Federal Reserve Bulletin, 1937-12

FEDERAL RESERVE BULLETIN DECEMBER 1937 Recent Business and Credit Developments Revision of Regulation T Ruling on Discount of Consumers' Paper BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CONSTITUTION AVENUE AT 20TH STREET WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Review of the month—Recent business and credit developments 1177—1185 National summary of business conditions 1186—1187 Summary of financial and business statistics 1189 Law Department: Revised edition of Board's Digest of Rulings 1190 Ruling of Board: Discount of consumers' paper by Federal Reserve banks 1190-1191 Revision of Regulation T 1191-1201 Amendment to Regulation T__ 1201 Measures affecting foreign deposits in Switzerland 1202-1203 Bank suspensions, 1921-1936 1204-1224 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 1226 Federal Reserve bank statistics 1227-1231 Reserve position of member banks; deposits in larger and smaller centers 1232 Money in circulation 1233 Gold stock and gold movements; bank suspensions; bank debits 1234 All banks in the United States 1235 All member banks 1236-1237 Reporting member banks in leading cities 1238—1241 Acceptances, commercial paper, and brokers' balances 1242 Federal Reserve bank discount rates 1243 Money rates and bond yields 1244 Security markets 1245 Treasury finance 1246-1247 Governmental corporations and credit agencies; Postal Savings System 1248-1249 Production, employment, and trade 1250—1258 Wholesale prices 1259 Crop report 1260 International financial statistics: Gold reserves of central banks and governments 1262 Gold production 1263 Gold movements 1263-1264 Central banks 1265-1268 Bank for International Settlements 1269 Commercial banks 1269-1270 Discount rates of central banks 1271 Money rates 1271 Foreign exchange rates 1272 Price movements: Wholesale prices 1273 Retail food prices and cost of living 1274 Security prices 1274 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 1276 Senior officers of Federal Reserve banks; managing directors of branches 1277 Index to Volume 23 1278 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 23 DECEMBER, 1937 No. 12 REVIEW OF THE MONTH offset in part by the seasonal increase in money in circulation since last summer and In the past three months there has been a a growth of nonmember deposits at the Remarked slowing down of business activity. serve banks. Industrial output, which after Most of the increase in excess reserves Recent business a steady rise lasting more than since the first half of September, as shown in developments two years had remained at a the following table, has occurred at New York fairly constant level during City banks. In September these banks gained the first eight months of 1937, has decreased reserves when Treasury bills which they held rapidly since August. Prices of basic comwere redeemed, and in recent weeks they modities have declined further and prices of have shown a substantial decrease in required securities, other than high-grade bonds, have reserves, reflecting principally a decline in also decreased, while high-grade corporate deposits caused by the liquidation of brokers' bonds have remained firm and United States loans. Chicago banks and reserve city banks Government bonds have advanced. In October also gained small amounts of reserves and and November security holdings of banks in at the same time showed small decreases in New York City increased substantially after amounts required, while at country banks a long period of liquidation; the volume of there were no appreciable changes in either brokers' loans diminished considerably, and item. commercial loans turned down after their seasonal peak in the middle of October. EXCESS RESERVES OF MEMBER BANKS, BY CLASSES OF In November the Federal Reserve banks BANKS purchased $38,000,000 of United States Gov- [Averages of daily figures, in millions of dollars] ernment obligations, in ac- Centralreserve cordance with tne P°licy an- All city banks Remem- serve Counnounced last September. As ber city try banks New Chi- banks banks a consequence in part of these purchases and York cago in part of a decrease in required reserves, the September 1-15__. 786 112 39 295 340 volume of excess reserves of member banks September 16-30-. 1,014 358 47 284 326 increased to over $1,100,000,000 in the latter October 1-15 1,034 337 47 314 336 October 16-31 1,052 370 71 300 311 part of November. November 1—15 1,060 347 63 315 335 Since the release of $300,000,000 of inac- November 20-26-. Pl, 143 404 73 356 tive gold by the Treasury in September, exp Preliminary. cess reserves have been generally between $1,000,000,000 and $1,100,000,000, as com- The increase in money in circulation this pared with a level of between $700,000,000 autumn, as shown on the chart, has been and $900,000,000 from May to the middle much less than in the same period of September. The effect on reserves of the Money in of other recent years. From July circulation release of inactive gold, of the System se- 28 to November 24, there was an curity purchases, and of a decrease of about of $130,000,000, compared with increase $150,000,000 in required reserves has been $300,000,000 last year and with a customary 1177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1178 FEDERAL RESERVE BULLETIN DECEMBER 1937 . seasonal increase of nearly $200,000,000. Thebanks, demand deposits, other than those of smaller demand for additional currency re- the United States Government, have shown flects in part the effects of the reduction in little change. Throughout the period, time business activity and payrolls, but it is likely deposits at both city and country banks have that some of the seasonal requirements for shown a continued growth. From the first currency have been met out of currency al- of the year to the latter part of November it ready outstanding, which has been at an ex-is estimated that adjusted demand deposits ceptionally high level since the adjusted-serv- at all member banks declined by $750,000,000 ice payment to veterans last year. As shown and United States Government deposits by on the chart, the largest seasonal demand for $410,000,000, while time deposits increased by $530,000,000. The changes are shown in the table. At nonmember banks, for which MONEY IN CIRCULATION OUTSIDE TREASURY AND FEDERAL RESERVE BANKS no information is available after the middle MILLIONS OF DOLLARS ( Wednesday figures ) MILLIONS OF DOLLARS of the year, there was little change in deposits 7,000 i 1 r~—i 1 1 1 1 1 i i 1 I 7,000 during the first half of 1937. ESTIMATED CHANGES IN DEPOSITS OP MEMBER BANKS 1937 A, 6300 V A 6,500 December [ I 3 n 1 , m 1 i 9 ll 3 i 6 o , n t s o o N f o d v o e ll m ar b s] er 24, 1937 \^- 1936 ..-..„• Ad- U.S. justed Govern- Time \ Total demand ment deposits : \ deposits deposits 6,000 .A 6,000 Central reserve city banks New York City -470 -600 +20 +110 Chicago -100 -70 -30 Reserve city banks -240 -90 -270 +120 ,—. Country banks +180 +10 -130 +300 1935 All member banks '__. —630 -750 -410 +530 5,500 \ 5,500 NOTE.—Changes since June 30 estimated: for central reserve and MS34 reserve city banks from figures for weekly reporting member banks, and for country banks from semi-monthly reserve reports through November 15. The net decline this year in total deposits 5,000 5.000 at all banks, excluding the large decrease in Jan. Feb Mar Apr May Jun. Jul. Aug. Sept. Oct. Nov. Dec. # interbank deposits, amounted to over $600,currency comes from the latter part of No- 000,000. This is small compared with the vember until Christmas week, when there total volume of deposits, which at about $51,has generally been an increase in circulation 000,000,000, excluding interbank deposits of $200,000,000 or more. The return flow ofand items in process of collection, is as large currency after Christmas, which will add to as in 1929, when the volume of business member bank reserves, usually amounts to transacted was much greater. Existing debetween $300,000,000 and $400,000,000. posits, therefore, if put to more active use, The decline in bank deposits in recent are sufficient to finance a substantial expanweeks is a continuation of the reduction that sion in business activity. Their activity or took place earlier in the year, turnover, however, continues at a low level Decline in principally in demand deposits as compared with the 1920's, reflecting the to W37po8ita at New York City banks and in large amount of deposits held idle by industry and by institutional and individual investors. United States Government de- The decrease in demand deposits this year posits. There has also been some decline at represents in part a decline in the amount of banks in reserve cities, while at country Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1937 FEDERAL RESERVE BULLETIN 1179 funds available for active use, while the in- Treasury retired maturing bills, have shown crease in time deposits is an indication of a relatively little change since the second quarfurther growth in savings. Some of the de- ter of the year. Towards the close of October, crease in demand deposits reflects the purchase by investors of securities sold by banks. It appears, however, that a part of the de- LOANS AND INVESTMENTS OF REPORTING MEMBER BANKS cline in demand deposits and of the growth in time deposits represents a shifting of deposits at the instance of the depository banks in order to reduce required reserves. Inquiries made of certain New York City banks showed that substantial amounts of corporate trust funds were shifted from demand to time deposits in the first half of the year. At country banks, the growth in time deposits generally increased somewhat in regions where demand deposits showed the largest declines and where excess reserves were smallest before the raising of reserve requirements by the Board last spring. In October and November total loans and investments at reporting member banks in leading cities declined by Recent changes in about $600,000,000, Hiakm an e d m i b n e v r e b st a m nk e n l t o s a ns •m S a , t o , t a i l d •% e crease < o * f 1937 about $850,000,000 since NOTE.—Totals include various types of loans and investments not shown separately. Latest figures are for November 24, 1937. June 30. As shown by the chart, the recent Figures shown for commercial loans, which include also industrial and agricultural loans, are based upon different classificadecline reflected largely the continued repay- tions prior to May 19, 1937, and subsequent to that date. ment of brokers' loans, accompanying the drop in stock prices, and also a decrease in however, New York City banks, which had commercial loans, which had shown a steady been reducing their holdings 'of Government increase until the middle of October. Ordi- securities since June 1936, began to purchase narily a seasonal decline in commercial loans them in substantial amounts, while banks in begins about this time of year in most leading other leading cities further reduced their cities and extends through February. In the holdings. six weeks ending November 24 commercial, At country banks, total loans and investindustrial, and agricultural loans declined by ments are estimated to be about the same as $115,000,000 at New York City banks, by they were last June. In the first half of the about $30,000,000 at Chicago banks, and by year country member banks and nonmember an aggregate of $45,000,000 at banks in 99 insured banks increased their loans outstandother leading cities. These loans continued ing and their holdings of United States Govto increase in leading cities in the South as ernment securities, while holdings of other a result of increases in loans for the purpose securities were reduced somewhat. In this of carrying cotton. period city banks made additional commercial Total holdings of United States Govern- loans and sharply reduced their holdings of ment securities at reporting member banks, United States Government and other securiexcept for a reduction in September when the ties. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1180 FEDERAL RESERVE BULLETIN DECEMBER 1937 During the first half of the year there Prices of Government securities, following were declines in balances held with city cor- the break in the market last March, recovered respondents by country banks, accompanying gradually until early August, declined during the growth in loans and investments and in- August and the early part of September, and creased reserve requirements. Country mem- then advanced again. In November, the ber banks reduced their balances with cor- average yield on long-term Treasury bonds respondents during the period by $375,000,- declined to below 2% percent, compared with 000 and nonmember insured banks reduced nearly 2% percent in September and about theirs by nearly $250,000,000. Since June 2*/2 percent early in August. Yields on the balances have shown little change, with coun- highest-grade corporate bonds have contry member bank balances in the neighbor- tinued since June at around 314 percent. hood of $1,600,000,000, an amount which is Prices of stocks and of lower-grade corabout $600,000,000 more than was customa- porate bonds, after a precipitate decline from rily held in the 1920's. the middle of September to the middle of Since the increase in excess reserves of October, were irregular for a few weeks, but member banks in the middle of September, in the latter part of November they declined open-market rates on Treasury to new low levels since 1935, with common mone^ bills and notes have declined stocks about 40 percent below the peak reached last March. The average yield on substantially. Ninety-day lower-grade corporate bonds, as shown by Treasury bills are currently quoted by dealers Moody's Baa bond averages, rose to 6^ perat about % of one percent and the average cent in the latter part of November, as comyield on 3- to 5-year Treasury notes is little pared with about 4^ percent at the beginabove 1*4 percent. These are the lowest ning of the year. rates since the decline in Government security In September and October there was a prices last March and compare with rates early in September of i/2 of one percent for sharp decline in the volume of credit used for carrying securities, and at the end of October 90-day bills and nearly 1% percent for 3- to brokers' advances to their customers were 5-year notes. about $500,000,000 below the post-depression Open-market rates on commercial paper peak of $1,560,000,000 reached last April and and bankers' .acceptances, which were inwere at the'lowest level in more than four creased slightly early this year, have reyears. Bank loans to brokers and dealers in mained unchanged in recent months, and securities showed a similar decline, which rates charged on customers' loans by member continued at a slower rate in the first half of banks in leading cities have shown little November. change from the extremely low levels reached The volume of securities offered by domeslast year. tic corporations in recent months has been Reflecting easier conditions in the money at the lowest level since the early market, prices of United States Government Corporate months of 1935. While the supply bonds advanced in recent security of investment funds continues to issues Recent security be ample, sharp declines in seweekg an(J thoge of the market developments curity prices and uncertainty of business highest grade corporate prospects have made corporations hesitant to bonds remained firm. Stocks and loweroffer new issues and investors reluctant to grade corporate bonds, however, showed put their funds to use. Securities offered by further price declines during November, foldomestic corporations for refunding and for lowing sharp breaks in September and Ocnew capital, as compiled by the Commercial tober. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1181 DECEMBER 1937 FEDERAL RESERVE BULLETIN and Financial Chronicle, totalled $130,000,000 during the years 1922-1924 but only about in October. This is about the same as average one-third as large as during the 1925-1929 monthly offerings during the preceding 3 period, excluding the large investment trust months and only about one-third as large as issues of the latter period. the average volume in 1936. Offerings have In some industrial groups the amount of continued small during November, and avail- security issues in the early part of this year able information indicates that at present was much nearer the level of earlier years corporations are not planning substantial of-than is indicated by the total for all groups. ferings in the immediate future. In the first half of 1937 the average quarterly Industrial recovery had proceeded until volume of security offerings foi* new capital 1935 without much demand for new funds by manufacturing and mining corporations, through the capital market. An increasing as shown in the foregoing table, was about volume of corporate security issues accom- $210,000,000, as compared with a quarterly panied business recovery from the early average of $180,000,000 in the 1922-1924 months of 1935 to the early part of 1937.period and $340,000,000 in the 1925-1929 This growth in sales of securities, which period. Issues for new capital have lagged included large amounts for refunding pur- conspicuously in the public utility group, poses, was interrupted in the first quarter of which was formerly one of the most im- 1937 when security prices declined. Offer- portant users of the capital market. The ings for refunding purposes, which during a public utilities, however, have refunded a subperiod of two years had been larger than dur- stantial amount of their obligations in recent ing any previous similar period, declined years, taking advantage of low interest rates. sharply in April of this year. Securities is- The volume of industrial production has sued for new capital, however, continued to declined sharply during the last three months, increase through June and reached a high and the Board's adjusted index, for the recovery period of $430,000,000 in the Recession in which, during the first eight June quarter. At this level corporate offerbusiness .. ings for new capital, as shown in the follow- months of the year, averaged ing table, were about two-thirds as large as 116 percent of the 1923-1925 average, is expected to be below 95 for November. Wholesale prices of raw and semifinished commodi- CORPORATION SECURITY ISSUES FOR NEW CAPITAL ties have also declined substantially during BY MAJOR INDUSTRIAL GROUPS recent months, following a moderate decrease [In millions of dollars] during the late spring and summer, and there Total fa M c a t a u n n r d i u n - g P ut u i b li l t i y c R ro a a i d l- Other h ro a l v ls e . be D en is t d ri e b c u re ti a o s n e s o i f n c e o m m p m lo o y d m iti e e n s t to an d d o m pa e y s - mining tic consumers has continued through October 1922-24, quarterly average. 697 185 245 147 119 in about the same volume as that prevailing 1925-29, quarterly average^ 1,265 340 444 107 374 since last fall and export trade has been at a 1936 1st quarter. _. 145 74 36 higher level than in other recent years. 2 3 n rd d q q u u a a r r t t e e r r . . _ . 3 3 1 0 3 8 1 1 2 0 3 1 1 4 3 9 6 14 1 7 8 Recent declines in activity and prices re- 4th quarter. _ 436 173 46 168 flect the influence of numerous maladjust- 1937 1st quarter. _. 363 167 116 ments that have developed during the past 3 2 r n d d q q u u a a r r t t e e r r . . _ 4 2 3 3 2 3 2 1 5 6 1 6 7 1 4 year. Last autumn and winter buying by October 22 31 manufacturers and distributors was unusually active, and production reached a high Source: Commercial and Financial Chronicle; includes both domestic and profitable level, although the increase in and foreign corporations; excludes investment trusts for 1925 and following years. output was not so great as that in buying. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN DECEMBER 1937 At the same time prices and costs increased centers, became uncertain about future desharply. In the belief that this rapid rise in mand and prices for their goods; buying by costs and prices would continue, many busi- fabricators and distributors declined further, ness men placed forward orders and stocked and plans for expansion or re-equipment of up on goods. Wage rates were advanced. Un- plants were postponed. Inventories that had employment continued to be in large volume, not been considered unduly large when busibut there were actual or anticipated short- ness was on the upgrade appeared excessive ages of some types of skilled labor because as activity declined, and many enterprises during the depression almost no new workers began to reduce inventories in the expectahad been trained. tion that they could be replenished later at Last April buying by fabricators and dis- lower prices. tributors was sharply reduced, and prices of Construction, which previously had not raw and semifinished industrial materials be- shown a recovery commensurate with that in gan to decline. Beginning about this time other lines, has also declined during recent there was a decline in output of nondurable months. The curtailment in construction manufactures, particularly textiles and shoes, projects followed sharp increases in the cost but production of durable goods increased of building materials and building labor and somewhat further. Activity generally con- in contractors' margins and was lateT accentinued at a high level throughout the summer, tuated by the general decline in business acpartly on the basis of the large volume of un- tivity. Residential building showed a defilled orders previously accumulated. It be- cline even though rents were increasing came increasingly clear, however, that the and mortgage money was available at maintenance of production near the rate pre- lower rates than in 1935 and 1936 when vailing in the first half of the year depended residential building was expanding. Factory upon the resumption of buying before orders building increased through the summer, but on hand were filled. Incomes in both indus- recently has declined as plans for plant extrial and agricultural communities were at pansion have been postponed, reflecting genthe highest levels of the recovery period, al- eral uncertainty, reduced profit margins, and though Government expenditures were less increased construction costs. Construction than a year earlier when the large adjusted- work and buying of equipment by the railservice payments to veterans were a factor roads, which had been in large volume earlier stimulating trade. Consumption was main- this year, have also been curtailed, reflecting tained. a less favorable earnings outlook as a result There had been, however, a considerable of increased wages, increased prices for accumulation of inventories as a result of the materials consumed, and uncertainty as to wave of forward buying earlier in the year, the future volume of traffic. Construction and after the middle of August there was a outlays of the utilities have continued in sharp decline in prices of securities and of small volume, and publicly-financed construcstaple commodities traded in on organized tion has shown a decline from the high level markets. The commodity price decline, which of 1936. became general late in September, partly re- The decline in output of manufactured flected reduced buying of materials by dealersproducts has been widespread, as is indicated and manufacturers and also increased sup- on the accompanying chart, plies, particularly of farm products. The fall Decline in which shows the course of proin security prices was a factor reacting on manufacLes duction of durable and nonbusiness plans. Many business men, particu- durable manufactures and of larly those in close touch with the financial the principal components of each group from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1937 FEDERAL RESERVE BULLETIN 1183 January 1935 to October 1937, inclusive. in these industries, production of petroleum Estimates for November are shown for those products has increased further this year, and manufactures for which current figures are output of tobacco products has been in larger available. volume than in the corresponding months of Output of nondurable manufactures de- last year. clined by about 15 percent from the spring Output of durable manufactures, which of this year to October. At woolen mills and had increased sharply in 1936, showed some further rise in the first eight months of this PRODUCTION OF MANUFACTURES year, with a temporary decline in June when many steel mills were closed by strikes. ADJUSTED FOR SEASONAL VARIATION, T923-1925 AVERAGE = 100 After August there was a sharp decline which brought output of durable manufactures in November to below the level of early 1936. Iron and steel production has shown the most pronounced decline. Activity in this industry, which in the first half of the year was the greatest since 1929, has decreased steadily since August and at the end of November output of steel ingots was estimated at 30 percent of capacity, as compared with an average rate of 85 percent in August. Steel consumption declined by a smaller amount, according to trade reports, indicating that stocks were being liquidated. Automobile production has been in large volume this year, with 4,100,000 cars and trucks produced in the first 10 months, compared with 3,600,000, in the corresponding period last year. Output in October was con- 1935 1936 1935 1936 siderably larger than last year, reflecting shoe factories there were particularly sharp chiefly earlier introduction of new models, reductions in output, and in October the rate but estimates indicate that output in Novemof activity in these industries was lower than ber was smaller than a year ago. Output of in either 1935 or 1936. Cotton consumption plate glass has likewise been at a high level showed only a moderate decline until Oc- this year, reflecting in large part increased tober, when it decreased sharply to a level automobile production, but has shown a con- 25 percent under the high average for the siderable decline in recent months. The very first half of this year and about the same as sharp decline in output last winter was due that in the early part of 1936. Similarly, to strikes. output of rayon, which is not shown on the Lumber production increased somewhat chart, was maintained in large volume dur- during the first seven months of this year but ing the first eight months of this year but has subsequently declined. Output in this inrecently declined sharply. At meat-packing dustry is still small relative to pre-depression establishments activity has increased some- years, reflecting in large part the low level of what in recent months but is still at a low construction, particularly residential buildlevel, reflecting the effects of drought in ing. The increase in cement production last recent years. In contrast with developments year and the decline this year reflected to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1184 FEDERAL RESERVE BULLETIN DECEMBER 1937 some extent changes in the amount of pub- Within the last two months there have licly-financed construction. been sharp declines in important farm prod- Commodity prices at wholesale, as meas- ucts and foods not included in the indexes ured by the general index of the Bureau of shown on the chart. Prices of livestock and Labor Statistics, declined sharply meats, which in earlier months had been in- Wholesale during the past two months and creasing, have declined sharply, reflecting in p™°dity at 82.0 percent of the 1926 aver- part a seasonal increase in supplies. Wheat age in the week ending November and flour prices have also declined and are 27, compared with 87.5 in the latter part of currently considerably lower than a year ago. September and a high point of 88.3 early in Cash prices for corn have been reduced by April. At the present time prices are near about one-half, owing in large part to the the level prevailing at the end of October increased supplies available after harvesting 1936, prior to the sharp advance that took this year's crop. Wholesale prices of foods place last winter. as a group are about 6 percent lower than in Prices of raw and semifinished industrial September and are below the level of a year materials have had a considerable decline ago. WHOLESALE PRICES OF INDUSTRIAL COMMODITIES Revision of Regulation T 1934 AVERAGE = 100 The Board of Governors of the Federal Re- 130 130 serve System adopted on December 3, 1937, effective January 1, 1938, a general revision 120 of Regulation T with a view to clarifying and 110 SEM R I- A F W IN I A S N H D ED J 110 simplifying this regulation, which relates to the extension and maintenance of credit by brokers, dealers and members of national 100• / J * —•gs^.T-aT--! g^ 100 securities exchanges. The principal changes FINSHED made by the revision are technical. The re- 90 90 vised regulation makes no change in the level of margin requirements and contains no pro- 80 visions requiring liquidation of outstanding Monthly figures; Federal Reserve classification of Bureau of commitments or reduction of outstanding Labor Statistics' data; all foods and feeds, both raw and processed, are omitted. loans. since last spring, as is indicated on the chart, Pending the taking effect on January 1, while finished industrial products have only 1938, of the revised regulation, the Board recently shown some recession. Prices of amended, effective December 6, 1937, the nondurable materials are generally lower existing regulation so that a broker will have than in the spring, with particularly sharp the option of separating a customer's transdecreases in cotton, wool, hides, and rubber actions in commodity futures from the cusand smaller declines in prices of textile yarns, tomer's margin account in securities. Effecprint cloths, and leather. Prices of some tive January 1, 1938, separation of such durable materials, such as nonferrous metals transactions will be mandatory. and steel scrap, have also declined, but pig The revised regulation liberalizes requireiron and steel prices have been maintained. ments affecting so-called restricted accounts Recent declines in finished industrial com- by providing that in the case of sale of regismodities have been most marked for textile tered securities in such accounts, customers products. Automobile prices have advanced may withdraw, under specified conditions, this autumn. 40 percent cf the proceeds of such sales. It Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1185 DECEMBER 1937 FEDERAL RESERVE BULLETIN further liberalizes requirements affecting by providing that the 7-day period within such accounts by providing that a customer which the broker must obtain settlement may make a deposit which may be placed in from the customer for a purchase of secura "special miscellaneous account" instead of ities shall date in the typical case from the being absorbed into the so-called restricted time of the purchase. Provision continues account. to be made for extending the period in excep- The revision also incorporates rules pre- tional cases. scribing margin requirements for dealings in The revised regulation is based on the tensecurities on a "when issued" basis. These tative draft that was submitted last July for requirements agree substantially with those comment to all the Federal Reserve banks adopted by the principal national securities and the national securities exchanges. A exchanges in conformity with certain rules of copy of the revised regulation, the new supthe Securities and Exchange Commission. plement, and the temporary amendment to The revision also clarifies provisions relat- the existing regulation are published in this ing to transactions in special cash accounts BULLETIN, pages 1191-1201. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1186 FEDERAL RESERVE BULLETIN DECEMBER 1937 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled November 23 and released for publication November 25] Volume of industrial production showed a clining since the spring of this year, there further sharp decrease in October and the was a further decrease in October. Cotton first three weeks of November, and there was consumption showed a sharp reduction and a reduction in employment. Commodity activity at woolen mills and shoe factories prices continued to decline. Distribution of continued to decline. There was an increase commodities to consumers was maintained in output at sugar refineries, where activity at the level of other recent months.' had been at a low level in September. In most Production and employment.—In October other lines changes in output were largely the Board's seasonally adjusted index of in- seasonal. Mineral production continued at about the level reached at the close of 1936 1NDUSTR1AL PRODUCTION and maintained throughout this year. Value of construction contracts awarded in October and the first half of November was A. smaller than in the preceding six weeks, ac- \ 110 \ / no cording to figures of the F. W. Dodge Cor- \ 100 \ / 100 poration. The decline was chiefly in private \ \ nonresidential construction. r 'M Factory employment declined substantially V V in October and payrolls showed little change, although an increase is usual at this season. Declines in the number employed were re- 1929 1930 1931 1932 1933 1934 1935 1936 1937 ported by factories producing steel, ma- Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 = 100. chinery, lumber, and textiles, and in many smaller industries. There was a seasonal industrial production was 103 percent of the crease in employment at automobile factories. 1923-1925 average as compared with 111 percent in September and an average of 116 FACTORY EMPLOYMENT percent in the first eight months of this year. PER CENT 120 There was a marked curtailment of activity 110 110 in the durable goods industries. Output of steel ingots, which had shown a steady de- 100 y 100 cline since August, was at an average rate 90 \ /v 90 r of 59 percent of capacity in October and by 80 f v 80 the third week in November the rate had declined to 36 percent. Automobile production 70 V j 70 increased considerably in October as most 60 60 manufacturers began assembly of 1938 model 50 50 cars. In the first three weeks of November 1929 1930 1931 1932 1933 1934 1935 1936 1937 output of automobiles showed little change Monthly index of number employed at factories, adjusted for seasonal variation, 1923-1925 average = 100. from the level reached at the end of October, with assemblies by one leading manufacturer Employment and payrolls increased seasoncontinuing in exceptionally small volume. ally at mines and at establishments engaged Production of lumber and of plate glass de- in wholesale and retail trade. clined further in October. In the nondurable Distribution.—Sales at department stores goods industries, where output had been de- and mail order sales increased seasonally in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1937 FEDERAL RESERVE BULLETIN 1187 October. Throughout the year sales at de- in September to provide additional reserves partment stores have been sustained, with for meeting seasonal currency and other reseasonal fluctuations, and the Board's ad- quirements. From the middle of October to justed index of these sales has shown little November 17, excess reserves of member change. banks increased from about $1,000,000,000 Freight-car loadings declined in October to $1,100,000,000, reflecting the Federal Reand the first half of November, reflecting serve security purchases and a considerable smaller shipments of forest products, ore, and miscellaneous freight. MEMBER BANK CREDIT BILLIONS OF DOLLARS Commodity prices.—Prices of industrial materials, particularly nonferrous metals, steel scrap, rubber, and hides, declined further from the middle of October to the third week of November, and there were some decreases in the prices of finished industrial WHOLESALE PRICES 1937 '34 1935 1936 Wednesday figures for reporting member banks in 101 leading cities, September 5, 1934, to November 17, 1937. Loans on real estate, loans to banks, and acceptances and commercial paper bought included in total loans and investments but not shown separately. decline in required reserves at member banks in New York City, caused partly by a reduction in demand deposits arising from a liquidation of brokers' loans. Loans to brokers and dealers reported by Indexes compiled by United States Bureau of Labor Statistics, banks in leading cities declined by $250,- 1926 = 100. By weeks, 1932 to November 20, 1937. 000,000 during the four weeks ending Noproducts. Livestock and meat prices declined vember 17. Commercial loans, following a substantially and coffee prices dropped steady increase for several months, declined sharply following the announcement by Brazil after the middle of October. Member banks of modification of its control policy. in New York City increased their holdings of Bank credit.—During the first half of No- United States Government securities by over vember the Federal Reserve banks purchased $150,000,000 while banks outside New York $28,525,000 of United States Government se- City showed a further reduction. Deposits curities, in accordance with the policy adopted continued to show moderate reductions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1188 FEDERAL RESERVE BULLETIN DECEMBER 1937 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 13 13 12 11 10 8 MONEY IN CIRCULATION 3 RESERVE BANK 2 CREDIT 1 0 1932 1933 1934 1935 1936 193? MEMBER BANK RESERVE BALANCES REQUIRED RESERVES^ 1932 1933 1934 1935 1936 1937 Latest figures for November 24. See table on page 1216. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1937 FEDERAL RESERVE BULLETIN 1189 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1937 1936 Annual averages Oct. Sept. Aug. Oct. Sept. Aug. 1936 1935 1934 1933 1932 1929 RESERVE BANK CREDIT, MEMBER BANK RESERVES, Averages of daily figures; in millions of dollars AND RELATED ITEMS Reserve bank credit outstanding—total 2,583 2,584 2,573 2,480 2,479 2,474 2,481 2,475 2,502 2,429 2,077 1,459 Bills discounted 22 24 17 7 8 6 6 7 36 283 521 952 Bills bought 3 3 3 3 3 3 4 5 25 83 71 241 U. S. Government securities 2,527 2,526 2,527 2,430 2,430 2,430 2,430 2,431 2,432 2,052 1,461 208 Monetary gold stock 12,782 12, 653 12, 512 10,983 10, 764 10, 674 10, 578 9,059 7,512 4,059 3,952 3,996 Treasury currency outstanding 2,603 2,590 2,576 2,512 2,507 2,499 2,503 2,478 2,381 2,271 2,096 2,015 Money in circulation 6,566 6,558 6,500 6,321 6,258 6,191 6,101 5,585 5,403 5,576 5,328 4,476 Treasury cash holdings 3,636 3,618 3,655 2, 4] 3 2,385 2,416 2,474 2,791 2,798 288 236 207 Treasury deposits with F. R. banks 95 190 212 146 233 275 446 128 81 55 39 22 Nonmember deposits and other accounts 717 607 592 502 528 583 551 507 438 497 407 406 Member bank reserve balances: Total 6,954 6,854 6,701 6,594 6,345 6,181 5,989 5,001 3,676 2,343 2,114 2,358 Excess 1,043 900 750 2,043 1,852 2,458 2,512 2,469 1,564 528 256 43 REPORTING MEMBER BANKS Averages of Wednesday figures; in millions of dollars Total loans and investments 21, 889 22,187 22, 332 22, 566 22, 520 22, 297 22,064 19,997 18, 672 17, 505 19,080 22, 599 Loans to brokers and dealers in securities 1,103 1,317 1,362 1,163 1,195 1,125 1,181 990 981 111 618 • 2, 208 Loans on securities to others (except banks)1 1,996 2,007 2,002 2,025 2,035 2,023 2,055 2,131 2,545 3,157 4,226 •5,448 All other loans 6,791 6,702 6,565 5,530 5,398 5,217 5,226 4,907 4,965 5,222 6,578 9,231 U. S. Government obligations: Direct 7,914 8,068 8,229 9,310 9,320 9,357 9,080 7,989 6,856 5,228 4,413 2,865 Fully guaranteed 1,132 1,131 1,160 1,255 1,246 1,254 1,250 928 «325 Other securities 2,953 2,962 3,014 3,283 3,326 3,321 3,272 3,052 "3,000 3,121 3,245 2,847 Reserve with Federal Reserve banks 5,384 5,313 5,149 5,276 4,995 4,875 4,799 4,024 2,875 1,822 1,673 1,725 Cash in vault 326 305 296 399 383 376 383 326 271 240 214 248 Balances with domestic banks 1,781 1,703 1,683 2,385 2,311 2, 354 2,358 2,112 1,688 1,322 1,250 1,142 Demand deposits—ad justed 14, 756 14,843 14,918 15,152 14,962 14, 785 14, 619 12, 729 (2) (2) (2) (2) Time deposits (excluding interbank)3 5,278 5,283 5,245 5,070 5,036 5,019 4,999 4,883 4,937 4,946 5,666 6,788 Deposits of domestic banks* 5,088 4,990 4, 979 6,080 5,890 5,859 5,810 4,938 3,814 2,822 2,772 2,787 Borrowings 5 11 36 1 15 2 5 6 8 115 228 674 MONEY 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 1.00 1.00 .91 .56 1.00 1. 16 2.05 7.61 U. S. Treasury bills (91 days) .26 .37 .34 .13 .16 .20 .17 .17 .28 .52 .88 U. S. Treasury bonds, long term 2.65 2.67 2. 59 2.42 2.41 2.43 2.47 2.70 3.10 3.31 3.65 3.60 Corporate high grade bonds (Moody's Aaa)_ 3.29 r3.30 3.25 3.18 3.18 3.21 3.24 3.60 4.00 4.49 5.01 4.73 CAPITAL ISSUES Amounts per month; in millions of dollars All issues—total 196 223 184 464 409 297 518 392 180 89 146 959 New 89 156 76 186 178 217 164 121 116 60 100 841 Refunding 107 67 108 278 231 80 354 270 64 29 46 118 Domestic corporate issues—total- 129 152 106 366 250 232 382 189 41 32 54 781 New 59 112 49 95 75 171 99 34 15 13 27 667 Refunding 70 39 56 272 175 62 282 155 26 18 27 115 PRICES Index numbers Common stocks (1926=100) 106 121 119 114 113 111 78 72 63 49 190 Wholesale commodity prices (1926=100): All commodities 87 88 82 82 82 81 80 75 66 65 95 Farm products 86 86 84 84 84 81 79 65 51 48 105 Foods 88 87 83 83 83 82 84 71 61 61 100 Other commodities 86 86 80 80 80 80 78 78 71 70 92 Retail food prices (1923-25=100)_.. __ 86 86 83 84 84 82 80 74 66 68 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1928-25=100 Industrial production P103 111 117 110 109 108 105 90 79 76 64 119 Manufactures P101 110 118 111 110 110 105 90 78 75 63 119 Minerals P113 115 112 105 102 99 104 91 86 82 71 115 Construction—total 56 63 57 59 62 55 37 32 25 28 117 Residential _. 37 40 43 47 46 37 21 12 11 13 87 All other 71 81 69 69 75 70 50 48 37 40 142 Factory employment 101 102 94 94 93 92 86 83 72 66 105 Factory payrolls (unadjusted). P100 100 104 89 84 84 82 71 63 49 46 109 Freight-car loadings 76 78 79 77 75 76 75 64 62 58 55 107 Department store sales.- 93 94 92 90 88 86 88 79 75 67 69 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports.. r'333 297 278 265 221 179 205 190 178 140 134 437 General imports P224 233 246 213 216 193 202 171 138 121 110 p Preliminary. • Partly estimated. Revised. 1 Includes loans on securities to banks, 1929-1934. « Figures not available. *Includes time deposits of banks, domestic and foreign, 1929-1934. * Does not include time deposits 1929-1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1190 FEDERAL RESERVE BULLETIN DECEMBER 1937 LAW DEPARTMENT Publication of Revised Edition of Board's Digest of Discount of Consumers' Paper by Federal Reserve Rulings Banks A revised edition of the Board's Digest of The Board of Governors has been asked to Rulings, containing approximately 700 pages, rule upon the question whether a note given has just been published and is now ready for directly to a member bank, the proceeds of distribution. Copies may be obtained from which are used by the maker of the note to the Board of Governors of the Federal Re- purchase goods for use and not for resale, is serve System at a price of $1.25 per volume. eligible for discount by a Federal Reserve The new volume contains two principal bank under Regulation A. In this connection divisions: (1) Digests of the published rul- it should be noted that the regulation permits ings of the Board of Governors, and (2) a paper, the proceeds of which are advanced or compilation showing by italicized and can- loaned to some other borrower, to be disceled words the textual changes which have counted provided the proceeds are used by been made in the Federal Reserve Act by all such other borrower for a commercial, agriamendments to that Act. cultural or industrial purpose, and provided The volume covers the period from 1914 tothe paper is of proper maturity and meets the October 1, 1937, and brings up to date a for-other requirements of the regulation. If, mer edition of the Digest of Rulings which therefore, the purchase of goods for use and was published in 1928. In addition to digests not for resale is regarded as a commercial of all rulings of the Board which have been transaction, the note of a finance company, published in THE FEDERAL RESERVE BUL- the proceeds of which have been or are to be LETIN, the revised edition includes as a new used to finance the purchase of goods by confeature digests of all reported court decisions sumers, may be eligible for discount. and opinions of the Attorney General of the Section 13 of the Federal Reserve Act United States which involve a construction of authorizes a Federal Reserve bank, under the provisions of the Federal Reserve Act, certain conditions, to discount ''notes, drafts regardless of whether such decisions and and bills of exchange arising out of actual opinions were published in THE FEDERAL commercial transactions; that is, notes, RESERVE BULLETIN. Likewise there are in- drafts, and bills of exchange issued or drawn cluded digests of reported court decisions in for agricultural, industrial, or commercial cases in which a Federal Reserve bank was a purposes, or the proceeds of which have been party to the litigation. The revised Digest used, or are to be used, for such purposes, the also contains a number of reference tables, Board of Governors of the Federal Reserve as well as the text of the Federal Reserve Act System to have the right to determine or as originally enacted. define the character of the paper thus eligible While certain changes have been made in for discount, within the meaning of this Act." the form and set-up, the general plan of the It is the opinion of the Board that a borformer edition of the Digest of Rulings has rowing for the purpose of making a purchase been' followed in the new edition, the digests of goods is a borrowing for a commercial purbeing numbered and arranged according to pose, whether the borrower intends to use the sections of the Federal Reserve Act and other goods himself or to resell them. A note of a acts to which they primarily relate, with buyer given to a seller in payment for articles groupings under appropriate headings and purchased is clearly a note issued or drawn subheadings. In an effort to increase the use-for a commercial purpose. However, the fulness of the Digest, numerous explanatory purpose of the note is the same, whether notes and cross-references have been added. given by the buyer to the seller or given by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1191 DECEMBER 1937 FEDERAL RESERVE BULLETIN the buyer directly to a bank or finance com- in the light of all of the circumstances of the pany, for in either case the proceeds are used case. to finance a sale—a "commercial transaction." While it may be suggested that from Revision of Regulation T Relating to Extension and Maintenance of Credit by Brokers, Dealers, and a practical viewpoint there is a difference Members of National Securities Exchanges between the discount of such a note in the There is set forth below the text of a rehands of the seller and a direct lending by a vision of Regulation T, entitled "Extension bank or finance company to the purchaser, and Maintenance of Credit by Brokers, there appears to be no justification for any Dealers, and Members of National Securities such distinction from a legal standpoint. In Exchanges," and a supplement to the revised either case the purpose of the giving of the regulation, which have been approved by the note is to finance the final step in the distribu- Board of Governors of the Federal Reserve tion of goods, the sale to the consumer. System to become effective January 1, 1938. Accordingly, upon consideration of the It is suggested that any inquiry relating to question which has been presented, the Board this regulation be addressed to a national has reached the conclusion that a note, the securities exchange of which the person makproceeds of which are used by the maker to ing the inquiry is a member or the facilities purchase goods for use or consumption rather of which are used for his transactions or, if than for resale is a note arising out of an this be not practicable, that the inquiry be adactual commercial transaction within the dressed to the Federal Reserve bank of the meaning of section 13 of the Federal Reserve district in which the inquiry arises. In the Act. Accordingly, such a note given by the event that an official of an exchange desires maker directly to a member bank will be information as to any such question, he eligible for discount by a Federal Reserve should make inquiry of the Federal Reserve bank under Regulation A if it meets the bank of the district in which the exchange applicable requirements of the regulation as is located. to maturity and in other respects. For exam- CONTENTS ple, a note given to a member bank by a householder who uses the proceeds to pur- Sec. 1. Scope of Regulation. Sec. 2. Definitions. chase household equipment such as radios Sec. 3. General Accounts. or furniture will be eligible for discount if (a) Contents of general account. (b) General rule. it has a maturity at the time of discount (c) Maximum loan value and current marof not exceeding 90 days. Likewise, the ket value. (d) Adjusted debit balance. note of a finance company given to a mem- (e) Liquidation in lieu of deposit. ber bank, the proceeds of which are loaned (f) Extensions of time. (g) Transactions on given day. to other borrowers who use the funds thus (h) Unissued securities. obtained to purchase goods for use or con- Sec. 4. Special Accounts. (a) General rule. sumption, will be eligible for discount by (b) Special omnibus account. a Federal Reserve bank if the note meets the (c) Special cash account. (d) Special arbitrage account. applicable requirements of the regulation as (e) Special commodity account. to maturity and in other respects. (f) Special miscellaneous account. Sec. 5. Borrowings by Members, Brokers, and In any particular case, of course, the ques- Dealers. tion whether paper offered for discount meets (a) General rule. (b) Agreements of nonmember banks. the requirements as to eligibility and whether (c) Borrowing from other creditors. it is acceptable from a credit standpoint i Sec. 6. Certain Technical Details. (a) Accounts of partners. one for the consideration of the Federal Re- (b) Contribution to joint adventure. serve bank as and when the paper is offered, (c) Guaranteed accounts. (d) Transfer of accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1192 FEDERAL RESERVE BULLETIN DECEMBER 1937 (e) Reorganizations. unlisted trading privileges on a national securities (f) Time of receipt of funds or securities. exchange is deemed, under the provisions of section (g) Interest, service charges, etc. 12 (f) of the Act, to be registered on a national (h) Borrowing and lending securities. securities exchange; or (3) is exempted by the Se- . (i) Credit for clearance of securities, curities and Exchange Commission from the opera- (j) Foreign currency, tion of section 7(c) (2) of the Act only to the extent (k) Innocent mistakes. necessary to render lawful any direct or indirect Sec. 7. Miscellaneous Provisions. extension or maintenance of credit on such security (a) Arranging for loans by others. or any direct or indirect arrangement therefor which (b) Maintenance of credit. would not have been unlawful if such security had (c) Declaration as to purpose of loan. been a security (other than an exempted security) (d) Repprts. registered on a national securities exchange. (e) Additional requirements by exchanges (e) The term "exempted security" has the meanand creditors. ing given it in section 3 (a) of the Act except that the term does not include a security which is ex- APPENDIX. empted by the Securities and Exchange Commission from the operation of section 7(c) (2) of the Act REGULATION T only to the extent described in subdivision (3) of section 2(d) of this regulation. Revised Effective January 1, 1938. SECTION 3. GENERAL ACCOUNTS EXTENSION AND MAINTENANCE OF CREDIT BY BROKERS, DEALERS, AND MEMBERS OF (a) Contents of general account.—All financial relations between a creditor and a customer, whether NATIONAL SECURITIES EXCHANGES recorded in one record or in more than one record, shall be included in and be deemed to be parts of the SECTION 1. SCOPE OF REGULATION customer's general account with the creditor, except This regulation is issued by the Board of that the relations which section 4 permits to be included in any special account provided for by that Governors of the Federal Reserve System section may be included in the appropriate special (hereinafter called the "Board") pursuant to account, and all transactions in commodities for or with any customer shall be included in the special the Securities Exchange Act of 1934 (hereincommodity account provided for by sections 4(a) after called the "Act"), particularly sections and 4(e). (b) General rule.—A" creditor shall not effect for 7 and 8 (a) thereof, and applies to every or with any customer in a general account any transmember of a national securities exchange and action which, in combination with the other transactions effected in the account on the same day, creto every broker or dealer who transacts a ates an excess of the adjusted debit balance of the business in securities through the medium account over the maximum loan value of the securities in the account, or increases any such excess, of any such member. unless in connection therewith the creditor obtains, as promptly as possible and in any event before the SECTION 2. DEFINITIONS expiration of three full business days following the date of such transaction, the deposit into the account For the purposes of this regulation, unless the of cash or securities in such amount that the cash context otherwise requires: deposited plus the maximum loan value of the se- (a) The terms "person", "member", "broker", curities deposited equals or exceeds the excess so "dealer", "buy", "purchase", "sale", "sell", "secu- created or the increase so caused. rity", and "bank" have the meanings given them in A transaction consisting of a withdrawal of cash section 3 (a) of the Act, pertinent parts of which or registered or exempted securities from a general are printed in the appendix to this regulation. account shall be permissible only on condition that (b) The term "creditor" means any member of a no cash or securities need be deposited in the acnational securities exchange or any broker or dealer count in connection with a transaction on a previous who transacts a business in securities through the day and that, in addition, the transactions (includmedium of any such member. ing such withdrawal) on the day of such withdrawal (c) The term "customer" includes any person, or would not create an excess of the adjusted debit balany group of persons acting jointly, (1) to or for ance of the account over the maximum loan value whom a creditor is extending or maintaining any of the securities in the account or increase any such credit, or (2) who, in accordance with the ordinary excess. usage of the trade, would be considered a customer Rules for computing the maximum loan value of of the creditor. the securities in a general account and the adjusted It includes, in case the creditor is a firm, any part- debit balance of such an account are provided in ner in the firm who would be considered a customer sections 3(c) and 3(d), and certain modifications of the firm if he were not a partner, and includes of and exceptions to the general rule stated above any joint adventure in which a creditor partidmates are provided in the subsequent subsections of this and which would be considered a customer of the section and in section 6. creditor if the creditor were not a participant. (c) Maximum loan value and current market (d) The term "registered security" means any se- value.—The maximum loan value of the securities in curity which (1) is registered on a national securi- a general account is the sum of the maximum loan ties exchange; or (2) in consequence of its having values of the individual securities in the account, in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1193 FEDERAL RESERVE BULLETIN DECEMBER 1937 eluding securities (other than unissued securities) endorsement or guarantee of any put, call or bought for the account but not yet debited thereto, other option; but excluding securities sold for the account whether or not payment has been credited thereto. and deducting therefrom the sum of the following Except as otherwise provided in this section 3(c), items: the maximum loan value of a registered security (6) the net credit balance, if any, of the ac- (other than an exempted security) in a general ac- count; and count shall be such maximum loan value as the Board (7) the net proceeds of sale of any securities shall prescribe for general accounts from time to (other than unissued securities) sold for the actime in the supplement to this regulation, and the count but for which payment has not yet been maximum loan value of an exempted security shall credited thereto. be as determined by the creditor in good faith. No In case the general account is the account of a collateral other than registered securities or expartner of the creditor, the account of a joint adempted securities shall have any loan value in a genventure in which the creditor participates, a guaraneral account. teed account, or the account of a customer who has A warrant or certificate which evidences only a guaranteed the account of another customer, the right to subscribe to or otherwise acquire any seadjusted debit balance shall be computed according curity and which expires within ninety days of issuto the foregoing rule and the supplementary rules ance shall have no loan value in a general account; prescribed in sections 6(a), 6(b), and 6(c). but, if the account contains, in addition to such warrant or certificate, the security to the holder of which (e) Liquidation in lieu of deposit.*—In any case such warrant or certificate has been issued, the curin which the deposit required by section 3(b), or any rent market value of such security (if the security portion thereof, is not obtained by the creditor within be a registered security) shall, for the purpose of the three-day period specified in that section, securicalculating its maximum loan value, be increased by ties shall be sold or covering or other liquidating the current market value of such warrant or certransactions shall be effected in the account, prior to tificate. the expiration of such three-day period, in such For the current market value of a security through- amount that the resulting decrease in the adjusted out the day of its purchase or sale, the creditor shall debit balance of the account exceeds, by an amount use its total cost or the net proceeds of its sale, as at least as great as such required deposit or the unthe case may be, and at any other time shall use the deposited portion thereof, any resulting decrease in closing sale price of the security on the preceding the maximum loan value of the securities in the business day as shown by any regularly published account. reporting or quotation service. In the absence of any (f) Extensions of time.—In exceptional cases, the such closing sale price, the creditor may use any reathree-day period specified in section 3(b) may, on sonable estimate of the market value of such security application of the creditor, be extended for one or as of the close of business on such preceding business more limited periods commensurate with the circumday. stances by any regularly constituted committee of a (d) Adjusted debit balance.—For the purposes of national securities exchange having jurisdiction over this regulation, the adjusted debit balance of a genthe business conduct of its members, of which exeral account shall be calculated by taking the sum of change the creditor is a member or through which the following items: his transactions are effected, provided such committee is satisfied that the creditor is acting in good (1) the net debit balance, if any, of the acfaith in making the application and that the circumcount; stances are in fact exceptional and warrant such (2) the total cost of any securities (other action. than unissued securities) bought for the account (g) Transactions on given day.—For the purposes but not yet debited thereto; of section 3(b), the question of whether or not an (3) the current market value of any securiexcess of the adjusted debit balance of a general acties (other than unissued securities) sold short count over the maximum loan value of the securities in the account plus, for each such security (other in the account is created or increased on a given day than an exempted security), such amount as the shall be determined on the basis of all the trans- Board shall prescribe from time to time in the actions in the account on that day exclusive of any supplement to this regulation as the margin re- deposit of cash, deposit of securities, covering transquired for such short sales, except that such action or other liquidation that has been effected on amount so prescribed in the supplement need not the given day, pursuant to the requirements of secbe included when there are held in the account tion 3(b) or 3(e), in connection with a transaction securities exchangeable or convertible within a on a previous day. reasonable time, without restriction other than (h) Unissued securities.