits and 103 73 O O t t h h e e r r s li i a g b h i t l i l t i i a e b s ilities 1,320 1,3 6 0 3 1 5 1, 6 2 3 9 3 8 3 9 4 7 0 securities _ 254 224 >ntral Bank of the Republic of Discounts 174 166 Turkey (thousands of pounds): Loans _ 26 19 Gold 36,710 36,709 36,709 30,205 Securities 54 39 Foreign exchange—Free 46 66 23 327 Other assets 16 21 In clearing acccounts- J 40,952 41,694 46,488 10,212 Note circulation 411 376 Loans and discounts __, 43,806 37,477 34,175 27,783 Demand deposits—Government. 56 29 Securities 86,430 186,748 86,971 85,276' Other 61 47 Other assets „. 31,451 26,982 24,517 20,999 Other liabilities 60 60 Note circulation 173,252 173,327 76,376 62,684 Central Reserve Bank of Peru Deposits 42,190 36,277 37,022 44,430 (thousands of soles): Other liabilities 123,953 120,072 .15,484 67,688 Gold and foreign exchange 53,047 49,287 44,664 Sank of the Republic of Uruguay Discounts _ 35,152 36,561 35,705 (thousands of pesos): Government loans 45,164 45,247 41,941 Issue department: Other assets __ 10,154 8,609 8,413 Gold and silver _ 41,601 41,601 41,091 N D o ep te o s c i i t r s culation 3 9 0 6 , ,0 1 1 0 6 8 3 9 0 5 , , 2 0 4 4 4 5 9 2 0 7 , , 2 6 9 7 3 5 Bank N i o n t g e d ci e r p c a u r la tm tio e n nt: 89,973 91,494 77,481 Other liabilities __. 17,394 14,415 12,655 Casn reserves 23,031 25,118 44,270 Bank of Poland (millions of zlotys): Loans and discounts 75,927 76,286 83,026 Gold 423 409 370 Other assets 83,481 81,381 60,940 Foreign exchange __ 32 36 7 Deposits .„ 91,981 93,130 106,598 Loans and discounts 598 614 838 Other liabilities ' 90,457 89,655 81,638 Securities 135 134 109 ational Bank of the Kingdom of Other assets _._ 464 454 387 Yugoslavia (millions of dinars): N O O o t t h h te e e r r c l s i i r i a g c b u h i l t l a i l t t i i i a e o b s n ilities 9 4 2 8 0 5 9 6 6 2 9 4 4 9 0 5 6 7 1, 5 0 1 1 2 7 0 3 9 F L o o r a e n i s g n a n e d x d c i h sc a o n u g n e ts " . ™ . !"!™™ 1 1 , , 6 6 8 7 3 8 8 0 0 1 1 , , 6 7 7 6 6 1 9 4 2 1 1 , , 7 6 6 6 0 6 6 3 9 1 1 , , 5 6 4 3 0 3 1 6 9 Bank of Portugal (millions of Government debt 2,250 2,250 2,250 2,261 escudos): Other assets 2,001 1,944 1,879 1,374 Gold 914 914 Note circulation 5,474 5,433 5,463 4,833 Other reserves (net) 569 567 501 Other sight liabilities."!!" 2,216 2,176 1,991 1,616 Other liabilities™ I!!!! 750 731 712 762 of abJuU5 tato*totSb8 o2il19Mt Latvlan currency was Iinked t0 sterlm* at rate of 25-22 lats to the pound compared with previous market rate »Figures not yet available. ! ?y ™7?} d^cree,of ?ov\6'193.6' gold ^valued 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. * * i« «ir January iww, p. *ty. * 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

Auoust 1937 FEDERAL RESERVE BULLETIN 775 BANK FOR INTERNATIONAL SETTLEMENTS tin thousands of Swiss gold francs *] 1937 1936 1937 1936 Assets Liabilities June 30 May 31 June 30 June 30 May 31 June 30 Gold In bars .. 25,223 51,041 37,334 Demand deposits (gold).—. 8,265 16,641 25,484 Cash on hand and on current account with banks 21,141 42,643 8,563 ShorMerm deposits (various curren- Demand funds at interest 36,436 43, 556 1-6,867 cies): Central banks for own account: Rediscountable bills and acceptances Demand 48,450 47,667 22,476 (at cost): Time—Not exceeding 3 months. 167,960 155,204 117,466 Commercial bills and bankers' ac- Time—Between 3 and 6 months. 12,840 12,889 ceptances 136,066 117,834 151,925 Treasury bills 140,555 131,417 180,922 TotaL 229,256 215,760 139,942 Total.... 276,621 249,251 Central banks for account of others: Demand 2,906 3,517 10,606 Time funds at interest—Not exceeding Other depositors: 3 months „.„.... , 26,276 21,898 Demand „ 511 428 257 Between 3 and 6 months 12,807 14,281 Time—Not exceeding 3 months. 28 8 28 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account 152,790 162,911 154,059 Treasury bills 9,327 17,899 21,229 German Government deposit 76,395 76,456 77,029 Sundry investments 105,855 86,707 30,814 French Government guaranty fund. 41,550 41,483 61,930 Between 3 and 6 months: French Government deposit (Saar). 1,362 1,360 2,031 Treasury bills , 38,197 15,408 23,164 Sundry investments 78, 743 68,784 94,778 Total 272,097 272,210 295,049 Over 6 months: Treasury bills 65,820 80,410 45,943 Capital paid in 125,000 125,000 125,000 Sundry investments 4,664 4,577 1,708 Reserves: Legal reserve fund - 4,238 4,238 3,784 TotaL- 302,606 273,874 217,696 Dividend reserve fund 6,315 6,315 6,092 General reserve fand 12,631 12,631 12,183 Other assets: Profits allocated for distribution on Guaranty of central banks on bills July 1,1937. 7,926 7,928 7,994 sold _ 1,317 1,319 1,351 Other liabilities: Sundry items**..*... ».-* 1,429 355 6,854 Guaranty on commercial bills sold.. 1,383 1,389 1,351 Sundry items « 33,299 32,155 33,698 Total assets.... 703,855 698,219 661,468 Total liabilities. 703,855 698,219 661,468 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 flgnresj ' Assets Liabilities United Kingdom Cash M ca o l n l e a y n d at Bills dis- Securi- Loans to Other Deposits' Other (Figures in millions of pounds sterling) reserves short counted ties assets Total Demand1 Time* liabilities notice 10 London clearing banks 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 0 2 4 6 1 5 — — — — — — — D D D D D D D e e e e e e e c c c c c c c e e e e e e e m m m m m m m b b b b b b b e e e e e e e r r r r r r r . . . . ^ . . ^ . . . . . . . 2 2 2 2 1 2 2 0 0 8 1 1 3 2 8 7 4 3 6 6 1 1 1 1 1 1 1 1 4 2 1 5 1 8 5 4 7 9 1 9 7 9 3 2 4 3 2 3 3 2 4 0 1 5 1 2 2 6 8 1 5 6 2 4 5 2 2 5 6 6 9 7 6 9 8 3 0 4 2 5 7 5 0 5 9 9 7 7 7 8 7 3 0 4 8 6 5 7 3 5 0 4 4 9 8 2 2 2 2 2 2 2 4 2 3 0 3 4 3 0 2 7 8 8 7 1 1 1 2 1 2 1 1 , , , , , , , 8 7 9 9 9 0 2 7 3 8 4 7 9 3 6 7 3 1 1 1 8 1 1 1 1 , , , , 9 8 9 0 0 1 2 9 9 6 1 4 4 8 1 5 2 8 4 0 8 1, 8 8 9 9 9 9 0 4 4 6 0 1 2 1 6 7 3 0 0 2 4 2 2 2 2 2 2 2 1 5 3 5 4 3 3 6 4 7 1 4 1 2 11 London clearing banks1 1936— J M J A M u u p a n l a y r y e r i l ch ^ t 2 2 2 2 2 2 1 2 2 2 2 3 7 7 0 5 5 3 1 1 1 1 1 1 6 6 5 5 5 6 2 1 9 8 8 3 2 2 3 3 3 3 5 6 0 2 4 4 2 8 9 9 9 5 6 6 6 6 6 6 3 3 4 3 4 4 5 9 2 7 0 1 8 8 8 8 8 8 5 7 6 8 7 7 4 8 8 4 7 0 2 2 2 2 2 2 3 3 3 2 2 2 0 3 7 7 6 7 2 2 2 2 2 2 , , , , , . 1 1 2 1 2 2 5 0 2 8 4 4 4 8 5 9 6 4 1 1 1 1 1 1 , , , , , , 1 1 1 2 2 2 2 5 4 1 1 2 3 6 5 5 2 3 9 9 9 0 9 9 7 5 9 9 8 9 4 1 5 2 6 1 2 2 2 2 2 2 4 3 4 4 4 3 1 7 0 0 0 9 August 229 166 344 648 226 2,267 1,228 1,000 238 September 227 164 351 655 231 2,280 1,238 999 239 October 233 181 329 656 895 238 2,287 1,241 1,006 243 November.. 244 195 322 660 890 249 2,315 1,288 1,012 245 December 179 345 669 885 239 2,307 1,254 1,005 247 1937—January... 167 307 671 909 243 2,274 1,217 997 252 M A Fe p a b r r r i c u l h . a . . r . . . y . . - . . 2 2 2 3 6 0 1 1 1 7 6 7 0 8 7 2 2 2 4 4 4 8 4 1 6 6 6 6 5 6 7 7 1 9 9 9 3 5 5 9 7 1 2 2 2 5 5 5 4 6 9 2 2 2 , , , 2 2 2 4 5 5 4 2 5 1 1 1 , , , 2 1 2 0 9 0 0 4 3 l 1 1 t0 , , 0 0 0 0 0 3 8 6 2 2 2 5 6 6 9 3 3 J M un ay e 241 171 259 654 261 2,293 261 i Excluding deposits of the National. Bank relatin* to offices outside the United Kingdom, which are included in the total. lJ^^SS^S^^^La^ of table see BULLETIN for October 1933, pages 639-540. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

776 FEDERAL EESERVE BULLETIN AUGUST 1937 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France Deposits Own (4 large banks. f F ra i n g c u s r ) es in millions of Cash D b u a e n f k ro s m B co il u ls n d te i d s- Loans Other Total Demand Time a a c n c c e e p s t- lia O b t i h li e ti r es 1930—December 2,419 4,675 20,448 10,743 2,361 36,681 35,284 1,397 921 4,357 1931—December 11,311 2,168 18,441 9,274 2,130 38,245 37,023 1,222 576 4,503 1932—December 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—December 5,870 1,416 19,848 8,309 1,827 32, 635 31,773 862 273 4,362 1934—December 5,836 1,421 18,304 8,159 1,717 30,943 30,039 904 193 4,301 1935—December 3,739 2,484 16,141 8,025 1,900 27,553 26,859 694 337 4,399 1936— April 3,517 2,902 16,199 7,677 1,270 27,410 26,714 696 397 3,757 May 3,513 3,032 16,014 7,542 1,333 27,199 26,523 676 424 3,812 June 3,494 2,768 14,972 7,328 1,385 25,655 25,022 633 394 3,897 July 3,206 2,410 15,410 7,215 1,445 25,334 24,761 573 359 3,994 August 3,097 2,326 15,445 7,031 1,451 24,979 24,451 528 335 4,035 September. ... 3,083 2,757 14,876 7,398 1,457 25,137 24,613 524 368 4,066 October 3,186 2,766 17,070 7,452 1,727 27,549 27,028 521 408 4,244 November 3,173 2,839 17,298 7,625 1,824 28,015 27,467 548 454 4,290 December 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—January 2,852 3,589 18,289 7,949 1,340 29,831 29,304 527 561 3,626 February 2,798 3,770 17,825. 8,056 1,397 29,644 29,061 583 602 3,600 March 5,237 3,596 • 16,701 8,357 1,448 31,008 30,465 543 600 3,732 April 2,891 3,579 16,043 8,116 1,481 27,703 27,164 539 583 3,825 May 3,014 3,666 16,479 7,996 1,446 28,242 27,682 560 542 3,817 Assets Liabilities Germany * (5 large B l e io rl n in s o b f a n re k i s c . h sm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s B co il u ls n t d e i d s- Loans Se t c ie u s ri- O as t s h e e ts r Total D D e e p m o a si n t d s Time o C b b f r t a r e a o n d i m n k it 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 6,377 807 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—April 136 301 2,429 2,847 973 916 5,695 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 2,567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 1937—January 154 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 May 139 288 3,171 2,637 1,039 807 6,246 2,979 3,267 543 1,291 Assets Liabilities Canada Entirely in Canada S l e o c a u n r s ity D a e d p a o e s x it c s l u p d a i y n a g b i l n e te in rb C an a k nabroad deposits <10 chartered banks. Figures in mil- and net Securi- Other Note Other lions of Canadian dollars) Other due ties circula- liabili- Cash Security loans from tion ties 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 228 945 141 1,155 485 111 2,180 694 1,486 746 1936—April 228 862 145 1,314 478 114 2,229 692 1,636 767 May. 225 87 828 131 1,345 446 116 % 193 666 1,627 753 June 230 91 777 113 1,368 602 116 2,207 702 1,605 757 July. 227 91 768 110 1,357 481 113 2,174 680 1,494 748 August.... 225 91 776 157 1,355 487 115 2,175 672 1,603 800 September 226 105 807 146 1,380 494 111 2,263 762 1,501 785 October „ 232 109 816 146 1,363 491 112 2,261 751 1,510 784 November 264 116 800 179 1,316 485 109 2,269 722 1,647 783 December 240 114 791 161 1,384 607 103 2,303 755 ,1,648 790 1937—January 247 119 796 173 1,412 468 . 103 2,330 782 1,649 781 February... 239 119 805 214 1,422 483 108 2,369 805 1,664 804 A M p a r r i c l h 2 2 4 4 2 6 1 12 2 1 4 8 8 3 1 5 4 1 1 4 6 1 1 1 1 , , 4 4 4 2 0 7 5 51 1 1 6 1 1 0 0 5 6 2 2 . ,3 3 8 7 3 0 7 7 8 9 fl 9 1 1 , , 6 5 8 8 4 3 8 8 1 0 0 5 May 240 117 852 139 1,438 491 103 2,372 799 1,574 * Corrected. , , I C£mJ2ned S101!1111.? b&lan°« s!>eets not Published for December. Prior to merger of two of the banks in February 1932 figures refer to six large S SS Se^e^pf3890gUreS ™ nOt «>mI*»Ne with those shown for previous years due tochanged reportmg practicl. NOTE.—For other back figures and 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

AUGUST 1937 FEDERAL RESERVE BULLETIN 777 DISCOUNT RATES OF CENTRAL BANKS (Percent per annum] Date effective K U in n g i d te o d m Frnnce Ce m n G t a r e n a r l y ba I n ta k l y of— N la e n th d e s r Sw la i n tz d er- b C an e k n tr o al f- R Ju 3 a l 1 t y e ef D fec a t t i e ve b C an e k n tr o a f— l R Ju 3 a l t 1 y e ef D fe a ct t i e ve In effect Jan. 1,1 Jan. % 1936 Albania April 1, 1937 Italy May 18, 193fl Jan. 10 Argentina... Mar. 1,1936 Japan July 15, 1937 Jan. 18 Austria July 10,1935 Java Jan. 14, 1937 Feb. 4 Belgium May 16, 1935 Latvia Nov. 1, 1936 Feb. 7 Bolivia July 6,1932 Lithuania... July 1, 1936 Mar. 28.. British India Nov. 28,1935 Netherlands. Deo. 3,1936 May 7 Bulgaria Aug. 15, 1935 New Zea- May 18 Canada Mar. 11, 1935 land June 29, 1936 May 30 Chile Jan. 8, 1936 Norway Dec, 7, 1930 J J u u n n e e 4 24 C Cz o e lo c m ho b s i l a o . - .. July 19f 1933 P P e o r l u and ._ M Oc a t y . 2 2 0 6 , . 1 1 9 9 3 3 2 3 June 25 vakia Jan. 1,1936 Portugal May 12, 1936 June 26 Danzig Jan. 2, 1937 Rumania Dec. 15, 1934 June 30 Denmark. „ Nov.19,1936 South Africa May 15, 1933 July 7 Ecuador Nov.30, 1932 Spain July 15, 1935 J S u e l p y t . 1 9 0 __ E E s l t S on al i v a ador. A O u ct g . .23 1 , , 1 1 9 9 3 3 5 5 S S w w e it d z e e n rland . D N e o c. v . 26 l ,t 1 1 9 9 3 3 3 6 Sept. 25 Finland Dec. 3, 1934 Turkey Mar. 2,1933 Oct. 2 France July 7, 1937 UnitedKing- Oct. 9. Germany Sept.22, 1932 dom June 30, 1932 Oct. 16. Greece Jan. 4, 1937 U. 8. S. R... Mar. 22, 1927 Oct. 20 Hungary Aug.29, 1935 Yugoslavia.. Feb. 1, 1935 Nov. 26 Dec. 3..,. Jan. 28,1937 „ Changes since June 30: France—July 7, down from 6to 5 percent; June 15 — Japan—July 15, down from 3.285 to 2.92 percent. July 7 In effect July 31,1937 MONEY RATES IN FOREIGN COUNTRIES [Percent per annum) United Kingdom (London) Germany (Berlin) Netherlands (Amsterdam) Month ac 3 B c e m 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 ll a o d n w e k p a e o n r s c s i e ' ts d P is r r 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 n o e n y t h for 1936—June .78 2.88 2.74 2.67 4.05 3.95 July .58 2.88 2.73 2.96 2.04 1.73 August .55 2.88 2.84 3.01 1.37 1.2U September. .55 3.00 2.89 3.01 1.33 1.29 October.... .56 2.94 2.82 2.82 2.03 2.51 November. .56 3.00 2.84 2.79 1.00 1.55 December. 3.00 2.88 3.05 .82 1.48 1937— January .... .56 3.00 2.88 2.54 .63 1.01 February.. .55 3.00 2.86 2.47 .39 1.00 March .55 3.00 2.86 3.10 .38 1.00 April .55 2.90 2.71 2.55 .38 1.00 May... .55 2.88 2.63 2.69 .31 1.00 June 2.88 2.63 2.78 P. 19 Sw la it n z d er ( B B e r l u g s i s u e m ls) F (P ra ar n i c s) e (M It i a l l a y n) Hungary S ( h w S o t e o lm d ck e ) n - Japan (Tokyo) Month d P is r r i c a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t c c i o a P l m r i p m m 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 r a n n l i e l g y ht 1936—June 2 25 1.38 5.60 4.50 4.83 2.63 July 2.25 1.38 3.30 150 4.75 2.53 August 2.25 1.38 3.00 4.50 4.75 2.69 September. 1.98 1.38 3.38 4.50 4.75 2.81 October 1.69 1.29 2.52 4.50 4.75 2.92 November. 1.46 1.00 1.96 4.50 4.75 2.86 December.. 1.25 1.00 1.99 4.50 4.75 2.74 1937—January- 1.25 1.00 2.22 4.50 4.75 2.63 February.,, 1.18 1.00 4.01 4.50 4.75 2.67 March 1.00 1.00 4.06 4.50 4.75 2.83 April-...-. 1.00 1.00 4.00 4.50 4.75 2.86 May 1.00 3.93 4.50 4.75 2.69 * Preliminary. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-7S6; 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

778 FEDERAL RESERVE BULLETIN AUGUST 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 ( r t p g i e n e s a o n ) - ( t p A r o a u u l s n i - a d) A ( u sc s h tr il i - a Brazil (milreis) B ( I r r n u i p d t e i i s a e h ) g B (l a e u r v l i - ) a C (d a o n l a la d r a ) C (p h es i o le ) C (y h u i a n n a ) C ( o p b l e o i s a m o) - C (p u es b o a ) ling) 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 96.670 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 33.579 400.05 18. 793 23.287 8.4268 37.879 1.2852 101.006 10.1452 34.094 61.780 99.936 1935 32.659 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 67.083 99.909 1936—June 33.418 18.759 16.907 8.6310 37.872 1.2838 99.721 5.0659 29.890 56.900 99.900 July. 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 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 6.9525 37.088 1.2779 100.062 5.1719 29.525 67.390 99.916 1937—January 32.718 18.682 16.860 8.7080 6.O8R2 37.094 .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 .2903 99.964 5.1731 29.600 57.234 99.917 March 32.670 389.26 18. 677 16.847 8.7021 6.1069 36.888 .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 .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 .. 2839100.149 5.1725 29.798 56.967 99.917 June 32.898 393.25 18.714 16.866 8.7179 6.5543 37.245 99.944 5.1738 29.653 57.006 99.919 Year or month C ( i k l z o o e v r c u a h n k o a ia - ) ( m k D r e a o n r n k - e) ( E po g u y n p d t ) ( F m in ar l k a k n a d ) F (f r r a a n nc c ) e ( m m r G e a a i e c r n r k h - y s ) - G (d m r r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e u a 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 lo t n h r d in e 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 2.9619 25.058 465.11 2.3875 3.9200 23.630 1.2926 24.331 17.452 6.2063 48.851 35.492 40.230 1931 2.9618 18.832 359.54 1.5547 3.9276 23.749 .8320 23.460 17.446 6.1253 28.111 31.850 40.295 1932 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 1933 4.2424 22.600 616.85 2.2277 6.5688 39.375 .9402 38.716 29.575 8.6617 29.715 27.742 67.383 1934 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 1935 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 1 1 9 9 3 3 6 6— D N J A S O J u e u e o u c l p n c t y v g o t e e u e e b m m s m e t r b b b e e e r r r . 3 3 4 3 4 4 4 . . . . . . . 1 1 1 5 5 1 6 4 3 3 2 3 3 4 9 1 7 0 1 8 7 7 8 5 0 0 9 4 2 2 2 2 2 2 2 1 1 1 2 2 2 2 . . . . . . . 9 8 8 4 4 4 4 0 6 1 1 3 8 0 7 6 8 9 4 0 5 5 5 5 5 5 5 5 0 0 0 1 1 1 1 3 1 2 6 4 5 4 . . . . . . . 2 1 2 7 9 3 6 0 7 4 6 5 2 2 2 2 2 2 2 2 2 . . . . . . . 1 1 1 2 2 2 2 6 5 5 1 1 1 0 1 3 7 7 1 0 9 1 1 8 3 8 6 8 4 4 4 6 6 6 6 . . . . . . . 6 6 6 3 5 5 6 6 6 4 4 8 9 2 7 0 6 7 5 3 0 5 9 2 2 3 4 2 4 4 4 4 4 4 4 0 0 0 0 0 0 0 . . . . . . . 2 2 0 1 3 2 2 2 8 3 9 2 2 7 3 3 0 6 1 1 3 . . . . . . . 8 9 8 8 9 9 9 9 3 9 9 3 4 3 1 7 6 3 8 0 4 6 3 5 5 7 0 7 3 3 3 3 3 3 0 0 1 2 1 2 . . . . . . . 3 1 0 1 2 5 5 0 4 5 6 4 9 4 0 2 0 0 2 2 1 1 1 1 1 9 9 9 9 9 9 9 . . . . . . . 7 7 4 4 7 7 7 7 7 5 9 7 7 7 6 8 8 2 7 2 4 5 6 7 7 7 7 5 . . . . . . . 2 2 8 6 8 8 8 5 6 2 6 8 6 6 1 9 0 4 7 0 4 4 9 3 5 3 9 5 2 2 2 2 2 2 2 9 9 9 8 8 8 9 . . . . . . . 4 4 3 6 5 5 3 0 1 2 0 5 1 9 4 4 6 9 9 2 2 2 2 2 2 2 2 2 7 7 7 7 7 7 7 . . . . . . . 7 7 7 7 7 7 7 6 5 6 5 4 5 5 4 0 5 0 7 3 3 6 6 6 6 5 5 5 7 7 8 6 3 3 4 . . . . . . . 9 6 0 6 2 9 6 0 8 7 3 5 9 6 4 6 8 2 0 1 6 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 64.686 March 3.4879 21.807 600.87 2.1531 4. 5945 40.215 .8951 30.355 19.779 5.2608 28.494 27.750 64.702 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 June— 3.4841 22.031 £06.05 2.1792 » 4.4399 40.071 .9043 30.349 19.771 5.2607 28.711 27.751 54.976 Year or month Z (p e N o a e u l w a n n d d ) N (k o r r o w ne a ) y P (z o l l o a t n y d ) ( P e o s g c r a u t l d u o - ) Ru ( n l m i eu a a ) * ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) ( S S m d t e o r e t l a t l n i a l t e t r i s ) - [ S k d r w o en n e- a) e ( S r fr w l a a n i n t o d z ) - T (p u o r u k n e d y ) ( U K p d n o i o n u i g m t n * e d d * ) Uru- Y s ( l d u a i g v na o ia r - ) 1929 483.21 26.683 11.194 4.4714 .5961 483.27 14.683 56.012 26.784 19.279 48.411 485.69 98.629 1.7591 1930 468.22 26.760 11.205 4.4940 .5953 483.79 11.667 55.964 26.854 19.382 47.061 486.21 85.865 1.7681 1931 _. 