—The amount to be inthe payment of money, into such securities sold cluded in the adjusted debit balance of a general acshort; count as the margin required for a net long commit- (4) the amount of margin specified by section ment in unissued securities shall be the current mar- 3(h) for every net commitment in the account ket value of the net amount of unissued securities in unissued securities, plus all unrealized losses long minus the maximum loan value which such net on each commitment in unissued securities and minus all unrealized gains (not exceeding the * This requirement relates to the action to be taken when a customer fails to make the deposit required by section 3(b), and required margin) on each commitment in unissued securities; and (5) the amount of any margin customarily required by the creditor in connection with his Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1194 FEDERAL RESERVE BULLETIN DECEMBER 1937 amount of securities would have if they were issued of the customer that he is in turn carrying such registered securities held in the account; and the securities and such short sales for the account amount to be so included as the margin required for of his customers other than his partners; a net short commitment in unissued securities shall (2) The maximum loan value of a registered be the amount which would be required as margin security (other than an exempted security) for the net amount of unissued securities short if having loan value in such a special omnibus acsuch securities were issued securities and were sold count shall be such special maximum loan value, short in the account: Provided, That no amount need and the amount to be included in the adjusted be included as margin for a net short commitment debit balance of such an account as the margin in unissued securities when there are held in the ac- required for short sales shall be such special count securities in respect of which the unissued amount, as the Board shall prescribe from time securities are to be issued, nor for any net position to time for special omnibus accounts in the supin unissued securities that are exempted securities. plement to this regulation; and Whenever a creditor, pursuant to a purchase of an (3) If the maximum loan value of the secuunissued security for a customer, receives an issued rities in the account shall have equalled or exsecurity which is not a registered or exempted se- ceeded the adjusted debit balance of the account curity, the creditor shall treat any payment by him after all the transactions in the account on any for such issued security as a transaction (other than day within the period specified in section 3(b), a withdrawal) which increases the adjusted debit the liquidating or covering transactions required balance of the account by the amount of the payment by section 3(e) need not be effected. minus the amount required to be included in the adjusted debit balance of the account, at the time of (c) Special cash account.—In a special cash acand in connection with the purchase of the unissued count, a creditor may effect for or with any customer security, as the margin required for such purchase. bona fide cash transactions in securities in which the creditor may— SECTION 4. SPECIAL ACCOUNTS (1) purchase any security for, or sell any (a) General rule.—Pursuant to this section 4, a security to, any customer, provided funds sufficreditor may establish for any customer one or more cient for the purpose are already held in the special accounts. account or the purchase or sale is in reliance Each such special account shall be recorded sep- upon an agreement accepted by the creditor in arately and shall be confined to the transactions and good faith that the customer will promptly make relations specifically authorized for such account by full cash payment for such security; or the appropriate subsection of this section and to (2) sell any security for, or purchase any setransactions and relations incidental to those spe- curity from, any customer, provided the secucifically authorized. An adequate record shall be rity is held in the account or the purchase or sale maintained showing for each such account the full is in reliance upon an agreement accepted by details of all transactions in the account. the creditor in good faith that the security is A special account established pursuant to this to be promptly deposited in the account. section shall not be used in any way for the purpose of evading or circumventing any of the provisions Except as otherwise provided in this section 4(c), of this regulation. If a customer has with a creditor in case a customer does not make full cash payment both a general account and one or more such special for a security purchased by him in the account, or accounts, the creditor shall treat each such special does not deposit in the account a security sold by account as if the customer had with the creditor no him in the account, within seven days after the date general account. on which the security was purchased or sold, the The only other conditions to which transactions in creditor shall promptly cancel, cover, or otherwise such special accounts shall be subject under the pro- liquidate, the transaction or the unsettled portion visions of this regulation shall be such conditions as thereof. are specified in the appropriate subsection of this If the security was purchased for the customer section and in sections 2, 6 and 7. subject to a customary "seller's option" as to the time (b) Special omnibus account.—In a special omni- of delivery, or if the security was purchased for, or bus account, a member of a national securities ex- sold to, the customer and the creditor "failed to rechange may effect for a customer transactions which ceive" the security at the usual time of delivery, the are effected in reliance upon a signed statement period referred to in the preceding paragraph shall which the member has accepted from the customer be five days from the day on which the creditor acting in good faith, and a duplicate original of which has in good faith was able to obtain the security. If the been filed by the member with the secretary of a security was sold for the customer subject to a cusnational securities exchange of which he is a mem- tomary "seller's option" as to the time of delivery, ber, that the customer is a broker or dealer who is such period shall end with the day on which the option subject to the provisions of this regulation or has expires. If the security when purchased or sold was places of business only in foreign countries; and an unissued security, such period shall be seven days such a special omnibus account shall be subject to from the day on which the security was made availall the conditions to which it would be subject if it able by the issuer for delivery to purchasers of the were a general account except that— security. If any regularly constituted committee of a na- (1) In such a special omnibus account, no se- tional securities exchange having jurisdiction over curities shall have loan value and no short sales the business conduct of its members, of which exof securities shall be carried, except securities change the creditor is a member or through which and short sales as to which the member shall his transactions are effected, is satisfied that the have accepted in good faith a signed statement creditor is acting in good faith in making the appli- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1937 FEDERAL RESERVE BULLETIN 1195 cation, that the application relates to a bona fide securities deposited by the customer specifically cash transaction, and that exceptional circumstances for such purposes, and (subject to any other apwarrant such action, such committee, on application plicable provisions of law) receive from or for of the creditor, may (A) extend any period specified any customer, and pay out or deliver to or for in the two preceding paragraphs for one or more any customer, any money or securities; limited periods commensurate with the circum- (5) Effect and carry for any customer transstances, or (B) in the case of the purchase of a actions in foreign exchange; and registered or exempted security which has been ef- (6) Extend and maintain credit to or for any fected by the customer in the account, authorize the customer without collateral or on any collateral transfer of the transaction to a general account or whatever for any purpose other than purchasing special omnibus account and the completion of the or carrying or trading in securities. transaction pursuant to the provisions of this regulation relating to such accounts. SECTION 5. BORROWINGS BY MEMBERS, BROKERS, AND The days specified in this section 4(c) are calen- DEALERS dar days, but if the last day of any period specified herein is a Saturday, Sunday, or holiday, such pe- (a) General rule.—It is unlawful for any credriod shall be considered to end on the next full busi- itor, directly or indirectly, to borrow in the ordinary ness day. For the purposes of this section 4(c), a course of business as a broker or dealer on any regcreditor may, at his option, disregard any sum due istered security (other than an exempted security) by the customer not exceeding $50. except (d) Special arbitrage account.—In a special ar- (1) from or through a member bank of the bitrage account, a member of a national securities Federal Reserve System; or exchange may effect and finance for any customer (2) from any nonmember bank which shall bona fide arbitrage transactions in securities. For have filed with the Board an agreement which the purposes of this subsection, the term "arbitrage" is still in force and which is in the form premeans (1) a purchase or sale of a security in one scribed by this regulation; or market together with an offsetting sale or purchase (3) to the extent to which, under the proviof the same security in a different market at as sions of this regulation, loans are permitted benearly the same time as practicable, for the purpose tween members of a national securities exof taking advantage of a difference in prices in the change and/or brokers and/or dealers, or loans two markets, or (2) a purchase of a security wjiich are permitted to meet emergency needs. is, without restriction other than the payment of (b) Agreements of nonmember banks.—An agreemoney, exchangeable or convertible within a reasonment filed pursuant to section 8(a) of the Act by a able time into a second security together with an offbank not a member of the Federal Reserve System setting sale at or about the same time of such second shall be substantially in the form contained in Form security, for the purpose of taking advantage of a F.R. T-2 if the bank has its principal place of busidisparity in the prices of the two securities. ness in a territory or insular possession of the (e) Special commodity account.—In a special com- United States, or if it has an office or agency in modity account, a creditor may effect and carry for the United States and its principal place of business any customer transactions in commodities. outside the United States. The agreement filed by (f) Special miscellaneous account.—In a special any other nonmember bank shall be in substantially miscellaneous account, a creditor may— the form contained in Form F.R. T-l. Any non- (1) With the approval of any regularly con- member bank which has executed any such agreestituted committee of a national securities ex- ment may terminate the agreement if it obtains the change having jurisdiction over the business written consent of the Board. Blank forms of such conduct of its members, make and maintain agreements, information regarding their filing or loans to meet the emergency needs of any termination, and information regarding the names creditor; of nonmember banks for which such agreements are (2) Effect and finance, for any joint adven- in force, may be obtained from any Federal Reserve ture in which the sole participants are the cred- bank. itor and one or more members of a national (c) Borrowing from other creditors.—A creditor securities exchange who are registered on such may borrow from another creditor in the ordinary exchange as odd-lot dealers and acting as such, course of business as a broker or dealer on any any transactions in securities with respect to registered security to the extent and subject to the which all participants, or all participants other terms upon which the latter may extend credit to than the creditor, are co registered and so act; him in accordance with the provisions of this regu- (3) Effect transactions for and finance any lation, and subject to any other applicable provisions joint adventure or group in which the creditor of law. participates and in which all participants are dealers (whether such participants be acting SECTION 6. CERTAIN TECHNICAL DETAILS jointly or severally), or any member thereof or participant therein, for the purpose of facilitat- (a) Accounts of partners.—In case a general acing the underwriting or distributing of all or count is the account of a partner of the creditor, part of an issue of securities (A) not through the creditor, in calculating the adjusted debit balthe medium of a national securities exchange, or ance of such account and the maximum loan value (B) the distribution of which has been approved of the securities therein, shall disregard the partby the appropriate committee of a national se- ner's financial relations with the firm as reflected curities exchange; in his capital and ordinary drawing accounts. (4) Effect for any customer the collection or (b) Contribution to joint adventure.—In case a exchange (other than by sale or purchase) of general account is the account of a joint adventure Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1196 FEDERAL RESERVE BULLETIN DECEMBER 1937 in which the creditor participates, the adjusted debit lation as if it had been maintained for the transferee balance of the account shall include, in addition to from the date of its origin. the items specified in section 3(d), any amount by (e) Reorganizations.—A creditor may, without rewhich the creditor's contribution to the joint adven- gard to the other provisions of this regulation, effect ture exceeds the contribution which he would have for a customer the exchange of any registered or made if he had contributed merely in proportion to exempted security in a general account for the purhis right to. share in the profits of the joint adven- pose of participating in a reorganization or recapitalture. ization in which the security is involved: Provided, (c) Guaranteed accounts.—In case a general ac- That if an unregistered non-exempted security is account maintained by a creditor for one customer is quired in exchange, the creditor shall not, for a guaranteed in writing by another customer for whom period of sixty days following such acquisition, permit the creditor maintains a general account, the ad- the withdrawal of such security or the proceeds of justed debit balance of the guaranteed account may, its sale from the customer's account except to the at the option of the creditor, be computed by deduct- extent that such security or proceeds could be withing from the sum of the items specified in section drawn if the security were a registered security. 3(d) an amount not greater than the excess of the (f) Time of receipt of funds or securities.—For maximum loan value of the securities in the guaran- the purposes of this regulation, a creditor may, at his tor's general account over the adjusted debit balance option (1) treat the receipt in good faith of any of such guarantor's account calculated without the check or draft drawn on a bank which in the ordiaddition thereto prescribed by the following para- nary course of business is payable on presentation, graph, provided (1) the guarantor is not a creditor, or any order on a savings bank with passbook at- (2) a duplicate original of the guarantee has been tached which is so payable, as receipt of payment of filed with the secretary of a national securities ex- the amount of such check, draft or order; (2) treat change of which the creditor is a member or through the shipment of securities in good faith with sight which his transactions are effected, and (3) the draft attached as receipt of payment of the amount guarantee permits the creditor to use funds and se- of such sight draft; and (3) in the case of the receipt curities in the guarantor's account to carry the in good faith of written or telegraphic notice in conguaranteed account without restriction, except that nection with a special omnibus account of a customer the guarantee may be limited to a specified amount not located in the same city that a specified security and in that event the deduction shall not exceed or a check or draft has been dispatched to the credsuch amount. itor, treat the receipt of such notice as receipt of such In case a guarantee has served to permit in- the security, check or draft: Provided, however, That if guaranteed account any transaction which could not the creditor receives notice that such check, draft, otherwise have been effected in accordance with this order, or sight draft described in clause (1), (2) or regulation: (A) the adjusted debit balance of the (3) is not paid on the day of presentation, or if such guarantor's account shall be computed by adding to security, check or draft described in clause (3) is not the sum of the items specified in section 3(d) an received by the creditor within a reasonable time, the amount equal to the deduction made pursuant to the creditor shall promptly take such action as he would preceding paragraph; (B) the creditor shall not sub- have been required to take by the appropriate prosequently decrease the amount of such deduction, or visions of this regulation if the provisions of this the amount of the consequent addition to the adjusted subsection had not been utilized. debit balance of the guarantor's account, unless the (g) Interest, service charges, etc.—Interest on adjusted debit balance of the guaranteed account, credit maintained in a general account, communication after such decrease and after all transactions in such charges with respect to transactions in the account, guaranteed account on the date of such decrease, does shipping charges, premiums on securities borrowed not exceed the maximum loan value of the securities in connection with short sales or to effect delivery, in such guaranteed account; and (C) if the guaran- dividends or other distributions due on borrowed setee is terminated or the amount thereof reduced, the curities, and any service charges (other than comcreditor shall require that, after all the transactions missions) which the creditor may impose, may be (including such termination or reduction) on the date debited to the account in accordance with the usual of such termination or reduction, the adjusted debit practice and without regard to the other provisions balance of the guaranteed account shall not exceed of this regulation, but such items so debited shall the maximum loan value of the securities in the ac- be taken into consideration in calculating the net count. credit or net debit balance of the account. (d) Transfer of accounts.—In the event of the A creditor may, without regard to the other protransfer of a general account from one creditor to visions of this regulation, pay to or for a customer another, such account may be treated for the pur- from a general account interest or cash dividends poses of this regulation as if it had been maintained collected by the creditor for such account, if such by the transferee from the date of its origin: Pro- payment is made within thirty-five days after the vided, That the transferee accepts in good faith the day on which, in accordance with the creditor's usual signed statement of the transferor that no cash or practice, such interest or dividends are credited to securities need be deposited in the account in connec- the account, and if the crediting thereof has not tion with any transaction that has been effected in served in the meantime to permit in the account any the account or, in case he finds that it is not prac- purchase of securities or other transactions which ticable to obtain such a statement from the trans- could not otherwise have been effected in accordance feror, accepts in good faith such a signed statement with this regulation. from the customer. (h) Borrowing and lending securities.—Without In the event of the transfer of a general account regard to the other provisions of this regulation, a from one customer to another, such account may be creditor (1) may make a bona fide, deposit of cash treated by the creditor for the purposes of this regu- in order to borrow securities (whether registered or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1197 DECEMBER 1937 FEDERAL RESERVE BULLETIN unregistered) for the purpose of making delivery of credit, a creditor may rely upon such a written decsuch securities in the case of short sales, failure to laration unless he knows the statement to be false receive securities he is required to deliver, or other or has information which would put a prudent man similar cases, and (2) may lend securities for such upon inquiry and if investigated with reasonable purpose against such a deposit. diligence would lead to the discovery of the falsity (i) Credit for clearance of securities.—The exten- of the statement. sion or maintenance of any credit which is main- (d) Reports.—Every creditor shall make such retained for only a fraction of a day (that is, for only ports as the Board may require to enable the Board part of the time between the beginning of business to perform the functions conferred upon it by the and midnight on the same day) shall be disregarded Act. for the purposes of this regulation, if it is inci- (e) Additional requirements by exchanges and dental to the clearance of transactions in securities creditors.—Nothing in this regulation shall (1) predirectly between members or through an agency or- vent any exchange from adopting and enforcing any ganized or employed by the members of a national rule or regulation further restricting the time or securities exchange for the purpose of effecting such manner in which its members must obtain initial or clearance. additional margin in customers' accounts because of (j) Foreign currency.—If foreign currency is ca- transactions effected in such accounts, or requiring pable of being converted without restriction into such members to secure or maintain higher margins, United States currency, a creditor acting in good or further restricting the amount of credit which faith may treat any such foreign currency in an may be extended or maintained by them, or (2) account as a credit to the account in an amount modify or restrict the right of any creditor to redetermined in accordance with customary practice. quire additional security for the maintenance of any (k) Innocent mistakes.—If any failure to comply credit, to refuse to extend credit, or to sell any securwith this regulation results from a mistake made in ities or property held as collateral for any loan or good faith in executing a transaction, recording, de- credit extended by him. termining, or calculating any loan, balance, market price or loan value, or other similar matter, the APPENDIX creditor shall not be deemed guilty of a violation of this regulation if promptly after the discovery of There are printed below certain provisions the mistake he takes whatever action may be pracof the Securities Exchange Act of 1934 which ticable in the circumstances to remedy the mistake. are pertinent to the subject matter of this SECTION 7. MISCELLANEOUS PROVISIONS regulation: (a) Arranging for loans by others.—A creditor may arrange for the extension or maintenance of Sec. 3. (a) * * * credit to or for any customer of such creditor by any (3) The term "member" when used with respect person upon the same terms and conditions as those to an exchange means any person who is permitted upon which the creditor, under the provisions of this either to effect transactions on the exchange without regulation, may himself extend or maintain such the services of another person acting as broker, or to credit to such customer, but only upon such terms make use of the facilities of an exchange for transand conditions, except that this limitation shall not actions thereon without payment of a commission or apply with respect to the arranging by a creditor fee or with the payment of a commission or fee which for a bank subject to Regulation U to extend or is less than that charged the general public, and inmaintain credit on registered securities or exempted cludes any firm transacting a business as broker or securities. dealer of which a member is a partner, and any (b) Maintenance of credit.—Except as otherwise partner of any such firm. specifically forbidden by this regulation, any credit (4) The term "broker" means any person engaged initially extended without violation of this regula- in the business of effecting transactions in securities tion may be maintained regardless of (1) reductions for the account of others, but does not include a bank. in the customer's equity resulting from changes in (5) The term "dealer" means any person engaged market prices, (2) the fact that any security in an in the business of buying and selling securities for account ceases to " be registered or exempted, andhis own account, through a broker or otherwise, but (3) any change in the maximum loan values or does not include a bank, or any person insofar as he margin requirements prescribed by the Board under buys or sells securities for his own account, either this regulation. In maintaining any such credit, the individually or in some fiduciary capacity, but not creditor may accept or retain for his own protection as a part of a regular business. additional collateral of any description, including (6) The term "bank" means (A) a banking instiunregistered securities. ution organized under the laws of the United States, (c) Declaration as to purpose of loan.—Every ex- (B) a member bank of the Federal Reserve System, tension of credit on a registered security (other (C) any other banking institution, whether incorthan an exempted security) shall be deemed to be porated or not, doing business under the laws of any for the purpose of purchasing or carrying or trad- State or of the United States, a substantial portion ing in securities, unless the customer shall file with of the business of which consists of receiving deposits the creditor a written declaration signed by the cus- or exercising fiduciary powers similar to those pertomer which shall state the use to be made of such mitted to national banks under section 11 (k) of the credit and which shall state specifically that such Federal Reserve Act, as amended, and which is credit is neither for the purpose of purchasing or supervised and examined by State or Federal aucarrying or trading in securities nor for the purpose thority having supervision over banks, and which is of evading or circumventing the provisions of this not operated for the purpose of evading the proregulation. In connection with any extension of visions of this title, and (D) a receiver, conservator, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1198 FEDERAL RESERVE BULLETIN DECEMBER 1937 or other liquidating agent of any institution or firm scribe rules and regulations with respect to the included in clauses (A), (B), or (C) of this para- amount of credit that may be initially extended and graph. subsequently maintained on any security (other than (9) The term "person" means an individual, a an exempted security) registered on a national secorporation, a partnership, an association, a point- curities exchange. For the initial extension of credit, stock company, a business trust, or an unincor- such rules and regulations shall be based upon the porated organization. following standard: An amount not greater than (10) The term "security" means any note, stock, whichever is the higher of— treasury stock, bond, debenture, certificate of inter- (1) 55 per centum of the current market price est or participation in any profit-sharing agreement of the security, or or in any oil, gas, or other mineral royalty or lease, (2) 100 per centum of the lowest market price any collateral-trust certificate, preorganization cerof the security during the preceding thirty-six tificate or subscription, transferable share, investcalendar months, but not more than 75 per ment contract, voting-trust certificate, certificate of centum of the current market price. deposit, for a security, or in general, any instrument commonly known as a "security"; or any certificate Such rules and regulations may make appropriate of interest or participation in, temporary or interim provision with respect to the carrying of undermarcertificate for, receipt for, or warrant or right to gined accounts for limited periods and under specisubscribe to or purchase, any of the foregoing; but fied conditions; the withdrawal of funds or securishall not include currency or any note, draft, bill of ties; the substitution or additional purchases of seexchange, or banker's acceptance which has a ma- curities; the transfer of accounts from one lender turity at the time of issuance of not exceeding nine to another; special or different margin requirements months, exclusive of days of grace, or any renewal for delayed deliveries, short sales, arbitrage transthereof the maturity of which is likewise limited. actions, and securities to which paragraph (2) of (13) The terms "buy" and "purchase" each in- this subsection does not apply; the bases and the clude any contract to buy, purchase, or otherwise methods to be used in calculating loans, and margins acquire. and market prices; and similar administrative ad- (14) The terms "sale" and "sell" each include any justments and details. For the purposes of paracontract to sell or otherwise dispose of. graph (2) of this subsection, until July 1, 1936, the Sec. 3. (b) The Commission and the Board of Gov- lowest price at which a security has sold on or after ernors of the Federal Reserve System, as to matters July 1, 1933, shall be considered as the lowest price within their respective jurisdictions, shall have at which such security has sold during the preceding power by rules and regulations to define technical, thirty-six calendar months. trade, and accounting terms used in this title insofar (b) Notwithstanding the provisions of subsection as such definitions are not inconsistent with the pro- (a) of this section, the Board of Governors of the visions of this title. Federal Reserve System, may, from time to time, Sec. 6. (a) Any exchange may be registered with with respect to all or specified securities or transthe Commission as a national securities exchange actions, or classes of securities, or classes of transunder the terms and conditions hereinafter provided actions, by such rules and regulations (1) prescribe in this section, by filing a registration statement in such lower margin requirements for the initial exsuch form as the Commission may prescribe, con- tension or maintenance of credit as it deems necestaining the agreements, setting forth the informa- sary or appropriate for the accommodation of comtion, and accompanied by the documents, below speci- merce and industry, having due regard to the genfied: eral credit situation of the country, and (2) pre- (1) An agreement (which shall not be construed scribe such higher margin requirements for the inias a waiver of any constitutional right or any right tial extension or maintenance of credit as it may to contest the validity of any rule or regulation) to deem necessary or appropriate to prevent the excescomply, and to enforce so far as is within its powers sive use of credit to finance transactions in securicompliance by its members, with the provisions of ties. this title, and any amendment thereto and any rule (c) It shall be unlawful for any member of a or regulation made or to be made thereunder; * * *. national securities exchange or any broker or dealer (b) No registration shall be granted or remain in who transacts a business in securities through the force unless the rules of the exchange include pro- medium of any such member, directly or indirectly vision for the expulsion, suspension, or disciplining to extend or maintain credit or arrange for the exof a member for conduct or proceeding inconsistent tension or maintenance of credit to or for any cuswith just and equitable principles of trade, and de- tomer— clare that the willful violation of any provisions of (1) On any security (other than an exempted sethis title or any rule or regulation thereunder shall curity) registered on a national securities exchange, be considered conduct or proceeding inconsistent with in contravention of the rules and regulations which just and equitable principles of trade. the Board of Governors of the Federal Reserve Sys- (c) Nothing in this title shall be construed to pre- tem shall prescribe under subsections (a) and (b) vent any exchange from adopting and enforcing any of this section. rule not inconsistent with this title and the rules and (2) Without collateral or on any collateral other regulations thereunder and the applicable laws of than exempted securities and/or securities registhe State in which it is located. tered upon a national securities exchange, except in Sec. 7. (a) For the purpose of preventing the ex- accordance with such rules and regulations as the cessive use of credit for the purchase or carrying of Board of Governors of the Federal Reserve System securities, the Board of Governors of the Federal may prescribe (A) to permit under specified condi- Reserve System shall, prior to the effective date of tions and for a limited period any such member, this section and from time to time thereafter, pre- broker, or dealer to maintain a credit initially ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1199 DECEMBEK 1937 FEDERAL RESERVE BULLETIN tended in conformity with the rules and regulations of the Board, after appropriate notice and opporof the Board of Governors of the Federal Reserve tunity for hearing, because of any failure by such System, and (B) to permit the extension or main- bank to comply with the provisions thereof or with tenance of credit in cases where the extension or such provisions of law or rules or regulations; and, maintenance of credit is not for the purpose of pur- for any willful violation of such agreement, such chasing or carrying securities or of evading or cir- bank shall be subject to the penalties provided for cumventing the provisions of paragraph (1) of this violations of rules and regulations prescribed under subsection. this title. The provisions of sections 21 and 25 of (d) It shall be unlawful for any person not sub- this title shall apply in the case of any such project to subsection (c) to extend or maintain credit ceeding or order of the Board of Governors of the or to arrange for the extension or maintenance of Federal Reserve System in the same manner as such credit for the purpose of purchasing or carrying provisions apply in the case of proceedings and any security registered on a national securities ex- orders of the Commission. change, in contravention of such rules and regula- (b) To permit in the ordinary course of business tions as the Board of Governors of the Federal Re- as a broker his aggregate indebtedness to all other serve System shall prescribe to prevent the excessive persons, including customers' credit balances (but use of credit for the purchasing or carrying of or excluding indebtedness secured by exempted securitrading in securities in circumvention of the other ties), to exceed such percentage of the net capital provisions of this section. Such rules and regula- (exclusive of fixed assets and value of exchange memtions may impose upon all loans made for the pur- bership) employed in the business, but not exceedpose of purchasing or carrying securities registered ing in any case 2,000 per centum, as the Commission on national securities exchanges limitations similar may by rules and regulations prescribe as necessary to those imposed upon members, brokers, or dealers or appropriate in the public interest or for the proby subsection (c) of this section and the rules and tection of investors. regulations thereunder. This subsection and the (c) In contravention of such rules and regularules and regulations thereunder shall not apply tions as the Commission shall prescribe for the pro- (A) to a loan made by a person not in the ordinary tection of investors to hypothecate or arrange for course of his business, (B) to a loan on an exempted the hypothecation of any securities carried for the security, (C) to a loan to a dealer to aid in the account of any customer under circumstances (1) financing of the distribution of securities to cus- that will permit the commingling of his securities tomers not through the medium of a national secu- without his written consent with the securities of rities exchange, (D) to a loan by a bank on a security any other customer, (2) that will permit such seother than an equity security, or (E) to such other curities to be commingled with the securities of any loans as the Board of Governors of the Federal Reperson other than a bona fide customer, or (3) that serve System shall, by such rules and regulations will permit such securities to be hypothecated, or as it may deem necessary or appropriate in the pubsubjected to any lien or claim of the pledgee, for a lic interest or for the protection of investors, exempt, sum in excess of the aggregate indebtedness of such either unconditionally or upon specified terms and customers in respect of such securities. conditions or for stated periods, from the operation (d) To lend or arrange for the lending of any of this subsection and the rules and regulations securities carried for the account of any customer thereunder. without the written consent of such customer. Sec. 8. It shall be unlawful for any member of Sec. 11. (d) It shall be unlawful for a member of a national securities exchange, or any broker or a national securities exchange who is both a dealer dealer who transacts a business in securities through and a broker, or for any person who both as a the medium of any such member, directly or indi- broker and a dealer transacts a business in securities rectly— through the medium of a member or otherwise, to (a) To borrow in the ordinary course of business effect through the use of any facility of a national as a broker or dealer on any security (other than securities exchange or of the mails or of any means an exempted security) registered on a national se- or instrumentality of interstate commerce, or othercurities exchange except (1) from or through a wise in the case of a member, (1) any transaction member bank of the Federal Reserve System, (2) in connection with which, directly or indirectly, he from any nonmember bank which shall have filed extends or maintains or arranges for the extension with the Board of Governors of the Federal Reserve or maintenance of credit to or for a customer on any System an agreement, which is still in force and security (other than an exempted security) which which is in the form prescribed by the Board, under- was a part of a new issue in the distribution of taking to comply with all provisions of this Act, the which he participated as a member of a selling syndi- Federal Reserve Act, as amended, and the Banking cate or group within six months prior to such trans- Act of 1933, which are applicable to member banks action: Provided, That credit shall not be deemed and which relate to the use of credit to finance extended by reason of a bona fide delayed delivery transactions in securities, and with such rules and of any such security against full payment of the regulations as may be prescribed pursuant to such entire purchase price thereof upon such delivery provisions of law or for the purpose of preventing within thirty-five days after such purchase, or (2) evasions thereof, or (3) in accordance with such any transaction with respect to any security (other rules and regulations as the Board of Governors of than an exempted security) unless, if the transacthe Federal Reserve System may prescribe to pertion is with a customer, he discloses to such cusmit loans between such members and/or brokers tomer in writing at or before the completion of the and/or dealers, or to permit loans to meet emertransaction whether he is acting as a dealer for his gency needs. Any such agreement filed with the own account, as a broker for such customer, or as Board of Governors of the Federal Reserve System a broker for some other person. shall be subject to termination at any time by order Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1200 FEDERAL RESERVE BULLETIN DECEMBER 1937 See. 17. (b) Any broker, dealer, or other person enforcement of any lien by any person who shall extending credit who is subject to the rules and have acquired such debt, obligation, or lien in good regulations prescribed by the Board of Governors faith for value and without actual knowledge of of the Federal Reserve System pursuant to this the violation of any provision of this title or any title shall make such reports to the Board as it may rule or regulation thereunder affecting the legality require as necessary or appropriate to enable it to of such debt, obligation, or lien. perform the functions conferred upon it by this title. Sec. 30. (a) It shall be unlawful for any broker If any such broker, dealer, or other person shall or dealer, directly or indirectly, to make use of the fail to make any such report or fail to furnish full mails or of any means or instrumentality of interinformation therein, or, if in the judgment of the state commerce for the purpose of effecting on an ex- Board it is otherwise necessary, such broker, dealer, change not within or subject to the jurisdiction of or other person shall permit such inspections to be the United States, any transaction in any security made by the Board with respect to the business op- the issuer of which is a resident of, or is organized erations of such broker, dealer, or other person as under the laws of, or has its principal place of busithe Board may deem necessary to enable it to obtain ness in, a place within or subject to the jurisdiction the required information. of the United States, in contravention of such rules Sec. 23. (a) The Commission and the Board of and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for Governors of the Federal Reserve System shall each the protection of investors or to prevent the evasion have power to make such rules and regulations as of this title. may be necessary for the execution of the functions vested in them by this title, and may for such pur- (b) The provisions of this title or of any rule or pose classify issuers, securities, exchanges, and other regulation thereunder shall not apply to any person persons or matters within their respective jurisdic- insofar as he transacts a business in securities withtions. No provision of this title imposing any liability out the jurisdiction of the United States, unless he shall apply to any act done or omitted in good faith transacts such business in contravention of such rules in conformity with any rule or" regulation of the and regulations as the Commission may prescribe as Commission or the Board of Governors of the Fed- necessary or appropriate to prevent the evasion of eral Reserve System, notwithstanding that such rule this title. or regulation may, after such act or omission, be Sec. 32. (a) Any person who willfully violates amended or rescinded or be determined by judicial any provision of this title, or any rule or regulation or other authority to be invalid for any reason. thereunder the violation of which is made unlawful Sec. 29. (a) Any condition, stipulation, or pro- or the observance of which is required under the vision binding any person to waive compliance with terms of this title, or any person who willfully and any provision of this title or of any rule or regula- knowingly makes, or causes to be made, any statetion thereunder, or of any rule of an exchange re- ment in any application, report, or document required thereby shall be void. quired to be filed under this title or any rule or regulation thereunder or any undertaking contained in (b) Every contract made in violation of any proa registration statement as provided in subsection vision of this title or of any rule or regulation there- (d) of section 15 of this title, which statement was under, and every contract (including any contract false or misleading with respect to any material for listing a security on an exchange) heretofore or fact, shall upon conviction be fined not more than hereafter made the performance of which involves $10,000, or imprisoned not more than two years, or the violation of, or the continuance of any relationboth, except that when such person is an exchange, ship or practice in violation of, any provision of this a fine not exceeding $500,000 may be imposed; but title or any rule or regulation thereunder, shall be no person shall be subject to imprisonment under void (1) as regards the rights of any person who, this section for the violation of any rule or regulain violation of any such provision, rule, or regulation if he proves that he had no knowledge of such tion, shall have made or engaged in the performrule or regulation. ance of any such contract, and (2) as regards the rights of any person who, not being a party to such contract, shall have acquired any right thereunder SUPPLEMENT TO REGULATION T with actual knowledge of the facts by reason of Issued by the Board of Governors of the Federal which the making or performance of such contract was in violation of any such provision, rule or regu- Reserve System lation. Effective January 1, 1938. (c) Nothing in this title shall be construed (1) Maximum loan value for general accounts.—The to affect the validity of any loan or extension of maximum loan value of a registered security (other credit (or any extension or renewal thereof) made than an exempted security) in a general account, or of any lien created prior or subsequent to the subject to section 3 of Regulation T, shall be 60 enactment of this title, unless at the time of the per cent of its current market value. making of such loan or extension of credit (or ex- Maximum loan value for special omnibus accounts. tension or renewal thereof) or the creating of such —The maximum loan value of a registered security lien, the person making such loan or extension of (other than an exempted security) in a special credit (or extension or renewal thereof) or ac- omnibus account, subject to section 4 of Regulation quiring such lien shall have actual knowledge of T, shall be 75 per cent of its current market value. facts by reason of which the making of such loan Margin required for short sales.—The amount to or extension of credit (or extension or renewal be included in the adjusted debit balance of a general thereof) or the acquisition of such lien is a viola- account pursuant to section 3 (d) (3) of Regulation T, tion of the provisions of this title or any rule or as margin required for short sales of securities (other regulation thereunder, or (2) to afford a defense than exempted securities) shall be 50 per cent of to the collection of any debt or obligation or the the current market value of each such security, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1201 DECEMBER 1937 FEDERAL RESERVE BULLETIN in the case of a special omnibus account with an- (a) In a special commodity account recorded sepother member, broker or dealer, such amount shall arately, a creditor may effect and carry for any be 35 per cent of such current market value. customer transactions in commodities, and such a special account when so recorded shall be excluded Temporary Amendment to Regulation T from all calculations involving any combined account or any other special account; and In connection with the general revision of Regu- (b) On or before December 31, 1937, the credilation T, which is printed above and which becomes tor shall transfer to the special commodity aceffective on January 1,1938, the Board has adopted an count of a customer from the combined account and amendment to the currently effective Regulation T from any other special account of such customer which deals with certain action which should be (1) all open trades or contracts in commodities cartaken by brokers and dealers subject to the regularied in such combined account or such other special tion prior to the effective date of the revised regulaaccount, together with (2) funds in an amount equal tion. This amendment, designated as Amendment to the amount of margin customarily required by No. 11 of Regulation T, became effective on December the creditor on all such open trades or contracts so 6, 1937, and, together with the other provisions of the transferred plus any net loss on such open trades currently effective regulation, will be superseded on or contracts OR minus any net profit (not exceed- January 1, 1938, when the revised regulation becomes ing such margin) on such open trades or contracts. effective. A special commodity account established pursuant The amendment in question inserted after section to this section shall not be used in any way for the 12 of the existing regulation a new section reading purpose of evading or circumventing any of the as follows: provisions of this regulation. If a customer has with a creditor both a combined account and such SECTION 13. SPECIAL COMMODITY ACCOUNT a special commodity account, the creditor shall treat Notwithstanding any other provision of this regu- the special commodity account as if the customer lation : had with the creditor no combined account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1202 FEDERAL RESERVE BULLETIN DECEMBER 1937 MEASURES AFFECTING FOREIGN DEPOSITS IN SWITZERLAND The text of a Gentlemen's Agreement be- abroad shall be considered to be foreign deposits. The banks are prepared, moreover, to apply the provisions tween the Swiss National Bank and the Swiss of the present Convention to funds deposited in Swiss banks, which became effective November 15, names (private persons, firms, financial and holding is presented in translation below. The object companies, etc.) but which the bank knows or may learn to be the property, not of the nominal holders, of the agreement is to reduce the volume of but of foreigners. In this category are included parforeign deposits in Switzerland and to cur- ticularly the deposits of holding companies established in Switzerland for the purpose of managing tail the hoarding of Swiss bank notes by foreign funds. foreigners. Copies of the proposed agree- 2. From the date of the coming into force and during the life of the present Convention the banks ment were sent out early in November to all undertake to suspend all interest allowances on all Swiss banking institutions with accompany- foreign demand deposits in Swiss francs. Maturing time deposits in Swiss francs, as well as new time ing letters from the National Bank and the deposits, will be treated as demand deposits unless Swiss Bankers Association, which cooperated they are fixed for nine months at least. 3. The banks undertake no longer to accept foreign in formulating the measures. The covering demand deposits but only time deposits subject to letters stated that, in addition to the repatria- at least three months' notice of withdrawal. 4. The banks undertake, furthermore, to inform tion of Swiss capital that had taken place foreign holders of deposits already existing that since devaluation of the Swiss franc in Sep- these deposits, to the extent to which they exceed the balances on September 30, 1936, may be withdrawn tember 1936,1 there had been a substantial only after at least three months' advance notice. movement of foreign funds to Switzerland. This applies to demand deposits, so far as they still remain in the banks on December 1, and to maturing To a great extent these funds sought protec- time deposits, so far as they still remain in the banks tion from exchange risks rather than perma- one month after maturity. 5. Time deposits, in the sense of Articles 3 and 4, nent investment in Switzerland, and would which are deposited for a period of less than six be withdrawn at the earliest opportunity. months, shall be subject to a commission of 1 per cent per annum. Capital of this character constituted a serious 6. The following shall be exempt from the time and constant danger to currency and credit; limits and the commission provided for in Articles 3, 4, and 5: the supply of funds in the money market had (a) Accounts of banks, in so far as their amount become artificially abundant, and the gold corresponds to the sums necessary for normal business requirements; and foreign exchange resources of the central (b) Accounts of commercial enterprises, in so far bank had increased to a level that was re- as they serve commercial purposes in Switzerland; (c) Accounts of private persons and of firms not garded as involving too great risk. These intended for commercial use and which do not averconsiderations led the National Bank to ex- age more than 5,000 francs—as well as accounts of this type which have been opened in connection with amine possible methods of dealing with the a deposit of securities and which do not average situation and to ultimate adoption of the more than 20,000 francs—during the second half of 1937, the first half of 1938, and the last half of 1938 Gentlemen's Agreement given below. respectively. In the event of a purely temporary passing of this limit, as the result of a credit of coupons or the redemption or sale of securities, the GENTLEMEN'S AGREEMENT provisions of Articles 3, 4, and 5 shall not be applicable ; BETWEEN THE SWISS NATIONAL BANK AND (d) Foreign deposits which are intended to cover THE BANKS WITH A VIEW TO REDUCING THE current interest or to amortize or repay credits and EXCESSIVE VOLUME OF FOREIGN DEPOSITS IN loans in Switzerland. FRANCS AT THE BANKS AND COMBATTING THE 7. The banks will refuse the safekeeping of Swiss HOARDING OF BANK NOTES. bank notes in unsealed deposit for the account of foreigners. At the time of the opening of new sealed The banks, parties to the present Convention, de- deposits and at the time of renting new safe deposit clare themselves prepared to aid the National Bank boxes, the banks will require from foreign clients a in its efforts to reduce the excessive volume of foreign written declaration, on a standard form for all banks,deposits in Switzerland, within the scope of the attesting that they are not placing Swiss bank notes measures outlined below: in deposit or that they have not deposited such notes 1. For the purposes of the present Convention all in a safe deposit box. This written declaration will Swiss franc deposits held by foreigners domiciled also be required, when the occasion presents itself, from holders of existing deposits and from present holders of safe deposit boxes. 1 See BULLETIN for November 1936, p. 880. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1203 DECEMBER 1937 FEDERAL RESERVE BULLETIN 8. The banks adhere to this Convention upon con- Swiss National Bank will communicate with the dition that the Swiss National Bank and the Office banks in case it should deem a renewal desirable. of Postal Checks will also apply the preceding provisions, and that the Swiss National Bank will obtain The undersigned pledges adherence to the present the adherence to the Convention of all banks and Convention: bankers which may have dealings with foreign customers. Date. 9. The Convention shall come into force on November 15, 1937, and will have effect until December 31, 1938. At least three months before this date, the Signature. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1204 FEDERAL RESERVE BULLETIN DECEMBER 1937 BANK SUSPENSIONS, 1921-1936 In the past forty-five years there have been TABLE 1.—NUMBER OF BANK SUSPENSIONS AND NUMnearly 18,000 bank suspensions2 in the BER OF SUSPENSIONS PER 100 ACTIVE BANKS, BY YEARS, 1892-1936x United States. These years may be divided into four periods. In the period 1892-1920, Suspen- Suspen- 2,926 suspensions occurred, an annual aver- Number 1 s 0 i 0 o ns b a p n e k r s Number 1 s 0 io 0 n b s a p n e k r s age of 100; in 1921-1929 there were 5,712, an Year p o e f n s si u o s n - s in t io o n p e o r n a- Year p o e f n s si u o s n - s in ti o o n p e o r n aannual average of 'slightly less than 650; June 30 June 30 each year each year during the four years 1930-1933 there were 9,096 suspensions, of which 4,000 occurred 1892... 80 .7 1914 149 .5 1893 491 4.1 1915 152 .5 in 1933 ;3 and in the 1934-1936 period there 1894 83 .7 1916 52 .2 1895 110 .9 1917 49 .2 were 135 suspensions, or an average of 45 1896 ... 141 1.2 1918 47 .2 per year. 1 1 8 8 9 9 7 8 1 6 3 3 9 1.2 5 1 19 9 2 1 0 9 1 6 6 2 7 . . 2 6 1899 32 .3 1921 505 1.7 Table 1 shows the annual figures from 1900 35 3 1922 366 1.2 1901 65 .4 1923 _ 646 2.2 which these totals were computed, together 1902 54 .3 1924 lib 2.7 with the ratio of the number of suspensions 1903 . _ 52 .3 1925 618 2.2 1904 125 .7 1926 976 3.5 in each year to the number of active banks in 1905 80 .4 1927 669 2.5 1906 53 .3 1928 498 1.9 that year. It may be noted that during the 1907 90 .4 1929 659 2.6 29 years prior to 1921 the annual rate of sus- 1908 153 .6 1930 1,350 5.7 pensions was less than one bank per 100 in1 1 9 9 1 0 0 9 7 5 8 8 .2 3 1 1 9 9 3 3 2 1 2 1, , 4 2 5 9 3 3 1 7 0 . . 8 6 1911 85 .3 1933 2 4,000 28.3 operation in every year except 1893, 1896, 1912 78 .3 1934 57 .4 and 1897. During the period from 1921 1913 103 4 1935 34 .2 1936 44 .3 through 1929 the ratios were substantially higher, and in each of the years 1930-1933 the 1 Exclusive of mutual savings banks, figures for which have been omitted from all data presented in this analysis. For information conrate was considerably in excess of that re- cerning the twelve mutual savings banks which suspended during the period 1921-1936, see the September 1937 issue of the FEDERAL REported for any year prior to 1930. The twoSERVE BULLETIN, page 910. 2 See explanatory statement relative to bank suspension statistics in peak years were 1931 and 1933, when the 1933, page 1208. number of suspensions per 100 active banks prices, with a rapid acceleration during the was 10.6 and 28.3, respectively. war years. In such a period banking losses The large number of bank suspensions are easily avoided and the misjudgments of during 1921-1933 was preceded by a rapid bankers are not challenged as they are in a expansion in the number and resources of period of falling prices. The conditions banks during the two decades between 1900 which existed encouraged the chartering of and 1920. This period was in general charnew banks, often where there was no real acterized by rising commodity and land need for them. By the middle of 1920 the 1 This analysis is based largely on detailed statistics published number of national, State, and private banks in the Bulletin for September 1937, pages 866-910. in operation was 30,235, or more than twice 2 Bank suspensions comprise all banks closed to the public, either temporarily or permanently, by supervisory authorities or as many as were in operation in 1900. by the banks' boards of directors on account of financial difficulties, whether on a so-called moratorium basis or otherwise, unless the closing was under a special bank holiday declared by civil au- 1921-1929.—The decade of the 1920's may thorities. If a bank closed under a special holiday declared by civil authorities and remained closed only during such holiday or be regarded as a generally prosperous one. part thereof, it has not been counted as a bank suspension. Banks which, without actually closing, obtained agreements from de- The depression which occurred at the beginpositors to waive a portion of their deposits or to defer the withdrawal of a portion of their deposits have not been classed as sus- ning of the period, though severe, was of pensions. Banks which were reopened or taken over by other institutions after suspension have been included as suspensions. short duration, and from 1922 on the general The figures for 1933 include all banks not granted licenses following the banking holiday in March 1933 which were subsequently tendency of business activity was upward placed in liquidation or receivership (including unlicensed banks absorbed or succeeded by other banks), and all other unlicensed with only minor setbacks in 1924 and 1927. banks which were not granted licenses to reopen by June 30, 1933. 3 See explanatory statement relative to bank suspension sta- Despite the expanding activity in industry tistics in 1933, page 1208. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1205 DECEMBER 1937 FEDERAL RESERVE BULLETIN and commerce, the general level of commod- Suspensions during 1930 involved 1,350 ity prices was stabilized for a number of banks, with deposits of $837,000,000, comyears much below the peak reached in war pared with the highest previous figure of 976 years. banks, with deposits of $260,000,000, in 1926. Agriculture, in particular, was passing From January through October, 1930, the through a period of readjustment incidental rate of suspensions reported for each month to the reduction of the prices of farm com- was not far above the monthly average for modities and land after the war. The balance the previous 9-year period, but there were of payments of agricultural regions in the 256 suspensions in November and 352 in De- United States was unfavorable, and banks cember of that year. In these months 9 large serving agricultural communities were under banks in different sections of the country suspressure. Suspensions among such banks pended. The closing of these large banks rewere numerous throughout the 1921-1929 sulted in the closing of many other banks, period. Near the end of 1923 and in 1924 partly because of affiliate and correspondent suspensions increased in the West North Cenrelationships, and partly because of the tral States, particularly in North Dakota spread of fear among depositors, particularly during the latter part of 1923 and in South in territory near the location of the banks. Dakota and Iowa in 1924. The number of Following January 1931, when about 200 suspensions in that region declined modersuspensions were reported, the number deately in the following year but increased clined to less than 100 each month until June, again in 1926, when prices of agricultural when 167 banks suspended. While suspenproducts were lower. In the South Atlantic sions during the two succeeding months were States there was also a marked rise in 1926 less numerous than in June, a sharp increase in the number of suspended banks, reflecting occurred in September. During the last in part the collapse of the Florida real estate four months of 1931, 1,360 banks suspended boom. The number of suspensions in the —more than in any previous full year. The United States decreased in 1927 and again peak of this period was in October, after the in 1928, but in 1929 there was an increase in the number of suspensions in nearly every suspension of the gold standard in England, section of the country. when 522 banks closed. By the end of the year a total of 2,293 banks had suspended. 1930-1932.—During the depression years In 1931, as in 1930, the East North Central following 1929 there was a rapid decline in and West North Central groups of States acthe income of customers of banks and in the counted for the largest proportion of susvalues underlying the loans and investments pensions—610 and 717, respectively, or more of banks. The general fall in prices caused than half of all the banks that closed during widespread difficulties among banks serving the year. Illinois and Iowa each reported all classes of activity—commercial, indusmore than 200 suspensions during the year. trial, and agricultural. Bank suspensions became widespread and many banks were The New England States, which had preunder pressure'because of the withdrawal of viously been comparatively free from suspenfunds by depositors for hoarding. As eco- sions, reported 11 suspensions in 1930 and 33 nomic conditions grew steadily worse sus- in 1931, compared with a yearly average of 2 pensions increased, and as suspensions in- for the 9-year period 1921-1929. The Middle creased depositors became alarmed and with- Atlantic States also were seriously affected in drew funds, causing additional suspensions 1931; 230 banks suspended in that region and adding to the depth of the economic de- during the year, compared with 30 in 1930 pression. and a yearly average of 8 during 1921-1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1206 FEDERAL RESERVE BULLETIN DECEMBER 1937 While the number of suspensions in 1931 tion by making loans to banks on sound but was nearly 4 times greater than the annual not readily marketable assets, and the Reconaverage for the 9-year period 1921-1929, the struction Finance Corporation was created deposits of banks suspending during this year by Congress in January 1932 to make loans to were proportionately even larger—about 9 banks and other institutions. Member banks times the yearly average for the 9-year period. were granted additional assistance through The placing of restrictions on deposit with- the provisions of the Glass-Steagall Act drawals, a practice that had been used in 1931 adopted in February. The Act gave the Fedin the East North Central States, became eral Reserve Board power to permit the use of more prevalent in 1932 as a measure to cope United States Government securities as colwith the steady withdrawal of funds. These lateral against Federal Reserve notes. This restrictions on deposit withdrawals were usu- made it possible for the Federal Reserve ally imposed through "depositors' agree- banks to increase their purchases of United ments" deferring withdrawal of varying per- States Government securities, thereby procentages of deposits over periods of time viding member banks with funds to meet adranging up to five years, certain percentages ditional demands for currency and gold and of deposits to be released at the end of the at the same time to reduce their indebtedness first year and additional percentages at the at the Reserve banks. The Glass-Steagall end of the succeeding years. New business Act also contained provisions under which was conducted on an unrestricted basis. Un- member banks that were without adequate fortunately, comprehensive figures are not amounts of eligible and acceptable assets available to show the number of banks that could under certain conditions receive assistobtained deposit deferment agreements, or ance on the basis of other security satisfacthe amount of deposits involved in such de- tory to the Reserve banks. ferment agreements, but from what informa- The number of suspensions had decreased tion is available it appears that the practice from 522 in October 1931 to 175 in November, was followed in a number of States during increasing to 358 in December. During the 1931 and 1932. spring, summer, and autumn of 1932 the Another type of bank moratoria that be- number of bank suspensions declined to less came common during this period, particularly than 100 per month, with the exception of the in the East North Central States, was the re- months of June when 151 banks suspended organization of banks through the waiver or and July when 132 banks suspended. Near surrender of a portion of deposits by the the end of the year suspensions again indepositors. This was accomplished in some creased in number, mainly in the Mid-Westcases through outright contributions by cer- ern and Far Western States. A total of tain of the depositors, but usually there was 1,453 banks suspended in 1932, involving dea segregation of assets for the benefit of waiv- posits aggregating $706,000,000. Fewer ing depositors under a trust agreement, with large banks suspended, however, during the a right in the bank to substitute assets during year than in either 1930 or 1931. During the a period of time running generally from two first two months of 1933, 386 banks with deto five years. Figures are not available at posits of nearly $195,000,000 suspended. present to show the losses sustained by de- Many banks in a number of places had positors through this type of reorganization closed temporarily in 1932 under special of distressed banks. "banking holidays" declared by civil authori- The National Credit Corporation was ties. The first of a series of State-wide bankformed in October 1931 by banks at the sug- ing holidays was declared in Nevada at the gestion of the President to relieve the situa- beginning of November, 1932. Though origi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1207 DECEMBER 1937 FEDERAL RESERVE BULLETIN nally for a 12-day period, it was subsequently lar action was taken in six other States on extended. Early in 1933 more local bank March 2 and in seven others on March 3. holidays were declared by city authorities and On the morning of March 4, the Governor of many existing ones were' extended, in order the State of New York issued a proclamato permit banks to obtain deposit deferment tion declaring that day, which was a Sator waiver agreements and to afford banks an urday, and the following Monday to be bank opportunity to raise funds and make adjust- holidays. Similar action was taken in Illinois, ments necessary to enable them to continue to Massachusetts, New Jersey, Pennsylvania, meet their obligations. and elsewhere. These declarations of State The banking crisis of 1933.—On February holidays in the various States had by March 4 4 a one-day holiday was declared in Louisiana closed or placed restrictions on practically because of difficulties in New Orleans. Onall banks in the country. Federal Reserve February 14 an 8-day banking holiday was banks also observed State holidays and closed declared in Michigan because of difficulties on March 4. All leading exchanges ceased centering in Detroit. While the Michigan operations and business in general was pracholiday arrested withdrawals of deposits tically at a standstill. from banks in that State, outside Michigan On March 6 the President issued a procthere was an increase in the movement of lamation declaring a nation-wide bank holifunds from weaker to stronger banks and in day to continue through the four days ending currency withdrawals. Funds were with- Thursday, March 9. During the holiday the drawn from banks in other States to send to banks were not to pay out any coin, bullion, Michigan or to meet payments that otheror currency or to transact any other banking wise would have been met from deposits in business whatever, except as might be per- Michigan banks. Developments of this natmitted by the Secretary of the Treasury. ure were partly responsible for the rapid On March 9 the Emergency Banking Act spread of the banking holiday movement was passed by Congress and signed by the among other States. President. On this day also the President In a number of States new laws were passed issued a proclamation extending the bank to provide for safeguarding of bank deposits holiday indefinitely, and on March 10 by and for readjusting the liabilities of banks Executive Order he conferred power on the without establishing receiverships. With a Secretary of the Treasury to license member view to enabling the banking situation in banks of the Federal Reserve System, found any particular State to be better handled as to be in satisfactory condition, to conduct a a whole, a joint resolution was adopted on usual banking business with exceptions as to February 25 by the Congress of the United paying out of gold and the furnishing of cur- States authorizing the Comptroller of the rency for hoarding purposes. Similar powers Currency to exercise with respect to national were granted authorities of the various States banks such powers as State officials might with respect to banks not members of the have with respect to State banks. Federal Reserve System. On Saturday, The Governor of Maryland declared a March 11, the Reserve banks were authorbanking holiday on February 25, chiefly on ized by the Secretary of the Treasury to reaccount of conditions in Baltimore, and at open on the following Monday. It was anabout the same time restrictions were authornounced the same day that on March 13 banks ized on withdrawals of bank deposits in Inin the 12 Federal Reserve bank cities would diana, Arkansas, and Ohio. On March 1 be reopened; on March 14, banks in approxibank holidays were declared in Alabama, mately 250 other cities having recognized Kentucky, Tennessee, and Nevada, and simi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1208 FEDERAL RESERVE BULLETIN DECEMBER 1937 clearing houses; and on March 15, banks in sis are, however, thought to be reasonably other places. comparable with statistics of suspensions in By March 15, 4,507 national banks and former years. They comprise banks sus- 567 State bank members of the Federal Re- pended before the banking holiday, licensed serve System, with deposits (on December banks suspended or placed on a restricted 31, 1932) of $16,195,000,000 and $9,358,000,- basis following the banking holiday, un- 000, respectively, had been licensed to reopen; licensed banks placed in liquidation or re- 1,400 national banks and 225 State bank mem- TABLE 2.—SUMMARY CLASSIFICATION OF BANKS SUSbers, with deposits of $1,943,000,000 and PENDED IN 1933, BEFORE AND AFTER THE BANKING $926,000,000, respectively, had not been HOLIDAY X granted licenses to reopen. Corresponding- Nonf o i f g u th re e s F e w d i e th ra l r R es e p s e e c r t v e t o S y b s a te n m ks w n e o re t n m o e t m av b a e i r l s - Total b ti N a o n n a k - a s l b m S a b t e n e a m r k te s - b m S a b t e n a e m r k te s - b v P a a n ri t k - e s able prior to April 12, 1933 by which date 7,394 nonmember banks (exclusive of mutual Number of banks savings banks) with deposits of $4,946,000,- Banks suspended Jan. 1 000 had been authorized to reopen, and 2,938 to Mar. 4 408 64 22 302 20 Banks placed in receiversuch banks with deposits of $1,318,000,000 ship during the banking holiday (March 6 had not been granted authority to reopen. to March 15) 39 2 1 34 2 Licensed banks suspended March 16 to On December 30, 1933, there were still 512 December 31 179 9 2 158 10 Banks not licensed folmember banks with deposits of $528,000,000, lowing the banking holiday and later and 1,257 nonmember banks with deposits of placed in liquidation or receivership (March $497,000,000, which had not been granted 16, 1933 to Dec. 31, licenses to reopen and had not been placed in Ba 1 n 93 k 6 s ) granted licenses 2,122 865 74 1,113 70 (July 1,1933 to Dec. 31, liquidation or receivership. By December 31, 1936) 1,242 161 72 1,002 7 Banks neither granted li- 1934, however, all but 11 of the member banks censes to reopen nor placed in liquidation and 149 of the nonmember banks not licensed or receivership by Dec. 31, 1936 3 7 following the banking holiday either had been granted licenses to reopen or had been TotaL. 4,000 1,101 2 174 2,616 109 placed in liquidation or receivership. At the Deposits (in thousands of dollars) end of December 1936 there remained only Banks suspended Jan. 1 3 member banks and 7 nonmember banks to Mar. 4 198, 417 71, 802 21, 633 102, 115 2,867 Banks placed in receiverwhich had not been granted licenses to re- ship during the bank ing holiday (March 6r open and had not been placed in liquidation to March 15) 15,080 1,381 109 12, 732 858 Licensed banks susor receivership. pended March 16 to December 31 145, 072 17,322 1,927 124,920 903 Bank suspensions in 1933.—Because of Banks not licensed following the banking restrictions imposed on deposit withdrawals, holiday and later placed in liquidation the reorganization of banks through deposit or receivership (Mar. 16, 1933 to Dec. 31, waivers during local and State bank holidays, 1936) 2, 519, 9581, 361, 607 672, 260 477, 954 8,137 Banks granted licenses changes in status of banks incident to the (Julyl, 1933 to Dec. 31, 1936) 716, 423 158, 437 470, 482 516 national banking holiday, and the amount of Banks neither granted licenses to reopen nor time required in many cases to determine placed in liquidation or receivership by Dec. whether banks should be licensed or should 31, 1936 1,748 1,266 be placed in liquidation or receivership, statis- Total 3, 596, € 1, 610, 549 '• 783, 3991, 189, 469 13, 281 tics of bank suspensions for 1933 are not 1 Exclusive of mutual savings banks. wholly comparable with those for previous 2 Includes 56 banks with deposits of $118,479,000 which did not receive licenses (as member banks) following the banking holiday and later years. The figures used in the present analy- withdrew from the Federal Reserve System. Of these, 28 were subsequently granted licenses as nonmembers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1209 DECEMBER 1937 FEDERAL RESERVE BULLETIN ceivership, and all other unlicensed banks NUMBER OF BANK SUSPENSIONS which were not granted licenses to reopen by By classes of banks.—Of the 14,943 banks June 30, 1933. Supervisory authorities had that suspended in the 16-year period 1921by that date completed their examination of 1936, 2,719 were national banks, 592 were all or nearly all the banks not granted licenses State member banks, 11,033 were nonmemimmediately following the banking holiday ber State banks, and 599 were private banks. and had authorized such of the banks to re- The number of suspensions during this peopen as could then qualify for licenses. There riod, by years and by classes of banks, appear remained, however, on June 30, 1933, 985 in table 3. unlicensed national banks with deposits of $1,028,347,000, 114 unlicensed State member TABLE 3.—NUMBER OF BANK SUSPENSIONS, BY banks with deposits of $239,268,000, and CLASSES OF BANKS AND BY YEARS, 1921-1936 * 1,983 unlicensed nonmember banks with de- Member banks Nonmemlber banks posits of $1,063,984,000, to be rehabilitated Year Total and reopened or to be placed in liquidation National State State Private or receivership. All such banks are treated 1921 505 52 19 390 44 as suspensions. A summary classification of 1922 366 49 13 281 23 1923 646 90 32 501 23 suspensions in 1933 is shown in table 2. 1924 775 122 38 578 37 Bank suspensions in 1934-1936.—With 1925 618 118 28 433 39 1926 976 123 35 766 52 the closing of the weak banks and strengthen- 1927 669 91 31 514 33 ing of the banking structure generally, fol- 1928 .. __. 498 57 16 406 19 1929 659 s 64 17 547 31 lowing the banking holiday in March 1933, 1930 1,350 161 27 1,104 58 and the stability brought about by deposit 1931 2, 293 409 107 1,697 80 1932 1,453 276 55 1,085 37 insurance and other Government measures 1933 4,000 1,101 174 2,616 109 designed to ease the burdens of banks, sus- 1934 57 1 43 13 1935 34 4 30 pensions decreased in number to 57 in 1934, 1936 44 1 42 1 34 in 1935, and 44 in 1936. Total. 14, 943 2,719 592 11,033 599 1 Exclusive of mutual savings banks. ANALYSIS OF BANK SUSPENSIONS, 1921-1936 In the discussions which follow, the num- In the following pages bank suspensions ber of banks suspended during the 16-year are analyzed by years and periods, by classes period is compared with the number in operaand sizes of banks, by geographic areas, and tion on June 30, 1920, with certain excepby sizes of communities. The analysis re- tions.1 This date was chosen as the basis of lates to the period beginning with 1921, that comparison because it marked approximately year having been selected as a starting point the beginning of the banking difficulties exbecause sufficiently reliable data are not availperienced during the years 1921-1933 and able to permit of a detailed analysis of susalso because the number of active banks in pensions in earlier years. It was in 1921 also the United States was near its peak at that that the number and rate of suspensions time. moved noticeably upward toward the high levels which were reached in subsequent 1 In order to test the reliability of using active banks as of June 30, 1920 as a general base for comparison with suspended years, particularly 1930-1933. Detailed fig- banks, an average of the number of banks in operation, by classes, on June 30 in each of the years 1920-1935 was comures on which the analysis is based, covering puted, and averages of the mid-year figures for 1920, 1925, and 1930 were also obtained, by size of loans and investments, the years 1921-1936, may be found in the capital stock, and population of towns and cities. While the distribution of banks using the averages thus computed differed series of statistical tables which appeared on somewhat from the 1920 figures, the conclusions drawn from the use of 1920 figures as a base were for the most part suppages 868-910 of the September 1937 issue ported by the average figures. In only a few cases, where the number of banks in a given classification changed substantially of the FEDERAL RESERVE BULLETIN. during the period, were any important differences in the distribution shown. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1210 FEDERAL RESERVE BULLETIN DECEMBER 1937 As is indicated in table 4, the 2,719 national cent—were reported in the West North Cenbanks suspended during 1921-1936 repre- tral States, comprising Minnesota, Iowa, sented a total of 34 suspensions for every 100Missouri, North Dakota, South Dakota, Nenational banks in operation on June 30, 1920. braska, and Kansas. For this group of States The 592 State member bank suspensions rep- the number of suspensions during the period resented a suspension rate 1 of 43 per 100per 100 active banks on June 30, 1920 State member banks active on the same date, amounted to 58, the second highest suspenand the corresponding rate for nonmember sion rate shown for any geographic division. State banks was 57. In relation to the aver- The areas for which the first and third highest age number of banks in operation during the rates were recorded—the South Atlantic period (based on June 30 figures, 1920-1935) States with a rate of 59 suspensions per 100 the rates of suspension per 100 active banks active banks and the East North Central were 38 for national banks, 48 for State mem- States with a rate of 55—together accounted ber banks, and 72 for nonmember State for 4,809 suspensions, or 34 percent of the banks. total. Both these areas are largely agricultural. TABLE 4.—NUMBER OF BANKS IN OPERATION, NUMBER The three groups of States having the OF BANK SUSPENSIONS, AND SUSPENSION RATE, 1921-1936, BY CLASSES OF BANKS1 lowest suspension rates were the New England, Middle Atlantic, and Pacific States. In Number of banks Suspension rate, in operation 1921-1936 these States there were 1,323 suspensions, or Number 9 percent of the total, and the number of of bank Class of bank Jun O e n 30, A d 1 v u 9 e r 2 r i 0 a n - g g e 1 s 9 u s 2 i s 1 o p - n 1 e s 9 n , 3 - 6 b t P a o i e o n p r n e k r 1 s o a 0 n i - 0 n o b ( P a p a v e e n r e r k r a 1 s a t 0 i g i o 0 n e n ) b g a ro n u k p s s o u n sp J e u n n d e e d 3 0 p , e r 1 9 1 2 00 0 i w n a o s p 2 e 0 ra , t 2 io 9 n , a in n d ea c 3 h 1, 1920 19352 June 30, during 1920 1920-1935 2 respectively. In table 5 are presented both a numerical National banks._. 8,024 7,232 2,719 • 33.9 37.6 State member and a percentage distribution, by geographic banks 1,374 1,247 592 43.1 47.5 Nonmember State divisions, of the 14,344 banks (exclusive of banks... _. 19,487 15, 303 11,033 56.6 72.1 mutual savings and private banks) which Total 28, 885 23, 782 14, 344 49.7 60.3 suspended during the period 1921-1936, to- 1 Exclusive of mutual savings and private banks. gether with the number of suspensions per 2 Based on the number as of June 30 each year. 100 banks in operation on June 30, 1920. By geographic divisions.2—While all parts of the country suffered from the numerous TABLE 5.—NUMBER AND PERCENTAGE DISTRIBUTION OF bank suspensions which occurred during the BANK SUSPENSIONS BY GEOGRAPHIC DIVISIONS, 16 years ended in 1936, the agricultural sec- 1921-1936, AND RATE OF SUSPENSION PER 100 BANKS IN OPERATION ON JUNE 30« 1920 * tions were particularly affected. Of the total of 14,344 suspensions (exclusive of mutual Suspension rate savings and private banks) 5,255—or 37 per- Geographic division s N us u p m en b s e i r o n o s f , P o e f r t c o e t n al t b 1 a 9 n 21 k - s 1 9 in 36 o , p p e e ra r ti 1 o 0 n 0 1921-1936 on June 30, 1920 1 Except where otherwise stated, the term "suspension rate" as used here and in subsequent pages means the number of suspensions per 100 banks in operation on June 30, 1920. New England __. 142 1.0 19.5 2 New England: Maine, New Hampshire, Vermont, Massa- Middle Atlantic __ _ __ 748 5.2 28.8 chusetts, Rhode Island, Connecticut. East North Central 2,938 20.5 54.7 Middle Atlantic: New York, New Jersey, Pennsylvania. East North Central: Ohio, Indiana, Illinois, Michigan, Wiscon- West North Central 5,255 36.6 58.4 sin. South Atlantic ... 1,871 13.1 59.0 West North Central: Minnesota, Iowa, Missouri, North Dakota, East South Central 759 5.3 41.8 South Dakota, Nebraska, Kansas. South Atlantic: Delaware, Maryland, District of Columbia, Vir- West South Central 1,367 9.5 42.0 ginia, West Virginia, North Carolina, South Carolina, Georgia, Mountain ... 831 5.8 52.8 Florida. Pacific 433 3.0 31.3 East South Central: Kentucky, Tennessee, Alabama, Mississippi. West South Central: Arkansas, Louisiana, Oklahoma, Texas. Total 14, 344 100.0 49.7 Mountain: Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona, Utah, Nevada. Pacific: Washington, Oregon, California. 1 Exclusive of mutual savings and private banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1211 DECEMBER 1937 FEDERAL RESERVE BULLETIN Table 6 shows the geographic distribution, try's total, in the 1921-1929 period. The by areas, of banks (other than mutual sav- West North Central States had a larger numings and private banks) which suspended ber of suspended banks in both periods than during the 1921-1929 and 1930-1933 periods, any other group of States, but the increase respectively, and the percentage ratios of in the later period was small compared with suspensions during each period to the num-that in some of the other geographic diviber of active banks at or near the beginning sions. While more than 47 percent of the of the period. These figures indicate that the country's total suspensions during the years New England and Middle Atlantic States 1921-1929 occurred in this group of States, were comparatively free from bank suspen- only 30 percent of the total for the 1930-1933 sions until the depression years of 1930-1933.period was accounted for by these States. During the 1930-1933 period 131 suspensions It will also be observed from table 6 that occurred in the New England States, com- while only the South Atlantic, West North pared with but 10 in the 1921-1929 period; Central, and Mountain States had an annual in the Middle Atlantic States 692 suspensions rate of suspension during the period 1921were reported during the four depression 1929 of 3 or more banks per 100 active banks years, compared with only 41 in the previous on June 30, 1920, all geographic divisions had 9 years. Nevertheless, even for the 4-year a suspension rate in the 1930-1933 period of period these two groups of States together more than 4 banks per annum, based on the were responsible for less than 10 percent of number of banks in operation on January 1, the country's total. 1930. The highest annual rates shown in The largest increase in the volume of sus-the period 1930-1933 were in the East North pensions during the later period as compared Central, West North Central, and South with the earlier one occurred in the East Atlantic States, respectively. North Central States. There were 2,533 sus- By States.—The number of suspensions in pensions in this area during the years 1930- the 10 States with the largest number of sus- 1933, or 29 percent of the United States total, pended banks is shown in table 7 for each of as against only 375, or 7 percent of the coun- the periods 1921-1936, 1921-1929, and 1930- TABLE 6.—NUMBER AND PERCENTAGE DISTRIBUTION, BY GEOGRAPHIC DIVISIONS, OF BANK SUSPENSIONS DURING THE PERIODS 1921-1929 AND 1930-1933, AND RATES OF SUSPENSION PER 100 ACTIVE BANKS AT OR NEAR THE BEGINNING OF EACH PERIOD1 1921-1929 1930-1933 Geographic divisions N su s u s i m o o p f n e b s n e - r Pe to r o c t f a e l nt 1 i J r S n 0 t u a i 0 u o s 1 t o n s e i b 9 n e p o p 2 p a e n o e 3 0 n e r n n 0 a k r - , - s 1 i s J n 0 A s t i r u i u 0 o a o n 1 n o s n t b n 9 n p e p e 2 a u e e o p 3 o 0 n n r a n 0 f e a k l - , - r s N su u s s i m o o p f n e b s n e - r Pe to r o c t f a e l nt 1 i r S 0 n t J a i 0 u a o s t 1 o s e n i b 9 n p o p . 3 p a e n o e 0 1 n e r n n a , r k - - s 1 i s A 0 n s t J r i i u 0 o a a o n 1 o s n t n b n 9 n p e p 3 . a u e e o p o 0 1 n n r a n f e a , k - l - r s New England 10 .2 1.4 .2 131 1.5 19.0 4.8 Middle Atlantic__ . 41 .8 1.6 .2 692 7.9 23.3 5.8 East North Central 375 6.9 7.0 .8 2,533 28.8 48.1 12.0 West North Central... 2,567 47.4 28.5 3.2 2,647 30.0 42.5 10.6 South Atlantic 944 17.4 29.8 3.3 917 10.4 39.8 10.0 East South Central 200 3.7 11.0 1.2 549 6.2 32.2 8.1 West South Central 614 11.4 18.9 2.1 741 8.4 29.0 7.3 Mountain . 530 9.8 33.7 3.7 300 3.4 32.2 8.1 Pacific 130 2.4 9.4 1.0 302 3.4 30.7 7.7 Total 5,411 100.0 18.7 2.1 8,812 100.0 37.3 9.3 1 Exclusive of mutual savings and private banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1212 FEDERAL RESERVE BULLETIN DECEMBER 1937 TABLE 7.—NUMBER OF BANK SUSPENSIONS IN THE TEN STATES WITH THE LARGEST NUMBER OF SUSPENSIONS DURING THE PERIODS 1921-1936, 1921-1929, AND 1930-1933 X Number Number Number State of sus- State of sus- State of suspensions pensions pensions 1921-1936 1921-1929 1930-1933 Iowa 1 238 Iowa 452 Illinois 817 Illinois 952 North Dakota 427 Iowa 785 Missouri 879 Minnesota 419 Missouri 560 Nebraska 779 South Dakota 392 Wisconsin 505 Minnesota 726 Nebraska 366 Michigan 470 North Dakota 611 Georgia 322 Nebraska 409 Wisconsin 593 Missouri 293 Indiana 407 South Dakota Oklahoma 264 Pennsylvania 401 Indiana 520 South Carolina 225 Ohio 331 Michigan 486 Texas . .... ______ ___ _ 219 Minnesota, . * _ 306 Total 10 States 7,356 Total, 10 States 3,379 Total, 10 States 4,994 Total, 38 other States and Dist. of Total, 38 other States and Dist. of Total, 38-other States and Dist.of Columbia 6,988 Columbia _ _ __ 2,032 Columbia 3,818 United States, total 14, 344 United States, total _ 5,411 United States, total _ 8,812 1 Exclusive of mutual savings and private banks. 1933. The 10 States having the largest num- TABLE 8.—NUMBER OF BANK SUSPENSIONS, 1921-1936, ber of suspensions during 1921-1936 were AND SUSPENSIONS PER 100 BANKS IN OPERATION ON JUNE 30, 1920, IN THE 21 STATES HAVING A SUSlocated in the East North Central and West PENSION RATE OF MORE THAN 50x North Central regions, and included all the Number Suspension rate, States comprising the East North Central State of 1921-1936, per 100 suspensions, banks in operation group except Ohio, and all those comprising 1921-1936 on June 30, 1920 the West North Central group except Kansas. Florida 291 2 112.8 A total of 7,356 banks suspended in these 10 South Dakota 572 83.1 Arkansas.. 368 76.3 States, compared with a total of 6,988 in theMichigan 486 74.4 other 38 States and the District of Columbia. South Carolina- _ _ _ 337 74.4 Iowa __-_,__ 1, 238 72.3 When the two periods 1921-1929 and 1930- Nevada 23 69.7 North Dakota 611 68.0 1933 are compared, it appears that only 4 Nebraska ____ ,__ ___ 779 65.1 States—Iowa, Minnesota, Missouri, and Ne-North Carolina 374 64.7 Mississippi.___ _____ 212 63.1 braska—were included in both periods among Wisconsin _ _ 593 61.3 the 10 States having the largest number of Georgia 436 60.4 Indiana _ ______ 520 59.2 suspensions. North Dakota, which had theMontana 250 59.1 New Mexico __ _ _ _ 70 57.4 second largest number of suspensions in the Arizona 49 56.3 1921-1929 period, was not among the 10 Idaho. _ _ _ _ _ 122 55. 0 Missouri 879 53.4 States in the 1930-1933 period. While Illinois Louisiana 137 51.3 Illinois .__ _ _ _ _ _ _ _ - 952 50.6 had more suspensions during the later period Total, 21 States ._. 9,299 64.1 than any other State, it was not one of the Total, 27 other States and District of Columbia .__ 5,045 35.1 10 in which the largest number of banks United States, total 14, 344 49.7 suspended during the earlier period. 1 Exclusive of mutual savings and private banks. Table 8 shows the 21 States in which there 2 In Florida, and to a lesser extent in some other States, the use of June 1920 figures of active banks as a base for comparison of suspension were more than 50 suspensions during the figures gives a somewhat distorted picture because the number of banks in the State reached its peak some years later, in contrast with most period 1921-1936 per 100 active banks on States where the peak was reached in 1920-1921. June 30, 1920. The suspension rate was ranging from 113 suspensions during the 16highest in Florida, South Dakota, Arkansas, year period per 100 active banks in the case Michigan, South Carolina, Iowa, Nevada, of Florida to 65 in the case of Nebraska and North Dakota, Nebraska, and North Carolina, North Carolina. Although the absolute num- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1937 FEDERAL RESERVE BULLETIN 1213 ber of suspensions during the period was notTABLE 9.—DEPOSITS OF SUSPENDED BANKS, 1921-1936, large in such States as Nevada, New Mexico, BY CLASSES OF BANKS AND BY YEARS 1 Arizona, Idaho, and Louisiana, the number (In thousands of dollars) of suspensions expressed as a ratio to the Member banks Nonmember banks number of banks in operation on June 30, Year Total National State State Private2 1920 was high because of the relatively small number of banks in operation in those States. 1921 172,188 20, 777 17, 363 125,159 8,889 1922 91,182 20,197 7,113 61, 964 1,908 1923 149, 601 34, 244 12, 559 101, 025 1,773 DEPOSITS OF SUSPENDED BANKS 1924 210,151 64, 890 13, 645 123, 888 7,728 1925 167, 555 55, 574 9,883 94, 547 7,551 The deposits of the 14,943 banks which 1926 __. 260, 378 43, 998 23, 466 183, 517 9,397 suspended in the 16 years from 1921 through 1927 199, 329 45, 547 17, 942 131, 503 4,337 1928 142, 386 36, 483 10, 247 92, 710 2,946 1936 aggregated over $8,500,000,000. Dur- 1929 230, 643 41, 614 16, 459 164, 858 7,712 ing the 9-year period ended with 1929 the de-1930 ... _ 837, 096 170, 446 202, 399 448, 989 15, 262 1931 1, 690, 232 439,171 293, 957 935, 947 21,157 posits of suspended banks averaged less than 1932 706,188 214,150 55,153 429,079 7,806 $200,000,000 per year, but in 1930 the amount 1933 .. 3, 596, 698 1, 610, 549 783, 399 1,189,469 13, 281 1934 36, 937 40 35, 456 1,441 of deposits involved in suspensions rose to 1935 10,015 5,313 4,702 $837,000,000, or more than 4 times the aver- 1936 11, 306 507 10,728 71 age for the previous 9 years. In 1931 the Total 8, 511, 885 2, 803, 500 1, 463, 585 4,133, 541 111,259 total deposits of suspended banks amounted 1 Exclusive of the deposits of the 12 mutual savings banks which susto $1,690,000,000, exceeding the aggregate pe 2 n D de e d p o d s u it r i f n ig g u t r h es e f p o e r r 1 io 1 d 5 , o a f g t g he re 5 g 9 a 9 ti p ng ri v $ a 3 t 0 e ,4 b 7 a 4, n 0 k 0 s 0 . which suspended duramount involved in the period 1921-1929. A ing 1921-1936 are not available. decline was shown in 1932, when the total 1936. It also shows the percentage ratios of amounted to $706,000,000, but in 1933 thedeposits involved in suspensions to those of amount of deposits involved in bank suspen- active banks, based both on deposits of banks sions reached its peak, approximately $3,600,- in operation on June 30, 1920 and on average 000,000. deposits of banks in operation during 1920- By classes of banks.—The deposits of sus-1935. It will be observed that on the basis pended banks, by classes of banks and byof June 1920 figures this ratio was 23 percent years, during the period 1921-1936 are shown and on the average basis it was 20 percent. in table 9. Total deposits of national banks Total deposits of national banks which which suspended during the period amounted suspended during the 16-year period repreto $2,803,500,000, and those of State member sented 16 percent of the deposits of national banks to $1,463,585,000. In both of these banks in operation in June 1920. The correclasses of banks more than half of the total sponding ratio for State member banks was for the entire period was accounted for by18 percent and for nonmember banks 39 persuspensions which occurred in 1933. Non- cent. The ratio of deposits of national banks member State banks which suspended during which suspended during 1921-1936 to averthe 16-year period involved deposits aggre- age deposits of national banks in operation gating $4,133,541,000. Complete figures for during 1920-1935 was 14 percent, and the private banks are not available, but the de-corresponding ratio for State member banks posits of 484 of the 599 private banks whichwas 13 percent and for nonmember banks 41 suspended in 1921-1936 aggregated $111,- percent. A comparison of the latter percent- 259,000. ages with the suspension rates presented in Table 10 shows, by classes of banks (ex-table 4 (which were based on the number of cluding mutual savings and private banks), banks in operation) shows that, while nathe deposits of active banks and the deposits tional banks had the lowest rate of suspenof banks suspended during the period 1921- sions per 100 active banks, State member Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1214 FEDERAL RESERVE BULLETIN DECEMBER 1937 TABLE 10.—DEPOSITS OF ACTIVE BANKS, DEPOSITS OF BANKS SUSPENDED DURING 1921-1936, AND PERCENTAGE RATIOS OF DEPOSITS OF SUSPENDED BANKS TO THOSE OF ACTIVE BANKS, BY CLASSES OF BANKS X [Amounts in thousands of dollars] Deposits of banks Percentage ratio of dein operation posits of suspended banks, 1921-1936 Deposits of . suspended Class of bank banks, To deposits To deposits On Average 1921-1936 of banks in of banks in June 30, during operation on 1920 1920-19352 June 30, (average) during 1920 1920-19352 National banks , 17,159,371 19, 540, 488 2, 803, 500 16.3 14.3 State member banks 8, 241, 861 11,666,723 1, 463, 585 17.8 12.5 Nonmember State banks.. 10, 703, 018 10, 048, 802 4, 133, 541 38.6 41. 1 Total 36,104, 250 41,256,013 8, 400, 626 23.3 20. 4 1 Exclusive of mutual savings and private banks. 2 Based on the deposits as of June 30 each year. banks had a slightly lower ratio of deposits of the total number of suspensions. This is involved in suspensions to average deposits attributable to the fact that the average size of banks in operation. This is attributable of banks in these regions was larger than in part to the fact that average deposits of that of banks in other areas. In contrast, State member banks during 1920-1935 were the West North Central States, where the 42 percent above their deposits in 1920, while average size of banks was relatively small, average deposits of national banks during accounted for only 16 percent of the total 1920-1935 were only 14 percent above de- deposits of suspended banks, although 37 perposits of national banks at the beginning of cent of the country's suspensions occurred the period. The number 'of banks, on the in those States. other hand, showed about the same proportionate decline—9 percent in the case of State TABLE 11.—DEPOSITS OP SUSPENDED BANKS, 1921- 1936, AND PERCENTAGE DISTRIBUTION OF THE DEmember banks and 10 percent in the case of POSITS AND NUMBER OF SUSPENDED BANKS, BY national banks. The increase in deposits of GEOGRAPHIC DIVISIONS X State member banks was partly a result of m t w h e e e r m f e a b c e c t r o t n b h v a a e n t r k a te s n d i u n m i t n b h t e o e r 1 o o 9 f r 2 l 0 a a 's r b g . s e o r n b a e t d io n b a y l b S a t n a k te s Geographic division (i D n s o 1 u f e t 9 b s p h 2 d p a o o 1 o n e s - u l n k 1 i l s t 9 d a s s a 3 , r e n s 6 o d ) d f s s P u t p e o s b o r t p s a c a e i n e l t n n s k d d t s o e e o f - d f s n u u P s o p m f e e r t b n c o e e s t r i n a o l t o n f s By geographic divisions.—The distribu- New England _ 418,646 5.0 1.0 tion, by geographic divisions, of deposits in- Middle Atlantic _ 1. 464, 285 17.4 5.2 East North Central - 2, 792, 559 33.2 20.5 volved in bank suspensions (other than West North Central 1, 324, 431 15.8 36.6 mutual savings and private banks) during South Atlantic 995, 044 11.9 13.1 East South Central 328, 682 3.9 5.3 the 16-year period 1921-1936 is shown in West South Central 537, 703 6.4 9.5 table 11. The East North Central States Mountain 254, 275 3.0 5.8 Pacific.._ . ._ 285,001 3.4 3.0 accounted for 33 percent of the deposits of Total 8, 400, 626 100.0 100.0 all suspended banks, although only 21 percent of the number of bank suspensions oc- 1 Exclusive of mutual savings and private banks. curred in these States. The New England Differences in the geographic distribution and Middle Atlantic States combined, while of the number of bank suspensions and of the accounting for 22 percent of the total de- amount of deposits involved, during the peposits involved in suspensions in the United riods 1921-1929 and 1930-1933, respectively, States, were responsible for only 6 percent are shown in table 12. In the period 1921- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1215 DECEMBER 1937 FEDERAL RESERVE BULLETIN 1929 suspensions in the West North Central among the States with the largest amount of States accounted for 47 percent of the total deposits involved in suspended banks, were number and 39 percent of the total deposits not included among the 10 States having the of suspended banks, while the corresponding most suspensions. These differences are atfigures for the East North Central States tributable, of course, to the existence of subwere 7 percent as to number and 9 percent as stantial variations from one State to another to deposits. In the 1930-1933 period, due in the average size of suspended banks. to the failure of large banks in the eastern section of the country, the East North Central TABLE 13.—NUMBER AND DEPOSITS OF BANKS WHICH SUSPENDED DURING THE PERIOD 1921-1936 IN THE States with 29 percent of the total number TEN STATES HAVING THE LARGEST AMOUNT OF of suspensions accounted for 39 percent of DEPOSITS INVOLVED IN SUSPENSIONS X the aggregate deposits of suspended banks, Number of Deposits of suspended while the West North Central States with 30 State suspensions, banks, 1921-1936 1921-1936 (in thousands of dollars) percent of the total number of bank suspensions accounted for only 10 percent of the Michigan 486 929, 245 Ohio 387 813, 562 total deposits involved. Pennsylvania.. 434 746, 531 Illinois 952 577, 840 New York_ 181 479.157 TABLE 12.—PERCENTAGE DISTRIBUTION OF THE NUM- Iowa 1.238 460, 525 BER AND DEPOSITS OF SUSPENDED BANKS, 1921- 1929 AND 1930-1933, BY GEOGRAPHIC DIVISIONS X Indiana 520 279,534 New Jersey. 133 238, 597 Missouri 232, 056 879 1921-1929 1930 Florida. 202, 353 291 Geographic division Pe to r o c t f a e l nt P t p e o o r t s c a i e l t n s d t o e o f - f Pe to r o c t f a e l nt P t p e o o r t c s a i e l t n s d t o e o f - f T T o o D t t a a is l l , , t r 3 1 i 8 c 0 t o S o t t h f a e t C r e s o S l t u a m te b s i a a nd 8 5, , 8 5 4 0 3 1 4 3 , , 9 4 5 4 9 1 , , 4 2 0 2 0 6 su s s io p n e s n- sus b p a e n n k d s ed su s s io p n e s n- sus b p a e n n k d s ed United States, total 14, 344 8, 400, 626 New England .2 1.4 1.5 5.8 1 Exclusive of mutual savings and private banks. Middle Atlantic .8 4.1 7.9 20.1 East North Central 6.9 8.7 28.8 39.1 SIZE OF SUSPENDED BANKS, MEASURED BY W So e u s t t h N A o t r l t a h n t C ic entral 4 1 7 7 . . 4 4 3 1 9 9 . . 2 6 3 1 0 0 . . 0 4 1 10 0 . . 4 1 LOANS AND INVESTMENTS1 East South Central 3.7 3.3 6.2 4.1 Of the 14,344 banks (exclusive of mutual West South Central 11.4 9.9 8.4 5.6 Mountain 9.8 9.1 3.4 1.7 savings and private banks) which suspended Pacific J 2.4 4.7 3.4 3.1 during the 16-year period 1921-1936, 5,287 Total 100.0 100.0 100.0 had loans and investments of less than i Exclusive of mutual savings and private banks. $150,000 each, aggregating $451,742,000, as By States.—In table 13 the 10 States with shown in tables 14 and 15; 2,666 had loans the largest amount of deposits involved in and investments of $150,000-$249,999, totalsuspensions during the period 1921-1936 are ing $517,159,000; and 2,966 were in the listed, and the number and deposits of sus- $250,000-$499,999 class, their total loans and pended banks for these States are shown. investments amounting to $1,043,182,000. There appears to have been little correlation These three size groups comprise 10,919 susbetween the number of suspensions and thepended banks, each with loans and investamount of deposits involved in the various ments of less than $500,000, or 76 percent of States. Michigan, for example, which had all the national and State banks that susthe largest amount of deposits involved in pended during the 16-year period. The agsuspensions, was tenth on the list of States gregate loans and investments of these banks having the largest number of suspensions 1 Loans and investments, rather than deposits, were used as (shown in table 7). Ohio and Pennsylvania, a measure for this purpose since there was readily available a classification of active banks by size on June 30, 1920, on the which were second and third, respectively, basis of loans and investments. A similar classification on the basis of deposits has not been made. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1216 FEDERAL RESERVE BULLETIN DECEMBER 1937 amounted to $2,012,083,000, or 20 percent of and over numbered 101, accounting for 0.7 the total loans and investments of all banks percent of the total number of suspensions, suspended during 1921-1936. and that their loans and investments aggre- Corresponding figures for large banks, also gated $2,963,660,000, or nearly 30 percent of shown in tables 14 and 15, indicate that those total loans and investments of all suspended with loans and investments of $10,000,000 banks. Banks reporting loans and investments of $2,000,000 or more accounted for TABLE 14.—NUMBER AND PERCENTAGE DISTRIBUTION, only 5 percent of the number of suspensions BY SIZE OF LOANS AND INVESTMENTS, OF BANKS IN OPERATION ON JUNE 30, 1920 AND OF BANKS SUS- during the period, but the ratio of their aggre- PENDED DURING THE PERIOD 1921-1936, TOGETHER gate loans and investments to the total for WITH THE SUSPENSION RATE PER 100 BANKS IN EACH GROUP1 suspended banks of all sizes was 55 percent. The rate of suspension, as measured by the op B e a ra n t k io s n i n on susp B e a n n s k ions, Suspension ratio of the number and loans and invest- Size group— June 30, 1920 1921-19362 1 r 9 a 3 t 6 e , , p 1 e 9 r 2 1 10 - 0 ments of banks suspended in 1921-1936 to loans and investments banks in (in thousands of dollars) Per- Per- operation the number and loans and investments of Num- cent of Num- cent of on June ber total ber total 30, 1920 banks in operation on June 30, 1920, was considerably greater for the groups of small Under 150.. 6,548 22.7 5,287 36.9 80.7 banks than for the groups of large banks. 150-249 5,114 17.7 2,666 18.6 52.1 250-499 6,977 24.2 2,966 20.7 42.5 Almost without exception the proportion was 5 1 0 ,0 0 0 -9 0 9 -1 9 ,999. 4 2 , , 9 7 9 3 1 3 1 9 7 . . 5 3 1,7 8 8 7 7 0 1 6 2 . . 1 4 3 31 5 . . 8 8 smaller in each successively larger size 2,000-4,999 _ 1,573 5.4 505 3.5 32.1 group.1 Tables 14 and 15 show that the ratio 5 1 , 0 0 , 0 0 0 0 - 0 9 - , 4 9 9 9 , 9 999. ___ 3 5 6 0 9 8 1 1 . . 2 8 1 9 5 2 1 1 . . 6 0 2 24 9 . . 9 7 of suspensions to banks in operation on the 50,000 and over.. 72 .2 9 .1 12.5 base date, in the case of banks with loans and Total 28, 885 100.0 214, 344 100.0 49.7 investments of less than $150,000, was 81 1 Exclusive of mutual savings and private banks. percent as to number and 75 percent as to 2 Eleven banks, the classification of which is unknown, are omitted from the individual group figures but included in the total. loans and investments. In the case of the largest size group, comprised of banks having TABLE 15.—TOTAL LOANS AND INVESTMENTS OF loans and investments of $50,000,000 and BANKS IN OPERATION ON JUNE 30, 1920 AND OF BANKS SUSPENDED DURING THE PERIOD 1921-1936, over, the corresponding ratios were 13 per- CLASSIFIED ACCORDING TO SIZE OF LOANS AND INcent as to number and 14 percent as to loans VESTMENTS, TOGETHER WITH PERCENTAGE RATIOS OF THE LOANS AND INVESTMENTS OF SUSPENDED and investments. BANKS TO THOSE OF ACTIVE BANKS X By periods.—In the 4-year period 1930- Loans and mvest- Loans andmvest- Percentage 1933, the distribution of suspended banks by me o n p ts e r o a f ti o b n £m o k n s in p m en e d n e ts d o b f a s n u k s s - , r a a n t d i o, i n l v o e a s n t s - size of loans and investments was consider- Si l z o e a n g s r o a u n p d — June 30, 1920 1921-19362 p m en e d n e ts d o b f a su n s k - s ably different from that shown for banks investments to those of (in thousands Amount Per- Amount Per- banks in which suspended in the period 1921-1929. thou ( s in ands ce o n f t thou ( s in ands ce o n f t o o n p J e u ra n t e i o 3 n 0, The suspension of a proportionately greater of dollars) total of dollars) total 1920 number of large and medium-sized banks during the years 1930-1933 than during the Under 150 601, 524 1.7 451,742 4.5 75.1 150-249 . _ 1,010,745 2.8 517,159 5.2 51.2 1921-1929 period accounted for the differ- 250 499 2 493 982 6 9 1,043 182 10.4 41.8 ence. Table 16 shows that the proportion 500-999 3, 501, 210 9.6 1, 245, 212 12.5 35.6 1,000-1,999 3, 778, 474 10.5 1, 213, 082 12.2 32. 1 of suspended banks in the size groups with 2,000-4,999 4,771,143 13.2 1, 521, 145 15.3 31.9 loans and investments under $500,000 de- 5,000-9,999 3, 471, 381 9.6 1,010,072 10.1 29.1 10,000-49,999... _ 7, 365, 583 20.4 1, 712, 239 17.2 23.2 50,000 and over.- 9,155, 889 25.3 1, 251, 421 12.6 13.7 1 This variation in the suspension rates existed to about an Total 36,149,931 100.0 2 9, 965, 254 100.0 27.6 equal degree when average figures for active banks on June 30 in the years 1920, 1925, and 1930 were used as a basis of comparison rather than the June 1920 figures. On this aver- 1 Exclusive of mutual savings and private banks. age base the ratios in the last column of table 14 are 87.2, 2 Excluding the figures of eleven banks, whose loans and investments60.0, 49.8, 40.4, 32.6, 28.7, 26.5, 22.0, 10.2, and 54.4 percent, are unavailable. respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1217 DECEMBER 1937 FEDERAL RESERVE BULLETIN creased from the 9-year period to the 4-year TABLE 17.—NUMBER OF BANK SUSPENSIONS, 1921period, a corresponding increase being re- 1936, BY CLASSES OF BANKS (NATIONAL AND STATE) , AND SUSPENSION RATE PER 100 BANKS IN flected in the case of banks in size groups of OPERATION ON JUNE 30, 1920, CLASSIFIED ACCORD- $500,000 and over. During the 1921-1929 ING TO SIZE OF LOANS AND INVESTMENTS1 period 85 percent of the banks which sus- Suspension rate, 1921pended had loans and investments under Size group—loans Number 1 9 o 2 f 1 - s 1 u 9 s 3 p 6 ensions, o 1 p 9 e 3 r 6 a , tio p n e r o n 1 0 J 0 u n b e a n 3 k 0 s ,1 9 in 20 and investments (in thousands TA O B F L E B A 1 N 6 K .— N SU U S M PE B N E S R I O A N N S D , G P R E O R U C P E E N D T A B G Y E SI D Z I E S T O R F I B L U O T A IO N N S of dollars) TotaP ti N on a- al State* Total ti N on a a - l3 State3 AND INVESTMENTS, 1921-1929 AND 1930-1933x Under 150 5,287 278 5,009 80.7 80.6 150-249 2,666 424 2,242 52.1 55.9 51.5 1921-1929 1930-1933 250-499 2,966 742 2,224 42.5 36.6 44.9 Size group— loans and investments 500-999 1,787 606 1,181 35.8 27.8 42.0 (in thousands of dollars) Number Percent Number Percent 1,000-1,999 870 367 503 31.8 25.8 38.4 of sus- of of sus- of 2,000-4,999 505 205 300 32.1 25.3 39.4 pensions total pensions2 total 5,000-9,999 151 65 29.7 25.0 34.7 10,000-49,999 92 29 63 24.9 15.8 34.1 Under 160. 2,313 42.7 33.0 50,000 and over 3 12.5 8.1 17.1 150-249.__. 1,123 20.8 1,526 17.3 250-499 1,151 21.3 1,797 20.4 Total... n4,344 2,719 211,625 500-999 532 9.8 1,245 14.1 1,000-1,999.. 201 3.7 665 1 Exclusive of mutual savings and private banks. 2,000-4,999_ 74 1.4 427 2 Eleven banks, the classification of which is unknown, are omitted from the individual group figures but included in the totals. 5,000-9,999 13 ' 136 1.5 3 The ratios of bank suspensions during 1921-1936 to the average of the 10,000-49,999 4 88 1.0 number of banks in operation in June 1920, 1925, and 1930, distributed 50,000 and over. 9 .1 according to the size groups shown in table 17, are as follows: national Total 5,411 2 8, 812 100.0 b S a ta n t k e s — ba 7 n 0 k .0 s , — 5 8 3 8 .3 . , 4 4 , 0 6 .6 1 , . 3 5 1 , .2 5 , 3 2 .9 6 , . 8 4 , 7 2 . 2 5 .2 , , 3 2 8 2 .7 .3 , ,1 3 4 6 . . 9 0 , , 7 3 . 0 9 . , 8 a , n 2 d 8 3 . 5 1 . , 0 1 , 2 r . e 0 s , p a e n c d t i 6 v 2 e . l 5 y , ; respectively. 1 Exclusive of mutual savings and private banks. sion was much higher at small banks than 2 Ten banks, the classification of which is unknown, are omitted from the individual group figures but included in the total. at large banks. The rates for national banks $500,000, while only 71 percent of those sus-and for State banks did not differ materially pending in the 1930-1933 period were in- in the case of banks with loans and investcluded in this class. Conversely, banks with ments under $250,000. In the medium and loans and investments of $1,000,000 and over larger size groups, however, the number of accounted for only 5 percent of the suspen- suspensions during 1921-1936 per 100 banks sions in 1921-1929 and for 15 percent of those in operation on June 30, 1920, was materially in 1930-1933. higher for State banks than for national By classes of banks.—The analysis of sus-banks. pensions by size and classes of banks, given By geographic divisions.—Corresponding in table 17, indicates that in the case of both information by geographic divisions shown national and State banks the rate of suspen- in table 18 indicates that with the exception TABLE 18.—NUMBER OF SUSPENSIONS, 1921-1936, PER 100 BANKS IN OPERATION ON JUNE 30, 1920, BY GEO- GRAPHIC DIVISIONS AND BY SIZE OF LOANS AND INVESTMENTS X Size g ( r i o n u t p h — ou lo sa a n ns d s a o n f d d i o n l v la e r s s t ) ments Total En N g e l w and A M tl i a d n d t l i e c C N E e o n a r t s t r t h al C N W e o n e t r r s t a h t l A S tl o a u n t t h ic C S E e o n a u t s t r t h al C S W e o n u e t s t r h t al M ta o i u n n- Pacific Under 150 80 7 27.4 88.9 91.5 91.0 56.3 64.6 74.3 63.4 150-249 .. 52.1 6.7 32.8 61.1 58.2 56.3 34.2 34.1 52.9 42.7 250-499 42.5 5.7 30.8 48.2 44.2 52.5 40.1 30.9 44.7 35.4 500-999 35.8 19.0 30.9 46.5 33.6 41.9 32.3 28.8 46.6 17.9 1,000-1,999 31.8 19.9 26.9 42.0 27.3 43.5 31.9 29.7 31.9 18.9 2,000-4,999_ . . 32.1 26.8 28.4 48.3 26.2 46.0 31.0 23.1 18.5 14.4 5,000-9,999 29.7 28.3 31.3 39.6 20.9 29.3 23.5 25.0 29.4 14.3 10,000 and over 22.9 25.6 19.2 30.0 10.8 36.8 46.2 20.8 13.3 Total 49.7 19.5 28.8 54.7 58.4 59.0 41.8 42.0 52.8 31.3 '• Exclusive of mutual savings and private banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1218 FEDERAL RESERVE BULLETIN DECEMBER 1937 of the New England and Middle Atlantic re- sented 23 percent of the total loans and gions the highest rate of suspension was investments of all banks suspended during among the banks with loans and investments this period. The individual bank figures under $150,000, and that in general the rate ranged from $22,000,000 to $380,000,000, five declined as the size of banks increased. In of the banks having held loans and investthe New England States the suspension rate ments in excess of $100,000,000. The suspenwas highest among banks with loans and in- sion of these large banks had a direct effect vestments of $500,000 and over; in the Middle on other banks whose correspondent accounts Atlantic States the suspension rate differed were deposited with them and a profound relatively little among the size groups, rang- psychological effect on bank depositors gening from 27 to 33 suspensions during the erally, and doubtless contributed in an im- 1921-1936 period per 100 active banks in portant degree to the closing of many banks June 1920 in the size groups with loans and in various parts of the country. investments under $10,000,000. The contrast in the rate of bank suspen- SIZE OF SUSPENDED BANKS, MEASURED BY sions by size of banks, as between North- CAPITAL STOCK eastern States (New England and Middle Capital stock is not as good a measure of Atlantic) and the other geographic regions size of banks as loans and investments, or suggests that the size of suspended banks deposits, because it is determined in part by depends, in part at least, on the type of com- requirements of law and because of the pracmunity in which the bank is located and by tice of some banks of building up large sureconomic factors within the region. In the pluses rather than increasing capital stock. New England and Middle Atlantic sections However, there appears to be some relation agricultural activities differ from those in between the size of banks, measured in this most other sections. There is a different way, and the rate at which suspensions octype of agriculture, with big markets nearby curred. Table 19 gives a distribution of susfor the products, and outlying agricultural pended banks (exclusive of mutual savings communities in the East were not forced to and private banks) during the period 1921undergo the same readjustment as agricul- 1936, classified by size of capital stock, and ture in other sections of the country. The the suspension rate per 100 active banks in resulting higher degree of stability has aided June 1920 for banks in each size group. the small banks in outlying agricultural com- While there was a smaller degree of variation munities. On the other hand, in the large in the suspension rates of banks measured by industrial and financial centers in the East amounts of capital stock than in the correwhich suffered from severe business depres- sponding distribution by size of loans and insion beginning in 1929 and 1930, the larger vestments, the figures in table 19 support in banks were called upon to meet a constant a general way the conclusions which were and prolonged strain which proved too great reached in the analysis of suspended banks for many of them, resulting in the later years by size of loans and investments. in a high suspension rate among the larger It will be seen that 4,341 banks, representbanks. ing 30 percent of the 14,344 suspensions dur- Suspension of large banks.—Of the banks ing 1921-1936, had capital stock of less than which suspended in the period 1921-1936 the $25,000; and that 4,755 suspended banks, or 30 largest had loans and investments aggre- 33 percent of the total, had capital stock of gating $1,912,000,000. All 30 of these banks $25,000-$49,999. About 83 percent of the suspended in the years 1930-1933, and their banks which suspended during 1921-1936 had combined loans and investments repre- a capital of less than $100,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1219 DECEMBER 1937 FEDERAL RESERVE BULLETIN TABLE 19.—NUMBER AND PERCENTAGE DISTRIBUTION ference between the percentage of national OF BANK SUSPENSIONS, 1921-1936, AND SUSPEN- bank suspensions in small places and that of SION RATE PER 100 BANKS IN OPERATION ON JUNE 30, 1920, BY SIZE OF CAPITAL STOCK X State banks follows from the fact that relatively fewer national than State banks are Suspension rate, located in small towns and villages, due to Size group—capital stock 1 p N 9 e o 2 u n 1 f s m - s 1 i u o 9 b s 3 n e - 6 s r , 2 Pe to r o c t f a e l nt o 1 b p p 9 a e e 2 n r 1 r k a - s 1 t 1 i 9 0 i o 0 3 n n 6, t n h a e t i h o i n g a h l e b r a m nk in s i m th u a m n f c o a r p i S ta ta l t r e e q b u an ir k e s m i e n n t m s a f n o y r on June 30, 1920 States. In table 20 are shown the number of bank $ U 2 n 5, d 0 e 0 r 0 - $ $ 2 4 5 9 ,0 ,9 0 9 0 9 4 4 , , 3 7 4 5 1 5 3 33 0 . . 2 3 5 5 2 4 . . 7 1 suspensions that occurred during 1921-1936, $50,000-$99,999 2,767 19.3 48.3 grouped according to class of bank and also $ $ 5 10 0 0 0 , , 0 0 0 0 0 0 - - $ $ 4 9 9 9 9 9 ,Q ,9 9 9 9 9 _ _ _ _ ._ .. 2,1 1 8 7 5 4 15 1 . . 2 2 4 4 2 1 . . 9 3 according to the population of the town or $1,000,000 and over. 120 27.6 city in which the banks were situated. The Total 214, 344 100.0 rates of suspension per 100 banks in each 1 Exclusive of mutual savings and private banks. class in operation on June 30, 1920 are also 2 Two banks, the classification of which is unknown, are omitted from the individual group figures but included in the total. indicated. Although there were many more bank suspensions in small than in large The number of suspensions during the pe-places, the differences in the rates of suspenriod for every 100 banks in operation on sion were not nearly so marked because such June 30, 1920, was 53 in the case of banksa large number of banks (particularly State with capital stock of less than $25,000, andbanks) operate in small cities, towns, and 54 in the case of those with capital stock of villages. $25,000-$49,999. For banks with a capital In the case of national and State banks stock of $100,000-$499,999 the suspension combined, 56 suspensions per 100 active rate per 100 active banks was 41, and in the banks occurred during the 16-year period in case of those whose capital amounted to communities of less than 500; in places with $1,000,000 or more it was only 28, indicating a population of 500-999 the rate was 54 per that suspensions were less numerous among 100 active banks; and in those with a populalarge banks than among small banks. tion of 1,000-2,499 it was 50. An appre- BANK SUSPENSIONS DISTRIBUTED BY POPU- TABLE 20.—NUMBER OF BANK SUSPENSIONS, 1921- LATION OF CITIES 1936, AND SUSPENSION RATE PER 100 BANKS IN OPERATION ON JUNE 30, 1920, GROUPED ACCORDING Of the 14,344 bank suspensions during TO POPULATION OF TOWNS AND CITIES, AND BY 1921-1936 (excluding mutual savings and CLASSES OF BANKS1 private banks), 4,652 or 32 percent occurred in. towns of less than 500 population, and Number 1 9 o 2 f 1 - s 1 u 9 s 3 p 6 ensions, S b u a s n pe k n s s i i n o n o p r e a r t a e t i p o e n r o n 100 10,277 or 72 percent in towns of less than Population of June 30, 1920 town or city 2,500 population. Only 710 banks, or 5 per- Total ti N on a- al State Total ti N o a n - al State cent of those suspended, were located in cities with a population of 100,000 and over. Under 500 4,652 279 4,373 56.3 41.7 57.6 500-999 2,801 485 2,316 54.4 41.7 58.1 Corresponding figures by classes of banks 1,000-2,499 2,824 750 2,074 49.7 35.2 58.4 show a much smaller percentage of national 2,500-4,999 1,303 425 878 43.0 31.8 52.0 5,000-9,999 798 301 497 39.7 32.5 45.8 banks than of State banks suspended in places 10,000-24,999 709 240 469 40.9 29.9 50.4 of small population. Only 10 percent of the25,000-49,999 282 81 201 38.2 26.3 46.6 50,000-99,999 265 49 216 41.1 21.3 52.2 national bank suspensions were in places of100,000 and over 710 109 601 43.4 24.0 50.8 less than 500 population, compared with 38 Total 14, 344 2,719 11, 625 33.9 55.7 percent in the case of State banks. This dif- 1 Exclusive of mutual savings and private banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1220 FEDERAL RESERVE BULLETIN DECEMBER 1937 ciably smaller ratio was shown for banks 67 percent in places of less than 2,500 popusituated in towns and cities with a population lation, compared with 39 percent and 79 perof 2,500 and over. There was not so much cent, respectively, during the period 1921contrast, however, between the rates of bank 1929. Cities with a population of 100,000 suspensions in small places and large places, and over, on the other hand, contributed 6 respectively, as there was between small percent of the total suspensions in 1930-1933, banks and large banks. This is accounted for compared with only 3 percent in 1921-1929. in part by the fact that quite a number of small banks located in the larger towns and BANK SUSPENSIONS IN RELATION TO NUMBER cities suspended during the period. OF BANKS PER CAPITA There was a considerable difference be- With some exceptions, suspensions during* tween national banks and State banks in the1921-1936 were most numerous in States rate of suspension according to the size of where the number of banks increased rapidly community in which the suspensions occurred. prior to 1920 and in those which had a low While the suspension rates were higher for population per bank in 1920. In the majority State banks than for national banks in all of States with a high population per bank, sizes of communities, the differences were suspension rates were substantially below the particularly noticeable in the larger cities, average for the country as a whole. Table 22 where the rate of suspension of national gives (1) the percentage change in the numbanks per 100 active banks was much below ber of banks from 1900 to 1920, (2) the poputhe suspension rate of State banks. The rate lation per bank in 1920, and (3) the suspenof suspension of State banks was nearly as sion rate, for the ten States with the highest high in large cities as in small cities. In the 1930-1933 period there was a pro-TABLE 22.—PERCENTAGE CHANGE IN THE NUMBER OF nounced spread of suspensions into the larger BANKS FROM 1900 TO 1920, POPULATION PER BANK IN 1920, AND SUSPENSION RATE 1921-1936 PER 100 centers. This may be seen from table 21, BANKS IN OPERATION ON JUNE 30, 1920, FOR THE which compares the number of suspensions TEN STATES WITH THE HIGHEST AND THE TEN STATES WITH THE LOWEST SUSPENSION RATE by size of community for the two periods 1921-1929 and 1930-1933. During 1930-1933, Percentage Suspension 28 percent of the suspensions occurred in change in Popula- rate, 1921places with a population of less than 500 and States t b n w a u n e m e k n b s1 e 1 r b 9 e o 0 - f 0 b ti a o 1 n n 9 k 2 p i 0 e in r b 19 e a 3 r n 6 a k , t s i p o i n e n r o o 1 n p 0 - 0 and 1920 June 30, 1920? TABLE 21.—NUMBER AND PERCENTAGE DISTRIBUTION 10 States with highest suspen- OF BANK SUSPENSIONS BY POPULATION OF TOWNS sion rate: AND CITIES, 1921-1929 AND 1930-19331 F So lo u r t i h d a Dakota + + 2 4 6 0 6 3 . . 