415.29 25.055 11.197 12435 .5946 480.76 9.545 52.445 25.254 19.401 47.181 453.50 65.357 1.7680 1932 •„_ 320.19 18.004 11.182 3.1960 .5968 476.66 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—June.... 402.84 25.218 18.800 4.5455 .7273 496.53 13.659 58.833 25.877 32.425 80.270 601.92 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 80.272 602.59 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..*. 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— J A M F M u J p e n a a a r b e y n i r r l c u u h a a r r y y __. 3 3 3 3 3 3 9 9 9 9 9 9 6 4 6 3 2 2 . . . . . . 2 6 7 8 9 3 1 1 6 2 2 2 2 2 2 2 2 2 4 4 4 4 4 4 . . . . . .6 6 5 8 5 7 5 9 8 1 4 9 8 9 9 9 4 7 1 1 1 1 1 1 8 8 8 8 8 8 . . . . . . 9 9 9 9 9 9 3 3 2 2 2 5 4 9 4 8 9 9 4 4 4 4 4 4 . . . . . . 4 4 4 4 4 4 5 6 4 4 4 7 9 8 8 5 1 2 9 9 7 7 1 3 . . . . . . 7 7 7 7 7 7 2 2 2 2 2 2 7 8 8 7 7 9 3 4 6 5 9 0 4 4 4 4 4 8 8 8 8 8 5 4 9 8 3 . . . . . 4 2 1 6 8 0 4 7 8 1 7 6 6 5 5 5 . . . . . . 1 7 2 7 0 3 4 1 1 3 9 4 9 1 5 6 9 8 5 5 5 5 5 5 7 7 7 7 7 7 . . . . . . 1 4 6 8 5 9 9 0 4 3 4 2 4 4 0 6 9 9 2 2 2 2 2 2 5 5 5 5 5 5 . . . . . . 1 3 4 2 4 3 8 3 4 3 6 0 6 9 4 2 5 1 2 2 2 2 2 2 2 2 2 2 2 2 . . . . . . 8 7 8 8 9 8 2 9 2 7 3 7 4 2 9 0 6 9 8 8 7 7 8 7 0 0 0 9 9 9 . . . . . . 1 1 7 2 8 9 5 3 0 4 9 5 6 4 0 6 7 3 4 4 4 4 4 8 9 9 9 9 8 1 3 3 0 . . . . .7 5 6 9 5 5 1 3 9 5 7 7 7 7 7 7 8 8 8 8 9 8 . . . . . . 9 8 6 7 1 6 2 5 2 5 4 5 6 6 6 3 3 9 2 2 2 2 2 2 . . . . . . 3 3 3 3 3 3 0 0 0 0 0 0 5 5 6 5 5 2 6 6 0 9 7 2 i Quotations nominal June 29-30,1937. 'Sp6Cial faCtors affectil«the «™««. and •*•»«• in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST .1937 FEDERAL RESERVE BULLETIN 779 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U S n ta i t t e e * d 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) (1926-30= (July 1914 100) =100) 1926_._ 100 100 695 134 237 106 144 1927- 95 98 642 138 225 103 142 1928__._ 97 645 140 100 226 102 145 1929 05 627 137 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 80 338 102 68 186 62 90 1936 81 94 411 104 76 197 64 96 1936—May 79 374 104 76 192 61 92 June..: 79 378 104 76 194 62 92 July. 81 94 391 104 75 197 62 93 August 82 95 403 105 76 197 63 93 September. 82 96 420 104 77 201 63 97 October 82 98 471 104 77 200 68 103 November. 82 98 492 104 78 204 70 105 December.. 84 101 519 105 79 215 71 107 1937—January 103 538 105 ••82 233 73 108 February 86 104 533 106 83 230 74 111 March 107 550 106 *85 240 76 113 April 109 552 106 86 248 77 113 May 111 550 106 241 77 113 June 111 557 238 76 112 Preliminary. *• Revised. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United State* (1926-100) France (1913-100) Germany (1913-100) Indus- Year or month pr F o a d r u m cts Foods co O m it t m i h e e s o r d- Foods p I r n t o r d d ia u u l s c - ts p an r F o d a d r f u o m c o t d s p I r n o tr d d ia u u l c s- ts p A r t g o u r d r i u c a u c l t l s - P s r io o n v s i- a p t f r n r i i n o d a i d l s s r u h e a e c m w d ts i- p tr I r i i n o s a d d h l u u e fi d c s n - t - s 1926 100 100 100 £81 793 129 132 130 150 1927 99 97 94 599 678 138 129 132 147 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 3 2 2 3 3 3 3 3 2 6 8 5 9 1 4 0 3 . . 1 1 8 6 4 6 6 8 0 7 0 8 5 8 1 5 1 6 9 5 1 1 8 8 9 7 6 6 7 0 0 4 2 1 5 1 1 1 1 0 8 9 8 7 7 7 7 7 9 0 3 5 5 0 1 8 8 2 100 1 8 8 8 9 9 9 0 7 5 7 0 0 6 0 4 4 3 4 £ £ £ 3 5 2 2 2 8 2 9 7 4 8 7 6 0 2 6 3 9 2 4 6 6 £ 4 3 3 3 3 3 6 6 6 7 8 8 4 9 9 1 4 9 9 0 0 8 7 7 1 1 1 1 1 1 9 8 9 0 0 3 0 1 3 1 7 6 4 5 4 3 3 0 1 1 1 9 8 8 7 7 8 2 3 1 f 6 6 6 6 4 6 3 3 i 1 1 1 1 3 3 0 2 4 2 3 0 1 1 1 1 1 1 1 1 1 5 3 5 5 1 1 1 1 2 9 6 7 0 8 6 9 3 1 1036- N D J S J A M O u u e o e u c n a l p c v t y g y e o t e e u e b m m m s e t r b b b e e e „ r r r . . . . 8 8 8 7 8 8 7 4 1 5 8 4 4 5 8 8 7 0 1 8 8 8 8 8 7 8 8 7 0 0 1 2 9 0 0 9 1 9 9 9 9 9 9 9 0 4 7 4 6 6 7 9 2 4 £ 4 4 5 3 3 4 8 2 4 0 0 9 9 2 7 2 9 5 0 4 2 5 3 4 4 3 3 3 £ 7 8 5 8 9 6 1 8 4 7 4 6 4 6 1 1 1 l 1 1 1 1 O 0 0 0 0 0 0 0 f 6 4 6 4 3 6 5 i 8 8 8 8 8 8 8 9 5 5 5 5 6 6 6 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 1 1 1 2 1 2 3 3 1937— A F M J M u e p J a n a b a r r e i n y r c l u u - h a a r r y y . . . . . 1 1 1 1 9 9 0 0 0 0 9 9 1 2 2 2 1 1 1 1 1 1 1 1 0 1 1 0 1 3 5 5 5 7 5 5 5 5 £ 5 2 3 2 3 1 2 8 2 0 2 6 2 5 5 5 5 5 5 7 4 7 7 4 7 9 3 6 0 8 7 P1 1 1 J 1 1 ( 0 0 0 0 0 i 3 5 3 4 4 4 1 1 1 1 1 2 2 2 2 2 3 3 4 4 4 sLI^-^e 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

780 FEDERAL RESERVE BULLETIN AUGUST 1937 PRICE MOVEMENTS IN PRIN<CIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING (Index numbers] [Index numbers] Y m e o a n r t o h r 1 S U 9 t 1 2 n a 9 5 i 2 t = t e 3 e 1 - s d 0 1 019 E l 1 J a n 4 u n g = l - d 1 y 001 F 9 J 1 r 4 u a = n l 1 y c 0 , e 019 m 1 G 1 9 4 a e 1 = n 3 r 1 y - - 00 N 19 l e a 1 1 9 t 3 n 1 h = 1 d e 1 - s r 0 - 0 1 S 9 l J 1 w a e u 4 n r = i l - y d t 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 1 e 3 d 0 s - 019 E l J 1 a u n 4 n = l s y - d 1001 F 9 J r 1 J u 4 a a n = n n e 1 - c 0 e 01 m 9 G 1 1 9 a 4 e 1 = n r 3 1 y - - 00 N 19 l e 1 a 1 9 t 3 n 1 h = 1 d e - 1 s r 0 - 0 1 S 9 l J 1 w a e u 4 n r i = l - t y d 1 z 0 - 0 1926 109 lfil 554 146 161 160 1926 __ 103 170 505 142 168 162 1D°7 105 156 557 153 163 158 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 J930 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 12fi 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 74 122 431 118 124 115 1934..." 78 141 516 121 140 129 80 125 423 120 118 114 1935 _ 81 143 483 123 136 128 1936 82 130 470 122 120 120 1936 82 147 607 125 '132 130 80 125 456 122 119 1936—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... S3 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 Feh.._._ 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- — R7 136 5R4 122 126 129 May 152 125 136 136 June 86 136 576 % 123 131 June ... 152 125 137 J From August 1933 to July 14,1936, the Bureau of Labor Statistics published biweekly Indexes. Figures given are for the date nearest 15th of month. * Index recalculated as from March 1936 (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 Year or month ( U a p S v r n t e i i c a r t e a t e ) e g * d s e ( 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 v r r m e ic ra e a ) g n e y (1 N 9 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 * Englan (1 d 926*= 1 F 0 r 0 a ) nce Germany (1 N 9 l e a 30 t n h = d 1 e s 0 r- 0) Number of issues.. 60 87 30 139 8 •"420 278 300 329 100 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 1002 100.0 1931 00.9 108.4 96 9 *83.4 104 1 94.7 78.9 132.2 >78.0 70.0 1932 69.5 113.2 886 >67.1 94 8 48.6 67.9 105.2 >50 3 46.0 1 1 1 1 9 9 9 9 3 3 3 3 6 4 5 3 ...*— __ . 9 7 8 8 7 8 3 4 . . . . 5 6 4 5 1 1 1 11 3 2 2 9 1 9 7 . . . . 2 9 5 7 8 8 7 8 6 3 1 2 . . . 5 3 1 3 9 9 8 9 5 0 2 5 . . . . 8 7 5 3 1 1 1 1 0 0 1 0 5 9 3 7 . . . 1 4 8 3 1 6 7 7 1 8 3 2 1 . . . . 4 3 0 1 9 8 8 7 7 5 6 8 . . . . 7 0 6 3 9 8 7 7 9 9 3 7 . . . . 6 7 2 3 8 9 6 7 1 2 1 1 . . 6 9 7 1 6 5 5 5 6 5 5 2 . . . . 0 0 0 0 1936- J J M u un l a y y e . 9 9 9 7 6 5 . . . 1 2 5 1 1 1 3 3 3 1 0 1 . . . 0 6 1 7 7 7 3 3 4 . . 2 8 7 9 9 9 5 5 5 . . 9 8 5 1 1 1 0 0 0 6 3 0 . . . 0 4 2 1 1 1 0 0 0 5 9 1. . . 0 6 2 9 9 9 4 4 3 . . . 7 0 8 6 7 5 6 9 1 . . . 2 2 1 9 9 9 3 1 4 . . . 2 6 1 6 6 5 1 0 8 . . . 9 3 5 N D S A O e o e u c p t v c g o t e e e u b m m m s e t r b b b e e e r r r... 0 9 9 9 9 9 9 8 9 7 . . . . . 9 8 6 6 7 1 1 1 1 1 3 3 3 3 3 0 2 1 2 2 . . . . 9 0 1 9 6 7 7 7 8 7 8 8 3 0 5 . . . . . 4 8 2 8 2 9 9 9 9 9 6 6 6 6 6 . . . . . 4 3 2 1 1 1 1 1 1 1 2 2 0 0 1 0 0 8 9 7 . . . . . 0 3 9 5 5 . 1 1 1 1 1 2 1 2 1 1 4 4 8 3 3 . . . . . 1 7 2 1 0 1 1 1 9 9 0 0 0 7 8 3 3 2 . . . . . 2 3 2 5 1 8 8 9 6 5 3 9 4 5 8 . . . . . 7 7 8 7 8 9 9 9 9 9 7 7 3 6 1 . . . . . 2 4 8 7 8 7 8 6 9 6 8 8 1 3 2 . . . . . 6 9 2 2 5 1937— J A M M F u J e p a n a a b r n y e r i r u l c u a h a ry r .. y .—. 1 1 9 9 9 9 0 0 f 5 8 0 0 0 t. . . f 0 2 5 i 0 3 1 1 1 1 1 1 2 2 2 2 2 2 3 5 4 5 5 9 . . . . . 9 0 3 3 7 5 7 7 7 7 7 7 4 2 5 4 2 7 . / . . . 6 6 6 3 5 1 9 9 9 9 9 9 7 8 8 7 8 6 . . . . . 4 9 5 7 8 7 1 1 12 2 2 1 1 1 . . . 6 9 2' 1 1 1 1 1 1 2 1 2 2 2 1 6 3 9 9 4 6 . . . . . . 4 6 9 5 5 3 1 1 1 1 9 9 0 0 0 0 7 9 1 4 2 3 . . . . . . 0 3 0 2 7 8 1 1 1 9 9 9 1 1 1 6 4 4 2 3 4 . . . . . . 6 0 0 6 3 8 1 1 1 1 9 9 0 0 0 0 7 9 1 0 2 3 . . . . . . 8 2 3 5 6 5 1 1 1 1 1 1 0 0 0 1 1 0 3 9 1 3 0 5 . . . . . . 4 0 6 7 1 6 r KReevviisseead.. * PPrices 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 Januarya Index of reciprocals of average yields. Ave*raag?ee yyiieelldd iinn tthhee bbaassee yyeeaarr 11992299 wwaass 44..5577 ppeerrcceenntt.. Sources.—See BULLETIN for February 1932, p. 112211, JJuunnee 11993355, pp. 339944, AApprriill 11993377, pp. 337733, a anndd J Juulyl 1937, p. 698. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSES OF THE BANKING STRUCTURE 781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN AUGUST 1937 ANALYSES OF THE BANKING STRUCTURE TABLE 1.—NUMBER OP BANKS BY CLASSES AND BY STATES, DECEMBER 31,1935 m M e e r m ci b a e l r b c a o n m ks - Insured b a n n o k n s m 1 ember Uninsured nonmember banks* Other Total, Trust bank- State ba a n ll ks ti N on a- al State3 C m c o i e a m r l - - M in P t a r o d l n i a r u a d r n l s i - s i M s t n u a g v u a s l - - * C m c o i e a m r l - - Private M in P t a r o d l n i a r u a d r n l s i - s M s t in u a g v u a s l - - p w c a o d o i n u e m t i h - t e - - s tu in t in i s o t g i n - s posits United States—total 15,964 5,386 998 7,641 62 57 910 228 19 510 74 79 New Eneland—total _ _ ... 936 330 45 139 20 44 — T 346~ 5 3 Maine 103 40 6 16 6 9 26 New Hampshire _ 110 52 1 3 9 45 92 43 33 14 2 Massachusetts .- 398 129 30 40 4 193 Rhode Island 35 12 2 2 7 9 3 Connecticut 198 54 6 45 15 64 73 Middle Atlantic—total 2,486 1,404 245 575 13 18 23 44 2 119 10 3 New York 930 459 119 177 13 2 7 18 2 133 New Jersey 425 236 53 100 14 6 2 11 3 —__^_.. Pennsylvania .. . 1,131 709 73 298 2 10 24 5 7 if o East North Central—total... 3,271 863 250 1,962 12 11 74 68 1 2 10 18 Ohio 714 249 72 361 8 3 6 14 1 Indiana 550 125 8 361 4 15 26 1 2 »8 Illinois 883 299 64 500 18 1 Michigan 505 84 . 91 270 4 18 28 1 1709 1 Wisconsin _ 619 106 15 470 4 17 1 6 West North Central—total 3,631 855 140 2,107 1 1 498 16 12 1 Minnesota 688 205 15 429 1 36 2 Iowa 673 118 26 438 76 15 Missouri 702 87 51 507 1 49 7 S N o o u r t t h h D D a a k k o o t t a a -— 2 1 0 9 4 9 6 5 6 2 23 1 1 2 2 6 3 1 1 1 111 Nebraska 437 137 9 230 61 Kansas 728 190 16 254 264 1 3 South Atlantic—total 1,666 471 101 870 30 2 59 10 13 12 41 Delaware „ 48 16 4 23 1 2 2 Maryland 202 63 10 110 1 2 3 11 2 District of Columbia ._ 22 9 2 10 1 W Vi e rg st in V ia i rginia- _ 3 1 2 8 7 3 1 7 3 9 2 2 1 4 9 1 7 6 2 3 3 1 1 0 1 3 1 12 2 North Carolina _ 244 44 10 159 23 1 6 1 S G o e u o t r h gi a C arolina ....___ 3 1 3 4 9 5 - 5 2 7 0 2 4 5 1 6 7 4 5 I 2 1 3 6 58 1 1 13 39 Florida ._ 156 51 3 94 1 2 5 East South Central—total 1,186 266 35 806 6 72 1 Kentucky 435 100 9 281 2 42 Tennessee 325 72 5 235 3 10 Alabama 217 69 18 1J9 10 Mississippi 209 25 3 171 10 West South Central—total '_ 1,710 748 64 741 107 37 6 7 Arkansas 225 50 7 156 8 4 Louisiana. 150 30 4 114 2 405 214 1 172 18 Texas _ 930 454 52 299 79 37 6 3 Mountain—total _ 224 70 205 21 1 Montana _._ 120 46 21 52 1 I W da y h o o m . ing _ _ 6 5 0 9 2 2 3 6 1 8 0 2 2 4 5 3 N Co ew lo r M ad f* o xif*o 1 4 5 1 7 2 8 2 1 4 5 1 5 4 5 15 1 Arizona 15 7 3 5 1 Utah _ 59 13 19 27 Nevada 10 6 3 1 Pacific—total 557 225 48 236 5 14 17 12 W Or a e s g h o in n g .. t . o n . 1 9 8 7 8 5 4 8 4 2 6 6 8 4 8 3 3 1 8 1 3 1 California..., 272 123 16 105 1 5 13 15 9 For footnotes see page 784. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 783 TABLE 2.—DEPOSITS OF BANKS * BY CLASSES AND BY STATES, DECEMBER 31, 1935 [In thousands of dollars] Member commercial banks Insured nonrcember banksi Uninsured nonmember banks ' Other Total bank- State all Morris Morris ng inbanks National State < m C e o rc m ia - l In P a d l n a u d n s- S M av u i t n u g a s l 5 m C e o r m cia * l Private P n a d n la u d n s* S M av u i t n u g a s l s ti t o it n u s trial trial United States—total _.55,349,686 4,801,793 3,648,296 ,503,729 74,619 ,067,066 701,779 575,815 4,394 888,316 83,879 —, New England—total 6,235,242 1,848,348 558,802 314,369 82,844 201,085 701 229,920 73 Maine 308, 576 112,154 30,805 30,029 14,351 14,018 107,219 New Hampshire _- 260,865 60,418 1,284 7,791 6,631 184,741 ------ Vermont '-- . .-— 168,663 48,850 51,320 68,493 ™—*• 3,849,288 1,284,252 "§28," 124" 100,563 48,594 087,755 Rhode Island 458,697 83,319 135,366 6,019 64,418 lf>9,575 Connecticut 1,189,153 259,355 63,223 118,647 67,424 701 679,730 • 73 Middle Atlantic—total 5,704,293 8,299,086 9,130.907 ,427,772 29,671 639,265 210,970 550,973 186 414,998 465 New York - 9,049,047 5,094,625 7,491,226 562,129 29,671 499,051 138,553 543,854 1S6 689,752 New Jersey 1,917,428 717,025 517,935 328,799 134,839 30,587 21 188,222 Pennsylvania.. 4,737,818 2,487,436 1,121,746 536,844 5,375 41,830 7,098 537,024 '465 East North Central—total.— 8,225,546 4,933,056 1,747,721 ,301,365 16,640 133,900 40,594 10,802 459 6,800 31,209 Ohio 2,025,080 891,197 710,535 294,833 7,042 116,553 1,447 3,014 459 699,950 364,401 38,378 263,986 13,483 7,837 4,456 6,482 •927 3,541,033 2,578,631 648,449 302,101 8,692 »3,160 1,211,129 681,578 277,784 197,400 9,598 14,315 3,332 27,122 Wi<?nnn«iin 748,354 417,249 72,575 246,045 3,864 8,303 318 West North Central—total-. 3,591,958 2,036,441 602,876 733,227 6,011 61,313 114,397 3,485 31,178 874,116 649,629 6,391 144,298 64,313 9,485 530,259 213,090 70,153 213,999 29,637 3,380 1,302,204 599,821 495,807 193,307 6,041 7,228 "NTnrtVi TKftlcota 102,843 52,552 17,701 1,412 31,178 ftnntli Tlftkotfl 83,829 50,417 10,853 22,007 552 310,978 241,556 3,881 54,392 11,149 387,729 229,376 15,791 87,523 54,934 105 South Atlantic—total 3,104,485 1,582,484 576,604 623,647 19,005 1,210 56,554 3,192 2,003 237,498 2,283 163,119 16,881 73,670 41,223 232 153 30,960 747,622 305,504 96,196 98,873 1,431 1,210 37,870 206,538 District of Columbia 293,691 171,256 67,862 53,236 1,337 Virginia- 500,770 316,650 78,001 95,141 10,384 53 541 246,483 129,818 58,107 53,468 5,090 West Virginia. - 365,269 87,895 135,453 132,749 5,053 3,320 799 131,711 72,427 8,150 42,706 4,956 1,077 112 *2,283 Georgia - — 3 27 8 0 5 , , 1 6 8 3 6 4 2 2 6 1 9 2 , , 8 2 3 1 8 5 •5 8 1 , , 1 0 1 5 0 5 4 5 7 8 , , 8 3 6 9 1 0 568 3 1 , , 6 44 6 4 8 2,115 errs Florida — East South Central—total 1,243,943 782,058 85,441 354,100 3,262 18,444 635 Kentucky. -- 407,984 222,427 3?, 050 136,328 618 10,926 6 635 Tennessee 433,548 327,688 13,288 88,808 1,450 2,314 Alabama - 245,434 175,009 34,036 33,312 1 1Q<1 1 883 Mississippi - 156,977 56,934 1,070 95,652 3,321 West South Central—total- 2,085,941 1,703,350 90,243 258,820 25,125 6,662 1,741 Arkansas - -- 144,959 87,292 15,643 41,034 990 Louisiana - - 374,517 267,394 32,147 74,568 408 Oklahoma - 386,093 339,564 489 42,845 3,195 Texas -- 1,180,372 1,009,100 41,964 100,373 20,532 6,662 1,741 Mountain—total 833,018 564,595 142,985 115,940 9,498 Montana - 133,170 78,191 34,545 20,308 126 Idaho. 80,826 34,784 • 28,690 10,865 6,487 Wyoming - ~- 57,679 41,458 3,579 12,642 Colorado.. - - 291,535 246,015 21,360 21,973 2,187 New Mexico 43,967 34,777 1,345 7,343 A U N r t e i a v z h o a d n a a - - — — 1 6 2 3 3 5 6 , , , 7 8 2 5 7 1 8 0 3 4 6 2 2 6 1 , , , 0 0 3 1 2 3 0 1 9 4 7 6 , , 2 2 4 1 9 7 2 1 4 4 4 , , , 0 2 4 3 7 9 2 9 8 196 Pacific—total 4,325,260 3,052,375 712, 714 371,489 145,534 25,112 18,036 Washington 446,429 306,507 42,914 29,425 55,501 3,838 "8,244 246,904 211,920 3,571 26,143 801 60 "4,409 California 3,631,927 2,533,948 666,229 315,921 89,232 21,214 "5,383 For footnotes see page 784. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN AUGUST 1937 NOTES TO TABLE 1 NOTE.—The number of banks shown in table 1 differs slightly from the number of operating banks on December 31,1935, as shown in table 101 on page 100 of the 1936 Annual Report of the Federal Deposit Insurance Corporation. The differences are accounted for by (1) banks excluded from table 1 but included in the Federal Deposit Insurance Corporation figures: 37 banks operating under some form of restrictions and 12 private banks which had ceased banking operations; (2) banks included in table 1 but excluded from Federal Deposit Insurance Corporation figures: 5 branches of foreign banks, 74 trust companies without deposits, 13 trust companies which have some deposits but do not do a general banking business, 5 "other" financial institutions without deposits, 2 private banks in Pennsylvania which also have offices in other States, 1 private bank in Connecticut which does not conduct a regular banking business, and 6 industrial banks in Texas—all of which are included in State bank abstracts —and 3 private banks in Texas not included in State bank abstracts. In addition to the foregoing differences, Morris Plan and industrial banks are shown separately under that heading in table 1 although the Federal Deposit Insurance Corporation includes such banks in its "commercial" bank classification. Underlying balance-sheet data for tables 2-31 were taken from December 31,1935 condition reports except in the case of uninsured banks, where the data were taken from bank directories, reports of State banking departments and other available sources. . The figures of deposits shown in tables 2-31 differ somewhat from those shown in abstracts or summaries of condition reports as the former figures reflect any corrections in the condition reports which may have been made after the summaries were compiled. The differences in loan and investment figuresb etween tables 2-31 and quarterly abstracts or summaries of condition reports are also due to corrections made after the summaries were compiled and, in the case of some State member banks, to the fact that valuation and unallocated reserves were not deducted from loans and investments in compiling the quarterly abstracts. i Exclusive of 6 private banks, 1 trust company without deposits, 1 Deposit Insurance National Bank authorized to accept deposits, and 24 cash depositories, which are included in the column at the extreme right. i Exclusive of 15 cash depositories, 10 branches of foreign banks, 5 other financial institutions without deposits, 1 State operated bank (Bank of North Dakota), and 13 trust companies (with some deposits) which do not do a general banking business, all of which are included in the column at the extreme right. * Exclusive of 2 trust companies without deposits and 1 industrial bank, which are included in the column at the extreme right. «Includes 1 bank (in California) without capital stock classified by the Federal Deposit Insurance Corporation as a commercial bank. * Includes 1 member trust company without deposits and 1 uninsured branch of a foreign bank. • Includes 1 uninsured private bank which does not do a general banking business. 