5 8 3,7 9 2 17 5 1 8 1 3 2 . . 1 8 Arkansas +667. 2 3,605 76.3 South Carolina +477. 5 3,709 74.4 1921-1929 1930-1933 Michigan + 64.0 4,236 74.4 Iowa + 67.4 1,242 72.3 Population of Nevada +371. 4 2,346 69.7 town or city Number Percent Number Percent North Dakota +464. 8 720 68.0 of sus- of of sus- of Nebraska +103. 4 1,084 65.1 pensions total pensions total North Carolina +404. 0 4,412 64.7 10 States with lowest suspension rate: Under 500 2,108 39.0 2,496 28.3 Pennsylvania + 59.5 5,722 30.8 500-999 . -. . 1,089 20.1 1,690 19.2 Texas +332.1 2,705 27.9 1,000-2,499 1,080 20.0 1,725 19.6 Vermont + 79.6 4,005 22.7 New York - 42.7 10, 795 22.2 2,500-4,999 437 8.1 858 9.7 California +148. 5 4,760 19.3 5,000-9,999 224 4.1 567 6.4 Connecticut + 37.0 8,522 18.7 10,000-24,999 . 200 3.7 504 5.7 Massachusetts - 54.1 14, 215 17.0 Delaware + 66.7 5,718 15.4 25,000-49,999 57 1.0 225 2.6 Rhode Island - 50.7 18, 315 12.1 50,000-99,999 65 1.2 195 2.2 New Hampshire + 21.2 5,539 11.3 100,000 and over 151 2.8 552 6. 3 United States, total.... + 118.3 3,496 49.7 TotaL 5,411 100.0 8,812 100.0 1 Exclusive of mutual savings banks. 1 Exclusive of mutual savings and private banks. 2 Exclusive of mutual savings and private banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1221 DECEMBER 1937 FEDERAL RESERVE BULLETIN and the ten States with the lowest suspension table 24. It appears, however, that there was rate. little, if any, relationship between the average age of suspended banks and the rate of sus- THE AGE OF SUSPENDED BANKS pensions per 100 active banks in the respec- Data regarding the charter age of banks tive geographic divisions. Banks which susat time of suspension are available at present pended in the West North Central States durfor national banks and for State banks during ing the 10-year period 1921-1930 were in a period of 10 years only, 1921-1930. Fromexistence prior to suspension for an average table 23 it will be seen that 25 percent of theperiod of 18 years and 9 months, the longest banks which suspended in this period were for any region, whereas in the Mountain less than 10 years old at time of closing and States the average time of existence prior to suspension was only 11 years and 7 months, TABLE 23.—DISTRIBUTION OF SUSPENSIONS ACCORD- the shortest for any region. In both these ING TO THE CHARTER AGE OF THE BANKS, 1921-1930 x geographic divisions the suspension rate dur- Number of ing the period was very high. Years in operation prior to suspension b p a e n n k si o su n s s - , P o e f r t c o e t n a t l 1921-1930 TABLE 24.—AVERAGE CHARTER AGE OF SUSPENDED Less than 5 735 11.1 BANKS, BY GEOGRAPHIC DIVISIONS, 1921-1930 * 5-9 925 14.0 10-14 1,266 19.1 Number of Average age 2 1 0 5 - - 2 1 4 9 1 1 , , 2 2 1 8 3 3 1 1 8 9 . . 3 4 Geographic division b p a e n n k s io su ns s , - 25-29 561 8.5 1921-1930 Years Months 30-34 272 4.1 35-39 180 2.7 New England 18 17 10 40-44 100 1.5 Middle Atlantic 64 17 2 East North Central _.._.. 631 16 5 45-49 43 .7 50 and over 40 .6 West North Central . 2,965 18 9 South Atlantic 1,165 15 4 Total 6,618 100.0 East South Central __ 352 17 5 West South Central 811 14 1 1 Covers national and State bank suspensions only and excludes 85 Mountain 470 11 7 such banks for which data are not available. Pacific. _ _ 142 14 11 Total 6,618 16 8 64 percent were less than 20 years old; 36 percent, on the other hand, had been in opera- i Covers national and State banks only and excludes 85 such banks in Montana for which data are not available. tion for 20 years or more. This clearly indicates that, although many of the suspensions A somewhat greater variation in the age occurred among recently organized banks, of suspended banks was shown in the case of long established institutions were by no individual States. As was indicated in the means immune to the difficulties which pre- analysis by geographic divisions, the sections vailed. Due, however, to such factors as con-of the country which had experienced the versions, mergers, absorptions, and reorgan- longest period of development were in general izations, the "charter age" of some banks is those in which the average age of suspended not a good measure of their span of existence;banks was high, and the States most recently technically, some banks that resulted from settled and developed were included among mergers or conversions have been in existence those with a low average age of suspended only a few years, while as a practical matter banks. For example, in Connecticut, Iowa, they or their predecessors have been operat- Kentucky, Michigan, Nebraska, and West ing without interruption for a long time. Virginia, the average age of banks which Considerable variation among the various suspended in the period 1921-1930 was appresections of the country obtained with respect ciably above the average for the United States to the age of suspended banks, as indicated in as a whole, while in Arizona, California, Colo- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1222 FEDERAL RESERVE BULLETIN DECEMBER 1937 rado, Florida, Texas, and Wyoming, it was cumulative figures of the amount of authormaterially below the average for the country. ized loans to open banks and the amount disbursed by the Reconstruction Finance Cor- AID TO BANKS FROM EXTERNAL SOURCES poration, together with the amount of such Prior to 1932.—During the early 1920's loans outstanding at the close of each quarter many banks facing financial difficulties were from 1932 through 1936. aided through the extension of loans for agricultural and livestock purposes by the War TABLE 25.—LOANS BY THE RECONSTRUCTION FINANCE Finance Corporation. These advances were CORPORATION TO OPEN BANKS, BY QUARTERS, IN THE YEARS 1932-1936 made for the most part upon assets which (Cumulative figures at end of quarter, in thousands of dollars) though non-liquid were believed fundamentally sound. They aggregated $172,114,000, Quarter au A t m ho o r u iz n e t d d A is m bu o r u s n e t d ou A ts m ta o n u d n i t ng and were extended to 4,317 banks located in 37 States. Of these, 674 were national banks 1932 First quarter 156,009 124,107 117,886 and 3,643 were State banks. By November Second quarter. 615, 391 487, 062 419, 965 Third quarter__. 809, 318 675, 254 525, 537 30, 1929, the loans made to 4,136 banks, total- Fourth quarter. 893, 745 810.110 576,178 ing $164,051,000, had been completely repaid, 1933 First quarter 1,172,520 987, 445 677, 611 and partial repayments amounting to $6,782,- Second quarter^. 1,234,058 1,038,930 614,467 Third quarter... 1,268,023 1, 077,094 532, 953 000 had been made on other advances. Only Fourth quarter- 1, 290, 700 1,091,785 462, 950 0.7 percent of the total originally advanced First quarter 1, 309, 442 1, 103,080 353, 066 had not been repaid. Second quarter. 1, 322,062 1,122,110 290,110 Third quarter... 1, 326, 733 1,130, 377 259, 949 In the autumn of 1931 the National Credit Fourth quarter. 1, 329, 239 1, 133,063 229, 184 Corporation, a private organization, was 1935 First quarter 1, 334, 436 1,135,083 204, 785 formed at the suggestion of the President to Second quarter. 1,337,310 1,141, 923 194, 741 Third quarter. _. 1, 339, 386 1, 142, 290 180, 611 bolster the financial structure of the weaker Fourth quarter. 1, 339. 835 1, 142, 590 167,003 banks through the aid of the stronger institu- 1936 First quarter 1,339,811 1,142,993 153, 984 tions.1 This Corporation made more than Second quarter.. 1, 339, 556 1, 143,167 143,132 Third quarter... 1, 339, 556 1,143, 206 132, 305 1,200 loans to banks in 31 States. At the Fourth quarter_ 1, 339, 628 1,143. 206 121,503 peak reached in February 1932, these loans and commitments totaled $188,000,000. De- Loans by the Reconstruction Finance Corspite this assistance, however, an increasing poration to closed banks.—Partly in response number of banks were meeting with difficul- to a developing sentiment that recovery was ties, and near the end of 1931 there was a being retarded by the fact that a huge volume noticeable rise in the rate of bank suspen- of deposits, a large part of which would ultisions. mately become available, remained tied up in Loans by the Reconstruction Finance Cor- unliquidated banks which had suspended in poration to open banks.—The Reconstruction 1931, 1932, and particularly 1933, the Recon- Finance Corporation was organized in Jan- struction Finance Corporation established a uary 1932 and within a short time this organ- Deposit Liquidation Division for the purpose ization began to make loans to banks. By of stimulating and encouraging the extension the middle of 1932 loans to 3,284 open banks, of additional loans to closed banks. The aggregating $615,391,000, had been author- Division was established following a stateized. At the end of June 1933, loans to 5,584 ment issued by the President on October 15, open banks had been authorized, totaling 1933. Some loans to closed banks, for the $1,234,058,000. Table 25 shows, by quarters, purpose of aiding in the reorganization or liquidation of such banks, had been made by 1 For statements of purpose of the Corporation and for general plan of organization and operation, see FEDERAL RESERVE the Reconstruction Finance Corporation from BULLETIN for October 1931, pages 551-557. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1223 DECEMBER 1937 FEDERAL RESERVE BULLETIN the time it was organized, but at the begin- length of time. Loans on the assets of many ning they were in limited amounts. closed banks provided the means for the Banks that closed after January 1, 1933,prompt opening of successor banks, at which were given first attention by the Deposit time a substantial part of the funds of the Liquidation Division; loans were made later closed banks became immediately available. to banks that closed prior to January 1933. Such loans also obviated the necessity of the By June 30, 1934, loans amounting to $802,- dumping of large blocks of securities and 713,000 had been authorized to closed banks, mortgages by the receivers of closed banks of which amount $544,060,000 had been dis- on an abnormally low market in an effort to bursed. On June 30, 1935, the amount of such make depositors' claims available. loans that had been authorized was $1,117,- In a few instances loans on the assets of 928,000, of which $822,557,000 had been dis- closed banks have since been transferred by bursed. Table 26 gives cumulative figures of the Reconstruction Finance Corporation to the amount of loans to closed banks authorized operating banks, the outstanding example of and disbursed by the Reconstruction Finance this being the'transfer of $35,000,000 in such Corporation, and the amount outstanding, by manner at Detroit in the spring of 1935. In quarters, from 1932 through 1936. other cases new advances to receivers of closed banks, secured by the unpledged assets TABLE 26.—LOANS BY THE RECONSTRUCTION FINANCE of these banks, have been made directly by CORPORATION TO CLOSED BANKS, BY QUARTERS, IN operating banks. THE YEARS 1932-1936 1 Strengthening of the capital structure of (Cumulative figures at end of quarter, in thousands of dollars) banks following the banking holiday.—Many Quarter au A t m ho o r u iz n e t d d A is m bu o r u se n d t ou A ts m ta o n u d n in t g of the banks that did not reopen immediately following the banking holiday needed addi- 1932 tional capital. Existing stockholders and First quarter____ 2,173 1,310 1,281 Second quarter__ 28, 848 11.776 10,499 the public in general were not in a position Third quarter. __ 45, 628 32, 788 19, 788 Fourth quarter^. 57, 913 42, 572 20, 220 to provide much of the additional capital 1933 necessary, and the Government, through the First quarter. 97, 535 78, 251 48, 292 Second quarter 193,112 150,663 99.918 Reconstruction Finance Corporation, made Third quarter 321, 260 249, 958 181,397 Fourth quarter 572, 230 383, 377 291.604 extensive purchases of preferred stock and capital notes and debentures of banks. First quarter 713,037 477, 836 349, 059 Second quarter 802, 713 544, 060 361.296 Banks that had been licensed immediately Third quarter 961, 429 622,138 367, 114 Fourth quarter 1, 035, 733 761, 704 443, 343 following the banking holiday without re- First quarter 1,069, 976 795, 632 372,065 organization were invited to cooperate in the Second quarter,. 1,117,928 822, 557 320, 135 Third quarter... 1,140,972 850, 551 287. 3 program for strengthening the capital struc- Fourth quarter.. 1.170,157 876, 125 245. 725 ture of banks, and as a result many of the First quarter 1, 206, 027 890.479 162,698 larger metropolitan banks also sold capital Second quarter.. 1, 224, 886 901,630 141,631 Third quarter... 1, 232, 462 914,331 120. 721 stock to the Reconstruction Finance Corpora- Fourth quarter. 1, 248, 077 930, 223 108, 574 tion. A large number of banks were required 1 Includes loans to receivers, conservators, and liquidating agents, to obtain additional capital funds before loans through mortgage loan companies to aid closed banks, and loans on assets of closed banks under Section 5e of the Reconstruction Finance being admitted to membership in the Federal Corporation Act. Deposit Insurance Corporation. Loans to closed banks by the Reconstruc- By the end of June 1934 the program of tion Finance Corporation provided immediate capital rehabilitation was well under way, the cash which, in the ordinary liquidation proc- Reconstruction Finance Corporation having ess, would not have been available for dis-outstanding on that date a total of $814,679,tribution to depositors for a considerable 000 invested in the capital stock of banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1224 FEDERAL RESERVE BULLETIN DECEMBER 1937 At the end of June 1935, which marked the Finance Corporation, shown in the last colapproximate peak, the Reconstruction Fi- umn of table 25, and the amount of the Cornance Corporation's investment in preferred poration's outstanding investment in prestock, capital notes, and debentures of 5,752 ferred stock, capital notes, and debentures banks amounted to $904,666,000. On Decem- of banks, shown in table 27. As the investber 31, 1935/it amounted to $897,016,000. ment in capital stock of banks increased, the By June 30, 1936 it had declined to $819,993,-amount of outstanding loans declined. 000, and on December 31, 1936 the total out- Loans made by the Reconstruction Finance standing was $654,619,000. These and other Corporation to other types of financial inrelated figures, as reported at the end of each stitutions (such as mortgage loan companies, quarter during the years 1933-1936, are insurance companies, and building and loan shown in table 27. associations) also assisted the banks indirectly in liquidating their assets. While figures on the total advances to such organ- TABLE 27.—PURCHASES BY THE RECONSTRUCTION FINANCE CORPORATION OF PREFERRED STOCK AND izations are available, there is no measure of CAPITAL NOTES OR DEBENTURES OF BANKS, AND LOANS ON PREFERRED STOCK OF BANKS, BY QUAR- the extent to which such funds were used in TERS, IN THE YEARS 1933-1936 repaying bank loans. [Cumulative figures at end of quarter, in thousands of dollars] Other aid to banks.—Certain organizations other than those already mentioned also Amount Amount Quarter authorized disbursed outstanding assisted in the liquidation of bank assets, thereby strengthening the position of open 1933 First quarter 14,933 12, 750 12, 750 banks and facilitating the liquidation of Second quarter.. 47,318 43, 468 43, 463 Third quarter__. 69, 972 63,107 63,102 closed banks. It is estimated that about a Fourth quarter. 496, 556 264, 346 264, 200 half a billion dollars of the proceeds of Fed- 1934 First quarter 932,003 593, 578 593, 052 eral Land Bank and Federal Farm Mortgage Second quarter.. 1,046, 946 817, 303 814, 679 Third quarter.-. 1,103, 596 890, 775 827, 374 Corporation loans during the years 1933- Fourth quarter. 1,153, 497 938,004 863, 984 1936 were used to refinance mortgage in- 1935 First quarter 1,174,135 989, 756 902, 834 debtedness and other debts of farmers to com- Second quarter.. 1,186, 972 1, 006, 895 904, 666 Third quarter. _. 1, 214, 593 1, 026, 070 904, 030 mercial banks, open and closed. Fourth quarter. 1, 235, 678 1, 040, 973 897, 016 It is roughly estimated also that approxi- First quarter 1, 239, 077 1, 056, 768 877, 327 Second quarter.. 1. 242, 462 1.066,016 819, 993 mately a half a billion dollars of home mort- Third quarter.... 1, 242, 553 1,071,576 701, 385 Fourth quarter. 1, 244, 468 1, 073, 267 i 654, 619 gage loans held by commercial banks and receivers were taken over by the Home Own- 1 Outstanding on October 31, 1937—$594,275,000. ers' Loan Corporation up to the time it The supplying of capital funds by the ceased lending, on June 12, 1936. For the Reconstruction Finance Corporation was re-most part these loans were exchanged for sponsible in part for the repayment by the guaranteed bonds of the Home Owners' Loan banks of funds previously borrowed. Some Corporation. Closed banks which received indication of this fact is found in the com-the bonds were able to borrow 80 percent of parison between the amount of outstanding their par value from the Reconstruction loans to open banks by the Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 1225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1226 FEDERAL RESERVE BULLETIN DECEMBER 1937 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank Treas- reserve balances ury Treas- Treasury Other Date co B d u i i n s ll - t s ed bo B u il g ls ht U m G e . r o e n n v S - t - . R O b e a s th e n r e k v r e Total M s g t t a o o o r n l c y d k e- s r t e o c i a n n u u n c r g t d - - y - M i c n t u i o o l c n a n i e r - - y h c i u o n a r l g s y d h s - d R F b e e e w p a d s n i o e e t k s r h r v i s a t e l s b p m N e o r e o s m d n it e - s - - R c e F o e a s u e r c e a d n - r l - t v s e Total E ( x e c s e ti s - s securi- credit1 mated) ties End of month figures: 1936—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 2,608 194 288 253 6,695 2,078 Mar. 31 12 3 2,430 12 2,458 11,574 2,541 6,377 2,753 311 236 258 6,639 1,398 Apr. 30 12 4 2, 525 24 2, 565 11,799 2,543 6,426 2,967 88 288 257 6,881 1,594 May 31 17 6 2,526 35 2,585 11,990 2,547 6,462 3,144 73 272 255 6,915 918 June 30 10 4 2,526 22 2, 562 12,318 2,550 6,447 3,445 93 285 260 6,900 865 July 31 15 3 2,526 30 2,574 12, 446 2,572 6,460 3,586 233 301 258 6, 753 791 Aug. 31 22 3 2,526 26 2, 577 12,567 2, 585 6, 524 3,720 139 337 257 6,751 773 Sept. 30 22 3 2,526 28 2,579 12,741 2,599 6,542 3,582 141 374 265 7,014 1,038 Oct. 30 21 3 2,526 30 2,580 12, 803 2, 609 6,555 3,661 114 472 263 6,928 1,055 Wednesday figures: 1936—Dec. 2 6 3 2,430 28 2,467 11,188 2,522 6,466 2,353 110 212 260 6,775 2,205 Dec. 9 _ ._ 6 3 2, 430 29 2,468 11, 206 2,525 6,497 2,372 93 229 278 6,731 2,157 Dec. 16 8 3 2,430 42 2,483 11, 222 2,532 6,552 2,346 173 227 265 6,674 2,046 Dec. 23 9 3 2,430 100 2,542 11,229 2,531 6,680 2,342 251 256 266 6,507 1,881 Dec. 30 5 3 2,430 46 2,484 11, 251 2,530 6,550 2,368 231 274 270 6,572 1,946 1937—Jan. 6 3 3 2,430 28 2,464 11,271 2, 531 6,473 2,395 232 278 261 6,627 2,010 Jan.13 2 3 2,430 40 2,476 11, 306 2, 528 6,371 2,439 190 308 261 6,740 2,103 Jan. 20 2 3 2,430 32 2,468 11,317 • 2,533 6,339 2,463 188 312 261 6,755 2,130 Jan. 27 3 3 2,430 42 2,478 11,345 2,531 6,318 2,503 180 315 259 6,779 2,160 Feb. 3 3 3 2,430 28 2,463 11, 364 2,531 6,348 2,529 176 286 261 6,758 2,150 Feb. 10_.^_ 3 3 2,430 42 2,477 11, 387 2,531 6,360 2,563 132 310 259 6,771 2,184 Feb. 17...__ 3 3 2,430 41 2,478 11,403 2,530 6,351 2,575 162 300 256 6,768 2,186 Feb. 24 4 3 2,430 22 2,460 11,425 2,532 6,372 2,602 180 302 255 6,705 2,097 Mar. 3 7 3 2,430 17 2,457 11, 443 2,535 6,407 2,620 216 280 253 6,660 1,310 Mar. 10 5 3 2,430 16 2,454 11,484 2, 537 6,376 2,672 186 238 254 6,749 1,380 Mar. 17 4 3 2,430 12 2,450 11,515 2,538 6,385 2, 697 87 243 261 6, 830 1,449 Mar. 24 8 3 2,430 22 2,463 11, 541 2,537 6,375 2,723 279 326 260 6, 578 1,269 Mar. 31 12 3 2,430 12 2,458 11, 574 2,541 6,377 2,753 311 236 258 6,639 1,398 Apr. 7 8 3 2,459 23 2,493 11,592 2,539 6,387 2,774 275 247 258 6,684 1,442 Apr. 14 11 4 2,487 27 2,528 11, 697 2,541 6,383 2,876 112 236 258 6,901 1,627 Apr. 21 8 3 2,487 25 2,523 11, 737 2,540 6,388 2,914 119 245 259 6,877 1,587 Apr. 28 11 4 2,526 29 2,571 11, 782 2,541 6,381 2,956 95 270 258 6,934 1,643 May 5 17 4 2,526 30 2,577 11, 838 2,547 6,426 3,013 97 286 257 6,882 887 May 12 16 5 2,526 29 2,576 11,882 2,545 6,405 3,056 106 237 257 6,943 936 May 19 15 4 2,526 19 2,565 11,907 2,547 6,399 3,079 117 250 256 6,918 907 May 26 16 6 2, 526 9 2,557 11,977 2,546 6,399 3,140 80 261 256 6,944 938 June 2 17 6 2,526 23 2,573 12,027 2,548 6,487 3,182 115 255 256 6, 854 860 June 9 14 6 2,526 26 2,573 12,118 2,547 6,435 3,254 85 279 255 6, 929 931 June 16 14 5 2,526 38 2,583 12, 220 2,548 6,415 3,348 250 267 263 6,808 752 June 23 13 4 2,526 19 2,562 12, 270 2, 550 6,394 3,396 151 324 263 6,854 814 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 July 28 15 3 2,526 16 2,560 12,433 2,574 6,424 3,576 228 305 258 6,776 813 Aug. 4 15 3 2,526 17 2,561 12,462 2,572 6,468 3,605 309 320 258 6,636 704 Aug. 11 17 3 2,526 26 2,572 12, 497 2,573 6,482 3,640 253 327 259 6,681 740 Aug. 18 18 3 2,526 18 2,565 12, 527 2,577 6,500 3,672 156 340 258 6,744 782 Aug. 25 19 3 2,526 17 2,565 12, 541 2,577 6,495 3,683 161 356 258 6,730 761 Sept. 1 24 3 2,526 26 2,579 12, 567 2,585 6,532 3,719 156 337 256 6,731 750 Sept. 8 24 3 2,526 20 2,572 12, 604 2,587 6,597 3,756 130 .314 257 6,710 756 Sept. 15 23 3 2,526 46 2,598 12, 651 2, 590 6,554 3,495 348 313 266 6,865 880 Sept. 22 24 3 2,526 24 2,578 12, 694 2, 593 6,529 3,537 193 362 266 6,977 1,020 Sept. 29 24 3 2,526 20 2, 573 12,734 2,596 6,520 3,575 140 369 266 7,033 1,062 Oct. 6 23 3 2,526 31 2,583 12,765 2,596 6,569 3,610 76 421 265 7,003 1,090 Oct. 13 23 3 2.526 6 2, 558 12, 784 2,601 6,585 3,634 83 458 264 6,919 992 Oct. 20 18 3 2,526 17 2,565 12, 793 2,605 6, 546 3,654 82 479 264 6,939 1,021 Oct. 27 23 3 2,526 17 2,570 12, 801 2,607 6,519 3,666 94 485 264 6,951 1,073 Nov. 3 24 3 2,526 6 2, 559 12, 804 2,608 6,565 3,662 111 482 263 6,889 1,046 Nov. 10 21 3 2,537 15 2,576 12, 789 2,611 6,564 3,648 139 483 263 6,879 1,066 Nov. 17 19 3 2,555 14 2,590 12, 789 2,611 6,534 3,633 135 503 262 6,922 1,100 Nov. 24 .__„ 16 3 2,564 13 2,596 12, 774 2,619 6,554 3,626 113 485 261 6,949 1,138 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 1936 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 1189. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1227 DECEMBER 1937 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1937 1936 Nov. 24 Nov. 17 Nov. 10 Nov. 3 Oct. 27 Oct. 20 Oct. 13 Oct. Sept. Oct. ASSETS Gold certificates on hand and due from U. S. Treasury 9,122, 402 9,. 123, 898 , 124, 891 9,, 124, 896 9,,126,3919,126,389 , 126,! ,124,892 9,, 127, 390 S8,, 650, 831 Redemption fund—F. R. notes 9,940 9,287 9,381 9,381 9,421 9,438 9,646 9,382 10, 422 11, 662 Other cash 319,183 325, 221 306,008 308,145 315, 489 303,903 293, 765 314, 255 313, 854 251, 268 Total reserves 9, 451, 525 9,458,406 9, 440, 280 9,442,422 9, 451, 3019, 439, 730 9, 430,300 9, 448, 529 9,451, 666 8, 913, 761 Bills discounted: For member banks 15, 861 18, 694 20, 974 24, 317 23, 424 18, 482 23, 449 20, 862 21,315 For nonmember banks, etc 2 2 2 2 2 2 2 1,002 503 Total bills discounted 15, 863 18, 696 20, 976 24, 319 23, 426 18, 484 23, 451 20, 864 22, 317 6, 385 Bills bought: Payable in foreign currencies 2,1 2,831 2,832 2,832 2,830 2,830 2, 830 2,832 3,026 3,087 Industrial advances 18, 589 19, 256 19, 332 19, 352 19, 450 19, 478 19, 622 19, 414 20, 544 26,478 U. S. Government securities: Bonds 738, 073 738,073 738,073 738,073 738,073 738,073 738,073 738,073 738,073 378,077 Treasury notes 1,168, 4631,168, 4631,158,4631,158, 4631,158,4631,157,7131,157, 7131,158, 4631,157,7131, 443, 363 Treasury bills 657, 479 648,179 640,054 629, 654 629,654 630,404 630,404 629, 654 630,404 608, 787 Total Government securities 2, 564, 015 2, ,554, 715 2,,5 53366,, 590 2, 526,190 2, 526,190 2!,, 526,1902, 526,1902, 526,190 2I,, 526,190 I, 430, 227 -5, 532 -5,102 -3, 751 -13,34' -2,020 -1,607 -14,302 10,976 7,012 9,344 Other Reserve bank credit 2, 595, 763 2, 590, 396 2, 575, 9792, 559, 346 2, 569, 876 2, 565, 375 2, 557, 7912, 580, 276 2, 579,0892, 475, 521 Total Reserve bank credit outstanding LIABILITIES 4, 264, 829 4, 249, 618 4, 277, 419 4, 284,159 4, 256,097 4, 270, 2234, 291, 519 4, 278,9214, 263, 226 4,115, 874 I\ R. notes in actual circulation Deposits: 6, 948, 927 6i,, 922, 400 6,879, 403 6,. 888,943 6,, 950, 730 6,, 938, 802 6i,, 918, 902 6,927, 591 r, 014, 096 6,, 752, 698 Member bank—reserve account 113,302 135,165 139, 237 110,826 94,046 81, 557 83, 231 113, 966 140, 884 77,109 U. S. Treasurer—general account 270, 068 266, 227 272, 742 253, 936 265, 891 276, 444 283,014 258, 775 247, 916 44, 249 Foreign bank 214, 742 237,178 209, 879 227, 788 218, 679 202,130 174, 745 212, 798 126, 472 161, 204 Other deposits Total deposits ^ 7, 547,0397, 560, 9707, 501, 261 481, 493 7, 529, 346 , 498, 9337, 459, 892 7, 513,130 ', 529, 368 7, 035, 260 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 80.1 80.1 10.3 0.2 79.9 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 to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 o t o n d a t 6 h y s s 6 1 m t y o o e n a t r hs 2 1 y t y e o e a a r r s 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Oct. 27 23, 426 21,044 823 515 492 520 32 Nov 3 24, 319 21, 956 650 429 448 793 43 Nov. 10 20,976 18,533 704 426 347 927 39 Nov 17 18. 696 16,903 180 403 277 894 39 Nov. 24 15, 863 13, 903 247 628 237 826 22 Bills bought in open market: Oct. 27 - -.- - ._- 2,830 171 232 117 2,310 Nov 3 2,832 297 544 1,966 25 Nov. 10 2,832 232 485 1,919 196 Nov ] 7 2,831 544 539 1,451 297 Nov 24 2,828 485 1,990 353 Industrial advances: Oct 27 19, 450 1,086 257 712 876 1,695 2,914 5,679 6,231 Nov 3 19, 352 1,014 468 784 827 1,584 3,106 5,477 6,092 Nov. 10 •-_. 19, 332 1,032 337 916 791 1,550 3,165 5,471 6,070 Nov 17 19, 256 1,226 288 866 689 1,586 3,121 5,561 5,919 Nov. 24 ._. .. 18, 589 922 323 842 624 1,599 3,222 5,431 5,626 U. S. Government securities: Oct. 27 .- 2, 526,190 29, 685 31, 370 60,168 52, 853 426,185 396, 476 209, 798 632,415 687, 240 Nov 3 2, 526,190 29, 539 31, 255 59, 486 139,147 334,074 403, 236 209,798 632, 415 687, 240 Nov 10 2, 536, 590 31, 370 28, 285 57, 016 141, 932 353, 098 395, 436 209, 798 632, 415 687, 240 Nov. 17 . _.. 2, 554, 715 31, 255 32,103 51, 768 145, 392 364, 831 389, 913 211, 298 640, 915 687, 240 Nov 24 2, 564, 015 28, 285 38, 083 54,053 147, 937 383,188 373,016 211, 298 640, 915 687, 240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1228 FEDERAL RESERVE BULLETIN DECEMBER 1937 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [ID 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 l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago Lo S u t. is n M o e l a i i n p s - - K C s a i a n t - s y Dallas F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U.S. Treasury: Oct. 27 9,126, 391 451,1343, 608, 896 4.833,, 494 686, 405 302, 920 227, 2941, 743,061276, 868192, 907 276, 75' 181, 750 694, 905 Nov. 3 9,124, 896 465, 3503, 586, 525 4>922,, 071 689,634 311,898 224,^ '"1, 742, 713~ 2 7,1021196, 771279,376182, 464 682, 931 Nov. 10 9,124, 891 466, ~;, 557,116 35,0330,3 685,951324,060 230, OOi1,731,060 227766^,434194,965 278, 285178, 725 698, 491 Nov. 17 9,123,898 467,294 31;, 569, 633 489, 681, 452311, 314 227,1801, 737, 470~ "27\7 ,432193,694 281, 902184,171 703, 237 Nov. 24 ), 122, 402 475,8593, 565, 765 490,082 677,354 304, 500 220, 7581, 744, 030 27i6,,350190, 821282,811184, 990 709,082 Redemption fund—Federal Reserve notes: Oct. 27 9,421 96 1,515 690 525 1,385 782 934 515 175 312 1,460 Nov. 3 9,381 1,028 1,183 566 624 1,319 629 895 495 141 293 1,300 Nov. 10 9,381 1,028 1,183 908 566 624 1,319 629 895 495 141 293 1,300 Nov. 17 9,287 976 952 815 986 676 1,277 553 878 484 127 283 1,280 Nov. 24 9,940 943 1,775 752 922 468 1,675 468 852 475 268 1,255 Other cash: Oct. 27 315, 489 29,196 82, 278 25,022 16, 516 17, 049 13, 969 39,078 17, 759 21, 228 16, 945 29, 769 Nov. 3 308,145 29, 946 77, 819 24, 404 17, 642 17, 379 13, 578 37,065 16, 702 7,525 21, 078 16,383 28, 624 Nov. 10 306,008 29, 657 81, 644 22, 380 21, 808 16,935 12,143 35,:""" 15, 726 8,074 20, 512 13, 897 27, 364 Nov. 17 325, 221 31, 369 84,998 24,892 24,871 19,315 12, 465 38, 255 15, 561 8,701 21,409 13,474 29,-911 Nov. 24 319,183 32, 335 78,198 22,455 23, 534 21, 618 13, 964 37,129 16, 076 8,448 22,021 13, 529 29,876 Total reserves: Oct. 27 9, 451, 301480, 4263, 692, 689509, 548 703, 611320, 494242,6481, 782, 921295, 561200,102 298,160199,007 726,134 Nov. 3 9, 442, 422 496, 324 i3,, 665, 527517, 383 707, 842 329I,, 901239,0391, 780, 407 288, 618" 2"0= 4,;" 7'9 1300,595199,140 712,855 N N o o v v . . 1 1 7 0 9 9 , , 4 4 4 5 0 8 , , 2 4 8 0 0 64 4 9 9 9 7, , 1 6 ,8 3 1 93 3 , , 6 6 5 3 5 9 , , 5 " 8 3 5" . 2 1 6 4 , , 5 8 9 2 1 6 7 70 0 7 8 . , 3 3 2 0 5 9 3 3 4 3 L 1 ^ 6 3 1 0 9 5 2 2 4 4 3 0 , , 9 4 2 67 2 1 Jt, , 7 7 7 6 6 7 , , 2 5 7 5 8 7 2 2 9 9 3 3, , 0 8 5 7 5 1 2 20 0 3 2 , , 8 5 7 3 9 4 3 2 0 9 3 8 , , 9 4 3 3 8 8 1 L 9 9 2 7, , 9 9 1 2 5 8 7 7 3 27 4 , , 1 4 5 2 5 8 Nov. 24 9, 451, 525509,137 3! ; , 645, 735813, 289 701,810 326, 586 236, 3971, 781, 627293, 278 199, 744304, 919L98, 787 740, 213 Bills discounted: Secured by U. S. Government obligations direct or fully guaranteed: Oct. 27 : 17,: 1,419 6,646 4,824 640 608 1,104 1,330 255 120 262 184 498 Nov. 3 16, 950 774 7,061 3,375 431 322 1,688 1,085 455 255 262 214 1,028 Nov. 10 14, 711 1,270 6,917 2,205 791 271 1,768 320 30 125 272 240 496 Nov. 17 14,414 1,040 5, 958 2,047 821 387 2,566 315 255 100 157 240 528 Nov. 24 11, 597 650 3,324 2,334 1,219 437 2,619 270 85 50 129 165 315 Other bills discounted: Oct. 27 5,536 700 2,417 204 141 139 607 70 174 818 224 42 Nov. 3 7,369 785 2,675 205 148 139 1,855 70 191 1,091 167 43 Nov. 10 6,265 760 2,218 345 144 103 1,006 70 215 1,195 176 33 Nov. 17 4.282 355 357 335 141 128 1,548 20: 951 158 16 Nov. 24 4,266 365 371 401 145 128 1,615 226 709 210 10 Total bills discounted: Oct. 27 23, 426 2,119 9,063 5,028 781 747 1,711 1,400 255 294 1,080 408 540 Nov. 3 24, 319 1,559 9,736 3,580 579 461 3,543 1,155 455 1,353 381 1,071 Nov. 10 20,976 2,030 9,135 2,550 935 380 2,774 390 30 1,467 416 529 Nov. 17 1,395 6,315 2,382 962 515 4,114 401 255 307 1,108 398 544 Nov. 24 15, 863 1,015 3,695 2,735 1,364 565 4,234 356 85 276 375 325 Bills bought in open market: Oct. 27 2,830 205 1,016 291 268 110 352 78 54 79 200 Nov. 3 2,832 206 1,009 293 269 110 353 78 54 201 Nov. 10 2,832 206 1,009 293 269 110 353 78 54 201 Nov. 17 2,831 206 1,007 293 269 110 354 78 54 201 Nov. 24 2,828 206 1,005 293 269 110 353 54 201 Industrial advances: Oct. 27 19, 450 2,902 4,672 3,637 804 1,875 149 244 502 1,122 2,105 Nov. 3 19, 352 2,855 4,647 3,629 798 ir~" 145 239 696 1,120 2,102 Nov. 10 19,332 2,855 4,641 3,620 798 144 769 239 707 1,109 2,100 Nov. 17 19, 256 2,844 4,638 3,620 793 1,829 134 767 239 701 1,107 2,100 Nov. 24 18, 589 2,844 4,656 3,605 792 ir~ 136 767 239 695 483 1,012 1,532 U. S. Government securities: Bonds: Oct. 27 738,073 53, 791 211, 830 62, 330 71, 851 32, 428 81, 339 32, 543 24,010 36, 267 28, 816 64,000 Nov. 3 738,073 53, 791 211, 830 62, 330 71, 851 38, 868 32, 428 81, 339 32, 543 24,010 36, 267 28, 816 64,000 Nov. 10 .. 738,073 53, 785 212,136 62, 355 71, 850 38, 818 32, 395 81, 293 32, 497 23, 977 36, 209 28, 788 63, 970 Nov. 17 738,073 53, 775 212, 664 62, 400 71, 848 38, 731 32, 337 81, 214 32, 418 23, 922 36,108 28, 736 63, 920 Nov. 24 738, 073 53, 770 212, 930 62, 423 71, 847 38, 687 32, 308 81,173 32,379 23,895 36,058 28, 709 63, 894 Treasury notes: Oct. 27 1,158, 463 84,429 332, 485 97, 832 112, 775 61,007 50, 127, 668 51,079 37, 684 56,921 45, 233 100, 451 Nov. 3 1,158, 463 84, 429 332, 485 97, 832 112, 775 61,007 50, 899 127, r~ 51, 079 37, 684 56, 921 45, 233 100, 451 Nov. 10 1,158, 463 84, 420 332, 964 97, 873 112,773 60, 927 50, 847 127, 596 51,009 37, 635 56, 831 45,183 100, 405 Nov. 17 1,168, 463 85,133 336, 671 98, 788 113,744 61, 316 51,195 128, 572 51,324 37, 873 57,165 45,490 101,192 Nov. 24 1,168, 463 85,125 337,095 98, 823 113,742 61, 247 51,150 128, 508 51, 260 37, 829 57,085 45, 448 101,151 Treasury bills: Oct. 27 629, 654 45, 889 180, 714 53,174 61, 296 33,159 27, 664 69, 391 27, 763 20, 482 30,939 24, 585 54, 598 Nov. 3 629,654 45, 889 180, 714 53,174 61, 296 33,159 27, 664 69, 391 27, 763 20, 482 30, 939 24, 585 54, 598 N N N o o o v v v . . . 2 1 1 4 7 0 6 6 65 4 4 7 8 0 , , , 1 0 4 7 5 7 9 4 9 4 4 4 6 7 7 , , , ! 2 6 2 42 6 1 1 1 8 8 8 6 3 9 , , , 9 7 6 6 6 7 1 4 9 5 5 5 4 4 5 , , , 8 0 6 0 7 0 0 4 7 6 6 6 2 3 4 , , , 0 0 3 9 0 0 7 2 8 3 3 3 3 4 4 , , , 0 4 6 1 6 6 4 3 2 2 2 2 8 8 8 , , , 0 3 7 9 9 8 2 9 0 7 7 7 1 0 2 , , , 3 3 4 2 1 9 2 0 7 2 2 2 8 8 8 , , , 1 4 8 8 7 4 1 1 4 2 2 2 0 1 1 , , , 0 7 2 0 9 8 9 3 5 3 3 3 1 1 2 , , , 7 1 4 1 2 0 1 0 0 2 2 2 5 4 5 , , , 2 9 5 6 3 7 5 5 4 5 5 5 5 6 6 , , , 1 9 4 3 1 7 4 7 5 Total U. S. Government securities: Oct. 27 2, 526,190184,109 725, 029213,336 245, 922 133, 034110, 991 278,398 111,385 82,176124,127 98, 634 219,049 Nov. 3 2, 526,190184,109 725,029213, 336 245, 922 133,034110, 991 278, 398111,385 82,176124,127 219,049 Nov. 10 2, 536, 590 184, 847 729,064214, 302 246,931 ~1~33~, •"""':, 334 279, 386111, 687 82, 405124. 440 98, 936 219,850 Nov. 17 2, 554, ~7 15" 186,134 736, 096215, 988 248, 689134,061111, "• 281,108 112!!, 213 124, 984 99, 461 221, 246 Nov. 24 2, 564,015 186, 794 739, 704216, 853 249, 591134, 396 112, 238 281, 991112, 483 83,009125, 263 99, 731 221,962 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1937 FEDERAL RESERVE BULLETIN 1229 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Phila- Min- Kan- San Total Bos- New del- Cleve- Rich- At- Chicago St. neap- sas Dallas Franton York phia land mond lanta Louis olis City cisco ASSETS—Continued Total bills and securities: Oct. 27 2, 571, 896 739,780222,292 247, 775135, 766112, 949 280, 924111,962 83,188125,' 100,243 221, 894 Nov. 3 2, 572, 693 .,729 740, 421220, 838 247, 568135,471114, 778 280, 675112,157 83, 372 ' \ 046100,215 222, 423 Nov. 10 2, 579, 730 i,938 743, 849220, 765 248, 933135, 762114, 351 112,034 83, 506126,473100, 541 222, 680 Nov. 17 2, 595, 190,579 748,056222, 283 250,713136,515116, 278 282, 630112,785 83,866126, 656101,046 224,091 Nov. 24 2, 601, 295190, 859 749,060223, 486 252, 016 136,899116, 707 283,467 112,885 84,034126,664101,198 224,020 Due from foreign banks: Oct. 27 173 14 56 19 13 Nov. 3 173 13 66 1 12 Nov. 10 173 13 66 17 12 Nov. 17 175 13 68 17 12 Nov. 24 178 13 70 17 12 Federal Reserve notes of other banks: Oct. 27 28, 526 530 7,636 1,006 1,604 3,392 2,260 3,295 2,173 1,141 2,073 777 2,639 Nov. 3 27, 262 535 6,764 615 1,209 3,640 2,f"" 3,882 2,213 1,076 1,771 459 3,010 Nov. 10 25,427 557 7,168 914 1,265 2,276 2,509 3, 418 2,278 933 1,502 660 1,947 Nov. 17 23, 785 538 6,451 928 1,415 2,638 1,933 2,617 1,767 613 1,990 594 2,301 Nov. 24 25, 892 558 7,553 775 2,823 2,789 2,217 1,101 1,252 2,460 Uncollected items: Oct. 27 622,341 61, 781 152,666 50, 894 59, 200 54,912 21, 500 84, 223 27,178 18, 349 34,468 25, 581 31, 589 Nov. 3 581, 920 63, 462 123, 825 43,127 53, 755 54, 331 22, 658 83, 354 28,120 19,176 34, 345 24,022 31, 745 Nov. 10 638, 84' 60, 221 198, 309 42,806 51, 506 55, 272 20, 900 78,174 28, 532 16,595 31, 595 25, 267 29, 670 Nov. 17 736, 957 70, 542 185, 599 56,871 69,177 62,389 27,036 100,072 31,r~ 21, 636 39, 706 35, 737 36, 309 Nov. 24 589, 718 58, 844 147,806 48, 541 55, 794 51, 992 19, 389 81, 376 26,076 17, 697 29, 349 25, 725 27,129 Bank premises: Oct. 27 45, 435 3,015 10,005 4,847 6,254 2,728 2,202 4,620 2,353 1,513 3,171 1,364 3,363 Nov. 3 45, 364 3,010 9,987 4,847 6,241 2,719 2,201 4,610 2,349 1,510 3,165 1,362 3,363 Nov. 10 45, 365 3,010 9,987 4,847 6,241 2,719 2, 201 4,610 2,349 1,510 3,165 1,363 3,363 Nov. 17 45, 365 3,010 9,987 4,847 6,241 2,719 2,201 4,610 2,349 1,510 3,165 1,363 3,363 Nov. 24 45, 344 3,010 9, 4,836 6,241 2,719 2,199 4,610 2,349 1,510 3,165 1,363 3,355 All other assets: Oct. 27 40, 807 2,385 12,075 5,112 4,361 2,554 1,517 3,699 1,527 1,418 1,778 1,423 2,958 Nov. 3 40, 730 2,436 12, 221 4,673 4,395 2,537 1,548 3,738 1,525 1,437 1,749 1,449 3,022 Nov. 10 41, 720 2,485 12, 530 4, 4,462 2,610 1,572 3,809 1,553 1,455 1,787 1,476 3,088 Nov. 17 42, 470 2,551 12, 685 4,856 4, 564 2,614 1,627 3,930 1,591 1,492 1,870 1,515 3,175 Nov. 24 43, 850 2,59' 12, 991 4,867 4,629 2,678 1,645 4,004 1,617 1,511 1,""" 1,609 3,796 Total^assets: Oct. 27 12, 760, 479737,4864, 614,90' i, 7181, 022, 822519, 854 383,0832,159,705'440, 756 305, 713 465, 444328, 401 988, 590 N N N N o o o o v v v v . . . . 3 1 1 2 0 7 4 1 1 1 1 2 2 2 2 , , , , 9 7 7 7 0 1 7 5 2 0 7 1 , , , , 6 5 8 5 5 6 0 4 6 4 2 2 7 ' 7 5 6 6 5 3 5 6 4 , , , , 4 0 8 0 1 5 7 5 8 0 2 9 4 4 4 t , , , , 4 6 5 6 5 i 1 5 1 7 8 8 1 3 , , , , 8 8 2 4 5 2 1 0 2 9 1 5 8 7 7 8~ 0 9 " 9 0' 0 1 5 4: , , , |, 8 8 5 6 1 2 3 0 1 8 3 01 1 1 1 , , , , 0 0 0 0 2 2 3 2 1 1 9 0 , , , , 4 0 4 7 9 2 3 4 5 6 5 8 5 5 52 3 4 3 8 0 , , . , 2 1 7 6 8 6 0 5 7 0 5 6 3 3 3 9 8 3 7 0 5 8 9 , , 2 , , 0 0 1 0 0 3 3 3 6 2 1 2 8 2 2 2 1 1 1 , 3 7 1 5 0 8 5 7 * 6 4 1 7 , 8 5 9 7 6 8 1 8 4 4 4 -7 • 3 3 4 • 8 9 4 4 , , , ! 3 2 8 "4 4 4 0 2 9 4 5 3 3 " 3 1 0 0 ^1 7 5 , , , 3 5 6 5 3 4 9 ! 9 4 4 6 4 6 3 6 7 , 7 , , 4 6 6 7 2 5 6 6 3 3 0 3 2 3 2 3 6 8 2 2 , , , 9 1 6 , 2 8 5 2 8 3 2 7 7 1 6 , 9 0 9 1 8 0 7 , 7 3 6 0 , , , 0 6 0 9 4 7 , 1 3 9 5 0 985 LIABILITIES Federal Reserve notes in actual circulation: Oct. 27 4, 256, 097284, 259 947, 960315, 096 433, 776214, 537165,611 977, 705 180, 530138, 670165,192 90, 256 342, 505 N N o o v v . . 3 10 4 4, , 2 2 7 8 7 4 ,4 , 1 1 9 5 : 9 "2 " " 2 8 ' " 8 3t' , , 4 4! 8 6 1 1 6 9 94 6 8 1 , , 4 3 0 5 8 23 31 1 8 6 , , 8 6 4 1 9 3 4 4 3 3 2 5 , , 2 8 0 1 8 6 2 2 1 1 5 5 , , 2 6 2 2 0 81 1 6 6 5 5 , , 9 8 0 1 2 3 9 9 8 8 2 4 , , 1 3 4 0 4 8 1 1 8 8 1 1 , , 4 2 2 9 0 61 1 3 3 9 8 , , 7 4 2 7^ 1 1 1 6 6 7 7 , , 4 0 3 3 3 1 9 9 1 0 , , 1 1 2 0 6 8 3 3 4 4 6 8 , , 0 3 7 5 3 5 Nov. 17 4, 249, 618281, 835 938, 737315, 509 429, 926212, 798164, 645 983,215 181,409138, 693167, 50989, 868 345, 474 Nov. 24 4, 264, 829283, 777 945,194 319>,, 152 434, 7764 211, 917162, 654 987, 924 180,123138, 380166,936 89, 454 344, 554 Deposits: Member bank—reserve account: Oct. 27 6, 950, 730342, 5373,109, 994358,728 452, 948214,153166,2841,009, 614202,081126, 369242, 730186, 296 538, 996 Nov. 3 6, 888, 943361, 3573, 037, 275356, 593 456, 887222, 704168,058 996, 225199,572128,195245, 357184, 096 532, 624 Nov. 10 6, 879, 403357, 568 \3 ,035, 501366, 522 447, 405230, 974170,100 976, 541201, 27 131, 206242, 56!182, 646 537, 106 Nov. 17 6, 922, 400364, 2603, 041, 733359, 424 453, 32.r225, 895169, 682 991,34:198,818130, 209245, 725185, 667 556,317 Nov. 24 6,948,9"2"7" 337'0, 9743, 055, 709 355'7, 863 452, 013222, 094169, 357 004 200, 927129, 733248, 544188, 480 554, 229 U. S. Treasurer—general account: Oct. 27 94,046 2,442 31,005 3, 466 9,416 6,775 4,043 10,071 4, 617 3,345 4, 57J 2,369 11,922 Nov. 3 110, 826 2,639 48, 739 5, "" ' 9,818 3, 117 1,35: 18,002 1, 937 7,259 2, 62< 3,699 5,741 Nov. 10 139, 237 4,330 64, 485 3,929 15, 914 8,159 3,302 20,168 3,""" 3,119 4,314 1,378 7,070 Nov. 17 135,165 3,092 58, 070 5,233 17,818 9,313 4,497 14, 636 4,278 4,532 6,538 3, 55f 3, 606 Nov. 24 113, 302 4,053 49,172 5,256 10, 975 8,612 3,43' 10, 210 5,596 2,282 3,233 1,793 Foreign bank: Oct. 27 265, 891 19, 412 95, 972 26,059 24, 464 11, 434 9,30' 30, 846 7,977 6,116 7,712 7,712 Nov. 3 253, 936 18, 511 91, 899 24, 851 23, 329 10, 904 8,87i 29,415 7,608 5,832 7,354 7,354 18, 004 Nov. 10 272, 742 19, 882 98,706 26, 691 25, 05' 11,711 9,533 31, 594 8,171 6,264 7,898 7,""" 19, 337 N N o o v v . . 1 2 7 4 2 2 6 7 6 0 , , 0 2 6 2 8 7 1 1 9 9 , , 4 7 9 1 7 9 9 9 5 7 , , 4 5 5 6 7 3 2 26 6 , , 1 4 7 7 4 2 2 2 4 4 , , 5 8 7 5 1 2 1 1 1 1 , , 4 6 8 1 ? 5 9 9 , , 3 4 1 5 8 4 3 3 0 1 , , 9 3 8 3 1 5 8 8 , , 0 1 1 04 6 6 , , 1 2 4 1 3 3 7 7 , , 7 8 4 3 5 4 7 7, ,745 1 1 8 9 , , 1 9 7 6 9 3 Other deposits: Oct. 27 218,579 2,31 16.0, 453 6,276 11, 554 3,865 3,786 1,401 2,659 182 2, 854 17, 450 Nov. 3 227, 788 1,795 167,965 6, 606 12, 764 5,193 3,794 1,459 5,869 2,715 200 2,453 16,975 Nov. 10 209,879 3,650 148,146 6,257 13, 048 4,690 2,778 1,408 5,535 2,315 261 2,313 19, 478 Nov. 17 237,178 3,118 176, 446 6,193 13,414 3,671 2,907 2, 395 5,585 2,360 306 2,464 18, 319 Nov. 24 214, 742 3,152 157, 864 5,725 11,185 3,393 2,419 1,547 5,299 2,530 238 2,641 18, 749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1230 FEDERAL RESERVE BULLETIN DECEMBER 1937 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Phila- Min- Kan- San Total Bos- New del- Cleve- Rich- At- Chicago St. neap- sas Dallas Franton York phia land mond lanta Louis olis City cisco LIABILITIES—Continued Total deposits: Oct. 27 7, 529,346366,705 3;,, 397, 424 394, 529498,382236,227 183,,4201,051, 932 220, 560 138, 489 255,199 199, 231 587, 248 Nov. 3 7, 481, 493384,3023, 345, 878 3913,,944 502, 798 2•4 1,918182,0841,045,101 214, 986 144,001 255, 535 197, 602 573, 344 Nov. 10 7, 501, 263185, 4303,346, 838 4013,,399 501, .,534185, 7131,029, 711 218,047 142,904 255,035 194, 235 582, 991 Nov. 17 7, 560, 970"*967";, 371, 812 '3,9072,4 509,128250, 364186, 4341,039, 357 216. 693 143, 244 260. 314 199, 428 597, 205 Nov. 24 7, 547, 039 397,8981 ,33.60, 202 39>5,,316 499, 025 224455, ,714184, 6671, 042, 096 219, 926 140, 758 259, 849 200, 748 600,840 Deferred availability items: Oct. 27 624, 53462, 327 148, 226 50,009 58, 541 54,107 21, 238 85,116 29,014 19,042 35,000 27, 778 34,136 Nov. 3 595, 44061, 684 130,292 47, 345 53, 949 56,082 21, 521 84, 364 28,117 18, 490 34, 729 26, 802 32,065 Nov. 10 642,771 60,016 195,151 44, 775 51,372 54, 520 20,647 79, 624 29, 737 16, 495 31, 386 26, 751 32, 297 Nov. 17 742, 23470, 954 186, 485 58, 419 68, 263 60,053 26, 087 102,511 35. 578 20, 653 38, 982 37, 765 36,484 Nov. 24 595, 42859, 214 145, 89847, 567 55, 523 51,070 18, 963 82, 866 27,7 17, 043 30, 418 28, 025 31, 061 Capital paid in: Oct. 27 132, 9,385 51,077 12, 259 12, 943 4,877 4,391 12,1 3,844 2,891 4,065 3,878 10,174 Nov. 3 132,682 9,384 51,077 12, 259 12, 947 4,87' 4,391 12.! 3,844 2,891 4,069 3,878 10,16& Nov. 10 132, 541 9,383 51,077 12, 259 12, 947 4,878 4,391 12,1 3,844 2,891 4,069 3,878 10,016 Nov. 17 132,505 9,383 51.054 12, 259 12,947 4,886 4,391 12,888 3,844 2,888 4,069 3,878 10.018. Nov. 24 132, 505 9,383 51, 052 12, 259 12, 947 4,885 4,392 12, 887 3,844 2,1 4,070 3,877 10,021 Surplus (section 7): Oct. 27 145, 854 9,826 51, 474 13, 362 14, 323 4. 86P 5,616 21, 504 4,655 3,116 3,613 3,851 9,645 Nov. 3 145, 854 9,826 51, 474 13,362 14, 323 4, 869 5,616 21, 504 4, 655 3,116 3,613 3,851 9,645 Nov. 10 145, 854 9,826 51, 474 13,362 14, 323 4,869 5, 616 21, 504 4,655 3,116 3,613 3,851 9,645 Nov. 17 145, 854 9,826 51,474 13.362 14, 323 4,869 5, 616 21, 504 4, 655 3,116 3,613 3,851 9,645 Nov. 24 145, 854 9,826 51, 474 13, 362 14, 323 5, 616 21, 504 4,655 3,116 3,613 3,851 9,645 Surplus (section 13bV. Oct. 27 27, 615 2,874 7,744 4, 325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 2,121 Nov. 3 27, 615 2,874 7,744 4.325 1,007 3,422 754 1,416 545 1, 003 1,142 1,262 2,121 Nov. 10 27,615 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 2,121 Nov. 17 27. 615 2,874 7,744 4,325 1,007 3, 422 754 1,416 545 1,003 1,142 1,262 2,121 Nov. 24 27, 61 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 2,121 Reserve for contingencies: Oct. 27 35, 768 1,570 9,117 3,000 3,121 1,497 1,690 7,721 1,200 2,027 941 1,847 2,037 Nov. 3 35, 742 1,570 9,117 3,000 3,121 1,497 1, 7,721 1,174 2,027 94] 1,847 2,037 Nov. 10 35, 742 1, 570 9,117 3,000 3,121 1,497 1,690 7,721 1,174 2,027 941 1,847 2,037 Nov. 17 35, 709 1,570 9,117 3,000 3,121 1.497 1,691 7,694 1,174 2,020 941 1,847 2,037 Nov. 24 35, 709 1,570 9,117 3,000 3,121 1,497 1,691 7,694 1,174 2,020 941 1,847 2,037 All other liabilities: Oct. 27 8,582 540 1, 885 1,138 729 318 363 1,412 475 292 298 724 Nov. 3 7, 579 408 1,877 652 673 313 360 1,376 368 359 214 284 695 Nov. 10 8,339 490 2,043 864 738 32! 382 1,459 382 378 248 295 735 Nov. 17 8.151 463 2,006 730 720 298 385 1,573 351 381 260 289 695 Nov. 24 8,823 476 2,524 830 785 331 395 1,404 378 391 291 312 706. Total liabilities: Oct. 27 12, 760, 479'37, 4864, 614,907 793, 718 1,022, 822 95,1 98,54383,0832,159, 705 440, 756305, 713 465, 444328, 401 988, 590 Nov. 3 12,710,564 '54, 50"9 4";,558,811 791,500 1,021,026528. 606 382, 318 2,156, 684734,985311, 364 467, 676 326, 652976, 430 Nov. 10 12, 771, 542 751,34054, 611, 852 800, 833 1,020, 748 5,4206,5 385, 006 2,138,' 4"87439, 804307, 535 463, 465 322, 227987,915 Nov. 17 12, 902,656 766. 872 4, 618. 429 804, 628 1, 039, 435, 158378,390,003 2,170,•1•5"8 444, 249311, 998 476, 830 338,1881,003, 679 Nov. 24 12, 757, 802765, 018 4, 573, 205 795, 811 1, 021, 542935, 705379,1322,157, 791438,425 305, 599 467, 260 329, 3716, 000,985 Contingent liability on bills purchased for foreign correspondents: Oct. 27 2,326 15' 955 210 198 249 152 Nov. 3 2,219 164 780 221 20' 97 261 160 Nov. 10 2,586 189 934 253 238 111 300 184 Nov. 17 2,486 181 897 244 229 107 288 177 Nov. 24 2,169 158 783 212 200 93 252 154 Commitments to make industrial advances: Oct. 27 14, 488 1, 4,934 144 87, 1,687 354 1,035 117 269 3,173 Nov. 3 14, 40! 1,833 4,969 144 872 1,683 354 1,033 115 269 3,070 Nov. 10 13, 522 1,831 4,956 135 87: 1,682 353 183 115 269 3,064 Nov. 17 13, 431 1.826 4,903 135 861 1,675 350 183 115 3,054 Nov. 24 13, 316 1,773 4,873 136 1,669 350 183 115 3,02& Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1937 FEDERAL RESERVE BULLETIN 1231 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO NOVEMBER 24, 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 l a a c st h W m e o d n n t e h s ) 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 o s t ( e m o w u e r t b i s y t e c h r o n a t d n C o A i d t o i m m o w n o d m i s u a t ) i h n t t e - - t Numbe T r ota A l mount a s R F d ta b e e v o n a d s a u d e 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 a d s e u e d n e m n t r i k r - t v n i a s t e g l - A b p p u c l p e t o r t m o e n d v o - ^ e t d d E o r r r a x e c a p e p p a w w t p c a i n r n . i l i t e t i d , h - b d , - y , i s F p n p t t a g a i a u o n n t r t u i i t a d i n o i t o n i c - s n n n c i t s g - - i- * 1936—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 66,304 7,329 Sept. 30. 8,284 336,119 2,463 147,191 2,243 137, 251 28,885 23, 307 69, 217 7,276 Oct. 28.. 8,308 336, 763 2,477 148, 237 2,259 138, 731 27,038 22, 790 8,544 72,915 7,444 Nov. 25. 8,339 339, 903 2,483 148, 317 2,266 138,938 26, 720 22,040 7,719 75,045 7,414 Dec. 30. 8,379 342, 699 2,500 149, 204 2,280 139, 829 25, 533 20,959 8,226 77,903 7,208 1937—Jan. 27.. 8,398 342,999 2,506 149, 527 2,287 140,213 24, 781 20,238 7,697 80, 500 6,997 Feb. 24 8,427 343, 904 2,517 149, 711 2,297 140, 515 24, 208 19, 523 7,709 82,163 6,912 Mar. 31 8,483 346, 911 2,543 150,561 2,323 141,545 23,054 18,611 7,898 85, 215 6,767 Apr. 28. 8, 510 348,342 2,563 152, 724 2, 336 144, 564 23,904 17, 528 9,045 7,281 May 26 8,524 349,288 2,577 153, 720 2, 353 145,228 23,196 17,188 8, 462 89, 268 7,114 June 30 8,546 351, 420 2,587 154,960 2,361 145, 758 23,014 16, 331 1,470 97,668 7,275 July 28 _ 8, 554 352,024 2,590 155,023 2, 367 145,887 22, 462 15, 726 1,098 99, 271 7,330 Aug. 25 8, 572 352, 666 2,598 155,514 2,373 146, 457 21, 752 15,179 1,151 101,139 7,236 Sept. 29. 8,593 354,426 2,610 155, 902 2,381 146,724 21, 395 14,880 534 102, 611 7,304 Oct. 27 . 8,606 354, 872 2,618 156,413 2, 386 147, 295 20,875 14, 488 899 103, 806 7,227 Nov. 24. 8,633 359, 706 2,624 156, 533 2,392 148, 208 20, 616 13, 316 1,382 105, 749 7,145 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $11,247,947 on November 24, 1937. NOTE.—On November 24, 1937, there were 26 applications amounting to $3,294,500 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i 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 Chi- L S ou t. is n M o e i l a i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: Oct. 27 4, 612, 569333, 5631, 058, 861331, 885 461, 216227, 812 184, 1,009, 808193, 855144, 803177, 589198, 336 c389, 856 N No o v v . . 3 10 4 4 , , 6 6 0 0 4 9 , , 2 6 2 ' 18 3 3 3 3 4 1 , , 0 9 8 5 0 5 1 1 , , 0 0 5 5 7 9 , , 8 4 4 3 4 9 3 3 2 3 9 1 , , 3 62 1 6 2 4 4 6 59 1, , 3 9 2 4 69 2 ~ 2 !2 7 22 , 8 8,1, 7 3 2 6 1 1 1 8 8 3 3 , , 5 7 8 0 8 6 I 1 !, , 0 0 0 0 8 8 , , 8 9 6 8 0 2 1 1 9 95 3 , , 4 2 2 4 2 3 1 14 4 4 5 , , 0 8 2 3 8 4 1 1 7 7 7 7 , : 320 9 98 8 ^ , 1 0 7 9 3 5 3 3 8 8 9 9 , | :3 0 5 2 3 1 Nov. 17 4, 615, 443332, 7601. 059, 083 334, 069460, 525226, 051183,141 1, 012, 307194, 823144, 805 'U"Si,,730 9""7 , 9€60 391,189 Nov. 24 4, 608, 797333, 9491, 057,156 331, 738 460, 735 22,46,82 182, 0971, 013,125 195, 820 144, 438.7 8T, 28897,4459 389, 310 Held by Federal Reserve bank: Oct. 27 356. 472 49, 304 110,901 16, 789 27, 440 13, 275 19, 374 32,103 13, 325 6,133 12,397 8,080 47, 351 Nov. 3 ... 320, 108 49, 619 96, 492 12, 699 27, 061 12, 508 17,804 26, 552 12,126 5,551 9, 651 7,047 42, 998 Nov. 10 331, 799 48, 139 111,031 12, 777 25, 578 12, 501 17, 775 24, 838 13, 823 6,113 10, 289 7,987 40, 948 Nov. 17 . . 365, 50,925 120,346 18, 560 30,599 13, 253 18, 496 29,092 13,414 6, 11211,221 8,092 45, 715 Nov. 24 _• 343, 968 50,172 111, 962 12,, 25, 971 12, 765 19, 443 25, 201 15, 697 6,058 11,352 8,005 44, 756 In actual circulation:1 Oct. 27 4, 256, 097284, 259 947, 960315,096 133,776214, 537165,611 977, 705180,530138, 670165,192 90, 256 342!,,505 Nov. 3 ... 4,284,159284, 461 961, 352316, 61"3 432, 208215, 628165, 902 982, 308181, 296139, 477167, 433 91,126 346i,, 355 Nov. 10 4, 277, 419283, 816 948, 408318, 849435, 816215, 220165,813 984,144181, 420138, 721167, 031 90,108 3481.,073 Nov. 17 _ . 4,249,618281, 835 938. 73' 315, 509429, 926212, 798164, 645 983,215181,409138, 693167,509 89, 868 345ii,474 Nov. 24 4, 264, 829283, 777 945, 194 3191.,152434,764 211.,91' 162, 654 987, 924180,123 138, 380166, 936 454 344, 554 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Oct. 27 4, 637,132341, 0001,060,000337, 000 464, 000 228, 000168,0001, 020,000 190, 632148, 000180,000 101, 500 399,000 N N N N o o o o v v v v . . . . 1 3 1 2 7 4 0 _._ _...__ 4 4 4 4 , , , , 6 6 6 6 4 4 5 4 4 5 4 3 , , , , 1 1 1 6 3 3 3 3 2 2 2 2 3 3 3 3 4 4 4 4 1 1 1 1 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 , , , , 0 0 0 0 6 7 6 7 0 0 0 0 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 3 3 3 3 3 3 3 3 7, 7 7 7 , , , 0 0 0 0 0 0 0 0 0 0 0 0 4 6 4 4 4 4 6 6 6 , 2 4 4 0 , , , 0 0 0 5 0 0 0 0 0 0 0 2 3 2 2 2 0 3 3 , 2 0 0 5 , | • . ,, 0 , 0 0 0 0 0 0 0 0 0 01 1 1 1 06 6 6 6 5 8 2 8 , , , , 0 0 0 0 0 0 0 0 0 ' 1 1 1, , , , 0 0 0 0 2 2 2 2 0 0 0 0 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 2 1 1 2 0 9 9 0 0 6 6 0 , , , , 6 6 6 6 3 3 3 3 2 1 1 21 2 24 4 4 1 8 8 8 4 , , , 8 0 0 0 , 0 0 0 0 0 0 0 0 1 1 1 1 0 8 8 8 8 0 0 0 0 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 10 9 9 9 1 9 9 9 , , , , 5 5 5 5 0 0 0 0 0 0 0 0 S3 3 3 3 9 9 9 9 9 9 9 9 , , , , , , ,0 0 0 ( ( 0 0 0 0 0 0 0 0 0 Eligible paper: Oct. 27 23,186 2,119 9,043 5,028 781 747 1,528 1,400 255 257 1,080 540 Nov. 3 23, 938 1, 559 9,721 3,573 578 461 3,284 1,155 455 381 1,320 381 1,070 Nov. 10 20, 443 2,030 9,125 2,381 935 355 2,545 390 30 274 1,434 415 529 Nov. 17 18,19E 1,395 6,285 2,251 962 490 3,898 401 255 242 1,075 397 544 Nov. 24 15, 293 1,015 3,665 2,583 1,364 540 3,973 356 85 191 821 375 325 U. S. Government securities: Oct. 27 32,000 20, 000 12,000 Nov. 3 20, 000 20, 000 Nov. 10 20,000 20, 000 Nov. 17 20,000 20. 000 Nov. 24 20, 000 20, 000 Total collateral: Oct. 27 4,692,318 343,1191,069, 043 342, 028 464, 781228, 747189, 5281,021,400 202, 887148, 257181, 101, 908 399, 540 N N o o v v . . 3 10 4 4 , , 6 6 8 8 3 9 , , 0 5 7 7 0 5 3 3 4 4 2 3 , , 0 5 3 5 0 91 1 , , 0 0 6 6 9 9 , , 7 1 2 2 1 5 3 3 3 4 9. 0 9! , , 3 5 8 7 1 3 4 4.• 6 ."6 4 •.4 . , g —5 35 7 8 2 3 2 Q 3 0 3 , 5 5 4611 1 9 9 1 0 , , " 54 • 51 1 , , 0 0 2 2 1 0 , , 1 3 5 9 5 0 1 1 9 97 6 , , 0 6 8 6 7 21 1 4 4 8 8 , , 2 38 7 1 4 1 18 8 1 1 , , 4 3 3 2 4 0 1 9 01 9 , ,9 8 91 8 5 1 4 39 0 9 0 , , 0 5 7 2 0 9 Nov. 17 4, 692, 327 342. 3951, 076, 285 33199,, 251464', 962 230,, 490188. 8981,020,401200. 887148,242 1'"8 1,075 99, 8897 399, 544 Nov. 24 4, 679, 925342, 015 1,073, 665 339, 583 463, 864 22i5,, 540185, 9731, 020,356 200, 717148,191180,821 99,875 399, 325 1 Includes Federal Reserve notes held by the United States 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

1232 FEDERAL RESERVE BULLETIN DECEMBER 1937 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, OCTOBER, 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 de- de- Time banks mem- serve try and districts m d a e n d m d a e n d po de s its ba b n e k r s1 New Chi- b c a i n ty ks banks1 posits posits : qu R i e r - ed Held Ex- York cago Total reserves held: All member banks. _29,179 24, 280 11,569 5,911 6,954 1,043 1936—October 6,594 2,574 637 2,153 1,230 November 6, 785 2,695 651 2,185 1,254 Central reserve city banks: December 6,665 2,662 605 2,157 1,241 New York 9,797 9,088 831 2,413 2,767 354 1937—January 6,716 2,719 568 2,158 1,271 Chicago 2,155 1,906 445 522 581 59 February 6,747 2,812 546 2,128 1,261 March 2 6,704 2,652 533 2,203 1,315 Reserve city banks: April 6,824 2,739 563 2,201 1,321 Boston district 850 112 200 May 2 6,932 2,684 589 2,272 1,386 New York district 181 149 155 41 June 6,878 2.669 603 2,230 1,377 Philadelphia district.. 1,041 866 255 218 July 6.845 2,652 581 2,252 1,360 Cleveland district 1,406 1,165 733 319 August 6,701 2,522 568 2,248 1,362 Richmond district 628 459 204 134 September 6.854 2,672 576 2,232 1,375 Atlanta district 569 423 174 106 October 6,954 2,767 581 2,240 1,366 Chicago district 1,125 875 507 239 Week ending (Friday) St. Louis district 686 546 172 140 Oct. 1.'. 7,016 2.883 570 2,211 1,352 Minneapolis district... 352 277 93 69 Oct. 8 6,993 2.799 567 2, 251 1,377 Kansas City district... 935 686 160 175 Oct. 15 6,945 2; 730 574 2, 260 1,381 Dallas district 614 433 116 109 Oct. 22 6, 931 2,727 587 2,245 1,373 San Francisco district- 1,939 1,573 1,8 490 Oct. 29 6,948 2,786 601 2.227 1,334 Nov. 5.__ 6,901 2,741 582 2.217 1,361 Total.. 10, 422 S,302 4,550 1,933 2,240 Nov. 12 6,878 2,685 580 2,233 1,381 Nov. 19 6,916 2,712 583 2,246 1,374 Country banks: Excess reserves: Boston district 797 631 580 123 147 1936—October 2,043 639 205 696 502 New York district ,216 962 1,419 220 288 November 2,219 751 221 724 523 Philadelphia district.. 587 456 877 117 147 December 2,046 697 175 675 498 Cleveland district 583 434 661 100 135 1937—January 2,093 767 147 662 518 Richmond district 493 344 332 68 85 February 2,152 868 128 651 505 Atlanta district 415 288 211 53 65 March 2 1,371 401 54 488 428 Chicago district 791 580 648 120 167 April 1,552 530 101 490 431 St. Louis district 337 239 231 47 61 May 2 927 203 51 316 357 Minneapolis district- 297 201 276 45 61 June 876 176 70 289 341 Kansas City district- 447 286 157 49 72 July 876 199 52 301 324 Dallas district 496 322 94 51 77 August 750 108 34 287 321 San Francisco district. 347 240 257 49 60 September 900 235 43 289 333 October 1,043 354 59 307 323 Total. 6,806 4,984 5,743 1,042 1,366 323 Week ending (Friday) Oct. 1 1,059 425 41 283 310 Oct. 8 1,055 360 44 319 333 1 Gross demand deposits minus demand balances with domestic banks Oct. 15 1,011 303 52 319 337 (except private banks and American branches of foreign banks) and Oct. 22 1, 025 321 63 309 331 cash items in process of collection. Oct. 29.... 1,071 402 79 297 293 NOTE.—See table at foot of page 1243, for percentages of deposits re- Nov. 5 1,060 377 66 297 321 quired to be held as reserves. Nov. 12 1,059 339 62 317 341 Nov. 19 Pl, 094 367 330 P333 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 2 Reserve requirements increased March 1, 1937, and May 1, 1937; see table at foot of page 1243 for amount of changes. p Preliminary. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Boston 1,745 1,718 692 695 1,618 1,590 564 565 128 128 128 129 New York. 11,194 11,244 2,405 2, 386 1 1,121 1 1,109 1 1,078 1 1,075 275 283 496 494 Philadelphia 1,628 1,626 1,132 1,133 1,401 1,399 681 681 227 227 451 453 Cleveland 1,989 2,013 1,395 1,392 1,762 1,782 1,103 1.103 227 231 292 290 Richmond.. _ _ . _ 1,121 1,094 537 536 935 913 350 350 185 181 187 186 Atlanta 984 973 385 385 847 837 304 305 137 136 81 81 Chicago 4,070 4,105 1,599 1,587 1 1,611 1 1,619 1 886 1 877 304 305 269 266 St. Louis.. _ _ _ 1,022 1,004 403 399 822 806 290 289 200 198 113 111 Minneapolis .. „__ 649 656 369 369 46 « 475 181 180 181 181 189 188 Kansas City 1.381 1,398 317 317 1,052 1,066 201 202 329 333 116 115 Dallas 1,110 1,090 210 209 827 813 167 166 283 277 43 43 San Francisco 2,286 2,260 2,125 2,130 2,151 2,127 2,028 2,032 134 133 97 98 Total 29,179 29,180 11, 569 11, 538 114,616 114, 536 1 7, 832 1 7, 824 2,611 2,612 2,462 2,453 i 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

1233 DECEMBER 1937 FEDERAL RESERVE BULLETIN KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c G c e a r o t t i e l f d s i- d S o i l l l v a e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e 1 r t y a 8 e 9 s s - 0 S s u i i a b lv r s y e id r - M c i o n in or U S n n t o a i t t t e e e s s d F R n e e o d s t e e e r r s v al e R F n b e e o a d se t n e e r k r s v a e l t n b i N o o a n t n a e a - k s l 1936—August _ _ 6,227 99 36 986 1 321 137 278 3,978 48 342 September 6,267 98 37 998 1 326 138 278 4,011 47 332 October. . _ .. 6,351 97 37 1,020 1 329 139 282 4,076 46 324 November 6,466 96 37 1,051 1 334 141 289 4, 156 45 316 December... . . 6,543 95 38 1,057 1 337 142 289 4,233 44 307 1937—January ... 6,349 94 37 1,012 1 329 140 276 4,118 42 300 February 6,399 92 37 1,022 1 329 140 288 4,155 41 294 March _ _. 6,377 91 37 1,022 1 333 141 287 4,139 40 287 April 6,426 90 37 1,039 1 335 142 291 4,171 40 281 May.. . . 6,462 89 38 1,062 1 338 143 289 4,189 38 275 June 6,447 88 38 1,078 1 341 144 281 4,169 38 269 July 6,460 87 38 1,088 1 341 144 286 4,175 37 263 August 6,524 86 39 1,115 1 345 146 286 4,213 36 258 September 6,542 86 39 1,127 1 348 147 284 4,222 35 253 October _ . .. 6,555 85 39 1,129 1 349 147 285 4,238 35 248 Back figures.—See Annual Report for 1936 (table 36). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total ]^aper currency 2 Un- End of month i c n u c la ir - - Coin $1 $2 $5 $10 $20 $50 and over as e s d o a rttion^ Total $50 $100 $500 $l,C00 $5,000 $10,000 1936—August 6,227 494 471 32 863 1,482 1,436 1,452 381 667 128 250 6 19 3 September 6,267 501 477 33 868 1,488 1,437 1,467 383 673 130 253 6 21 4 October 6,351 505 484 33 882 1,516 1,460 1,478 385 679 132 255 7 19 7 November... ._ 6,466 513 492 33 900 1,548 1,486 1, 501 390 690 132 258 7 23 7 December 6,543 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937—Januarv 6,349 506 472 33 864 1,500 1,458 1,525 393 702 135 269 8 18 9 February 6 399 506 475 33 874 1,519 1,464 1,538 395 706 135 273 9 19 10 March 6,377 511 476 33 869 1,519 1,451 1,520 386 696 136 275 9 18 2 ApriL_ _ 6,426 514 482 33 883 1,542 1,468 1,507 381 687 137 277 9 17 3 May 6 462 518 489 33 893 1, 558 1,466 1,507 380 689 136 278 8 17 4 June 6,447 523 487 34 885 1,539 1,458 1,526 384 699 138 283 8 14 5 July 6 460 523 488 33 894 1,550 1,454 1,520 381 697 137 283 7 15 2 August __ __ 6,524 529 498 33 907 1,574 1,466 1,520 382 698 137 283 7 14 4 September 6.542 534 503 33 908 1, 574 1, 467 1,527 382 702 138 285 7 14 4 October 6,555 535 502 33 909 1,576 1,474 1,531 384 704 138 286 6 13 5 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. 2 Includes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures.—See Annual Report for 1936 (table 37). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve banks and in circulation, In millions of dollars] [By selected banks in New York City. In thousands of dollars] Silver Fed- Year or month m S en h t i s p - to Re fr c o e m ipts s N hi e p t - rec N e e ip t ts End of month Total d s b o a il u l n v l l d a e - r r s s S i i s a l u i v d r b y e - - r M c i o n i o n rU S n n t o a i t t t e e e s d s s b e R e a r r e n a v - k l e t n b i N o o a n t n a e a - k s l 1932 Euro 5 p 6 e 7 Eu 83 r , o p 8 e 38 ments 83,271 lion1 notes 1933 554 91,059 90, 505 1934 345 40, 587 40, 242 1935 10, 628 19,966 9,338 1936 34, 774 26, 216 8,558 1936—August 2,500 1,277 338 142 347 348 September. 2,512 1,294 341 143 347 339 1936—October... 2,013 5,422 3,409 October 2,515 1,303 346 145 347 329 November. 5,960 1,536 4,424 November. 2, 521 1,310 351 146 347 322 December. 745 7,724 December. 2,532 1,323 356 147 347 314 1937—January... 2,092 2,197 105 1937—January... 2,532 1,332 356 148 347 305 February.. 4,279 3,265 1,014 February.. 2,536 1,343 356 149 347 298 March 968 3,728 2,760 March 2,541 1,355 357 149 347 291 April 1,434 3,023 1,589 April 2,543 1,365 357 150 347 284 May 909 1,865 956 May 2,547 1,375 358 150 347 278 June 7,000 1,972 5,028 June 2, 550 1,382 359 151 347 272 July 809 2,586 1,777 July 2,572 1,409 361 151 347 266 August 877 2.839 1,962 August 2,585 1,424 363 152 347 262 September 1,946 2, 271 325 September. 2.599 1,441 364 153 347 257 October __. 781 4,531 3,750 October 2,609 1,455 367 154 347 251 For description and back figures see BULLETIN for January 1932. 1 Includes silver held against silver certificates amounting to $1,360,- pp. 7-9. 000,000 on October 31, 1937, and $1,189,000,000 on October 31, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1234 FEDERAL RESERVE BULLETIN DECEMBER 1937 ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES * [In millions of dollars] [In thousands of dollars] Gold stock at Doend of year Increase Net mes- 1937 or month in Net release tic Year or month total gold from gold Inactive s g to ol c d k import' m ea a r r - k p d r u o c - - From or to— October September Jan.-Oct. Total account tion Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1934 8,238 4202. 5 1,133. 9 82.6 96.3 1935— D N e o c v e e m m b b e e r r 1 9 0 , , 9 1 2 2 0 5 2 2 2 0 6 5 . . 7 2 2 1 1 9 0 0 . . 6 0 1 . . 6 3 1 9 1 . . 6 5 B Fr e a l n gi c u e m 22,030 13,703 2 9 6 0 , , 8 2 7 4 0 5 12 Germany _ Year 10,125 1, 887. 2 1, 739. 0 .2 110.7 Netherlands 6 461 Switzerland.- _ _ 54, 452 1936—January 10,182 57.2 45.6 -1.7 9.2 Union of Soviet February 10,167 — 15.5 — 16.6 -9.5 8.4 Socialist Re- March 10 184 17.2 5.5 1.0 9.6 publics 504 April 10, 225 41.0 28.1 9.6 United Kingdom. _ 24,402 59,067 1 896,699 83 J M u a n y e __ 1 1 0 0 , , 6 4 0 0 8 2 2 1 0 76 6 . . 7 6 2 1 7 70 7 . . 0 8 -2 -3 4 ^ .8 2 1 10 0 . . 0 4 C Ce a n n t a r d a a l America. __ 9 2 6 9 6 0 9 14,4 3 9 0 7 6 10 3 7 , , 1 9 1 4 3 5 46 J N D A S O u e e o u c l p c y t v g o t e u e e b m m s m e t b r b b . e e e r r r 1 1 1 1 1 1 1 0 0 1 0 1 , , , , , 1 0 2 6 7 8 8 4 5 1 4 4 4 5 8 6 8 5 26.5 1 1 1 3 6 7 3 2 9 9 8 3 9 9 9 . . . . . . 6 2 4 3 0 7 2 1 6 7 1 5 1 7 5 8 7 7 5 1 . . . . . . 8 0 8 4 5 8 — - -1 2 - 1 8 1 3 2 . 1 . . 7 . . 3 8 0 . 3 9 1 1 1 1 1 1 0 2 3 1 3 2 . . . . . . 9 8 8 8 1 1 E P M A C C e c h o r e r u g i l x u l o a e e i m c d n o t o b i , r n ia a 2 1 , ,1 3 1 1 6 1 4 4 5 3 8 9 5 224 2 2 , 1 4 1 5 1 8 8 5 3 1 1 9 6 3 3 0 127 3 1 3 2 8 1 4 , , , 4 4 5 7 0 8 1 2 0 1 5 7 0 7 4 1 8 733 Uruguay Year 11, 258 26.5 1,132. 5 1,116.6 -85.9 131.6 Venezuela _ 49 34 427 1937— F J e a b n r u u a a ry ry 1 1 1 1 , , 4 3 3 5 6 8 2 1 0 2 4 6. . 5 7 1 7 0 8 0 . . 2 1 1 1 2 2 0 1 . . 3 3 -4 -8 8 . . 0 3 8 9 . . 1 4 A B C r h u i i s t n i tr s a a h l i I a a n n d d i a Hong 2 6 , , 0 9 7 0 6 2 3 5 , , 0 2 1 7 0 5 4 2 9 7 , , 8 7 8 5 8 4 A M p a r r i c l h 1 1 1 1 , , 5 7 7 9 4 9 3 5 4 68 2 . . 0 5 2 1 2 37 5 . . 9 6 2 1 1 5 5 4 . . 8 3 - 7 .4 .2 1 8 0 . . 9 6 Du K t o ch n g East Indies 1,556 J J A M u u u a n l y y g e u ._ s _ t 1 1 1 1 2 2 2 1 , , , , 9 4 5 3 9 4 6 1 0 6 7 8 1 1 1 , , , 7 0 3 2 5 8 1 3 6 9 4 5 . . . . 1 1 1 8 3 1 1 1 2 2 2 9 1 7 7 1 . . . . 6 3 1 8 2 1 1 1 0 6 7 5 4 5 5 2 . . . . 4 8 4 0 - - 1 3 - 2 5 5 5 6 . . . 3 9 5 .2 1 1 1 1 6 2 1 2 . . . . 6 0 5 1 J A P a h l p l i a o li n t p h p e i r n c e o u Is n l t a r n ie d s s 2. 1 1 9 , , 3 8 2 7 8 5 6 2 2 6 1 40 2 , , 9 3 9 8 5 2 1 0 7 19 2 0 0 8 , , , 7 8 5 8 5 4 6 0 8 6 2 1 September 12, 741 1, 210. 0 174.3 145.5 9.3 12.0 Total 90, 709 232 145, 623 129 1, 546, 296 884 October 12, 803 1, 271. 9 62.0 90.5 -8.0 NOTE.—Figures for domestic production of gold are those published 1 Figures represent customs valuations which, with some exceptions, in table, p. 1263, adjusted to exclude production in Philippines. Adjust- are at rate of $35 a fine ounce. ment based on annual figures reported by Director of Mint and monthly 2 Includes all movements of unreported origin or destination imports of gold to U. S. from Philippines. For back figures, other than Back figures—See table p. 1263, and Annual Report for 1936 (tables 32 those of domestic gold production, see Annual Report for 1936 (table 30.) and 33). BANK SUSPENSIONS1 BANK DEBITS Member Non-member [Debits to individual accounts. Amounts in millions of dollars] banks banks Total, all Num- 1937 1936 banks ti N on a- al State su I r n e - d2 in N su o r t ed b o e f r centers Oct. Sept. Oct. Number of banks suspended: 1934 67 1 8 48 New York City 1 16,151 14, 718 17,171 1935 34 4 22 8 Outside New York City _ 140 19, 923 18, 642 20,142 1936 44 1 40 3 1937, Jan.-Oct. __ 50 4 2 38 6 Federal Reserve districts: Boston.. . . __ 11 1,981 1,684 2,148 Deposits of suspended banks New York 7 16, 883 15,392 17, 890 (in thousands of dollars):3 Philadelphia -_ 10 1,622 1,430 1,741 1934 36,937 40 1,912 34,985 Cleveland... 13 2,137 2,039 2,059 1935 10,015 5,313 3,763 939 Richmond 7 810 730 791 1936 11,306 507 10, 207 592 Atlanta 15 952 905 943 1937, Jan.-Oct. 17, 390 7,158 1,707 8,045 480 Chicago 21 5,096 4,917 5,260 St Louis 5 1,075 931 1,078 1 Represents licensed banks suspended; does not include non-licensed M Ka i n n s n a e s a p C o i l t i y s _.__ 1 9 5 1,2 6 0 9 0 1 1,1 6 3 9 0 8 1,1 6 1 8 7 1 banks placed in liquidation or receivership. Dallas _ _ 10 754 735 729 * 1 D Fe e d p e o r s a i l t s d o e f p m os e i m t b in e s r u b r a a n n k c s e a b n e d c a in m s e u re o d p e n r o a n ti - v m e e J m a b n e u r a b ry a n 1 k , s 1 s 9 u 3 s 4 p . ended San Francisco 18 2,871 2,769 2,875 are as of dates of suspension, and deposits of non-insured non-member Total 141 36,073 33, 360 37, 313 banks are based on the latest data available at the time the suspensions were reported. Back figures.—Bee Annual Report for 1936 (table 71). Back figures.—See Annual Report for 1936 (table 67). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1235 DECEMBER 1937 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal 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 DEPOSITS2 Member banks Nonmember [In millions of dojlars] banks Member banks Nonmember banks Call date Total Other Total ti N on a- al State M s b a a u v n t in u ks g al 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 a s s l b n e o O r n t b m h a e e n r m k - s 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30.._ 37,998 23,338 14,772 8,566 9,713 4,946 Oct. 25 i 5,818 5,052 766 Oct. 251 23,453 15,070 8,383 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30— 38,505 23,771 15, 386 8,385 9,708 5,026 1934—Mar. 51 6,206 5,288 918 1934—Mar 51 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 5,461 972 Oct 171 27,484 17,693 9,791 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31 _ 44,770 28,943 18, 519 10,424 9,828 6,000 1935—Mar. 4 16,024 6,422 5,446 976 579 9,023 1935—Mar. 4... 44,455 28, 589 18, 502 10,087 9,837 6,029 June 29 15, 994 6,410 5,425 985 571 9,013 June 29-_ 45, 766 29,496 19,031 10, 465 9,920 6,350 Nov. 1 15, 904 6,400 5,403 997 571 8,933 Nov. l.._ 47, 522 31,072 20,128 10, 944 9,936 6,513 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31___ 48, 964 32,159 20,886 11, 273 9,963 6,842 1936—Mar. 4 15,808 6,377 5,375 1,002 569 8,862 1936—Mar. 4____ 48, 716 31, 774 20, 605 11,169 9,972 6,970 June 30 15, 752 6,400 5,368 1,032 566 8,786 June 30— 51, 335 34,098 21, 986 12,112 10,060 7,176 Dec. 31 15, 628 6,376 5,325 1,051 565 8,687 Dec. 31_._ 53, 701 35,893 23,107 12, 786 10,143 7,666 1937—Mar. 31 15, 569 6,367 5,305 1,062 565 8,637 1937—Mar. 31-_ 52, 577 34, 746 22, 355 12,390 10,157 7,674 June 30 3 15, 527 6,357 5,293 1,064 564 8,606 June303._ 53,287 35, 440 22, 926 12, 514 10, 213 7,635 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Call date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1933_june 30 40,076 22,203 17,872 24, 786 12,858 11,928 10,044 5,941 . 4,103 5,246 3,404 1,841 Oct. 25i 24, 953 13,059 11,894 Dec. 30 40,319 21,977 18, 342 25, 220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1934—Mar. 5 i 26, 548 12, 706 13, 842 June 30 _ 42, 502 21, 278 21, 224 27,175 12, 523 14, 652 9,904 5,648 4,256 5,423 3,108 2,315 Oct. 17 i 27, 559 12,293 15, 267 Dec. 31 __. 43, 458 20,473 22, 984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2, 955 2,571 1935—Mar. 4 43, 747 20,394 23,353 28,271 11,953 16,318 9,775 5,478 4,297 5,701 2,963 2,738 June 29 44,416 20, 272 24,145 28, 785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Nov. 1. 45,008 20,140 24,868 29,301 11,841 17,460 9,854 5,302 4,552 5,853 2,997 2,856 Dec. 31 45, 717 20,329 25,388 29,985 12,175 17, 810 9,804 5,210 4,594 5,927 2,944 2 983 1936—Mar. 4 46,115 20, 267 25, 847 30, 288 12,099 18,189 9,795 5,202 4,592 6,032 2,966 3,066 June 30 48, 458 20, 679 27, 778 32, 259 12, 542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49, 524 21, 449 28,075 33,000 13, 360 19, 640 10,060 5,027 5,034 6,464 3,062 3,402 1937—Mar. 31 49,138 21,790 27,348 32, 525 13, 699 18,826 10,096 5,026 5,070 6,518 3,065 3,453 June 30s 49, 696 22, 514 27,182 32, 739 14, 285 18,454 10,180 5,002 5,178 6,778 3,227 3,550 i Nonmember bank figures not available. * Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures on all call dates include interbank deposits to the extent (estimated as $150,000,000 on June 30, 1937) that they were not shown separately in a few State bank abstracts. 3 Beginning with this date (1) the figures exclude private banks in Georgia which no longer report to the State banking department (43 such banks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31, 1936); and (2) the figures include Morris Plan and industrial banks in New York and North Carolina, of which there were 45 on June 30, 1937 with deposits of $50,287,000 and total loans and investments of $61,165,000. The figures already include such Morris Plan and industrial banks in other States as are covered by State banking department reports. Bock figures—See Annual Report for 1936 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1236 FEDERAL RESERVE BULLETIN DECEMBER 1937 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Oj en-market loans Investments U.S. Govern- Purchased paper ment obliga- Total To Re- Other- Loans tions loans bro- To port- wise Loans to Call date i m n a v e n e n d s t t s - Total C Y N k o s i i o e u e t d y r r w t e s - k 1 o se t t o h i c e n e u s r r s i- e l R o st a e a n a t l s e a b a c o a n i c w n n c e g e k n p s s t- ' c c u a u u n s n e r r s e e d - e d d - ba t n o ks U a a c b p n A n e l a i e c p c y t e - e t i - - s n d ab B p a r a b i o l y l l e a - s d n p C m o c a o i u e p a m g r e l - h r - t j C Y N e b i r o r e s t o y w r - i k n 1 Total Direct a F g n u u t a e ll r e y - d s O e t t i c h e u s e r r i- States TOTAL—ALL MEM- BER BANKS 1929—Dec. 31 35,934 23,193 803 7,685 3,191 11,515 714 212 80 291 1,660 9,784 3,863 5,921 1933—June 302 24, 786 11,337 165 3,752 2,372 192 4,857 330 291 25 87 788 11,928 6,887 5,041 1934—Dec. 31 28,150 10, 509 187 3,110 2,273 232 4,708 155 256 31 232 843 16,122 9,906 989 5,227 1935—June 29 28, 785 10, 369 192 2,931 2,277 135 4,834 119 201 17 247 975 16,857 9,871 1,558 5,427 Dec. 31 29,985 10, 548 196 2,893 2,284 169 5,006 98 181 29 272 1,047 17,810 10, 501 1,768 5,541 1936—Mar 4 30, 288 10,460 211 2,832 2,301 156 4,960 82 164 25 280 1,089 18,189 10, 564 1,880 5,745 June 30 32, 259 10,943 266 2,863 2,340 117 5,355 81 144 18 278 1,079 19, 717 11, 721 1,950 6,045 Dec. 31 33 000 11, 628 266 2,785 2,405 131 6,041 85 161 18 324 1,144 19, 640 11, 639 1,906 6,095 1937_Mar. 31 32, 525 11,862 258 2,816 2,440 128 6,220 99 170 22 386 1,159 18, 826 10, 856 1,861 6,108 June 30 . 32, 739 12,369 258 2,829 2,505 113 6,663 115 131 15 377 1, 278 18,454 10, 870 1,819 5,765 NEW YORK CITY 3 1929—Dec 31 8,774 4,964 55 2,145 169 V595 322 128 46 21 1,202 2,091 1,112 979 1933—June 30 2 7,133 2,297 38 1,044 157 120 937 162 224 10 10 720 3,709 2,551 1,158 1934—Dec 3i 7,761 2,202 54 820 139 164 1,024 63 210 16 6 662 4,602 3,246 278 1,078 1935—June 29 8,303 2,146 58 783 138 82 1,085 48 183 7 5 930 4,983 3,462 348 1,174 Dec 31 8,418 2,196 60 793 140 107 1,066 42 158 16 5 1,018 4,985 3,425 401 1,159 1936—Mar. 4 8,802 2, 215 64 792 148 99 1,112 29 141 13 4 1,043 5,355 3,602 505 1,248 June 30 9,556 2,338 76 813 146 65 1, 238 28 123 8 3 1,028 6,028 4,196 567 1,265 Dec. 31 9,280 2,567 78 753 144 65 1,527 42 136 10 5 1,095 5,425 3,739 470 1,217 1937 Mar 31 9,101 2,676 74 790 142 69 1,600 51 119 6 4 1,105 5,140 3,356 473 1,311 June 30 9,006 2,890 76 824 149 65 1,776 62 98 1 5 1,219 4,730 3,176 454 1,100 CITY OF CHICAGO 3 1929—Dec 31 - - 1,757 1,330 240 533 21 55 88 9 5 5 11 309 116 193 1933_june 30 2 1 287 589 48 251 30 24 237 30 27 7 12 13 610 384 226 1934—Dec. 31 1,581 435 29 170 18 16 202 11 29 5 27 26 1,049 743 78 229 1935—June 29 1, 592 458 33 163 15 12 236 7 4 1 14 1 1,107 766 87 254 Dec 31 1 868 455 28 149 15 14 249 6 1 1 12 1 1,392 1,061 88 243 1936—Mar. 4 1,946 456 32 148 13 12 251 5 2 1 10 1 1,470 1,131 89 250 June 30 1,951 513 59 145 14 10 284 5 3 2 10 1 1,419 1,014 92 312 Dec 31 2 100 613 50 140 13 8 402 6 3 1 10 1 1,467 1,107 94 266 1937—Mar. 31 — 1,868 629 52 155 14 2 407 4 2 1 12 1 1,220 853 94 273 June 30 1,969 651 50 145 13 6 437 2 3 1 16 1 1,295 907 94 294 RESERVE CITY BANKS 1929—Dec 31 12,029 8,418 425 2,775 1,538 3, >79 258 42 24 102 239 2,944 1,368 1,576 1933_june 30 2 8,492 4,258 63 1,340 1,131 46 1,678 99 36 6 38 45 4,011 2,483 1,528 1934—Dec. 31 10, 028 4,024 90 1,124 1,090 49 1,671 55 13 9 108 105 5,715 3,809 279 1,628 1935_june 29 10,151 3,967 87 1,053 1,105 40 1,682 43 10 7 112 25 5,986 3,712 571 1,703 Dec. 31 10, 780 4,144 96 1,057 1,094 46 1,851 34 19 10 120 21 6,432 4,076 656 1,701 1936—Mar. 4 „ _ 10, 655 4,071 101 1,027 1,096 43 1,805 31 18 9 120 30 6,375 3,958 656 1,761 June 30 11, 306 4,242 115 1,044 1,101 40 1,941 31 16 7 113 34 6,863 4,349 651 1,863 Dec. 31 11,795 4,582 123 1,048 1,124 56 2,231 23 17 5 131 36 7,000 4,426 697 1,877 1937—Mar. 31 _. 11,611 4,618 114 1,039 1,135 55 2,276 29 37 10 154 38 6,725 4,250 669 1,805 June 30 11,629 4,739 114 1,032 1,164 39 2,389 34 25 7 145 44 6,635 4,267 635 1,733 COUNTRY BANKS 1929—Dec. 31 13,375 8,481 83 2,231 1,462 4,705 45 33 5 163 208 4,439 1,267 3,172 1933—June 30 2 7,873 4,194 15 1,117 1,055 3 2,005 38 4 1 27 10 3,598 1,469 2,129 1934—Dec. 31 8,780 3,849 14 996 1,026 2 1,810 27 5 2 92 50 4,756 2,108 355 2,293 1935_june 29 8,739 3,798 13 932 1,020 2 1,831 21 3 2 116 18 4,780 1,931 553 2,296 Dec. 31 __ 8,919 3,754 13 894 1,035 2 1,810 17 3 2 135 7 5,002 1,940 623 2,439 1936—Mar. 4 8,885 3,716 15 865 1,043 2 1,791 17 3 1 145 14 4,989 1,873 630 2,486 June 30 9,446 3,850 17 861 1,078 2 1,891 16 2 1 152 16 5,407 2,163 640 2,605 Dec 31 9,825 3 866 16 843 1,123 3 1,881 14 4 2 178 13 5,747 2,368 645 2,734 1937—Mar. 31 9,945 3,940 17 833 1,150 2 1,937 15 12 5 216 16 5,741 2,397 626 2,719 June 30 .: ._ 10,134 4,089 18 828 1,179 2 2,062 16 4 5 211 15 5,794 2,520 635 2,639 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. » Beginning June 30,1933, figures relate to licensed banks only. * Central reserve city banks. Back figures.—See Annual Report for 1936 (table 53). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1237 DECEMBER 1637 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e e a R R e r e r n i r e e v a t v d - - k h e l e - s s v C a i a u n s l h t b a w m B a n d t n e o i i c a s c t - k e l - h - s s 1 r o t i e p e i t f l d e p r o e e i o s c n m o n c a - s c r o 2 s s - t l- - b m D a t I e n i o n s c - k - te s rb b a F e a n i o n g k r k n - s S U m G e t e a r n e o d n t i n v e - t t - - s f P u u l n i b c d - s l c C e c c h o f a t e a e i o f e n t e f s r r e f c i d d t s h - r k i ' s - s s t p p I u i v h n c n o o a a o i e i d r n r d l p r r a s t i s - - - s - , - - , , j d i m u t e D s s a p t e a e n o - d d d s - - 4 b m D a I t e n n i o s c t - k - e s rb b a F e a i n o n g k r k n - s s P in t a o a g v s l - s - f P u u l n i b c d - s s t p p I u i n h v c n o o a a o e i i d r n r p l d r r a s t i - s - - s - , - - , , r B i o n o w g r s - credit 3 etc. etc. TOTAL—ALL MEM- BER BANKS 1929—Dec. 31 2,374 558 2,168 3,896 3,517 544 143 1,335 1,681 17, 526 16,647 95 154 122 595 12, 267 879 1933—June 30 s 2,235 405 2,008 1,485 3,057 145 806 1,087 657 11, 830 12,089 89 1 788 300 7,803 191 1934—Dec. 31 4,082 609 3,149 1,903 4,569 147 1,636 1,799 838 14,951 15, 686 134 7 452 294 9,020 13 1935—June 29 4,933 537 3,396 1,183 4,978 273 779 2,091 417 16, 206 17, 530 136 5 307 285 9,462 Dec. 31 5,573 665 3,776 2,255 5,696 444 844 2,139 882 18,035 18,801 151 5 218 361 9,680 1936—Mar. 4__ 5,784 624 3,970 1,718 6,148 394 600 2,173 779 17,927 19,161 152 5 167 344 9,784 11 June 30 5,607 713 3,944 2,147 5,986 465 1,037 2,320 789 19,322 20,284 151 6 152 378 10,099 6 Dec. 31 6,572 697 4,066 2,533 6,402 432 882 2,329 881 20,970 21,647 153 6 104 296 10,429 15 1937—Mar. 31 6,613 662 3,445 1,974 5,752 458 415 2,564 677 20,085 21, 352 153 6 97 269 10, 639 18 June 30 6,897 629 3,207 2,201 5,298 615 2,577 752 20, 272 21,401 123 14 100 292 10,818 16 NEW YORK CITY 6 1929—Dec. 31. 827 179 2,406 1,198 464 20 128 1,180 5,847 4,750 40 133 18 33 1,112 179 1933—June 30 6_____ 846 101 874 1,255 127 332 96 461 4,676 4,358 22 1 110 4 671 8 1934—Dec. 31 1,576 103 1,069 1,798 126 792 229 540 5,370 5,069 1 7 56 4. 591 1935—June 29 _ 1,935 133 447 1,983 248 369 354 149 5,924 5,979 4 27 6 567 Dec. 31 2,541 111 1,133 2,338 410 224 323 524 6,479 6,193 4 3 12 591 1936— Mar. 4 2,493 108 2,527 363 140 260 496 6,471 6,398 4 11 586 June 30 2,106 114 2,390 428 215 357 489 6,756 5 10 601 Dec. 31 2,658 133 1,087 2,493 393 225 285 457 7,274 6,929 4 13 679 12 1937—Mar. 31. 2,719 123 853 2,171 419 129 314 354 7,237 7,051 5 14 758 1 June 30 2,749 105 2,014 575 306 368 427 6,934 6,733 12 17 767 CITY OF CHICAGO 6 1929—Dec. 31 169 133 158 310 42 1,041 957 19 7 2 58 332 1933—June 30 & 232 203 61 259 46 87 870 912 6 1 358 1934—Dec. 31 415 207 90 445 46 182 1,073 1,189 1 381 1935—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 96 594 81 217 1,243 1,390 407 June 30 _. 749 195 147 635 102 221 1,444 1,546 444 Dec. 31 558 188 159 599 72 191 1,495 1,554 449 1937—Mar. 31 482 93 114 596 203 1,001 1,128 440 June 30 156 130 536 208 1,409 1,509 452 RESERVE CITY BANKS 1929—Dec. 31. 751 156 947 1,041 1,604 76 423 300 5,547 5,229 30 14 41 371 4,433 292 1933—June 30 &_ 705 122 1,002 401 1,315 312 349 108 3,708 3,764 59 388 208 2,941 16 1934—Dec. 31 1,268 207 1,543 537 1,984 620 585 169 4,919 5,136 117 1 186 206 3,494 1935—June 29 1,403 213 1,607 471 2,145 299 674 140 5,314 5,656 119 1 118 203 3,670 Dec. 31 1, 594 256 1,779 752 2,422 385 707 204 6,001 6,161 134 1 79 266 3,796 1936—Mar. 4 1,794 264 1,910 607 2,594 285 733 151 5,961 6,238 135 1 72 251 3,853 June 30 1,763 289 1,907 763 2,551 513 733 152 6,419 6,541 135 1 65 288 3,960 Dec. 31 2,108 285 1,816 971 2,826 407 843 230 7,023 7,126 137 1 35 203 4,026 1937—Mar. 31 2,108 264 1,545 764 2,546 132 935 155 6,833 7,159 137 2 34 176 4,064 June 30 2,215 212 1,392 2,339 212 163 6,840 7,132 108 2 35 190 4,140 COUNTRY BANKS 1929—Dec. 31 627 321 291 405 39 742 169 5,091 5,711 6 61 133 6,390 367 1933—June 30 B 452 203 702 149 228 116 555 72 2,576 3,054 7 285 86 3,833 167 1934—Dec. 31 822 275 1,296 207 342 178 804 106 3,589 4,292 16 210 84 4,554 13 1935—June 29 920 236 1,406 192 347 90 865 104 3,761 4,538 16 162 76 4,756 Dec. 31 _. 927 305 1,676 235 415 137 901 127 4,254 5,047 16 136 83 4,879 1936—Mar. 4 1,017 268 1,757 187 433 93 965 106 4,252 5,136 17 95 82 4,938 June 30 989 322 1,727 256 410 207 1,008 121 4,567 5,440 16 87 80 5,094 Dec. 31 1,247 319 1,929 316 483 178 1,011 167 5,177 16 69 80 5,275 3 1937—Mar. 31 1,304 321 1,684 242 440 57 1,113 130 5,013 6,012 16 64 79 5,377 11 June 30 1,337 330 1,554 269 409 1,067 139 6,027 15 64 85 5,459 12 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in " Other assets." Since Oct. 25,1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on hand but not in process of collection, amounting on that date to $16,000,000. 3 Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. * Beginning June 1933 figures relate to licensed banks only. • Central reserve city banks. Back figures.—See Annual Report for 1936 (table 54). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1238 FEDERAL RESERVE BULLETIN DECEMBER 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 a n e n t n d a s t s l t s - Total b d i e r n a T o a n k l s o d e e e r - r s s ( s o e ti e x t e O c h c s u e e n t r r p o i s t - ba T n o ks e l R o st a e a n a t l s e p O m a k p p a e e e t r n - r* l O o t a h n e s r i Total U m . e S n t . t i G o o n o b F s v l u i e g l r a l n y - - s O e t c t i u e h r s e i r - w s s R F e e e i e e r r r t a - v d v h l e - e C va a in u sh lt d b a o w B a n t m n i a i c c t l k e e h - s s s curities1 banks)1 Direct guar- banks anteed TOTAL—101 CITIES 1936—October... 22, 566 8,718 1,163 2,025 55 1,142 315 4,018 13, 848 9,310 1,255 3,283 5,276 399 2,385 1937—April 22, 280 9,399 1,276 2,046 78 1,155 396 4,448 12,881 8,447 1,181 3,253 5,340 346 1,967 May 22, 201 9,523 21, 328 2 2,061 120 1,160 2 382 2 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 July 22, 219 9,743 1,375 2,001 124 1,164 463 4,616 12, 476 8,268 1,170 3,038 5,291 312 1,771 August 22, 332 9,929 1,362 2,002 145 1,164 467 4,789 12, 403 8,229 1,160 3,014 5,149 296 1,683 September 22,187 10,026 1,317 2,007 117 1,164 468 4,953 12,161 8,068 1,131 2,962 5,313 305 1, 703 October 21, 889 9,890 1,103 1,996 90 1,168 479 5,054 11,999 7,914 1,132 2,953 5,384 326 1,781 1937—September 15. 22, 232 10,049 1,326 2,003 109 1,164 469 4,978 12,183 8,122 1,128 2,933 5,291 299 1,775 September 22 22,046 10,010 1,276 1,995 102 1,165 470 5,002 12,036 7,930 1,136 2,970 5,440 314 1,746 September 29_____. 22,026 10,004 1,227 2,015 97 1,165 '475 5,025 12,022 7,903 1,131 2,988 5,488 323 1,737 October 6 21, 975 9,972 1,178 2,006 92 1,167 477 5,052 12,003 7,911 1,131 2,961 5,424 307 1,764 October 13 21,999 9,994 1,161 2,008 94 1,167 478 5,086 12,005 7,917 1,133 2,955 5,339 347 1,828 October 20 21, 890 9,913 1,119 1.9S9 93 1,167 482 5.063 11,977 7,896 1,132 2.949 5, 368 318 1,787 October 27 21, 694 9,682 956 1,979 81 1,169 481 5,016 12,012 7,933 1,133 2, 946 5,404 334 1,742 November 3 21, 654 9,625 901 1,981 96 1,169 477 5,001 12,029 7,968 1,137 2,924 5,325 318 1,744 November 10 21, 608 9,600 877 1,980 73 1,169 481 5,020 12,008 7,972 1,128 2,908 5,309 331 1, 755 November 17 21, 530 9,532 865 1,978 65 1,169 485 4,970 11,998 7,974 1,125 2,899 • 5,365 314 1,867 November 24 21, 432 9,479 881 1,965 64 1,168 479 4,922 11, 953 7,966 1,120 2,867 5,394 317 1, 850 NEW YORK CITY 1936—October 8,687 3,379 984 705 24 131 123 1,412 5,308 3,761 461 1,086 2,461 55 74 1937—April 8,385 3,725 1,085 734 48 128 114 1,616 4, 660 3.100 442 1,118 2,562 53 74 May _ 8.335 3,804 2 1,133 2 733 76 129 2 103 4, 531 3,024 435 1,072 2,492 54 70 June 8,491 3,969 1,184 758 88 132 163 1,644 4,522 3,059 437 1,026 2,506 53 66 July __ 8,375 3,975 1,159 754 85 134 161 1,682 4,400 2, 986 441 973 2,486 51 68 August 8, 355 4,021 1,148 739 107 135 162 1,730 4,334 2,944 420 970 2,362 50 66 September 8, 273 4,040 1,108 727 83 134 168 1,820 4,233 2,866 395 972 2, 527 53 66 October _ 8,068 3,881 915 713 62 135 185 1,871 4,187 2,814 390 983 2,597 60 67 1937—September 15 8,285 4,049 1,118 720 77 135 167 1,832 4,236 2,896 398 942 2,475 51 67 September 22 _. 8,165 4,000 1,074 715 68 135 169 1,839 4,165 2,785 391 989 2,644 55 64 September 29 8,166 3,981 1,030 722 64 134 176 1,855 4,185 2,786 388 1,011 2,746 59 66 October 6 _. . 8,132 3,948 982 720 61 135 183 1,867 4,184 2 802 391 991 2,634 55 64 October 13 8,151 3,969 968 720 66 135 183 1,897 4,182 2,806 391 985 2,551 64 67 October 20 8,075 3,903 929 708 66 135 187 1.878 4,172 2.799 389 984 2.578 58 69 October 27 7,914 3,702 779 702 55 134 186 1,846 4,212 2,849 389 974 2,624 62 68 November 3 7,913 3,657 732 711 59 134 182 1,839 4,256 2,907 392 957 2,539 62 68 November 10 7,888 3,628 709 711 37 134 188 1,849 4,260 2,929 382 949 2,499 62 68 November 17___ . 7,867 3, 578 701 711 28 133 190 1,815 4,289 2,958 384 947 2, 551 54 72 November 24 7,833 3, 559 718 705 27 132 190 1,787 4, 274 ,976 378 920 2,569 59 69 OUTSIDE NEW YORK CITY 1936—October 13, 879 5,339 179 1,320 31 1,011 192 2, 606 8,540 5,549 794 2,197 2,815 344 2,311 1937—April . _ 13,895 5,674 191 1,312 30 1,027 282 2,832 8,221 5, 347 739 2,135 2,778 293 1,893 May _ 13, 866 5,719 >195 2 1,328 44 1,031 2 279 2 2, 845 8,147 5,296 728 2,123 2,858 284 1,720 June 13,839 5,728 209 1,248 43 1,035 311 2,882 8,111 5,296 723 2,092 2,826 262 1,695 July 13, 844 5, 768 216 1,247 39 1,030 302 2,934 8,076 5,282 729 2,065 2,805 261 1,703 August... 13, 977 5,908 214 1,263 38 1,029 305 3,059 8,069 5,285 740 2,044 2,787 246 1,617 September 13,914 5,986 209 1,280 34 1,030 300 3,133 7,928 5,202 736 1,990 2,786 252 1,637 October 13, 821 6,009 188 1,283 28 1,033 294 3 183 7,812 5,100 742 1,970 2,787 266 1,714 1937—September 15 13, 947 6,000 208 1,283 32 1,029 302 3,146 7,947 5, 226 730 1,991 2,816 248 1,708 September 22 13, 881 6,010 202 1,280 34 1,030 301 3,163 7,871 5,145 745 1,981 2,796 259 1,682 September 29 13, 860 6,023 197 1,293 33 1,031 299 3,170 7,837 5,117 743 1,977 2,742 264 1,671 October 6. 13, 843 6,024 196 1,286 31 1,032 294 3,185 7,819 5,109 740 1,970 2,790 252 1,700 October 13 13,848 6,025 193 1,288 28 1,032 295 3,189 7,823 5,111 742 1,970 2,788 283 1,761 October 20 13.815 6,010 190 1,281 27 1,032 295 3,185 7, 805 5,097 743 1,965 2,790 260 1,718 October 27 13, 780 5,980 177 1,277 26 1,035 295 3,170 7,800 5,084 744 1,972 2,780 272 1,674 November 3 13, 741 5,968 169 1,270 37 1,035 295 3,162 7,773 5,061 745 1,967 2,786 256 1,676 November 10 13, 720 5,972 168 1, 269 36 1,035 293 3,171 7,748 5,043 746 1,959 2,810 269 1,687 November 17 13, 663 5, 954 164 1,267 37 1,036 295 3,155 7,709 5,016 741 1,952 2,814 260 1,795 November 24 13, 599 5,920 163 1,260 37 1,036 289 3,135 7,679 4,990 742 1,947 2,825 258 1,781 1 Loan classification revised May 19 and beginning with that date figures for the items indicated are not strictly comparable with those formerly published; for explanation of revision see June BULLETIN, pages 530-531. 2 Average of figures for May 5 and 12 only (see note above). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1239 DECEMBER 1937 FEDERAL RESERVE BULLETIN 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 r i c i n e e t e t o i s p d e o p l s o m l n r e a r o o c 1 s 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 e t i a s t l s l - D b o a t I n i m n c k e t s e s r - b F a b o n a r k n e k ig s n G U m o n v e i e t n e r t n d - c C h f e e i e t e c r c . d t k i- s, Other i j d t m u s e D s — a p t e e n o - a d d s d - ' - m b D a I e o n n s - k t t i e s c rb b a e F a n i o n g k r k n - s Other r B i o n o w g r s - - l O i i a t t i b h e i e s l r - c ta C o l u a n p ac t i - - TOTAL—101 CITIES 1 19 9 3 3 7 6 — — J M J A S O A O u u e c u p a c n l p t y g t y r e o t o i u e l b b s m e e t r r ber 1 1 1 1 1 1 1 1 , , , , , , , , 5 3 5 5 4 4 5 4 6 2 6 9 6 8 0 5 8 2 8 7 9 7 3 0 1 1 1 ' 1 1 1 , , , , , , , . 3 2 2 3 2 3 3 , 6 0 7 2 9 3 3 4 9 7 5 8 8 8 2863 3 3 3 3 3 3 3 2 2 2 2 2 2 3 2 , , , , , , , , 0 4 7 2 3 3 6 4 5 1 7 5 6 6 3 6 1 1 4 2 7 2 2 7 4 4 4 4 5 4 5 5 , , , , , , , , 9 8 4 9 9 8 9 0 2 8 5 7 2 8 7 3 4 0 0 6 7 4 8 2 4 4 5 5 5 5 7 6 5 0 7 2 3 7 9 3 9 8 4 6 7 3 2 3 5 5 1 4 0 9 1 5 7 1 6 7 1 3 5 5 8 2 4 4 4 4 4 4 4 5 4 8 0 4 8 6 4 1 8 0 2 6 9 0 1 0 1 1 1 1 1 1 1 1 5 5 5 6 6 6 6 6 , , , , , , , , 0 3 1 3 8 9 8 4 0 9 8 2 7 0 3 2 1 3 0 5 5 0 8 9 1 1 1 1 1 1 1 1 4 5 4 4 5 5 5 4 , , , , , , , , 8 9 2 1 3 9 7 4 4 8 1 5 8 0 5 2 3 3 8 2 4 0 6 0 1 1 1 1 1 1 1 9 1 3 2 0 1 0 0 9 2 0 0 1 2 6 1 2 1 1 1 1 1 4 2 7 8 8 6 8 5 5 5 5 5 5 5 5 , , , , , , , , 2 0 2 1 2 1 2 2 5 7 9 7 8 4 4 3 4 0 4 8 5 5 3 3 3 2 2 1 1 6 0 5 3 5 7 1 1 9 8 8 8 9 9 8 8 0 4 6 6 4 2 1 6 6 0 2 3 3 5 5 3 3 3 3 3 3 3 3 3 , , , , , , , , 5 6 6 6 6 5 5 5 9 0 1 0 1 1 9 8 7 2 2 7 7 7 3 1 1937—September 15__. 1,923 ,272 32, 792 4,993 552 606 658 16,092 14, 827 114 17 5,280 8 864 3,608 September 22__. 1,494 ,278 32,318 4,931 553 630 15,825 14, 788 114 23 5,288 6 879 3,612 September 29__. 1,495 ,285 32, 354 4,887 549 644 15, 921 14,864 111 23 5,290 4 876 3,611 October 6 1,373 ,287 32,130 5,063 523 645 406 15, 595 14, 628 114 22 5,282 3 862 3,615 October 13 1,849 ,304 32, 666 5,030 520 595 429 16, 221 14,801 112 21 5,270 4 849 3,615 October 20 1, 571 1,314 32, 248 4,975 497 508 503 15,857 14, 789 113 20 5,285 7 866 3,617 October 27 1,479 1,311 31, 964 4,836 472 471 456 15, 827 14,804 110 20 5, 274 6 872 3,620 November 3___. 1,607 1,309 31, 957 4,929 457 447 489 15, 728 14,610 111 19 5,278 13 865 3,621 November 10__. 1,499 1,292 31, 794 4,868 428 416 512 15, 644 14, 657 112 20 5,302 2 867 3,623 November 17__. 1,580 1,308 31,964 5,010 414 416 455 15, 737 14, 612 112 19 5,296 4 877 3,624 November 24... 1,360 1,310 31, 663 4,906 402 418 410 15, 615 14, 665 110 18 5,273 3 884 3,624 NEW YORK CITY 1936— October 644 462 12, 383 2,444 427 172 277 6,667 6,301 4 610 351 1,431 1937—April 649 477 12, 200 2,149 436 105 279 6,689 6,319 4 671 395 1,472 May 622 482 12, 055 1,926 490 50 274 6,730 6, 382 6 697 13 394 1,475 June 716 474 12, 306 1,911 540 179 311 6,729 6,324 11 723 21 404 1,477 July 658 455 12,093 1,940 563 233 307 6,404 6,054 14 746 11 400 1,475 August 541 450 11,824 1,863 524 275 241 6,298 5,998 14 726 22 379 1,482 September 722 459 12,100 1,896 516 346 332 6,397 6,007 14 726 6 390 1.477 October 675 459 11, 926 1,941 466 303 287 6,324 5,936 18 728 1 380 1,478 1937—September 15... 955 453 12, 286 1,944 511 346 463 6,420 5,928 13 722 5 388 1,474 September 22__. 663 459 12,050 1,935 511 352 267 6,361 5,965 20 727 403 1,474 September 29... 671 454 12,162 1,920 507 352 277 6,479 6,085 19 734 401 1,473 October 6 572 457 11,914 1,989 486 353 251 6,229 5,908 19 725 384 1,478 October 13 750 460 12,043 1,944 482 325 269 6,429 5,948 18 720 1 377 1,478 October 20 694 463 11,937 1,942 459 279 329 6,312 5,947 17 734 3 384 1,478 October 27 683 458 11,809 1,887 436 257 300 6,324 5,941 17 734 375 1,479 November 3 786 462 11,830 1,954 421 245 332 6,266 5,812 16 736 6 374 1,480 November 10—. 712 482 11,711 1,895 393 228 317 6,245 5,850 16 759 377 1,481 November 17__. 701 485 11, 730 1,959 380 228 302 6,232 5.833 15 751 383 1,480 November 24... 582 483 11, 595 1,952 367 228 254 6,169 5,841 15 742 388 1,480 OUTSIDE NEW YORK CITY 1936—October 843 21,028 3,506 621 169 9,526 8,851 130 4,460 1 489 2,086 1937—April 854 20, 674 3, 275 207 181 9,636 8,964 120 2 4,474 3 530 2,109 May 828 856 20,412 3,106 151 167 9,699 9,038 106 2 4,497 7 521 2,118 June 853 851 20, 326 3,016 199 178 9,651 8,976 101 1 4,510 4 502 2,125 July 839 822 20, 274 3,044 214 173 9,597 101 3 4,508 6 463 2,122 August ___. 781 20, 227 3,017 240 161 9,540 8,920 99 4 4,519 14 464 2,125 September 846 20,262 2,982 270 178 9,503 8,836 112 4 4,557 5 473 2,135 October 845 20, 326 3,035 252 161 9,551 112 3 4,550 4 482 2,139 1937—September 15... 968 819 20, 506 3,049 260 195 9,672 8,895 114 4 4, 558 3 476 2,134 September 22... 831 819 20, 268 2,996 278 190 9,464 8,823 114 3 4,561 6 476 2,138 September 29... 824 20,192 2,967 292 161 9,442 8,779 111 4 4,556 4 475 2,138 October 6 801 20, 216 3,074 292 155 9,366 8,720 114 3 4, 557 3 478 2,137 October 13 1,099 844 20, 623 3,086 270 160 9,792 8,853 112 3 4,550 3 472 2,137 October 20. 877 851 20,311 3,033 229 174 9, 545 8,842 113 3 4, 551 4 482 2,139 October 27 796 853 20,155 2,949 214 156 9,503 8,863 110 3 4,540 6 497 2,141 November 3 821 847 20,127 2,975 202 157 9,462 8,798 111 3 4,542 7 491 2,141 November 10... 787 810 20, 083 2,973 188 195 9,399 8,807 112 4 4,543 2 490 2,142 November 17— 879 20, 234 3,051 188 153 9,505 8,779 112 4 4, 545 4 494 2,144 November 24... 778 20,068 2,954 190 156 9,446 8,824 110 3 4,531 3 496 2,144 1 Does not include cash items in process of collection reported in balances with domestic banks. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1240 FEDERAL RESERVE BULLETIN DECEMBER 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i 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 i l a i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Y N o e r w k Ch g i o ca- ASSETS Loans and investments— total: Oct. 27 21 694 1 283 8 790 1 146 1 877 647 553 2.992 657 403 704 514 2,128 7,914 1,931 Nov. 3 21, 654 1,273 8,780 1,147 1,865 631 555 2,993 659 405 701 515 2,130 7,913 1,936 Nov. 10 21, 608 1,255 8,754 1,142 1,857 646 553 3,001 659 401 698 516 2,126 7,888 1,949 Nov. 17 21 530 1 243 8 733 1 139 1 857 621 554 2,995 660 397 696 514 2,121 7, 867 1,945 Nov. 24 21, 432 1,238 8,699 1,135 1,850 620 554 2,979 658 394 687 507 2,111 7,833 1,931 Loans—total: Oct. 27 9,682 702 4,155 464 730 253 283 1,010 316 187 287 248 1,047 3,702 676 Nov. 3 9,625 694 4,102 466 719 253 284 1,010 321 191 288 249 1.048 3, 657 677 Nov. 10 -__ 9,600 689 4,074 465 716 252 286 1,016 322 191 289 252 1,048 3,628 681 Nov. 17 9 532 682 4 021 462 715 254 288 1,010 324 190 287 252 1,047 3,578 677 Nov. 24 _ . 9,479 674 4,002 462 711 253 290 999 323 187 283 250 1,045 3,559 668 Commercial, industrial, and agricultural loans: On securities: Oct. 27 _ . 593 38 253 44 44 15 12 53 52 11 18 13 40 235 34 Nov 3 590 35 253 45 44 15 12 52 52 11 18 13 40 237 34 Nov. 10 _ _ 588 35 251 45 44 15 12 52 52 11 18 13 40 235 34 Nov. 17 589 35 254 44 44 15 12 52 51 11 18 13 40 239 33 Nov. 24 585 35 252 44 44 15 12 51 50 11 18 13 40 237 32 Otherwise secured and unsecured: Oct. 27 4,187 296 1,777 173 262 99 134 568 144 90 161 144 339 1,649 424 Nov. 3 4 171 290 1 770 173 254 100 134 570 143 90 162 144 341' 1,644 424 Nov. 10. . 4,192 289 1,779 173 254 99 136 575 146 90 164 146 341 1,653 428 Nov. 17 4,149 285 1,745 171 251 98 143 571 148 89 163 146 339 1,621 425 Nov. 24 4,098 280 1,718 168 247 98 143 564 146 87 160 148 339 1,594 419 Open market paper: Oct 27 481 86 198 23 19 14 4 54 11 25 4 36 186 30 Nov. 3 477 88 194 23 18 14 4 53 11 7 24 4 37 182 30 Nov 10 481 89 199 22 17 14 4 54 10 7 24 4 37 188 31 Nov. 17 485 88 202 22 18 15 4 54 10 24 4 37 190 31 Nov. 24 479 85 202 23 18 15 4 52 10 7 24 3 36 190 30 Loans to brokers and dealers: Oct. 27 956 35 790 19 24 4 7 48 5 1 4 3 16 779 40 Nov. 3 901 32 741 19 23 3 7 47 5 1 4 3 16 732 39 Nov. 10_ 877 32 718 19 22 3 7 46 5 1 4 3 17 709 38 Nov. 17 865 31 710 19 22 3 44 5 1 4 3 16 701 37 Othe N r o lo v a . n 2 s 4 for purchasing or 881 30 727 19 22 3 6 44 5 1 4 3 17 718 37 carrying securities: Oct. 27 660 35 316 37 40 19 90 13 9 14 16 56 238 75 Nov. 3 660 35 315 37 40 19 1155 90 13 9 14 16 57 238 76 Nov. 10 659 35 314 37 40 19 15 90 13 9 14 16 57 237 76 Nov. 17 658 35 313 36 40 19 15 91 13 9 14 16 57 236 77 Nov. 24 . . 651 35 310 36 39 19 15 91 13 9 13 14 57 233 77 Real estate loans: Oct. 27 1 169 84 242 60 176 30 27 86 46 6 20 21 371 134 14 Nov. 3 1,169 84 242 60 176 29 27 86 46 6 21 21 371 134 14 Nov. 10 1,169 84 242 60 176 29 27 86 46 6 21 21 371 134 14 Nov. 17 1 169 84 241 60 176 30 27 86 46 6 20 21 372 133 14 Nov. 24 1,168 84 240 60 176 30 27 86 47 6 20 21 371 132 13 Loans to banks: Oct 27 81 4 55 2 3 1 2 5 6 1 2 55 2 Nov. 3 96 6 59 2 5 2 2 6 9 1 1 3 59 2 Nov. 10 . . .. 73 6 38 2 3 2 3 6 8 1 1 3 37 2 Nov. 17 65 29 2 4 3 2 5 9 1 1 3 28 2 Nov. 24 64 6 27 2 3 3 3 6 9 1 1 3 27 2 Other loans: On securities: Oct. 27 726 65 262 48 120 30 26 46 11 10 15 10 83 229 21 Nov. 3 '731 65 268 49 118 30 26 '46 12 13 15 10 79 236 22 Nov. 10 733 64 271 49 119 30 25 47 12 13 15 10 78 239 22 Nov. 17 731 64 268 49 119 30 25 47 12 13 15 11 78 236 22 Nov. 24 729 64 267 50 119 30 26 46 12 12 15 10 78 235 22 Otherwise secured and unsecured: Oct. 27 . . 829 59 262 58 42 41 56 60 28 53 29 37 104 197 36 Nov. 3 '830 59 260 58 41 41 57 '60 30 54 29 37 104 195 36 Nov. 10 828 55 262 58 41 41 57 60 30 54 28 38 104 196 36 Nov. 17 821 54 259 59 41 41 53 60 30 54 28 37 105 194 36 Nov. 24 824 55 259 60 43 40 54 59 31 54 28 37 104 193 36 U. S. Government direct obligations: Oct. 27 _. 7,933 424 3,060 316 823 289 163 1,397 194 159 249 185 674 2,849 898 Nov. 3 7,968 425 3,118 316 823 272 157 1,402 193 157 247 185 673 2,907 904 Nov. 10- 7,972 415 3,139 314 818 284 155 1,405 193 153 244 185 667 2,929 912 Nov. 17_ _. 7,974 412 3,171 314 819 262 154 1,405 193 150 244 185 665 2,958 912 Nov. 24 7,966 414 3,190 312 817 260 151 1,399 194 150 240 181 658 2,976 907 Obligations fully guaranteed by U. S. Government: Oct. 27 1,133 23 434 96 60 40 34 189 47 13 49 30 118 389 100 Nov. 3 1,137 23 437 96 60 41 35 188 47 13 49 30 118 392 100 Nov. 10 1,128 23 427 94 61 46 34 188 47 13 49 28 118 382 10C Nov. 17 . _ _ 1,125 23 429 94 61 41 34 188 47 14 49 27 118 384 100 Nov. 24 1,120 23 423 93 61 43 35 189 46 14 48 27 118 378 100 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1241 DECEMBER 1937 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued [In millions of dollars] Federal Reserve District City Total B to os n - Y N o e r w k P p d h h e i i l l a a - - - C la le n v d e- m Ri o c n h d - At t l a an- C g h o ica- L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Y N o e r w k C g h o ica- ASSETS—continued Other securities: Oct. 27 2,946 134 1,141 270 264 396 100 119 289 974 257 Nov. 3 2,924 131 1,123 269 263 393 117 291 957 255 Nov. 10 2,908 128 1,114 269 262 392 116 293 949 256 Nov. 17 2,899 126 1,112 269 262 392 116 291 947 256 Nov. 24 2,867 127 1,084 268 261 392 116 290 920 256 Reserve with Federal Reserve bank: Oct. 27 5,404 251 2,732 228 332 129 100 816 139 167 116 2,624 608 Nov. 3 5,325 263 2,662 226 332 132 101 802 137 167 115 312 2,539 589 Nov. 10 5,309 265 2,662 234 325 129 104 780 139 167 110 315 2,499 576 Nov. 17 5,365 273 2,670 228 330 139 102 795 137 168 112 334 2,551 588 Nov. 24 5,394 283 2,682 227 330 134 104 804 139 170 115 330 2,569 600 Cash in vault: Oct. 27 334 38 80 18 40 19 12 64 12 13 11 21 62 30 Nov. 3 318 37 80 17 39 18 11 61 10 11 10 19 62 29 Nov. 10 331 37 19 39 20 11 64 11 12 11 21 62 28 Nov. 17 314 37 18 39 19 11 61 11 12 10 20 54 29 Nov. 24 317 36 18 37 20 11 60 11 12 11 20 59 29 Balances with domestic banks: Oct. 27 1,742 100 132 127 176 127 104 303 174 151 195 68 145 Nov. 3 1,744 108 143 127 180 145 96 295 171 139 182 146 Nov. 10 1,755 105 147 126 169 131 100 296 179 143 190 146 Nov. 17 1,867 109 147 135 183 145 100 302 206 162 201 72 151 Nov. 24 1,850 110 142 127 174 143 320 199 163 203 160 Other assets: Oct. 27 1,311 80 568 107 37 92 23 29 207 458 61 Nov. 3 1,309 576 105 38 92 23 29 201 462 61 Nov. 10 1,292 554 105 41 92 23 29 201 482 61 Nov. 17 1,308 568 106 37 92 23 29 205 485 61 Nov. 24 1,310 80 570 107 39 94 23 29 202 483 61 LIABILITIES Demand deposits—adjusted: Oct. 27 14, 804 6,487 1,087 420 332 2,241 404 263 484 397 913 5,941 1,492 Nov. 3 14,610 6,377 1,076 417 325 2,206 402 265 476 391 898 5,812 1,475 Nov. 10 14, 657 976 6,418 1,056 421 327 2,200 405 269 483 391 910 5,850 1,474 Nov. 17 14, 612 976 6,359 796 1,071 413 323 2,190 403 487 402 923 5,833 1,467 Nov. 24 14, 665 985 6,368 796 1,064 418 329 2,214 408 494 404 917 5,841 1,485 Time deposits: Oct. 27 5,274 1,143 746 197 185 867 184 122 147 126 997 734 452 Nov. 3 5,278 272 1,146 744 198 186 869 184 122 147 126 998 736 452 Nov. 10 5,302 1,170 287 745 198 185 870 183 122 147 126 997 759 453 Nov. 17 5,296 1,161 286 744 198 186 871 184 122 147 127 998 751 453 Nov. 24 5,273 272 1,152 279 743 197 185 871 184 122 146 127 995 742 453 U. S. Government deposits: Oct. 27 471 24 265 11 7 12 66 5 2 11 17 41 257 49 Nov. 3 447 21 252 10 7 11 64 5 2 11 16 39 245 47 Nov. 10 416 18 235 11 61 4 2 10 16 36 228 45 Nov. 17 416 18 235 10 61 4 2 10 16 37 228 45 Nov. 24 418 18 235 11 61 4 2 11 16 37 228 45 Interbank deposits: Domestic banks: Oct. 27 4,946 199 1,952 261 319 214 183 230 113 344 192 243 1,887 513 Nov. 3 5,040 207 2,020 265 323 222 183 706 235 114 344 186 235 1,954 517 Nov. 10 4,980 206 1,959 259 318 222 186 704 237 118 344 186 241 1,895 517 Nov. 17 5,122 206 2,026 265 321 223 189 725 239 117 366 193 252 1,959 538 Nov. 24 5,016 200 2,015 258 313 214 181 713 232 112 345 188 1,952 528 Foreign banks: Oct. 27 492 455 3 1 1 7 1 453 Nov. 3 476 439 3 1 1 7 1 437 Nov. 10 448 410 3 1 1 7 1 409 Nov. 17 433 397 3 1 1 7 1 395 Nov. 24 420 384 3 1 1 7 1 382 Borrowings: Oct. 27 3 1 1 Nov. 3 13 2 1 1 Nov. 10 2 1 Nov. 17 4 2 Nov. 24 3 2 Other liabilities: Oct. 27 872 25 388 24 19 6 22 333 375 18 Nov. 3 865 25 387 23 16 7 22 331 374 18 Nov. 10 867 25 390 23 17 7 23 326 377 19 Nov. 17 877 26 396 23 19 23 329 383 19 Nov. 24 884 26 401 24 19 23 329 18 Capital account: Oct. 27 3,620 237 1,612 227 349 367 328 1,479 245 Nov. 3 3,621 237 1,614 227 349 89 368 89 327 1,480 246 Nov. 10 3,623 237 1,615 227 349 368 328 1,481 246 Nov. 17 3,624 237 1,614 227 349 368 328 1,480 246 Nov. 24 . . 3,624 237 1,614 227 349 89 368 329 1,480 246 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1242 FEDERAL RESERVE BULLETIN DECEMBER 1937 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 r s al "Raop/1 sto B re a d se i d n o o n r s g h o i o p d p s ed st o a u n t d - - st o a u n t d - - For ac- Held on o B n a s e e x d - Dollar between points in ing* ing Total O bi w ll n s bo B u il g ls ht o c w o F n u o n r a t c- c f s o c o p o u r o e r n n i r g t e d n o - - f ot b h y ers U p i o n . t r o S ts . p U fr o o .S r m t . s ch e a x n - ge U. S. F c o o r u ei n g - n ents tries 1936—August 205 308 279 140 139 29 104 63 2 60 79 September 197 315 276 139 137 39 107 64 2 66 76 October 199 330 296 150 147 34 110 67 2 75 77 November _ 191 349 309 157 152 40 112 77 1 83 76 December 215 373 315 151 164 57 126 86 2 83 76 1937—January 244 387 325 154 171 62 141 83 2 84 77 February 268 401 340 160 180 61 158 85 2 79 77 March 290 396 316 150 166 (2) 80 160 84 2 76 76 April . 285 395 318 147 171 1 1 76 167 83 1 68 76 May 287 386 295 137 159 3 2 86 168 81 1 62 75 June _ 285 364 273 130 143 1 4 87 157 77 1 55 74 July 325 352 265 144 121 (2) 3 83 143 71 2 65 71 August 329 344 263 143 120 2 79 133 71 2 68 69 September 331 344 274 147 127 1 69 127 77 1 73 66 October 323 346 282 153 129 2 62 127 82 1 75 62 i As reported by dealers; includes some finance company paper sold in open market. « Less than $500,000. Back figures.—SeeA nnual Report for 1936 (table 66), 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 2 Free O (n th et e ) r m in e v n e t s a t n - dm i e n n v t e a st n - d a c c a c p o i u t n al ts trading trading (net) accounts accounts 1935—September 1,098 65 119 182 771 257 89 23 12 396 December 1,258 75 135 179 930 286 79 24 10 410 1936—March 1,351 67 168 181 995 303 89 23 15 429 June 1,267 67 164 219 985 276 86 24 14 420 September 1,317 72 141 227 995 289 99 24 14 423 October 1,333 69 151 235 989 318 99 25 17 428 November 1,364 65 150 260 986 346 110 24 17 435 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—January 1,433 62 162 243 1,028 372 118 32 19 428 February.. 1,482 61 188 230 1,084 366 116 32 25 418 March 1,549 61 175 223 1,172 346 115 29 18 419 April 1,559 58 163 227 1,215 314 111 29 18 417 May 1,503 56 149 209 1,188 284 101 24 12 408 June _ 1,489 55 161 214 1,217 266 92 25 13 397 July 1,493 56 157 206 1,213 265 96 25 13 397 August 1,509 54 149 202 1,233 252 92 26 13 391 September.. . 1,363 48 128 239 1,088 256 96 26 12 385 October 1,053 40 135 263 781 272 107 24 12 383 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. * Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1243 DECEMBEE 1937 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Advances secured by d R e e r d s i e s e c s o . u 1 n 3 ts a n a d n d 1 3 a a d v o a f n t c h e e s F u e n d - - A 10 d v (b a ) n c o e f s t h u e n d F e e r d s e e r c a . l d t i h re e c t U o n b it l e ig d a t S io ta n t s e s of eral Reserve Act i Reserve Act sec. 13 of the Federal Federal Reserve Bank Reserve Act) N R ov a . t e 30 be In gi n e n f i f n ec g t — v P r i a r o t e u e - s N R ov a . t e 30 be I g n in ef n fe in ct g- N R ov a . t e 30 be I g n i n e n ff i e n c g t - Boston V/2 Sept. 2, 1937 Sept.2, 1937 Oct.20, 1933 New York Aug. 27, 1937 Oct. 10, 1935 Feb. 8, 1934 Philadelphia.. Sept. 4, 1937 Sept.4, 1937 Oct.20, 1933 Cleveland May 11, 1935 Oct. 19, 1935 May 11, 1935 Richmond Aug. 27, 1937 Sept.10, 1937 Feb.19, 1934 Atlanta Aug. 21, 1937 Aug.21, 1937 4 Mar.17, 1934 Chicago Aug. 21, 1937 Aug.21, 1937 4 Oct.16, 1933 St. Louis Sept. 2, 1937 Sept.2, 1937 4 Feb.23, 1935 Minneapolis.. Aug. 24, 1937 Aug.24, 1937 4K Apr.15, 1933 Kansas City.. Sept. 3, 1937 Sept.3, 1937 May 10, 1935 Dallas Aug. 31, 1937 Aug.31, 1937 Wi Mar.12, 1934 San Francisco Sept. 3, 1937 Sept.17, 1937 4 Oct.19, 1933 i Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures.—See Annual Report for 1936 (table 40). FEDERAL RESERVE BANK FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES [Percent per annum] Rates in effect Nov. 30, 1937, on advances and commitments under Sec. 13(b) of the Federal Reserve Act as amended June 19, 1934. [Percent per annum except as otherwise specified] Maturity e N R ff o a e v c te t . 3 i o n 0 n In g i e n f n fe in c g t — be- Pre ra v t i e ous A i d ng v a i n n c s e t s it u to ti o fi n n s a — nc- Advances direct to Commit- 1-15 days i.. Oct. 20, 1933 Federal Reserve Bank industrial On por- ments 16-30 days... .—.do or com- tion for to make 31-45 days... do mercial or- which On re- advances 4 6 6 1 - - 6 9 0 0 d d a a y y s s — — d d o o ganizations i t n io st n i tu is - m po a r in ti i o n n g 91-120 days.. ____do obligated 121-180 days. do 1 This rate also applies to acceptances bought under repurchase agree- N Bo ew st o Y n ork 3H 4 - - 6 6 4-5 1-2 ments, which agreements are always for a period of 15 days or less. Philadelphia- 4-6 (2) NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland 4^-6 4 New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. A Ch tl i a c n ag ta o 5-6 5 5-6 5 y* Back figures.—See Annual Report for 1936 (table 41). St. Louis 1-2 Minneapolis- Kansas City.. 4-6 H-2 Dallas 5-6 4 5-6 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 Maximum rates that may be paid by member banks as established by 1 Authorized rate 1 percent above prevailing discount rate. the Board of Governors under provisions of Regulation Q. 2 Same as to borrower but not less than 4 percent. 3 Flat charge. [Percent per annum] Back figures.—See Annual Report for 1936 (table 40). MEMBER BANK RESERVE REQUIREMENTS Nov. 1, 1933 Feb. 1, 1935 In effect to to beginning [Percent of deposits] Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 June 21, Aug. 16, Mar. 1, S P O a o t v h s i t e n a r l g s S t i a d m v e e i p n o g d s s i e t p d s o ep si o ts s its pay- Clas a s n es d o b f a d n e k p s osits A 1 u 1 9 g 9 1 . 3 7 6 1 - 5, Fe 1 1 b 9 9 . 3 3 6 2 7 - 8, A 1 p 1 9 r 9 3 . 3 7 3 7 - 0 , ! a M nd 1 a 9 3 y a 7 f , t 1 e , r able in: 9 6 0 m d o a n y t s h t s o o 6 r m m o o n re ths On net demand deposits:1 Less than 90 days Central reserve city 13 193^ 22^i 26 Reserve city 10 15 17H 20 Country. . 7 10H 12M 14 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 in effect for mem- All member banks 3 4H 6 ber banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by 1 See footnote to table on page 1232 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

1244 FEDERAL RESERVE BULLETIN DECEMBER 1937 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [ Percentper annum] [Weighted averages of prevailing rates; percent per annum] Prevailing rate on— Average rate on— 1929 1930 1931 1932 1933 1934 1935 1936 1937 Averu. s.Preas- age New York City: Year, Prime Stock- Stock ury bills vield on January 5.74 5.64 4.24 4.71 4.12 3.58 2.83 2.64 2.50 month or Prime bank- ex- ex- - u. s. February 5.73 5.35 4.31 4.71 4.11 3.43 2.90 2.56 2.41 week com- ers' change change Treas- March. _ 5.81 5.22 4.20 4.72 4.88 3.31 2.64 2.61 2.50 mercial accept- time call New 91- ury April 5.85 4.91 4.17 4. 4.33 3.39 2.61 2.54 2.53 paper. ances, loans, loan issues dav 3-5 year May 5.88 4.74 4.11 4.55 4.24 3.42 2.69 2.51 2.44 4 to 6 90 90 re- of- deal- notes June 5.93 4.59 4.13 4.61 4.10 3.30 2.66 2.44 2.34 months days days new- fered ers' July 5.88 4.48 4.05 4.42 3.93 3.30 2.61 2.44 2.36 als within quo- August 6.05 4.41 3.97 4.45 3.97 3.33 2.67 2.42 2.41 period1 tation September 6.06 4.29 3.93 4.30 3.79 3.26 2.72 2.40 2.39 October 6.08 4.26 4.27 4.35 3.76 3.28 2.72 2.46 2.38 November. 5.86 4.17 4.67 4.12 3.52 3.22 2.77 2.43 2.45 1934 average.._ 1.02 .25 .90 1.00 .26 .28 2.11 December 5.74 4.16 4.64 4.22 3.48 3.18 2.61 2.43 1935 average-.- .76 .13 .56 .56 . 14 .17 1. 28 1936 average--. . 75 .15 1.16 .91 .14 .17 1.11 Year 5.88 4.e 4.22 4.49 4.02 3.33 2.70 8 other northern and 1936—Sept ¥ 3/16 1M 1.00 .16 .16 1.09 eastern cities: Oct Vie IV 1.00 .13 . 13 1. 12 January 5.87 5. 4.61 5.07 4.89 4.65 4.08 3.62 3.36 Nov H 3/l6 1.00 .10 .11 .99 February 5.86 5.66 4.63 5.13 4.84 4.49 4.02 3.63 3.43 Dec. '/A Vie i£ 1.00 .21 .12 1.04 March. 5.91 5.47 4.62 5.14 5.39 4.52 4.05 3.60 3.34 1937—Jan. 3' 3 / _y IV 1.00 .36 .22 1.18 A M p a r y il 6 6 . . 0 0 0 9 5 5. . 1 2 3 2 4 4 . . 5 5 7 5 5 5 . . 1 1 0 4 4 5 . . 9 0 9 9 4 4 . . 3 5 9 2 3 3. . 8 9 8 9 3 3 . . 4 4 7 5 3 3 . . 3 4 6 5 Feb. .... 3.-' 5 /.g 1.00 .38 .25 1.22 June 6.02 5.06 4.49 5.13 4.97 4.30 3.78 3.51 3.32 Mar 3A-1 5/l6-9/l6 IV 1.00 .58 .42 1.42 July 6.08 4.81 4.48 5.05 4.82 4.15 3.87 3.61 3.32 Apr 1 9/.6 iy 1.00 .70 .60 1.59 August 6.11 4.79 4.47 5.12 4.68 4.12 3.79 3.47 3.29 May 1 }/%—9 /l6 IV 1.00 .65 .57 1.48 September. 6.24 4.74 4.48 5.03 4.65 4.11 3.75 3.45 3.33 June 1 7/16_ y^ IV 1.00 .58 .41 1.54 October 6.25 4.75 4.62 4. 4.51 4.13 3.75 3.50 3.37 July 1 7/jg IV 1.00 .49 .34 1.44 November 6.12 4. 4.87 4.54 4. 3.63 3.47 3.42 Aug. 1 Vie IV 1.00 52 .34 1. 45 December 5.94 4.68 4.59 3.98 3.67 3.46 Sept 1 7<'l6 IV 1.00 .53 .37 1.50 Oct 1 Vie 13- 1.00 2 .41 .26 1.42 Year 6.04 5.07 5.05 4.83 4.29 3.86 3.52 27 southern and Week ending: western cities: Oct. 16 1 7/!6 1.00 .36 . 27 1.42 January 5.94 6.12 5.50 5.61 5.60 5.40 4.95 4.47 4.16 Oct. 23 1 Vie IV 1.00 .26 . 27 1.46 February 5.96 6.05 5.43 5.61 5.56 5.39 4.84 4.51 4.15 Oct. 30 1 Vie 13- 1.00 .23 .24 1.41 March 6.04 5 5.40 5.64 5.66 5.40 4.85 4.44 4.15 Nov. 6 1 Vie IV 1.00 .20 .20 1.34 April 6.07 5.86 5.36 5.63 5.68 5.34 4.80 4.40 4.21 Nov. 13_._- 1 V.e IV 1.00 .14 .16 1.32 May 6 10 5.75 5.26 5.64 5.66 5.28 4.79 4.43 4.17 Nov. 20- 1 Vie IV 1.00 .12 .12 1.^8 June 6.16 5. 5.34 5.62 5.62 5.19 4.76 4.39 4.18 July 6.17 5.63 5.30 5.63 5.54 5.07 4.58 4.35 4.19 August 6.22 5.58 5.28 5.68 5.53 5.05 4.63 4.25 4.18 1 Series comprises 91-day bills until February 23, 1934, 182-day bills September 6.27 5.55 5.32 5.63 5.55 5.04 4.51 4.29 4.18 from March 2, 1934, to February 23, 1935, 273-day bills from March 1, October 6.29 5.54 5.38 5.56 5.50 5.05 4.55 4.23 4.16 1935, to October 15, 1937, and thereafter bills maturing about March 16, November 6.29 5.50 5.53 5.55 5.42 4.93 4.51 4.24 4.17 1938. December 6.20 5.43 5.56 5.60 5.43 4.92 4.55 4.14 * Average of 3 issues of 273-day bills. Back figures.—See Annual Report for 1936 (tables 42 and 43). Figures Year 6.14 5.72 5.39 5.62 5.56 5.17 4. 4.35 for 91-day Treasury bills available on request. BOND YIELDS1 [Percent per annum] Corporate4 Year, month, or week T U u r r . e y a 8 s 3 . - M ip u a n l i 3 c- Total By ratings Indus- By R g a r i o l u - ps Public Aaa Aa Baa trial road utility Number of issues.. 15 120 30 30 30 30 40 40 40 ..^ 1934 average 3.10 4.03 4.96 4.00 4.44 5.08 6.32 4.52 4.96 5.40 1935 average— 2.70 3.41 4.46 3.60 3.95 4.55 5.75 4.02 4.95 4.43 1936 average 2.47 3.07 3 87 3.24 3.47 4.02 4.77 3.50 4.24 3.88 1936—October 2.42 2.94 3.75 3.18 3.38 3.90 4.54 3.42 4.02 3.80 November.. 2.29 2.85 3.71 3.15 3 31 3.85 4.52 3.38 4.00 3.74 December.. 2.27 2.76 3.67 3.10 3.28 3.78 4.53 3.37 3.96 3.69 1937—January 2.29 2.79 3 66 3.09 3.30 3.76 4.50 3.36 3.95 3.68 February.._ 2.31 2.96 3 75 3.22 3.41 3.85 4.54 3.46 4.04 3.76 March. 2.50 3.19 3.87 3.32 3.50 3.98 4.69 3.55 4.17 3.90 April 2.74 3.24 3.98 3.42 3.58 4.05 4.86 3.65 4.29 3.99 May _- 2.67 3. 14 3 92 3.33 3.49 3.99 4.87 3.55 4.27 3.95 June — 2.64 3.11 3.93 3.28 3.45 3.99 4.97 3.51 4.29 3.97 July 2.59 3.07 3.91 3.26 3.44 3.97 4.97 3.50 4.31 3.92 August 2.59 3.01 3.92 3.25 3.45 3.98 5.01 3.47 4.40 3.89 September- 2.67 3.18 4.04 3.29 3.51 4.07 5.27 3.54 4.60 3.97 October 2.65 3.24 4.20 3.29 3.60 4.23 5.67 3.64 4.88 4.08 Week ending: Oct. 30 2.65 3.23 4.24 3.28 3.62 4.26 5.78 3.63 5.01 4.08 Nov. 6 2.62 3.19 4.23 3.25 3.59 4.26 5.82 3.60 5.05 4.05 Nov. 13 2.63 3.17 4.28 3.26 3.61 4.31 5.95 3.63 5.16 4.06 Nov. 20 2.59 3.15 4.28 3.26 3.60 4.30 5.94 3.63 5.16 4.05 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 8 years. 3 Standard Statistics Co., revised series. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, less than 40 industrial bonds are included; the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4. Back figures—See Annual Report for 1936 (table 74). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1245 DECEMBER 1937 FEDERAL RESERVE BULLETIN BOND PRICES * STOCK MARKET Corporate3 Stock prices* Year, month, or date T U r . e a S s . - M i u p n a i l c- Volury* Total In tr d ia u l s- R ro a a i d l- Utility Year, d m a o te nth, or Common (index, 1926=100) u t m ra e d - of Pre- Number of issues 7-12 15 60 20 20 20 ferred2 Total In tr d i u al s- R ro a a i d l- Utility 1934 average 103.5 96.1 84.5 81.9 83.8 87.8 1935 average 106.0 105.3 88.6 88.2 79.4 98.2 Number of issues.__ 20 420 348 32 40 1936 average 107.0 110.8 97.5 92.2 94.7 105.4 1934 average . 120.7 72 81 42 69 1,204 1936— October 106.9 113.1 99.6 93.1 99.7 106.0 1935 average 133.8 78 91 34 71 1,411 November 108.2 114.6 99.8 94.2 99.2 106.0 1936 average 138.9 111 127 51 104 1,824 December 108.0 116.3 99.9 94.5 99.6 105.6 1937—January 107.3 115.8 100.3 94.8 100.6 105.7 1936— October 138.3 119 136 58 109 1,913 February 107.2 112.7 100.0 94.7 100.2 105.1 November. __ 139.0 124 144 58 109 2,575 March... 105.2 108.9 98.5 93.5 98.3 103.6 December 140.1 123 143 54 111 2,095 April 102.6 108.0 96.6 92.0 95.3 102.4 1937—January 141.8 126 147 56 114 2,667 May 103.3 109.6 96.2 91.9 95.0 101.8 February 141.2 130 152 58 111 2,564 June 103.5 110.1 95.0 91.2 93.2 100.6 March 138.0 130 153 63 106 2,133 July. 104. 3 110.8 95.3 91.4 93.2 101.2 April 136.0 125 147 60 101 1,466 August 104.0 111.8 94.8 91.9 91.0 101.4 May. 135.4 116 137 57 94 859 September 103.3 109.0 91.3 90.0 85.6 98.4 June 135.2 114 134 54 91 697 October _____ 103.5 108. 1 86.4 85.5 78.4 95.2 July 135. 7 118 139 52 96 917 August 137.2 121 144 51 97 729 Oct. 27 103.6 108.1 84.4 84.2 74.6 94.3 September.-. 136.4 106 126 43 89 1,498 Nov. 3 103.8 108.8 84.8 84.8 74.4 95.3 October 133.5 91 107 35 81 2,324 Nov. 10 ___ __ 103.7 109.1 84.1 83.3 73.2 95.7 •1 Nov. 17 104.0 109.4 83.9 83.5 72.9 95.4 Oct. 27 132.2 86 101 33 78 2,075 Nov. 3 132.3 8,5 99 32 78 1,420 Nov. 10 132.7 83 97 32 79 1,532 1 Monthly data are averages of daily figures except for municipal bonds, Nov. 17 132.4 84 97 32 81 1,388 which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 8 years, based on quotations from Treasury Department. 1 Standard Statistics Co. Monthly data are averages of Wednesday 3 Prices derived from average yields, as computed by Standard Sta- figures. tistics Co. Municipal series revised back to 1934. 2 Average prices of industrial high-grade, derived from yields. Back figures—See Annual Report for 1936 (table 73); for U. S. Treas- 3 Average daily volume of trading in stocks on the New York Stock ury bonds, see BULLETIN for May 1936, p. 317. Exchange, in thousands of shares. Weekly figures are averages for the week ending Saturday. Back figures.—For stock prices, see Annual Report for 1936 (table 73). CAPITAL ISSUES [In millions of dollars] For new capital For refunding T (n o e t w al Domestic Domestic Year or Total Total month f i u a n r n n e g d - d ) - m a ( f e d o n s o r d - t - ic Total S m a t n a u d t - e F e e ra d l - Co B rp o o n r d a s te e F i o gn r- i m a ( f e d o n s o r d - t - ic Total S m a t n a u d t - e F e e ra d l - C B o o rp n o d r s ate e F ig o n r- 1 eign) nici- agen- Total and Stocks eign) nici- agen- Total and Stocks pal cies » notes pal cies* notes 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 30 1930 7,619 6,909 6,004 1,434 87 4,483 2,980 1,503 905 709 527 53 0 474 451 23 182 1931 4,038 3,089 2,860 1,235 75 1,551 1,239 311 229 949 893 21 51 821 789 32 56 1932 1,751 1,194 1,165 762 77 325 305 20 29 557 498 87 93 319 315 4 59 1933 _ 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2, 160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1936—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 July.... 344 250 250 79 89 82 39 43 0 93 93 8 29 57 20 37 0 Aug 184 76 76 26 0 49 33 16 0 108 108 25 27 56 51 6 0 Sept 223 156 153 41 0 112 87 25 3 67 67 7 20 39 (3) 39 0 Oct 196 89 86 26 0 59 39 21 3 .107 105 2 34 70 70 0 2 i Includes issues of noncontiguous U. S. Territories and Possessions. * Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 3 Less than $500,000. 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 1936 (table 72). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1246 FEDERAL RESERVE BULLETIN DECEMBER 1937 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Noninterest- Interest-bearing bearing Total Publicly offered * End of month debt Ad- Social Bonds justed se- All Ma- Total service curity other5 tured Other interest Total Notes Bills issues3 issues4 debt bearing Pre- Treas- U. S. war ury2 Savings 1932—June 19,487 19,161 618, 816 753 13,460 1,261 616 105 240 60 266 1933—June 22, 539 22 158 6 21, 782 753 13,417 4,548 954 92 284 66 315 1934—June 27,053 26, 480 6 26,006 753 15, 679 6,653 1,404 118 356 54 518 1935—June 28 701 27 645 26,910 753 14,019 62 10,023 2,053 156 580 231 825 1936—June 33, 779 32,989 31, 297 79 17,168 316 11, 381 2,354 1,071 19 601 169 620 1936—October 33, 833 33,083 31,855 79 18,149 424 10, 849 2,354 552 38 639 178 571 November .__ 33, 794 33,088 31, 877 79 18,149 447 10,849 2,353 526 47 637 143 563 December 34, 407 33, 700 32, 497 79 19,452 475 10, 289 2, 203 504 64 635 153 554 1937—January 34 502 33,821 32, 582 79 19, 152 509 10, 289 2,253 489 119 632 137 544 February 34,601 33, 926 32, 617 79 19, 452 567 10, 267 2,253 475 204 630 139 536 March _ _ 34, 728 34,064 32, 722 79 19,936 722 9,783 2,203 461 322 559 136 528 April 34,941 34, 295 32,884 79 19, 936 752 9,764 2,353 451 407 552 126 520 May 35, 213 34, 591 33,107 79 19,936 775 9,764 2,553 445 489 550 110 512 June 36, 425 35, 800 33, 734 79 19, 936 800 10, 617 2,303 926 579 560 119 506 July 36, 716 36,113 33,918 79 19,936 833 10,617 2,453 915 649 632 103 499 August 37,045 36,450 34,146 79 19,936 862 10,617 2,653 905 769 630 100 494 September 36,875 36, 264 33, 877 79 19.936 885 10, 575 2,403 896 868 623 122 489 October 36,956 36, 366 33,900 79 19, 936 908 10,575 2,403 888 957 620 109 482 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System 2 Includes Liberty bonds. 8 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds to Government Life Insurance Fund series and of certificates to the adjusted service fund. * Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 6 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. 6 Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES» OBLIGATIONS, OCTOBER 31, 1937 [In millions of dollars] [In millions of dollars] Federal Home Recon- Date maturing Total Bondsi Notes Bills Farm Owners' struction End of month Total Mortgage Loan Finance Corpora- Corpora- Corpora- 1037—Before Jan. 1_._ 901 901 tion tion^ tion 1938—Jan. 1-Mar. 31.. 1,433 732 701 Apr 1-June 30.. 1,268 618 650 July 1-Sept. 30- 747 596 150 1933—December— 180 '180 Oct. 1-Dec. 31— 433 433 1934—June 681 312 134 235 1939 3,188 3,188 December.. 3,063 980 1,834 249 1940 2,854 2,854 1935—June 4,123 1,226 2,647 250 1941 2,219 834 1,385 December.. 4,494 1,387 2,855 252 1942 ___ 768 1936—June 4,718 1,422 3,044 252 1943 1945 1,586 1,586 1936—October 4,667 1,422 2,993 252 1946 1,863 1,863 November.. 4,662 1,422 2,988 252 1947 ' 2,076 2 2,076 December.. 4,662 1,422 2,988 252 1948 1,036 1,036 1937—January 4,662 1,422 252 1949 819 * 819 February.. . 4,662 1,422 2,988 252 1951 1,223 1,223 March 4,662 1,422 251 1952. 1,250 1,250 April 4,660 1,422 2,987 250 1953.. 1, """ 1,786 May 4,660 1,422 2,987 250 1954. _. 2,663 June — 4.665 1,422 2,987 255 1955. 755 755 July 4; 703 1,420 2,987 295 1956 489 489 August '4,633 "1,400 2,937 296 1959 982 September.. r4,633 r 1,400 2,937 296 1960 2,611 2,611 October r4, 634 "1,400 2,937 297 1961 50 50 Total... __ 33,900 20,922 10,575 2,403 rReyised. 1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the i Issues classified as of date of final maturity; most issues callable at public debt. The total includes guaranteed debentures of the Federal earlier dates; most of the U. S. Savings bonds are redeemable at option Housing Administrator, amounting to $111,882 (revised figure) on Sepof holder. tember 30, 1937 and $118,291 on October 31, 1937. »Includes unclassified U. S. Savings bonds. 2 Excludes obligations guaranteed as to interest only. 3 Includes notes given in purchase of gold which were retired in February 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1247 DECEMBER 1937 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Receipts Expenditures * Trust Increase or deac- crease during counts, period General Excess e e x t c c e .* ss of re- of re- Period Total c ta o I x n m e - e s s S t e a o i c x t c y u e ia r s - l O i n r n e n u t t v a h e e e l e r 2 - - r ot A h l e l r3 Total e I d n s e t t e b o r t n - t f i V a N e d o n n e e n a d s - t - a - e l o A th l e l r r c a e R e o l n r e i v y d e - - f f ( v u n R i o n n e e l g t d v - ) s - s T f a t e e r c r r t u a c s c n s t . t " s t s o . - p ( c t + e e u ( e n i - r x ) p e ) d o - t s i s r - p ( c t + e u e ( e n i - r x ) p e ) d o - t s i s r - G b f a e u l n a n e n d r c a e l G de ro b s t s erans' Adm.4 Fiscal year ending: June 1935 3,800 1,099 2,179 523 6,802 821 1,089 1,315 3,366 141 71 -3,002 +613 -741 +1,648 June 1936 _ 4,116 1,427 (8) 2,086 603 8,477 749 1,340 1,310 3,341 «78 1,814 -4, 361 +123 +840 +5,078 June 1937 5,294 2,158 253 2,187 697 8,001 866 1,436 1,994 3,079 9 244 868 -2, 707 -67 -128 +2, 646 4 months ending: Oct. 1935 1,234 307 728 199 2,368 240 406 468 981 132 141 -1.134 +5 -368 +761 Oct. 1936 1,408 387 (8) 811 210 2,312 255 479 556 1,131 9 208 99 -904 -68 -918 + 54 Oct. 1937 1,983 634 216 897 237 2,511 260 507 703 701 45 296 -527 +118 +122 +532 1936-October 272 27 (8) 186 60 681 74 121 168 297 16 4 -409 -15 -424 (8) November. __ 233 33 (8) 148 52 535 8 114 153 272 9 14 3 -303 -17 -358 -38 December— 517 286 (8) 175 57 656 140 118 150 294 947 1 -138 +26 +500 +613 1937—January ,_ 284 43 3 168 70 631 14 116 159 230 67 45 -348 +72 -180 +95 February 275 58 10 148 58 553 20 112 176 214 9 13 45 -279 -187 +99 March _. 1,012 700 50 190 71 754 159 121 225 252 • 46 45 +257 -98 +287 +127 April 363 57 78 166 62 708 68 129 230 243 97 45 -345 +8 -124 +212 May 335 47 59 170 60 552 9 119 169 211 92 45 -217 -3 +52 +272 June 868 547 53 212 56 1,300 194 128 179 232 27 540 -432 +20 +800 +1,212 July _ 409 57 53 221 77 659 12 128 197 198 92 125 -249 +44 +85 +291 August 453 35 60 301 56 556 21 127 162 175 10 61 -103 +37 +263 +329 September __ 788 501 50 186 51 680 159 125 161 159 20 55 +108 +20 -43 -170 October 333 40 52 189 52 616 67 126 183 168 16 55 -283 +18 -184 +81 i Excludes debt retirement. * Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. * Includes customs and miscellaneous receipts. * Excludes expenditures for adjusted service which are included under "Transfers to Trust Accounts, etc." »Includes revolving funds of Reconstruction Finance Corporation, Commodity Credit Corporation, Public Works Administration, Farm Credit Administration, and Export-Import Banks. 8 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account, and railroad retirement account. 7 Includes, also, increment resulting from reduction in weight of the gold dollar, and expenditures chargeable against increment on gold (other than retirement of national bank notes), receipts from seigniorage, transactions in checking accounts of Governmental agencies, unemployment trust funds, old-age reserve account, and railroad retirement account. s Less than $500,000. • Excess of credits. GENERAL FUND BALANCE [On basis of daily statements of United States Treasury. In millions of dollars] In- Incre- Seign- Work- End of month Total active ment iorage ing gold on gold balance 1932—June 417 417 1933—June. 862 862 1934—June 2,582 811 1,771 1935—June 1,841 700 140 1,001 1936—April 2,442 141 306 1,995 May__ _ . 2,358 141 308 1,910 June 2,682 140 316 2,225 July 2,230 141 319 1,771 August 1,904 140 323 1,441 September 2,188 140 329 1,719 October 1,764 141 332 1,291 November 1,406 141 333 931 December 1,906 26 141 337 1,401 1937—January ._. 1,726 127 141 340 1,118 February .. 1,539 205 141 344 849 March. 1,826 343 141 348 995 April . 1, 702 568 141 350 642 May 1,754 758 141 354 501 June.. _ _ 2,553 1,087 141 356 970 July 2,639 1,213 141 369 915 August 2,902 1,335 141 375 1,051 September 2,860 1,209 141 382 1,128 October 2,676 1,271 141 388 875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1248 FEDERAL RESERVE BULLETIN DECEMBER 1937 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, SEPTEMBER 30, 1937 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Governmentfunds Financed partl f y u n fr d o s m Government Total Recon- Com- Public Agricul- Farm Other Home struction modity Works tural mort- farm mort- Finance Credit Admin- credit Other gage credit gage Other Sept. 30, Aug. 31, Sept. 30 Corpo- Corpo- istra- institu- institu- institu- institu- 1937 1937 1936 ration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions._ 300 1 180 8 488 490 540 Preferred stock, etc 566 0) 3 200 766 762 759 Home mortgage loans 2,472 2,472 2,497 2,870 Farm mortgage loans 2,892 2,892 2,892 2,936 Other agricultural loans 1 123 19 149 268 0) 561 561 617 All other loans 829 126 317 1,272 1,259 1,204 Total loans and preferred stock 1,696 123 126 19 467 2,892 268 2,852 8 8, 452 8,461 8,926 Cash 5 7 53 60 30 80 14 248 236 267 United States direct obligations 24 5 34 46 113 18 358 597 594 500 Obligations of Government credit agencies: Fully guaranteed by U. S. 14 (0 40 14 102 170 170 198 Other 2 25 2 27 6 40 34 33 Production credit association class A stock 77 77 76 75 Accounts and other receivables.. 31 0) 1 35 176 5 27 4 279 289 282 All other assets 7 0) 21 0) 316 160 C1) 3 439 20 964 907 580 Total assets other than interagency 2 1,763 123 147 148 907 3,341 463 3,430 506 10, 827 10, 768 10, 861 LIABILITIES Bonds, notes, and debentures: G O u th a e ra r2 nteed by United States... 296 60 0) 3 2 1 1 , , 4 1 1 1 0 5 191 2,96 5 3 4 0) 4 1, , 4 6 2 6 3 9 4 1 , ,4 6 2 6 2 8 4 1 , ,4 6 6 6 0 7 Other liabilities (including reserves) 52 C1) 5 43 170 7 145 107 529 512 395 Total liabilities other than interagency 2 348 60 5 46 2,695 199 3,161 107 6,621 6,603 6,521 Excess of assets over liabilities, excluding interagency transactions.. 1,415 63 147 143 861 646 264 269 399 4,206 4,165 4,340 Privately owned interests 174 3 39 139 355 , 359 353 U. S. Government interests 1,415 63 147 143 861 472 261 230 259 3,851 3,807 3,987 » Less than $500,000. 2 Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. 3 Shares of Federal savings and loan associations subscribed by HOLC are classified in "Preferred stock, etc." Shares held by U. S. Treasury amounting to $48,000,000 are classified under "All other assets." NOTE,—For explanation of table and back figures see BULLETIN for April 1936, p. 220. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Sept. 30, Oct. 31, May 31, June 30, July 31, Aug. 31, Sept. 30, Oct. 31, 1936 1936 1937 1937 1937 1937 1937 1937 Loans to financial institutions 355, 539 344,591 277, 349 271, 858 271,009 266, 283 261,104 i 256, 965 Loans on preferred stock of banks and insurance companies._ 48,216 47, 807 40, 677 40, 483 40, 027 39, 414 39,167 2 38, 949 Preferred stock, capital notes, and debentures 668,615 662,587 587, 668 581,900 576, 672 567,879 566,090 563, 465 Agricultural loans 1,385 1,326 1,402 1,349 1,236 1,073 973 1,035 Loans to railroads (including receivers) 349, 261 353,810; 344,823 354, 320 351,936 351, 855 356, 279 355, 932 Loans for self-liquidating projects 185, 829 190, 569! 218, 589 221, 907 225, 407 227,108 231,171 232, 414 Loans to industrial and commercial businesses 57, 690 60,945' 69, 524 70, 549 71,181 72,833 73,101 73, 283 Loans to drainage, levee, and irrigation districts 61, 778 62,632 71, 253 72, 424 74, 605 75,038 77,180 77,160 Other loans 3,03' 1,880 2,312 2,533 2,562 2,793 2,898 2,911 Securities purchased from Public Works Administration 140, 478 145, 635 120, 404 119, 585 87, 320 85, 621 88, 999 Total loans and investments, other than interagency.. 1,871,8 1, 871, 782 1, 734,001 1, 736, 9091, 701, 9541, 691,1201, 693, 5841,691,114 Loans to Federal land banks... 30, 933 27, 993 13,934 13, 757 13, 586 13, 275 13, 212 13,042 Loans to Commodity Credit Corporation 95, 809 97,916 50, 371 47, 393 61, 238 1,876 3,361 10,165 Capital stock of Commodity Credit Corporation 97, 0C0 97, 000 97, 000 97, 000 97, 000 97, 000 97, 000 97, 000 Capital stock of, and loans to R. F. C. Mortgage Co 32, 202 33, 996 45, 994 48, 286 51, 302 53, 073 57, 487 60,150 Preferred stock of Export-Import banks 20,000 20,000 20,000 20, 000 20,000 20,000 20,000 20,000 Capital stock of, and loans to other agencies 100 7,400 10,000 11,898 12, 948 16, 423 19, 698 Total loans and investments. 2,147, 771 2,148, 786 1,968, 700 1,973, 3451,956, 9771, 889, 2911, 901,0671,911,168 i Includes $82,000,000 of loans for distribution to depositors of closed banks. 2 Includes $347,000 of preferred stock instalment sale contracts. 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