7 Uninsured trust companies (with some deposits) which do not do a general banking business. « Comprises 1 member trust company without deposits, 1 insured nonmember trust company without deposits, and 1 Deposit Insurance National Bank authorized to accept deposits. • Includes 2 uninsured trust companies (with some deposits) which do not do a general banking business and 6 insured private banks. "Member industrial bank. n Uninsured State operated bank (Bank of North Dakota). u Uninsured "other" financial institutions without deposits, included in State abstracts. » Comprises 24 insured and 15 uninsured nonmember cash depositories. i* Uninsured nonmember branches of foreign banks. « Comprises 6 uninsured nonmember branches of foreign banks, and 3 uninsured "other" financial institutions without deposits included in State abstracts. NOTES TO TABLE 2 1 lee not.es appended to Table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks." are inctodeTkUhe coESInat tV"!?*6 ' h' * Deposit Insurance National Bank authorized to accept deposits, and 24 cash depositories, which s Exclusive of deposits of 15 cash depositories, 10 branches of foreign banks, 13 trust companies (with some deposits) which do not do a general banking business, and 1 state operated bank (Bank of North Dakota), all of which are included in the column at the extreme right. < Exclusive of deposits of 1 industrial bank which are included in the column at the extreme right. • bank deposits of 1 bank (in California) without capital stock classified by the Federal Deposit Insurance Corporation as a commercial • Deposits of 1 uninsured trust company which does not do a general banking business. * Deposits of 1 Deposit Insurance National Bank authorized to accept deposits. amoun?inP°to%562oS)milSUred tmSt companies whicn do not do a £eneral banking business amounting to $71,000, and of 6 insured private banks » Deposits of 1 member industrial bank. *» Deposits of 9 uninsured trust companies which do not do a general banking business »i Deposits of 1 uninsured State operated bank (Bank of North Dakota). amountiSOto^440 OoV*5111^ nonmember cash depositories amounting to $1,843,000 and deposits of 15 uninsured nonmember cash depositories n Deposits of uninsured noDmember branches of foreign banks, as follows: 2 in Washington, 1 in Oregon, and 6 in California. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

785 AUGUST 1937 FEDERAL RESERVE BULLETIN TABLE 3.—NUMBER OF COMMERCIAL BANKS X CLASSIFIED ACCORDING TO RATIO OF DEMAND DEPOSITS TO TOTAL DEPOSITS, DECEMBER 31, 1935 Number of commercial banks with the following ratios (percentages) of Total demand deposits to total deposits: number ba o n f ks p 0 e .0 r- p 1 e - r 4 - .9 5 p - e 9 r . - 9 0 p - e 1 r 9 - .9 > p 0- e 2 r 9 - .9 0 p - e 3 r 9 - .9 0 p - e 4 r 9 - .9 0 p -5 er 9 - .9 1 p 0- e 6 r 9 - .9 0 p - e 7 r 9 - .9 0 p * e 8 r 9 - .9 0 p - e 9 r 9 - .9 p 1 e 0 r 0 cent cent cent cent cent cent cent cent cent cent cent cent cent All commercial banks—total 14,773 27 28 39 397 1,195 1,917 2,149 2,103 2,125 ,856 ,466 962 509 BY CLASSES OF BANKS "National banks 5,386 1 12 191 574 758 789 713 725 616 483 338 186 Ktntft mpmbGr banks 998 1 2 1 10 82 163 162 158 141 113 73 72 20 Tn^nrpd nonniGiilbBr bunks _ -«. --- 7,641 21 22 23 179 506 962 • » 1,144 1,171 ,014 779 406 227 TTr»in^nrpd nonmGinber batiks *748 5 3 3 17 33 34 88 88 113 131 86 76 BY STATES New England—total 558 3 3 6 50 77 92 83 57 53 24 20 51 39 71 13 18 17 8 6 5 1 1 2 "Mow TTnTnnshire 65 1 5 10 4 2 1 5 2 5 19 11 76 1 1 4 25 15 13 7 2 2 0 "M* a Wft rflll^fitts 203 1 11 34 43 32 34 15 10 17 0 23 1 1 2 3 5 1 3 1 1 3 2 120 1 2 4 20 19 23 15 6 5 4 9 12 Middle Atlantic—total. 2,245 2 1 16 204 557 631 405 204 93 46 33 41 12 xjp^p Vork 762 45 183 207 141 76 31 19 13 36 11 "N^w Tprsev 394 3 20 80 112 95 47 16 10 S 3 Ppnnsvlvania -- - -._--.- 1,089 2 1 13 139 294 ' 312 169 81 46 17 12 2 1 East North Central—total 3,134 3 5 6 70 291 592 652 555 468 251 157 65 19 nViin 687 2 14 75 168 158 107 104 36 12 4 7 505 1 1 2 16 43 101 104 118 63 38 15 3 Illinois 881 2 1 3 18 75 147 105 186 132 101 43 8 457 2 1 6 64 123 112 96 33 12 5 2 1 604 1 1 2 45 118 183 134 83 27 8 1 1 «, West North Central—total 3,484 2 1 1 16 110 237 427 510 657 687 518 257 61 685 14 86 142 206 122 70 30 10 3 2 Iowa—-- 6 69 3 3 8 1 1 1 1 0 1 3 3 3 7 6 6 8 3 1 8 2 1 8 1 1 1 5 7 2 1 1 3 3 0 9 1 8 3 3 5 2 8 8 2 2 4 8 N N K e o a b n rt r s h a a s s D ka akota 2 4 1 6 0 1 9 5 3 6 9 0 1 i 1 1 1 1 1 3 2 2 8 4 2 1 1 3 3 3 1 4 2 6 4 4 9 1 5 1 4 4 9 3 7 7 4 0 1 1 2 5 1 9 5 4 1 8 1 2 7 1 6 9 4 8 9 8 3 1 6 7 2 9 1 4 Q 7 South Atlantic—total 1,498 7 4 4 43 100 196 250 251 214 210 126 68 25 D M e a l r a y w l a a r n e d.—-—--- 1 4 2 8 5 1 6 1 1 2 3 3 0 3 1 9 6 1 4 1 0 0 3 4 1 2 1 1 2 9 2 4 9 2 8 3 1 1 6 3 1 1 V W N G i o e e r o r g s t r i t h g n V i i a a C i r a g r i o n l i i a n - a 3 * 1 1 2 > 2 8 0 8 1 0 0 4 A 0 6 1 2 1 1 6 2 1 1 3 3 7 2 r 9 2 9 3 5 5 8 5 9 4 2 1 2 9 4 8 9 3 0 4 5 4 1 3 2 5 4 7 2 7 3 2 1 5 2 5 2 8 9 3 2 6 1 2 4 2 1 6 3 0 2 2 4 1 9 2 1 5 2 3 1 3 3 1 8 „„.. 1 2 1 6 4 9 1 2 2 2 2 5 Florida lift 2 1,168 1 2 1 5 34 100 189 228 241 173 96 43 55 East South Central—total K Te e n n n t e u s c s k e y e - - 4 3 2 1 7 7 1 1 5 1 1 9 3 5 1 1 7 3 7 8 6 1 6 0 2 8 6 4 3 2 8 6 8 5 9 0 1 4 4 4 2 5 3 2 2 2 4 3 5 1 8 5 8 2 1 8 3 8 A M l i a s b si a s m si a ppi 208 1 2 13 31 35 41 43 24 12 6 West South Central—total 1,648 1 1 14 31 90 171 269 390 390 291 Arkansas 217 I 1 6 5 1 1 5 1 3 3 0 4 4 2 5 8 4 2 7 8 3 1 2 8 37 21 1 Louisiana 150 1 1 15 54 105 136 76 9 Oklahoma 397 2 4 11 44 89 204 270 260 Texas 884 515 2 2 1 5 9 31 78 119 129 102 35 2 2 6 15 26 31 31 2 I M W C d o a o y l h n o o o m t r a a n i d n a o g .... 1 1 6 5 2 4 5 1 0 9 0 1 1 5 1 I I """I 2 2 I 2 i ""16 3 1 7 1 •2 1 5 8 Q t 4 5 ] 4 1 1 1 i 3 0 2 3 1 1 9 ( 3 i A. 21 1 A3 6 1 i( : 0 _»_ Utah 59 1 i 3 1 Nevada — 10 "* 10 4 8 20 46 81 130 109 67 24 12 5 525 Washington 180 1 I 3 11 21 5 2 0 4 4 3 6 0 3 2 3 2 12 1 1 Oregon - 94 9 3 8 17 35 56 56 33 12 3 California 249 M^^^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

3 00 TABLE 4.—TOTAL DEPOSITS OF COMMERCIAL BANKS l CLASSIFIED ACCORDING TO RATIO OF DEMAND DEPOSITS TO TOTAL DEPOSITS, CT DECEMBER 31, 1935 [In thousands of dollars] Deposits of commercial banks with the following ratios (percentages) of demand deposits to total deposits: Total deposits of banks 0.0 0.1-4.9 5-9.9 10-19.9 20-29.9 30-39.9 40-49.9 60-59.9 70-79.9 80-89.9 90-99.9 100 percent percent percent percent percent percent percent percent percent percent percent percent percent AH commercial banks—total ^44,583,574 77,803 339,313 62,353 617,472 1, 781, 454 4,038,354 4,312,520 3,564,617 3,707,219 5,926,927 9,085,021 10,861,638 308, 884 BY CLASSES OF BANKS National banks 24,801,793 2,700 31,288 326,319 915,889 2,525,924 1,951,924 1,770,321 1,946,849 4,061,826 7,030,779 4,152,402 85,572 State member banks 13, 648, 295 3,066 19,770 1,274 35,033 207,831 577,758 1,454,290 998,162 974,633 1,320,330 1,658,024 6,342,112 56,012 Insured nonmember banks 5, 503, 729 27,930 206,682 28,267 242, 365 593,757 911,705 876,422 746,169 725,713 516,760 310,128 271.487 46,344 Uninsured nonmember banks. 2 629, 757 46,807 10,160 1,524 13,755 63,977 22,967 29,884 49,965 60,024 28,011 86,090 95,637 120,956 BY STATES New England—total. _ 2,922, 604 47,375 12,386 9,134 81,950 176,781 367,749 252,811 243,656 194,077 122,750 950,871 446,912 16,152 Maine 187,006 22,185 43,554 50,245 40,287 6,482 13,532 8,434 1,305 982 New Hampshire.. 76,124 1,299 14,239 15,620 4,735 1,560 3,133 6,054 1,490 4,965 20,076 2,953 Vermont 100,170 1,429 2,365 5,032 34,872 24,372 18,015 10,022 1,036 569 2,458 Massachusetts 1,761,533 723 34,068 106,298 130,459 147,916 111,675 76,556 806,337 343,822 3,679 Rhode Island 289,122 45, 459 2,803 5,089 13,236 146,780 977 17, 343 8,101 4,131 44,073 1,130 Connecticut 508, 649 487 10,021 4,842 45,931 41,676 70,483 84,112 45,473 28,169 135,438 37,067 4,950 Middle Atlantic—total- 19,040,328 3,296 2,700 36,690 405,036 1,024,006 1,460,396 1,052,603 677,019 917,852 1,223,218 3,019,807 9,064,586 153,119 New York 13, 286, 533 119,131 326,258 467,441 491,116 200,298 437,674 245,730 2,193,751 8,652,845 152,289 New Jersey 1, 566,080 4,548 237,857 382,588 225,623 191,315 234,959 166,060 51,249 5,491 Pennsylvania- 4,187,715 3,296 2,700 32,142 219,515 459,891 610, 367 335,864 285,406 245,219 811,428 774,807 406,250 """830 North Central—total- 8,019,889 1,044 30,642 6,279 60,598 295,339 556,404 1,185,477 739,293 813,292 1,618,716 2,414,566 284, 649 13,590 Ohio 1,897, 533 4,491 14,993 92, 978 181, 268 535,027 214,707 360,318 402,875 83,379 3,840 3,657 Indiana— 673,571 2,541 720 1,779 23,263 45,596 128,635 139,896 161,492 39,675 54,646 4,640 Illinois 3, 537,872 10,420 240 1,764 12,273 103, 593 159,351 210,349 220,223 417,138 2,174,015 223,511 4,995 Michigan.. 1,168,097 851 16,215 10,699 72, 775 102,250 276,940 87,223 78,653 403,423 117,436 1,334 298 Wisconsin- 742,816 193 1,466 828 31,363 94,050 123,697 143,471 98,379 14,202 233,788 61 1,318 West North Central—total- 3, 456, 827 1,203 935 424 10,907 84,509 142,135 241,847 294,931 376,621 677,271 1,051,690 559,566 14,788 Minnesota 809,803 10,702 62,926 77,492 83,397 80,591 62,344 159,811 271,769 146 625 Iowa- 521,031 336 935 7,005 22,387 72,257 91,793 93,446 105, 641 86,002 38,093 3,136 Missouri 1,295,477 14,075 35,871 54,390 44,783 64,166 253,206 463,450 359,850 5,686 North Dakota- 71,665 28 384 5,125 14,610 17,357 26,858 5,065 1,697 541 South Dakota . 83,829 62 940 5,084 15,124 22,244 19,594 14,809 5,535 437 Nebraska 306,131 867 57 190 8,275 28,564 46,252 35,235 116,186 67,080 3,425 Kansas 368,891 424 177 130 3,834 16,719 61,311 98, 719 97,777 88,321 1,479 South Atlantic—total _ 2,837,845 6,617 5,982 2,334 38,596 96,162 166,990 265,203 382,459 373, 984 807,132 469,442 215,104 7,840 Delaware 131,927 10 3,911 14,456 4,686 1,971 510 1,756 125 67,566 Maryland 538,443 1,588 27,824 45,144 40,854 35,879 9,894 50,499 88,961 237,465 335 District of Columbia. 292,354 867 1,473 5,801 138,303 24,404 118,791 2,715 Virginia 489,845 3,555 254 3,256 26, 510 82, 501 111, 090 65,500 55, 210 141,844 125 West Virginia. „ 246,483 492 345 7,675 27,092 67, 740 48,233 38,362 51,848 3,921 775 North Carolina 359,417 1,616 1,931 17,892 62,559 82,733 39, 798 91,665 60,839 384 South Carolina._ 128,239 105 1,002 8,761 4,966 22,545 38, 559 39,776 12,118 407 Georgia 382,951 6,607 1,560 3,155 293 3,502 9,733 36,870 36,215 215,385 41,780 24,923 2,928 Florida - 268,186 468 . 3,949 6,336 15,624 27,080 110,190 54, 585 49,658 296 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

I East South Central—total 1,236,885 1,484 779 603 3,414 33,316 45,596 151, 013 197, 853 305,174 333,476 93, 654 73,553 18,966 Kentucky „ . 404,997 139 3,414 15,257 27,703 59, 516 47,289 * 72,020 86,953 18,565 66,097 8,044 0 T A e la n b n a e m ss a e e . . 4 2 3 4 0 4, , 2 8 4 0 0 1 1,484 640 7,314 5 5, , 1 4 6 6 0 2 3 1 5 4 t , 2 2 2 1 3 3 6 5 9 3 , , 2 0 4 4 9 6 1 6 4 5 7 , , 1 9 5 2 3 3 1 8 1 5 2 , , 8 0 6 3 9 3 5 1 0 2 , ,0 5 0 5 4 0 1,4 8 0 8 5 1 6 1, , 0 4 0 3 2 0 Mississippi *....,... ., „ 156,847 608 745 7,271 42,061 28,269 20,078 37,621 12,535 4,169 3,490 West South Central—total 3,075,541 973 17,787 31,537 74,203 233,546 534,753 935,164 185,869 83,633 Arkansas „__ 144,316 98 6,113 9,364 29,504 22,882 35, 297 12,487 23,476 5,095 Louisiana .. 374, 517 973 3,418 6,574 25,803 71,302 163,192 98,753 4,380 122 Oklahoma __ _ - 384,739 228 343 6,723 45,855 135,154 175,695 19,803 938 Texas 1,171,969 8,028 5,246 12,173 92,507 191,109 648,229 138,210 76,467 Mountain—total : 831,965 943 17,749 1,374 7,169 15,331 33,363 133,653 183,515 389,797 133,935 36,868 448 Montana 133,170 3,904 4,646 21,305 30,736 33,280 36,679 2,172 448 Idaho 80,826 70 3,239 5.93L 9,960 51,105 10,138 383 Wyoming __ _« 57,679 1,914 4,739 1,608 12,500 11,535 13,281 10,735 1,367 Colorado - - 290,482 5,157 5,095 15,275 66,333 41,969 117,757 37,098 1,798 New Mexico 43,967 441 1,144 5,747 16,719 9,683 10,233 Arizona 63,758 873 3,828 14,019 6,821 26,795 735 10,687 Utah 136,270 13,921 1,274 98 961 5,649 10,532 57,297 28,453 17,857 228 Nevada 25,813 632 2,505 889 19,480 2,407 Pacific—total „ 4,161,690 15,811 168,139 5,610 15,998 74,074 1,366,066 1,103,676 832,550 310,138 340,815 26,903 5,533 1,359 Wash ingto n 3S2,684 1,695 5,170 5,913 30,759 44,871 56,821 215,452 20,839 1,145 19 Oregon 241,694 3,293 3,232 27,575 193,433 10,405 2,821 875 60 California 3, 537,312 15,841 166,444 2,317 15,998 68,904 1,260,153 1,074,685 750,104 59,874 114,958 3,242 3,512 1,280 i See notes appended to Table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks." »Exclusive of deposits of $72,023,000 covering 162 banks for which the distribution of demand and time deposits was not reported. 5 d Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 FEDERAL RESERVE BULLETIN AUGUST 1937 TABLE 5.- -NUMBER OP COMMERCIAL BANKS1 CLASSIFIED ACCORDING TO AMOUNTS OP THEIR LOANS AND INVESTMENTS, DECEMBER 31,1935 . Number of commercial banks with the following amounts of loans and investments: Total Under |$100,000-|$150, OOO^SO, 000-|$500,000~|U 000,000-|$2,000.000-1*5,000.000-|$10,000, 000-|$50,000,000 |$100,000 $149,000 $249,000 $4997000 $999,000 $1,999,000 H 999,000 $9,999,000 $49,999,000 arid over All commercial banks-total 14,935 2,072 1,537 2,397 3,057 2,482 1,622 1,070 340 272 86 BY CLASSES OF BANKS I N S U n t a n s a t u i t i n e r o s e n m u d a r e l e n m d b o a b n n n e m o r k n e s m b m a e b n m e k r b s e b r a b n a k n s k .. s - . 5 7, , 6 3 9 9 4 8 1 9 1 6 0 8 1,4 1 8 3 5 8 1 4 1,1 2 1 0 5 2 4 8 3 9 7 1,5 6 1 1 3 0 1 4 8 2 5 2 1,5 1 1 8 1 7 6 8 2 1 1 , , 0 2 1 2 3 6 6 4 5 1 2 9 5 1 3 3 3 2 1 0 9 2 6 2 1 7 3 1 5 1 3 2 4 20 6 6 3 3 8 1 3 5 7 1 5 0 6 1 3 4 9 5 1 1 BY STATES New England—total 558 21 67 130 130 136 50 29 Maine. 71 10 14 19 16 New Hampshire- 65 15 20 11 7 3 Vermont 76 14 19 23 16 1 Massachusetts 203 15 41 47 54 23 Rhode Island 23 1 2 5 6 2 Connecticut 120 9 12 24 25 27 13 Middle Atlantic—total.._ 2,247 14 117 347 566 515 42$ 126 88 37 New York 762 127 181 168 144 23 New Jersey—-. 395 41 103 100 91 2- Pennsylvania... 1,090 179 282 247 193 12 East North Central—total 3,149 189 298 789 593 366 200 15 Ohio 688 13 42 96 182 Ifi5 97 Indiana.— 509 27 64 107 119 96 57 I M W lli i i n c s o c h o i i s g n a si n n ^ . 4 8 6 8 3 1 8 3 3 5 2 2 1 4 4 0 3 5 4 1 1 9 2 7 7 5 5 1 1 17 9 1 3 6 9 1 1 7 2 3 2 5 5 7 8 5 1 9 2 West North Central—total 3,600 SOS 603 749 745 398 173 Minnesota. 685 103 74 145 197 103 34 K N N S I M o o a e o w i u n b s r t a s t s r h h o a a u s s D D k ri a a a k k o o ta t — a- 6 4 7 6 2 1 2 3 9 5 9 0 4 7 4 8 9 3 2 1 1 1 8 4 5 0 9 2 3 7 3 7 8 1 1 1 3 8 4 5 0 1 4 5 4 2 0 4 1 1 1 1 2 5 4 0 4 3 8 1 7 8 0 0 1 1 H 1 3 8 8 2 4 8 9 0 2 4 •1 1 3 5 12 9 1 2 8 3 3 4 1 1 1 S 4 2 3 0 South Atlantic—total 1,499 20$ 146 226 311 268 175 99 37 V D D M i e i r a s l g t r a r y i w n i l c i a a t a n r e o d f Columbia 3 1 4 2 2 8 5 1 0 6 18 25 49 4 7 3 5 8 1 8 4 1 0 1 3 0 West Virginia 180 2 12 23 48 44 North Carolina 214 23 28 44 41 34 South Carolina 104 27 11 19 19 15 Georgia 280 102 38 45 44 21 Florida 149 28 12 21 32 20 East South Central—total 1,179 282 145 202 223 188 Kentucky- 432 70 53 68 85 Tennessee.. . 322 96 47 53 44 Alabama 216 65 33 42 25 Mississippi- 209 51 12 39 50 34 West South Central—total 1,660 45S 235 313 316 172 Arkansas. _. 221 101 30 ' Louisiana.. 150 15 29 40 Oklahoma- 405 313 89 66 Texas 8S4 229 124 165 172 Mountain'—total. 520 73 58 95 126 Montana. 120 30 26 13 Idaho.. 60 18 7 Wyoming- 59 16 9 Colorado—. 156 32 20 New Mexico- 41 13 6 Arizona 15 3 2 Utah.. 59 16 10 Nevada 10 2 3 Pacific—total.. 41 43 74 133 107 37 li Washington.. 180 1 Oregon .,. 94 2 California 249 11 i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks/' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1S37 FEDERAL RESERVE BULLETIN 789 TABLE 6.—TOTAL LOANS AND INVESTMENTS OP COMMERCIAL BANKS * CLASSIFIED ACCORDING TO AMOUNTS OF THEIR LOANS AND INVESTMENTS, DECEMBER 31, 1935 [In thousands of dollars Total loans and investments by size groups: Total Under $100,000-$150,000- $250.000- $500,000- 11,000,000- ;2,000,000- 5,000,000- .0,000,000- 50,000,000 ;ioo,ooo $149,000 $249,000 ,000 $999,000 $1,999,000 U, 909,000 19,999,000 149,999,000 and over All commercial banks total 35,144, 019 133,11? 190,589 47?, 085i ,090,527 , 757, 625 2,277,025 3,256,916 2,335,301 5,525,019 8,105,790 BY CLASSES OF BANKS National banks 18,949, fifiP11,190 31,542 120,4 W 431,870 878,700 1,312,769 1,924,673 1,377,398 2,996,651 9,864,411 State member banks; 10,968,340 2,25? fi, 876 23.311 63,856 115,5101 199,907 504,811 446,693 1,594,020 8,012,198 Insured nonmember banks.. 4,641,74? 95,629 137,373 301,200 553,722 719,527 722,161 790,411 407,971 699,570 153,184 Uninsured nonmember banks 584,281 23,041 15,7981 27,128 41,079 43,888 42,188 37,021 43,339; 234,802 75,997 BY STATES New Fngland—total 2,359,087 289 747 34,509 90,342 191,078 384,863 353,882 599,217 711,003 Maine 171,472| 126 244 3,814 11,026 28,580 47,109 55,908 24,666 New Hampshire 72,341 155; 255 4,895 14.890 15,5.58 17,765 17,8341 V M R Co h e a n o r s m n d sa e e o c c n I h t s i t u c l . s a u .. e n t : t d ts . 1,3 4 1 2 3 6 1 0 5 3 1 4 , , , , 2 7 3 8 8 6 7 0 P 3 4 7 ! ; ""67 1 1 1 2 4 0 1 1 5 1, 6 7 1 65 3 5 4 5 , , , 3 5 4 4 4 1 5 8 3 ? 8 7 3 1 1 1 8 2 1 , , . , 9 4 2 0 0 1 0 0 3 3 3 7 ; 3 3 7 1 5 6 2 , , , , 9 9 9 0 3 3 7 9 8 ? 0 7 1 4 2 7 7 4 3 8 3 , , , , 9 7 2 0 3 9 4 1 1 3 7 8 1 9 0 1 7 6 3 2 , , , , 3 7 0 9 7 4 6 5 6 6 8 0 2 1 1 7 7 2 1 7 5 , , , 3 8 3 5 9 1 0 1 0 ' 6 9 1 3 7 , , 7 2 4 0 3 0 Middle Atlantic—total-. 15.634,158 647] 1,815 23.8S0 130,239 409,135 734,684 1,292,122 565,337 1,303,216 10,273,083 N N Pe e e n w w n s Y J y e o l r v r s k a e n y ia ..... 1 3 1 0 , , , 7 3 5 3 6 3 2 2 9 , , , 2 4 4 2 7 5 4 9 5 3 18 8 7 5 4 8 1 , 1, 4 3 0 8 0 3 1 0 4 1 6 6 1 , , , 6 9 2 9 5 4 0 0 0 4 6 1 8 6 5 , , , 1 3 7 0 1 5 6 9 4 2 1 7 0 3 5 0 2 , , , 8 4 8 5 4 3 7 1 7 3 2 1 4 5 3 1 3 9 , , , 4 5 6 8 2 7 8 4 2 1 | 4 2 6 5 8 4 5 7 9 , , , 3 0 7 5 0 6 6 8 8 2 4 1 8 5 24 6 3 , , , 9 7 6 2 3 7 8 7 2 8 5 5 6 2 15 0 7 , , , 6 2 3 4 3 4 0 3 3 1 8 1 , , 5 5 1 3 7 6 0 5 6 . , , 4 8 8 0 2 4 9 5 9 East North Central— total 6,030,761 13,811 36,951 118,617 281,988 415,535 513,176 601,627 416,973 683,440 2,918,640 Ohio 1,491,120 927| 5,411 IP, 595 64,974 114,264 137,742 166,280 131,083 291,288 659, 550 Indiana... 