1249 DECEMBER 1937 FEDERAL RESERVE BULLETIN FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives byby- and discounts for— End of month la F nd e d b e a ra n l ks C s o B L i m o a a n n n m e d k r is- p a s c p c R o r n c r o r o e c d u e e r a d d i g l a d a g t u i b i t i t t u r o i t c i a i o r c o n - t a n a n i o n a s o l k s r l s - n , s - , f c i i e n o n O t t x i a o s i o t c n v p t h n i e c e e t e s p i s u r r n , a t - g - ti P a o s r t n s o i o o d c c n u r i s e a c - d - it t R i u a r t r e g a a c g r t l o i i i c o o r c u p n n r l o s e a - - d l c d r E g r l o o o e m p a n u e n a c g r s y n h - d t m F b c i e e n r a d e d t n e e d i k r a r i - a s t te l B in C c a a B c o t e n l i o a n u k v p n t d s e r e k i s a f r n , o l g r i M A i r n n e g t g g a u v r r o r i f k c A a u l e u l v n c t - l d t - for cooper atives ' 1933—December. 1,232, 707 70,738 73,263 60,989 27 144.636 89,811 15,211 18, 697 157,752 1934—December. 1,915,792 616,825 99,675 55, 672 60,852 87,102 110,186 33,969 27,851 54,863 1935—December. 2,071,925 794, 726 104,706 47.162 94,096 43,400 172,489 2,731 50,01? 44,433 1936—October _.. 2, 067, 647 835,187 135, 791 43.946 110. 775 28, 664 168 688 758 71, 150 51 348 November. 2,065, 719 836,194 131 644 41, 277 105.441 26, 491 166, 291 1,336 72, 500 56.216 December. 2,064,158 836, 779 129, 872 41,017 105, 212 25, 288 164, 887 1,641 69. 647 53. 754 1937—January.__ 2,061,472 836,062 125,825 40.080 106,081 24.454 163, 868 1,486 64,411 54, 322 February.. 2, 060,233 835, 509 130,139 41 061 114,551 24 249 163, 250 1,359 60,356 52, 359 March 2,057,930 833, 821 144, 250 42. 367 131,905 23,892 174, 709 1,305 56. 736 51 810 April 2,055, 397 832,881 153, 795 44, 042 143.902 23, 588 187.185 1,249 49,314 48, 522 May 2, 053, 558 831, 705 159, 073 45, 131 152 466 23 453 189. 686 1,070 45. 000 47. 732 June 2,052,319 830, 577 164,977 47, 337 160. 051 22,914 189.141 635 45,032 46. 854' July 2,050, 522 828, 771 170,110 48, 167 163, 553 22, 069 187. 353 1,126 52, 405 45, 664 August 2, 047, 650 826, 317 171, 270 48, 386 162.515 21,126 185, 802 1,047 56, 341 44, 281 September 2,045, 276 823. 257 167. 477 46, 573 153.977 19,434 182.331 1,157 66. 897 47, 236 October 2, 042, 637 820,163 159, 898 42, 414 142, 652 17, 491 177, 362 1, 229 73, 450 45, 296 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 three 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 POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by- U. S. Government Depos- securities End of month L p O o o H r w a a o n n t m i C e o e r o n s r ' i - a N F s e s u l o o d m c a e n i b r a a e t l a r i o s s o s n a o f s v c i i n a g ti s L o a n o n s a d ns l F m i o n h b e l a e s o o d a n m t m a n e i s n t k r b e u t a e o - l r End of month a i b t n o a c l r - e s s ' 1 Total p t t n l a o o a n r s s d y k i h e - s - Total t o r i g D e o b a i c n l - - i t s - G t o t i a g e u b o n a e l a n - - d i r s - f C s e u e r t a n e r c s - v 1 d h e s , , re- tions 2 Total p R o e r - t- ported 1 1 9 9 3 3 3 4 — — J J u u n n e e 1 1 , , 1 1 8 9 7 8 1 1 , , 2 20 2 7 5 9 6 7 9 7 5 4 1 5 3 3 1 4 1 1 3 8 1 """35 9 7 9 7 ing 1935—June 1. 205 1,236 385 777 630 147 74 1936—June. 1,232 1,265 203 967 800 167 95 1 1 1 9 9 9 3 3 3 3 5 4 — — — D D D e e e c c c e e e m m m b b b e e e r r r . . . r2 2 , , 3 1 8 7 3 9 9 2 7 , , ,1 3 4 6 8 9 2 6 1 1,0 6 2 3 3 9 8 4 8 5 1 5 3 6 1 9 5 , , 7 6 3 8 4 3 1 8 8 0 5 6 2 , , , 4 6 7 4 5 9 2 8 5 1936— S O A e c u p t g o te u b m s e t r ber._ _ 1 1 1 , , , 2 2 2 5 4 5 5 9 1 1 1 1 , , , 2 2 2 9 8 8 0 5 3 1 1 1 6 5 6 6 8 2 1,0 9 9 1 7 8 1 2 2 8 8 8 4 0 1 4 5 5 1 1 1 6 6 6 7 7 7 1 1 1 4 2 4 5 1 1 1 1 9 9 3 3 6 7 — — J M A J S A N M F D u u O J e e p u o e a a l n a p b c y r c g n v y r e t i t e r u u c e e l o . u m h a m m s b t a r e b y b b r r e . e y e . r _ . r r . . . _ 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 6 8 8 4 4 5 5 6 5 6 7 7 6 7 3 9 0 5 9 2 9 2 2 6 2 1 7 6 4 8 1 4 1 5 9 5 . , , , , , , , , , , , 8 1 2 1 5 4 0 4 2 6 4 6 2 4 2 7 2 1 2 9 9 1 0 1 9 2 7 4 1 5 4 3 8 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 3 2 2 2 2 2 2 2 2 2 1 2 0 7 9 8 5 4 4 0 2 1 9 9 7 0 3 6 7 9 0 6 8 2 2 6 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 2 1 1 1 1 2 1 1 1 0 0 0 0 6 6 8 8 1 6 5 4 8 6 8 0 6 8 1 1 1 8 7 3 0 5 0 7 7 7 6 6 6 5 6 7 5 5 5 6 5 3 2 7 4 0 7 1 3 4 4 9 2 2 0 6 6 3 9 1 2 4 4 , , . , . , , , , , , , 1 9 9 9 2 0 1 1 4 6 5 2 1 5 4 9 1 6 3 0 4 8 5 9 7 8 9 6 2 4 0 7 2 0 7 9 1 1 1 1 1 1 1 1 1 1 1 1 6 7 7 5 4 6 4 4 4 3 4 3 9 5 3 2 9 1 7 7 3 6 5 4 , , , . , . , , , , , 5 0 1 6 4 5 7 2 9 4 7 2 1 4 5 7 9 0 2 0 4 0 4 6 1 9 7 1 1 7 0 5 1 1 5 1 1937— O J A J S A M M D F N u u J e c e u p e o a l a a n p t b y g r c v n o y r e t i r e u c u e e b l u m h . s m m a e . a t r r b r y b b y . e . e e - r r r . P P \ 1 1 l 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 2 2 2 2 2 2 2 2 2 2 2 2 7 7 7 6 6 6 7 5 7 6 6 7 1 3 0 8 6 8 0 7 2 0 9 0 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 3 3 3 3 3 3 2 3 3 2 1 0 0 0 0 0 9 1 0 9 2 9 7 7 6 7 6 0 3 3 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 4 4 3 4 3 4 4 6 3 6 5 5 2 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 0 1 0 0 1 1 0 1 0 6 0 0 2 9 0 0 0 5 6 1 0 0 9 7 0 0 0 8 0 8 8 8 9 9 8 9 9 9 9 9 9 6 3 3 9 3 3 3 3 3 1 2 3 3 4 0 3 3 3 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 6 6 6 6 6 7 7 7 7 7 7 7 7 7 7 1 1 1 7 0 9 7 7 7 1 8 1 7 9 7 3 3 2 5 9 1 3 1 October.... 2, 446, 002 1,311 1,211 782, 846 184,041 P Preliminary. »• Revised. 1 Outstanding principal, represented by certificates of deposit. Does i In addition to loans the HOLC held on Oct. 31, 1937, $724,766,000 in not include accrued interest nor outstanding savings stamps. other assets, consisting principally of investments in the Federal Savings 1 Includes working cash with postmasters, 5-percent reserve fund and and Loan Insurance Corporation and in various savings and loan asso- miscellaneous working funds with the Treasurer of the United States, ciations, real estate and other property, and accrued interest receivable. accrued interest on bond investments, and accounts due from late post- * Includes loans to Federal savings and loan associations, all of which masters. are members, and a negligible amount to others than member institutions. Back figures.—See BULLETIN for August 1935, p. 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1250 FEDERAL RESERVE BULLETIN DECEMBER 1937 PRODUCTION, EMPLOYMENT, AND TRADE flndex numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production1* Construction contracts awarded (value)2 Fac- Factory em- tory Freight-car Department 1 ployment8 pay loadings4* store sales* Year Total Manufac- Minerals Total Residential All other rolls* (value) and month Ad- Unad- Ad- Unad- Ad- Unad Ad- Unad Ad- Unad Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjustedjustedjusted justedjustedjuste( justedjustedjustedjustedjusted justedjustedjustedjustedjusted 1919 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 108 118 91 94 1921 67 67 70 56 44 65 82 77 78 87 1922 85 86 74 79 68 88 90 82 85 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 96 96 98 99 1925 104 105 99 122 124 120 100 101 103 103 1926 108 108 108 129 121 135 101 104 107 106 1927 106 106 107 129 117 139 99 102 104 107 1928 111 112 106 135 126 142 99 102 104 108 1929 119 119 115 117 87 142 105 109 107 111 1930 96 95 99 92 50 125 91 89 92 102 1931 81 80 84 63 37 84 77 67 74 92 1932 64 63 71 28 13 40 66 46 55 69 1933 76 75 82 25 11 37 72 49 58 67 1934 79 78 86 32 12 48 83 63 62 75 1935 90 90 91 37 21 50 86 71 64 79 1936 105 105 104 55 37 70 92 82 75 88 1934 Aug 73 73 72 71 80 83 27 28 10 10 40 43 83 84 63 62 76 60 Sept 71 73 69 70 82 87 29 30 11 11 44 45 78 80 59 60 67 74 79 Oct 74 75 72 73 81 87 31 29 12 12 46 43 81 82 62 59 65 74 82 Nov 75 74 74 73 81 84 31 28 11 11 48 41 81 80 61 59 60 75 83 Dec 86 78 85 76 90 85 31 25 12 10 47 36 82 82 64 60 57 77 135 1935 Jan. 90 88 90 87 95 92 27 22 12 10 39 32 84 82 65 63 59 76 59 Feb 90 91 88 91 97 93 28 24 14 13 39 33 85 85 70 66 62 77 61 Mar..__. 88 91 87 91 97 90 26 26 16 16 35 34 86 86 72 65 63 79 71 April 86 89 86 91 88 79 27 30 18 22 33 38 86 86 72 62 59 75 79 May—_ 85 87 84 87 90 88 27 32 21 25 32 39 85 85 69 61 60 74 76 June 87 86 85 84 99 97 30 35 24 26 36 43 84 83 67 64 63 79 76 July 86 83 87 83 85 85 35 39 25 25 43 50 85 84 6" 59 59 80 55 Aug. 88 87 89 87 83 86 38 40 24 24 50 54 86 86 71 63 64 77 61 Sept 91 90 92 89 87 93 43 44 25 25 58 59 86 88 74 64 71 81 86 Oct. 95 97 95 96 93 101 48 45 25 25 66 62 87 89 76 68 75 78 86 Nov 96 98 97 98 93 96 60 53 26 25 88 76 88 89 76 68 69 82 91 Dec 101 96 101 95 102 97 68 54 26 22 103 80 89 88 78 68 64 83 145 1936 Jan 97 95 96 95 104 100 62 50 25 21 92 75 89 87 74 70 65 81 63 Feb 94 95 92 93 111 107 52 45 25 22 75 63 87 87 74 71 68 83 66 Mar— 93 96 93 97 97 90 47 47 26 28 63 62 88 88 78 66 64 84 77 April 101 104 100 105 106 95 47 53 30 35 60 67 89 89 79 71 68 84 85 May.— 101 105 101 105 102 101 46 56 32 38 57 70 90 90 81 72 71 87 89 June 104 104 105 105 100 101 52 60 36 39 65 78 90 90 81 73 73 87 84 July 108 105 109 105 101 102 59 65 44 45 71 82 93 91 80 76 77 91 63 Aug 108 106 110 106 99 104 62 65 46 46 75 81 93 94 84 76 77 86 68 3ept._,__ 109 107 110 107 102 110 59 60 47 47 69 70 94 96 84 75 84 88 94 Oct 110 111 111 110 105 115 57 54 43 41 69 65 94 97 89 77 86 90 100 Nov 114 115 115 115 112 115 58 51 40 39 72 62 96 97 91 82 84 94 105 Dec 121 114 121 114 117 111 66 53 45 38 83 65 99 98 95 83 77 92 161 1937 Jan 114 112 115 113 110 106 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 66 81 102 102 105 80 80 93 95 June 114 115 114 114 114 117 61 72 42 47 77 92 101 101 103 78 79 93 90 July 114 111 114 110 112 115 68 75 44 45 87 100 103 101 100 80 82 94 65 Aug 117 115 118 114 112 120 63 66 40 40 81 88 102 102 104 79 81 92 72 Sept 111 109 110 106 115 125 56 56 37 37 71 72 101 102 100 78 87 94 100 Oct P103 P103 P101 *>99 P113 P122 52 49 36 35 65 61 J>98 P100 P100 76 84 93 103 p Preliminary. * Average per working day. i For indexes of groups and separate industries see pp. 1251-1252; for description see BULLETIN for February and March 1927. a 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. 1253-1256. Underlying figures are for pay-roll period ending nearest middle of month. * For indexes of groups see p. 1258. Back figures.—See Annual Report for 1936 (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

1251 DECEMBER 1937 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1936 Industry Sept. Manufactures—Total 110 IRON AND STEEL 119 Pig iron___ 96 Steel ingots 121 TEXTILES 120 Cotton consumption 127 Wool 108 Consumption _ 121 Machinery activity 1 97 Carpet and rug loom activityL 89 Silk deliveries 130 FOOD PRODUCTS: Slaughtering and meat packing ___ 100 Hogs 79 Cattle 125 Calves 144 Sheep 143 Wheat flour 77 Sugar meltings 70 PAPER AND PRINTING: Newsprint production 61 Newsprint consumption 140 TRANSPORTATION EQUIPMENT: Automobiles 107 Locomotives2 _ _ 6 LEATHER AND PRODUCTS 112 Tanning 90 Cattle hide leathers __ 91 Calf and kip leathers 68 Goat and kid leathers 109 Boots and shoes - CEMENT AND GLASS: Cement Glass, plate NONFERROUS METALS: Tin deliveries1 Zinc Lead FUELS, MANUFACTURED: Petroleum refining Gasoline1 Kerosene Fuel oilJ Lubricating oilx Coke, byproduct RUBBER TIRES AND TUBES * Tires, pneumatic 1 Inner tubes 1 TOBACCO PRODUCTS Cigars Cigarettes Minerals—Total Bituminous coal Anthracite Petroleum, crude Iron ore _ _ Zinc _ Lead „ Silver O^t- OO OMO© O OOJv* Oct. Nov. Ill 115 127 137 98 99 130 141 114 121 120 123 105 118 109 128 104 118 95 92 121 125 105 109 94 100 115 115 129 122 152 169 82 83 68 83 62 67 140 150 93 105 '7 '11 112 116 93 104 100 111 65 79 103 112 125 124 87 91 242 164 105 97 101 100 60 71 74 189 191 188 246 249 241 90 90 92 119 124 124 111 110 114 128 129 130 122 118 126 125 121 130 96 94 92 157 146 150 75 74 75 223 202 209 102 105 112 82 86 95 58 52 146 152 93 98 97 101 60 71 111 119 SoOco nte> '—= Dec. 121 143 104 147 139 144 140 160 134 94 134 100 85 117 125 160 87 115 64 141 122 15 134 108 111 98 111 151 91 89 105 98 80 1 242 100 74 99 O OO '—> ot ot so 1923-25 average= 100] 1937 Jan. Feb. Mar. Apr. 115 116 117 118 139 129 126 130 107 107 108 109 142 131 128 132 124 126 129 124 129 132 136 130 121 129 128 119 126 132 139 128 130 137 125 118 92 104 101 96 118 112 114 120 87 86 89 93 65 66 69 75 111 108 113 113 130 122 136 130 175 151 139 142 87 89 89 95 98 89 108 123 63 62 64 62 142 145 144 144 120 120 121 130 11 '13 136 134 132 131 108 106 103 107 111 108 106 107 90 92 85 94 119 114 115 121 154 152 150 146 86 85 93 87 77 244 229 241 125 131 144 138 80 83 107 110 76 70 75 85 189 194 190 195 236 245 242 249 117 106 108 135 130 126 111 126 120 137 137 136 138 123 123 133 132 128 128 138 137 91 91 99 99 183 165 168 153 83 83 78 83 265 234 242 212 117 110 115 128 97 86 98 112 73 56 50 81 161 164 168 173 98 80 83 107 80 76 70 75 113 99 94 93 oot w OOOO'- May 118 134 114 136 123 130 121 132 120 93 109 76 54 99 124 145 89 98 62 147 135 133 109 111 82 133 148 78 223 115 116 76 200 253 141 133 138 100 158 82 220 115 72 97 174 110 85 103 OtO'- June 114 119 143 132 137 94 155 74 221 116 80 63 176 159 116 76 101 oot o l^i-t SO July 114 140 121 141 111 136 125 119 95 129 102 118 96 94 71 115 97 77 70 49 44 111 99 134 129 145 139 94 91 69 91 61 64 145 140 130 129 '30 '25 118 115 102 99 83 128 129 74 260 112 115 70 202 256 114 133 129 134 123 128 84 150 73 212 114 80 74 172 122 115 70 107 OS OS Aug. 118 142 123 144 115 129 106 120 96 83 92 78 50 111 141 148 83 96 65 141 157 21 109 93 '93 68 63 127 124 129 120 75 73 206 216 100 108 112 no 82 82 206 207 261 265 119 121 139 134 124 121 144 149 102 105 73 164 159 78 73 233 229 112 112 79 78 47 37 174 181 121 19fi 112 82 148 to<—to OO t O o O Sept. Oct. 110 P101 125 100 119 95 125 101 108 121 101 88 96 P62 80 P75 80 103 105 87 89 67 76 109 102 140 120 150 139 83 86 45 73 65 63 147 135 142 29 97 ,90 85 86 60 108 104 2>94 73 79 199 179 136 141 116 115 77 81 216 277 109 147 126 148 128 162 155 77 73 231 221 115 P113 86 52 P54 177 P177 113 91 116 115 77 81 116 1 Without seasonal adjustment. P Preliminary. ' Revised. 2 Revised figures for locomotives 1936, February through August, inclusive: 1, 2, 5, 7,10, 13, 10. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p. 911, and March 1937, p. 255. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1252 FEDERAL RESERVE BULLETIN DECEMBER 1937 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment 1923-25 average = 100] 1936 1937 Industry Sept. Oct. Nov. Dec. Jan Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactures—Total 107 110 115 114 113 118 122 125 123 114 110 114 106 IRON AND STEEL 117 123 127 125 134 135 142 144 146 119 130 139 123 98 Pig iron _ 93 98 100 102 105 109 114 115 116 105 115 118 116 95 Steel ingots 120 126 130 128 136 138 145 146 149 121 132 141 124 98 TEXTILES 120 125 132 130 134 132 127 123 119 103 108 107 Cotton consumption __ _ 123 rl23 128 133 135 141 143 140 134 130 114 116 118 104 Wool 111 111 125 141 123 135 129 117 116 113 89 102 91 Consumption 127 120 140 161 130 144 141 124 122 116 91 111 101 Machinery activity 97 104 118 134 130 137 125 118 120 118 96 96 80 P75 Carpet and rug loom activity- 89 95 92 94 92 104 101 96 93 94 71 83 80 P61 Silk deliveries 136 121 129 119 135 120 110 119 108 102 92 96 109 105 FOOD PRODUCTS: Slaughtering and meat packing... 94 104 121 117 100 85 84 83 74 76 67 70 83 89 Hogs 59 80 110 111 87 73 69 67 52 50 39 38 50 64 Cattle 138 134 133 122 112 95 99 99 96 104 98 109 121 119 Calves _ 138 135 124 119 121 114 137 141 140 139 125 129 134 126 Sheep 165 167 167 157 176 142 126 133 142 142 139 150 173 153 Wheat flour _. 91 92 90 84 85 86 83 87 83 83 88 88 98 96 Sugar meltings 75 65 65 66 64 88 127 143 109 82 111 108 48 69 PAPER AND PRINTING: Newsprint production 60 62 66 64 64 62 63 .63 63 63 62 64 '65 63 Newsprint consumption 137 149 160 145 137 143 149 154 151 144 124 126 144 TRANSPORTATION EQUIPMENT: Automobiles . 42 65 127 147 120 120 140 158 163 147 132 116 53 100 Locomotives1 r7 '7 '12 '15 '10 '13 '24 '30 '30 '29 '25 23 30 LEATHER AND PRODUCTS 130 123 112 114 126 136 136 128 122 114 113 '121 112 P99 Tanning 95 98 102 105 104 110 103 105 103 100 93 94 91 Cattle hide leathers 94 102 109 108 112 116 107 107 105 97 88 91 90 Calf and kip leathers 78 77 75 84 75 85 76 85 78 80 79 76 70 Goat and kid leathers 114 107 111 120 113 119 117 120 124 128 118 122 113 Boots and shoes 153 14C 118 119 140 153 157 143 134 123 127 '138 125 P105 CEMENT AND GLASS: Cement __ 101 99 90 71 52 51 67 85 92 91 92 94 92 90 Glass, plate • 236 242 164 89 77 244 241 265 234 234 185 216 199 179 NONFERROUS METALS: Tin deliveries 99 105 97 105 125 131 144 138 115 112 100 108 136 141 Zinc 93 98 100 100 85 89 113 114 117 111 104 103 110 112 Lead 57 73 77 81 77 72 77 84 75 72 79 79 73 84 FUELS, MANUFACTURED: Petroleum refining 189 192 189 192 189 194 190 195 200 201 206 207 216 Gasoline 246 249 241 242 236 245 242 249 253 256 261 265 277 Kerosene 92 95 100 111 119 108 104 102 108 106 110 115 112 Fuel oil 119 124 124 132 135 130 126 123 130 133 139 134 147 Lubricating oil 111 110 114 116 111 126 120 131 131 129 124 121 126 Coke, byproduct... _ 126 129 133 138 138 140 142 142 142 132 140 145 145 128 RUBBER TIRES AND TUBES 122 118 126 123 123 133 132 133 132 123 102 Tires, pneumatic 125 121 130 128 128 138 137 138 137 128 105 Inner tubes 96 94 92 91 91 99 99 100 94 84 73 TOBACCO PRODUCTS 173 157 153 149 156 153 146 145 157 164 178 170 179 167 Cigars _ 86 91 90 62 64 67 76 77 76 80 82 76 88 89 Cigarettes 245 212 207 217 230 220 201 200 224 234 256 247 254 233 Minerals—Total 110 115 115 111 106 111 118 105 117 117 115 120 125 ^122 Bituminous Q.OH\ 87 94 106 103 96 103 112 61 70 72 72 77 92 P90 Anthracite _ _ , __ 58 67 71 72 61 54 67 101 63 65 38 37 53 Petroleum, crude __ _ 150 153 150 156 158 165 171 174 177 175 177 184 182 P179 Iron ore 178 167 93 238 240 245 257 218 156 Zinc _~ -. 93 98 100 100 85 89 113 114 117 111 104 103 110 112 Lead 57 73 77 81 77 72 77 84 75 72 79 79 73 84 Silver 106 118 106 114 100 102 102 104 98 105 126 138 111 p Preliminary. ' Revised. i Revised figures for locomotives 1936, February through August, inclusive: 1, 2, 5, 7, 10, 13, 11. 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

1253 DECEMBER 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. 1923-25 average=100] 1936 1937 Industry and group Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total 94.4 96.2 98.8 99.7 100.9 101.6 102.2 101.4 103.0 102.4 100.7 98.3 Durable goods. 88.2 89.9 92.7 92.4 93.9 96.3 97.4 98.4 97.8 100.1 99.3 98.6 96.4 Nondurable goods 101.2 102.9 104.9 105.4 105.8 105.9 106.2 106.2 105.3 106.2 105.6 102.9 100.2 IRON, STEEL PRODUCTS... 98.4 101.0 102.3 103.7 106.4 108.0 408.7 100.7 108.3 108.7 108.4 105.3 Blast furnaces, steel works 108 109 109 110 113 112 116 118 120 106 121 122 123 119 Bolts, nuts, washers, rivets __ 77 79 81 84 87 90 93 94 82 87 88 85 Cast-iron pipe 65 66 67 68 71 72 72 69 66 64 62 Cutlery, edge tools _ 80 82 84 87 87 87 87 89 86 92 91 89 Forgings 60 61 64 68 70 69 73 73 73 73 74 72 Hardware. __ 75 84 91 95 80 96 99 99 96 93 93 94 Plumbers' supplies 85 85 86 90 94 90 95 97 91 89 92 95 93 Steam, hot-water heating 71 70 71 72 76 78 80 82 82 80 81 77 77 70 Stoves 104 107 107 111 114 117 116 113 113 118 107 111 105 99 Structural, ornamental 73 73 73 70 73 75 76 78 77 78 79 79 80 78 Tin cans, tinware 101 100 98 97 103 105 104 105 107 107 110 109 104 Tools.. 86 89 93 95 98 99 101 101 103 102 103 105 99 Wirework 149 164 175 188 179 176 187 186 183 181 176 171 170 179 MACHINERY 106.8 108.4 110.4 114.0 116.0 118.9 121.1 123.7 125.6 129.4 131.5 131.3 130.2 127.7 Agricultural implements 96 102 95 103 109 113 125 130 136 143 147 148 151 157 Cash registers, etc 116 119 120 121 123 127 131 131 134 136 137 135 137 136 Electrical machinery 97 100 103 106 104 109 111 115 118 120 121 121 121 119 Engines, turbines, etc 115 117 122 125 128 134 137 140 147 146 150 151 155 156 Foundry, machine-shop products 95 96 97 100 102 104 106 108 110 113 114 114 112 110 Machine tools 123 125 127 129 136 136 141 147 150 153 154 161 157 157 Radios, phonographs 186 176 171 188 201 196 190 189 155 190 214 201 180 159 Textile machinery 75 75 75 76 79 81 83 85 87 87 87 88 87 85 Typewriters 120 132 135 139 145 148 153 154 154 159 156 155 150 147 TRANSPORTATION EQUIPMENT 100.8 105.0 112.3 118.7 110.2 113.0 117.3 118.6 122.2 122.6 123.5 121.3 123.9 125.0 Aircraft . 631 645 646 698 740 772 783 798 807 794 768 812 799 822 Automobiles 109 113 123 133 120 123 127 128 133 134 136 132 136 136 Cars, electric, steam railroad 56 61 64 62 62 66 71 70 71 70 69 69 67 71 Locomotives 38 41 42 44 49 54 54 55 55 57 60 61 64 66 Shipbuilding 102 102 95 100 106 106 104 104 102 106 106 105 RAILROAD REPAIR SHOPS 59.1 60.1 60.6 61.7 62.3 61.9 62.2 62.4 62.4 63.7 64.4 62.4 60.1 58.7 Electric railroad 62 63 63 63 63 64 64 63 63 63 63 63 63 Steam railroad 59 60 62 62 62 52 62 64 64 62 60 58 NONFERROUS METALS, PRODUCTS 102.5 105.2 106.7 110.7 109.6 111.7 113.2 114.3 115.4 115.0 115.4 115.9 113.7 109.4 Aluminum 112 115 118 118 121 121 119 121 123 132 138 138 131 102 Brass, bronze, copper 109 110 111 115 120 122 122 126 124 123 121 121 117 112 Clocks, watches 112 114 115 117 120 120 122 124 125 124 120 128 126 124 Jewelry 87 91 91 90 90 90 95 95 101 99 93 92 Lighting equipment 84 94 99 75 104 100 100 96 94 93 97 98 Silverware, plated ware 67 70 70 71 72 73 73 74 73 73 82 78 80 78 Smelting, refining 79 78 78 80 80 79 81 85 88 89 94 94 94 90 Stamped, enameled ware 143 153 154 166 163 159 161 158 160 159 153 156 152 153 LUMBER PRODUCTS 65.8 66.2 66.2 67.9 68.8 71.4 71.4 71.7 72.3 72.9 71.3 69.2 66.4 Furniture 82 81 84 86 89 87 88 90 91 92 91 88 86 81 Lumber, millwork 52 53 54 55 57 57 58 58 56 56 56 55 55 54 Lumber, sawmills 50 50 49 51 50 50 54 53 54 54 56 54 53 51 STONE, CLAY, GLASS PRODUCTS 67.2 66.3 69.0 69.5 72.6 72.6 71.8 71.3 70.4 70.4 70.3 70.5 69.4 Brick, tile, terra cotta 47 47 48 54 55 54 54 52 50 51 49 47 Cement.. ___ 61 64 65 68 70 66 62 62 61 66 67 Glass.. 99 103 96 101 109 109 108 110 109 110 112 111 109 Marble, granite, slate 42 42 42 42 43 43 43 43 44 42 41 41 42 41 Pottery 77 76 75 76 77 77 78 79 82 .79 79 78 78 TEXTILES, PRODUCTS 102.6 101.7 104.4 106.8 108.3 107.3 107.0 107.9 107.6 105.4 106.2 105.9 100.9 96.3 A. Fabrics 96.8 95.5 97.3 100.1 101.7 100.7 101.1 103.8 103.2 101.3 102.0 100.8 95.9 90.2 Carpets, rugs 92 92 93 101 101 99 101 102 102 100 101 101 86 Cotton goods 97 98 101 102 103 105 106 104 105 106 101 93 Cotton small wares 101 104 106 107 102 102 103 96 100 102 104 101 98 Dyeing, finishing textiles 114 115 117 121 120 117 116 119 119 114 116 116 114 113 Hats, fur-felt 81 82 87 89 90 89 88 86 84 90 87 84 79 82 Knit goods 121 117 116 119 123 123 122 122 121 118 123 121 117 112 Silk, rayon goods 78 79 79 79 81 79 85 84 86 84 81 76 73 Woolen, worsted goods 77 78 84 92 93 85 94 90 87 84 78 70 68 B. Wearing apparel 113.6 113.4 118.4 119.8 120.9 119.8 117. £ 115.0 115.3 112.0 113.1 115.1 109.7 107.7 Clothing, men's 104 105 111 115 114 111 110 113 116 109 109 108 103 101 Clothing, women's 157 155 163 160 159 161 156 146 144 142 145 156 147 144 Corsets, allied garments 88 89 91 92 93 91 90 88 89 90 91 90 89 89 Men's furnishings 133 130 134 135 140 141 141 140 138 141 147 139 129 128 Millinery 57 55 53 51 57 57 58 54 53 54 52 54 51 50 Shirts, collars 116 117 119 124 132 129 129 124 119 118 119 117 115 114 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1254 FEDERAL RESERVE BULLETIN DECEMBER 1937 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued [Index numbers of the Board of Governors; adjusted to Census^of Manufactures through 1933. 1923-25 average •= 100] 1936 1937 Industry and group Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. LEATHER PRODUCTS.. 91.4 92.0 94.9 98.8 99.1 98.1 97.4 96.5 96.0 96.1 95.2 93.0 90.0 88.6 Boots, shoes 91 92 95 100 101 100 99 97 96 97 97 94 90 90 Leather _ 98 96 99 98 97 97 97 100 100 99 95 94 93 89 FOOD PRODUCTS . 113.3 112.7 113.4 115.0 114 8 116.7 117.0 116.1 114.8 114.7 119.4 116.2 114.8 114.2 Baking 129 131 132 132 133 135 136 134 135 135 136 134 134 136 Beverages 196 187 197 197 203 202 205 199 203 206 209 210 209 199 Butter. 82 82 82 84 86 88 88 86 88 90 91 88 87 86 Canning, preserving 148 146 135 147 148 157 152 154 144 143 169 155 151 139 Confectionery 78 76 80 81 83 81 80 79 78 77 81 82 76 80 Flour 74 74 73 74 75 75 75 77 76 75 78 77 74 75 Ice cream _ 72 69 70 72 71 73 73 73 76 77 76 75 76 72 Slaughtering, meat packing 92 91 96 95 93 91 93 91 90 89 91 88 88 89 Sugar, be t 111 118 114 93 44 89 95 98 90 90 91 89 108 118 Sugar ref ning, cane 76 74 67 70 64 78 77 84 78 75 79 75 66 67 TOBACCO MANUFACTURES 61.7 61.1 62.4 62.0 62.0 61.8 61.7 61.1 61.2 60.2 61.3 60.8 60.2 59.2 Tobacco, snuff 56 57 57 56 56 57 56 56 56 58 57 57 56 56 Cigars, cigarettes 62 62 63 63 63 62 62 62 62 61 62 61 61 60 PAPER, PRINTING 102.7 103 1 103.6 104.0 104 0 105 5 107.4 107.5 108.0 108.2 107.3 107.4 107.8 106.8 Boxes, paper 99 100 100 103 103 104 106 106 106 106 105 104 100 99 Paper, pulp 110 111 112 113 114 116 118 119 120 121 120 119 119 117 Book, job printing 94 94 95 94 94 96 98 97 98 98 98 98 99 98 Newspaper, periodical printing. __ 105 105 104 104 103 104 105 105 106 106 105 105 107 107 CHEMICALS, PETROLEUM PRODUCTS.. 118.5 117.9 118.1 118.6 120.7 121. 6 122.5 124.4 126.0 127.5 127.7 127.2 127.4 125.0 A. Other than petroleum 118.1 117.4 117.4 118.3 120 9 121.8 122.7 124.8 126.1 128.0 128.1 127.3 127.9 125.1 Chemicals 126 129 129 129 133 133 135 136 138 137 ' 138 137 137 135 Cottonseed oil, cake, meal 78 71 77 75 85 80 67 77 77 72 62 62 97 88 Druggists' preparations 101 100 102 105 105 109 111 113 112 114 112 114 112 110 Explosives 91 90 93 91 94 92 90 95 93 97 97 97 97 94 Fertilizers 86 85 80 87 87 86 88 94 98 110 104 105 94 91 Paints, varnishes 129 129 127 130 131 133 135 136 134 134 136 136 134 132 Rayon, allied products 360 354 357 355 364 363 370 378 392 408 413 407 407 399 Soap 106 103 100 100 102 110 111 107 103 103 104 103 102 99 B. Petroleum refining _ 120 119 121 120 120 121 122 123 125 125 126 127 125 125 RUBBER PRODUCTS 95.8 98.3 99.4 102.2 102.3 101.7 96.0 95.8 101.7 100.0 96.6 99.8 99.5 97.9 Rubber boots, shoes . 75 75 74 76 75 73 82 82 81 76 67 77 76 74 Rubber goods, other 126 130 133 138 140 140 142 144 145 144 140 140 137 135 Rubber tires, inner tubes 89 92 93 95 95 94 80 79 89 89 87 90 91 90 NOTE.—Figures for October 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

DECEMBER 1937 FEDERAL RESERVE BULLETIN 1255 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100] Factory employment Factory pay rolls Industry and group 1936 1937 1936 1937 Sept. Oct. June July Aug. Sept. Oct. Sept. Oct. June July Aug. Sept. Oct. Total 95.5 96.7 101.1 101.4 102.3 102.1 100.4 83.6 89.0 102.9 100.4 103.8 100.1 100.2 Durable goods 85.7 89.2 98.8 98.9 98.1 97.3 97.3 77.2 85.3 104.6 100.7 104.0 99.4 101.6 Nondurable goods 105.9 104.7 103.5 104.1 106.9 107. 3 103.7 91.6 93.7 100.8 100.0 103.5 100.9 98.5 IRON, STEEL PRODUCTS 97.2 101.4 107.6 108.7 108.8 105.7 87.1 93.2 110.4 113.5 120.4 112.9 107.3 Blast furnaces, steel works._ 107 108 106 120 121 121 118 98 102 123 132 142 130 121 Bolts, nuts, washers, rivets. 77 79 82 87 88 85 77 87 93 94 101 97 97 C C a u s t t l - e i r r y o , n e p d i g p e e tools 8 7 6 1 84 6 9 5 0 9 6 0 2 4 7 5 0 5 7 0 8 8 6 6 0 5 7 4 8 8 5 5 4 8 4 7 9 46 Forgings 61 73 72 72 73 72 47 52 72 64 67 70 Hardware 75 85 97 93 90 93 95 71 93 97 108 104 101 115 Plumbers' supplies 84 86 93 93 94 95 94 60 66 76 72 77 73 77 Steam, hot-water heating.__ 72 73 80 77 76 77 73 58 66 76 71 72 72 67 Stoves 112 117 119 105 113 113 108 95 109 106 82 97 98 94 Structural, ornamental 75 75 79 81 81 82 79 66 69 82 82 85 84 82 Tin cans, tinware 112 103 109 115 118 114 98 113 97 117 122 129 123 104 Tools 85 90 102 102 100 98 96 82 94 115 108 107 104 100 Wirework 149 164 181 176 171 170 179 115 152 189 172 161 167 182 MACHINERY 107. 5 129.2 129.9 130.2 130.7 128.6 94.7 102.7 137.2 133.6 137.1 134.3 134.3 Agricultural implements 94 141 139 141 147 150 87 106 183 173 184 189 201 Cash registers, etc 116 119 136 13-7 135 137 136 105 117 147 147 140 147 149 Electrical machinery 97 100 120 121 121 121 119 84 93 126 124 127 124 125 Engines turbines, etc 114 113 150 152 151 154 151 92 100 156 155 156 159 159 Foundry, machine-shop products. 94 96 113 113 113 112 110 85 90 120 115 119 114 114 Machine tools 124 126 153 153 155 158 158 111 122 165 159 160 166 171 Radios, phonographs 216 218 182 197 204 208 198 161 178 156 166 176 174 163 Textile machinery 73 73 87 86 86 84 83 63 66 94 90 88 ' 85 81 Typewriters 121 133 154 152 152 151 148 112 129 151 146 144 143 128 TRANSPORTATION EQUIPMENT— 8.7.3 102.1 126.4 119.9 111.8 107.0 121.5 76.3 95.8 127.8 117.5 112.8 104.4 128.0 Aircraft 606 619 834 791 812 767 789 492 528 751 683 751 670 731 Automobiles 90 110 138 130 119 113 132 77 102 135 124 115 106 136 Cars, electric, steam railroad- 57 59 77 72 73 69 68 53 60 91 83 87 80 82 Locomotives 38 40 60 63 63 64 64 26 27 51 51 53 55 56 Shipbuilding 102 103 103 100 102 106 106 99 103 115 112 119 119 123 RAILROAD REPAIR SHOPS. 59.3 60.4 64.0 63.8 62.1 60.4 58.9 59.2 63.9 68.7 63.5 67.3 63.1 65.6 Electric railroad 62 63 63 63 63 63 63 61 64 67 67 69 68 Steam railroad 60 64 64 62 60 59 59 64 69 63 67 63 NONFERROUS METALS, PRODUCTS.. 102.9 108.3 113.9 111.5 112.8 114.1 112.7 88.0 99.7 111.5 105.3 109.9 110.1 109.7 Aluminum 112 117 130 132 133 131 105 99 111 136 135 141 136 116 Brass, bronze, copper 107 111 122 119 117 115 113 95 103 125 117 117 113 107 Clocks, watches 113 118 122 115 124 127 127 105 116 119 108 122 128 130 Jewelry 95 102 91 96 101 107 72 84 70 68 74 82 89 Lighting equipment 85 91 92 91 97 100 75 83 95 89 87 99 104 Silverware, plated ware 67 72 74 74 76 81 55 68 69 67 73 81 80 Smelting, refining 78 79 89 92 92 92 64 68 85 87 92 89 91 Stamped, enameled ware 143 154 159 151 153 153 154 123 154 162 146 157 149 156 LUMBER PRODUCTS 68.2 69.2 72.9 72.9 73.0 71.7 69.5 60.3 63.5 72.3 67.3 71.4 68.2 65.4 Furniture 85 87 89 88 89 89 87 71 77 79 74 79 78 77 Lumber, mill work.. 53 53 58 57 57 56 54 47 50 58 55 56 53 51 Lumber, sawmills. _ 52 52 56 56 56 55 53 46 47 57 53 56 53 50 STONE, CLAY, GLASS PRODUCTS.. 69.1 74.0 71.7 71.9 72.7 71.4 58.2 62.5 71.4 66.1 70.5 69.9 69.7 Brick, tile, terra cotta 50 50 55 54 52 52 50 39 41 49 46 46 46 44 Cement 65 66 70 70 70 70 69 61 62 75 72 77 73 72 Glass 99 104 112 108 110 111 110 91 103 119 109 120 119 119 Marble, granite, slate 45 44 44 44 45 45 43 38 38 38 38 40 40 39 Pottery 76 77 80 73 76 77 79 62 66 70 59 65 67 73 TEXTILES, PRODUCTS 103.4 104.3 103.4 100.0 102.8 101.6 98.7 83.9 88.5 91.3 85.5 92.1 87.1 84.6 A. Fabrics 95.8 97.1 99.7 98.0 97.3 94.9 91.7 80.5 85.1 93.8 89.6 90.0 85.3 81.3 Carpets, rugs 90 93 102 100 101 99 88 83 90 100 97 98 85 68 Cotton goods 96 98 103 102 101 94 82 87 101 97 97 92 85 Cotton small wares 97 102 97 96 96 99 88 100 92 90 91 96 97 Dyeing, finishing textiles. 111 115 110 109 109 111 112 93 98 96 94 94 95 94 Hats, fur-felt 88 83 84 84 89 86 83 76 61 74 81 87 69 62 Knit goods 120 121 118 116 116 117 116 117 124 119 113 119 117 122 Silk, rayon goods 82 82 79 80 80 80 76 65 67 68 67 66 68 63 Woolen, worsted goods... 78 79 86 81 78 70 69 55 60 79 72 69 58 54 B. Wearing apparel 118.4 118.3 109.3 102.0 113.0 114.4 112.3 87.0 91.5 82.5 73.8 92.4 87.0 87.6 Clothing, men's 109 108 107 107 111 109 104 81 82 87 86 92 84 81 Clothing, women's 163 163 137 117 146 152 151 110 119 92 71 115 106 112 Corsets, allied garments.. 88 90 90 88 88 89 89 85 91 85 80 82 84 87 Men's furnishings 132 138 137 130 128 128 136 97 118 104 97 102 95 112 Millinery 63 57 51 39 53 57 52 51 38 37 24 40 49 35 Shirts, collars 121 124 118 113 116 119 121 105 116 102 96 103 103 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1256 FEDERAL RESERVE BULLETIN DECEMBER 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 Sept. Oct. June July Aug. Sept. Oct Sept. Oct June July Aug. Sept. Oct. LEATHER PRODUCTS. 94.1 92.8 93.8 96.3 92.7 89.3 75.7 74.0 80.6 84.6 83.7 71.6 66.1 Boots, shoes 95 93 94 98 99 94 90 71 67 73 80 79 65 58 Leather 97 98 95 94 93 90 96 108 104 104 95 FOOD PRODUCTS. _ 135. 9 124.2 112.6 124.9 132.5 137.8 125.5 116.5 111.5 115.8 128.3 131.2 133.2 125.4 Baking _. 131 133 137 137 135 137 139 118 119 134 135 132 136 138 Beverages.. __ 210 191 224 234 231 223 203 227 199 261 285 273 253 222 Butter 83 96 97 94 92 86 68 65 77 78 78 74 70 Canning, preserving 197 123 210 278 312 187 259 179 124 245 294 307 188 Confectionery 91 69 73 85 95 81 86 68 64 75 89 98 Flour 77 74 78 77 71 73 74 80 80 81 81 Ice cream 77 66 91 93 90 82 68 58 82 86 84 74 64 Slaughtering, meat packing- 91 92 89 90 87 87 85 89 99 100 97 98 100 Sugar, beet 94 272 49 53 71 92 272 95 202 55 56 75 101 239 Sugar refining, cane 78 76 75 81 69 64 61 68 81 81 60 64 TOBACCO MANUFACTURES.. 63.6 64.5 60.1 60.6 61.8 62.1 62.5 53.3 54.7 55.7 55.8 57.2 56.5 Tobacco, snuff 55 57 56 55 56 56 56 6:2 61 69 66 66 70 Cigars, cigarettes 65 65 61 61 63 63 63 52 54 54 55 56 55 PAPER, PRINTING 102.6 104.0 106.9 106.0 106.3 107.7 107.7 92.0 96.5 104.9 101.6 102.6 103.7 105.0 Boxes, paper 102 106 103 102 103 103 105 99 108 104 100 103 103 109 Paper, pulp 110 111 121 120 119 119 117 95 102 124 119 124 118 117 Book, job printing 93 94 95 96 97 99 98 82 85 91 90 90 93 92 Newspaper, periodical printing.__ 104 105 105 103 103 106 107 98 101 104 100 99 104 107 CHEMICALS, PETROLEUM PRODUCTS.._ 119.5 120.3 123.9 124.3 124.9 128.6 127.8 112.0 114.4 137.4 136.8 140.7 139.0 138.5 A. Other than petroleum 118.8 120.2 123.4 123.5 124. 1 128. 9 128.3 110.6 113.9 135.7 134.9 137.7 137.7 137.4 Chemicals - 127 130 139 140 137 137 135 120 125 154 154 156 151 150 Cottonseed oil, cake, meal 97 104 44 42 54 121 128 78 85 39 35 48 112 119 Druggists' preparations 103 104 109 106 112 114 115 107 113 121 112 123 127 129 Explosives 91 93 95 95 96 98 97 89 96 103 104 107 106 111 Fertilizers 78 77 76 70 73 85 82 76 70 79 77 79 97 83 Paints, varnishes 129 139 136 133 132 132 114 120 143 138 135 132 134 Rayon, allied products 360 362 391 401 403 407 407 302 308 392 393 401 394 391 Soap 107 107 103 102 102 103 103 101 105 115 117 118 122 122 B. Petroleum refining 122 121 126 128 128 127 126 116 116 143 143 151 143 142 RUBBER PRODUCTS 94.3 97.9 101.2 96.2 97.9 98.0 97.5 92.2 96.8 103.8 96.8 97.0 93.9 Rubber boots, shoes 77 78 73 62 77 79 78 62 65 70 55 73 76 70 Rubber goods, other. 125 133 142 137 135 135 137 115 128 145 136 134 133 140 Rubber tires, inner tubes. 87 89 93 90 88 87 92 94 94 90 90 84 NOTE.—Figures for October 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

1257 DECEMBER 1937 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky fountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Public works Total Residential Factories Commercial and public Educational All other Month utilities 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 January 214.8 242.7 37.4 78.4 9.0 37.0 15.5 21.5 86.9 68.5 39.5 19.6 26.5 17.8 February 140.4 188.3 31.2 63.0 13.4 12.6 12.6 22.3 46.6 59.6 21.1 11.3 15.5 19.4 March 198.8 231.2 55.2 90.2 18.4 22.2 17.3 30.0 62.3 52.5 19.0 10.0 26.6 26.4 April 234 6 269 5 67 2 107 8 25.5 30 1 24 3 28 5 73 4 65 7 23 2 14 0 21 1 23 4 May 216. 1 243 7 70.3 83.9 12.9 18.5 18.8 25.6 63.6 66.7 20.7 22.0 29.8 26.9 June 232.7 317.8 73.6 93.1 10.2 36.8 21.9 24.5 80.0 99.9 18.3 37.4 28.7 26.1 July 294.7 321.6 72.0 81.0 19.1 58.5 28.6 29.1 126.6 102.5 nn O 15.8 25.1 34.7 August 275.3 285.1 100.5 73.4 15.0 37.9 22.0 29.6 94.4 94.4 12.3 17.2 31.1 32.5 September 234 3 207.1 80.7 65.6 18.8 12.9 20.1 25.3 84.5 65.8 9.2 15.8 21.0 21.5 October 225. 8 202.1 79.7 65.5 18.4 12.6 22.0 25.2 67.0 61.6 13.4 10.8 25.3 26.4 November 208 2 68.4 14.1 23.0 73.9 13.1 15.7 December 199.7 65.5 23.1 23.2 61.3 13.0 13.6 Year 2, 675. 3 - - 801.6 198.0 249.1 920.4 226.1 280.0 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Publicly financed1 Privately financed1 Month 1932 1933 1934 1935 1936 1937 1932 1933 1934 1935 1936 1937 1932 1933 1934 1935 1936 1937 January 85 83 186 100 215 243 39 39 157 55 149 112 45 44 29 45 66 130 February. _ _ 89 53 97 75 140 188 34 27 65 38 79 69 55 26 31 37 62 119 M arch 112 60 178 123 199 231 45 25 126 68 96 66 67 35 52 55 103 165 April 122 57 131 124 235 270 61 18 78 53 105 74 61 39 53 71 130 195 May 146 77 134 127 216 244 93 24 72 47 94 '92 54 53 63 80 122 152 June _ 113 102 127 148 233 318 64 29 73 64 116 137 49 74 54 84 116 180 July 129 83 120 159 295 322 85 20 52 67 153 131 44 63 67 93 141 191 August. _ _ 134 106 120 169 275 285 81 47 69 92 153 108 53 59 61 76 122 178 September 128 120 110 167 234 S07 80 71 69 97 116 80 47 49 41 70 119 127 October . 107 145 135 201 226 2C2 61 100 79 114 101 78 46 45 57 87 125 124 November 105 162 112 188 208 73 126 74 118 89 32 36 38 70 119 December 81 207 93 264 200 52 156 61 196 82 29 51 32 68 117 Year 1,351 1,256 1,543 1,845 2,675 768 683 975 1,007 1,334 583 573 568 837 1,341 * Revised. 1 Data ior years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1937 Federal Reserve district Federal Reserve 1937 1936 1937 1936 Oct. Sept. Oct. district Oct. Sept. Oct. Oct. Sept. Oct. Boston 13,010 14,076 19,096 New York 45, 878 34, 842 48, 870 Philadelphia 15, 773 11, 749 11, 769 Boston . _ _ __ 56 41 63 513 359 704 A R C C S M t l h i t . i e c l i n a v c h L n n a e m o e g t l u a a a o o i n p n s d o d lis _ '3 1 1 1 1 9 5 2 4 6 7 , , , , , , 4 1 5 9 6 8 3 7 4 4 8 2 0 9 2 4 8 0 2 2 1 3 1 6 7 9 7 5 3 , , , , , , 4 2 0 8 6 6 7 9 0 1 2 3 6 6 8 9 2 8 2 2 2 3 1 4 2 8 0 5 , , , , , 2 5 3 4 8 1 1 2 9 9 6 3 8 5 6 N P R A C C h i l e h t e c i l w i l v h a c a e n m a d Y l t g a e o a o n o l n . p r d . d k _ h .. ia 2 1 4 6 3 3 3 0 9 1 6 8 5 1 15 2 4 3 3 7 5 4 7 0 3 7 16 3 4 2 8 2 5 0 5 7 7 4 3 1 1 , , , 0 2 0 6 5 2 7 1 9 4 6 6 5 0 6 2 4 3 3 1 , ,3 0 2 6 3 2 6 9 1 9 4 5 3 8 0 7 7 6 3,3 4 6 6 7 1 1 9 0 3 2 4 5 4 8 9 6 7 Kansas City 9,047 7,352 8,851 St. Louis 19 16 26 173 550 379 Dallas 11.771 9,196 9,069 M Ka in n n sa e s a p C o i l t i y s 3 1 2 6 3 1 4 5 2 1 9 5 35 7 6 7 34 7 5 9 2 1 0 2 2 6 Total (11 districts) 202,081 207,072 225, 768 D Sa a n l l F as ra .. ncisco 10 1 6 9 8 9 3 9 1 0 0 1,1 2 6 0 1 5 2 8 8 0 1 8 84 8 6 0 Total 768 564- 611 9,335 8,393 8,266 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1258 FEDERAL RESERVE BULLETIN DECEMBER 1937 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports * Excess of exports Month 1933 1934 1935 1936 1937 1933 1934 1935 1936 1937 1933 1934 1935 1936 1937 January. _ 121 172 176 199 223 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 108 191 185 105 257 95 158 177 199 307 13 33 8 -4 -51 April 105 179 164 193 269 88 147 171 203 287 17 33 -6 -10 —18 May 114 160 365 201 290 107 155 171 192 285 7 6 -5 9 5 June 120 171 170 186 265 122 136 157 191 286 -2 34 13 -5 -21 July 144 162 173 180 268 143 127 177 195 265 1 34 -3 -15 3 August... _ _ 131 172 172 179 278 155 120 169 193 246 -23 52 3 -14 32 September 160 191 199 221 297 147 132 162 216 233 13 60 37 5 63 October __ _ 193 206 221 265 P333 151 130 189 213 P224 42 77 32 52 *>109 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 2,423 225 478 235 34 p Preliminary. 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 figures.—See BULLETIN for January 1931, p. 18, and for July 1933, p. 431. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1936 1937 ]ndex of sales Index o m f s o to n c th k ) s (end of Oct. June July Aug. Sept. Oct. Month fo A r d s j e u a s s t o e n d al W sea it s h o o n u al t fo A r d s j e u a s s t o e n d al W sea it s h o o n u a t l Adjusted for seasonal variation variation adjustment variation adjustment Total _ . 77 78 80 79 78 76 1936 1937 1936 1937 1936 1937 1936 1937 Coal 82 76 76 77 81 81 Coke 87 89 104 98 93 74 Grain and grain products. _ 69 74 81 77 71 82 January 81 93 63 72 66 74 58 66 Livestock 46 41 37 42 44 45 February 83 95 66 76 66 76 62 72 Forest products 47 52 57 53 49 46 March 84 93 77 90 65 76 67 78 Ore.— 90 113 107 103 104 79 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 6 6 8 6 7 7 8 6 8 8 8 6 8 8 8 6 6 7 8 6 1 6 M Ap a r y il 8 8 4 7 9 9 3 3 8 8 5 9 8 9 9 5 6 6 5 6 7 7 6 6 6 6 7 8 7 7 9 8 June. 87 93 84 90 64 75 62 73 Without seasonal adjustment July_._ 91 94 63 65 64 74 59 69 August 86 92 68 72 67 78 65 74 September 88 94 94 100 68 77 71 80 Total __ 86 79 82 81 87 84 Coal 90 65 64 68 84 89 October _._ 90 93 100 103 69 77 76 85 Coke 87 82 88 80 88 74 Nnvfimhfir 94 105 71 80 Grain and grain products. _ 69 72 111 93 79 82 December 92 161 71 67 Livestock 65 33 32 42 56 63 Forest products 49 55 57 55 54 48 Year 88 67 Ore 134 192 203 190 182 117 Miscellaneous 97 90 90 89 96 92 Merchandise * 69 68 67 68 70 69 i Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March 1 In less-than-carload lots. and April for the effects upon sales of changes in the date of Easter. NOTE.—For description and back data see pages 522-529 of BULLETIN for June 1937. Based on daily average loadings. Basic data compiled Back figures.—Department store sales, see p. 631 of BULLETIN for by Association of American Railroads. Total index compiled by com- August 1936; department store stocks, see pp. 254-255 of BULLETIN for bining indexes for classes with weights derived from revenue data of April 1935. the Interstate Commerce Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1259 DECEMBEE 1937 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities Year, month, or week m c t A o o ie m l d s l i - - F p u r a c o r t d m s - Foods Total H p l i r e d o a e d t s h u a e c r n ts d pr T o e d x u ti c le ts m F li a u g t e e h l r t i i a a n n l g d s a p n M r d o e d m t u a e c 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 a m g n s i d - i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929 __ 95.3 104.9 99.9 91.6 109 1 90.4 83.0 100.5 954 94 ?, 94.3 8? 6 1930 __ 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66,3 67.5 84.5 79 2 79 3 84.9 69.8 1932 64.8 48 2 61 0 70.2 72.9 54.9 70.3 80.2 71.4 73 fi 75.1 64.4 1933 65.9 51.4 60.6 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75 8 6? 5 1934 74.9 65.3 70 5 78.4 86.6 72.9 73.3 86.9 86.2 75 9 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 80.5 80.6 68 3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 <30 4 81 7 70.5 1936—September 81.6 84.0 83.3 79 6 94.6 70.9 76 1 86 8 87 1 31 7 81.7 71 3 October 81.5 84 0 82.6 80.1 95.6 71.6 76.8 86.9 87.3 82.2 82.0 71.5 November 82.4 85.1 83.9 81 0 97.0 73.5 76.8 87.9 87.7 3? 5 82.3 73 4 December 84.2 88.5 85.5 82.2 99.7 76.3 76.5 89.6 89.5 35.3 83.2 74.5 1937—January 85.9 91.3 87.1 83.4 101. 7 77.5 76 6 90.9 91.3 37 7 86.5 76.2 February 86.3 91.4 87.0 84.1 102.7 77.5 76.8 91.7 93.3 37 8 87.9 77.3 March 87.8 94.1 87.5 85.5 L04.2 78.3 76.2 96.0 95.9 37.5 88 4 79 5 April 88.0 92.2 85.5 86.5 L06. 3 79.5 76.8 96.5 96.7 i36 9 89.0 81.1 May — 87.4 89.8 84.2 86.3 L06.7 78.7 77.2 95.8 97.2 i34.5 89.3 80 5 June 87.2 88.5 84.7 86.1 106.4 78.2 77.5 95.9 96.9 i33.6 89.5 79,4 July 87.9 89.3 86.2 86.3 ]06.7 78.3 78.1 96.1 96.7 t33 9 89.7 79.0 August- 87.5 86.4 86.7 86.1 L08.1 77.1 78.4 97.0 96.3 i32.2 91.1 77.3 September 87.4 85.9 8S.0 85.9 ]07.6 75.3 78 7 97.1 96.2 i31 4 91.1 77.0 October 85.4 80.4 85.5 85.1 ]06.7 73.5 78.5 96.4 95.4 i31.2 91.0 76.2 Week ending— July 3 87.2 89.7 85.3 85.9 ]06.6 77.4 78.1 95.1 96.9 i33.1 91.0 78,8 July 10 87.7 90.5 86.8 86.1 106.4 77.9 78.3 95.3 96.9 I33.0 91.3 78.9 July 17 87.8 91.1 86.1 86.2 ]07.6 77.7 78 4 95.3 96.8 i33 4 91.6 79,2 July 24 87.5 88.4 86.0 86.3 ]07.6 77.9 78.6 95.4 96.8 £33.8 91.6 79.2 July 31 87.5 87.7 86.5 86.2 ]08.4 77.6 78 8 95.4 96.7 W 6 92.7 78 ?. Aug. 7 87.4 86.9 86.3 86.0 ]09.1 77.4 78.9 95.4 96.7 82.4 92.8 77.4 Aug. 14 87.5 87.5 86.5 86.0 108.6 76 9 78 9 95.5 96.7 82.0 92.7 77 4 Aug. 21.. ___ 87.3 87.1 86.8 85.9 108.6 76.6 78.9 95.5 96.4 £31.7 92.7 77 2 Aug. 28 86.5 85.0 85.3 85.8 108.7 76 1 79 1 95.5 96.5 £U ?, 92.7 77 0 Sept. 4 86.4 84.6 85.7 85.9 108.6 75.8 79.2 96.4 96.3 81.0 92.7 76.6 Sept. 11 86.8 84.5 86.6 86.0 ]08.5 75.5 79.8 96.4 96.4 £30.9 92.8 76 9 Sept 18 87.4 86.5 88.6 85.9 108 3 75 1 79 4 96 4 96.3 £W ?, 92.8 76.9 Sept. 25 87.5 87.3 88.7 85.9 108.3 74.5 79.6 96.4 96.5 £U.2 92.7 77.1 Oct. 2 86.9 85.4 87.8 85.6 108.2 73.9 79.4 95.8 96.2 £31.0 92.7 76.8 Oct. 9 _. 86.0 82.7 86.9 85.3 108.1 73.3 79.5 95.6 95.9 81.2 92.7 76 6 Oct. 16 85.2 80.3 85.4 85.2 107.7 72.8 79.2 95.9 95.9 £0.9 92.7 76.3 Oct. 23 84.9 80.7 85.0 85.0 106.9 72.8 79.1 95.6 95.4 £30.6 92.7 76.0 Oct. 30 84.0 77.8 83.8 84.7 106.4 72.6 78.9 95.3 95.0 ?0.6 92.6 75.7 Nov. 6 83.8 77.7 84.3 84.3 104.2 71.6 78.9 95.1 94.4 0 1 92.2 75. 5 Nov. 13 83.2 77.8 83.6 84.0 103.0 71.0 79.0 94.6 94.0 JO. 0 92.1 75.0 1936 1937 1936 1937 Subgroups Subgroups Oct. July Aug. Sept. Oct. Oct. July Aug. Sept. Oct. FARM PRODUCTS: METALS AND METAL PRODUC Grains.. _.. 102.1 105.2 92.0 91.9 77.0 Agricultural implements. 93.9 94.2 94.2 94.2 94.2 Livestock and poultry 81.2 105.0 108.2 106.7 98.5 Iron and steel 88.8 99.8 99.9 99.8 99.7 Other farm products. _ 80.2 75.1 71.4 71.2 70.1 Motor vehicles 90.8 93.7 96.0 96.6 97.8 FOODS: Nonferrous metals 71.7 92.7 93.3 92.6 85. 5 Dairy products 87.4 76.4 79.7 84.8 85.7 Plumbing andheating 76.6 78.7 78.8 80.6 80.6 Cereal products 87.5 92.3 87.9 86.1 84.6 BUILDING MATERIALS: Fruits and vegetables- 73.8 71.2 65.3 64.0 62.2 Brick and tile 88.3 95.4 95.5 95.0 93.4 Meats 84.4 106.0 112.1 113.4 107.4 Cement 95.5 95.5 95.5 95.5 95.5 Other foods 77.4 74.6 73.6 75.5 73 4 Lumber 86 1 101.3 99.5 99.0 97.3 HIDES AND LEATHER PRODUCTS: Paint and paint materials 80.2 83.9 84.1 84.6 84.2 Shoes 99.3 107.4 107.4 107.5 107.6 Plumbing and heating 76 6 78 7 78.8 80.6 80.6 Hides and skins . 97.2 116.2 122.1 120.7 117.1 Structural steel 97.1 114.9 114.9 114.9 114.9 Leather.. 85.4 98.7 100.0 98.9 97.2 Other building materials. 90.4 101.0 101.0 100.8 100.2 Other leather products> 95.4 102.7 103.2 103.3 103.3 CHEMICALS AND DRUGS: TEXTILE PRODUCTS: Chemicals 89.0 89.9 87.0 85.7 85.3 Clothing 81.2 90.1 90.0 89.7 89.4 Drugs and Pharmaceuticals 76.5 78.2 78.2 78.3 78.3 Cotton goods. 82.0 86.8 82.2 76.8 73.1 Fertilizer materials 67.4 71.3 71.7 71.8 72.5 Knit goods 61.1 64.8 65.7 66.5 65.8 Mixed fertilize]"S 69.7 74.2 74.8 74.8 74.9 Silk and rayon __ 31.1 33.9 32.9 32.4 30.6 HOUSEFURNISHINGGoons: Woolen and worsted goods. 80.5 94.4 93.9 92.4 90.1 Furnishings 85.6 92.6 95.0 94.9 94.9 Other textile products 67.0 69.3 71.1 70.0 69.0 Funliture 78.3 86.8 87.1 87.1 87.1 FUEL AND LIGHTING MATERIALS: MlSCELIANEOUS: Anthracite 81.8 76 6 76 8 78 7 78 8 Auti tiros n/nrl tnhfts 47 5 56 4 56 4 56 4 56.4 Bituminous coal _ 97.3 98.6 98.7 99.2 99.3 Cattle feed 111 8 116.5 82.9 81.2 83.6 Coke 97 8 104 9 104 9 105 0 105 3 Paper and pulp 80 8 94 2 94 i 93 4 92 4 Electricity. _ 82.8 80.0 79.4 Rubber, crude 34.4 39.6 38.2 38.4 33.6 Gas . 86 0 84 0 82 6 84 0 Other miscellaLi. firms 81 5 85 7 85 4 85 1 84 6 Petroleum products - 57.9 61.8 62.0 62.2 "61." 7 Back figures.—-For monthly and annual indexes of groups, see Annual Report for 1936 (table 80) * for indexes of subgroups see Annual Recort for 1936 (table 81). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1260 FEDERAL RESERVE BULLETIN DECEMBER 1937 NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of November 1,19371] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Nov. 1, tion Nov. 1, tion Nov. 1, tion Nov. 1, 1936 1937 1936 1937 1936 1937 1936 1937 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,754 7,704 119 74 New York 23, 779 28, 993 6,496 9,285 105 133 Philadelphia 48, 733 54, 971 17, 555 20, 673 175 200 Cleveland 155, 673 211,075 45, 605 53, 590 193 164 Richmond _ _ _ 1,446 1,710 126, 279 141, 543 25, 331 29,054 Atlanta 2,996 4,037 149, 800 182, 648 5,938 7,369 Chicago _ 548,775 1,127, 920 62,177 79,424 2,212 1,776 St Louis 2 3, 404 3 4, 681 202, 726 371, 275 60, 630 79, 780 176 128 Minneapolis - _ 107, 341 247, 749 8,249 14, 550 48, 406 128, 205 Kansas City 352 712 70, 862 183, 041 206,125 288, 834 7,479 10, 226 Dallas - -- - 3,587 6,189 80, 623 86, 849 19, 348 42,811 93 105 San Francisco 614 914 6,982 7,625 61, 559 62, 775 48, 490 57, 739 Total 12, 399 18, 243 1, 529, 327 2, 651, 393 519, 013 688,145 107, 448 198, 750 Oats Tame hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Nov. 1, tion Nov. 1, tion Nov. 1, tion Nov. 1, 1936 1937 1936 1937 1936 1937 1936 1937 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston _ _ _ 6,900 6,467 3,103 3,411 27, 748 30, 504 53,493 57,479 New York 19,819 20, 611 4,443 5,858 1,008 1,449 31,139 33 983 Philadelphia 15,104 15, 559 1,788 2,345 33, 650 28, 510 25, 631 25, 278 Cleveland 50, 268 45, 539 3,816 5,000 80, 888 124, 315 21, 222 19 048 Richmond __ _ _ _ 15, 286 18, 486 2,532 3,733 658, 341 816, 976 19, 690 29, 499 Atlanta 10,496 12, 946 2,524 3,038 152, 515 175, 578 9 921 14 477 Chicago 366, 027 536, 979 14, 054 15, 725 18, 880 23,692 47, 442 52, 933 St. Louis . 38, 026 54, 293 4,447 6,116 176, 784 278, 916 8,333 12, 694 Minneapolis 129,907 263, 689 7,405 9,669 1,361 1,832 27, 369 47,863 Kansas City _ 82, 429 117, 591 6,153 6,653 1,908 3,376 29,170 29, 912 Dallas 24, 577 31, 654 1,194 1,297 3,620 4,193 San Francisco _. __ 30, 261 28, 619 11, 850 11,731 52,967 64, 348 Total 789,100 1,152, 433 63, 309 74, 576 1,153, 083 1, 485,148 329, 997 391, 707 1 Figures for spring wheat, oats, and tame hay from estimates for Oct. 1; for winter wheat from Aug. 1; no estimate made for Nov. 1. * Includes 16,000 bales grown in miscellaneous territory. * Includes 19,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 1261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1262 FEDERAL RESERVE BULLETIN DECEMBER 1937 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Latin Asia Europe End of month T c tr o o ( i 5 u t e 2 a n s l - ) 1 " U S n ta i t t e e s d C a a d n a - 3 r E o o u 2 p u - 6 e n- A co m i ( c 1 u a 1 e n r - - O c i a c a o n e u d a ( n 8 n - - A c tr o f i ( r u e 5 i n c s) a - U K d n i o i n m t g e - d France m G a e n r- y Italy 2 g B iu el m - N l e a t n h d e s r- ti S N o w n a- i a t l zer B la .I n . d S. tries) tries) tries) Bank 1934—December. 21,051 8,238 134 11,010 601 805 263 1,584 5,445 32 518 590 573 624 4 1935—December- 21, 601 10,125 189 9,617 662 291 1,648 4,395 33 270 611 438 454 8 1936—August 21, 830 10, 716 189 9,145 662 849 269 2,017 3,614 28 209 632 457 489 12 September 21, 742 10,845 191 8,919 662 857 269 2,049 3,322 25 208 631 456 508 12 October . 21, 801 11,045 186 8,774 681 847 269 2,049 3,194 26 208 621 388 583 13 November- 22,001 11,184 188 8,829 677 852 270 2,049 3,194 27 208 630 388 624 13 December . 22, 622 11, 258 188 9,307 729 858 283 2,584 2,995 27 208 632 490 655 11 1937—January __. 22, 653 11,358 190 9,225 718 865 297 2,584 2,846 27 208 625 558 657 13 February.. 22, 796 11, 436 191 9,268 721 870 310 2,584 2,846 27 208 626 598 657 12 March 22, 992 11, 574 194 9,295 754 858 317 8 2,584 2,846 27 208 619 626 657 15 April 23 235 11, 799 199 9.302 762 879 295 2,584 2,846 208 607 670 635 11 May ____ 23, 599 11,990 193 9,464 787 875 291 2,647 2,846 28 208 609 769 635 17 June P23 919 19VH 187 9,466 804 863 P281 2,689 2,722 208 625 848 635 8 July P23 745 I4?446 188 9,159 810 876 P267 2,689 2,422 28 617 862 628 3 August P23, 699 12,567 188 9,141 P725 P267 2,689 V124 28 208 607 862 615 4 September- P23 851 12,741 186 9,129 P804 ?264 2,689 V128 28 208 590 862 612 6 October 12,803 187 i'9,191 2,689 V128 28 208 572 906 646 4 Europ3—Continued Latin America End of month A tr u i s a - g B a u r l i - a C v z s a e l k o c i h - a o- m D a e r n k - Greece H ga u r n y - N w o ay r- l P a o n - d Po g r a t l u- Ru n m ia a- Spain S d w en e- Y sl u a g v o ia - 6 c t o o ri u t e h n s e - r g t A i e n r n a - - Brazil 1934—December. 45 19 112 60 40 23 61. 96 68 104 740 159 53 60 403 8 1935—December. 46 19 112 54 34 23 84 84 68 109 735 185 43 63 444 17 1936—August 46 ?0 109 54 28 23 91 70 68 112 4 718 232 46 73 441 22 September. 46 20 108 54 27 23 98 71 68 113 718 238 46 78 437 23 October.. 46 20 91 54 26 23 98 71 68 113 718 239 47 79 455 23 November 46 20 91 54 26 25 98 72 68 113 718 239 48 79 452 24 December 46 20 91 54 26 25 98 75 68 114 718 240 48 82 501 25 1937—January. 46 21 91 54 26 25 98 75 68 114 718 240 49 82 487 25 February. _. 46 21 91 53 27 25 98 76 68 115 718 241 49 82 489 26 March... 46 21 91 53 27 25 98 77 68 115 718 241 49 82 519 26 April 46 21 91 53 27 25 98 78 68 115 718 241 50 82 536 27 May 46 22 90 53 26 25 88 78 68 116 718 242 50 82 565 28 June- 46 22 91 53 23 25 88 80 68 116 718 242 50 79 581 28 July 46 22 90 53 24 25 86 81 69 117 718 243 50 78 587 29 August 46 22 90 53 24 25 86 82 69 118 718 243 50 78 587 29 September 46 22 90 53 24 25 86 82 69 118 718 243 51 78 587 30 October 46 23 90 53 24 25 86 82 119 718 244 52 P78 P586 P30 Latin America—Continued Asia and Oceania Africa End of month Chile l C b om i o a - - M ico e x r - Peru g U u r a u y - c o t o r t i h u 4 e e n s r - I B n i r s d h i i t a - China Japan Java N l Z a e e n w a d - T k u ey r- c o t o r th i u 2 e e n s r - Egypt A So fr u ic th a c o t o r t i h u 3 e e n s r - 1934—December. 29 19 23 19 82 18 275 7 394 77 25 22 6 55 184 24 1935—December _ 29 16 44 20 74 19 275 10 425 54 23 24 6 55 212 24 1936—August __. 29 17 47 20 68 19 275 15 450 59 23 24 3 55 189 25 September. 29 17 50 19 68 19 275 19 453 60 23 24 3 55 189 25 October. _ 29 17 49 20 68 19 275 6 456 60 23 24 3 55 189 25 November 29 18 47 20 68 19 275 7 459 60 23 24 3 55 191 25 December. 29 19 46 20 69 19 275 8 463 60 23 26 4 55 203 25 1937—January 29 20 48 19 69 19 275 9 466 60 23 28 3 55 217 25 February 29 22 50 20 66 20 275 10 469 60 23 29 3 55 230 25 March 29 23 52 20 66 18 275 12 456 60 23 29 3 55 237 25 April 29 18 47 »"20 66 19 274 16 459 74 23 29 3 55 215 25 May 29 14 46 ••20 66 19 274 19 452 74 23 29 3 55 211 25 June _. 30 16 45 '20 66 19 274 16 443 74 23 29 3 55 201 P25 July 30 15 45 20 66 19 274 55 41? 79 23 29 3 55 187 P25 August- 30 16 43 20 66 274 5 55 261 79 23 29 3 55 189 P23 September. 30 15 38 20 P19 274 55 261 79 23 29 3 55 189 P21 p Preliminary. ' Revised. Mexican gold holdings, formerly carried forward from March 1935 and included in Latin America—5 other countries, revised on basis of officially reported figures. Revised Mexican figures for months not shown above are as follows, in millions of dollars: in 1935—Apr., 34; May, 35; June, 35; July, 37; Aug , 39; Sept., 40; Oct., 41; Nov., 42; in 1936—Jan., 45; Feb., 47; Mar., 49; Apr., 50; May, 52; June, 49; and July 46. ' See notes under United Kingdom, Italy, Spain, and China. * Decline in gold holdings of Bank of Italy from official figure for December 1935 to that for December 1936 has been distributed monthly on basis of gold imports from Italy reported by other countries. December 1936 figure carried forward for January 1937; figures for February and March 1937 officially reported as of 20th of month; March figure carried forward for subsequent months. 8 According to official announcement 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 first occasion on which amount has been reported. For detailed statement of statistics included in above table see BULLETINS to which reference is made in note at foot of page. 4 No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date is given for August 1936 and carried forward for subsequent months. 6 No statement has been received from Central Bank of China since July 31, 1937. Figures for that date carried forward for subsequent months. NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin America: Bolivia, Ecuador, El Salvador, and Guatemala: in Asia and Oceania: Australia and Siam; and in Africa: Algeria, Belgian Congo, and Morocco. For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547; and August 1936, p. 667. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1263 DECEMBER 1937 FEDERAL RESERVE BULLETIN GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Year or month p w ro o d r u ld c- Africa North and South America Far East tion Total A So fr u ic th a d R e h s o ia - A W fr e ic s a t B C e o l n g g ia o n Canada U St 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 $1-26-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 1929 397,153 359, 347 215, 242 11,607 4,297 2,390 39, 862 45, 835 13,463 2,823 683 8,712 6,927 7, 508 1930 432,119 373,154 221,526 11,476 4,995 2,699 43, 454 47,123 13,813 3,281 428 9,553 8,021 6,785 1931 460, 651 394,399 224,863 11,193 5,524 3,224 55, 687 49, 524 12,866 4,016 442 12,134 8,109 6,815 1932 498,164 421, 656 238,931 12,000 5,992 3,642 62,933 50,626 12,070 5,132 788 14, 563 8,198 6,782 1933. 525,071 420, 093 227, 673 13, 335 6,623 3,631 60, 968 52, 842 13,169 6,165 3,C09 16, 790 8,968 6,919 $1^16-6/21 grains of gold 9/10 fine; i.e., an ounce of fine gold<=$35 1933 888, 997 711, 260 385, 474 22. 578 11,214 6,148 103,224 89,467 22,297 10, 438 5.094 28.428 15,183 11,715 *1934 958,033 723,530 366,795 24,264 12,153 6,549 104,023 108,191 23,135 12,045 8, 350 30,447 16,354 11,223 1935 1,040,217 771,827 377,090 25,477 13, 625 7,159 114,971 126,325 23,858 11,517 9,251 31,117 20,043 11,394 1936 1,167,160 856, 384 396, 768 28,053 16, 295 7,386 131,181 152, 509 26, 465 13, 633 9,018 39,793 23,684 11, 599 1936—May 92,049 69, 617 32, 826 2,413 1,289 547 10,846 12,074 2,075 1,086 552 3,045 1,885 979 June 98,056 71,224 33,086 2,384 1,285 585 11,133 12,077 2,570 1,065 611 3,476 1,994 958 July 107, 872 75,840 33, 846 2,354 1,352 676 11,239 15,171 2,632 1,235 776 3,602 1,977 August 107.160 73,928 33, 830 2,425 1,412 675 11, 568 13,756 1,818 1,098 1,029 3,422 1,916 981 September.. 108, 371 75,139 33, 816 2,363 1,444 696 11, 635 14, 409 2,346 1,236 467 3,515 2,246 October 113. 293 76,862 34,199 2,292 1,493 691 11, 749 15, 950 1,943 1,109 784 3,596 2,075 November _. 105, 561 72, 730 33, 042 2,270 1,506 634 11,229 13, 369 2,291 1,035 758 3,467 2,162 December.. 96, 583 73,752 33, 858 2,262 1,544 631 11,612 13,106 1,647 1,113 708 4,170 2,118 1937—January 91,826 73,235 34,352 2,315 1,671 586 11, 499 11, 483 2,854 1,332 935 3,158 2,065 984 February .. 87,240 68, 408 32, 330 2,109 1,563 579 10, 853 10,171 2,227 1,117 769 3,714 2,077 899 March 94,121 74,090 34, 381 2,416 1,605 634 11,420 12, 531 2,510 1,285 620 3,550 2,156 982 April 92,818 72,547 34, 308 2,391 1,669 638 11,317 11,131 2,111 1,269 926 3,725 2,106 May 101, 655 76, 584 34,010 2,408 1,559 681 11,904 14, 248 1,678 1,234 1,860 3,897 2,122 June ___ 106,940 76, 589 34,132 2,339 1,649 688 12,071 13,036 3,701 1,246 643 4,033 2,093 957 July P114, 916 P78, 325 34,895 2,364 1,650 693 12,162 14, 870 P2,441 1,476 989 3,861 1,945 979 Aueust *>119,776 P81, 745 34, 598 2,441 1,822 710 12,196 18,140 P2, 441 1,422 n, 094 3,961 Pl,945 975 September. J>115, 983 ?77, 952 34,170 P2, 441 n, 857 P710 12,184 14,946 v2,441 1,298 Pi, 199 *>3, 856 Pl, 910 p Preliminary. i Includes production in the Philippines. NOTE.—For monthly figures back to January 1929 and for explanation of tables see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108, November 1934, p. 737, July 1936, p. 600, March 1937, p. 267, April 1937, p. 363, May 1937, p. 487, July 1937, p. 687, and August 1937, p. 769. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1936, pp. 108-109. Figures for Canada beginning January 1937 are subject to official revision. Estimated production of the U.S.S.R. for September 1937, in thousands of dollars: $28,800. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Total Net imports from or net exports (—) to: Year or month net imports e o x r p o n r e t t s U K d n i o i n m t g e - d France g B iu e m l- N la e e n r t d - h s - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra u l s ia - Japan B I r n i d ti i s a h c o t o r A th i u e l e n l s r - 1934 1 1,131, 994 499,870 260, 223 8,902 94, 348 12,402 86,829 30,270 16,944 12,038 1,029 4 76, 820 32,316 1935. 1,739,019 315,727 934,243 3 227,185 968 95,171 13, 667 10,899 15,335 3,498 75, 268 47,054 1936 - 1,116, 584 174, 093 573, 671 3,351 71, 006 7,511 72, 648 39, 966 11,911 21, 513 23,280 77,892 39, 745 1936—August 67, 493 5,837 17, 880 11, 664 15, 289 11 716 1,747 10,688 3,661 September 171,824 8,204 136, 671 1,463 524 6,338 634 2,101 2,405 2, 831 6,961 3,693 October 218,812 72,154 95,013 799 25, 745 8 12, 222 530 4 2,157 1,869 5,782 2,530 November 75, 836 44, 665 20 2,545 3,698 10, 660 368 1,628 3,781 6,182 2,289 December 56,970 32, 998 9 2 3,281 4,709 462 2,273 936 10,108 2,193 1937—January 121, 325 73,950 10,864 10, 691 271 6,506 5,865 1,945 1 2,123 1,617 6,028 1,463 February 120, 326 75, 238 1,138 14 8,155 10,661 9,153 2,109 2,910 7,077 3,870 March 154, 332 121, 451 76 1,131 1,086 4,925 3,242 3 1,944 3,467 5,696 4,017 7,296 April 215,811 175,165 596 5,399 7,225 1,973 4,261 2,231 2,388 9,978 4,857 1,737 May 155,362 103,822 1,375 1,166 14,434 2,800 5,496 2,106 2,613 16, 593 3,797 1,160 June 262,022 156,943 11,059 5,228 1,392 36, 235 20, 946 665 2,177 2,064 2,167 15,316 3,966 3,866 July 175,417 76,432 1,138 22, 556 3,177 2,390 7,428 5,348 2 2,410 3,796 44,459 4,355 1,925 August 104,844 30,147 10,118 521 12, 247 3,524 1 1,505 3,710 37,697 3,613 1,761 September.. . _ 145. 495 59,066 13.703 14,497 2,054 2,110 2,981 3.010 40, 927 5, 275 1.871 October 90,477 24,402 22,030 9,669 2,089 8 1,375 2,076 19,875 6,902 2,051 i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. NOTE.—For gross import and export figures and for additional countries see table on page 1234. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1264 FEDERAL RESERVE BULLETIN DECEMBER 1937 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Germanv Net imports from or net exports (—) to: Total Total Year or net im- South net immonth e o p x r ( p o ) n o rt e r s t t s U S n ta i t t e e s d France m G a e n r- y g B iu e m l- N l e a t n h d e s r- US.S.R Au li s a tra- A A d W R f e f r h r s e i i o i c s c a - a t a , , B I r n i d ti i s a h B O c t r o r t i i u h t e i n e s s - r h China c o t o A r th i u l e e l n s r - e o p x r ( o p ) r n o t e r s t t s 1934.. 716, 269 -497,166 348,190 121,017 -13,585 32, 575 41, 790 335, 253 206, 693 62, 397 1 79,105 -90, 920 1935-. 369, 747 -435, 502 142,137 -4, 726 -17,476 10, 796 931 37,981 404, 295 181, 627 32, 744 -518 2 17, 458 42, 969 1936_. 1,170,023 -276, 813 756, 204 23, 295-15,133 -21,130 26, 723 488, 814 128, 421 28,068 13,930 3 17, 644 1,868 1936—Apr.. 77,137 -9, 465 12, 710 4,295 -1,383 -1,409 3,329 55,108 9,413 3,448 394 -1,201 May_. 74, 590 -12,611 26, 936 1,875 -17,602 1,761 2,167 53, 802 13, 289 2,645 2,327 -630 June.. 69, 447 -26, 802 27, 3,903 -536 606 1,610 45,14^ 10, 860 1,378 6,221 1,130 July._ 195, 066 -4, 384 142, 535 1,913 -74: -2, 421 2,531 43,122 9,657 1,153 1,708 3,248 Aug... 281, 401 -16,120 240, 868 1,789 -804 -2,90' 2,089 34, 552 15,011 1,407 3,502 2,013 1, 58CT Sept.. 151,814 -14,096 108, 666 6,086 6,369 -1,029 2,084 36, 517 6,581 1,219 -583 -3, 514 Oct... 7,61 -72,441 -383 3,964 -1,039 2,458 1,984 45, 323 7,853 1,199 2,710 15, 986 -3, 521 Nov. 83,168 -49, 224 72, 506 -163 37' 1,486 2,304 36, 230 14, 896 1,610 4,727 -1,581 426 Dec. 100, 505 -63, 914 118, 655 -624 -1,130 1,836 2,126 41, 683 7,243 1,172 1,927 -8, 467 4,763 1937—Jan... -25, 523 -73, 568 22, 453 -220 414 1,021 5,628 2,504 16, 903 3,953 694 -5, 305 17, 426 Feb.. 122, 296 -75, 615 163, 919 153 452 1,756 1,968 24,113 8,705 786 -3, 942 27, 024 Mar.. 78, 484-104,399 124,121 50' 1,58^ 965 22, 520 2,727 26, 593 5,760 592 -2,489 588 Apr__ 12, 036-149,444 11, 281 -1, 055 104 927 98, 510 2,122 44.198 2,848 1,220 1,325 1,778 May.. -48, 319 -101,710 -274 -1,786 -1, 545 452 8,430 2,353 37,106 8,368 873 -586 2,956 June.. 22, 95' -128,380 79, 545 8,398 -7,915 997 14, 027 1,552 46, 933 2,782 1,251 3,767 -22, 222 July.. 127, 953 -79, 498 112,113 16, 348-9, 207 -208 14,153 70," 57, 861 6,129 1,296 7,227 1,032 -11,355 Aug__ 122,643 -26,043 50, 463 12, 212 416 -662 16, 914 1,981 54, 463 7,178 1,171 8,454 -3, -11,467 Sept.. -29, 775 -86,145 -2, 034 8,245 573 -420 19, 784 2,039 36.199 4,735 98r -13,739 -8,182 Oct. -6, 348 -16,236 -2,831 3,171 8,176 -10,047 1,476 36, 244 5,739 1,03: -33,071 Switzerland British India Net imports from or net Total Net imports from or net exports (—) to: Total exports (—) to: Gold Change in: Year or net net promonth imports imports duce o x r p n o e rt t s U S n ta i t t e e s d U K d n i o i n m t g e - d France g B iu e m l- Italy N la e e n r t d - h s - c o t o A r th i u e l e n l s r - e o x r ( p ) n or e t t s U S n ta i t t e e s d U K d n i o i n m t g e - d c o t o A r th i u e l e n l s r - I t n i i o n d n ia s In e R r i d n v e i - e a s 6 P i I n h r n g i o d v s l i d a a i - t 7 n e 1934 -46,065 -12,784 -45, 95,' -29, 235 18, 397 19,431 2,580 1,500 -230, 720 -82,183 -144,185 -4, 352 11, 222 173 219, 671 1935 -230, 788 647 -54, 858 -181,725 -13,940 25, 542 342 -6, 795 -161,872 -46,172 -113,953 -1,746 11,393 -6 -150,472 1936 121, 788 -9,127 -2, 205 39, 305 14, 531 51, 293 4,600 23, 378-121,342 -41,134 -80, 383 17511, 599 -109,743 1936—Apr.. 22, 570 -131 7,292 -3 6,970 29 s 8, 413 -10,556 -5, 641 '-4,888 r-27 944 -9,612 May. 13, 386 32 -4, 298 284 -8 1,449 132 9 15, 794 -11,392 -8, 451 rS, 201 260 979 -10,413 June. 5,188 -4 -1,704 2,057 -235 2,952 2,113 9 -10,355 -3, 563 r-6, 641 r-151 958 -9, 397 July.. -321 -7 820 -249 1, -20 -121 -1,911 -15,032 -6, 267 '-8,329 -436 981 -14,051 Aug.. 2,829 -113 3,176 -254 -20 -21 59 -V" -6, 273 r-l, 776 66 981 -7,002 Sept.. 33, 506 -575 -6, 396 40,875 -286 -641 487 42 -8, 273 -824 -7, 652 203 -7, 307 Oct... 14, 848 19 5,! 656 8,177 62 57 -112 -11,576 -4, 277 -7,517 218 -10, 594 Nov.. 2,210 -3, 676 2,892 1,241 1,723 -65 97 -9, 347 -8, 420 139 -8, 381 Dec. -2,874 -4, 916 2,291 -47 659 -33 20 -848 -5,506 -271 -5,359 124 -4, 523 1937—Jan. -135 -6, 675 5,227 -612 732 -100 -575 1,866 c-8, 477 -596 c-7,493 Feb. -17,034 -6, 247 2,436 -1 852 -566 -13, 50: -3,161 -236 -3, 052 127 -2, 262 Mar.. 575 -463 -490 653 55 819 -3, 494 -620 -3,473 599 982 -2,512 Apr.. -1,506 -1,1 -289 192 584 -6,068 -863 -5, 223 18 956 c-5,074 May. -4, 479 -1,174 -1, 987 -3,132 1,107 611 -4, 933 -1,101 -3, 710 -122 982 -3, 951 June. -49, 417 -36, 242 -4, 351 -8, 740 521 274 -879 -1, -2,118 309 957 c-853 July.. -6,038 -1,243 -153 -1,831 -512 4 -2, 278 -25 -8, 689 -1,644 -7,253 979 c-7, 706 Aug_. -1,630 -393 -1,242 8 350 -35- -5,197 -424 -4, 759 975 -4, 222 Sept. -7,147 -376 -6, 995 -37 -1,186 1,456 P-4, 626 P940 P-3, 686 Oct _ -1,138 3,: -9, 627 -109 -561 4,559 1,307 p Preliminary. c Corrected. r Revised. 1 Includes $17,465,000 exported to Rumania. 2 Includes exports of $50,661,000 to Sweden; $12,571,000 to Norway; $15,714,000 to Switzerland; and unspecified net imports of $91,874,000. 3 Includes $10,129,000 exported to Sweden. 4 Includes $15,120,000 exported to Central and South America and $4,007,000 imported from Japan. 5 Includes $27,511,000 exported to Central and South America. 6 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 7 Figures derived from preceding columns; net imports plus production minus increase in reserves in India. 8 Includes $8,444,000 imported from Czechoslovakia. 9 Includes $15,433,000 imported from Czechoslovakia. 10 Includes $14,292,000 exported to Germany. NOTE—Germany, Switzerland, and United Kingdom.—In some cases annual aggregates of official monthly figures differ somewhat from reised official totals published for year as a whole. German gold movements by individual countries not available beginning July 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1937 FEDERAL RESERVE BULLETIN 1265 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in issue Note (Fi p g o u u re n s d i s n s m te i r l l l i i n o g n ) s of d m e e p n a t r ) t ! - Cash reserves co D u i n s- ts Securi- ci t r i c o u n la- Deposits Other Coin Notes a v n a d n c a e d s - ties Bankers' Public Other lia ti b e i s li- 1929—Dec. 25__. 145. 8 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31._ 147.6 38.8 49.0 104.7 368.8 132.4 6.6 36 2 18.0 1931—Dec. 30... 120.7 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28... 119.8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27... 190.7 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26__. 192.3 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25... 200.1 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—July 29... 239.9 1.0 51.4 7.1 115.5 448.6 75.2 42.3 39.4 18.1 Aug. 26... 244 8 1.1 61.3 9.2 102 6 443.4 100.9 17.2 37.8 18.2 Sept. 30_. 248.7 1.1 59.3 8.6 100.7 449.4 60 7 49.7 40.9 18.3 Oct. 28__. 248 7 1.0 65.9 99.7 442.7 86.5 27.6 41.4 17.7 Nov 25.. 248.7 .7 63 1 98.6 445.6 97.6 12.1 41.7 17.8 Dec. 30— 313.7 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Jan. 27— 313.7 .4 61.4 8.0 97.4 452.3 98.4 12.1 38.4 18.1 Feb. 24... 313.7 .7 58.6 4.9 105.3 455.1 100.4 13.0 37.9 18.2 Mar 31__ 313.7 1.0 39.8 7.1 123.4 473.8 62.3 52.2 38 5 18.3 Apr. 28... 313.7 1.0 44.8 5.5 119.7 468.8 87.6 26.2 39.6 17.7 May 26.. 321.3 46.0 4.9 119.7 475.2 91.4 24.9 37.5 17.8 June 30__ 326.4 38.0 6.3 164.3 488.4 140.5 10.8 40.2 18.0 July 28... 326.4 1.1 28.1 5.8 135.2 498.3 104.3 10.5 37.3 18.1 Aug. 25... 326. 4 1.5 38.1 4.3 128.5 488.3 92.8 25.4 36.0 18.2 Sept. 29.. 326.4 1.7 37.9 6.2 126.6 488.5 95.1 21.8 37.2 18.3 Oct. 27... 326.4 1.6 43.3 8.1 121.1 483.1 87.7 32.2 36.6 17.7 Nov. 24 P. 326.4 1.5 66.0 97.0 480.4 83.6 35.4 36.3 17.8 Assets Liabilities Domestic bills Loans on— Deposits Bank of France Ad- (Figures in millions of francs) Gold* ch F e e a i o x g n r - n g - e Other v m G a e n t r o e o n c v n - e - t s m G S t e o h e n v r o t e m r r t s n - e - - s O e t c t i h u es r e i r - N c b e u l g r e i o t s i t e e i - a s - O as t s h e e ts r c N i t r i c o o u t n e la- G m ov e e n r t n- Other l O i t a t i b h e i s e l r icurities 1929—Dec. 27... 41,668 25,942 8,624 2,521 5,612 5,603 68, 571 11,737 7,850 1,812 1930-Dec. 26... 53,578 26,179 8,429 2.901 5,304 6 609 76.436 12,624 11,698 2,241 1931-Dec. 30 _. 68,863 21,111 7,389 2,730 7,157 8,545 85, 725 5,898 22,183 1,989 1932-Dec. 30.. 83,017 4,484 ",438 2,515 6,802 9,196 85,028 2,311 20,072 2,041 1933-Dec. 29 _. 77,098 1,158 4,739 2,921 6,122 8,251 82, 613 2,322 13,414 1,940 1934-Dec. 28 .. 82,124 963 3,971 3,211 5,837 8,288 83,412 3,718 15,359 1,907 1935—Dec. 27 .. 66.296 1.328 9.712 573 3,253 5,800 7,879 81,150 2,862 8,716 2,113 1936— hily 31... 54,942 1,270 6,041 14,333 1,461 3,555 5,708 85, 892 1,594 6,254 2,267 Aug. 28.. 54,511 1,250 7,063 14, 333 809 3,454 5,640 8,125 84,324 1,523 7,037 2,301 Sept. 25. 50,111 1,245 27 7,484 15, 903 838 3.553 5,640 9,643 83. 750 1,679 6,660 2,356 Oct. 30... 64, 359 1,471 547 7,332 12,303 668 3,447 5,640 8,204 87,198 3,973 9,247 3,553 Nov. 27.. 64, 359 1,466 925 8,056 12, 298 702 3,464 5,640 8,029 86,651 2,069 13,058 3,160 Dec. 30.. 60, 359 1,460 1,379 8,465 17, 698 715 3,583 5,640 8,344 89, 342 2,089 13, 655 2,557 1937—Jan. 29.__. 57,359 1,435 1,620 8,553 19, 772 1,168 3,701 5,640 8,209 87, 688 1,955 15, 280 2,534 Feb. 26.... 57, 359 1,323 1,524 8,990 19, 772 873 3,594 * 5, 640 8,235 87,062 2,315 15, 386 2,547 Mar. 26 ... 57, 359 1,194 1,514 8,440 20,066 225 3,698 5,640 8,543 85, 746 1,977 16, 404 2,552 Apr. 30... 57, 359 1,112 1,470 7,639 19,991 965 3,918 5,642 9,256 87,063 4,361 13. 408 2,518 May 27.... 57, 359 1,053 1,437 8,377 19,980 385 3,777 5,642 8,158 85. 745 3,154 14. 766 2,502 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 2,549 July 29 ... 55, 677 951 991 10,197 23,887 958 4,064 5,641 8,467 89,307 2,563 15,812 3,152 Aug. 25___. 55, 718 911 833 8,655 25,218 476 3,763 8,417 88, 255 2,251 15,927 3,196 Sept. 30 _.. 55, 805 825 600 9,799 25. 999 1,340 4,175 5,637 8,558 91,370 2,351 15,886 3,133 Oct. 28 ... 55, 805 829 562 10, 620 26,918 483 3,710 5,637 7,218 91, 336 2,648 14, 679 3,121 Nov. 25 P . 58, 932 1,615 615 9,679 26, 918 314 3,675 5,637 90,130 2,685 17, 894 p Preliminary. 1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction of British Treasury under Section 2, paragraph (2), of Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), reduction of £60,090,000 in amount of fiduciary issue (and securities held as cover) was in effect from Dec. 16, 1936, to Nov. 10, 1937; beginning Nov. 17, 1937, amount of reduction was changed to £40,000,000. From August 1, 1931, to March 31. 1933, increase of £15,000,000 in fiduciary issue (and securities held as cover) was authorized by British Treasury under Section 8 of Currency and Bank Notes Act. 2 By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936, pp. 878-880). Of total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund established by law of October 1. By decree of July 22, 1937, gold was again revalued on basis of 43 milligrams of gold 0 900 fine per franc, and resulting increment of about 6,800,000,000 francs was allocated to fund for regulating market for Government securities (see BULLETIN for September 1937, p. 853). s Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). 4 Figures not yet available. NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p. 463, July 1936, p. 603, and September 1937, p. 951. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1266 FEDERAL RESERVE BULLETIN DECEMBER 1937 CENTRAL BANKS—Continued Assets Liabilities Reichsbank Reserves Securities (Figu re re ic s h i s n m m ar i k ll s io ) ns of Gold e F x o c r h e a i n g g n e Tr b e i a ll s s ury b c i O h ll e s t c h k ( e a s r ) nd Se lo c a u n ri s ty E a c s li o g n v i o e b r t l e e Other a O s t s h e e ts r ci N t r i c o o u n t l e a- Deposits l O ia t t i b h e i s e li r - 1929—Dec. 31 . 2,283 404 241 2,608 251 92 656 5,044 755 736 1930—Dec. 31 2,216 469 206 2,366 256 102 638 4,778 652 822 1931—Dec. 31-. 984 172 98 4,144 245 161 1,065 4,776 755 1,338 1932—Dec. 31 806 114 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 -May 30 70 ",5 37 4 606 60 219 310 648 4.430 729 807 June 30 . 72 5 98 4.699 56 220 311 704 4.389 960 815 July 31 72 5 90 4.623 67 220 310 711 4,471 787 840 Aug. 31 .. 69 6 74 4,693 65 220 309 686 4.540 729 853 Sept. 30 63 6 51 4,875 59 219 308 695 1,657 744 875 Oct. 31 65 5 55 4,888 79 219 305 685 1,713 689 897 Nov. 30 66 5 57 4,852 67 219 303 770 1,674 753 911 Dec. 31- 66 6 62 5,448 74 221 303 765 1,980 1.012 953 1937—Jan. 3o__ _ 67 6 23 4.835 65 223 302 959 1,799 707 973 Feb. 27 67 6 35 4,777 102 222 302 1,059 1,816 785 968 Mar. 31 68 6 10 5,101 51 167 312 1.021 1,938 970 826 Apr. 30 68 6 29 5,124 52 106 310 896 1.979 794 816 May 31 69 6 54 5,00.1 50 104 310 947 4,902 804 835 June 30 69 6 61 5,262 55 104 300 878 4,992 880 862 July 31 69 6 29 5,316 52 104 299 860 5,112 732 892 Aug. 31 70 6 33 5,283 52 104 299 905 5,116 736 901 Sept. 30 70 6 53 5, 538 51 105 293 905 5,256 838 927 Oct. 30 . 70 6 7 5, 578 44 1C5 293 844 5,275 711 959 Nov. 30 P.. 70 6 86 5, 546 46 105 I l 5,196 766 l i Figures not yet available. NOTE—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central bank 1937 1936 Central bank 1937 1936 [Figures as of last report [Figures as of last report date of month] Oct. Sept. August Oct. date of month] Oct. Sept. August Oct. National Bank of Albania (thou- National Bank of Belgium—Cont. sands of francs): *" Note circulation 4,349 4, 436 4,405 4,466 Gold 7,553 7,554 7.556 Demand deposits—Treasury 16 42 116 29 Foreign assets _ 22,042 22, 729 24,161 Other 538 536 669 829 Loans and discounts 4,073 3,807 3,603 Other liabilities 72 72 72 72 Other assets 4, 556 4,348 5,553 Central Bank of Bolivia (thousands Note circulation 11,035 11, 267 11, 509 of bolivianos): Other sight liabilities 14, 636 14, 926 16, 970 Gold at home and abroad1 53,014 52,180 26, 652 Other liabilities 12, 554 12, 245 12, 393 Foreign exchange 122, 294 95,711 21,196 Central Bank of the Argentine Loans and discounts 15, 36g 16, 838 7,919 Republic (millions of pesos): Securities—Government 384, 092 378, 092 415,583 Gold at home 1,254 1,224 1,224 Other 4,667 4,749 4,646 Gold abroad and foreign ex- Other assets 15, 947 14, 973 16,124 change 226 273 145 Note circulation 253, 516 255, 536 191, 772 Negotiable Government bonds... 25 32 74 Deposits 286, 794 251, 499 232,022 Other assets 167 183 161 Other liabilities 55,072 55, 507 68, 325 Note circulation 1,114 1,146 1,015 Bank of Brazil (millions of milreis): Deposits—Member bank 401 394 373 Cash 272 220 Government 101 124 174 Correspondents abroad 348 381 Other 7 5 5 Loans and discounts 2,393 2,799 Other liabilities 50 43 37 Note circulation 10 Commonwealth Bank of Aus- Deposits 2,766 3,275 tralia (thousands of pounds): National Bank of Bulgaria (mil- Issue department: lions of leva): Gold and English sterling 16,008 16, 008 16, 008 16, 002 Gold ___. 1,871 1,834 1,833 1,618 Securities 40, 304 39, 806 39,058 38, 559 Other foreign exchange 587 399 302 545 Banking department: Loans and discounts 1,570 1,437 1, 286 1,752 Coin, bullion, and cash 1,232 1,279 1,222 1,102 Government debt 3,523 3,523 3,523 2,671 London balances 35, 994 35, 820 38,193 21, 780 Other assets 957 965 1,004 1,000 Loans and discounts 13, 853 12, 832 13, 674 16, 859 Note circulation 2,968 2,950 2, 856 2,663 Securities 37, 719 37, 864 37,939 36,108 Deposits 3,216 2,972 2,885 2,364 Deposits 84, 879 83,776 86, 790 71,934 Other liabilities 2,323 2,235 2,206 2,560 Note circulation 48, 784 48, 284 47, 534 47, 039 Bank of Canada (thousands of Ca- Austrian National Bank (millions nadian dollars): of schillings): Gold 179, 579 179, 505 179, 489 179, 369 Gold 243 243 243 243 Sterling and United States ex- Foreign exchange (non-reserve) __ 154 142 137 112 change 26, 743 28,134 25, 826 8,607 Loans and discounts 188 191 192 211 Canadian Gov't. securities: Government debts 620 620 620 624 2 years or less 82, 487 63, 298 56,026 55, 763 Other assets 186 167 165 160 Over 2 years 96, 792 96,102 93,082 97, 657 Note circulation 922 914 915 932 Other securities 12,193 10,995 10,981 Deposits _ 279 272 268 235 Other assets 7,236 7,255 8,724 6,843 Other liabilities 191 177 174 183 Note circulation 160,356 161,619 148, 058 129, 883 National Bank of Belgium (mil- Deposits-Chartered banks 198,572 179, 361 185, 259 182, 877 lions of belgas): Dominion Government 31, 581 30,132 26, 624 22,161 Gold 3,377 3,483 3,582 3, 665 Other 976 506 584 316 Discounts, domestic and foreign.. 1, 256 1,251 1,346 1,345 Other liabilities 13, 544 13, 671 13,604 13,000 Loans __ 37 50 34 70 Other assets 305 302 300 316 1 Gold abroad revalued in December 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1267 DECEMBER 1937 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1937 1936 Central bank Central bank Oct. Sept. August Oct. Oct. Sept. August Oct. Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor (thousands of colones): Gold and foreign exchange in re- Gold... 13,161 13,161 13,026 serve 144 143 Foreign exchange 5,694 6,417 1,479 Loans and discounts 110 117 Loans and discounts 383 338 943 Government debt 795 702 Government debt and securities 5,979 6,054 6,645 Note circulation _ . 664 614 Other assets 2,493 2,813 1,380 Deposits 316 261 Note circulation 16, 251 16, 548 14,126 Central Bank of China1 (millions of Deposits 6,988 7,927 4,303 yuan): Other liabilities _ _ 4,471 4,307 5,044 Gold 22 Bank of Estonia (thousands of Silver 177 krooni): Foreign exchange . 48 Gold 34, 214 34, 216 34, 208 34,175 Due from domestic banks 132 Foreign exchange (net) 16, 229 17, 506 17, 092 4,724 Loans and discounts 461 Loans and discounts 26 221 26, 515 25,124 22,801 Securities 168 Other assets 26 284 24, 111 23, 620 19,841 Other assets 123 Note circulation 50, 327 47,121 45, 462 45, 085 Note circulation 309 Demand deposits 34 446 38, 693 39,056 24, 711 Deposits 693 Other liabilities 18 175 16, 533 15, 527 11, 744 Other liabilities „ 129 Bank of Finland (millions of mark- Bank of the Republic of Colombia kaa): (thousands of pesos): Gold.___ 635 635 640 715 Gold 27, 209 28, 588 29, 686 Foreign assets 2,260 2,301 2,402 1,460 Foreign exchange 10, 417 12 853 3 407 Loans and discounts 1 016 1,014 986 938 Loans and discounts 17, 624 15, 682 10,932 Domestic securities '351 358 374 349 Government loans and securities 45, 753 45,805 45, 399 Other assets _ 381 451 424 345 Other assets 26,950 26,556 26 058 Note circulation 2 020 2,005 1,898 1,561 Note circulation 50,045 r51, 468 47 864 Deposits—Treasury 89 160 325 169 Deposits 37, 517 37, 716 31, 676 Other. 842 917 929 605 Other liabilities 40, 391 r40, 301 35 942 Other liabilities 1 693 1,676 1,674 1,470 National Bank of Czechoslovakia Bank of Greece (millions of drach- (millions of koruny): mas) : Gold 2,569 2,571 2,574 2,592 Gold and foreign exchange (net)__ 3,446 3,252 3,133 2,733 Foreign exchange 447 390 371 • 464 Loans and discounts 5 462 5,181 4,469 5,326 Discounts 1,263 1,243 1,115 768 Government obligations 4,377 4,376 4,377 4,162 Loans. 1,184 1,140 1,121 852 Other assets 2 043 1,803 1,765 1,818 Government debt _ 2,013 2,014 2,014 2,029 Note circulation 6 839 6,735 6,428 6,145 Other assets 1,067 898 904 1 054 Deposits 5 921 5,660 5,149 5,698 Note circulation 6,516 6,469 6,250 5,652 Other liabilities 2 567 2,217 2,167 2,196 Demand deposits 304 170 128 504 National Bank of Hungary (mil- Other liabilities 1,722 1,617 1,720 1,604 lions of pengos): Bank of Danzig (thousands of Gold 84 84 84 79 gulden): Foreign exchange reserve 55 58 58 36 Gold 28,113 28,114 28, 111 29,393 Discounts 425 419 416 508 Foreign exchange of the reserve.. 1,499 1,320 1,263 85 Loans—To Treasury _ 114 112 111 94 Other foreign exchange._ 320 549 504 3,159 Other 17 17 17 12 Loans and discounts 16, 451 16, 504 15, 958 17,195 Other assets 270 265 254 160 Other assets... 3,859 5,663 4,091 4,175 Note circulation 468 457 453 427 Note circulation 34, 786 34, 535 34, 281 31 557 Demand deposits 191 197 191 157 Demand deposits 12,832 13, 647 12,974 11,215 Certificates of indebtedness 89 93 93 93 Other liabilities 19,012 19,015 19,015 19 543 Other liabilities 216 209 203 212 National Bank of Denmark (mil- Reserve Bank of India (millions lions of kroner): of rupees): Gold 118 118 118 118 Issue department: Foreign exchange 38 28 13 16 Gold at home and abroad 444 444 444 444 Discounts 25 27 27 31 Sterling securities 803 803 803 673 Loans—To Government agencies 196 235 228 206 Indian Gov't. securities 274 274 274 234 Other 138 102 101 143 Rupee coin 624 617 611 681 Securities 58 53 52 59 Note circulation 1 816 1,798 1,778 1,710 Other assets.. 70 66 66 80 Banking department: Note circulation 413 385 376 407 Notes of issue department. 328 341 354 323 Deposits __ 70 87 73 86 Balances abroad 96 127 144 87 Other liabilities 160 157 155 160 Investments 64 79 79 54 Central Bank of Ecuador (thou- Other assets. . _ _ __ 11 10 9 11 sands of sucres): Deposits.- 388 446 478 359 Gold 37, 541 32, 243 Other liabilities 112 110 109 116 Foreign exchange 26, 965 16, 660 Bank of Japan (millions of yen): Loans and discounts 52 817 38 594 Gold2 801 801 801 540 Note circulation . _ 66, 356 53,188 Discounts 634 549 576 635 Deposits 49 851 35 384 Loans—Government 3 3 234 173 National Bank of Egypt * (thou- Other 200 158 163 165 sands of pounds): Government bonds 664 554 641 454 Gold 6,545 6,545 6,545 Other assets 177 222 198 166 Foreign exchange 1,795 1 712 1 664 Note circulation 1 787 1 570 1 580 1,453 Loans and discounts . 4,781 3,401 6,269 Deposits—Government 335 358 361 323 British, Egyptian, and other Other 78 77 77 74 Government securities 37, 371 35, 073 40,138 Other liabilities 279 281 596 283 Other assets.__ _ __ _ . _ 7,686 8,623 4,198 Bank of Java (millions of guilders)' Note circulation 21, 676 19, 032 23, 387 Gold . onboi gunaers,. 117 117 89 Deposits—Government 7,333 7,869 5,809 Foreign bills 5 5 2 Other 20, 203 19,432 20,948 Loans and discounts 73 70 64 f>ther liabilities 8,966 9,021 8,670 ' Revised. 1 Items for issue and banking departments consolidated. 2 By law effective August 25,1937, gold revalued at rate of 290 milligrams fine gold per yen. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1268 FEDERAL RESERVE BULLETIN DECEMBER 1937 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 1937 1936 Central bank Central bank Oct. Sept, August Oct. Oct. Sept. August Oct. Bank of Java—Cont. Bank of Portugal—Cont. Other assets 109 106 51 Loans and discounts 339 325 327 Notp circulation 195 199 158 Government debt 1 042 1 042 1,045 DeDOsits 82 73 24 Other assets 1,439 1,402 1,152 Other liabilities 25 26 24 Note circulation 2,123 2,053 2,118 Bank of Latvia (millions of lats) : Other sight liabilities.- _ . _ 1,154 1,199 945 Gold 77 77 77 77 Other liabilities 1,205 1,169 986 Foreign exchange reserve 45 45 41 22 National Bank of Rumania (mil- Loans and discounts 131 126 120 129 lions of lei): Othpr asspts 42 42 46 40 Gold 2 16, 258 16,168 16,128 11,192 Note circulation 57 54 51 39 Foreign exchange reserve 592 Deposits 205 203 202 176 Special exchange accounts 6,455 6,394 5,823 3,744 Othpr liabilities 34 33 32 54 Loans and discounts 6,395 6,686 6,669 6,857 Bank of Lithuania (millions of litu): Special loans 3 2,027 2,040 2,050 2,435 Gold 77 77 77 71 Government debt 12,115 12, 094 11,337 11, 380 Foreicrn exchange 7 6 6 10 Other assets 8,582 8,820 8,299 9,538 Loans and discounts 106 103 99 84 Note circulation 27, 896 27, 386 26, 791 24, 704 Other assets 42 38 34 32 Demand deposits 12, 234 12, 527 12, 854 8,956 Note circulation 123 117 113 111 Other liabilities 11, 702 12,288 10, 662 12,078 Deposits 85 83 78 63 South African Reserve Bank Other liabilities 24 25 24 23 (thousands of pounds): Netherlands Bank (millions of guil- Gold 22, 938 22, 938 22, 942 22, 928 ders) : Foreign bills 6,186 6,385 5,490 5,873 Gold 1,331 1,266 1,266 570 Other bills and loans 1,829 623 1,733 330 Silver (including subsidiary coin) 18 19 19 21 Other assets 12, 661 12, 385 12, 607 13, 755 Foreign bills 5 5 3 2 Note circulation 17, 356 15, 241 16,064 15, 562 Discounts 10 11 13 23 Deposits - 22, 980 23, 955 23, 612 24, 308 Loans 212 182 180 250 Other liabilities 3,279 3,135 3,096 3,015 Other assets 61 63 67 61 Bank of Sweden (millions of Note circulation 856 834 852 761 kronor): 79 78 58 Gold 537 536 536 526 Other 736 588 571 65 Foreign assets 1,095 1,078 1,018 609 Other liabilities 45 44 45 42 Discounts 13 13 12 12 Reserve Bank of New Zealand Loans 24 26 25 30 (thousands of pounds): Domestic securities 6 6 6 33 Gold 2,802 2,802 2,802 Other assets 297 319 317 242 19 066 20, 555 16, 545 Note circulation _ 931 947 885 839 Advances to State or State un- Demand deposits 925 899 888 505 dertakings 4,566 4,787 3,453 Other liabilities 117 133 141 108 Investments 2,906 2,906 2,186 Swiss National Bank (millions of Other assets 196 170 247 francs): Note circulation 12, 994 12, 794 11,480 Gold 2,672 2,531 2,544 2,408 Demand deposits 14, 722 16, 833 12,124 Foreign exchange 495 414 209 56 Other liabilities 1,820 1,593 1,629 Discounts 22 21 21 111 Bank of Norway (millions of Loans 27 28 28 45 kroner): Other assets. _. _ 610 609 604 125 Gold 189 189 189 215 Note circulation 1,450 1,442 1,411 1,413 Foreign assets 201 189 166 82 Other sight liabilities 1,737 1,523 1,358 1,232 Total domestic credits and Other liabilities 639 638 637 101 securities 183 193 205 254 Central Bank of the Republic of Discounts 0) 103 122 194 Turkey (thousands of pounds): Loans 0) 26 26 20 Gold 36, 716 36, 712 36,711 30, 222 Securities 0) 64 58 39 Foreign exchange—Free 30 46 29 74 Other assets _ . 0) 14 13 14 In clearing acccounts 25, 327 29,833 35, 226 15, 634 Note circulation 425 423 422 409 Loans and discounts 51,181 50,177 46, 887 42, 091 Demand deposits—Government- 47 42 40 54 Securities 186, 937 187,160 187,158 185, 347 Other 43 58 49 39 Other assets 30, 933 33, 807 34, 882 20, 531 Other liabilities (i) 61 62 63 Note circulation 176,171 173, 252 173, 252 171, 684 Central Reserve Bank of Peru Deposits 47, 621 44, 497 44, 375 38, 788 (thousands of soles): Other liabilities _ _ 107,330 119, 987 123, 265 83, 428 Gold and foreign exchange 56,143 55, 602 44, 809 Bank of the Republic of Uruguay Discounts 38, 099 36, 709 40, 720 (thousands of pesos): Government loans 45,039 45,081 46, 058 Issue department: Other assets 11, 279 10, 580 8,971 Gold and silver 42, 087 41,091 Note circulation 97 428 96, 937 92 553 Note circulation . 89, 582 75, 733 Deposits 33, 251 32, 392 34, 839 Banking department: Other liabilities 19, 882 18, 642 13,167 Cash reserves 22, 653 46,074 Bank of Poland (millions of zlotys) • Loans and discounts 80, 442 86, 814 Gold 433 431 429 373 Other assets .. 77, 483 49, 685 Foreign pxchansre 36 35 32 20 Deposits 88,180 98, 784 Loans and discounts 635 650 612 846 Other liabilities 92, 399 83, 790 Securities _ __ . 136 136 135 134 National Bank of the Kingdom of Other assets 459 456 459 424 Yugoslavia (millions of dinars): Note circulation 1,094 1,045 1,021 1,091 Gold 1,749 1,704 1,692 1,592 Other sieht liabilities 215 280 249 187 Foreign exchange. 537 712 699 574 Other liabilities 390 383 398 520 Loans and discounts 1,612 1,589 1,602 1,725 Bank of Portugal (millions of Government debt 2,252 2,252 2,252 2,262 escudos): Other assets 2,863 2,678 2,484 1,415 Gold 916 916 911 Note circulation 5,857 5,843 5,864 5,311 Other reserves (net) 592 574 485 Other sight liabilities. _ 2,423 2,357 2,123 1,508 Non-reserve exchange 154 161 129 Other liabilities 732 737 741 749 1 Figures not yet available. 2 By royal decree of Nov. 6, 1936, gold revalued at rate of 153,333.33 lei per kilogram of fine gold (see BULLETIN for January 1937, p. 15). » Agricultural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1269 DECEMBER 1937 FEDERAL RESERVE BULLETIN BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs*] 1937 1937 1936 Assets Liabilities Oct. 31 Sept. 30 Oct. 31 Oct. 31 Sept. 30 Oct. 31 Gold in bars 13,401 18, 338 38, 539 Demand deposits (gold) 8, 415 8,408 27, 541 Cash on hand and on current account with banks 20, 212 33,056 16, 322 Short-term deposits (various curren- Demand funds at interest.. 16,810 15, 987 6,157 cies) : Central banks for own account: Rediscountable bills and acceptances Demand 40, 985 40, 758 11,196 (at cost): Time—Not exceeding 3 months. 154, 238 206, 265 97, 200 Commercial bills and bankers' ac- Time—Between 6 and 9 months 6,216 ceptances . 115, 558 113, 423 119,079 Treasury bills 148, 389 163, 884 165,186 Total. 201, 440 247,023 108, 396 Total. 263, 948 277, 307 284, 265 Central banks for account of others: Demand 2,622 3,408 5, 393 Time funds at interest—Not exceeding Other depositors: 3 months 50, 553 64, 876 34, 291 Demand.. 6,019 6,450 113 Between 3 and 6 months 1,631 1,527 Time—Not exceeding 3 months. 1,026 1,154 284 Between 6 and 9 months 6,185 Long-term deposits: Sundry bills and investments: Annuity trust account 153, 280 152, 974 153,280 Maturing within 3 months: German Government deposit 76, 640 76, 487 76, 640 Treasury bills 46, 232 38, 289 23, 917 French Government guaranty fund- 31, 439 31,875 43, 289 Sundry investments 103,113 112, 300 64,184 French Government deposit (Saar). 1,031 1,045 Between 3 and 6 months: 1,419 Treasury bills 29, 655 29,617 24, 490 Total— 262, 390 262,381 Sundry investments 34, 383 35, 425 32, 391 274, 628 Over 6 months: Capital paid in 125,000 125,000 Treasury bills 47, 500 55, 232 43, 682 Reserves: 125,000 Sundry investments 35, 445 35, 603 33, 556 Legal reserve fund 4,238 4,238 3,784 Dividend reserve fund. _ 6,315 6,315 6,092 Total.. 296, 328 306, 466 222, 220 General reserve fund. 12, 631 12,631 12,183 Other liabilities: Other assets: Guaranty on commercial bills so-ld.. 2,432 1,411 1,377 Guaranty of central banks on bills Sundry items 38, 731 40, 433 sold 1,015 1,030 971 Sundry items 1,177 266 124 Total liabilities 671, 260 718,853 602, 888 Total assets.. 671, 260 718, 853 602, 888 i See BULLETIN for December 1936, p. 1025. COMMERCIAL BANKS [Figures are as of end of month, except those for United Kingdom, which are averages of weekly figures] Assets Liabilities (Figures in U m ni il t l e io d n s K o in f g p d ou o n m ds sterling) re C se a r s v h es M c n a o s l o h n l t o e a i y c r n t e d at B co il u ls n t d e i d s- Se ti c e u s ri- L cu o s a e t n r o s s m to - a O s t s h e e ts r Total D D e e p m os a it n s d1 Time1 lia O b t i h li e t r ies 10 London clearing banks 1930—December. 208 144 322 285 933 240 1,876 992 847 254 1931—December. 184 119 246 297 905 222 1,737 868 846 237 1932—December. 207 127 408 472 778 208 1,983 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December 216 151 255 594 759 247 1,971 1,044 910 251 1935—December. 221 159 322 605 784 231 2,091 1,140 924 231 1936—December. 187 316 630 864 238 2,238 1,288 1,012 232 11 London clearing banks2 1936—July 225 158 349 639 884 227 2,244 1,223 986 237 August 233 163 345 641 877 226 2,246 1,212 991 240 September. 229 166 344 648 882 226 2,257 1,228 1,000 238 October 227 164 351 655 892 231 2,280 1,238 999 239 November. 233 181 329 656 895 238 2,287 1,241 1,006 243 December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—January- 238 179 345 669 885 239 2,307 1,254 1,005 247 February. _ 230 167 307 671 909 243 2,274 1,217 997 252 March 226 170 248 667 939 254 2,244 1,200 1,003 259 April 230 177 241 661 951 256 2,252 1,194 1,008 263 May 233 168 244 657 957 259 2,255 1,203 1,006 263 June _. 241 171 259 654 969 261 2,293 1,253 1,022 261 July 235 163 282 647 975 251 2,293 1,239 1,010 259 August 234 162 277 645 973 244 2,283 1,235 1,001 253 September. 238 162 281 641 978 240 2,287 1,242 1,009 251 October 234 165 296 639 988 244 2,312 253 1 Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. 2 District Bank included beginning in 1936. NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pages 639-640. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1270 FEDERAL RESERVE BULLETIN DECEMBER 1937 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France Deposits (4 large banks. f F ra i n g c u s r ) es in millions of re C se a r s v h es D b u a e n f k r s om B c i o l u ls n t d e i d s- Loans O as t s h e e ts r Total Demand Time a a O c n c w c e e p n s t- lia O b t i h li e t r ies 1930—December 2,419 4,67^ 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 3f,245 37,023 1,222 576 4,503 1932—December 9,007 1,766 22,014 7,850 1,749 37r,759 36, 491 1,268 295 4,331 1933—December 5,870 1,416 19, 848 8.309 1, 3^\635 31, 773 862 273 4,362 1934—December... 5,836 1,421 18, 304 8,159 1,717 36).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—July 3 206 2 41C 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 ?A[ 979 24,451 528 335 4,035 September 3,083 2,757 14,876 7,398 1,457 21>. 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 2,83c 17, 298 7,625 1,824 28,015 27, 467 548 454 4,290 December 3,100 2, 971 17, 582 7,631 1,957 2£.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 50, 465 543 600 3,732 April 2,891 3, 57£ 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 June 2,761 3,93c 15,869 8,514 1,595 28,128 27, 568 560 591 3,954 July 2,764 4,176 16,954 8,276 1,60? 29.069 28, 523 546 570 4,133 August 2, 925 4,25$ 16, 842 8,008 1,689 2iS,988 28, 438 550 583 4,152 Assets Liabilities Germanyl (5 large B li e o r n li s n o b f a r n e k ic s. h sm F a ig rk u s re ) 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 ti c e u s ri- a O s 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 k n i s t e s d l O ia ti t b e h i s e li r - 1930—November 191 1,483 2,453 7,416 482 880 9,091 3,857 5,233 1,986 1,828 1931—November 173 817 1,431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November 143 583 1,631 4,570 938 991 6,161 2,958 3,203 1,146 1,550 1933—November .. 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 1,481 1934—November 115 393 2,037 3,331 874 983 5,816 2,731 3,085 485 1,432 1935—November... _ 139 316 2,162 2,884 1,027 983 5,376 2,435 2,941 686 1,449 1936—August _ 138 274 2,329 2,826 1,047 816 5,533 2,529 3,005 605 1,291 September 180 287 2, 360 2,779 1,066 847 5,621 2,575 3,045 575 1,323 October . . 130 273 2,569 2,735 1,075 858 5,712 2,644 3,068 586 1,342 November 137 269 2, 567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 1937—January 154 303 2,895 2,679 1,020 837 5,973 2,923 3,050 557 1,357 February 130 301 2,966 2,673 1,022 822 6,029 2,760 3,270 578 1,307 March 201 315 2,908 2,732 1,014 813 6,135 2,942 3,194 559 1,288 April 132 297 3,204 2,666 949 805 6,213 2,926 3,287 551 1,289 May 139 288 3,171 2,637 1,039 807 6,246 2,979 3,267 543 1,291 June 180 296 3,091 2,636 1,037 778 6,204 2,969 3,236 563 1,251 July 145 298 3,099 2,676 981 760 6,164 2,918 3,245 533 1,261 August . __ 153 282 2,995 2. 701 1,083 758 6,175 2,892 3, 283 533 1. 265 September 216 322 2,860 2,754 1,070 781 6,172 2,916 3,256 539 1,292 Assets Liabilities Canada Entirely in Canada S a l e b o c r a o u n a r s i d ty D ad ep a o e s x it c s l u d p d e a p in y o g a s b it l s i e n t i e n r b C an a k n- (10 cha l r io te n r s e d o f b C a a n n k a s d . ian F ig d u o r l e la s r s i ) n mil- re C se a r s v h es S l e o c a u n r s ity a O n lo d t a h n d e s i r s- a f n o f d r r d o e u i m e n g e n t Se t c ie u s ri- a O s t s h e e ts r ci N t r i c o o u t n l e a- Total Demand Time l O ia t t i b h e i s e li r 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 1,104 155 778 139 115 1,916 538 1,378 760 1933—December 197 106 1,036 134 861 432 121 1,920 563 1,357 725 1934—December 228 103 977 155 967 449 124 2.035 628 1,407 718 1935—December __ 228 83 945 141 1,155 485 111 2.180 694 1,486 745 1936—August 225 91 776 157 1,355 487 115 2,175 672 1, 503 800 September 226 105 807 146 1,380 494 111 2,263 762 1,501 785 October 232 109 816 146 1,363 491 112 2,261 751 1.510 784 November— - __ _.. 264 116 800 179 1,316 485 109 2,269 722 1.547 783 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937—January 247 119 796 173 1,412 468 103 2,330 782 1,549 781 February 239 119 805 214 1,422 483 108 2,369 805 1,564 804 March 242 124 814 161 1,427 516 105 2. 370 786 1.584 810 April 246 121 835 141 1,440 511 106 2,383 799 1,583 805 May_. 240 117 852 139 1,438 491 103 2,372 799 1.574 802 June 238 116 853 128 1,442 520 107 2,379 809 1,570 811 July 231 114 852 139 1,431 472 107 2,322 750 1,572 810 August 241 114 863 119 1,416 483 105 2.345 767 1, 578 816 September _ __ 238 100 883 110 1,446 507 103 2,371 797 1,575 809 i Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice. (See BULLETIN for June 1935, p. 389). NOTE.—For other back 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

DECEMBER 1937 FEDERAL RESERVE BULLETIN 1271 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Date effective K U in n g i d te o d m France Ce m n G t a r e n a r l y - ba I n ta k l y of— N la e n th d e s r S l w an itz d er b C an e k n tr of a — l N R 3 o a 0 v te . eff D ec a t t i e ve b C an e k n tr of a — l N R 3 o a 0 t v e . eff D ec a t t i e ve In effect Jan. 1, 1936 2 6 4 5 2K Jan. 2, 1936 5 Albania 6 April 1, 1937 Japan 3.29 Apr. 7, 1936 Jan.10 . 4 Argentina. __ 3M Mar. 1, 1936 Java ___ 3 Jan. 14, 1937 Jan.16 3 Austria.. .. 3K July 10, 1935 Latvia 5 Nov. 1, 1936 Feb.4 Belgium 2 May 16, 1935 Lithuania- y* July 1, 1936 Feb. 7 ____ Bolivia _ 6 July 5, 1932 Mexico Mar. 1,1937 Mar. 28.. 5 British India 3 Nov. 28, 1935 Netherlands. Dec. 3,1936 May 7 6 Bulgaria 6 Aug. 15, 1935 New Zea- 2 M M a a y y 3 1 0 8 _ 3M C Ch an il a e da 3-4 2V K2 D M e a c r . . 1 11 6 , , 1 1 9 9 3 3 5 6 No la r n w d ay 2 4 J D u e n c e . 2 7 9, , 1 1 9 9 3 3 6 6 June 4 4H Colombia. __ July 18, 1933 Peru 6 May 20, 1932 June 24 5 Czechoslo- Poland 5 Oct. 26, 1933 June 25 4 vakia 3 Jan. 1,1936 Portugal 4-43^ Aug. 11, 1937 June 26 4 Danzig 4 Jan. 2, 1937 Rumania Dec. 15, 1934 June 30 _ fi Denmark ___ 4 Nov. 19,1936 South Africa May 15, 1933 July 7 Ecuador 4 Nov. 30, 1932 Spain _ 5 2 July 15, 1935 July 10 3 El Salvador. 4 Aug. 23, 1935 Sweden 2% Dec. 1, 1933 S S e e p pt t . . 9 25__ 5 2 E Fi s n to la n n ia d 4H D O e c c t. . 3 1 , , 1 1 9 9 3 3 4 5 S T w ur i k tz e e y rland- VA N M o a v r. . 2 2 6, , 1 19 9 3 3 6 3 Oct. 2 3 France 3 Nov. 13,1937 United King- Oct. 9 Germany 4 Sept. 22, 1932 dom 2 June 30, 1932 Oct. 16. Greece _ 6 Jan. 4, 1937 U S. S. R._ 4 July 1, 1936 Oct. 20 Hungary 4 Aug. 29, 1935 Yugoslavia- 5 Feb. 1, 1935 Nov. 26 Italy iy2 May 18, 1936 Dec 3 2 Jan. 28,1937 4 Changes since Oct.31: France—Nov. 13, down from 3^to 3 percent. June 15 6 July 7 5 Aug. 4 4 Sept. 3 3K Nov. 13 3 In effect Nov. 30,1937 2 3 4 2 iy 2 MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands (Amster- United Kingdom (London) Germany (Berlin) dam) Month ac 3 B c m e a p n o t k a n e n t r c h s e s s, T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n 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 ne o y n t f h or 1936—October. _. 2.94 2.82 2.82 2.03 2.51 November 3.00 2.84 2.79 1.00 1.55 December. 3.00 2.88 3.05 1.48 1937—January.. _ 3.00 2.88 2.54 .63 1.01 February. _ 3.00 2.86 2.47 .39 1.00 March 3.00 2.86 3.10 .38 1.00 April 2.90 2.71 2.55 .38 1.00 May 2.88 2.63 2.69 .31 1.00 June _. 2.88 2.63 2.78 P. 24 Pl.00 July 2.88 2.65 2.64 .19 .92 August 2.88 2.69 2.85 .19 .53 September 2.88 2.73 3.07 .20 .50 October 2. 88 2.91 2.81 .21 .50 Sweden Switzer- Belgium France Italy Hungary (Stock- Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) Month d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t c c i o a P m l 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 c i o l u ls nted ov m e C o rn a n l i e l g y ht 1936—September 1.98 1.38 3.38 4.50 4.75 2.81 October... 1.69 1.29 2.52 4.50 2% 4.75 2.92 November 1.46 1.00 1.96 4.50 4-63^ 2% 4.75 2.86 December. 1.25 1.00 1.99 4.50 4-6H 2% 4.75 2.74 1937—January 1.25 1.00 2.22 4.50 4-634 2% 4.75 2.63 February- 1.18 1.00 4.01 4.50 4&A 2H 4.75 2.67 March 1.00 1.00 4.06 4.50 2% 4.75 2.83 April 1.00 1.00 4.00 4.50 2V 4.75 2.86 May 1.00 1.00 3.93 4.50 4.75 2.69 June 1.00 1.00 5.02 5.00 2% 4.75 2.80 July 1.00 1.00 5.20 5.00 2% 4.75 2.70 August 1.00 1.00 4.11 5.00 2H 4.75 2.85 September. 1.00 1.00 3.54 5.00 4.75 2.46 p Preliminary. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929. p. 736, and May 1930, p. 318 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1272 FEDERAL RESERVE BULLETIN DECEMBER 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 Ar t g in e a n- t A ra u l s i - a A ( u sc s h tr il i - a g B iu el m - Brazil imilreis) B I r n i d ti i s a h g B a u r l i - a Canada Chile China Co b l i o a m- Cuba (peso) (pound) ling) (belga) Official Free (rupee) (lev) (dollar) (peso) (yuan) (peso) (peso) market 1929 95.127 480.83 14. 058 13.912 11.8078 36.202 .7216 99.247 12.0601 41.901 96. 551 99.965 1930 83. 505 458. 60 14.089 13.952 10. 7136 36.067 .7209 99.842 12.0785 29.917 96 493 99. 952 1931 66. 738 351. 50 14. 023 13.929 7. 0290 33.690 .7163 96. 353 12.0669 22. 437 96. 570 99.930 1932 58.443 279. 93 13. 960 13.914 7.1223 26. 347 .7193 88.090 7.9079 21. 736 95 275 99. 941 1933 72. 801 337.07 15.448 17.900 7.9630 31.816 1.0039 91. 959 7.6787 28. 598 81. 697 99. 946 1934 _ 33. 579 400. 95 18. 793 23. 287 8. 4268 37.879 1. 2852 101.006 10.1452 34.094 61 780 99. 936 1935 32. 659 388.86 18. 831 18. 424 8. 2947 36. 964 1. 2951 99. 493 5. 0833 36. 571 56.011 99.920 1936 . 33.137 395. 94 18. 792 16.917 8. 5681 5.8788 37. 523 1. 2958 99.913 5.1240 29. 751 57.083 99.909 1936—October _ 32. 667 390.33 18. 732 16. 835 8. 7011 5. 8452 36. 991 1. 2848 100. 022 5.1727 29.331 56. 501 99. 924 November 32. 583 389. 54 18.687 16.907 8.6662 5.8631 36. 913 1.2795 100.120 5.1688 29. 466 57.097 99. 916 December 32. 718 390. 99 18. 692 16. 901 8.6981 5. 9525 37.088 1. 2779 100.062 5.1719 29. 525 57. 390 99. 916 1937—January 32. 718 390. 98 18. 682 16. 860 8. 7080 6.0812 37.094 1. 2873 99. 960 5.1726 29. 654 57. 390 99. 917 February 32. 627 389. 93 18. 677 16. 861 8. 7053 6.1076 36. 973 1. 2903 99. 964 5.1731 29. 600 57. 234 99.917 March 32. 570 389. 26 18. 677 16. 847 8. 7021 6.1069 36. 888 1. 2884 100.051 5.1726 29. 664 57. 008 99. 917 April.. __ 32. 774 391. 78 18. 687 16. 860 8. 7105 6. 2538 37.120 1. 2875 100.120 5.1725 29. 714 56.956 99. 918 May 32. 928 393. 70 18. 719 16. 868 8. 7192 6. 4164 37. 280 1. 2839 100.149 5.1725 29. 798 56. 967 99. 917 June 32. 898 393. 25 18. 714 16. 866 8. 7179 6. 5543 37. 245 1. 2830 99.944 5.1738 29. 653 57.006 99. 919 July 33.107 395. 70 18. 775 16. 835 8. 7266 6. 6335 37. 483 1. 2825 99.858 5.1767 29. 494 56.992 99.916 August 33. 206 396. 92 18. 851 16.838 8. 7314 6. 5449 37. 601 1. 2845 99. 982 5.1571 1 29. 650 56.997 99. 917 September... 33.020 394. 68 18. 845 16. 838 8. 7216 6. 3997 37. 390 1. 2855 99. 982 5.1579 29. 660 56.993 99.905 October 33. 032 394. 80 18. 823 16. 859 8. 7232 5. 8322 37. 410 1. 2854 100. 017 5.1694 29. 463 56. 999 99. 915 Year or month s C ( l k z o o e v r c u a h n k o a ia ) - ( m D kr a e o r n n k - e) ( E po g u y n p d t ) F (m in ar l k a k n a c ) 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 - ( K H do o o l n n la 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 i e n s ) r- 1929 2 9609 26. 680 498. 07 2. 5160 3.9161 23. 809 1.2934 47.167 17.441 5. 2334 46.100 48.183 40.162 1930 _ . - 2.9640 26. 765 498. 60 2. 5169 3. 9249 23. 854 1. 2959 33.853 17.494 5. 2374 49.390 47.133 40. 225 1931 2. 9619 25. 058 465.11 2. 3875 3.9200 23. 630 1.2926 24. 331 17.452 5. 2063 48.851 35.492 40. 230 1932 2. 9618 18. 832 359. 54 1.5547 3.9276 23.749 .8320 23.460 17.446 5.1253 28. Ill 31.850 40. 295 1933 3 8232 19. 071 434. 39 1. 8708 5.0313 30. 518 .7233 29. 452 22. 360 6.7094 25.646 28.103 51.721 1934 4. 2424 22. 500* 516. 85 2. 2277 6. 5688 39. 375 .9402 38. 716 29.575 8. 5617 29.715 27.742 67. 383 1935 4.1642 21. 883 502. 60 2.1627 6. 6013 40. 258 .9386 48. 217 29. 602 8. 2471 28.707 27. 778 67. 715 1936 4. 0078 22.189 509. 68 2.1903 6.1141 40. 297 ,9289 31.711 29. 558 7. 2916 29. 022 27. 760 64. 481 1936—October . 3. 6474 21. 866 502. 24 2.1578 4. 6662 40.196 ,8965 30.359 19. 774 5. 5299 28. 609 27. 747 53.632 November 3. 5380 21.818 501.17 2.1531 4. 6472 40. 223 .8935 30.462 19.776 5.2603 28. 559 27.750 53. 991 December 3. 5200 21. 907 503. 20 2.1611 4. 6675 40. 230 .8973 30. 540 19. 778 5. 2609 28. 512 27. 750 54. 566 1937—January 3. 4922 21. 908 503.17 2.1607 4. 6672 40. 225 .8984 30. 566 19. 776 5. 2610 28. 537 27. 750 54. 752 February 3.4883 21. 847 501. 78 2.1579 4. 6555 40. 226 .8965 30.403 19. 782 5.2608 28. 529 27. 750 54. 686 March 3. 4879 21. 807 500. 87 2.1531 4. 5945 40. 215 .8951 30. 355 19. 779 5. 2608 28. 494 27. 750 54. 702 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 22.031 506.05 2.1792 2 4.4399 40.071 .9043 30.349 19. 771 5. 2607 28.711 27. 751 54. 976 July 3.4854 22.173 509. 30 2.1918 3. 8048 40.196 .9088 30.343 19.770 5.2600 28.882 27,751 55.091 August 3. 4875 22. 236 510. 83 2.1964 3. 7501 40. 213 .9116 30. 993 19. 764 5. 2603 29.027 27 751 55 151 September 3. 4936 22.109 507. 83 2.1888 3. 5193 40.121 .9074 30.959 19.745 5. 2603 28. 867 27. 750 55.150 October . 3. 4999 22.119 508.05 2.1886 3. 3491 40.157 .9076 30. 975 19. 741 5. 2604 28. 853 27. 750 55. 284 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 ( o zl l o a t n y d ) ( P e o s g c r a u t l d u o - ) R ( u n le m ia u) a- ( A S p f o o r u u i n th ca d ) ^ / S pe p s a e i t n a) ( S S m d e t o r e t l a t l n l a i e t t r s s - ) (k S d r w o e e n n - a) e ( S r f l w ra a i n n t c d z ) - T (p u o r u k n e d y ) ( U K p d n o i o u i n m t n g e d - d ) ( U g p u r e u a s - o y ) Y s ( l d u a i v n g a i o a r - ) 1929. 483.21 26. 683 11.194 4. 4714 .5961 483. 27 14. 683 56.012 26 784 19 279 48.411 485. 69 98. 629 1. 7591 1930... 468. 22 26. 760 11. 205 4. 4940 .5953 483.79 11. 667 55. 964 26. 854 19.m 47.061 486. 21 85. 865 1. 7681 1931 415. 29 25. 055 11.197 4. 2435 .5946 480. 76 9.545 52.445 25. 254 19.401 47.181 453. 50 55 357 1 7680 1932 320.19 18.004 11.182 3.1960 .5968 476. 56 8.044 40. 397 18. 471 19. 405 47. 285 350. 61 47.064 1. 6411 1933 . 340. 00 21. 429 14. 414 3. 9165 .7795 414. 98 10.719 49. 232 22. 032 24.*36 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 491. 65' 12. 314 58. 258 25. 626 30. 89 80. 357 497.09 79.874 2. 2965 1936—October 393. 25 24. 608 18. 828 4.4475 .7309 484. 32 8.954 57. 446 25. 253 22.993 79. 834 489. 84 79.857 2. 2956 November 392. 36 24. 555 18. 825 4. 4373 .7289 483.43 8.798 57. 314 25.196 22. 984 79. 883 488.80 80. 045 2.2990 December 393. 87 24. 656 18. 853 4. 4514 .7285 485. 33 7.727 57. 544 25.300 22. 985 80.162 490. 78 80. 000 2.3003 1937—January 393. 82 24. 658 18. 924 4. 4487 .7273 485. 40 7.099 57. 549 25. 301 22.936 80.156 490. 75 78.926 2. 3022 February 392. 92 24. 589 18. 929 4. 4457 .7275 484. 24 6.736 57.404 25. 232 22.829 79. 700 489. 39 78. 856 2. 3059 March 392. 32 24. 544 18. 939 4. 4411 .7284 483. 81 6.149 57.194 25.186 22. 792 79. 953 488. 51 78. 753 2. 3057 April 394. 76 24. 699 18. 959 4. 4599 .7286 486. 89 5.711 57. 640 25. 339 22. 824 80. 246 491. 63 78. 626 2. 3056 May ._ 396. 61 24. 819 18. 934 4. 4723 .7290 489.17 5.348 57. 929 25. 465 22. 870 80.134 493. 99 78. 659 2. 3060 June 396. 21 24. 797 18. 928 4. 4689 .7279 488. 68 5.215 57. 836 25. 444 22. 879 79.897 493. 55 79.143 2.3056 July 398. 74 24. 957 18.915 4. 4958 .7286 491.95 5.062 58. 240 25. 607 22.m 80. 537 496. 72 79. 373 2.3072 August _-. . 400.10 25.030 18. 902 4. 5053 .7270 493. 61 6.273 58. 414 25 683 22.963 80. 393 498. 22 79. 250 2. 3051 September 397. 58 24. 884 18. 891 4.4864 .7313 490. 66 6.477 58.076 25. 533 22.965 79. 665 495. 30 79.118 2. 3019 October 397. 72 24. 895 18. 890 4. 4870 .7307 490. 89 6.267 58.107 25. 546 23.321 79. 824 495. 51 79.052 2. 3025 1 Quotations nominal August 18-23, 1937. * Quotations nominal June 29-30, 1937. 3 Quotations nominal Sept. 26, 1936-Oct. 7, 1937. NOTE.—For additional information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see note in BULLETIN for April 1937, p. 371. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1273 DECEMBER 1937 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Ja Nether- Switzer- Year or month States Canada Kingdom France Germany Italy n lands land (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) ier (1926-30= (July 1914 KAJJ 100) =100) 1926 100 100 134 237 106 144 1927 95 642 138 225 103 142 1928 97 645 140 100 226 102 145 1929 95 627 137 95 220 100 141 1930 86 100 554 125 85 181 90 126 1931 73 88 502 111 75 153 76 110 1932 65 86 427 97 70 161 65 96 1933 __. 66 398 63 180 63 91 1934 75 376 62 178 63 90 1935___ 80 338 102 68 186 62 90 1936 81 94 411 104 76 197 64 96 1936—September 82 420 104 77 201 63 97 October 82 471 104 77 200 68 103 November 82 492 104 78 204 70 105 December. 84 101 519 105 79 215 71 107 1937—January.._ 86 103 105 82 233 73 108 February.. 104 533 106 83 230 74 111 March 107 550 106 85 240 76 113 April 109 552 106 248 77 113 May _ 111 550 106 241 77 113 June 111 557 106 238 76 112 July 112 582 106 239 78 112 August 111 603 107 235 78 111 September 111 '630 106 239 77 111 October... 111 628 P106 237 77 111 p Preliminary, r Revised WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom United States (1926=100) France (1913 = 100) Germany (1913 = 100) (1930=100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n o tr d d i u a u l s c - ts 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 s c - 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 t f r n I i i n n d a i d l s s u h r e a s e m - d w i- tr I i i n a s d l h u f e i d s n - products products 1926 100 100 100 581 793 129 132 130 150 1927 99 97 94 599 678 138 129 132 147 1928 106 101 93 584 697 134 133 134 159 1929 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 . 48 61 70 88 85 482 380 91 86 89 118 1933.. 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 _ 81 82 80 92 96 426 397 105 86 94 121 1936— September 84 83 80 95 97 449 396 105 86 94 122 October 84 83 80 98 97 487 457 104 86 95 122 November 85 84 81 97 99 500 484 103 86 95 123 DecfiTTiber 89 86 82 99 102 522 516 104 91 96 123 1937—January 91 87 83 99 105 532 543 103 93 97 123 February 91 87 84 99 107 516 548 103 94 97 123 March 94 88 86 101 111 528 570 104 95 98 124 April 92 86 87 102 113 522 577 104 95 97 124 May 90 84 86 102 115 520 576 104 98 97 124 June 89 85 86 102 115 532 579 105 98 97 124 July 89 86 86 103 116 549 610 106 98 96 125 August 86 87 86 103 116 572 629 106 98 96 125 September 86 88 86 104 115 612 r645 105 97 96 126 October 80 86 85 105 113 607 646 P105 2*97 P% P126 v Preliminary. r Revised Sources.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, October 1935, p. 678, March 1937, p. 276, and April 1937, p. 372. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1274 FEDERAL RESERVE BULLETIN DECEMBER 1937 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Y m e o a n r t o h r 1 U S 9 1 2 n t 9 5 a i 2 = t t 3 1 e e - d 0 s 019 E l 1 a J n 4 u n = g l d y 1 - 001 F 9 J 1 r u 4 a = l n y 1 c 0 e 0 19 m 1 G 1 9 4 a e 1 = n 3 r 1 - y - 00 N 19 l e a 1 1 t 9 3 n h 1 = 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 Y m e o a n r t o h r 1 U S 92 t n 1 a 5 9 i = 2 t t e 3 e 1 s d - 0019 E l J 1 a u 4 n n = l g y d 1 - 00 1 F 9 J r 1 J u a 4 a n n = n e . 1 c - 0 e 01 m 9 G 1 1 9 a 4 e 1 = n r 3 1 y - - 00 N 19 l e 1 a 1 t 9 3 n 1 h = 1 d e 1 - s r 0 - 0 1 S 9 l J 1 w a e u 4 r n i = l - t y d 1 z 0 - 0 1926 109 161 554 146 161 160 1926 103 170 505 142 168 162 1927 105 156 557 153 163 158 1927 101 164 514 148 168 160 1928 103 157 549 153 166 157 1928 100 166 519 152 169 161 1929_ 105 154 611 156 162 156 1929 100 164 556 154 168 161 1930- 100 145 614 146 150 152 1930 97 158 581 148 161 158 1931 82 131 611 131 136 141 1931 89 148 569 136 151 150 1932 68 126 536 116 119 125 1932 80 144 526 121 141 138 1933 66 120 491 113 120 117 1933 76 140 520 118 139 131 1934 74 122 481 118 124 115 1934 79 141 516 121 140 129 1935 80 125 423 120 118 114 1935 81 143 483 123 136 128 1936 __- 82 130 470 122 120 120 1936 82 147 507 125 U32 130 1936—Sept. 84 131 483 122 121 121 1936—Sept.... 82 147 504 124 132 130 Oct 83 132 504 122 124 123 Oct 148 124 134 132 Nov.. 83 136 520 121 124 123 Nov. 151 124 134 132 Dec 83 136 534 121 122 123 Dec..-_ 82 151 540 124 133 132 1937 Jan. 85 136 562 121 124 126 1937—Jan. 151 125 134 133 Feb 85 135 577 122 122 129 Feb. 151 125 134 136 Mar.__. 85 135 577 122 123 129 Mar.... 84 151 581 125 134 136 Apr. __ 86 135 580 122 125 129 Apr. 151 125 136 137 May._. 87 136 584 122 126 129 May — 152 125 136 136 June 86 136 576 123 129 131 June __. 85 152 606 125 138 137 July . 86 140 580 125 130 131 July _. 155 126 139 137 Aug 86 140 594 124 130 130 Aug 155 126 139 137 Sept 86 140 627 122 129 130 Sept.— 85 155 630 125 139 137 Oct 85 143 644 121 130 Oct 158 125 138 1 Revised index 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 stocks5 (1926= 100) Year or month ( U a p S v r n t i e c i a r t e a t e ) g e i d e s ( 1 E D 9 n e 2 c 1 g e = l m a 10 n b 0 e d ) r (1 F 9 r 1 a 3= n 1 c 0 e 0) G ( e a p r v r m e ic r e a a ) g n e y N l e a t n h d e s r 3 - U S n ta it t e e d s England France Germany ( N 19 l e a 3 t 0 n h = d e 1 s 0 r 0 - ) Number of issues __ 60 87 36 139 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 83.3 104.3 149.8 102.6 187.6 100.2 100. 1931 90.9 108.4 96.9 283. 4 104.1 94.7 78.9 132.2 »78.0 70. 1932 69.5 113.2 88.6 2 67.1 94.8 48.6 67.9 105.2 *50.3 46. 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52. 1934 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55. 1935 88.6 129.9 83.5 95.3 107.8 78.3 86.3 79.7 82.9 55. 1936 , 97.5 131.2 76.3 95.8 109.1 111.1 97.0 77.2 91.6 66. 1936—September... 98.6 132.1 75.2 96.1 109.9 114.1 98.2 65.7 91.8 63.5 Ootober 99.6* 132.9 80.8 96.2 117.5 118.7 102.1 83.7 97.2 78.9 November 99.8 132.0 78.8 96.3 120.0 124.2 103.2 89.7 97.8 88.6 December ___ 99.9 130.9 78.4 96.4 120.3 123.1 103.5 94.8 96.7 91.2 1937—January 100.3 129.7 77.5 96.7 4100.9 126.4 104.2 114.6 97.8 101.5 February 100.0 125.5 75.1 97.4 100.3 129.5 103.8 113.3 99.2 109.0 March 98.5 124.3 74.6 97.7 98.8 129.9 102.7 112.0 100.3 113.7 April 96.6 125.3 72.6 98.5 100.0 124.5 101.0 96.6 101.5 110.1 May 96.2 125.0 72.3 98.8 100.3 116.3 99.3 94.8 102.6 105.5 June 95.0 123.9 74.6 98 9 101.5 113.6 97.0 94.0 103.5 103 4 July- 95.3 123.3 75.0 99.0 102.4 117.8 96.8 90.6 105.1 107.7 August 94.8 123.2 77.2 99.4 103. 7 120.5 96.8 93.6 106.1 115.2 September... 91.3 122. 8 74.8 99.3 103.7 106.4 92.7 90.1 105.3 108.6 October 86.4 123.6 75.6 99.4 102.4 91.4 88.2 91.8 103.9 95.3 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. > Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11, 1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. 3 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 percent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 percent. 4 New index. See note 3. Sources.—See BULLETIN for February 1932, p. 121, June 1935, p. 394, April 1937, p. 373, July 1937, p. 698, and November 1937, p. 1172. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DIRECTORY 1275 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 M. S. SzYMCZAK JOHN K. MCKEE CHESTER C. DAVIS CHARLES S. HAMLIN, Special Counsel LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THTJRSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LATJCHLIN CURRIE, Assistant Director, Division of Research and Statistics GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 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 CHESTER C. DAVIS District No. 3 (PHILADELPHIA) .... HOWARD A. LOEB, WM. A. DAY V ice-President WM. MCC. MARTIN JOHN K. MCKEE District No. 4 (CLEVELAND) L. B. WILLIAMS B. A. MCKINNEY District No. 5 (RICHMOND) CHARLES M. GOHEN RONALD RANSOM District No. 6 (ATLANTA) EDWARD BALL JOHN S. SINCLAIR District No. 7 (CHICAGO) EDWARD E. BROWN 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 1276 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B er a a n l k R o e f— serve Cha R ir e m se a r n v e a n A d g F en ed t eral President First Vice President Vice Presidents Boston F. H. Curtiss R. A. Young W. W. Paddock W. Willett ? New York Owen D. Young* G. L. Harrison Allan Sproul W. R. Burgess Ti Tt Round3 W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke C. H. Coe Philadelphia _ R. L. Austin J. 8. Sinclair F. J. Drinnen. 0. A. Mcllhenny 3 E. C. Hill Cleveland... E. S. Burke, Jr M. J. Fleming F. J. Zurlinden W. H. Fletcher W. F. Taylor 2 Richmond Robert Lassiter Hugh Leach J. S. Walden, Jr J. G. Fry G. H. Keesee 2 Atlanta . W. H. Kettig Oscar Newton R. S. Parker H. F. Connifl L M. Clark W. S.McLarin, Jr.a Chicago R. E. Wood* G. J. Schaller H. P. Preston W. H. Snyder 3 C. S. Young J. H. Dillard St. Louis W. T. Nardin_ W. McO. Martin 0. M. Attebery. J. S. Wood. J. G. McConkey C. M. Stewartz Minneapolis W. B. Geery J. N. Peyton 0. S. Powell Harry Yaeger H. I. Ziemer.3 E. W. Swanson Kansas City J. J. Thomas G. H. Hamilton 0. A. Worthington J. W. Helm 3 Dallas _ 0. C. Walsh B. A. McKinney R. R. Gilbert R. B. Coleman » W. J. Evans San Francisco _ A. 0. Stewart. W. A. Day Ira Clerk S. G. Sargent W. M. Hale 0. E. Earhart 2 1 Deputy chairman. »Cashier. « Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara Helena branch R. E. Towle Cincinnati branch B. J. Lazar Denver branch... J. E. Olson Pittsburgh branch G. H. Wagner Oklahoma City branch C. E. Daniel Richmond: Omaha branch. L. H. Earhart Baltimore branch W. R. Milford Dallas: Charlotte branch W. T. Clements El Paso branch. J. L. Hermann Atlanta: Houston branch W. D. Gentry Birmingham branch P. L. T. Beavers San Antonio branch M. Crump Jacksonville branch. G. S. Vardeman, Jr. San Francisco: Nashville branch J. B. Fort, Jr. Los Angeles branch W. N. Ambrose New Orleans branch Marcus Walker Portland branch. _ R. B. West Chicago: Salt Lake City branch W. L. Partner Detroit branch R. H. Buss Seattle branch C. R. Shaw St. Louis: Spokane branch D. L. Davis Little Rock branch A. F. Bailey Louisville branch J. T. Moore Memphis branch... W. H. Glasgow SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. 1277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 23 Page Page Acceptances: Austin, R. L., redesignated Chairman and Fed- Bankers': eral Reserve Agent, Philadelphia 108 Outstanding 59, 137, 247, 343, Australia: 467, 595, 667, 749, 928, 1024, 1140,1242 Bank of: Report of Federal Reserve Committee Condition 83, 161, 270, 366, on Acceptance Practice 839-850 490, 616, 690, 772, 952, 1048, 1164,1266 Warehouse receipts as security for.513-519 Foreign exchange rates 88, 166, 275, 371, Buying rates 60, 138, 248, 344, 495, 622, 696, 778, 958, 1054, 1170,1272 468, 596, 668, 750, 929, 1025, 1141,1243 Gold movements to and from U. S 50, 128, Discount rates, open market. . .61, 139, 249, 345, 238, 334, 458, 586, 658, 740, 920, 469, 597, 669, 751, 930, 1026, 1142,1244 1016,1132,1234 Member bank holdings: Gold production 79, 157, 267, 363, All banks on call dates 52, 130, 240, 336, 487, 613, 687, 769, 949, 1045, 1161,1263 460, 588, 660, 744, 922, 1018, 1134,1236 Austria: Reporting banks: Foreign exchange rates 88, 166, 275, 371, Monthly and Wednesday figures... 54, 495, 622, 696, 778, 958, 1054, 1170,1272 132, 242, 338, 462, 590 National Bank of: Wednesday figures, by districts Condition 83, 161, 270, 366, and for New York and Chi- 490, 616, 690, 772, 952, 1048, 1164,1266 cago 56, 134, 244, Discount rates 87, 165, 274, 370, 340, 464, 592 494, 621, 695, 777, 957, 1053, 1169,1271 (See also Open market paper.) Gold reserves 78, 156, 266, 362, Advance payments on Government bonds as de- 486, 612, 686, 768, 948, 1044, 1160, 1262 posits against which reserves must be carried. Automobiles. (See Transportation equipment.) (Ruling) 113 Babb, Max Wellington, reelected Class B Direc- Africa. (See South Africa; West Africa.) tor of Federal Reserve Bank of Chicago.... 