503,912 2,130 7,815 20,814 42,511 68,691 77,971 68,927 55,097 101,551 58,405 Illinois—- 2,588,711 5.915 12,835 34.246 71,509 94,191 125,23? 202,013 132,239] 118,4921 1,701,916 W M i i s c c h o i n g s a i n n . , 8 6 4 0 6 0 , , 8 2 0 1 7 ' 2 2 . , 4 3 6 7 1 8 5 5 , , 2 6 8 0 5 5 ] 2 I 4 P , , 4 5 4 2 1 1 4 6 1 1 , , 0 8 5 4 6 8 8 5 8 0 , , 1 2 3 5 9 0 9 7 8 3 , , 9 2 8 4 0 8 9 7 1 3 , , 3 03 7 1 6 7 5 6 2 , , 2 3 2 3 9 1 1 6 0 2 9 , , 2 8 6 4 4 6 3 1 7 3 7 1 , , 5 1 3 9 6 7 W t e o s t t a l Nort - h Central— 2,513,993 54,059 74,704 148.015 259,335 276,756 231,966 245,040 125,496! 348,313 j 750.309 I N M M o o w i i s n r a s t n h o e u s D r o i a ta ko - ta 6 4 88 3 5 0 9 0 4 6 , , , , 3 9 6 2 1 7 W 8 6 0 ? 1 3 2 7 5 , . , , 3 4 3 5 6 2 7 5 3 0 8 7 1 1 9 4 2 4 , , , , 0 2 3 1 4 0 7 2 2 5 2 2 2 2 2 8 5 6 9 , . , 7 4 6 2 P 2 3 3 P 0 3 7 6 6 4 1 3 7 1 0 , , , ,3 3 9 6 3 7 9 0 6 6 9 7 7 4 7 C 7 8 4 , , , , 6 6 7 8 6 9 9 2 8 0 5 3 , ! 4 5 4 1 6 4 7 0 , , , , 3 3 9 2 6 1 4 4 3 2 6 5 9 4 5 1 5 6 1 0 , , , , 2 4 8 7 3 1 5 8 1 4 8 9 3 2 1 1 7 7 , , , 8 9 3 6 9 9 8 8 5 1 0 3 1 5 5 5 , , , 6 3 7 3 6 6 1 ! 2 ~ 2 4 8 62 7 , , " 4 S 7 3 3 6 N K So e a u b n t r s h a a s s D ka a kota - 2 2 4 6 2 4 7 0 , , , 7 5 4 3 5 8 4 1 5 1 3 7 4 , , , 8 3 1 1 8 3 6 7 8 1 1 6 8 0 , , , 4 0 4 3 3 9 3 8 2 2 2 8 7 1 , , . 9 6 3 3 1 8 0 2 7 4 2 8 0 6 , , , 5 5 9 9 0 2 2 5 0 2 4 6 1 6 , , , 7 4 5 6 6 6 2 0 8 4 1 1 2 3 7 , , , 2 2 6 0 0 9 1 7 2 1 1 15 1 4 , , , 1 2 4 2 1 0 3 8 7 2 2 5 1 1 , , , 7 1 2 6 8 8 4 3 8 7 22 9 , , 2 4 0 5 2 5 South Atlantic—total.. 2.142,159 12,559 18,025 44,02f 112,159] 190,434 239,892 303,286 161,866] 720,138 336,774 V W D N M D S F G o l i e o e i o e a r s u l o r g s r r a t t t r y i r t i h w h g d n i l c V i a a i a a C t C a n r i o r e a a d g r f r i o o n C l l i i i o a n n l a a u mbia — . _ . . . . , 3 4 2 2 1 1 1 7 4 5 0 7 2 9 8 5 9 5 7 6 2 9 6 , , , , , , , ,4 6 8 4 6 7 0 6 2 1 6 2 6 4 1 2 1 1 ? 5 2 8 0 ? 1 1 5 1 3 , , , , 5 4 4 9 3 2 2 3 9 8 2 9 1 3 1 1 7 2 0 4 0 j | ' 3 l 1 4 1 1 , , , , , , 8 4 3 4 4 7 6 9 9 3 2 0 2 5 2 3 2 1 6 5 5 j 4 4 8 3 8 4 , , , , , , 2 4 2 1 7 6 8 6 6 7 2 5 0 0 8 3 2 0 2 1 1 1 1 1 3 7 6 5 7 4 5 1 , , , , , , , , 0 7 5 4 8 2 5 4 2 6 1 2 8 3 3 6 4 9 0 0 3 6 3 ? 7 5 7 . 3 5 3 2 1 1 1 6 0 1 5 5 0 4 4 , , , , , , , 5 , 5 9 4 1 8 2 8 8 4 1 8 0 4 2 5 8 6 6 8 4 2 5 7 6 9 7 1 , 4 4 5 3 2 1 7 2 2 1 7 3 7 8 9 , , , , , , , , , 2 6 1 1 9 6 1 1 7 2 6 8 1 8 7 4 1 9 4 1 7 5 7 8 0 5 5 ] 2 6 2 1 5 5 3 2 1 4 1 1 6 5 3 0 1 7 , , . , , , , , , 5 3 9 1 7 6 9 6 3 5 6 8 4 1 8 7 1 4 1 3 4 7 5 8 - 6 5 3 4 3 1 1 1 2 2 1 3 7 5 7 4 , , , , , , , , 0 5 7 0 3 7 8 4 4 5 6 6 2 7 6 7 - ' 8 5 8 2 8 4 1 1 7 9 4 6 8 8 2 2 1 4 0 9 8 8 1 4 1 9 , , , , , , , , , 6 7 2 5 9 8 9 4 7 4 4 8 3 9 4 2 6 0 4 1 1 3 5 1 7 9 7 1 " 6 4 5 81 0 9 4 , , , , " 9 1 9 7 9 3 3 0 9 8 0 7 Ea to st t al South Central— 939,416 16,952 17,856 39,14; 78,503 133,347 107,075] 103,998 69,296 373,246 T A K e e l n a n b n tu a e c m s k s y e a e 3 3 1 0 4 7 9 3 3 , , , 8 1 2 7 2 9 9 0 0 4 3 5 , , , 7 6 4 5 6 8 9 5 3 ' | 6 4 5 , , , 5 0 8 0 1 9 6 5 4 1 1 8 0 3 . . , 2 1 2 4 1 1 C ? 6 3 1 2 9 7 , , , 6 8 8 0 2 2 6 0 0 3 5 1 0 9 8 , , , 2 9 0 6 5 6 4 2 6 5 1 1 6 7 5 , , , 7 6 0 9 4 2 4 6 3 3 1 1 6 5 7 , , , 1 5 1 9 5 9 ^ : 2 4 2 0 4 , ,2 o 0 : 4 1 9 9 8 7 3 2 . , , 2 8 1 9 3 1 C ! ! Mississippi..^ 113,127 3,045 1,441 7,575 18,257 25,065 17,612 35,06: 5,07 W - t e o s t t al South Central— 1,382,831 27,252 28,055 60,836 111,068 118,177 114,673 143,152 153,388 431,070 192,220 L A T O o e r k x u k la a i a s h s n i o a s m n a a s a — _ , 2 2 77 9 5 5 4 9 5 3 , , , , 1 6 9 0 8 5 7 7 4 9 3 5 1 7 5 3 , , , 1 9 5 6 4 6 2 2 0 8 0 4 1 8 2 1 5 , , , , 4 4 6 4 7 9 5 3 5 4 4 2 3 1 5 5 2 7 . , , , 7 6 0 3 6 6 5 6 2 : 3 0 1 2 6 1 1 3 0 4 2 , , , , 4 2 4 8 9 6 2 8 6 6 9 ' 2 6 1 1 5 2 9 1 , , , , 4 2 4 0 4 3 3 6 3 8 5 1 2 1 6 9 9 2 3 , , , , 0 6 5 4 5 4 5 2 : 5 6 1 2 9 1 3 8 6 4 , , , , 8 5 6 9 o 7 7 C r 2 9 3 2 7 1 8 6 3 6 , , , , 6 2 0 S 0 1 5 i ' 2 3 r 1 2 8 0 4 7 0 5 , , , 8 3 8 8 3 4 6 " 7 1 7 1 5 6 , , 3 9 1 0 8 2 Mountain—total*. 545,743 4,659] 7,167 19,024 44,768 49,304 77,7W 68,526 68,643 205,952 I W M N N A C U d o r e e t a o y i a w l v h z o n o h a o o r m t d n a a M a d i n a n e o a g x ico ^- ., , , , . 1 8 6 3 2 4 9 1 8 6 4 3 4 7 2 8 9 , , , , , , , , 0 4 8 3 0 6 0 3 4 5 6 5 8 2 0 1 4 4 4 4 2 4 8 3 2, 4 9 2 5 2 7 9 7 6 6 9 7 1 1 3 2 5 2 1 1 , , , 2 6 4 9 3 4 1 4 0 0 2 6 9 3 9 3 6 0 8 6 6 2 4 1 2 6 1 , , , , , , 7 8 2 2 9 7 1 8 6 6 1 8 5 5 9 9 3 3 8 1 6 9 5 4 6 1 1 , , , , , , , 0 5 8 3 4 2 6 6 4 1 7 2 6 0 9 4 4 4 2 2 4 8 6 8 1 8 6 4 2 5 6 1 4 , , , , , , , , 8 6 3 2 4 0 5 1 6 3 2 4 2 5 9 6 ! : 2 3 ? ? 7 2 1 1 1 8 2 4 8 9 8 5 0 , , , , , , , , 2 9 1 8 1 7 4 l 4 2 7 8 3 8 3 lf 3 1 : i 5 4 : 1 1 1 1 4 8 4 1 4 3 1 , , , , , , , 0 8 5 2 0 9 6 4 3 9 8 9 9 8 - 1 . 6 3 6 r 2 1 1 9 7 8 2 , , 5 , 5 7 7 6 3 8 5 J ^ ' 1 1 0 1 5 1 7 9 6 2 0 , , , , , 4 9 0 3 1 5 3 6 8 1 - ; ' : Pacific—total-. 3,595,808 2,884 5,269 14,387] 47,958 74,595 66,781 114,302 88,41 257,45: 2,923,761 W C O a r a e li s g f h o o i n r n n g ia to ™ n- . 3,1 2 1 1 9 8 7 3 5 , , , 0 5 2 7 1 1 8 7 2 1,7 3 8 2 0 5 4 5 5 2 1, , 8 4 9 8 7 1 0 8 6 3 5 , , , 0 2 0 6 7 5 0 2 5 2 1 6 5 5 , , , o 8 1 o 6 9 : : ! 2 3 1 1 9 3 , , , 2 9 3 9 4 5 5 1 9 , 1 4 6 7 2 , , , 8 8 0 5 5 7 6 ] ' 2 7 1 6 6 1 , , , 9 3 o 7 0 : C 5 1 6 6 7 5 , , , 2 0 I 1 S 3 1 8 7 3 3 , , 4 9 ( 9; 2,6 1 1 8 3 0 6 4 3 , , , 0 3 3 9 6 0 4 4 3 i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 FEDERAL RESERVE BULLETIN AUGUST 1937 TABLE 7.—NUMBER OP COMMERCIAL BANKS1 CLASSIFIED ACCORDING TO AMOUNTS OF THEIR LOANS AND INVESTMENTS AND ACCORDING TO POPULATION OF TOWNS AND CITIES, DECEMBER 31, 1935 Number of commercial banks located in places with a population (1930 census) of: Size group—Loans and investments Total Under 250- 500- 1,000- 2,500- 5,000- 10,000- 25,000- 60,000- 100,000- 500,000 250 499 999 2,499 4,999 9,999 24,999 49,999 99,999 499,999 and over Under $100,000 2,072 565 728 488 239 28 9 2 3 4 5 1 $100 000-S149.000 1,537 196 485 465 280 63 26 8 2 5 6 1 $150,000-$249,000 2,397 162 486 764 721 182 47 13 8 15 2 $250,000-$499,G00 3,057 62 248 669 1,106 562 223 85 24 20 48 10 $500,000-$999,000 2,482 18 55 205 624 638 504 250 59 34 73 22 $1,000,000-$1,999,000 1,622 10 33 147 301 384 424 146 54 61 62 $2,000,000-$4,999,000 1,070 3 2 26 69 162 326 192 105 109 76 $5,COO,000-$9,999,000 340 3 6 53 83 74 78 43 $10,000,000-$49,999,000 272 1 2 7 12 36 157 57 $50,000,000 and over.___ 86 1 21 64 Total 14,935 1,003 2,016 2,616 3,143 1,848 1,361 1,168 528 341 573 338 i See notes appended to Table 1 for sources of figuresa nd for statement of classes of banks included under the heading "commercial banks." TABLE 8.—TOTAL LOANS AND INVESTMENTS OF COMMERCIAL BANKS1 CLASSIFIED ACCORDING TO AMOUNTS OF THEIR LOANS AND INVESTMENTS AND ACCORDING TO POPULATION OF TOWNS AND CITIES, DECEMBER 31, 1935 [In thousands of dollars] Total loans and investments of commercial banks located in places with a population (1930 census) of: Size group—Loans and investments Total Under 250- 500- 1,000- 2,500- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000 250 499 999 2,499 4,999 24,999 49,999 99,999 and over Under $100,000 133,112 34,323 46,119 32,217 16,973 1,975 588 73 243 241 336 24 $100,000~$149,000-..-. 190,689 24,104 59,311 57,981 35,175 7,848 3,365 988 286 654 735 142 $150,000-$249,000-'-... 472,085 31,357 93,221 147,674 144,583 36,690 9,742 2,494 1,360 1,654 3,099 311 $250,000-$499,000 1,090,527 19,780 82,462 228,987 395,701 207,365 85,316 32,642 8,652 8,049 17,691 3,982 $500,00O-$999,000____. 1,757,625 11,492 37,234 137,756 422,542 446,624 371,021 189,710 43,722 26,101 64,571 16,852 $l,000,000-$l,999,000.. 2,277,025 11,715 40,787 191,279 410,779 531,755 610,324 221,930 81,054 85,633 91,769 $2,000,000-$4,999,000_. 3,256,916 7,128 4,223 61,737 184,566 441,180 973,264 631,572 355,149 350,672 247,425 $5,000,000-$9,999,000.. 2,335,301 18,206 40,891 344,985 552,978 511,440 559,314 307,487 $10,000,000-$49,999,00< 5,525,049 18,689 30,271 84,961 148,056 589,2713,288,681 1,,3..6 5,,120 $50,000,000 and over.. 18,105,790 54,9301,570,684 16,480,176 Total _ 35,144,019 121,056 355,879 649,625 1,267,990 1,344,224 1,483,858 2,239,341 1,608,799 1,628,543 5,931,416 18,513,288 J See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

791 AUGUST 1937 FEDERAL EESERVE BULLETIN TABLE 9.—NUMBER OF COMMERCIAL BANKS 1 CLASSIFIED ACCORDING TO AMOUNTS OF THEIR DEPOSITS, DECEMBER 31,1935 Number of commercial banks with the following amounts of deposits: Total Under 100,000- 150,000- 250,000- 500,000- 1,000,000- 2,000,000- 5.000,000- 0,000,000- >50,000,000 100,000 149,000 249,000 499,000 999,000 1,999,000 $4,099,000 9,999,000 $49,999,000 nd over All commercial tankstotal.— 14.935 1.258 1,186 2,236 3,439 2,840 1,854 1,270 419 324 109 BY CLASSES OF BANKS National banks ._..».. 5.386 54 124 424 1,174 1,343 994 769 261 182 61 State member banks '998 11 23 79 169 200 149 163 75 85 44 Insured nonmember banks... 7,641 901 905 1,560 1,946 1,211 670 321 80 44 3 Uninsured nonmember banks 910 292 134 173 150 86 41 17 3 13 1 BY STATES 558 5 6 21 63 111 122 136 51 36 7 Maine 71 4 7 12 19 18 9 2 Wftw TTflmDshire 65 1 4 6 13 19 12 7 3 Vermont 76 1 2 17 19 21 14 2 Massachusetts 203 2 2 15 38 40 59 24 18 5 23 1 1 3 4 6 2 5 1 120 1 1 7 10 20 26 32 11 11 1 Middle Atlantic—total-— 2,247 7 24 106 336 539 522 433 144 91 45 New York 762 2 4 32 128 17fi 160 146 53 34 28 New Jersey - -- 395 2 2 7 36 * 89 113 85 29 28 4 1,090 3 18 67 172 275 249 202 62 29 13 East North Central— total 3,149 121 218 515 825 660 401 256 82 52 19 Ohio - 688 14 28 74 187 168 105 69 21 13 9 Indiana 509 18 35 101 129 95 75 37 7 11 1 Illinois 881 43 82 156 206 168 95 83 27 16 5 M^chitran 463 20 28 74 142 82 55 37 14 6 3 608 26 45 110 161 147 71 30 13 4 1 West North Central—total 3,600 522 467 760 912 523 236 111 34 27 8 M I M N o o w i i s n r s a t n h o e u s D r o i a ta k ota — 6 2 6 1 9 0 8 9 4 3 5 9 1 6 o 6 4 3 t 8 6 1 0 1 A 4 4 1 7 0 1 4 ( 1 \ 1 1 1 3 5 4 2 1 2 6 7 9 2 2 2 1 1 3 2 0 5 6 9 9 8 0 1 1 8 3 1 3 1 6 0 0 7 3 3 7 4 1 9 9 0 5 2 2 2 1 6 5 1 9 9 1 5 7 2 1 5 3 5 8 3 5 N Kn e n b tT ra i s T k l a filrntft 437 61 59 117 112 53 19 8 2 6 Kansas... 724 131 102 167 158 94 42 23 2 5 South Atlantic—total 1,499 118 111 20S 341 301 217 119 39 38 7 45 5 4 1 10 9 6 5 2 2 1 Maryland 1 2 8 1 6 7 10 24 37 1 45 1 3 1 2 1 4 4 8 8 S 5 1 1 District of Columbia . 320 17 19 39 69 91 47 24 8 5 1 V W N S F G o l i o e o e r u o r g s r t t r i t i h h g d n V i i a a C C a i r a a g r r o i o n l l i i i n a n a a .. - . — — -- 2 1 2 1 1 1 8 0 8 4 4 0 4 0 9 5 1 1 9 1 4 4 1 3 1 1 1K 7 6 0 0 3 2 1 4 2 9 1 5 9 0 4 2 3 4 6 7 9 2 9 7 3 4 3 2 1 5 5 3 6 6 3 3 1 2 2 2 9 2 3 5 2 1 1 1 8 2 1 8 3 3 3 1 5 1 4 4 2 2 6 1 2 144 194 267 205 111 S3 13 14 3 East. South Central—total 1,179 175 432 57 49 68 94 90 49 17 4 3 1 Tennessee —— 3 2 2 1 2 6 6 2 7 4 4 3 4 2 3 5 8 8 6 5 1 7 4 3 5 0 2 1 6 7 1 8 3 5 7 4 1 1 Mississippi 209 27 19 30 55 40 19 15 A West South Central—tota 1,660 244 163 303 430 262 123 €9 31 31 4 2 4 8 1 S 2 0 5 1 5 0 4 1 5 1 5 2 3 0 2 9 2 4 8 6 5 7 5 1 3 8 2 5 9 8 0 6 2 1 4 4 3 1 6 1 1 2 1 3 3 4 4 1 9 8 4 3 6 1 1 0 0 6 7 2 3 4 0 9 6 1 4 3 c 9 1 ( 9 . 1 2 1 520 42 25 74 136 HI 56 44 13 18 1 M W N Co e o y w l n o o r t m M a ad i n n e o a x g ico - 1 1 6 5 4 2 5 1 0 9 1 0 6 5 2 9 3 5 2 1 1 6 5 2 1 1 2 2 8 4 2 5 1 2 1 4 1 1 9 3 0 6 7 1 2 2 1 1 1 4 9 5 5 0 1 9 9 7 5 8 1 6 9 1 6 2 2 6 2 \ i * 1 U Ne ta v h ada 5 1 9 0 2 8 1 1 5 9 1 Pacific—total 523 24 28 55 129 128 66 49 12 1 15 W O Ca r a e l s i g f h o o i n r n n g ia to n _. Y - 2 1 9 4 8 4 9 0 1 3 « 9 - 1 1 2 1 r 2 1 1 8 2 5 4 2 6 0 7 2 4 2 6 1 1 6 2 3 1 0 3 3 3 1 4 4 1 3 1 1 2 2 1 See notes appended to table 1 for sources of figuresa nd for statement of classes of banks included under the heading "commercial banks.'* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 FEDERAL RESERVE BULLETIN AUGUST 1937 TABLE 10.—TOTAL DEPOSITS OF COMMERCIAL BANKS X CLASSIFIED ACCORDING TO AMOUNTS OF THEIR DEPOSITS, DECEMBER 31, 1935 [In thousands of dollars] Total deposits by size groups: Total Under $100,000- $150,000- $250,000-$500,000-11L,, 000,000- $2,000,000- $5,000,000- $10,000,000- $50,000,000 $100,000$*1 49,000 $249,000 $499,000 $999,000 ^1,999,000 $4,999,000 $9,999,000 $49,999,000 and over AH commercial banks —total. 41,655,597 85,233 147,465 439,876 1,226,489 2,016,334 2,617,120 3,810,457 2,919,663 6,711,849 24,681,111 BY CLASSES OF BANKS National banks... __. 24,801, 793 4,249 15,954 85,394 429,713 967,056 1,400,238 2,314,804 1,833,842 3,762,105 13,988,438 State member banks __. 13,648,296 879 2,902 16,215 62,890 141,684 238,223 516,516 518,146 1,822,659 10,328,182 Insured nonmember banks. 5,503,729 62,092 112,06^ 305,226 680,484 846, 624 923, ur 926,211 545,686 827,182 274,712 Uninsured nonmember banks _ 701,779 18,013 16,542 33,041 53,402 60,970 55, 214 52,926 21,989 299,903 89, 779 BY STATES New England—total 2,922,604 301 716 4,099 23,520 83,221 177,936 409,612 361,497 708.265 1,153,437 Maine. , 187,006 863 2,822 8,381 28,569 51,652 69,180 25,539 New Hampshire 76,124 89 480 1,174 4,450 13,961 17,828 20,958 17,184 Vermont 100,170 122 384 6,330 14,368 31,348 36,298 11,320 Massachusetts 1,761,533 159 375 5,830 29,542 59,915 185,266 168,690 333,275 978,481 Rhode Island 289,122 31 464 2,284 4,843 21,825 14,209 131,352 114,114 Connecticut 508,649 22 114 1,303 3,624 14,685 35,433 93,613 80,914 218,099 60,842 Middle Atlantic- -total- 19,068,735 446 3,091 21,802 125, 758 394,787 745,030 1,303,013 1,009,546 1,883,836 13,581,426 New York 13,286,533 95 467 6,377 48,066 130,567 232,142 453,831 368,407 744,894 11,301,687 New Jersey 1,594,346 130 262 1,431 13,730 66,058 159,029 261,781 193,678 577,702 320,545 4,187,856 221 2,362 13,994 63,962 198,162 353,859 587,401 447,461 561,240 1,959,194 Pennsylvania.. East North Central— total 8,025,736 8,996 27,344 101,828 292,833 467,205 559,442 745,606 555,866 953,418 4,313,199 Ohio 1,898,012 1,131 3,604 14,594 67,601 120,671 149, 521 199,084 140,277 225,944 975,585 Indiana 674,602 1,394 4,445 19,900 44,875 66,619 99,376 104,469 50,369 187,637 95, 518 Illinois 3,537,873 2,925 10,158 30,811 74,175 116,304 131,936 250,089 183,199 266,126 2,472,150 Michigan i 1,171,077 1,537 3,411 14,512 48,735 58,254 76,888 111,398 95,015 171,363 589,964 Wisconsin 744,172 2,009 5,726 22,011 57,446 105,357 101,721 80,566 87,006 102,348 179,982 West North Central— total 3,486,941 35,408 57,722 147,718 319,352 368,585 320,010 334,798 227,544 575,601 1,100,203 Minnesota 809,803 5,057 8,713 25,075 75,704 93,861 53, 346 65,(718 34,655 66,689 380,985 Iowa ___ 526,879 2,011 4,891 29,283 74,290 95,986 93,232 64,265 44,351 118,570 Missouri 1,296,163 8,278 14,164 21,880 61,858 62,032 62,150 89,549 100,107 166,927 719,218 North Dakota 71,665 4,083 4,846 6,032 13,858 12,416 17,246 6,188 South Dakota.... 83,829 2,922 5,060 10,907 9,867 8,144 15,658 16,236 15,035 Nebraska..: 310,978 4,125 7,: 22,697 35,481 27,110 22,401 15,545 137,842 Kansas - 387,624 8,932 12,759 31,844 55,287 66,085 56,098 11,663 • 85,573 South Atlantic—total- 2,839,289 7,573 13,591 41,128 120,801 211,361 302,543 371, &46 272,931 871,924 625,591 Delaware 131,92; 339 487 238 3,659 5,872 9,333 13,532 15,177 31,834 51,456 Maryland 538,443 560 1,165 4,606 13,169 31,149 43,037 44,416 48,125 182,876 169,290 District of Columbia.. 292,354 322 867 1,473 14,026 57,497 130,221 87,948 Virginia - 489,845 1,215 2,400 8,080 24,219 64,536 66,019 71,693 59,062 128,052 64,569 West Virginia 246,483 84 821 4,241 17,658 32,378 45,095 72,737 6,368 67,101 North Carolina 359,417 1,059 1,185 7,290 16,483 24,679 53,824 52,136 37,090 94,671 71,000 South Carolina 128,239 561 1,169 2,945 10,203 11,289 16,936 28,019 6,961 50,156 Georgia - __ 382,951 3,043 4,604 9,761 23,583 22,577 32,176 33,408 23,250 49,221 "l8l,"328 Florida _ 269,630 712 1,760 3,967 11,505 18,014 34,600 41,879 19,401 137,792 Eaat South Centraltotal 1,240,046 11,553 17,884 38,150 95,728 143,957 173,519 156,411 94,847 352,160 155,832 Kentucky— 406,731 3,985 6,108 13,426 33,703 64,526 90,860 49,263 24,051 66,709 54,100 Tennessee- 432,098 4,142 6,365 11,095 22,024 30,461 34,357 22,164 44,543 206,770 51,177 Alabama 244,240 1,621 4,086 7,'"" 19,887 20,719 23,630 37,425 78,681 50,555 Mississippi- 156,977 1,810 2,325 5,993 20,114 28,251 24,672 47,559 26,253 est South Central— total 2,077,538 16,384 20,361 59,515 153,561 180,721 168,711 210,024 215.827 723,292 329,142 Arkansas 144,959 3,456 3,208 7,386 16,147 20,169 22,096 12,112 36,407 23,978 Louisiana 374,517 657 723 4,127 15,661 27,606 23,845 17,975 25,279 147,952 110,692 Oklahoma— 386,093 3,332 5,837 17,423 38,417 32,849 38,350 59,320 17,817 121,057 51,691 Texas l, 171, r" 10,593 30,579 83,336 100,097 84,420 120,617 136,324 430,305 166,759 Mountain—total. 833,018 2,800 3,180 14, 777 49,056 76,909 79,803 130,015 91.806 330,070 54.603 Montana __ 133,170 627 741 4,732 10,374 20,048 14,624 16,8^4 31,767 A N I W C d r o e a y i w l z h o o o o r m n M ad a in e o g xico 2 8 4 6 9 5 3 3 1 0 7 , , , , , 5 7 9 8 6 3 7 5 6 2 5 9 8 7 6 1, 2 3 2 1 7 0 1 8 3 8 4 8 1, 6 2 3 1 6 4 3 9 9 7 1 2 4 1 1 , , , 9 6 4 0 1 7 6 4 3 7 7 3 3 4 3 1 4 5 6 4 , , , , 8 1 8 8 4 1 8 2 7 4 6 0 1 9 6 7 7 , , , , 6 1 7 1 0 0 4 1 7 6 4 6 1 2 9 3 5 5 , , , , 7 5 3 5 3 1 5 5 7 6 9 9 1 1 2 2 7 7 6 4 0 , , , , , 3 7 8 5 5 1 1 4 7 5 8 7 0 4 8 2 1 1 1 3 2 3 8 , , , , 9 8 8 5 8 7 3 6 3 9 1 0 1 3 2 2 5 5 3 , , , 0 2 5 1 3 6 1 1 8 Utah 136,270 190 1,559 7,015 8,661 9,581 4,363 5,659 99,242 Nevada 25,813 196 3,658 1,426 5,282 15,251 Pacific—Total-. 4,161,690 1,767 3,576 10,859 45,881 89,588 90,137 149,132 89.799 313,283 3,367,678 W Or a e s g h o i n n . gton- 3 24 8 1 2 , , 6 6 9 8 4 4 1, 2 3 4 8 4 2 1 1 , , 5 3 5 8 4 2 2 5 , , 1 5 7 8 4 3 1 9 4 , , 1 2 0 1 8 1 2 1 7 5 , , 3 7 4 5 3 4 2 1 6 7 , , 9 5 5 6 5 9 3 1 3 4 , , 1 0 9 4 5 1 21,4W ' 6 1 8 0 , , 4 1 1 2 9 4 1 17 8 1 2 , , 2 5 9 8 8 2 California 3,537,312 141 640 3,102 22,562 46,491 45,603 101,896 68,339 234,740 3,013,798 i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 793 TABLE 11.—NUMBER OF COMMERCIAL BANKS 1 CLASSIFIED ACCORDING TO AMOUNTS OF THEIR DEPOSITS AND ACCORDING TO POPULATION OF TOWNS AND CITIES, DECEMBER 31, 1935 Number of commercial banks located in places with a population (1930 census) of: Size group—total deposits Total Under 250- 500- 1,000- 2,500- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000 250 499 999 2,499 4,999 9,999 24,999 49,999 99,999 499,999 and over Under $100,000. 1,258 454 459 238 71 10 5 4 3 4 7 3 $100,000-$149,000 1,186 219 464 321 152 14 3 2 3 2 5 1 $150,000-$249,000___. 2,236 207 614 774 477 97 36 10 - 4 7 2 $250,000-$499,000 - - 3,439 102 390 955 1,266 439 143 52 25 20 37 5 $500,000-$999,000 2,840 20 72 292 934 769 412 188 40 25 64 24 $l,000.000-$l ,999,000 1,854 1 13 34 212 421 516 392 102 42 71 50 $ $ 2 5 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 - - $ $ 4 9 ,9 ,9 9 9 9 9 fO ,0 O 0 O 0. . _ 1.2 4 7 1 0 9 3 2 31 9 4 2 22 1 8 3 43 7 1 4 2 1 0 2 1 8 1 7 0 7 8 1 7 0 7 1 7 4 3 6 $10,000,000-$49,999,000 - — . - 324 1 2 15 22 54 165 65 $50,000,000 and over 109 2 38 69 Total 14,935 1,003 2,016 2,616 3,143 1,848 1,361 1,168 £28 341 573 338 i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks." TABLE 12.—TOTAL DEPOSITS OF COMMERCIAL BANKS1 CLASSIFIED ACCORDING TO AMOUNTS OF THEIR DEPOSITS AND ACCORDING TO POPULATION OF TOWNS AND CITIES, DECEMBER 31, 1935 [In thousand of dollars] Total deposits of commercial banks located in places with a population (1930 census) of: Size group—total deposits Total Under 250- 500- 1,000- 2,500- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000- 250 499 2,499 4,999 9,999 24,999 49,999 99,999 499,999 and over Under $100,000 85,233 29,219 31,849 16,663 5,298 702 178 195 437 100 $100,000-$149,000 147,465 26,719 57,487 40,214 19,321 1,771 374 275 363 221 579 141 $150,000-$249,000 439,876 39,444 116,942 152,891 97,657 19,608 7,326 1,981 858 1,379 1,450 340 $250,000-$499,000 1,226,489 33,278 129,884 330,306 456,705 165,135 57,429 20,271 10,164 8,007 13,270 2,040 $500,000-$999,000 2,016,334 13,005 47,480 196,649 634,500 556,220 310,121 142,659 31,480 18,290 48,873 17,157 $1,000,000-$1,999,000 . 2,617,120 ir- 16,036 43,340 277,803 576,169 719,731 579,511 151,946 59,458 118,908 73,122 $2,000,000-$4,999,000 - 3,810,457 6,820 4,646 76,501 242,627 630,905 11,,291,550 637,134 367,983 320,740 231,551 $ $ 1 5 0 0 ,0 0 0 0 0 (0 ,0 0 0 0 0 -$ -$ 9 4 ,9 9 9 ,9 9 9 ,0 9 0 ,0 0 00 2 6, , 7 9 1 1 1 9 , , 8 6 4 6 9 3 25,180 2 33 4 , , 7 4 4 5 2 8 79,857 4 1 8 9 3 1 , , 8 8 8 5 1 8 8 2 8 7 4 8 , , 4 99 5 0 8 6 9_ 6 2 6 5, , , 3 4 5 8 3 5 3,7 5 5 6 0 2 , , 5 1 9 7 0 6 ,5 3 0 1 6 8 , , 0 48 0 0 4 $50,000,000 and over 24,681,111 150,619 3,100,758 21,429,734 Total. 44,655,597 142,761 431,678 784,609 1,567,785 1,620,432 1,806,026 2,712,295 1,995,571 2,097,990 7,917,781 23,678,669 i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading '•commercial banks." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 FEDERAL RESERVE BULLETIN AUGUST 1937 TABLE 13*—NUMBER OF COMMERCIAL BANKS r CLASSIFIED ACCORDING TO POPULATION OF TOWNS AND CITIES, DECEMBER 31, 1935 Number of commercial banks located in places with a population (1930 census) of: Total 500,000- Under 250- 500- 1,000- 2,500- 5,000- 10,000- 25,000- £0,000- 100,000- and 250 499 999 2,499 4,999 9,999 24,999 49,999 99,999 499,999 over All commercial banks—total 14,935 1,003 2,016 2,616 3,143 1,848 1,361 1,168 528 341 573 338 BY CLASSES OF BANKS National banks 5,386 47 292 676 1,279 908 738 648 280 164 242 112 State member banks .. .- ._._.__ 998 13- 61 96 183 132 100 111 63 49 82 108 Insured nonmember banks - - --- - 7,641 730 1,439 1,662 1,563 755 488 392 178 113 222 99 Uninsured nonmember banks .. s * 910 213 224 182 118 53 35 17 7 15 27 19 BY STATES 558 1 15 84 71 87 124 63 31 62 17 71 5 15 15 13 12 6 5 New Hampshire 65 17 17 5 15 6 5 Vermont - 76 1 7 29 10 16 13 Massachusetts 203 1 11 14 34 58 25 15 28 17 Rhode Island .'_ - 23 3 1 3 4 12 120 2 12 15 18 23 22 6 22 Middle Atlantic—total 2,247 23 105 270 385 381 296 319 109 94 96 169 New York 762 5 37 116 154 127 73 93 33 19 20 85 395 2 1 25 51 . 61 73 70 35 22 55 Pennsylvania 1,090 16 67 129 180 193 150 156 41 53 21 . 84 East North Central—total 3,149 166 466 614 626 333 295 « 237 161 70 95 86 Ohio * --- - 688 14 75 122 151 69 85 71 42 7 44 8 Indiana 509 23 74 105 88 59 47 41 26 7 38 1 Illinois 881 66 150 167 167 89 76 49 38 22 5 52 Michigan - - 463 10 59 87 113 53 47 45 18 17 8 Wisconsin.. ... 60S 53 108 133 107 63 40 31 37 17 19 West North Central—total 3,600 554 730 757 701 289 180 161 41 50 109 28 Minnesota _ 685 105 136 143 127 62 S8 31 43 Iowa , 658 89 101 151 139 76 32 26 20 15 9 694 106 125 126 135 59 41 27 5 18 24 28 NMoisrstho uDriakota 203 32 59 52 33 3 12 7 5 South Dakota- 199 - 26 58 49 40 7 4 10 5 Nebraska 7 4 2 3 4 7 1 6 3 5 1 1 1 0 4 6 5 1 8 4 9 7 1 12 0 4 3 2 5 6 6 3 1 4 9 4 1 6 4 6 1 6 1 2 9 4 Kansas. . South Atlantic—total-*-.-.- 1,499 11 169 223 382 209 149 91 63 46 72 IS Delaware 45 2 6 5 13 7 1 11 Maryland... 186 15 24 32 35 30 12 10 10 18 District of Columbia. 21 21 Virginia 320 30 60 47 68 37 23 22 14 4 15 West Virginia 180 6 11 25 57 22 22 11 9 17 North Carolina 214 8 24 39 58 28 22 17 12 6 South Carolina 104 4 3 16 30 18 IS 5 3 7 Georgia 280 9 36 48 81 37 27 15 6 11 10 Florida 149, 3 5 11 40 30 24 11 9 1 15 East South Central—total— 1,179 99 188 216 265 165 79 69 22 12 34 Kentucky 432 54 81 78 86 46 34 21 14 6 12 Tennessee - 322 33 57 73 66 45 24 4 2 18 Alabama — 216 6 24 42 61 38 13 22 6 4 Mississippi . 209 6 26 53 52 36 8 22 6 West South Central—total 1,660 46 223 320 466 250 165 83 29 23 55 Arkansas 221 4 34 54 49 42 18 12 3 5 Louisiana 150 5 15 22 39 31 19 7 4 3 5 405 15 62 67 126 51 42 23 6 13 Texas 884 22 112 177 252 126 86 41 16 15 37 Moun t a i n—t ot al - 520 28 63 92 128 70 64 33 19 4 19 Montana 120 6 18 28 32 10 12 8 6 Idaho 60 1 9 16 9 14 7 4 Wyoming 59 6 5 5 25 7 7 4 Colorado 156 14 24 26 32 12 18 12 4 4 10 New Mexico.- 41 4 9 6 10 8 2 2 Arizona 15 1. 2 1 6 5 Utah _ 59 2 6 20 13 5 2 2 9 Nevada 10 1 1 1 2 3 1 1 Pacific—total . - . * 523 10 71 79 106 77 46 51 21 11 31 20 Washington 180 3 37 35 36 24 4 17 7 17 Oregon t 94 5 20 16 21 14 8 5 1 4 ——'"* California 249 2 14 28 49 39 34 29 13 11 10 20 i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 795 TABLE 14.—DEPOSITS OF COMMERCIAL BANKS1 CLASSIFIED ACCORDING TO POPULATION OF TOWNS AND CITIES, DECEMBER 31, 1935 [In thousands of dollars] Deposits of commercial banks located in places with a population (1930 census) of: Total Under 250- 500- 1,000- 2,500- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000 250 499 909 2,499 4,999 9,999 24,999 49/999 99,999 499,999 and over All commercial banks—total* 44,655,597142,761431,678|784,60»|l, 567,78511,620,432 1,806,026 !, 712,29511,995,571 097,990 r,917,78l|33,578,669 BY CLASSES OF BANKS National banks 24,801,793 12,654111,651262,8151 753,819 888,930 ,069,004 652,715 ,, 242,195 1,315,796 083,418 2,408,796 State member banks 13,648,296 3,144 16,673|, 35,734 104,759 129,648 153,209 311,940 341,314 475,725 907,525| 0,168,625 Insured nonmember banks 5,503,72P104,627 "1651446,676 661,069 558,695 547,678 710,959 397,990 294,797 779, 522 732,065 Uninsured nonmember banks 701 t 77Pi 22,336| 33,703 39,384' 48,138 43,159 30,135 36,681 14,072 11,672 147,3161 269,183 BY STATES New England—total 3922,60* 9,552 55,770 70,675] 126,759! 269,611 289,456! 178,8651 787,916 1,131,632 Maine _ __ 187,006 4,4851 11,982 20,239 24,922 38,047 52,4921 34,839, New Hampshire i 76,124 8,251 12,772 3,094 18,130 23,607 10,270 Vermont 100,170 2,365] 4,119 22,468 10,700 28,412 32,106 Massachusetts _ 1,761,533 8,227 9,352 42,557 122,148 111,041 95,955 240,558 1,131,032 Rhode Island _ _ 289,122 1,917 3,890 12,414 12,591 258,310 Connecticut.. 508,649 885 4,842] 15,695 23,884 46,769 89,725 37,801 289,048 Middle Atlantic—total— 9,068,735 7,468 41,878|l37,354 301,021 486,896 526,234 961,875 469,262 593,3911,514,636 4,025,720 New York _ 13,286,533 2,325115,81F 59,172 122,411 179,577 144,289 321, 531 177,344 168,224 506,815 ,589,030 New Jersey _ 1,594,346J 85P 244 15,377 44,446 77,265 130,207 221,566 131,537 139,947 832,901 Pennsylvania 4,187,856 4,287 28,819 62,805 134,164 230,054 251,738 418,778 160,381 285,220' 174,920 2,436,690 East North Central—total—. 8,025,736 32,389|l26,125|l93,189| 319,898 281,036 356,649 429,893 503,502 304,851 167,141 4,311,060 Ohio 1,898,012 2,385 16,02? 43,638 77,698 63,522 100,648 130,58-1 127,623 24,691 746,757 564,444 Indiana - - 674,60? 4,925 14,45? 29,803 43,232 44,378 50,038 67,075 66,209 30,9801 292,682 30,828 Illinois... _ 3,537,873 12,255 56,78P 47,640 84,770 79,935 87,440 99,807 124,799 111,947 48,225 , 784,269 Michigan l,171,077j 1,782 10,813 23,349 54,417 36,456 67,230 69,383 87,642 84,522 79,477 656,006 744,1721 11,042 28,052 48,759 59,781 56,745 61,293 63,044 97,229 52,714 275,513 Wisconsin 3,486,941 65,848|l25,887|l94,203 297,519 205,913 196,936 281,242 106,602 215,293! 188,232! 609,266 West North Central—total- 809,803! 13,876'27,192145,111 61,034 41,305 42,813' 63,904 514,568 Minnesota — 526,879 16,633 24,202 51,474 74,327 65,429 29,751 48,622 54,0771 837297 79,067, Iowa _ 1,296,163 10,808 18,432 25,091 36,982 49,901 49,255 54,012 387,119 609,266 Missouri. ... 71,665 2,200 6,40Pi 10,472 2,526 11,309 14,846 14,100 N N So e o u b r t t r h h a s D D ka a a k k o o t t a a . . . . . - 3 3 8 8 1 3 7 0 , , , 8 6 9 2 2 7 9 4 8 1 7 2 1 , , , 6 7 9 4 5 2 4 9 8 2 1 7 3 8 , , , 8 2 6 1 0 3 8 4 0 : 3 2 2 0 9, , , 2 1 6 4 6 5 0 2 3 4 4 1 8 2 4 , , , 4 4 81 1 6 1 6 9 3 1 7 4 7 , , , 8 8 0 3 2 0 8 9 4 ! 3 2 8 2 1 , , , 6 7 7 2 9 4 0 5 7 2 6 1 2 4 7 , , , 2 8 5 3 1 6 3 5 7 1 11 8 , , 7 0 6 2 0 7 1 4 37 0 , , 6 3 6 1 6 8 1 8 1 9 8 , , 1 3 0 7 7 1 Kansas 2,839,289 15,373 46,305 70,236 187,852 197,110 197,303 206,288 203,701 449,218 882,013 383,890 South Atlantic—total Delaware - 131,927 551 2,340 3,267 9,054) 29,401 425] V W N M G F D S l o i e o i o a e r s u o r g r r s t t r t i y r t i h h g d n i l c V i a a i a C C t a n i a o r a d g r r f o o i C n l l i i i n o n a a l a . u - . — mbia - 2 2 3 3 5 4 1 9 8 5 4 8 3 2 2 2 9 9 6 8 8 , , , , , , , 3 9 8 4 4 4 2 5 5 4 1 4 8 3 4 1 5 7 3 3 9 4 6 1 1 , , , , 0 4 3 3 4 7 5 0 4 8 0 4 2 1 4 1 3 7 3 7 7 2 8 3 6 2 1 , , , , , 8 4 4 7 4 0 9 4 1 5 2 7 8 7 3 2 1 0 6 6 7 1 1 1 9 2 7 9 0 5 1 , , , , , , ,8 1 7 6 5 6 3 6 3 7 3 7 0 7 6 7 8 9 3 2 4 2 4 3 2 2 1 1 9 4 2 3 3 4 1 , , , , , , ,1 3 0 7 0 8 6 1 7 2 7 2 1 7 5 1 6 1 3 4 8 ' 2 3 4 1 1 1 1 9 2 1 8 0 7 7 , , , , , , , 5 7 7 4 1 2 8 6 1 3 0 4 9 5 4 7 8 1 3 3 3 3 3 3 2 1 1 4 4 2 4 8 6 , , , , , ,4 9 8 2 2 2 2 0 3 5 8 9 7 1 0 5 2 7 2 5 2 2 5 1 1 7 1 2 2 2 2 7 , , , , , , , 2 0 8 9 1 1 8 0 4 9 3 9 7 4 9 4 1 1 6 5 2 l 2 4 2 4 3 1 1 7 3 5 8 1 3 3 , , , , , , , 3 0 8 9 3 6 5 9 0 7 1 4 2 5 2 1 5 2 4 2 5 1 1 1 3 9 6 1 4 7 2 0 2 6 0 , , , , , , 2 6 6 2 3 0 9 4 6 3 3 5 1 4 6 5 0 2 2 1 1 1 9 5 9 4 2 5 8 8 , , , , 3 3 5 8 3 5 8 5 0 4 1 9 1 , 383,890 East South Central—total 1,240,046 12,203 29,987 60,219 U6 T 625| 115,3831 85,063| 128,777 78,821 78,439 534,529 Kentucky 406,731 8,024 16,517 24,843 42,7971 34,858 36,902 30,256 44,4341 18,299| 149,801 A Te la n b n a e m ss a ee 4 2 3 4 2 4 , , 0 2 9 40 8 2, 6 8 5 8 4 9 6 3, , 1 6 8 2 4 6 1 7 5 , , 8 4 1 2 8 6 2 2 8 0 , , 3 4 5 6 4 3 ! 3 1 1 8 , , 5 8 5 8 4 9 2 1 4 2 , ,5 6 9 8 4 3 4 9 3 , , 8 02 2 4 6 5,686 ~60,"l40j 30 7 7 7 , , 2 4 5 7 4 4 156,977 636 3,660 12,132 25,011 30,082 10,984 45,671 28,801! Mississippi 2,077,538 3,954 28,925 60,157 161,732 145,688 162,912 193,204 113,766 185,781 ,021,419 West South Central—total- Arkansas _ — 3 1 7 4 4 4 , , 5 95 1 9 7 6 1 2 4 8 8 , 3 2 , , 0 8 1 7 3 3 9 7 , , 9 9 3 2 1 3 1 1 1 8 , , 7 1 7 1 8 7 ] 2 2 2 3 , , 9 4 7 1 6 5 1 1 4 7 , , 7 5 4 9 4 1 | 2 3 6 3 , , 8 22 5 2 6 2 1 1 8 , , 7 27 7 0 3 3 4 0 3 , , 5 9 7 5 8 9 1 ; 211,68: L O o k u la is h i o a m na a 1,1 3 7 8 1 6 , , 9 0 6 9 9 3 1 7 5 , , 9 0 8 5 4 5 3 1 0 1 , , 5 7 7 2 9 4 3 94 7 , , 6 2 3 0 2 5 2 7 8 1 , , 1 1 3 6 7 0 3 92 8 , , 2 3 0 7 6 1 4 8 7 5 , , 5 6 0 2 4 2 i 5 1 5 8 , , 3 3 5 7 2 1 111,244 6 1 1 9 4 5 , , 2 4 9 4 ; 7 Mou T n ex ta a i s n—total 833,018 4,167111,000 28,295 69,258 56,987 93,502| 142,246 142,185 25,771 259,604 Montana .._ 133,170 990| 3,259 20,850 7,074j 17,073 37,57' 37,756 Idaho 80,826 161 2,099 4,796 4,307 16,621 15,090 37,752' A U N W C r o e t y i a w l z o o h o r m n M ad a in e o x g i co _ 1 2 1 4 9 6 5 3 3 1 3 7 6 , , , , ,2 5 9 7 6 7 3 6 5 7 0 5 7 8 9 1,3 7 3 9 1 6 3 1 , , 2 3 0 5 0 7 3 1 3 1 9 5 2 7 3 1 , , , ,0 1 5 0 5 5 5 3 6 6 7 6 3 5 2 1 1 3 7 6 5 , , , , 1 4 4 1 8 6 9 0 5 5 0 3 3 8 1 7 8 4 6 , , , , 7 1 8 9 8 3 4 9 1 8 ; 1 8 4 6] 1 1 1 7 6 6 4 3 , , , , , 1 5 5 3 9 4 2 1 2 5 5 1 9 6 3 ; 2 1 0 1 9 , , , 2 7 9 6 9 4 4 9 5 2 4 1 2 7 0 2 3 , , , , 5 8 7 3 0 7 2 2 6 3 7 3 25,77' 17 8 2 7 , , 2 3 9: Nevada _•_ ^.. 25,813 514 532 1,036 4,716! 2,875 15,25: Pacific—total '. 4,161,6S0 1,359]16,206 31,404 58,1101 60,744] 60,66Si 99,156) 88,276) 66,375] 562,29: 3,117,101 Washington 382,684 317 5,875 11,655 16,751 18,882 2,170 28,055 19,92C 279,059 Oregon 241,694 633 5,095 5,373 9,453 13,842] It! 4101 10,883 10,12- 174,887 California 3,537,312 409 5,236 14,376 31,906 28,020 47,088 60,2ir 58,232 66,37J 108,35: 3,lit, 101 1 See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 FEDERAL RESERVE BULLETIN AUGUST 1937 TABLE 15.—LOANS AND INVESTMENTS OF COMMERCIAL BANES1 CLASSIFIED ACCORDING TO POPULATION OF TOWNS AND CITIES, DECEMBER 31, 1935 [In thousands of dollars] Loans and investments of commercial banks located in places with a population (1930 census) of: Total Under 250- 500- 1,000- 2,500- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000 250 ' 499 999 2,499 4,999 9,999 24,999 49,999 99,999 499,999 and over AH commercial banks—total35,144,018 121,056355,879649,6251,267,9901,344,2341,483,8583,239,3411,608,7991, 638,5435,931,41618,513,2SS BY CLASSES OF BANKS National banks.. . - 18,949,650 11,992 93,881228, 590 625, 786 743,883 870,2931,336,483 982,731 984,2253,660,544 9,431.237 State member banks 10,968,340 2,698 12,933 27,699 82, 545 106,970 126,340 259,008 297,627 381,6461,491,804 8,179,070 Insured nonmember banks 4,641,748 88,179224,229365,192 524,408 460,999 457, 311 609,353 337, S57 253,255 641,371 679, 594 Uninsured nonmember banks 584,281 •18,187 24,836 28,144 35,251 32,367 29,914 34,497 10,584 9,417 137,697 223,387 BY STATES New England—total * 2,359,087 2,665 9,559 55,585 66,935 118,827 249,610 253,920 160,214 656,976 781,796 Maine 171,472 4,325 11,186 19,226 22,243 3(5,325 48,856 29,308 New Hampshire _ 72,341 8,092 12,520 • 3,034 16,137 24,380 ' 8,178 Vermont.. . 101,374 2,665 4,244 23,812 10,189 28,942 31, 522 Massachusetts 1,335,283 67 7,992 7,820 38,935 111,243 93,436 88,205 202, 789 784,796 Rhodo Island.. 263,750 2,071 4,347 13, 219 12,039 232,074 Connecticut - 414,867 923 4,500 15,109 21,326 41,164 75,209 34,523 222,113 Middle Atlantic—total 15,634,158 7,702 45,084136,296 292,356 466,341 490,621 878,313 431,173 542,9901,263,38811,079,833 New York 10,562,224 2,336 15,873 59,161 119,604 171,213 134,710 297,591 161,766 154,240 444,836 9,000,854 New Jersey.- 1,339,455 871 217 15,097 41, 763 72,494 117,033 183,994 116,815 129,851 656,320 Pennsylvania - . 3,732,47E 4,495 28,994 62,038 130,985 222,634 238,878 391,728 152,592 258,899 162,203 2,079,029 East North Central—total 6,030,764 28,12C105,732165,877 264,436 230,489 236,246 351,217 391,155 234,109 849,200 3,114,177 Ohio 1,491,120 2,195 14,742 38,631 66,888 53,8S8 87,158 109,434 108,455 20,255 549,083 440,391 Indiana _ 503,912 4,316 12,617 24,461 35,893 35,206 39,177 55,193 50,736 23,718 197,139 25,456 Illinois „ 2,588,711 9,526 43,892 39,379 65,245 61,261 68,908 76,079 87,897 86,458 35,432 2,014,634 Michigan 846,807 1,518 8,770 19,195 43,323 31,365 55,993 56,390 69,772 63,300 67,54C 429,635 Wisconsin 600,214 10,571 25, 711 44,211 53,087 48,769^ 45,010 54,121 74,295 40,378 204,061 West North Central—total... 3,513,993 54,891100,343151,883 225,005 155,001 143,363 206,710 77,343 148,743 800,947 449, SC4 Minnesota 630,9ie 12,157 23,453 38,477 51,609 36,135 36,604 51,019 381,402 Iowa 406,282 13,410 19,054 40,121 54,946 50,672 22,194 34,755""42~858""63," 129 65,143— Missouri 889,355 9,427 14,113 19,284 32,676 26,734 35,721 38,867 6,245 35,841 220,583 449,864 North Dakota _ 54,670 2,102 5,311 8,358 8,132 1,779 8,992 10,038 9,958 South Dakota 64,734 2,318 6,987 7,388 11,713 3,536 6,523 13,235 13,034 Nebraska .. 220,485 6,108 14,041 15,235 32,003 11,873 13, 566 19,12t 25,884 82,646 Kansas „. . 247, 551 9,369 17,384 23,020 33,866 24,272 19,763 39,667 5,148 23,8S9 51,173 South Atlantic —total— 2,143,159 13,095 39,283 57,302 146,912 158,753 149,711 163,084 153,688 313,213 639,494 307,724 Delaware - 122,811 635 2,532 2,914 9,491 30,096 394 76,749 Maryland 449,561 4,001 8,684 15,498 21,667 28,583 16,392 23,303 23,709 307,724 207,010 Virginia 375,422 5,841 17,853 17,073 41,562 27,326 28,628 43,873 38,074 23,602 131,590 West Virginia 199,622 832 3,895 7,309 29,624 14,006 28,544 18, 559 21,666 75,187 North Carolina 255,648 837 3,993 7,016 15,866 28,887 22,225 38,660 34,092 104,072 South Carolina 76,765 291 362 1,725 6,569 6,656 10,387 9,173 6,533 35,069 Georgia _ 268,898 329 1,619 4,557 13,835 10,436 16,446 16,729 10,312 74,165 120,470 Florida 186,422 329 345 1,110 8,298 12,763 26, 695 12,787 19,302 1,118 103,675 East South Central—total 939,416 10,819 24,283 46,738 89,178 87,972 67,791 95,421 59,356 58,682 399,677 Kentucky 343,120 7,088 14,848 21,660 38,188 28,358 32,848 23,472 £6,115 16,185 124,358 Tennessee 309,87G 2,377 5,069 11,821 20,756 24,462 19,035 6,897 214,888 Alabama 173,290 492 1,824 4,533 11,468 12,355 8,829 30,861 4,574 42,497 60,431 Mississippi •. 113,127 360 2,542 8,724 18,767 22,707 7,079 34,191 18,667 West South Central—total— 1,382,891 2,804 18,692 39,940 102,605 95,361 107,974 121,899 110,068 705,955 77,593 Arkansas 94,184 94 1,593 6,066 6,104 14,120 10,097 22,159 13,608 20,343 Louisiana 255,973 584 2,167 6,025 12,049 15,631 12,181 15,568 17,212 22,074 152,482 TOekxlaashoma ~ 2 7 5 7 3 9 , , 0 6 7 5 E 9 a, 9 2 0 2 6 0 4 9, , 9 9 8 4 7 5 2 7 0 , , 7 0 6 8 1 8 2 6 3 0 , , 5 9 2 3 2 0 4 1 7 8 , , 5 10 0 5 5 2 6 4 0 , , 9 7 7 2 5 1 3 5 0 3 , , 5 6 4 2 9 3 3 1 5 1 , , 2 4 8 8 4 9 67,651 4 1 2 3 2 0 , , 6 8 5 2 0 3 545,743 3,056 7,463 18,221 45,472 37, 652 60,628 94,505 93,514 11,410 173,822 Montana 83,864 734 2,291 4,947 12,674 4,637 11,790 22,234 24,557 Idaho 56,044 102 1,354 3,201 2,960 9,340 9,952 29,135 Wyoming 34,454 599 633 1,011 9,642 3,743 8,329 10,497 Colorado- 189,313 1,042 2,107 4,558 10,565 4,484 10,972 15,212 11,990 11,410 116,973 New Mexico.__ 27,082 343 2,044 2,304 4,106 4,190 6,339 7,756 Arizona 42,608 314 .605 489 9,549 31,651 Utah 94,354 """253 1,766 6,929 6,865 4,155 977 17,560 56,849 Nevada 18,024 " 579 482 380 793 3,988 1,691 10,111 Pacific—total - 3,595,80S 1,065 13,334 23,909 46,440 45,720 48,697 78,582 71,157 49,114 441,956 2,776,834 Washington 293,517 292 4,089 8,780 12,582 13,486 1,805 20,320 14,357 217,806 Oregon 185,212 485 3,620 4,023 6,627 9,512 7,914 8,032 7,219 137,780 California 3,117,076 288 4,625 11,106 27,231 22,722 38,978 50,230 49,581""49,"ll4 86,370 2,776,834 i See notes appended to table I for sources of figures and for statement of classes of banks included under the heading "commercial banks." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 797 TABLE 16.—NUMBER OF COMMERCIAL BANKS1 CLASSIFIED ACCORDING TO RATIO OF TOTAL CAPITAL ACCOUNT2 TO TOTAL DEPOSITS, DECEMBER 31, 1935 f Number of commercial banks with the following ratios (percentages) of total capital account3 to total deposits: Total Less 20 per than 5-5.9 6-6.9 7-7.9 8-8.9 9-9.9 10-10.911-11.912-12.913-13.9 4-14.9 5-19.9 cent 5 per per per per per per per per per per per per and cent cent cent cent cent cent cent cent cent cent cent cent over All commercial banks—total 14,935 19 41 114 246 356 545 678 799 875 820 912 3,575 5,955 BY CLASSES OF BANKS National banks -. ...... 5,386 8 19 47 107 151 254 312 333 353 329 359 1,424 1,685 State member banks 993 12 18 29 44 62 67 79 91 73 247 275 Insured nonmember banks 7,641 10 16 47 106 154 226 274 357 400 364 434 1,753 3,500 Uninsured nonmember banks 910 1 5 8 15 22 21 30 42 33 36 46 151 495 BY STATES New England—total 558 1 1 1 7 16 17 29 25 42 163 256 Maine . _ 71 1 1 4 7 6 6 15 31 New Hampshire ._ 65 3 3 1 4 13 41 Vermont . _ 76 1 1 4 1 2 17 50 Massachusetts --. 203 1 1 3 6 4 • 9 11 20 77 71 Rhode Island ... * 23 1 2 1 3 16 120 1 2 6 4 7 6 9 33 47 Middle Atlantic—total 2,247 __„ 1 3 12 29 51 71 123 123 127 641 1,066 New York 762 6 9 23 27 47 49 56 248 297 NGW JGTSGV --- 395 1 2 4 16 13 30 39 30 32 99 129 Pennsvlvania 1 090 1 2 4 15 14 37 44 39 294 640 East North Central—total --- 3,149 3 14 31 46 .68 111 185 189 211 211 198 733 1,091 Ohio* 688 1 1 6 4 15 32 33 38 55 54 177 272 Indiana - 509 1 5 8 9 15 25 34 52 34 23 136 162 Illinois 881 2 6 11 13 29 41 60 54 47 43 52 196 327 463 3 10 12 17 20 32 35 43 36 27 113 115 608 1 3 4 7 9 20 36 33 31 43 37 166 218 West North Central—total—— - 3,600 8 14 36 87 126 192 220 237 251 206 246 780 1,197 685 1 1 5 14 22 40 63 65 64 53 63 145 144 658 2 6 15 37 43 57 70 48 49 45 53 130 103 694 4 3 6 12 24 35 26 54 43 35 41 134 277 N N fin o e t b r it t r t h a a s D T k ) a a ft k .l o fo t t a a -- - 4 2 1 3 0 9 7 3 9 1 3 1 2 5 1 1 2 2 2 3 3 2 2 3 5 3 2 4 7 0 2 3 7 1 2 1 7 1 0 3 9 9 3 1 3 2 1 5 5 4 1 1 1 2 6 3 1 2 5 Kansas 724 1 3 6 16 23 32 25 39 59 30 33 197 255 South Atlantic—total 1,499 3 3 11 18 33 45 44 65 63 63 80 327 744 V N W S IV o o i T e r u r s g n t t t h r h i v n V l C i C a a i n r a a . d g r . r . o i o n l l i i i n a n a a - *•„ — -- - 3 2 2 1 1 1 2 1 2 8 4 0 8 8 1 4 0 0 5 4 0 6 - 1 - 1 1 4 l i 2 1 1 1 1 4 4 5 1 1 1 3 1 2 7 4 2 8 3 3 1 6 2 6 6 6 1 1 1 1 4 9 6 6 1 3 3 • 1 1 1 9 3 6 5 3 0 1 1 8 6 4 2 6 1 6 1 2 1 1 1 3 3 6 3 0 0 0 3 8 4 4 5 4 1 2 6 4 8 4 1 6 7 1 1 3 9 8 9 3 5 8 5 5 8 0 2 4 6 8 Florida 149 1 5 6 4 6 6 13 7 9 ' 7 29 56 East South Central—total 1,179 1 4 , 20 17 35 41 47 62 60 73 289 530 T A e l n a n b e a s m se a e ... - - 3 2 2 4 0 2 1 3 9 2 6 2 1 3 1 6 9 4 8 4 5 1 1 1 2 1 1 1 1 1 6 7 3 5 1 1 8 7 7 5 2 1 1 8 6 3 5 2 1 1 1 2 5 0 3 3 1 1 9 4 2 8 1 3 4 5 0 9 4 5 1 1 1 1 8 4 7 2 3 5 2 5 West South Central^total 1,660 3 4 11 35 44 €4 52 82 76 74 72 347 796 A k 221 2 3 5 5 2 11 10 15 S 39 121 T ii<iifttift"*" 4 8 1 8 0 5 4 5 0 2 1 3 1 .3 5 1 1 1 2 3 7 2 1 1 3 5 3 1 4 7 8 2 2 6 3 1 2 3 9 7 5 2 3 9 6 1 2 2 6 9 4 2 3 1 2 0 2 1 1 3 1 6 4 0 4 5 6 8 1 8 8 9 Mountain—total 520 1 4 18 22 36 38 31 46 28 25 29 122 120 A N W M C r o e y i o w l z o o n o r m t n M a a d a i n n e o x g a i . c . o . — 1 1 6 5 4 1 2 5 0 9 1 5 0 6 1 2 1 1 3 4 6 1 1 1 3 3 2 6 2 6 1 1 3 4 3 2 3 1 1 1 6 4 3 1 2 1 9 6 3 4 3 3 1 1 9 7 V 3 2 3 5 1 3 3 2 2 2 0 4 4 4 7 4 1 4 5 3 1 4 2 2 3 1 1 1 6 6 6 6 6 2 8 3 3 1 1 2 1 7 4 0 5 2 1 Nevada - 5 1 9 0 2 1 2 1 2 2 Pacific—total 523 1 2 14 19 24 38 45 32 33 45 118 152 Wash i n ff t n ti 2 1 4 9 8 9 4 0 1 2 4 5 5 1 4 5 0 1 7 7 0 1 1 1 4 1 3 1 1 1 2 4 9 1 7 9 6 1 2 2 1 0 1 2 1 5 0 0 4 6 1 0 2 6 5 8 1 7 5 0 i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks," * Aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits and reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 TABLE 17.—TOTAL DEPOSITS OF COMMERICAL BANKS1 CLASSIFIED ACCORDING TO RATIO OF TOTAL CAPITAL ACCOUNT2 TO TOTAL DEPOSITS, to GO DECEMBER 31, 1935 [In thousands of dollars] Total deposits of commercial banks grouped by ratios (percentages) of total capital account* to total deposits: Total Less 20 than 5 5-5.9 6-6.9 " 7-7.9 8-8.9 9-9.9 * 10-10.9 11-11.9 12-12.9 13-13.9 14-14.9 15-19.9 percent percent percent percent percent percent percent percent percent percent percent percent percent and over All commercial hanks—total-44,655, 597 183,026 387, 428 2,090,442 2,154,808 2,634,181 3,888,674 4,413, 490 4,225,855 6,792,228 1,755,469 2,218,012 8,544,521 5,367, 463 BY CLASSES OF BANKS National banks 24,801, 793 158, 771 342,521 1,391,259 1,719,268 2, 299,914 2,073,320 1, 679, 649 2,939, 708 4, 765,241 880,074 1,530,884 2,898,096 2,123,088 State member banks 13,648,296 6,179 625,049 300,502 156,963 1,457,103 2,306,101 846, 461 1,606,820 515,435 333, 768 4,300,994 1,192,921 Insured nonmember banks 5, 503, 729 23, 346 33, 470 66,270 123,414 164,070 346,187 403,172 406,219 404,451 318,996 328,362 1,227,942 1, 657,830 Uninsured nonmember banks. __ 701, 779 909 5,258 7,864 11,624 13,234 12,064 24,568 33,467 • 15,716 40,964 24,998 117,489 393,624 BY STATES New England—total - __ 2,922,604 2,118 4,744 12,544 96,941 273, 712 94, 996 279, 58G 193, 773 781, 489 717,136 465,565 Maine. _ 187,006 6,581 1,924 9,746 27,719 24,155 26, 727 42,909 47,245 New Hampshire _ 76,124 9,244 6,428 1,302 3,239 27,251 28,660 Vermont ._ 100,170 1, 678 593 6,744 1,329 2,878 31,250 55,698 Massachusetts ___ . ._ 1,701, 533 4,744 12,544 82,741 179, 792 45,439 45, 440 75,831 715,532 474,173 125,297 Rhode Island 289,122 21,252 157,103. 6,108 14,162 90,497 Connecticut _. 608,649 2,118 5,941 82, 752 11, 538 42,580 91,156 27,005 127,391 118,168 Middle Atlantic—total 19, 068, 735 52,276 12,673 86,756 1,412,991 1, 723, 786 824,978 5,390, 327 708,176 443,474 5,435,016 2,978,282 New York_.__ 13,286, 533 22,200 784,858 1,307,932 584,899 4, 696,157 429,272 219,874 4,046,972 1,194,369 New Jersey: 1, 594,346 • 52,276 II, 687 62, 701 220,228 66,133 192,577 303,587 115,004 112,154 272,247 185, 752 Pennsylvania . _. 4,187,856 986 1,855 407,905 349,721 47,502 390, 583 163,900 111,446 1,115,797 1,598,161 w East North Central—totaL. 8,025, 736 4,764 290,578 1,442,976 495,095 197,888 626,987 1,016,070 1,619,846 361, 771 342,841 276,550 850,336 500,031 cj Ohio 1,898,012 3,756 11,673 12,940 3,676 217,723 451,228 305, 634 122, 633 154,892 87,535 320, 691 205,631 Indiana .. . 1 674,602 727 100, 714 19, 707 33, 500 26,597 57, 670 73, 745 73, 746 56,409 32,116 132,216 67, 455 Illinois 3,537,873 4,479 156, 904 1,202,991 72,389 105,989 309,139 131, 673 1,090,634 78,218 50,058 75,797 150,193 109, 409 Michigan _ 1,171,077 125, 111 122,875 383,349 34,211 33, 806 92, 775 78, 716 61,930 47,957 28,543 122,039 39, 765 Wisconsin 744,172 285 4,080 4,723 6,710 20,512 39, 722 282,724 71,117 25,244 33, 528 52,559 125,197 77,771 West North Central—total- 3, 486, 911 139,572 G6,597 237,359 505,908 266,147 472,487 560,063 234,587 185,071 118,855 149,700 349,282 201,313 Minnesota 809,803 977 258 2,667 13, 491 38,162 289,871 188,480 55,967 63,760 26,297 30,733 71, 847 27,293 Iowa 526,879 846 38,521 20,157 60,132 59,868 61, 573 80,695 27,885 23,343 25,457 26,555 79,885 21,962 Missouri 1,296,163 136,840 16,359 184,568 245,141 101, 773 41,094 245,839 88,785 32,636 33,225 42,412 75,293 52,198 North Dakota 71,665 755 1,996 4,702 4,711 4,542 7,767 10,607 2,936 6,776 9,955 16,918 South Dakota 83,829 2,023 3,850 14,983 13,908 4,981 3,812 10,577 11,548 18,147 Nebraska 310,978 2,969 22,069 93, 574 44,269 21,064 10,414 15, 588 9,217 13,207 18,629 33,107 26, 871 Kansas -. 387,624 909 8,490 7,143 89,551 17,373 50, 324 15,110 24,687 40, 527 13,921 14,018 67,647 37, 924 South Atlantic—total 3,839,289 2,285 3,881 102,361 276,132 231, 705 318,949 224,879 228,270 190,8G8 122,574 110,427 433,464 593,494 Delaware _ - 131,927 1,448 4,462 10,314 115,703 Maryland _ 538, 443 1,001 1,902 169,290 26,021 3,928 48,612 6,198 79,183 11,602 43,636 50,332 96,738 District of Columbia 292,354 19,210 113, 889 5,801 2,535 19,441 28, 611 10, 643 76,344 15,880 Virginia 489,845 1,155 36,934 70, 486 70,040 41,314 36,861 18,080 16,033 78, 206 120, 736 West Virginia 246,483 1,135 4,315 9,955 6,293 8,003 32,120 8,127 87,865 88,670 North Carolina - - 359,417 1,323 48,928 948 108,946 30, 740 27,470 18,176 25,228 8,738 8,912 39, 891 40,117 South Carolina 128,239 1,284 1,995 6,098 62,465 4,529 5,012 13,306 3,751 3,234 6,811 13,003 6,751 G Fl e o o r r i g d i a a — 3 2 8 6 2 9, , 6 9 3 5 0 1 563 45,433 3 1 1 1 , , 2 0 3 3 6 8 3 2 2 , ,1 8 2 0 9 1 . 8 9 1 , , 4 1 2 55 4 4 9 0 , , 2 4 5 4 1 4 1 4 0 2 7 , , 1 8 8 1 7 6 1 9 2 , , 6 4 6 92 0 1 1 7 , , 6 1 3 1 1 0 6 5 , , 2 5 1 8 8 5 4 32 5 , , 4 1 0 0 7 2 8 23 5 , t 8 0 8 1 2 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

East South Central—total. -_ lf 240,046 995 3,661 119, 403 51,582 93,497 140,975 87,133 67,786 117,336 65,371 250,640 241,661 Kentucky. _ 406, 731 995 3,149 63,823 4,192 29,607 45,605 15, 64G 38,558 16,327 31,065. 67,192 90,572 Tennessee 432,098 43,729 44,253 46, 737 53,906 28, 690 6,965 57,048 15,373 101, 358 34,039 Alabama.. „_. _ 244,240 446 3,200 26,226 32,29&~ 7,253 27,306 8,316 42,420 96, 775 Mississippi.. 156,977 515 11,405 3,137 13,953 15,238 10,502 15,010 16,655 10,617 39, 670 20,275 West South Central—total-. 2,077,538 33,221 4,537 56,433 247,861 191,878 247,962 119,5S0 172, 035 221,802 54,268 182,397 274,304 267, 760 Arkansas,. _ 144 959 1,769 2,694 32,034 13,161 1,390 20,938 5,826 13, 647 4,880 16,831 31, 789 Louisiana..., 374, 517 22t 127 111,320 1,561 77,919 21,240 10,571 41,548 8,796 19,524 25,295 34,616 Oklahoma 386,093 15, 271 866 10,023 ' 10,030 65, 927 57,426 22,627 14,745 13,259 9,712 59,984 94,505 11,718 Texas 1, 171,969 17,950 3,671 23,014 123,817 95,356 99,456 74,323 125, 781 161,169 22,113 98,009 137,673 189,637 Mountain—total 833,018 2,189 10,687 50,474 90,285 159,267 81,981 152.534 100, 936 54,728 14,873 31,455 52,267 31,342 Montana . 133,170 1,259 7,155 33,297 19,686 27,646 7,955 11,802 - - 2,156 4,762 11,305 6,147 Idaho 80,826 2,542 6,012 8,366 6,361 17,280 25,744 4.778 1,820 302 6,121 1,500 Wyoming 57,679 325 8,684 10,358 5,070" 9,352 3,713 3,041 3,419 8,312 5,405 Colorado . 291,535 2,189 11,500 58,541 74,929 10,365 34,954 46,468 11,002 2,229 20,026 14,083 5,249 New Mexico 43,967 5,833 12,574 3,283 2,577 2,921 1,743 10,094 1,210 991, 1,728 1,013 Arizona 63,758 2,312 678 4,256 31,745 4,223 2,205 5.178 11.145 1,843 173 Utah. . . 136,270 25,099 52,857 17,111 15,016 4,581 1,955 7,796 11,855 Nevada 25,813 18,126 2,407 2,315 840 1,046 1,079 Pacific—total 4,161,690 9,030 144,399 402,707 1,433,414 536,879 201,891 863,071 40,289 82,770 177,149 182,076 88, 0t5 Washington 382,684 27,162 205,683 6,119 22,233 6,856 11,177 10, 578 16,919 54,238 21,719 Oregon 241 694 119, 538 72,884 6,498 9,019 10,403 5,215 1,588 6,591 3,804 6,154 California 3, 537,312 9,030 144,399 256,007 lt 154,847 524,262 170,639 845,812 23,897 70,604 153, 639 124,034 60,142 * See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks." 2 Aggregate book value of capital stock, capital notes andjiebentures, surplus, undivided profits and reserves. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 FEDERAL RESERVE BULLETIN AUGUST 1937 TABLE 18.—NUMBER AND TOTAL DEPOSITS OF COMMERCIAL BANKS1 NOT ON THE FEDERAL RESERVE PAR LIST, DECEMBER 31, 1935 Number of commercial banks Deposits of commercial banks not on not on par list par list (in thousands of dollars) State* Insured Uninsured Insured Uninsured Total nonmember nonmember Total nonmember nonmember banks banks banks banks United States—total 2,553 2,320 233 7S8,775 742,671 46,104 East North Central—total- 1SS 183 5 61,484 60,593 891 Indiana 5 4 1- 1,063 901 162 Illinois 19 19 4,219 4,219 Wisconsin. 164 160 4 56,202 55,473 729 West North Central—total. 956 845 111 217,245 195,103 22,143 Minnesota 392 361 31 102,874 98,325 4,549 Iowa 108 86 22 37,010 27,463 9,547 Missouri 65 60 5 17,403 16,812 591 North Dakota.. 133 123 10 17,416 16,090 1,326 South Dakota.., 100 100 13,454 13,454 Nebraska 157 114 43 28,995 22,865 ' 6,130 Kansas 1 1 93 93 South Atlantic:—total- 539 499 40 228, 686 218,597 10,089 Virginia 48 47 1 17,949 17,896 53 West Virginia— 6 6 1,590 1,590 North Carolina- 144 144 98.096 98,096 South Carolina- 75 60 15 28,345 23,421 4,924 Georgia 188 165 23 48,982 45,314 3,668 Florida 78 77 1 33,724 32,280 1,444 East South Central—total- 488 455 33 164,630 158, 429 6,201 Kentucky... 12 6 6 1,255 743 512 Tennessee- 178 171 7 38,575 38,090 485 Alabama 124 114 10 29,429 27,546 1,883 Mississippi - 174 164 10 95,371 92,050 3,321 West South Central—total. 326 287 39 104,20$ 98,451 5,757 Arkansas.., 99 92 7 21,470 20,568 902 Louisiana... 104 102 2 61,193 60,785 408 Oklahoma- 12 12 1,570 1,570 Texas L_. 111 81 30 19,975 15,528 4,447 Mountai: otul. 23 20 3 6,214 5,983 231 Montana.. 17 16 1 5,768 5,642 126 Wyoming.. 3 3 249 249 Colorado 3 1 2 197 92 105 Pacific—total- 33 31 2 6,308 5,516 792 Washington.. 29 28 1 6,486 4,754 732 Oregon 4 3 1 822 762 60 i See notes ap r „ 1' commercial banks.'' > Only the States having non-par banks on Dec. 31,1935 are listed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 801 TABLE 19.—NUMBER OF COMMERCIAL BANKS1 NOT ON THE FEDERAL RESERVE PAR LIST ON DECEMBER 31, 1935, CLASSIFIED ACCORDING TO POPULATION OF TOWNS AND CITIES Number of commercial banks not on Par List located in places with a population (1930 census) of State* Total Under . 250- 500- 1,000- 2,500- 5,000- 10,000- 25,000- 50,000- 100,000 250 499 999 2,499 4,999 9,999 24,999 49,999 99,999 and over United States—total 2,553 361 637 656 569 211 76 30 4 4 5 East North Central—total - - - 188 59 59 33 T 1 2 Indiana 5 2 2 1 Illinois 19 5 6 4 2 1 1 Wisconsin 164 25 51 53 30 3 2 West North Central—total 956 222 302 242 143 35 12 1 392 100 119 91 56 18 8 Iowa 108 19 22 35 25 7 IVIissouri 65 11 18 13 15 5 3 North Dakota 133 31 47 36 18 1 South T)a/kotR 100 19 39 31 10 1 157 41 57 36 18 5 Kansas 1 1 South Atlantic—total 539 34 86 116 174 73 36 11 2 4 3 48 10 18 g 5 5 1 Wft<?t Vireinia 6 1 2 2 1 Nortli Carolina 144 8 24 37 51 13 8 3 Sontli Carolina 75 4 3 14 27 14 8 3 2 188 9 35 44 58 21 13 3 1 2 2 Florida 78 3 5 10 31 19 6 2 1 1 East South Central—total -~ 488 48 97 134 118 62 15 11 2 1 12 g 3 1 jvemuc y. _. _- 178 29 49 48 35 14 3 A1 at) am a 124 5 20 34 38 18 5 3 1 MississiDDi 174 6 25 52 44 30 7 8 2 West South Central—total,...- 326 22 70 93 87 36 12 5 1 99 3 26 28 26 14 2 104 4 13 22 35 17 10 3 Dlrlfthnma 12 1 2 5 4 Texas 111 14 29 38 22 5 2 1 Mountain—total - - 23 4 7 3 9 IVTontana 17 1 4 3 g 3 1 2 Colors do 3 2 1 Pacific—total - 33 1 16 9 6 1 29 1 13 9 5 1 4 3 1 1 See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks." 2 Only the States having non-par banks on Dec. 31,1935, are listed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

802 FEDERAL BESERVE BULLETIN AUGUST 1937 TABLE 20.—NUMBER OF COMMERCIAL BANKS1 NOT ON THE FEDERAL RESERVE PAR LIST ON DECEMBER 31, 1935, CLASSIFIED ACCORDING TO AMOUNT OF DEPOSITS Number of commercial banks not on Par .List with the following amounts of deposits: States Total Under $100,000- $150,000-$250,000-$500,000-$1,000,000- $2,000,000-$5,000,000- $10,000,000 $100,000 $149,000 $249,000 $499,000 $999,000 $1,999,000 $4, 999,000 $9,999,000 and over United States—total 2,553 566 423 603 600 270 74 13 3 3 East North Central—total - --- 188 19 33 50 50 32 5 Indiana _ 5 2 1 2 Illinois 19 4 7 3 3 2 Wisconsin 164 15 23 46 45 30 • 5 West North Central—total 956 226 193 249 212 66 9 1 Minnesota 392 64 66 107 115 36 4 Iowa ~- 108 5 9 30 45 16 3 Missouri 65 17 18 11 10 6 2 1 North Dakota 133 63 31 25 14 South Dakota 100 33 31 32 4 Nebraska 157 43 38 44 24 8 Kansas . 1 1 South Atlantic—total - 539 97 70 120 140 71 34 4 1 2 Virginia 48 9 3 11 12 10 3 West Virginia....... .. 6 3 3 North Carolina 144 14 10 38 42 21 15 %1 1 2 South Carolina... __ 75 11 9 14 24 12 5 Georgia _ 188 54 33 39 39 16 6 1 Florida _._ 78 9 15 15 20 12 5 2 East South Central—total . 488 115 79 99 115 55 16 7 2 Kentucky.. 12 7 3 2 Tennessee 178 60 32 38 31 13 4 Alabama _ 124 22 26 31 35 9 1 Mississippi 174 26 18 28 49 33 11 7 2 West South Central—total 326 89 43 71 71 40 10 1 1 Arkansas 99 37 11 22 19 8 2 L O o k u la is h i o a m na a 10 1 4 2 1 4 0 4 5 1 3 9 33 1 27 8 1 1 Texas 111 38 23 27 18 5 Mountain—total...- 23 7 2 5 5 4 W M y o o n m ta i n n a g . . _ . . 1 3 7 2 2 1 1 5 5 4 Colorado __ 3 3 Pacific—total 33 13 3 8 7 2 W Or a eg sh o i n ngton. 29 4 12 1 3 7 1 5 2 2 ;SXK?^^^^^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 803 TABLE 21.—TOTAL DEPOSITS OF COMMERCIAL BANKS1 NOT ON THE FEDERAL RESERVE PAR LIST ON DECEMBER 31,1935, CLASSIFIED ACCORDING TO AMOUNT OF DEPOSITS [In thousands of dollars] Total deposits of commercial banks not on Par List with the following amounts of deposits: State* Total Under $100,000-$150,000-$250,000-$500,000-$1,000,000-$2,000,000-$5,000,000-$10,000,000 $100,000 $149,000 $249,000 $499,000 $999,000 $1, 999,000 $4, 999,000 $9,999,000 and over United States—total 788,775 37,298 52,145 116,852 206,218 183,832 96,094 34, 429 18,575 43,332 East North Central—total 61,484 1,460 4,010 9,844 17,481 22,456 6,233 Indiana - -- 1,063 283 162 618 Illinois 4,219 342 833 566 1,264 1,214 56,202 1,118 2,894 9,116 15,599 21,242 6,233 West North Central—total ~ 217,345 15,293 23,690 48,174 72,083 43,923 11,606 2,476 Minnesota - - -- -.-- 102,874 4,759 8,105 20,580 39,394 24,726 5,310 Iowa 37,010 366 1,117 6,069 15,771 9,704 3,983 Missouri 17,403 1,095 2,273 2,201 3,057 3,988 2,313 2,476 North Dakota 17,416 3,843 3,666 4,780 5,127 Smith Tiakota 13,454 2,349 3,847 6,089 1,169 Nfihrfl^lvfi 28,995 2,788 4,682 8,455 7,565 5,505 Kansas 93 93 228,686 5,982 8,700 23,407 47,267 49,375 45,231 10,692 5,525 32,507 17,949 588 377 2,226 3,901 7,223 3,634 W*i<5t Virginia 1 590 713 877 North Carolina -- * 98,096 1,059 1,185 7,090 13,651 14,043 20,418 2,618 5,525 32, 507 Smith Carolina 28,345 580 1,118 2,703 8,200 8,573 7,171 48,982 3,043 4,260 7,683 13,463 11,015 7,508 2,010 Florida 33,724 712 1,760 2,092 7,175 8,521 6,500 6,064 East South Central—total-— 164,630 7,410 9,817 19,222 40,206 36,846 19,037 19,042 13,050 1,255 488 384 383 38, 575 3,648 3,940 7,057 10, 514 8,433 4,983 29,429 1,495 3,295 6,230 12,045 5,332 1,032 Mississippi -- 95,371 1,779 2,198 5,552 17,647 23,081 13,022 19,042 13,050 West South Central—total 104,208 5,765 5,311 13,581 25,223 27,297 13,987 2,219 10,825 * 21,470 2,355 1,362 4,133 6,346 4,737 2,537 Louisiana - - 61,193 657 601 3,891 12,456 19,094 11,450 2,219 10,825 Oklahoma 1,570 243 461 593 273 Texas __ —- 19,975 2,510 2,887 4,964 6,148 3,466 6,211 453 235 1,130 1,751 2,645 Montana. - 5,768 116 126 1,130 1,751 2,645 249 140 109 Colorado - 197 197 Pacific—total 6,308 935 382 1,494 2,207 1,290 Washington 5,486 875 382 1,322 1,617 1,290 Oregon _' —- 822 60 172 590 i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading ''commercial banks." a Only the states having non-par banks on Dec. 31,1935, are listed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 FEDERAL RESERVE BULLETIN AUGUST 1937 TABLE 22.—NUMBER AND TOTAL CAPITAL STOCK OF NONMEMBER COMMERCIAL BANKS1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINIMUM STATUTORY REQUIREMENTS FOR ADMISSION TO FEDERAL RESERVE MEMBER- SHIP, AND AMOUNTS BY WHICH SUCH REQUIREMENTS EXCEED CAPITAL STOCK AS OF DECEMBER 31, 1935 [Amounts are in thousands of dollars] Nonmember commercial banks with capital stock less than the applicable minimum statutory requirements for Federal Reserve membership Banks operating no branches Banks operating branches out- Total outside head office city estab- side head office city established after Feb. 25, 1927 lished after Feb. 25,1927* State Excess of Excess of Excess of Federal Federal Federal Reserve Reserve Reserve Number C s a to p c i k t * al m sh q e i u m p i r b r e e e - r - - Number C s a to p c i k ta * l m sh q e i u m p i r b r e e e - r - - Number C s a to p c i k ta * l m s e h q m i u p i b r r e e e - r - ments ments ments over cap- over cap- over capital stock ital stock ital stock United States—total 3,816 87,936 180,434 3,506 63,420 53,930 310 25,506 126,494 New England—total 31 3,623 3,877 20 1,843 1,457 11 1,780 2,430 Maine - _ 6 875 1,125 6 875 1,125 New Hamnshire 3 125 375 3 125 375 Vermont 1 180 20 1 180 20 Massachusetts 6 975 825 4 500 300 2 475 525 Rhode Island , _ 4 495 905 2 246 155 2 250 750 Connecticut 11 973 627 11 973 627 Middle Atlantic—total— 33 3,143 3,357 32 3,143 2,257 New York 2 275 125 2 275 125 New Jersey 8 850 750 8 850 750 Pennsylvania 22 2,018 1,382 22 2,018 1,382 East North Central—total 383 18,339 48,371 287 10,839 7,771 96 7,500 40,500 Ohio . 54 3,143 3,657 48 2,418 1,382 6 725 2,275 Indiana - - 64 3,999 11,301 43 2,346 2,454 21 1,653 8,847 Illinois - 75 2,342 1,583 75 2,342 1,583 Michigan - - 61 2,750 5,150 50 1,673 727 11 1,077 4,423 Wisconsin 129 6,095 26,580 71 2,050 1,625 58 4,045 24,955 West North Central—total 1,394 38,438 63,772 1,199 33,813 2X,387 95 4,615 43,385 Minnesota 264 5,356 4,844 264 5,356 4,844 Iowa . 211 7,116 43,909 118 2,546 1,979 93 4,570 41,930 Missouri...' - 284 5,728 5,897 284 5,728 5,897 North Dakota 53 974 826 52 949 601 1 25 225 South Dakota — - 46 918 582 45 898 352 1 20 230 Nebraska ..- 115 2,100 2,100 115 2,100 2,100 Kansas -. ._ 321 6,236 5,614 321 6,236 5,614 South Atlantic—total 357 13,383 36,267 208 7,358 6,942 49 6,025 19,325 Delaware 4 363 437 4 363 437 Maryland ~- 15 638 1,237 13 503 372 2 135 865 District of Columbia— - 5 500 500 5 500 500 Virginia. -.- 52 2,977 8,298 34 ' 1,263 1,012 18 1,714 7,286 West Virginia 10 820 930 9 770 480 1 50 450 North Carolina 46 4,378 10,347 20 532 343 26 3,846 10,004 South Carolina 33 1,125 1,925 31 845 1,205 2 280 720 Georgia 66 1,704 1,796 66 1,704 1,796 Florida 26 878 797 26 878 797 East South Central—total- 345 8,434 18,341 314 5,989 5,286 31 2,445 13,055 Kentucky 137 3,028 5,672 129 2,521 2,179 8 507 3,493 Tennessee *. , . 111 2,534 5,341 102 1, 734 1,641 9 800 3,700 Alabama.. 30 661 739 30 661 739 Mississippi . . 67 2,211 6,589 53 1,073 727 14 1,138 5,862 West South Central—total 317 7,333 10,992 302 5,752 5,073 15 1,581 5,919 Arkansas . 63 1,278 3,122 58 1,009 891 5 269 2,231 Louisiana.. --- 22 1,580 3,845 12 268 157 10 1,312 3,688 Oklahoma.— 138 2,356 2,544 138 2,356 2,544 Texas 94 2,119 1,481 94 2,119 1,481 Mountain—total _ 76 3,008 3,442 69 1,473 1,527 7 535 915 Montana 6 170 105 6 170 105 Idaho. 11 230 145 11 230 145. Wyoming 10 105 145 10 105 145 Colorado 36 773 927 36 773 927 New Mexico 7 275 425 3 90 110 4 185 315 Arizona 2 200 250 2 200 250 Utah 4 255 445 3 105 95 1 150 350 Nevada Pacific—total _ 81 3,345 4,205 75 2,220 2,230 6 1,025 1,975 Washington 46 1,147 1,428 45 947 1,128 1 200 300 Oregon 20 526 699 19 416 309 1 110 390 California 15 1,572 2,078 11 857 793 4 715 1,285^ •2^882^ 85*2?*iDCluded under the heading "c -Section 5155, U. 8. B. S. defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place usiness at which deposits are received, or checks paid, or money lent". The term "branch" is used in that sense in this compilation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AtJGUST 1937 FEDERAL RESERVE BULLETIN 805 TABLE 23.—NUMBER OF NONMEMBER COMMERCIAL BANKS1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINI- MUM STATUTORY REQUIREMENTS FOR FEDERAL RESERVE MEMBERSHIP CLASSIFIED ACCORDING TO AMOUNT OF CAPITAL STOCK, DECEMBER 31, 1935 Number of banks (with capital stock less than the applicable minimum statutory requirements for Federal Reserve membership) with the following amounts of capital stock: State. Total L $ e 1 s 5 s , 0 th 00 an $ $ 1 2 5 4 , , 0 9 0 0 0 0 - $25,000 $ $ 2 4 5 9 , , 1 9 0 0 0 0 - $50,000 $ $ 5 9 0 9 , , 1 9 0 0 0 0 - $100,000 $ 5 1 1 0 9 0 9 , ,9 1 0 0 0 0- $ n 2 d 0 0 o ,0 v 0 e 0 r United States—total 2,816 721 1,197 189 169 204 140 85 85 26 New England—total 31 1 2 5 2 9 8 4 Maine - . 6 1 2 3 New Hampshire - . 3 1 2 Vermont - 1 1 Massachusetts - 6 1 2 2 1 Rhode Island 4 1 3 Connecticut 11 2 2 1 4 2 Middle Atlantic—total 32 1 1 6 4 7 13 NPW York 2 1 1 New Jersey 8 1 5 2 Pennsylvania 22 1 1 5 4 1 10 East North Central—total 383 25 116 49 51 35 59 17 25 6 Ohio 54 17 13 6 10 3 4 1 Indiana • --- 64 7 15 12 7 9 4 8 2 Illinois * 75 13 40 4 1 7 4 3 3 61 30 5 7 2 10 3 3 1 129 12 39 8 18 13 26 4 7 2 West North Centra —total 1,294 459 567 77 54 78 25 25 6 3 264 106 108 14 13 13 7 3 211 30 71 43 16 30 8 6 4 3 284 133 115 4 9 7 4 10 2 Nnrth "Dakota 53 3 44 2 4 Smith "Dftltotd 46 4 39 1 1 1 115 35 66 4 2 8 321 148 124 9 9 19 6 6 South Atlantic—total 257 23 98 16 25 34 22 17 13 9 T) 1 4 1 1 2 15 1 4 2 1 2 5 "District of Columbia 5 1 3 1 Virginia -— 52 10 10 3 3 6 10 3 5 2 Woof Virginia 10 2 1 2 2 3 North Carolina 46 2 15 2 7 5 3 5 1 6 Smith Carolina 33 10 8 2 7 3 2 1 66 45 4 5 9 2 1 TFlnHrta 26 16 1 6 3 East South Central—total 345 75 202 13 19 11 11 4 9 1 TTfintnckv • 137 112 9 5 5 2 2 • 2 T A e la n b n a e m ss a ee -- 1 3 6 1 0 7 1 5 1 7 0 8 4 2 1 6 9 5 1 8 3 4 i 1 • 4 5 i 1 3 4 1 West South Central—total 317 92 162 22 9 13 12 2 4 1 A k 63 28 24 3 2 3 1 1 1 Louisiana 22 3 7 1 2, 4 1 3 1 138 49 70 10 2 5 2 Texas 94 12 61 9 4 3 5 Mountain—total - 76 27 21 8 7 7 2 2 2 Montana 6 3 2 1 Idaho 11 2 7 1 1 Wyoming 10 9 1 Colorado 36 16 10 3 1 4 2 A N U r e t i a w z h o M na exico 4 • 2 7 4 1 2 1 1 2 1 1 Nevada - Pacific—total 81 19 31 2 2 15 3 2 5 2 Washington 4 2 6 0 1 4 5 1 1 2 9 2 1 8 2 1 1 California 15 1 5 2 * 1 i See notes ancended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks." »Including capital notes and debentures sold to Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 FEDERAL RESERVE BULLETIN AUGUST 1937 TABLE 24.—NUMBER OF. NONMEMBER COMMERCIAL BANKS1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINI- MUM STATUTORY REQUIREMENTS FOR FEDERAL RESERVE MEMBERSHIP CLASSIFIED ACCORDING TO AMOUNT OF DEPOSITS, DECEMBER 31, 1935 Number of banks (with capital stock less than the applicable minimum statutory requirements for Federal Reserve membership) with the following amounts of deposits: State Total Under $100.000- $150,000- $250,000- $500,000- $1,000,000- $2,000,000 $100,000 $149,000 $249,000 $499,000 $999,000 $1,999,000 and over United States—total .-. 2,816 842 501 521 473 277 159 43 New England—total 31 1 3 2 4 11 10 Maine .. - . - 6 1 1 2 2 New Hampshire 3 1 1 1 Vermont.. 1 1 Massachusetts 6 1 5 Rhode Island 4 4 Connecticut - .- 11 1 2 3 3 2 Middle Atlantic—total 32 1 1 2 6 10 10 2 New York 2 1 1 New Jersey. 8 2 3 3 Pennsylvania -.- 22 1 2 4 6 7 2 East North Central—total- 383 60 53 75 ' 82 68 35 10 Ohio 54 S 3 12 10 11 7 3 Indiana - -- 64 3 4 11 18 12 12 4 Illinois. . 75 24 19 13 9 5 3 2 Michigan 61 7 6 13 19 8 7 1 Wisconsin _ 129 18 21 26 26 32 Q West North Central—total—. 1,294 398 257 279 223 87 43 7 Minnesota _ 264 63 57 66 54 19 Iowa 211 15 21 57 66 27 20 5 Missouri 284 113 59 49 39 16 6 2 North Dakota 53 29 13 7 3 1 South Dakota 46 21 It 12 2 Nebraska _ 115 39 28 27 15 4 2 Kansas 321 118 68 61 46 18 10 South Atlantic—total 257 62 22 40 52 47 25 9 Delaware 4 3 1 Maryland,. 15 1 2 2 3 6 \ i District of Columbia 5 1 1 1 2 V W i e rg st i n V ia irginia 5 1 2 0 8 6 9 1 1 3 2 1 3 4 2 3 1 North Carolina •__ w. 46 3 2 8 11 9 7 6 South Carolina _ 33 6 3 6 10 3 5 G Fl e o o r r i g d i a a _ _ 6 2 6 6 3 5 6 4 4 6 g 1 2 0 4 7 2 4 East South Central—total 345 146 77 49 38 23 11 1 Kentucky 137 50 32 24 18 10 3 Tennessee 111 60 26 10 6 5 4 Alabama .: __ 30 13 7 5 3 2 Mississippi 67 23 12 10 11 6 4 1 West South Central—total— 317 133 67 49 41 22 5 A L O o k rk u la a is h n i o s a a m n s a a _ _ _ 6 2 3 2 3 5 7 9 3 2 8 4 6 4 4 2 1 Texas 94 48 3 1 6 9 3 8 1 1 1 8 3 8 6 2 Mountain—total- - _. 76 23 10 12 16 7 6 2 Montana _ 6 2 2 1 1 A N I W C d o r e a y i w l z h o o o o r m M n a a d in e o g x ico.,. _ _ _ 3 1 1 7 2 6 1 0 1 4 8 1 4 2 2 6 2 1 3 3 4 3 2 2 2 3 1 2 Utah _ 4 1 2 1 Nevada _ ___ Pacific—total 81 18 14 12 13 9 13 2 W Or a e s g h o i n ngton 4 2 1 6 0 5 1 3 5 ~ 7 7 8 3 1 5 5 3 6 3 4 2 7 1 1 snt of classes of banks included under the heading "commercial banks." Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 807 TABLE 25.—TOTAL DEPOSITS OF NONMEMBER COMMERCIAL BANKS1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINIMUM STATUTORY REQUIREMENTS FOR FEDERAL RESERVE MEMBERSHIP CLASSIFIED ACCORDING TO AMOUNT OP DEPOSITS, DECEMBER 31, 1935 fin thousands of dollarsj Total deposits of banks (with capital stock less than the applicable minimum statutory requirements for Federal Reserve membership) with the following amounts of deposits: State Total Under $100,000- $150,000- $250,000- $500,000- 1,000,000- ,000,000- $100,000 $149,000 $249,000 $499,000 $999,000 1, 999,000 ind over United States—total - 954,001 51,500 61,359 99,771 163,993 194,300 1, 403 New England—total - 61,340 89 585 890 2,673 13,594 Maine. 14,800 241 615 2,816 11,128 New Hampshire- 1,553 165 1,299 Vermont 2,097 2,097 Massachusetts.... 22,9G7 1,109 21,858 Rhode Island 4,378 4,378 Connecticut 15,545 179 890 2,058 3,992 8,426 Middle AtJantic—total- 29,730 74 340 2,423 6,829 13,247 6,693 New York 914 74 840 New Jersey 6,176 656 1,992 3,528 Pennsylvania- 22,640 124 340 1,767 3,997 9,719 East North Central—total - 175,739 4,263 6,452 14,924 29,101 47,196 46,979 26,824 Ohio 34,367 367 2,454 3,531 8,134 9,237 9,945 Indiana 43,170 198 463 2,260 6,772 8,143 16,540 8,794 Illinois 22,312 1,516 2,267 2,490 3.488 3,836 5,026 Michigan.. 27,786 488 754 2,475 6,107 5,694 9,200 3,059 Wisconsin- 48,104 1,362 2,601 5,245 9,203 21,536 8,157 st North Central—total- 328,563 26,236 31,378 53,234 76,345 63,778 55,387 22,205 Minnesota 62,435 4,679 6,967 12,486 17,941 14,323 6,039 I M o i w s a souri •___. 10 6 0 2 , , 1 5 8 5 9 9 1 6 , , 1 9 2 5 6 9 2 7 , , 5 1 3 6 4 4 1 9 1 , , 5 16 6 9 6 2 1 3 2 , , 3 9 0 6 0 3 1 1 9 1 , , 9 8 1 0 9 2 25 8 , , 7 3 2 2 1 0 1 5 6 , .7 4 9 1 0 5 North Dakota. _ 6,430 1,609 1,568 1,342 1,156 755 South Dakota!-. 6,203 1,449 1,321 2,223 1,210 Nebraska 21,705 2,491 3,474 5,105 2,948 2,848 Kansas. 69,042 7,923 8,350 11,343 16,146 12,821 12,459 South Atlantic—total. 154,976 3,490 2,658 7,642 18,262 31,951 35,876 55,094 Delaware 279 163 116 Maryland. 6,800 96 237 376 1,134 1,148 District of Columbia- 7,732 322 867 1,473 5,070 Virginia _- 22,622 562 747 1,646 4,081 9,987 2,374 3,225 West Virginia -. 7,248 245 1,106 1,744 4,153 North Carolina 68,771 152 258 1,484 3,782 5,868 10,428 46,799 South Carolina -- 16,158 285 352 1,138 3,733 2,720 7,930 Georgia. 15,493 1,822 504 1,596 3,401 2,896 5,274 Florida 9,873 410 444 1,157 703 4,063 3,096 East South Central—total. 74,644 9,543 9,348 9,175 12,871 16,526 14,276 2,905 Kentucky... 29,420 3,439 3,923 4,508 6,299 7,330 3,921 Tennessee— 19,889 3,659 3,060 1,808 1,889 4,113 5,360 Alabama.... 4,772 865 904 970 961 1,072 Mississippi- 20,563 1,580 1,461 1.! 3,722 4,011 4,995 2,905 West South Central—total - 63,095 8,157 8,236 9,332 14,305 15,810 7,255 Arkansas... 10,276 2,249 1,136 1,566 1,498 2,644 1,183 Louisiana.. 9,530 353 353 372 2,370 2,878 3,204 Oklahoma. , 27,224 2,615 4,426 5,877 5,718 5,720 2,868 Texas 16,065 2,940 2,321 1,517 4,719 4,568 Mountain—total 28,542 1,365 1,277 2,405 5,673 4,241 8,006 5,575 ^Montana 1,579 261 48: 288 543 Idaho.. 3,901 46 276 335 82! 1,077 1,346 W N Co e y w l o o m r M a i d n e o g xico- 9 3 1 , , , 7 7 9 8 6 0 2 9 8 1,0 2 4 7 2 7 2 4 4 9 : 3 1,2 1 0 5 1 4 1 1 1 , , , 0 2 4 9 6 6 0 7 7 1 1 , , 1 45 6 6 5 4 1 , , 3 2 2 7 3 7 Arizona 5,575 5,575 Utah.. 2,028 228 74C l,06C Nevada Pacific—total-- 37,372 1,283 1,786 2,13; 4,123 5,193 16,781 6,070 Washington- 15,618 1,039 906 1,455 1,647 3,47 ,68 2,410 Oregon 5,258 244 880 499 1,433 2,20 California 16,496 180 1,045 9,896 *3,"660 i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks." * Including capital notes and debentures sold to Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 FEDEEAL EESERVE BULLETIN AUGUST 1937 TABLE 26.—NUMBER OF NONMEMBER COMMERCIAL BANKS1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINI- MUM STATUTORY REQUIREMENTS FOR FEDERAL RESERVE MEMBERSHIP CLASSIFIED ACCORDING TO POPULATION OF TOWNS AND CITIES, DECEMBER 31, 1935 Number of banks (with capital stock less than the applicable minimum statutory requirements for Federal Reserve membership) located in places with a population (1930 census) of: State Total 500,000 Under 250- 500- 1,000- 2,500- 3,000- 5,000- 6,000- 10,000-25,000-50,000-100,000- and 250 499 999 2,499 2,999 4,999 5,999 9,999 24,999 49,999 99,999 499,999 over United States—total 2,816 636 746 508 217 20 154 39 136 117 33 56 128 26 New En glands—total ...... 31 _ _ 3 2 3 T 1 3 11 1 Maine 6 1 2 1 r 1 1 New HamDshire 3 2 Vermont 1 1 Massachusetts* 6 1 1 3 1 Rhode Island-— 4 1 2 Connecticut 11 2 1 2 6 Middle Atlantic total 32 6 3 1 3 6 13 New York 2 2 New Jersev 8 2 6 Pennsylvania - -- 22 6 3 1 1 11 East North Central—total 383 57 80 55 43 4 30 11 24 27 14 11 19 8 Ohio . . „_- 54 2 9 11 10 i 2 7 5 2 1 3 1 Indiana 64 5 3 . 5 7 9 5 3 8 2 2 15 Illinois -„ „ 75 27 21' 4 1 3 1 8 3 1 3 1 2 Michigan . 61 1 13 11 9 3 9 1 5 7 J Wisconsin 129 22 34 24 16 9 2 1 4 8 5 4 West North Central—total 1,294 422 349 230 75 9 50 9 37 35 9 20 49 Minnesota 264 89 76 42 12 2 7 9 9 18 Iowa - 211 53 39 31 28 3 22 3 8 7 8 4 5 Missouri 284 89 - 76 59 17 2 11 7 2 1 10 10 North Dakota. 53 13 • 19 16 3 1 1 South Dakota 46 13 19 11 1 1 1 Nebraska 115 49 38 11 2 2 2 5 1 2 3 Kansas 321 116 82 60 12 2 8 2 8 14 4 13 South Atlantic—total 257 26 47 41 34 3 22 7 17 17 5 13 24 1 Delaware 4 4 Maryland 15 1 1 3 1 3 1 1 3 1 VDiirsgtrinicita of Columbia.— 5 5 2 13 10 6 6 1 2 3 4 2 5 5 West Virginia 10 1 3 1 5 North Carolina •___ 46 4 10 . 7 11 1 2 2 3 4 2 South Carolina 33 1 1 7 5 1 5 3 3 3 4 Georgia _ 6 23 13 3 6 5 3 2 5 Florida 26 1 2 5 7 1 1 1 3 5 East South Central—total 345 76 114 75 26 19 1 16 9 1 1 7 K Te e n n n t e u s c s k e y e 1 1 1 3 1 7 4 2 0 7 4 4 0 7 2 2 1 5 9 6 4 5 1 7 4 5 1 1 4 1 A M l i a ss b i a s m sip a p .. i 3 6 0 7 3 6 1 17 0 2 7 2 2 9 3 7 4 1 2 2 2 West South Central—total.. 317 31 113 84 28 2 19 5 23 7 1 4 Arkansas 63 4 26 19 5 1 4 2 1 1 Louisiana 22 . 1 7 6' 5 1 3 Texas 1 9 3 4 8 1 1 3 3 3 5 0 0 3 2 2 8 2 3 0 1 5 5 3 1 1 7 1 4 2 3 1 Mountain—total 76 17 19 12 4 1 1 Montana 6 3 1 1 1 Idaho 11 4 5 1 1 Wyoming _ 10 5 3 1 1 N Co ew lo r M ad e o xico-„_ 3 7 6 12 12 2 1 1 2 1 2 I 2 2 2 1 1 1 Arizona _ 2 1 1 Utah A Nevada 2 1 Pacific—total ^_ 81 : 24 11 5 1 4 3 12 1 3 7 3 Washington 46 2 19 9 2 1 1 1 5 1 5 Oregon 20 5 5 2 3 1 1 2 1 15 2 1 5 3 1 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 809 TABLE 27.—NUMBER AND TOTAL CAPITAL STOCK OF STATE COMMERCIAL BANKS1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINIMUM STATUTORY REQUIREMENTS FOR THE ESTABLISHMENT OF NATIONAL BANKS, AND AMOUNTS BY WHICH SUCH REQUIREMENTS EXCEED CAPITAL STOCK AS OF DECEMBER 31, 1935 [Amounts are inthousands of dollars] State commercial banks with capital stock less than the applicable minimum statutory requirements for establishment of national banks: Nonmember banks with sufficient capital stock Nonmember banks with to meet the minimum capital stock less than Total State member'banks' statutory requirements minimum statutory refor Federal Reserve quirements for Federal membership* Reserve membership* State Excess of Excess of Excess of Excess of national national national national bank re- bank re- Dank re- ^ank re- Num- Capital quire- Num- Capital quire* Num- Capital quire- Num- apital quireber stock* ments ber stock= ments ber stock* ments ber stock* ments over over over over capital capita capital capital stock stock stock stock United States—total. 5,933 179,119 291,681 231 7,053 4,997 2,SS6 84,140 60,160 2,816 87,926 226,524 New England—total 38 3,809 4,041 7 186 164 31 3,623 3,877 Maine 7 900 1,150 1 25 25 6 875 1,125 "WflW TTftTTirishirB 4 156 394 1 31 19 3 125 375 1 180 20 1 180 20 6 975 825 6 975 825 4 495 905 4 495 905 16 1,103 747 5 130 120 11 973 627 Middle Atlantic—total 81 4.595 3,255 7 200 150 42 1.252 848 32 3,143 2,257 Naw York 22 905 495 4 110 90 16 520 280 2 275 125 8 850 750 S 850 750 F©nnsylv3nlfl *.--«- 51 2,840 2,010 3 90 60 26 732 56S 22 2,018 1,382 East North Central—total—. 1,240 44,889 68,211 61 1.926 1,324 796 24.634 15,166 383 18,329 51,721 Ohio 203 7,794 6,456 19 558 392 130 4,093 2,407 54 3,143 3,657 •248 9,957 14,693 3 90 60 181 5,868 3,182 64 3,999 11,451 Illinois 305 8,945 7.955 13 445 355 217 6,158 4,692 75 2,342 2,908 212 7,409 8,841 25 803 497 126 3,856 2,444 61 2,750 5,900 272 10,784 30,266 1 30 20 142 4,659 2,441 129 6,095 27,805 West North Central—total-- 2,343 57,873 111,577 65 1,898 1,402 984 27,547 21,653 1,294 28,428 88,522 431 10,124 13,626 12 368 232 155 4,400 3,350 264 5,356 10,044 Iowa --. - 436 13,191 51,309 10 320 230 215 5,755 4,995 211 7,116 46,084 Missouri 466 10,976 15,674 10 290 210 172 4,958 3,642 284 5,728 11,822 North Dakota 127 3,208 3,392 74 2,234 1,466 53 974 1,926 South Dakota '. 133 3,433 3,467 17 450 400 70 2,065 1,435 46 918 1,632 276 6,465 8,285 8 255 145 153 4,110 3,540 115 2,100 4,600 Kansas 474 10,476 15,824 8 215 185 145 4,025 3,225 321 6,236 "12,414 South Atlantic—total 615 23,661 36,639 16 415 385 342 9,863 7.237 257 13,383 29,017 g 474 526 4 111 89 4 363 473 55 1,758 2,242 40 1,120 880 15 638 1,362 5 500 500 5 500 500 Virginia - 103 4,530 9,770 3 85 65 48 1,468 932 52 2,977 8,773 Wftst Virginia 39 1,746 1,454 3 75 75 26 851 449 10 820 930 North Carolina 123 6,633 12,317 2 50 50 75 2,205 1,545 46 4,378 10,722 South Carolina ... 63 1,908 2,992 1 25 25 29 758 692 33 1,125 2,275 Georgia 153 4,156 4,744 6 150 150 81 2,302 1,748 66 1,704 2,846 Florida 66 1,956 2,094 1 30 20 39 1,048 902 26 878 1,172 East South Central—total 644 17,157 31,293 17 485 415 282 8,238 5,862 345 8.434 25,016 Kentucky 235 5,866 10,434 1 25 25 97 2,813 2,037 137 3,028 8,372 190 4,803 9,347 2 50 50 77 2,219 1,631 111 2,534 7,666 Alabama 105 2,783 2,967 11 335 265 64 1,787 1,413 30 661 1,289 114 3,705 8,545 3 75 75 44 1,419 781 67 2,211 7,689 West South Central—total— 60S 15,887 23,113 22 698 452 269 7,856 5,594 317 7,333 17,067 Arkansas - 124 2,939 5,811 61 1,661 1,389 63 1,278 Oklahoma 1 4 8 8 1 3 2 , , 4 3 7 3 1 5 4 6 , ,3 6 2 1 9 5 2 43 6 1,1 7 1 5 5 5 1,0 5 3 4 5 5 1 2 3 2 8 2 1, , 5 3 8 5 0 6 5,294 255 7,142 6,358 22 698 452 139 4,325 2,625 94 2,119 3,281 198 5,617 6,183 30 930 620 92 2,679 1,921 76 2,008 3,642 49 1,516 984 11 315 235 32 1,031 569 6 170 180 28 680 770 7 200 150 10 250 250 11 230 370 Wyoming <.- 25 590 660 7 235 115 8 250 150 10 105 395 New Mexico—-. 6 1 1 5 1,4 4 6 9 8 0 2,1 6 8 1 2 0 21 7555 2 4 5 5 2 6 4 6 1 2 6 0 0 5 1 8 4 0 0 3 7 6 7 2 7 7 3 5 1,547275 A U r t i a z h ona - 1 3 6 2 6 2 2 2 5 5 3 2 67 7 2 7 5 5 1 1 2 2 5 5 2 2 5 5 1 1 1 34 2 3 5 20 2 7 5 2 4 2 2 0 5 0 5 2 4 5 4 0 5 Nevada 166 5,631 7.369 13 501 249 72 1,885 1,715 81 3,245 5,405 Paci W fi a c s — hi t n o g t t a o l n 93 2,515 3,335 10 413 187 37 955 895 46 1,147 2,253 Oregon 41 1,094 1,556 2 63 37 19 505 445 20 526 1,074 California 32 2,022 2,478 1 25 25 16 425 375 15 1,572 2,078 i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks.'- J Including capital notes and debentures sold to Reconstruction Finance Corporation. . .. , t . ,^ ,*, CT4 i J i The mmTmum statutoryCapital requirements for the organization of a national bank and for the admission of a State bank to Federal Reserve inATnhfi^hin werekicreased from $25,000 to $50,000 by the Banking Act of 1933, with the proviso that under certain conditions State banks with a ^ S ^ t l S S ^ S S ^ d k ^ A ta p aces with a population not exceeding 3,000 could be admitted to membership The 231 State bank members withTcapital stock less than that required by law for establishment of national banks comprised 224 banks with a capital of less than So WCfmd 7'wltt*acapital of $5ofoOO to $100,000, inclusive. On December 31,1935 there were 1 000 national banks with capital of less than $50,000 each The law does nStrequke such banki to increase their capital stock to the present minimum of $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

810 FEDERAL RESERVE BULLETIN AUGUST 1937 TABLE 28.—NUMBER OF STATE COMMERCIAL BANKS1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINIMUM STATUTORY REQUIREMENTS FOR ESTABLISHMENT OF NATIONAL BANKS CLASSIFIED ACCORDING TO AMOUNT OF CAPITAL STOCK, DECEMBER 31, 1935 Number of banks (with capital stock less than the applicable minimum statutory requirements for establishment of national banks) with the following amounts of total capital stock: State Total L $ e 1 s 5 s , 0 th 00 an $ $ 1 2 5 4 , , 0 9 0 0 0 0 - $25,000 $ $ 2 4 5 9 , , 1 9 0 0 0 0 - $50,000 $ $ 5 9 0 9 , , 1 9 0 0 0 0 - $100,000 $ $ 1 1 0 9 0 9 , , 1 9 0 0 0 0 - a $ n 2 d 0 0 o ,0 v 0 e 0 r United States—total- - 5,933 721 1,197 2,004 1,463 201 147 85 86 26 New England—ttotal. 38 6 4 5 2 9 8 1 Maine 7 1 1 2 3 New Hampshire 4 1 1 2 Vermont 1 1 Massachusetts 6 1 2 2 1 Rhode Island 4 1 3 Connecticut 16 4 3 2 1 4 2 Middle Atlantic—total - 81 1 27 23 6 4 7 13 New York 22 8 12 1 1 New Jersey __ 8 1 5 2 Pennsylvania ... . 51 19 11 5 4 I 10 East North Central—total 1,240 25 116 164 191 35. 60 17 26 6 Ohio * , 203 90 89 Q 10 3 Indiana 248 7 89 122 7 g Q o Illinois . 305 13 40 151 83 7 4 3 4 Michigan. 212 30 81 81 2 11 3 3 1 Wisconsin 1 272 12 39 53 116 13 26 4 7 2 West North Central—total 2,343 459 567 754 425 78 26 25 6 3 Minnesota 431 106 108 115 79 13 7 3 Iowa. 436 30 71 217 66 30 9 " fi 4 3 N M o is r s th o u D ri akota.... 4 1 6 2 6 7 13 3 3 1 4 1 4 5 1 3 0 4 6 4 8 6 9 7 4 10 2 South Dakota 133 4 39 48 41 1 Nebraska 276 35 66 122 45 8 Kansas 474 148 124 112 59 19 (j Q South Atlantic—total 615 23 98 240 159 34 22 17 13 9 D M e a l r a y w la a n re d _ 5 8 5 1 4 3 3 1 1 2 2 2 5 1 2 District of Columbia 5 1 3 1 Virginia 103 10 10 27 30 6 10 3 5 2 West Virginia 39 18 14 2 2 3 North Carolina _ 123 2 15 38 48 5 3 5 1 6 S G o e u o t r h g ia C arolina _ . . 1 6 5 3 3 10 4 8 5 2 6 8 3 3 1 3 1 3 9 2 2 1 1 Florida 66 16 32 9 6 3 East South Central—total 611 75 202 178 152 11 12 4 9 1 Kentucky 235 112 61 51 5 2 2 2 Tennessee „ 190 50 46 47 35 4 4 1 3 Alabama 105 7 15 55 25 1 1 1 Mississippi 114 18 29 15 41 1 5 4 1 West South Central—total 608 92 162 181 137 13 13 2 4 1 Arkansas 124 28 24 47 19 3 1 1 1 Louisiana 48 3 7 11 16 2 4 1 3 1 Oklahoma 181 49 70 50 5 5 2 net 76 97 3 6 Mountain—total 198 27 21 SO 56 7 3 2 2 Montana 49 3 17 28 1 W Ida y h o o m ing _. 2 2 8 5 9 2 7 1 15 6 3 9 1 N C e o w lo r M ad e o x . ico 6 1 1 5 16 10 2 1 3 0 5 4 3 Arizona _ 3 1 2 1 Utah ^.. T_.__ 16 7 7 1 1 Nevada .- .. 1 1 Pacific—total 166 19 31 71 16 5 2 5 2 Washington 93 15 19 39 9 8 2 1 Oregon 41 4 12 18 3 2 i California 32 14 4 5 2 2 4 1 i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks." * Including capital notes and debentures sold to Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1937 FEDERAL RESERVE BULLETIN 811 TABLE 29.—NUMBER OF STATE COMMERCIAL BANKS1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINIMUM STATUTORY REQUIREMENTS FOR ESTABLISHMENT OF NATIONAL BANKS CLASSIFIED ACCORDING TO AMOUNT OF DEPOSITS, DECEMBER 31, 1935 Number of banks (with capital stock less than the applicable minimum statutory requirements for establishment of national banks) with the following amounts of deposits: State Total Under $100,000- $150,000- $250,000- $500,000- ,000,000- 2,000,000 $100,000 $149,000 $249,000 $499,000 $999,000 1,999,000 and over United States—total 5,933 1,181 1,013 1,595 1,469 464 168 43 New England—total - 38 2 1 4 3 7 11 10 Maine *--- - 7 1 2 2 2 NPW HaniDShire - - .-- 4 1 1 1 1 1 1 Massachusetts. 6 1 5 4 4 Connecticut - - 16 1 1 2 3 4 3 2 Middle Atlantic—total •- 81 4 5 21 22 17 10 2 22 1 7 8 6 8 2 3 3 51 3 5 14 12 8 7 2 East North Central—total _._ 1,210 121 197 386 381 106 39 10 Ohio * 203 18 27 57 70 20 8 3 248 17 33 90 77 15 12 4 305 42 68 98 75 16 4 2 212 19 27 64 79 14 8 272 25 42 77 80 41 7 2,343 509 425 636 569 152 45 7 431 68 70 113 136 39 5 436 24 40 141 159 46 21 5 466 128 104 100 102 24 6 o 127 64 32 21 9 1 133 39 35 41 13 5 276 60 56 88 59 11 2 474 126 88 132 91 26 11 South Atlantic—total --- 615 112 97 151 156 64 26 9 8 4 2 1 1 55 5 6 18 16 8 2 TJictrint of ColllTTlblft 5 1 1 1 2 Virginia - 103 16 17 23 28 16 2 1 Wp«<t Virginia -- -~ 39 1 6 12 12 5 3 Nnrth Carolina - --- - - 123 12 10 35 37 16 7 ft QmitVi darolinft 63 12 8 13 20 5 5 153 53 33 35 23 5 4 Florida -- - 66 9 15 14 18 S 2 East South Central—total 644 170 129 154 138 39 13 1 235 55 46 55 58 18 3 190 67 39 47 24 9 4 105 22 26 28 24 4 1 114 26 18 24 32 8 5 1 West South Central—total - 608 205 114 151 102 31 5 Arkansas 124 51 23 29 14 6 1 L T O o e k u x la i a s h s i o a . m n .. a . a T - - - - - - - - - 2 1 4 5 8 8 5 1 4 9 1 6 8 0 3 5 4 6 1 5 5 1 2 9 1 3 3 1 6 6 6 1 5 9 1 2 2 Mountain—total -- 198 35 20 51 55 29 6 2 Montana 49 5 5 15 13 11 Idaho... 28 2 5 7 6 1 Wyoming 25 5 2 4 11 3 Colorado.. — 61 21 8 15 10 4 3 15 1 3 7 3 1 A U r t i a z h on .. a - •- 1 3 6 1 5 1 7 2 1 Nevada - -- 1 1 Pacific—total—-- 166 23 25 41 43 19 13 2 Washington -- 93 19 11 27 19 12 1 41 3 10 8 15 Oregon.. - - 32 1 4 6 9 ? 1 California - i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks." * Including capital notes and debentures sold to Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

812 FEDERAL RESERVE BULLETIN AUGUST 1937 TABLE 30.—TOTAL DEPOSITS OF STATE COMMERCIAL BANKS1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINIMUM STATUTORY REQUIREMENTS FOR ESTABLISHMENT OF NATIONAL BANKS CLASSIFIED^ ACCORDING TO AMOUNT OF DEPOSITS, DECEMBER 31, 1935 [In thousands of dollars] , _,„_—. „_ Total deposits of banks (with capital stock less than the applicable minimum statutory requirements for establishment of national banks) with the following amounts of deposits: State Total Under $100,000- $150,000- $250,000- $500,000- $1,000,000- $2,000,000 $100,000 $149,000 $249,000 $499,000 $999,006 1,999,000 and over 11 ill ted StHtes^~*total 1,716,284 79,321 125,179 310,261 498,847 310,749 223,049 168,875 New En eland total 64,239 178 114 815 1,266 4,763 13,594 43,509 Maine 15,383 241 1,198 2,816 11,128 New Hampshire 2,523 89 165 970 1,299 Vermont 2,097 2,097 Massachusetts . 22,967 1,109 21,858 Rhode Island . 4,378 4,378 Connecticut .. . 16,891 89 114 409 1,266 2,595 3,992 8,426 Middle Atlantic—total — - 43,506 295 616 4,287 ,7,291 11,077 13,247 6,693 New York 7,509 74 1,406 2,540 3,489 New Jersey * - 6,176 656 1,992 3,528 Pennsylvania 29,821 221 616 2,881 4,095 5,596 9,719 6,693 East North Central—total 388,295 9,024 24,484 75,611 128,657 71,123 52,572 26,824 Ohio 74,945 1,545 3,343 11,475 24,097 13,615 10,925 9,945 Indiana 84,855 1,312 4,206 17,659 26,357 9,987 16,540 8,794 Illinois _ 76,395 2,752 8,298 19,009 25,318 10,525 5,467 5,026 Michigan... _ . 66,535 1,482 3,311 12,368 26,014 9,826 10,475 3,059 Wisconsin 85,565 1,933 5,326 15,100 26,871 27,170 9,165 West North Central—total - 589,691 34,366 52,400 123,109 195,0C7 101,989 57,555 22,205 Minnesota - 115,967 5,057 8,596 21,822 46, 739 27,714 6,039 Iowa _ 166,164 1,922 4,891 28,020 55,811 31,947 26,783 16,790 Missouri _ 105,217 8,105 12,854 19, 522 34,011 16,990 8,320 5,415 North Dakota _ ._ 15,809 3,957 3,949 3,992 3,156 755 South Dakota - * 22,094 2,767 4,293 7,864 4,221 2,949 Nebraska ___• 56,944 4,045 6,904 17,019 19,350 6,778 2,848 Kansas 107,496 8,513 10,913 24,870 31,779 17,856 13,565 South Atlantic—total , 235,801 7,037 11,906 29,253 52,526 42, 773 37,212 55,094 Delaware _._ _ 988 253 236 238 261 Maryland, 17,028 407 694 3,395 5,190 4,858 2,484 DViirsgtrinicita of Columbia 3 7 3 , , 7 89 3 4 2 1,120 2,149 4,546 9,1 3 6 2 9 2 11,3 8 1 6 1 7 2 1 , , 3 47 7 3 4 3 5 , ,0 2 7 2 0 5 West Virginia 14,295 84 698 2,460 4,082 2,818 4,153 North Carolina. - 88,792 886 1,185 6,502 12, 515 10,477 10,428 46,799 South Carolina 23,358 612 983 2,474 7,101 4,258 7,930 Georgia 30,228 2,963 4,201 6,888 7,411 3,491 5,274 Florida 19,486 712 1,760 2,750 6,475 4,693 3,096 East South Central—total 149,120 11,189 15,918 29,780 46,555 25,948 16,825 2,905 T K e e n n n t e u s c s k e y e - 3 5 7 5 , , 5 8 3 1 5 3 4 3 , , 1 8 4 1 2 8 4 5 , , 7 7 3 0 5 7 . 1 8 0 , , 8 6 5 0 6 8 1 7 9 , P 8 6 4 4 4 2 1 6 2 , , 5 1 9 1 8 7 3 5 , , 9 3 2 6 1 0 Alabama 21,947 1,469 3,278 5,572 7,959 2,140 1,529 Mississippi - 33,825 1,760 2,198 4,744 11,110 5,093 6,015 2,905 West South Central—total 119,714 13,309 13,994 29,044 34,812 21,300 7,25,5 T A L O e o r k x k u la a a is h s n i o s a a m n s a a - „ 4 2 3 1 4 8 1 5 , , , , 5 1 1 9 2 0 0 8 1 1 9 3 2 6 3 , , , 8 3 4 6 6 0 8 5 9 0 3 7 4 6 2 , , , 4 2 8 4 2 4 5 7 6 1 0 7 1 1 2 5 0 1 , , , , 1 5 1 1 7 5 8 2 8 6 5 5 1 1 4 5 1 2 , , , , 5 9 4 8 6 0 4 9 1 8 7 6 3 3 6 7, , , , 8 7 5 2 0 1 0 7 6 1 6 7 3 2 1 , , , 2 8 18 0 6 3 8 4 Mountains—total -... ___*__... _ 65,426 2,251 2,544 10,150 18,996 17,904 8,006 5,575 Montana : _ 15,695 345 637 3,321 4,553 6,839 W Ida y h o o m ing -. - _ 9 7, , 0 1 8 4 1 3 3 1 7 3 3 8 6 2 6 4 9 7 1,2 8 5 1 6 2 2 3 , ,9 3 1 5 7 1 3 1 , ,7 3 3 8 2 3 1,346 NA Co reiw l z o o r Mn ad ae o xico.... - . 1 6 5 5 , , , 1 7 6 4 4 4 7 8 7 1,21 8 8 5 991 2,8 5 1 8 9 7 6 7 3 3 2, , 5 3 2 8 1 8 2 1 , ,6 8 6 4 7 1 4 1 , , 3 27 2 7 3 5,575 N U e ta v h ada _____ 5,7 1 6 9 9 6 92 9 1 0 9 9 6 2,266 1,442 1,060 Pacific—total-- . , - 60,492 1,675 3,203 8,212 13,677 10,872 16,783 6,070 W C O a r a e l s i g f h o o i n r n n g i t a o .. n *.- 2 2 1 0 8 1 , , , 4 5 5 4 4 0 5 2 5 1,3 2 8 4 4 2 9 4 1 1 , , 2 4 5 6 2 1 3 3 7 5 1 1 , , , 4 2 5 3 2 5 1 9 2 6 4 2 , , , 1 6 8 2 6 8 5 7 5 6 2 1 , , ,7 2 9 1 2 2 7 7 8 4 2 9 , , , 2 6 8 0 8 9 2 5 6 2 3 , , 4 6 1 6 0 0 See notes appended to table 1 for sources of figures and for statement of classes of banks included under the h^rti™ "nrnnmprrmi hanks " J Including capital notes and debentures sold to Reconstruction Finance Corporation" ea unaer ine neaamK commercial banKS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

813 AUGUST 1937 FEDERAL RESERVE BULLETIN TABLE 31.—NUMBER OP STATE COMMERCIAL BANKS1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINIMUM STATUTORY REQUIREMENTS FOR ESTABLISHMENT OF NATIONAL BANKS CLASSIFIED ACCORDING TO POPULATION OF TOWNS AND CITIES, DECEMBER 31, 1935 Number of banks (with capital stock less than the applicable minimum statutory requirements for establishr ''nt of national banks) located in places with a population (1930 census) of; State Total Under 250- 500- 1,000- 2,500- 3,000- 5,000- 6,000- 0,000-25,000-50,000- 00,000-500,000 250 499 999 2,499 2,999 4,999 5,999 9,999 24,999 49,999 99,999 499.999 and over United States—total 5,933 920 1,607 1,547 1,061 98 157. 39 142 118 ' 33 56 128 27 New England—total 38 7 3 3 2 3 4 1 3 11 1 7 2 2 1 1 1 New Hampshire 4 1 1 2 Vermont * . -1 1 Massachusetts 6 1 1 3 1 Rhode Island - 4 1 1 2 16 4 1 2 1 2 6 Middle Atlantic—total 81 4 11 16 17 1 6 3 1 3 6 13 New York 22 3 9 7 1 2 New Jersev 8 2 6 Pennsylvania 51 4 8 7 10 6 3 1 1 11 East North Central—total 1,240 148 382 351 197 16 30 11 25 27 14 11 19 9 Ohio - - 203 14 62 60 41 5 2 7 5 2 1 3 1 Indifl.na 248 21 63 79 41 9 5 3 8 2 2 15 Illinois ' 305 59 113 78 28 4 3 4 8 3 1 3 1 3 212 9 55 66 51 6 9' 1 6 7 1 1 272 45 89 68 36 1 9 2 1 4 8 5 4 West North Central—total 2,343 538 641 569 354 30 51 9 3$ 35 9 20 49 431 103 121 96 60 8 7 9 9 18 Iowa • ------ 436 86 91 121 73 7 22 3 9 7 8 4 5 TVIissouri *»••- *. - 466 104 118 111 86 5 12 7 2 1 10 10 127 32 46 34 13 1 1 133 25 49 36 21 1 1 276 60 93 61 40 7 2 2 5 1 2 3 474 128 123 110 61 3 8 2 8 14 4 13 South Atlantic—total 615 62 125 143 161 17 23 7 17 17 5 13 24 1 g 1 1 2 4 55 6 19 13 7 1 3 1 1 3 1 "District of Columbia 5 5 Virginia 103 27 33 17 8 2 2 3 4 2 5 West Virginia 39 5 3 12 9 1 3 1 '5 123 g 24 35 41 2 2 2 3 4 2 Smith Carolina 63 4 5 11 20 5 5 3 3 3 4 163 9 35 43 44 1 6 5 3 2 5 Florida 66 2 5 10 32 5 2 1 1 3 5 East South Central—total - 644 92 176 191 122 7 20 1 16 10 1 1 7 Kentucky 235 50 74 58 32 1 5 7 5 1 1 1 Tennessee 190 31 55 58 33 4 1 4 4 A M l i a s b s a is m si a p pi _ 1 1 0 1 5 4 6 24 43 n 2 t 5 y A 2 Q8 4 2 2 West South Central—total 608 42 175 191 126 14 19 5 24 7 1 4 Arkansas 124 4 34 45 28 5 4 2 1 1 Louisiana 48 4 12 14 9 5 1 3 T O e k x la a h s oma „ 2 1 5 8 5 1 2 1 1 3 5 75 4 3 9 9 3 4 4 0 9 4 5 5 5 3 1 1 7 2 2 1 Mountain—total 198 25 45 51 46 6 7 4 8 3 1 1 1 Montana _ 49 5 9 17 14 2 1 1 Idaho 28 1 9 11 4 1 1 1 W A N U Co r e t y i a l w z o o h o r m n a M d a in e o g xi co - -- 2 6 i 1 3 1 5 1 f 6 \ 1 6 3 1 4 2 2 9 1 5 7 i 0 9 8 9 1 1 1 1 1 2 2 1 2 1 1 3 2 1 2 1 1 1 1 Nevada — Pacific—total - 166 9 52 35 31 4 4 5 12 1 3 7 3 W Or a e s g h o i n n gton — 9 4 3 3 1 2 3 5 1 3 1 2 6 4 2 8 4 3 1 9 5 7 3 1 1 1 2 3 1 1 5 2 5 1 3 e j 1 3 California banks included under the heading "commercial banks." * Including capital notes and debentures sold to ReconstructionFinance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DIRECTORY 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. SZTMCZAK 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 WTATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations B. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEP THOMAS, Assistant Director, Division of Research and Statistics LAUGHLIN CURRIE, Assistant Director, Division of Research and Statistics GEORGE W. BLATTNEK, Assistant Director, Division of Research and Statistics EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) THOMAS M. 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 WM. A. DAY Vice-President. WM. MCC. MARTIN District No. 4 (CLEVELAND) ... L. B. WILLIAMS. JOHN K. MCKEB District No. 5 (RICHMOND) CHARLES M. GOHEN. B. A. MCKINNEY District No. 6 (ATLANTA) EDWARD BALL. RONALD RANSOM District No. 7 (CHICAGO) EDWARD E. BROWN. JOHN S. SINCLAIR M. S. SZYMCZAK District No. 8 (ST. LOUIS) WALTER W. SMITH, President. District No. 9 (MINNEAPOLIS) JOHN CROSBY. CHESTER MORRILL, Secretary District No. 10 (KANSAS CITY) .. W. T. KEMPER. WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel District No. 11 (DALLAS) R. E. HARDING. E. A. GOLDENWEISER, Economist District No. 12 (SAN FRANCISCO) ... PAUL S. DICK. JOHN H. WILLIAMS, Associate Economist W. RANDOLPH BURGESS, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 816 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman and Federal Bank of— Reserve Agent President First Vice President Vice Presidents Boston F. H. Curtiss ... R. A. Young W. W. Paddock.. W. Willett.i New York... Owen D. Young*.- G. L. Harrison , Allan Sproul W. R. Burgess. L. R. Rounds, W. 8. Logan. J. H. Williams. R. M. GIdney. L. W. Knoke. 0. H. Coe. Philadelphia. R. L. Austin.. J. S. Sinclair F. J. Drinnen 0. A. Mcllhenny.' W. J. Davis. E. 0. Hill. Cleveland E. S. Burke, Jr M. J. Fleming F.J.Zurlinden H. F. Strater. W. H. Fletcher. W. F. Taylor.* Richmond -_„_.„< Robert Lassiter.... Hugh Leach J. S. Walden, Jr R. H. Broaddus. J. G. Fry. G. H. Keesee.' Atlanta W. H. Kettig Oscar Newton R. S. Parker H. F. Connifl. L M. Clark. W.S.McLarin,Jr.« Chicago R. B. Wood* G. J. Schaller H. P. Preston W. H. SnydeM 0. S. Young. J. H. Dillard. St. Louis .. W. T. Nardin W. McO. Martin O. M. Attebery J. S. Wood. J. G. McConkey. C. M. Stewart* Minneapolis .... W. B. Geery— J. N. Peyton O. S. Powell Harry Yaeger. H. I. Ziemer." E. W. Swanson. Kansas City J. J. Thomas G. H. Hamilton O. A. Worthington A. M. McAdams. J. W. Helm.* Dallas O. O. Walsh B. A. McKinney R. R. Gilbert R. B. Coleman.« W. J. Evans. San Francisco A. O. Stewart W. A. Day. Ira Clerk ! S. G. Sargent. W. M. Hale. 0. E. Earhart.* t Deputy chairman. > Cashier. * Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branchy „.. . .. 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. Mllford. Dallas: Charlotte branch W. T. Clements. El Paso branchy 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 0. 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 BULLH7TIN 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. 817 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS S.DAK. KANSAS CITY KANS. f — OKLA. Oklahoma City MB BOUNDARIES OF FEDERAL RESERVE DISTRICTS — - BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES Antonio" FEDERAL RESERVE BANK CITIES # FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES S/ERVE 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