108 Agricultural credit institutions: Balance of international payments of the United Assets and liabilities 64, 142, 252, 348, States: 472, 600, 672, 754, 934, 1030, 1146,1248 1936 summary, final 1002 Summary of operations, 1936 299-303 1936 summary, preliminary 432 Agriculture; Bank credit. (See Credit, Bank.) Discussion of 973 Bank debits. (See Debits to individual accounts.) National summary 711, 829, 980 Bank failures. (See Bank suspensions.) Agriculture department: Regulations for field warehousemen. .. 519-521 Bank for International Settlements: Albania: Annual report, 1936-1937 540-575 National Bank of: Condition 85, 163, 272, 368, Condition 83, 161, 270, 366, 492, 619, 693, 775, 955, 1051, 1167,1269 490, 616, 690, 772, 952, 1048, 1164,1266 Gold reserves 78, 156, 266, 362, Discount rates: 486, 612, 686, 768, 948, 1044, 1160,1262 Changes in 165, 494 Bank holiday, 1933: Monthly table.. .87, 165, 274, 370, 494, Discussion of 1207 621, 695, 777, 957, 1053, 1169,1271 Bank statements: Analyses of the banking structure, Dec. 31, 1935 Revision of weekly report of member banks 709, 781-813 in leading cities 440-441, 530-531 Anthracite. (See Coal.) Bank suspensions: Argentina : 1921-1936: Central Bank of: Analyses 1204-1224 Annual report, 1936 854-865 Statistical tables 866-910 Condition 83, 161, 270, 366, Monthly table 58, 136, 246, 342, 490, 616, 690, 772, 952, 1048, 1164,1266 466, 594, 666, 748, 920, 1016, 1132,1234 Discount rates 87, 165, 274, 370 Bankers' acceptances. (See Acceptances.) 494, 621, 695, 777, 957, 1053, 1169,1271 Bankers' balances: Gold reserves 78, 156, 266, 362, Discussion of 4, 284, 504-505, 826 486, 612, 686, 768, 948, 1044, 1160,1262 Member bank holdings: Foreign exchange rates 88, 166, 275, 371, All banks on call dates 53, 131, 241, 337, 495, 622, 696, 778, 958, 1054, 1170,1272 461, 589, 661, 745, 923, 1019, 1135,1237 Gold movements to and from U. S 50, 128, Reporting banks: -238, 334, 458, 586, 658, 740, 920, Monthly and Wednesday figures... 54, 1016,1132,1234 132, 242, 338, 462, 590, 662, 744, 924, Assets and liabilities. (See Condition statements.) 1020,1136,1238 1278 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 23 1279 Page Page Bankers' balances—Continued. Belgium: Member bank holdings—Continued. Banking and financial legislation: Reporting banks—Continued. July 23, 1937. Coordination of the ac- Wednesday figures, by districts tivity, organization and powers of and for New York and Chi- the National Bank 1003-1006 cago 57, 135, 245, 341, 465, 593, Foreign exchange rates 88, 166, 275, 371, 665, 747, 927, 1023, 1139,1241 495, 622, 696, 778, 958, 1054, 1170,1272 Banking and financial legislation: Gold movements to and from U. S 50, 128, Federal Reserve notes, period during which 238, 334, 458, 586, 658, 740, 920, direct obligation of the United States 1016,1132,1234 may be used as collateral extended 187 Money rates 87, 165, 274, 370, Foreign. (See under name of country.) 494, 621, 695, 777, 957, 1053, 1169,1271 Gold reserve act of 1934, amended 115 National Bank of: Reconstruction Finance Corporation and re- Annual report, 1936.. 225-228 lated agencies continued 114 Condition 83, 161, 270, 366, Reserve requirements of State laws, sum- 490, 616, 690, 772, 952, 1048, 1164,1266 mary 188-219 Discount rates 87, 165, 274, 370, Banking crisis of 1933: 494, 621, 695, 777, 957, 1053, 1169,1271 Discussion of 1207-1209 Gold reserves 78, 156, 266, 362, Banking developments: 486, 612, 686, 768, 948, 1044, 1160,1262 Discussion of 173, 503, 821 Powers increased 1003 Banking funds: Bills: Movement to United States: Bought in open market by Federal Reserve Jan. 2, 1935-Sept. 30, 1936 24-25 banks: Jan. 2, 1935-Dec. 30, 1936 406-411 All banks combined, end of month and Jan.-March, 1937 640 Wednesday figures 42, 120, 230, 326, April-July, 1937 999 474, 578, 650, 732, 912, 1008, 1124,1226 Banking structure: Each bank, Wednesday figures.... 44, 122, Analyses of, Dec. 31, 1935 709, 781-813 232, 328, 452, 580, 652, 734, 914, Changes in: 1010,1126,1228 Discussion of, in 1936 180 Discounted by Federal Reserve banks: Banks: All banks combined, end of month and Branches, Dec. 31, 1936 1083 Wednesday figures 42, 120, 230, 326, Loans to, by member banks: 474, 578, 650, 732, 912, 1008, 1124,1226 All banks on call dates. . .52, 130, 240, 336, Each bank, Wednesday figures... .44, 122, 460, 588, 660, 744, 922, 1018, 1134,1236 232, 328, 452, 580, 652, 734, 914, Reporting banks: 1010,1126,1228 Monthly and Wednesday figures.. . 54, Federal Reserve bank holdings: 132, 242, 338, 462, 590, 662, 744, Maturity distribution 43, 121, 231, 327, 924,1020,1136,1238 451, 579, 651, 733, 913, 1009, 1125,1227 Wednesday figures, by districts Bituminous coal. (See Coal.) and for New York and Chi- Board of Governors of Federal Reserve System: cago 56, 134, 244, 340, 464, 592, Annual report, 1936, notice of publication 664, 746, 926, 1022, 1138, 1240 of complete edition 976 Loans to, by Reconstruction Finance Cor- Broderick, Joseph A., resignation 976 poration 64, 142, 252, 348, Members and officers 92, 170, 280, 374, 472, 600, 672, 754, 934, 1030, 1146, 1248 500, 626, 700, 816, 962, 1058, 1174,1276 Number of: Press statements: Discount rates, reduction in 819-820 Call dates: Interest, Definition of 186 Dec. 31, 1935, by classes and states Objectives of monetary policy 827-828 782-813 Reserve requirements, Increase in...95-97 Dec. 31, 1936 434-435 Stabilization of prices and economic Mar. 31, 1937 643-644 stability 827-828 June 30, 1937 1078-1079 Rulings, Digest of: Monthly table. . .51, 129, 239, 335, 459, Publication of revised edition an- 587, 659, 741, 921, 1017, 1133,1235 nounced 1190 Changes in number of National and Bolivia: State banks, 1921-1936 1084-1122 Central Bank of: (See also Commercial banks; Federal Condition 83, 161, 270, 366, Reserve banks; Member banks; Non- 490, 616, 690, 772, 952, 1048, 1164,1266 member banks; State banks; State Discount rates 87, 165, 274, 370, member banks.) 494, 621, 695, 777, 957, 1053, 1169,1271 Banks for cooperatives: Bonds: Loans outstanding 65, 143, 253, 349, New issues. (See Capital issues.) 473, 601, 673, 755, 935, 1031, 1147,1249 Prices: Summary of operations, 1936 299-303 Domestic 62, 140, 250, 346, Belgian Congo: 470, 598, 670, 752, 931, 1027, 1143,1245 Gold production 79, 157, 267, 363, Principal countries 90, 168, 277, 373, 487, 613, 687, 769, 949, 1045, 1161,1263 497, 624, 698, 780, 960, 1056, 1172,1274 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1280 INDEX TO VOLUME 23 Page Page Bonds—Continued. Bulgaria: United States Government. (See United Foreign exchange rates 88, 166, 275, 371, States Government securities.) 495, 622, 696, 778, 958, 1054, 1170,1272 Yields: National Bank of: Chart 285, 631, 1066 Condition 83, 161, 270, 366, 490, 616, Discussion of 178-179, 285-286 690, 772, 952, 1048, 1164,1266 Monthly and weekly figures. . .61, 139, 249, Discount rates..87, 165, 274, 370, 494, 621, 345, 469, 597, 669, 751, 930, 1026, 695, 777, 957, 1053, 1169,1271 1142,1244 Gold reserves 78, 156, 266, 362, 486, 612, Boots and shoes. (See Leather and leather 686, 768, 948, 1044, 1160,1262 products.) Burke, E. S., Jr., redesignated Chairman and Borrowings: Federal Reserve Agent, Cleveland 108 Member banks: Business and credit conditions: All banks on call dates. . .53, 131, 241, 337, Discussion of 100-107, 287, 380, 632-633, 461, 589, 661, 743, 923, 1019, 1135,1237 968, 1063, 1177-1184 Reporting banks: National summary 7, 109, 182, 290, 387, 509, Monthly and Wednesday figures.. 55, 635, 711, 829, 980, 1069,1186 133, 243, 339, 463, 591, 663, 745, Statistical summary 10, 112, 185, 293, 390, 925, 1021, 1137,1239 512, 638, 714, 832, 983, 1072,1189 Wednesday figures, by districts Business failures. (See Commercial failures.) and for New York and Chi- Call reports: cago 57, 135, 245, 341, 465, 593, Condition of banks on date of. (See Con- 665, 747, 927, 1023, 1139,1241 dition statements.) Brainard, G. C, appointed Deputy Chairman, Canada: Federal Reserve Bank of Cleveland 108 Bank of: Branch banks: Annual report, 1936 314-318 Number, Dec. 31, 1936 1083 Condition 83, 161, 270, 366, 490, 616, Brazil: 690, 772, 952, 1048, 1164,1266 Bank of: Discount rates 87, 165, 274, 370, 494, Condition 83, 161, 270, 366, 621, 695, 777, 957, 1053, 1169,1271 490, 616, 690, 772, 952, 1048, 1164,1266 Gold reserves 78, 156, 266, 362, 486, 612, Gold reserves 768, 948, 1044, 1160,1262 686, 768, 948, 1044, 1160,1262 Foreign exchange rates 88, 166, 275, 371, Commercial banks 86, 164, 273, 369, 493, 620, 495, 622, 696, 778, 958, 1054, 1170,1272 694, 776, 956, 1052, 1168,1270 Gold purchases from United States, state- Foreign exchange rates. . .88, 166, 275, 371, 495, ments 710 622, 696, 778, 958, 1054, 1170,1272 British India. (See India, British.) Gold movements to and from U. S.. . 50, 128, 238, Broderick, Joseph A., resignation of as member 334, 458, 586, 658, 740, 920, 1016, 1132,1234 of Board of Governors 976 Gold production. .79, 157, 267, 363, 487, 613, 687, Brokers and dealers in securities: 769, 949, 1045, 1161,1263 Loans to, by member banks: Wholesale price indexes. . .89, 167, 276, 372, 496, All banks on call dates 52, 130, 240, 336 623, 697, 779, 959, 1055, 1171,1273 460, 588, 660, 742, 922, 1018, 1134,1236 Capital: Chart 1066 Federal Reserve banks. .. .45, 123, 233, 329, 453, Reporting banks: 581, 653, 735, 915, 1011, 1127,1229 Monthly and Wednesday figures... 54, Capital account: 132, 242, 338, 462, 590, 662, Member banks: 744, 924, 1020, 1136, 1238 Reporting banks: Wednesday figures, by districts and Monthly and Wednesday figures, for New York and Chicago 56, 55, 133, 243, 339, 463, 591, 663, 134, 244, 340, 464, 592, 664, 745, 925, 1021, 1137,1239 746, 926, 1022, 1138,1240 Wednesday figures, by districts and Margin accounts, Debit balances in. (See for New York and Chicago. .57, 135, Brokers' balances.) 245, 341, 465, 593, 665, 747, Brokers' balances: 927, 1023, 1139,1241 Monthly table 59, 137, 247, 343, 467, 595, Capital issues: 667, 749, 928, 1024, 1140,1242 Discussion of 105-106, 286, 631-632, Movement to U. S.: 975-976, 1067,1180 Jan. 2, 1935-Sept. 30, 1936 26-27 Monthly figures 62, 140, 250, 346, 470, 598, Jan. 2, 1935-Dec. 30, 1936 412-413 670, 752, 931, 1027, 1143,1245 Jan.-Mar., 1937 640 Capital movement to United States: April-July, 1937 999 Charts 38, 400 Brown, Edward P.: Discussion of 1064 Reappointed Class C Director of Federal Re- Statistics: serve Bank of Kansas City 108 Jan. 2, 1935-Sept. 30, 1936 17-33 Reappointed Deputy Chairman of Federal May 1929-Dec. 1936 394-419 Reserve Bank of Kansas City 108 Jan.-Mar. 1937 639-641 Building contracts. (See Construction contracts.) Apr.-July, 1937 998-1000 Building materials: Capital notes of banks: Wholesale price indexes 75, 154, 264, 359, Reconstruction Finance Corporation pur- 483, 611, 683, 765, 945, 1041, 1157,1259 chases of, 1933-1936 1223-1224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 23 1281 Page Page Capital stock: Central reserve city banks—Continued. Commercial banks: Reserves—Continued. With insufficient capital for Federal Monthly and weekly figures.48,126, 236, 332, Reserve membership, Dec. 31, 1935, 456, 584, 656, 738, 918, 1014, 1130,1232 by states 804-808 Charts: With insufficient capital for national Bond yields 1066 charter, Dec. 31, 1935, by states. 809-813 Capital movement to United States 38, 400 Suspended banks, 1921-1936: Department store sales 7, 711, 1069 Analyses 1218-1219 Deposits at banks in United States 178 Statistical tables 897-900 Deposits at member banks 505, 826 Car loadings, Freight. {See Freight-car Excess reserves of member loadings.) banks 4, 97, 504, 820, 966 Cash: Factors of gain and losses of reserve funds 3 Member bank holdings: Factory employment 103, 182, 829, 973,1186 All banks on call dates 53, 131, 241, 337, Factory employment and 461, 589, 661, 745, 923, 1019, 1135,1237 payrolls 109, 387, 509, 635, 973, 980 Reporting banks: Factory employment, hours and earnings... 973 Monthly and Wednesday figures, Freight-car loadings, 1919-1937 522 54, 132, 242, 338, 462, 590, 662, Industrial production 7, 109, 182, 290, 744, 924, 1020, 1136,1238 387, 509, 635, 711, 829, 971, 980, 1069,1186 Wednesday figures, by districts and Manufacturing production 102,1183 for New York and Chicago. . .56, 135, Member bank credit..8, 510, 636, 712, 981,1187 245, 341, 465, 593, 665, 747, 927, Member bank loans and 1023, 1139,1241 investments 110, 174, 183, 291, Cement: 388, 822, 824, 830, 1065, 1070, 1179 Factory employment index: Member bank reserves and related Adjusted 69, 147, 257, 353, 477, 605, 677, items 9, 111, 184, 292, 759, 939, 1035, 1151,1253 389, 511, 637, 713, 831, 982, 1071,1188 Unadjusted 71, 149, 260, 355, 479, 607, Money in circulation 967,1178 679, 761, 941, 1037, 1153,1255 Money rates 179, 285, 291, 629 Factory payrolls index 71, 149, 260, 355, 479, Money rates and bond yields 285 607, 679, 761, 941, 1037, 1153,1255 Nonagricultural employment 633 Production index: Reserves and credit expansion 99 Adjusted 67,145, 255, 351, 475, 603, 675, Return on British short-term funds em- 757, 937, 1033, 1149,1251 ployed in London or New York 705 Unadjusted 68, 146, 256, 352, 476, 604, Security purchases by foreigners 38, 400 676, 758, 938, 1034, 1150,1252 Short-term foreign assets and liabilities of Wholesale price index 75, 154, 264, 359, 483 banks in United States 39, 399, 401 t 611, 683, 765, 945, 1041, 1157,1259 Short-term foreign liabilities of banks in Central America: United States 39, 401 Gold movements to and from U. S.. .50, 128, 238, Sterling exchange in New York 705 334, 458, 586, 658, 740, 920, 1016, 1132,1234 Stock prices 631 Central banks. (See France, Bank of; etc.) Stock prices and brokers loans 1066 Central reserve city banks: Wholesale prices 8, 104, 110, 183, 290, 380, Assets and liabilities: 384, 388, 510, 635, 712, 830, 968, 969, 981, Dec. 31, 1936 221 1067, 1070, 1184,1187 Mar. 31, 1937 539 Wholesale prices abroad 381 June 30, 1937 852 Wholesale prices of industrial commodities. 969 Borrowings: Chemicals: Call dates 53, 131, 241, 337, 461, 589, Factory employment index: 661, 745, 923, 1019, 1135,1237 Adjusted 70, 148, 258, 354, 478, Deposits: 606, 678, 760, 940, 1036, 1152,1254 Call dates: Unadjusted 72, 150, 261, 356, 480, Dec. 31, 1936 221 608, 680, 762, 942, 1038, 1154,1256 Mar. 31, 1937 539 Factory payrolls index. . .72, 150, 261, 356, 480, June 30, 1937 852 608, 680, 762, 942, 1038, 1154,1256 Monthly table 53, 131, 241, 337, 461, Wholesale price indexes..75, 154, 264, 359, 483, 611, 683, 765, 945, 1041, 1157,1259 589, 661, 745, 923, 1019, 1135,1237 Chile: Monthly figures 48, 126, 236, 332, 456. 584, 656, 738,- 918, 1014, 1130,1232 Central Bank of: Loans and investments on call dates: Condition 83, 161, 270, 366, 490, Dec. 31, 1936 221 617, 691, 773, 953, 1049, 1165,1267 Mar. 31, 1937 539 Discount rates: June 30, 1937 852 Correction 957 Monthly table 52, 130, 240, 336, •Monthly table...87, 165, 274, 370, 494, 460, 588, 660, 744, 922, 1018, 1134,1236 621, 695, 777, 957, 1053, 1169,1271 Reserves: Gold reserves 78, 156, 266, 362, 486, Call dates 53, 131, 241, 337, 612, 686, 768, 948, 1044, 1160,1262 Foreign exchange rates..88, 166, 275, 371, 495, 461, 589, 661, 745, 923, 1019, 1135,1237 622, 696, 778, 958, 1054, 1170,1272 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1282 INDEX TO VOLUME 23 Page Page Chile—Continued. Commercial banks—Continued. Gold movements to and from U.S.. 50, 128, 238, Number of, on Dec. 31,1935, by states—Con- 334, 458, 586, 658, 740, 920, 1016, 1132,1234 tinued. Gold production 79, 157, 267, 363, 487, Not on Federal Reserve par list 800 613, 687, 769, 949, 1045, 1161,1263 By population of city or town.... 801 China: By amount of deposits 802 Central Bank of: With insufficient capital for Federal Condition 83, 161, 270, 366, 490, Reserve membership 804 617, 691, 773, 953, 1049, 1165,1267 By amount of capital stock 805 Gold reserves 78, 156, 266, 362, 486, By amount of deposits 806 612, 686, 768, 948, 1044, 1160,1262 By population of city or town.... 808 Foreign exchange rates.. .88, 166, 275, 371, 495 With insufficient capital for national 622, 696, 778, 958, 1054, 1170,1272 charter 809 Gold movements to and from U. S. .50, 128, 238, By amounts of capital stock 810 334, 458, 586, 658, 740, 920, 1016, 1132,1234 By amounts of deposits 811 Gold purchases from U. S., statements.... 710 By population of city or town. . .. 813 Cigars and cigarettes. (See Tobacco, Manufac- Commercial failures 73, 151, 262, 357, 481, tures.) 609, 681, 763, 943, 1039, 1155,1257 Clay, R. G., reelected Class A Director of Fed- Commercial, industrial and agricultural loans: eral Reserve Bank of Atlanta 107 Reporting member banks: Closed banks. (See Bank suspensions.) Wednesday figures 592, 664, 746, 926, Coal : 1022,1138,1240 Freight-car loadings indexes. .74, 152, 263, 358, Commercial paper: 482, 610, 682, 764, 944, 1040, 1156,1258 Discount rates, open market. .61, 139, 249, 345, Production indexes: 469, 597, 669, 751, 930, 1026, 1142,1244 Adjusted 67, 145, 255, 351, 475, Member bank holdings: 603, 675, 757, 937, 1033, 1149,1251 All banks on call dates. . .52, 130, 240, 336, Unadjusted 68, 146, 256, 352, 476, 460, 588, 660, 744, 922, 1018, 1134,1236 604, 676, 758, 938, 1034, 1150,1252 Reporting banks: Wholesale price indexes. .75, 154, 264, 359, 483, Monthly and Wednesday figures. 54, 611, 683, 765, 945, 1041, 1157,1259 132, 242, 338, 462, 590, 662 Coin: Wednesday figures, by districts Circulation 49, 127, 237, 333, 457, and for New York and Chicago 585, 657, 739, 919, 1015, 1131,1233 56, 134, 244, 340, 464, 592 Coke: Outstanding 59, 137, 247, 343, 467, Freight-car loadings indexes..74, 152, 263, 358, 595, 667, 749, 928, 1024, 1140,1242 482, 610, 682, 764, 944, 1040, 1156,1258 (See also Open market paper.) Colombia: Commodity Credit Corporation: Bank of the Republic of : Act continuing functions 114 Condition 83, 161, 270, 366, 490, Assets and liabilities 64, 142, 252, 348, 617, 691, 773, 953, 1049, 1165,1267 472, 600, 672, 754, 934, 1030, 1146,1248 Discount rates: Summary of operations, 1936 299-303 Effective date corrected 1053 Commodity prices. (See Prices.) Monthly table.. .87, 165, 274, 370, 494, 621, 695, 777, 957, 1053, 1169,1271 Condition statements: Gold reserves 78, 156, 266, 362, 486, All banks in United States: 612, 686, 768, 948, 1044, 1160,1262 Dec. 31, 1936 433-438 Foreign exchange rates.. 88, 166, 275, 371, 495, Mar. 31, 1937 643-647 622, 696, 778, 958, 1054, 1170,1272 June 30, 1937 1078-1079 Gold movements to and from U. S 50, 128, Bank for International Settlements. 85, 163, 272, 238, 334, 458, 586, 658, 740, 920, 368, 492, 619, 693, 775, 955, 1051, 1167,1269 Federal Reserve banks: 1016,1132,1234 Gold production 79, 157, 267, 363, 487, All banks combined, end of month and 613, 687, 769, 949, 1045, 1161,1263 Wednesday figures 43, 121, 231, 327, Commercial banks: 451, 579, 651, 733, 913, 1009, 1125,1227 Analyses of structure, Dec. 31, 1935 782-813 Each bank, Wednesday figures 44, 122, Capital stock. (See Capital stock.) 232, 328, 452, 580, 652, 734, Deposits. (See Deposits.) 914, 1010, 1126,1228 Foreign commercial banks 86, 164, 273, 369, Foreign 86, 164, 273, 369, 493, 493, 619, 693, 775, 955, 1051, 1167,1269 620, 694, 776, 956, 1052, 1168,1270 Governmental corporations and credit agen- Insured. (See Insured commercial banks.) cies 64, 142, 252, 348, Loans and investments. (See Loans and 472, 600, 672, 754, 934, 1030, 1146,1248 investments.) Insured commercial banks: Number of, on Dec. 31, 1935, by states. .782-813 Dec. 31, 1936 439 By ratio of demand to total deposits.. 785 June 30, 1937 997 By amounts of loans and deposits. .788-790 Member banks: By amounts of deposits 791-793 All banks on call dates: By population of city and town.. .790, 793, Dec. 31, 1936 221 794 Mar. 31, 1937 539 By ratio of capital to deposits 797 June 30, 1937 852 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 23 1283 Page Page Condition statements—Continued, Country member banks—Continued. Member banks—Continued. Loans and investments on call dates: All banks on call dates—Continued. Dec. 31, 1936 221 Monthly table 52, 130, 240, 336, 460, Mar. 31, 1937 539 588, 660, 744, 922, 1018, 1134,1236 June 30, 1937 852 Selected dates: Monthly table 52, 130, 240, 336, 460, 1931-1936 220 588, 660, 744, 922, 1018, 1134,1236 1932-1937 538 Reserves: 1932-1937 851 Call dates 53, 131, 241, 337, Reporting banks: 461, 589, 661, 745, 923, 1019, 1135,1237 Monthly and Wednesday figures, Monthly and weekly figures 48, 126, 54, 132, 242, 338, 462, 590, 662, 236, 332, 456, 584, 656, 738, 918, 744, 924, 1020, 1136,1238 1014,1130,1232 Revision of weekly report form, Credit agencies, Governmental. (See Govern- 440-441, 530-531 mental corporations and credit agencies.) Wednesday figures, by districts and Credit, Bank: for New York and Chicago. .56, 134, Federal Reserve: 244, 340, 464, 592, 664, 746, End of month and Wednesday figures, 926, 1022, 1138,1240 42, 120, 230, 326, 474, 578, 650, 732, Conference of Governors of Federal Reserve 912, 1008, 1124,1226 banks: Monthly and yearly averages of daily Report of Committee on Acceptance Prac- figures 10, 112, 185, 293, tice 839-850 390, 512, 638, 714, 832, 983, 1072,1189 Conner, Ben R., reelected Class A Director of Member bank: Federal Reserve Bank of Cleveland 107 Charts 8, 510, 636, 712, 981 Construction contracts awarded, Value of: Discussion of 173-174, 378-379, By types of construction and financing, and by districts 73, 151, 262, 357, 630, 821, 967, 1065,1177 481, 609, 681, 763, 943, 1039, 1155,1257 National summary 8, 109, 183, 290, Discussion of 102, 971,1182 388, 510, 636, 712, 830, 981, 1070,1187 Indexes 66, 144, 254, 350, Crops: 474, 602, 674, 756, 936, 1032, 1148,1250 National summary 711, 829, 980 National summary 7, 109, 182, 290, Reports, by districts, 387, 509, 635, 711, 829, 980, 1069,1186 76, 766, 946, 1042, 1158,1260 Consumers' paper. (See Finance paper.) Cuba: Corn crop reports 76, 766, 946, 1042, 1158,1260 Foreign exchange rates 88, 166, 275, 371, Corporations: 495, 622, 696, 778, 958, 1054, 1170,1272 Bond prices. (See Bonds: Prices.) Cummings, Walter J., elected Class A Director of Bond yields. (See Bonds: Yields.) Federal Reserve Bank of Chicago 107 Earnings, discussion of 633, 974 Currency circulation. (See Money in Foreign banking. (See Foreign banking circulation.) corporations.) New issues. (See Capital issues.) Curtiss, F. H., redesignated Chairman and Fed- Corporations and credit agencies, Governmental. eral Reserve Agent, Boston 108 (See Governmental corporations and credit Customers' debit balances of Stock Exchange agencies.) firms. (See Brokers' balances.) Cost of living: Czechoslovakia: Indexes, principal countries 90, 168, 277, 373, Banking and financial legislation: 497, 624, 698, 780, 960, 1056, 1172,1274 Oct. 9, 1936. Reduction of gold con- Cotton: tent of crown, revaluation of gold Crop reports 76, 766, 946, 1042, 1158,1260 and establishment of stabilization Manufactures. (See Textiles.) fund 14 Country member banks: Foreign exchange rates 88, 166, 275, 371, Assets and liabilities: 495, 622, 696, 778, 958, 1054, 1170,1272 Dec. 31, 1936 221 National Bank of: Mar. 31, 1937 539 Condition 83, 161, 270, 366, June 30, 1937 852 490, 617, 691, 773, 953, 1049, 1165,1267 Borrowings: Discount rates 87, 165, 274, 370, Call dates 53, 131, 241, 337, 494, 621, 695, 777, 957, 1053, 1169,1271 461, 589, 661, 745, 923, 1019, 1135,1237 Gold reserves 78, 156, 266, 362, Deposits: 486, 612, 686, 768, 948, 1044, 1160,1262 Call dates: Danzig: Dec. 31, 1936 221 Bank of: Mar. 31, 1937 539 Condition 83, 161, 270, 366, June 30, 1937 852 490, 617, 691, 773, 953, 1049, 1165,1267 Monthly table.. .53, 131, 241, 337, 461, Discount rates: 589, 661, 745, 923, 1019, 1135,1237 Change in 165 Monthly figures 48, 126, 236, 332, Monthly table... .87, 165, 274, 370, 494, 456, 584, 656, 738, 918, 1014, 1130,1232 621, 695, 777, 957, 1053, 1169,1271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1284 INDEX TO VOLUME 23 Page Page Debentures of banks: Deposits—Continued. Reconstruction Finance Corporation pur- Federal Reserve banks—Continued. chases of, 1933-1936 1223-1224 Each bank, Wednesday figures 45, 123, Debits to individual accounts 58, 136, 246, 342, 233, 329, 453, 581, 653, 735, 915, 466, 594, 6Q6, 748, 920, 1016, 1132,1234 1011, 1127,1229 Debt, U. S. Government. (See Treasury finance, Insurance of. (See Insurance of deposits.) Public debt.) Insured commercial banks: Deficit, U. S. Treasury. (See Treasury finance, Dec. 31, 1936 439 Deficit.) June 30, 1937 997 DeLaCour, J. Carl, reelected Class B Director Interest on. (See Interest on deposits; of Federal Reserve Bank of Philadelphia 108 Interest rates.) Delano, F. A., retirement as Class C Director Member banks: and Chairman and Federal Reserve Agent, All banks on call dates: Richmond 108 Dec. 31, 1936 221 Denmark: Mar. 31, 1937 539 Foreign exchange rates 88, 166, 275, 371, June 30, 1937 852 495, 622, 696, 778, 958, 1054, 1170,1272 Monthly table. . .53, 131, 241, 337, 461, National Bank of: 589, 661, 745, 923, 1019, 1135,1237 Condition 83, 161, 270, 366, Charts 505, 826 490, 617, 691, 773, 953, 1049, 1165,1267 Classes of banks 48, 126, 236, 332, 456, Discount rates 87, 165, 274, 370, 584, 656, 738, 918, 1014, 1130,1232 494, 621, 695, 777, 957, 1053, 1169,1271 Discussion of.. .176-177, 379, 504, 825,1178 Gold reserves 78, 156, 266, 362, Larger and smaller centers... 48, 126, 236, 486, 612, 686, 768, 948, 1044, 1160,1262 332, 456, 584, 656, 738, 918, Dennison, Henry S., appointed Class C Direc- 1014, 1130, 1232 tor of Federal Reserve Bank of Boston....... 108 Reporting banks: Department store sales and stocks: Monthly and Wednesday figures.. 55, Charts 7, 711, 1069 133, 243, 339, 463, 591, 663, 745, Index of sales (value) : 925, 1021, 1137, 1239 Monthly figures 74, 152, 263, 358, Wednesday figures, by districts 482, 610, 682, 764, 944, 1040, 1156,1258 and for New York and Chicago 57, Yearly and monthly figures.66,144, 254, 350, 135, 245, 341, 465, 593, 665, 747, 474, 602, 674, 756, 936, 1032, 1148,1250 927, 1023, 1139,1241 Index of stocks (value) : Nonmember deposits in Federal Reserve Monthly figures 74, 152, 263, 358, banks: 482, 610, 682, 764, 944, 1040, 1156,1258 End of month and Wednesday figures National summary. 7, 109, 182, 290, 42, 120, 230, 326, 474, 578, 650, 732, 387, 509, 635, 711, 830, 981, 1069, 1186 912, 1008, 1124,1226 Deposits: Postal Savings System. (See Postal Sav- Advance payments on ^Government bonds as ings System.) deposits against which reserves must be Reserves required against. (See Reserve carried. (Ruling) 113 requirements.) All banks in United States: Savings: Chart 178 Payment of interest on. (See Interest Discussion of, at end of 1936 177-178 Discussion of, first half of 1937 .. 1178 on deposits.) All banks in United States on call dates: Suspended banks: Dec. 31, 1935, by classes and by states.. 783 1921-1936: Dec. 31, 1936. 434-435 Analyses 1213-1215 Mar. 31, 1937. 643-644 Statistical tables 873-879 June 30, 1937 1078-1079 Monthly table 58, 136, 246, 342, 466, Monthly table 51, 129, 239, 335, 594, 666, 748, 920, 1016, 1132,1234 459, 587, 659, 741, 921, 1017, 1133,1235 Velocity of: Commercial banks, by states, Dec. 31, Discussion of, in 1936 178 1935 .782-813 Dillard, Paul, reappointed Deputy Chairman, By ratio of demand to total deposits. . 786 Federal Reserve Bank of St. Louis 108 By amounts of deposits 792, 793 Discount rates: By population of city or town 795 Federal Reserve banks: By ratio of capital to deposits 798 Monthly table 60, 138, 248, 344, 468, Not on Federal Reserve par list 800 596, 668, 750, 929, 1025, 1141,1243 By amounts of deposits 803 Reduction in: With insufficient capital for Federal Discussion of 819-820 Reserve membership 804 Foreign central banks: By amounts of deposits 807 Prevailing rates 87, 165, 274, 370, 494, With insufficient capital for national 621, 695, 777, 957, 1053, 1169,1271 •charter 809 Discounts and advances: By amounts of deposits 812 Federal Reserve banks for member banks: Federal Reserve banks: Consumers* paper eligible for discount. All banks combined, end of month and (Ruling.) 1190-1191 Wednesday figures 43, 121, 231, 327, Regulation A, revised 984-995 451, 579, 651, 733, 913, 1009, 1125,1227 Discussion of 977-979 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 23 1285 Page Page Distribution: Employment, Factory—Continued. Discussion of 105, 973 Indexes: National summary 7, 109, 182, 290, 387, Adjusted: 509, 635, 711, 829, 981, 1069,1186 By industries, monthly figures. . . 69, Dodge, Leon A., elected Class A Director of 147, 257, 353, 477, 605, 677, 759, 939, Federal Reserve Bank of Boston 107 1035,1151,1253 Dollar: Revised figures, 1934 and 1935. .. 259 Weight of: Total, monthly figures 66, Act extending powers relating to al- 144, 254, 350, 474, 602, 674, 756, 936, teration of 115 1032,1148,1250 Durable goods: Unadjusted: Factory employment index: By industries, monthly figures. . . 71, Adjusted: 149,' 260, 355, 479, 607, 679, 761, 941, Monthly figures. .69, 147, 257, 353, 477, 1037,1153,1255 605, 677, 759, 939, 1035, 1151,1253 Total, yearly and monthly figures 66, Revised figures, 1934 and 1935. . . 259 144, 254, 350, 474, 602, 674, 756, 936, Unadjusted 71, 149, 260, 355, 479, 1032,1148,1250 607, 679, 761, 941, 1037, 1153,1255 National summary 7, 109, 182, 290, 387, Factory payrolls index. . .71, 149, 260, 355, 479, 509, 635, 711, 829, 980, 1069,1186 607, 679, 761, 941, 1037, 1153,1255 Employment, Nonagricuitural: Dutch East Indies: Charts 633 Gold movement to and from U. S. .50, 128, 238, England. (See United Kingdom.) 334, 458, 586, 658, 740, 920, 1016, 1132,1234 Estonia: Earmarked gold. (See Gold, Earmarked.) Bank of: Earnings and expenses: Condition 84, 162, 271, 367, Federal Reserve banks: 491, 617, 691, 773, 953, 1049, 1165,1267 Discount rates 87, 165, 274, 370, 1936 116 494, 621, 695, 777, 957, 1053, 1169,1271 Jan.-June, 1937 719 Executive officers of member banks: Member banks: Loans to. (Ruling) 1074 1936 532-537 Expenditures, U. S. Treasury. (See Treasury Discussion of 180 finance, .Expenditures.) Jan.-June, 1937 1076-1077 Export-Import Bank of Wasn^n^on: Nonmember insured banks, 1936 305 Act continuing functions 114 State member banks, 1936 304 Summary of operations, 1936 299-303 Easy money policy: Factory employment. (See Employment, Fac- Statement of Federal Open Market Comtory.) mittee 965 Failures, Bank. (See Bank suspensions.) Economic stability: Failures, Commercial. (See Commercial fail- Statement of Board of Governors 827-828 ures.) Ecuador: Farm Credit Administration: Central Bank of: Loans and discounts outstanding, by insti- Condition 84, 162, 271, 367, tutions 65, 143, 253, 349, 491, 617, 691, 773, 953, 1049, 1165,1267 473, 601, 673, 755, 935, 1031, 1147,1249 Discount rates 87, 165, 274, 370, Summary of operations of institutions under, 494, 621, 695, 777, 957, 1053, 1169,1271 1936 " 299-303 Gold movements to and from U. S.. .50, 128, 238, (See also Governmental corporations and 334, 458, 586, 658, 740, 920, 1016, 1132,1234 agencies.) Egypt: Farm income. (See Income, Agricultural.) Foreign exchange rates 88, 166, 275, 371, Farm mortgage institutions: Assets and liabilities: 495, 622, 696, 778, 958, 1054, 1170,1272 Monthly table 64, 142, 252, 348, National Bank of: 472, 600, 672, 754, 934, 1030, 1146,1248 Condition 84, 162, 271, 367, Summary of operations, 1936 299-303 491, 617, 691, 773, 953, 1049, 1165,1267 Farm products: Gold reserves 78, 156, 266, 362, Wholesale price indexes: 486, 612, 686, 768, 948, 1044, 1160,1262 Domestic 75, 154, 264, 359, El Salvador: 483, 611, 683, 765, 945, 1041, 1157,1259 Central Reserve Bank of: Principal countries 89, 167, 276, 372, Condition 84, 162, 271, 367, 491, 496, 623, 697, 779, 959, 1055, 1171,1273 617, 691, 773, 953, 1049, 1165,1267 Federal Advisory Council: Discount rates 87, 165, 274, 370, 494, Meeting 181 621, 695, 777, 957, 1053, 1169,1271 Members 92, 170, 280, 374, Electric Home and Farm Authority: 500, 626, 700, 816, 962, 1058, 1174,1276 Federal Deposit Insurance Corporation: Act continuing functions 114 Assets and liabilities of insured commercial Employment: banks: Discussion of 103-104, 633-634, 972,1182 Dec. 31, 1936 439 Employment, Factory: June 30, 1937 997 Chart 103, 109, 182, 387, 509, 635, 829, Earnings and expenses of non-member in- 973, 980,1186 sured banks, 1936 305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1286 INDEX TO VOLUME 23 Page Page Federal Deposit Insurance Corporation—Continued. Federal Reserve building: Insurance of deposits; survey as of May 13, Description of 835-838 1936 12-14 Official opening, address by President of the Interest, definition of: United States : 1061-1062 Joint statement with Board of Gover- Plate facing 1061 nors of Federal Reserve System, Feb. Federal Reserve Committee on Acceptance 12, 1937 187 Practice: Report of activities, July 1-Dec. 31,1936.222-224 Report of 839-850 Federal Farm Mortgage Corporation: Federal Reserve directory 92, 170, 280, 374, Guaranteed obligations outstanding.65, 143, 253, 500, 626, 700, 816, 962, 1058, 1174,1276 349, 473, 601, 673, 755, 932, 1028, 1144,1246 Federal Reserve notes: Summary of operations, 1936 299-303 Agents' accounts 47, 125, 235, 331, Federal Home Loan Bank Board: 455, 583, 655, 737, 917, 1013, 1129,1231 Loans outstanding, by institutions 65, 143, Circulation: 253, 349, 473, 601, 673, 755, 935, Actual: 1031,1147,1249 All banks combined, end of month Summary of operations of institutions and Wednesday figures. .43, 121, 231, under, 1936 299-303 327, 451, 579, 651, 733, 913, (See also Governmental corporations and 1009.1125,1227 credit agencies.) Each bank, Wednesday figures.47, 125, Federal Home Loan Banks: 235, 331, 455, 583, 655, 737, Loans to members 65, 143, 253, 349, 917,1013,1129,1231 473, 601, 673, 755, 935, 1031, 1147,1249 Outside Treasury and Federal Reserve Federal intermediate credit banks: banks, end of month figures. .49, 127, 237, Loans and discounts outstanding. . . .65, 143 253, 333, 457, 585, 657, 739, 349, 473, 601, 673, 755, 935, 1031, 1147,1249 919, 1015, 1131,1233 Summary of operations, 1936 299-303 Collateral security: Federal land banks and Land Bank Commis- Direct obligations of U. S. may be used sioner : as, until June 30, 1939 187 Loans outstanding 65, 143, 253, 349, Wednesday figures 47, 125, 235, 331, 473, 601, 673, 755, 935, 1031, 1147,1249 455, 583, 655, 737, 917, 1013, 1129,1231 Summary of operations, 1936 299-303 Redemption fund: Federal Open Market Committee: All banks combined, end of month and Members and officers 92, 170, 280, 374, Wednesday figures 43, 121, 231, 327, 500, 626, 700, 816, 962, 1058, 1174,1276 451, 579, 651, 733, 913, 1009, 1125,1227 Policy statement, April 4, 1937 377-378 Each bank, Wednesday figures. .. .44, 122, Statement, September 13, 1937, relative to 232, 328, 452, 580, 652, 734, 914, System action to meet seasonal needs.... 965 1010.1126,1228 Federal Reserve act: Federal Savings and Loan Associations: Amendment, extending period during which direct obligations of U. S. may be used as Mortgage loans 65, 143, 253, 349, collateral for Federal Reserve notes 187 473, 601, 673, 755, 935, 1031, 1147,1249 Federal Reserve Agents: "Field warehouse receipts," article by H. S. Accounts. (See Federal Reserve notes, Yohe 513-521 Agents' accounts.) Finance paper: Appointments. (See Federal Reserve Eligibility for discount: banks: Chairmen and Federal Reserve Discussion of 977 Agents.) Paper financing purchase of goods by Federal Reserve bank notes: consumers. (Ruling.) 1190-1191 Circulation 49, 127, 237, 333, Installment paper, standards recommended 457, 585, 657, 739, 919, 1015, 1131,1233 when used as collateral for advances to Federal Reserve banks: member banks. (Regulation A.) 990 Branches, managing directors of. . .93, 171, 281, Financial conditions. (See Business and 375, 501, 627, 701, 817, 963, 1059, 1175,1277 Chairmen and Federal Reserve Agents : credit conditions.) Financial legislation. (See Banking and Designation of 108, 508 Retirement of, at Richmond, Atlanta financial legislation.) and San Francisco 108 Finland: Deputy Chairmen, appointments. .... .108, 508 Bank of: Directors: Condition 84, 162, 271, 367, 491, 617, 691, 773, 953, 1049, 1165,1267 Class A and B, election of 107-108 Discount rates 87, 165, 274, 370, Class C, appointments. 108, 289, 386, 634, 827 494, 621, 695, 777, 957, 1053, 1169,1271 Earning^ and expenses: Foreign exchange rates 88, 166, 275, 371, 1936 116 495, 622, 696, 778, 958, 1054, 1170,1272 Jan.-June, 1937 719 Food and food products: Lending functions: Factory employment index: Discussion of 6, 979* Adjusted 70, 148, 258, 354, Officers 93, 171, 281, 375, 478, 606, 678, 760, 940, 1036, 1152,1254 501, 627, 701, 817, 963, 1059, 1175,1277 Unadjusted 72, 150, 261, 356, Profit and loss account, 1936 117 480, 608, 680, 762, 942, 1038, 1154,1256 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 23 1287 Page Page Food and food products—Continued. France—Continued. Factory payrolls index 72, 150, 261, 356, Banking and financial legislation—Continued. 480, 608, 680, 762, 942, 1038, 1154,1256 Mar. 10. 1937. Loan for financing ex- Production indexes: penditures for national defense. Ab- Adjusted 67, 145, 255, 351, rogation of various provisions of 475, 603, 675, 757, 937, 1033, 1149,1251 Monetary Law of Oct. 1, 1936 306 Unadjusted 68, 146, 256, 352, Mar. 11, 1937. Loan to finance expend- 476, 604, 676, 758, 938, 1034, 1150,1252 itures for national security 307 Retail price index, principal countries 90^ Discussion of financial measures of 168, 277, 373, 497, 624, 698, 780, 960, 1056, March, 1937 288-289 1172,1274 June 30, 1937. Convention between Wholesale price indexes: Minister of Finance and Governor Domestic 75, 154, 264, 359, of Bank of France 720 483, 611, 683, 765, 945, 1041, 1157,1259 June 30, 1937. Granting government Principal countries 89, 167, 276, 372, powers with view to insuring finan- 496, 623, 687, 779, 959, 1055, 1171,1273 cial recovery 720 Foreign banking corporations: June 30, 1937. Modification of Mon- Branches, suspension of. (Regulation M.) . 833 etary Law of Oct. 1, 1936, and ap- Reserve requirements. (Regulation K, proval of convention with Bank of amended.) 833 France 720 Foreign banks: July 21, 1937. Revaluation of gold re- Commercial banks, condition. .86, 164, 273, 369, serves 853 493, 619, 693, 775, 955, 1051, 1167,1269 July 22, 1937. Fund for regulating Deposits of, held by Federal Reserve banks: the market for Government secur- All banks combined, end of month and ities established 853 Wednesday figures.43, 121, 231, 327, 451, Commercial banks 86, 164, 273, 369, 493, 579, 651, 733, 913, 1009, 1125,1227 620, 694, 776, 956, 1052, 1168,1270 Each bank, Wednesday figures 45, Cost of living index 90, 168, 277, 373, 497, 123, 233, 329, 453, 581, 653, 735, 624, 698, 780, 960, 1056, 1172,1274 915,1011,1127,1229 Financial developments: Deposits of, held by member banks: Discussion of 288-289, 706-708 All banks on call dates. . .53, 131, 241, 337, Foreign exchange rates..88, 166, 275, 371, 495, 461, 589, 661, 745, 923, 1019, 1135,1237 622, 696, 778, 958, 1054, 1170,1272 Reporting banks: Gold imports and exports 80, 158 Monthly and Wednesday figures. . 55, Gold movements to and from U. S 50, 128, 133, 243, 339, 463, 591, 663, 745, 925, 238, 334, 458, 586, 658, 740, 920, 1016, 1132,1234 1021,1137,1239 Wednesday figures, by districts Money rates 87, 165, 274, 370, 494, and for New York and Chicago 57, 621, 695, 777, 957, 1053, 1169,1271 135, 245, 341, 465, 593, 665, 747, 927, Retail food price index. .90, 168, 277, 373, 497, 1023,1139,1241 624, 698, 780, 960, 1056, 1172,1274 Foreign exchange rates 88, 166, 275, 371, 495, Security prices 90, 168, 277, 373, 497, 622, 696, 778, 958, 1054, 1170,1272 624, 698, 780, 960, 1056, 1172,1274 Wholesale price indexes. .89, 167, 276, 372, 496, Foreign trade: 623, 697, 779, 959, 1055, 1171,1273 Discussion 105, 974 Freight-car loadings: .Forest products: Charts: Freight-car loadings indexes..74, 152, 263, 358, Revised index, 1919-1937 522 482, 610, 682, 764, 944, 1040, 1156,1258 Indexes: France: By classes 74, 152, 263, 358, 482, Bank of: 610, 682, 764, 944, 1040, 1156,1258 Annual report, 1936 309-313 Revision, 1919-1937 522-529 Condition 82, 160, 269, 365, 489, Total, yearly and monthly figures. . 66, 144, 615, 689, 771, 951, 1047, 1163,1265 254, 350, 474, 602, 674, 756, 936, 1032, Discount rates: 1148,1250 Changes in 165, 695, 777, 957, National summary 7, 109, 182, 290, 635, 1053,1271 711, 830, 981, 1070,1187 Effective date corrected 274 Frost, Edward J., reelected Class B Director of Monthly table..87, 165, 274, 370, 494, Federal Reserve Bank of Boston 108 621, 695, 777, 957, 1053, 1169,1271 Fuel and lighting materials: Gold reserves 78, 156, 266, 362, 486, Wholesale price indexes. .75, 154, 264, 359, 483, 612, 686, 768, 948, 1044, 1160,1262 611, 683, 765, 945, 1041, 1157,1259 Banking and financial legislation: Fuels, Manufactured: Feb. 18, 1937. Article 6 of Monetary Production indexes: Law of Oct. 1, 1936, modified 308 Adjusted 67, 145, 255, 351, 475, Mar. 5, 1937. Statement by French 603, 675, 757, 937, 1033, 1149,1251 Cabinet on new financial program.. 306 Unadjusted 68, 146, 256, 352, 476, Mar. 6, 1937. Administrative commit- 604, 676, 758, 938, 1034, 1150,1252 tee established for the Exchange Funk, Albert P., reelected Class B Director of Stabilization Fund 306 Federal Reserve Bank of Minneapolis 108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1288 INDEX TO VOLUME 23 Page Page Galvin, John E., reelected Class B Director of Gold—Continued. Federal Reserve Bank of Cleveland 108 Stock, monetary in U. S.: Geery, W. B., redesignated Chairman and Fed- Analysis of changes in 50, 128, 238, 334, eral Reserve Agent, Minneapolis 108 458, 586, 658, 740, 920, 1016, 1132,1234 General fund balance, U. S. Treasury... . (See End of month and Wednesday figures.. 42, Treasury finance, General fund balance.) 120, 230, 326, 474, 578, 650, 732, 912, Germany: 1008,1124,1226 Commercial banks 86, 164, 273, 369, 493, Gold certificates: 620, 694, 776, 956, 1052, 1168,1270 Circulation 49, 127, 237, 333, Cost of living index 90, 168, 277, 373, 497, 457, 585, 657, 739, 919, 1015, 1131,1233 624, 698, 780, 960, 1056, 1172,1274 Federal Reserve bank holdings: Foreign exchange rates. .88, 166, 275, 371, 495, All banks combined, end of month and 622, 696, 778, 958, 1054, 1170,1272 Wednesday figures 43, 121, 231, 327, Gold imports and exports.81, 159, 268, 364, 488, 451, 579*, 651, 733, 913, 1009, 1125,1227 614, 688, 770, 950, 1046, 1162,1264 Each bank, Wednesday figures... .44, 122, Gold movements to and from U. S 50, 128, 232, 328, 452, 580, 652, 734, 914, 1010, 238, 334, 458, 586, 658, 740, 920, 1126,1228 1016,1132,1234 Gold Reserve act of 1934: Money rates 87, 165, 274, 370, 494, Amendment extending powers relating to 621, 695, 777, 957, 1053, 1169,1271 stabilization fund and alteration of weight Reichsbank: of dollar 115 Annual report, 1936 441-447 Government bonds. (See United States Gov- Condition 82, 160, 269, 365, 489, ernment securities.) 616, 690, 772, 952, 1048, 1164,1266 Government debt. (See Treasury finance: Pub- Discount rates 87, 165, 274, 370, 494, lic debt.) 621, 695, 777, 957, 1053, 1169,1271 Government deposits. (See United States Gov- Gold reserves 78, 156, 266, 362, 486, ernment deposits.) 612, 686, 768, 948, 1044, 1160,1262 Governmental corporations and credit agencies: Retail food price index..90, 168, 277, 373, 497, Assets and liabilities 64, 142, 252, 348, 624, 698, 780, 960, 1056, 1172,1274 472, 600, 672, 754, 934, 1030, 1146,1248 Security prices 90, 168, 277, 373, 497, Summary of operations, 1936 299-303 Grain: 624, 698, 780, 960, 1056, 1172,1274 Freight-car loadings indexes..74, 152, 263, 358, Wholesale price indexes..89, 167, 276, 372, 496, 482, 610, 682, 764, 944, 1040, 1156,1258 623, 697, 779, 959, 1055, 1171,1273 Wholesale price index 75, 154, 264, 359, Glass: 483, 611, 683, 765, 945, 1041, 1157,1259 Factory employment index: Great Britain. (See United Kingdom.) Adjusted , 69, 147, 257, 353, Greece: 477, 605, 677, 759, 939, 1035, 1151,1253 Bank of: Unadjusted 71, 149, 260, 355, Condition 84, 162, 271, 367, 479, 607, 679, 761, 941, 1037, 1153,1255 491, 617, 691, 773, 953, 1049, 1165,1267 Factory payrolls index 71, 149, 260, 355, Discount rates: 479, 607, 679, 761, 941, 1037, 1153,1255 Change in 165 Production index: Monthly table..87, 165, 274, 370, 494, Adjusted 67, 145, 255, 351, 621, 695, 777, 957, 1053, 1169,1271 475, 603, 675, 757, 937, 1033, 1149,1251 Gold reserves 78, 156, 266, 362, Unadjusted 68, 146, 256, 352, 486, 612, 686, 768, 948, 1044, 1160,1262 476, 604, 676, 758, 938, 1034, 1150,1252 Foreign exchange rates 88, 166, 275, 371, Gold: 495, 622, 696, 778, 958, 1054, 1170,1272 Earmarked 50, 128, 238, 334, Gross debt, U. S. Government. (See Treasury 458, 586, 658, 740, 920, 1016, 1132,1234 finance, Public debt.) Hoards, discussion of 703-706 Guaranteed obligations of United States. (See Imports and exports: Treasury finance, Guaranteed obligations.) Principal countries 79, 157, 267, 363, Hansen, H. C, reelected Class A Director of 487, 613, 687, 769, 949, 1045, 1161,1263 Federal Reserve Bank of Minneapolis 107 United States: Harris, James W., reelected Class B Director of Discussion of 1-3, 703,1064 Federal Reserve Bank of St. Louis 108 Discussion of effect on member Hay crop reports 76, 766, 946, 1042, 1158,1260 bank reserves 1-3 Hides. (See Leather and leather products.) Gross 50, 128, 238, 334, 458, Home mortgage institutions: 586, 658, 740, 920, 1016, 1132, 1234 Assets and liabilities 64, 142, 252, 348, Net 79, 157, 267, 363, 487, 472, 600, 672, 754, 934, 1030, 1146,1248 613, 687, 769, 949, 1045, 1161,1263 Summary of operations, 1936 299-303 Policy of United States. (See Treasury Home Owners' Loan Corporation: gold policy.) Guaranteed obligations outstanding... .65, 143, Production, world 79, 157, 267, 363, 253, 349, 473, 601, 673, 755, 932, 1028, 487, 613, 687, 769, 949, 1045, 1161,1263 1144,1246 Reserves: Mortgage loans 65, 143, 253, 349, Central banks and governments 78, 156, 473, 601, 673, 755, 935, 1031, 1147,1249 266, 362, 486, 612, 686, 768, 948, 1044, Summary of operations, 1936 .299-303 1160,1262 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1289 INDEX TO VOLUME 23 Page Page Hong Kong: India, British—Continued. Foreign exchange rates 88, 166, 275, 371, Reserve Bank of—Continued. 495, 622, 696, 778, 958, 1054, 1170,1272 Discount rates 87, 165, 274, 370, Gold movements to and from U. S.. .50, 128,. 238, 494, 621, 695, 777, 957, 1053, 1169,1271 334, 458, 586, 658, 740, 920, 1016, 1132,1234 Gold reserves 78, 156, 266, 362, Hosford, Willard D., reelected Class B Director 486, 612, 686, 768, 948, 1044, 1160,1262 of Federal Reserve Bank of Kansas City 108 Industrial advances of Federal Reserve banks: Housefurnishing goods: All banks combined, end of month and Wholesale price indexes 75, 153, 264, 359, Wednesday figures 43, 121, 231, 327, 483, 611, 683, 765, 945, 1041, 1157,1259 451, 579, 651, 733, 913, 1009, 1125,1227 Hungary: Commitments: Foreign exchange rates 88, 166, 275, 371, Each bank, Wednesday figures 46, 124, 495, 622, 696, 778, 958, 1054, 1170,1272 234, 329, 454, 582, 654, 736, 916, 1012, Money rates 87, 165, 274, 370, 1128,1230 494, 621, 695, 777, 957, 1053, 1169,1271 Each bank, Wednesday figures.44, 122, 232, 328, National Bank of: 452, 580, 652, 734, 914, 1010, 1126,1228 Condition 84, 162, 271, 367, Number and amounts 47, 125, 235, 331, 491, 617, 691, 773, 953, 1049, 1165,1267 455, 583, 655, 737, 917, 1013, 1129,1231 Discount rates 87, 165, 274, 370, Rates 60, 138, 248, 344, 494, 621, 695, 777, 957, 1053, 1169,1271 468, 595, 668, 750, 929, 1025, 1141,1243 Gold reserves 78, 156, 266, 362, Industrial bond prices. (See Bonds: Prices.) 486, 612, 686, 768, 948, 1044, 1160,1262 Industrial bond yields. (See Bonds: Yields.) Income: Industrial loans. (See Industrial advances of Agricultural: Federal Reserve banks; Commercial, indus- Discussion of 105 trial and agricultural loans.) National summary 829 Industrial production. (See Production, Indus- National: trial.) Discussion of 104 Industrial stock prices. (See Stocks: Prices.) Tax receipts. (See Treasury finance, Re- Installment paper. (See Finance paper.) ceipts.) Insurance of deposits: Index numbers: Report of Federal Deposit Insurance Corpora- Cost of living 90, 168, 277, 373, tion activities, July 1 to Dec. 31, 1936. .222-224 497, 624, 698, 780, 960, 1056, 1172,1274 Survey showing number and dollar amounts Department store sales and stocks 74, 152, of deposits, by size and classes, by types 263, 358, 482, 610. 682, 764, 944, 1040, of banks, as of May 13, 1936 12-14 1156,1258 Insured commercial banks: Factory employment: Assets and liabilities: Dec. 31, 1936 439 Adjusted 69, 147, 257, 353, June 30, 1937 997 477, 605, 677, 759, 939, 1035, 1151,1253 Earnings and expenses of non-member in- Revised figures, 1934 and 1935 259 sured banks, 1936 305 Unadjusted 71, 149, 260, 355, Number of: 479, 607, 679, 761, 941, 1037, 1153,1255 Dec. 31, 1936 439 Factory payrolls .71, 149, 260, 355, Changes in 1936 222-224 479, 607, 679, 761, 941, 1037, 1153,1255 Interest on deposits: Freight-car loadings 74, 152, 263, 358, Definition of, Regulation Q, sec. 1 (f) : 482, 610, 682, 764, 944, 1040, 1156,1258 Effective date 11, 186 Revision of indexes, 1919-1937 522-529 Public funds payable on demand. (Ruling.) 113 Industrial production: Savings deposits: Adjusted 67, 145, 255, 351, Classification of deposits of certain or- 475, 603, 675, 757, 937, 1033, 1149,1251 ganizations as. (Ruling.) 1073 Unadjusted 68, 146, 256, 352, Sunday or holiday as fifth day of month. 476, 604, 676, 758, 938, 1034, 1150,1252 (Ruling.) 715 Retail food prices. 90, 168, 277, 373, Interest on public debt. (See Treasury finance, 497, 624, 698, 780, 960, 1056, 1172,1274 Public debt.) Security prices 90, 168, 277, 373, Interest rates: 497, 624, 698, 780, 960, 1056, 1172,1274 Charged customers by banks. . .61, 139, 249, 345, Wholesale prices 89, 167, 276, 372, 469, 597, 669, 751, 930, 1026, 1142,1244 496, 623, 697, 779, 959, 1055, 1171,1273 Charged by member banks: India, British: Survey as of Oct. 1, 1936 295-298 Foreign exchange rates 88, 166, 275, 371, Deposits, Time 60, 138, 248, 344, 495, 622, 696, 778, 958, 1054, 1170,1272 468, 596, 668, 750, 929, 1025, 1141,1243 Gold imports and exports 81, 159, 268, 364, Open market, in N. Y. C 61, 139, 249, 345, 488, 614, 688, 770, 950, 1046, 1162,1264 469, 597, 669, 751, 930, 1026, 1142,1244 Gold movements to and from U. S.. .50, 128, 238, (See also Discount rates.) 334, 458, 586, 658, 740, 920, 1016, 1132,1234 International capital transactions of U. S.: Gold production 79, 157, 267, 363, Statistics of: 487, 613, 687, 769, 949, 1045, 1161,1263 Jan. 2, 1935-Sept. 30, 1936 17-39 Reserve Bank of: May, 1929-Dec. 1936 394-431 Condition 84, 162, 271, 367, Jan.-Mar. 1937 639-642 Apr.-July, 1937 998-1001 491, 617, 691, 773, 953, 1049, 1165,1267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1290 INDEX TO VOLUME 23 Page Page Inventories, discussion of 1182 Java—Continued. Investments: Bank of—Continued. All banks in U. S. on call dates.51, 129, 239, 335, Discount rates: 459, 587, 659, 741, 921, 1017, 1133,1235 Change in 165 Member banks: Monthly table.. .87, 165, 274, 370, 494, All banks on call dates 52, 130, 240, 336, 621, 695, 777, 957, 1053, 1169,1271 460, 588, 660, 744, 922, 1018, 1134,1236 Gold reserves 78, 156, 266, 362, Discussion of 175-176, 825 486, 612, 686, 768, 948, 1044, 1160,1262 Reporting banks: Joint Committee on Appraisal and Mortgage Monthly and Wednesday figures. . 54, Analysis: 132, 242, 338, 462, 590, 662, 744, 924, Report to be presented at Forum 1068 1020,1136,1238 Kettig, William H.: Wednesday figures, by districts and Designated Chairman and Federal Reserve for New York and Chicago. .56, 134, Agent, Atlanta 508 244, 340, 464, 593, 664, 746, 926, 1022, Reappointed Deputy Chairman, Federal Reserve Bank of Atlanta 108 (See also Loans and investments.) ' Klages, Reynold E., appointed Class C Director Iron and steel: of Federal Reserve Bank of Cleveland 108 Factory employment index: Land Bank Commissioner loans. (See Federal Adjusted 69, 147, 257, 353, land banks and Land Bank Commissioner: 477, 605, 677, 759, 939, 1035, 1151,1253 Loans outstanding.) Revised figures, 1934 and 1935 259 Lassiter, Robert, designated Chairman and Fed- Unadjusted 71, 149, 260, 355, eral Reserve Agent, Richmond 108 479, 607, 679, 761, 941, 1037, 1153,1255 Latvia: Factory payrolls index 71, 149, 260, 355, Bank of: 479, 607, 679, 761, 941, 1037, 1153,1255 Condition 84, 162, 271, 367, Production index: 491, 618, 692, 774, 954, 1050, 1166,1268 Adjusted 67, 145, 255, 351, Discount rates 87, 165, 274, 370, 475, 603, 675, 757, 937, 1033, 1149,1251 494, 621, 695, 777, 957, 1053, 1169,1271 Unadjusted 68, 146, 256, 352, Law department 11, 113-115, 186-219, 294, 476, 604, 676, 758, 938, 1034, 1150,1252 391-393, 513-521, 715-718, 833-834, Wholesale price index 75, 153, 264, 359, 984-994, 1073-1075, 1190-1201 483, 611, 683, 765, 945, 1041, 1157,1259 Italy: Lead production index: Bank of: Adjusted 67, 145, 255, 351, Discount rates 87, 165, 274, 370, 475, 603, 675, 757, 937, 1033, 1149,1251 494, 621, 695, 777, 957, 1053, 1169,1271 Unadjusted 68, 146, 256, 352, 476, 604, 676, 758, 938, 1034, 1150,1252 Gold reserves 78, 156, 266, 362, Leather and leather products: 486, 612, 686, 768, 948, 1044, 1160,1262 Factory employment index: Foreign exchange rates 88, 166, 275, 371, Adjusted 70, 148, 258, 354, 495, 622, 696, 778, 958, 1054, 1170,1272 478, 606, 678, 760, 940, 1036, 1152,1254 Money rates 87, 165, 274, 370, Unadjusted 72, 150, 261, 356, 494, 621, 695, 777, 957, 1053, 1169, 1271 480, 608, 680, 762, 942, 1038, 1154,1256 Wholesale price indexes 89, 167, 276, 372, Factory payrolls index 72, 150, 261, 356, 496, 623, 697, 779, 959, 1055, 1171,1273 Japan: 480, 608, 680, 762, 942, 1038, 1154,1256 Bank of: Production index: Condition 84, 162, 271, 367, Adjusted 67, 145, 255, 351, 491, 617, 691, 773, 953, 1049, 1165, 1267 475, 603, 675, 757, 937, 1033, 1149,1251 Discount rates: Unadjusted 68, 146, 256, 352, Change in 777 476, 604, 676, 758, 938, 1034, 1150,1252 Corrected 957 Wholesale price index 75, 153, 264, 359, Monthly table... .87, 165, 274, 370, 494, 483, 611, 683, 765, 945, 1041, 1157,1259 621, 695, 777, 957, 1053, 1169,1271 Liabilities. (See Condition statements.) Lichtenstein, Walter, reappointed secretary of Gold reserves 78, 156, 266, 362, Federal Advisory Council 181 486, 612, 686, 768, 948, 1044, 1160,1262 Lithuania: Discussion of revaluation of 703 Bank of: Foreign exchange rates 88, 166, 275, 371, Condition 84, 162, 271, 367, 495, 622, 696, 778, 958, 1054, 1170,1272 491, 618, 692, 774, 954, 1050, 1166,1268 Gold movements to and from U. S.. .50, 128, 238, Discount rates 87, 165, 274, 370, 334, 458, 586, 658, 740, 920, 1016, 1132,1234 494, 621, 695, 777, 957, 1053, 1169,1271 Gold production 79, 157, 267, 363, Livestock: 487, 613, 687, 769, 949, 1045, 1161,1263 Freight-car loading indexes. .. .74, 152, 263, 358, Money rates 87, 165, 274, 370, 482, 610, 682, 764, 944, 1040, 1156,1258 494, 621, 695, 777, 957, 1053, 1169,1271 Wholesale price index 75, 154, 264, 359, Wholesale price indexes 89, 167, 276, 372, 483, 611, 683, 765, 945, 1041, 1157,1259 496, 623, 697, 779, 959, 1055, 1171,1273 Loans: Java: Agricultural. (See Commercial, industrial, Bank of: and agricultural loans.) Condition 84, 162, 271, 367, Brokers'. (See Brokers and dealers in secu- 491, 617, 691, 773, 953, 1049, 1165,1267 rities, Loans to.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 23 1291 Page Page Loans—Continued. McCrary, J. A., reelected Class B Director of Commercial. (See Commercial, industrial, Federal Reserve Bank of Atlanta 108 and agricultural loans.) McNaghten, Malcolm, reelected Class B Direc- Executive officers of member banks, Loans tor of Federal Reserve Bank of San Franto. (Ruling.) 1074 cisco 108 Industrial. (See Industrial advances of Fed- Machinery: eral Reserve banks; Commercial, indus- Factory employment index: trial, and agricultural loans.) Adjusted 69, 147, 257, 353, 477, Member banks: 605, 677, 759, 939, 1035, 1151,1253 Classification changes in weekly re- Revised figures, 1934 and 1935... 259 port 440-441, 530-531 Unadjusted 71, 149, 260, 355, 479, Discussion of 285, 378-379, 507, 822 607, 679, 761, 941, 1037, 1153,1255 Real estate. (See Real estate loans.) Factory payrolls index.. .71, 149, 260, 355, 479, Security. (See Securities, Loans on.) 607, 679, 761, 941, 1037, 1153,1255 Total: Manufactures: Reporting member banks: Production index: Wednesday figures, by districts and Adjusted: for New York and Chicago.... 664, By industries, monthly figures.67, 145, 746, 926, 1022, 1138,1240 255, 351, 475, 603, 675, 757, 937, Loans and investments: 1033,1149,1251 All banks in U. S. on call dates: Total, monthly figures 66, 144, 254, Dec. 31, 1936 434-435 350, 474, 602, 674, 756, 936, 1032, Mar. 31, 1937 643-644 1148,1250 June 30, 1937 1078-1079 Unadjusted: Monthly table 51, 129, 239, 335, By industries, monthly figures... 68, 459, 587, 659, 741, 921, 1017, 1133,1235 146, 256, 352, 476, 604, 676, 758, Commercial banks, by states, Dec. 31, 938, 1034, 1150,1252 1935 788-790, 796 Total, yearly and monthly figures By amounts of loans and invest- 66, 144, 254, 350, 474, 602, 674, 756, ments 789, 790 936,1032,1148,1250 By population of city or town 796 Margin account statistics 59, 137, 247, 343, 467, Insured commercial banks: 595, 667, 749, 928, 1024, 1140,1242 Dec. 31, 1936 439 Margin requirements: June 30, 1937 997 Banks. Regulation U: Member banks: Debentures, loan to an investment All banks on call dates: trust to retire. (Ruling.) 717 Dec. 31, 1936 221 Debentures, purchase of. (Ruling.) .. 716 Mar. 31, 1937 539 Loans made prior to May 1, 1936, June 30, 1937 852 withdrawal or substitution of collat- Monthly table. .. .52, 130, 240, 336, 460, eral for. (Amendment.) 718 588, 660, 744, 922, 1018, 1134,1236 Market value of stock, time of deter- Charts 110, 174, 183, mining. (Ruling.) 294 291, 388, 822, 824, 830, 1065, 1070,1179 Purchase of both registered and un- Discussion of 1179 registered stocks, loans for. (Rul- Discussion of, in 1936 174-175 ing.) 392 Reporting banks: Purchase of debentures by banks. Monthly and Wednesday (Ruling.) 716 figures 54, 132, 242, 338, 462 5 Reduction of requirements: 590, 662, 744, 924, 1020, 1136,1238 Discussion of 1068 Wednesday figures, by districts and Revised supplement to Regulafor New York and Chicago. . 56, 134, tion U 1075 244, 340, 464, 592, 664, Retirement of debentures, loaji to in- 746, 926, 1022, 1138, 1240 vestment trust for. (Ruling.) 717 Suspended banks, 1921-1936: Stocks registered, Jan. 31, 1937, an- Analyses 1215-1218 nouncement of publication of list of. 181 Statistical tables... 878-882, 891, 896, 901 Stocks registered after loan is made, Loeb, Howard A., reelected vice president of Fedapplicability of Regulation U. (Ruleral Advisory Council 181 ing.) 995 Lumber and lumber products: Transfer of loans. (Ruling.) 715 Factory employment index: Brokers and dealers in securities. Regu- Adjusted 69, 147, 257, 353, lation T: 477, 605, 677, 759, 939, 1035, 1151, 1253 Unadjusted 71, 149, 260, 355, "Combined account", definition 479, 607, 679, 761, 941, 1037, 1153,1255 amended 1074 Factory payrolls index 71, 149, 260, 355, Commodity account, special. (Tempo- 479, 607, 679, 761, 941, 1037, 1153,1255 rary amendment.) 1201 Wholesale price index 75, 153, 264, 359, "Customer", definition amended 1074 483, 611, 683, 765, 945, 1041, 1157,1259 Dividends, withdrawable, deductible McCabe, Thomas B., appointed Class C Direc- from amount of demand for martor of Federal Reserve Bank of Philadelphia 827 gin. (Ruling.) 294 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1292 INDEX TO VOLUME 23 Page Page Margin requirements—Continued. Mexico: Brokers and dealers in securities. Regula- Bank of: tion T—Continued. Discount rate 1271 Reduction of requirements: Gold reserves 78, 156, 266, 362, 486, Discussion of 1068 612, 686, 768, 948, 1044, 1160,1262 Revised supplement of Regulation Foreign exchange rates..88, 166, 275, 371, 495, T 1075 622, 696, 778, 958, 1054, 1170,1272 Revision of regulation, effective Jan. 1, Gold movements to and from U. S 50, 128, 1938: 238, 334, 458, 586, 658, 740, 920,1016 Discussion of 1184-1185 1132,1234 Text of 1191-1200 Gold production 79, 157, 267, 363, 487, Short sales: 613, 687, 769, 949, 1045, 1161,1263 Amendment of Regulation T with Milam, J. R., reelected Class B Director of Fedrespect to 1074 eral Reserve Bank of Dallas 108 Margins required: Minerals: Revised Supplement to Regu- Production index: ' lation T 1075 Adjusted: Supplement, revised, effective Jan. 1, By kinds, monthly figures.... 67, 145, 1938, to accompany revised regula- 255, 351, 475, 603, 675, 757, 937, tion 1200 1033,1149,1251 Unregistered securities may be held Total, yearly and monthly figures as additional collateral until Jan. 1, 66 144, 254, 350, 474, 602, 674, 756, f 1938. (Amendment.) 391 936, 1032, 1148,1250 Martin, H. Warner, resignation as Class C Di- Unadjusted: rector and Chairman and Federal Reserve By kinds, monthly figures 68, 146, Agent, Atlanta 108 256, 352, 476, 604, 676, 758, 938, 1034, Maturities: 1150,1252 Bills held by Federal Reserve banks. (See Total, yearly and monthly figures Bills: Federal Reserve bank holdings.) 66, 144, 254, 350, 474, 602, 674, 756, Public debt. (See Treasury finance: Pub- 936,1032,1148,1250 lic debt.) Monetary gold stock. (See Gold: Stock, mone- United States Government securities held tary.) Monetary legislation. (See Banking and finanby Reserve banks. (See United States cial legislation.) Government securities: Federal Reserve Monetary policy: bank holdings.) Monetary ease as policy of Board 965 Member bank reserves, Reserve bank credit, Objectives of, statement of Board 827-828 and related items: Money in circulation: Monthly table 42, 120, 230, 326, 474, Chart 967 578, 650, 732, 912, 1008, 1124,1226 Discussion of 508, 966,1177 Member banks: Kinds of: Bills discounted for. (See Bills discounted End of month figures 49, 127, 237, by Federal Reserve banks.) 333, 457, 585, 657, 739, 919, 1015, Borrowings at Federal Reserve banks. 1131,1233 (See Borrowings.) Total: Branches, number of 1083 End of month and Wednesday figures. . 42, 120, 230, 326, 474, 578, 650, 732, 912, 1008, Condition of. (See Condition statements.) 1124,1226 Deposits. (See Deposits.) Money market; discussion of 820,1065 Earnings and expenses. (See Earnings Money rates: and expenses.) Charged by member banks: Loans and investments. (See Loans and Survey as of Oct. 1, 1936 295-298 investments.) Charged customers by banks. .61, 139, 249, 345, National banks. (See National banks.) 469, 597, 669, 751, 930, 1026, 1142,1244 Number of 51, 129, 239, 335, 459, Charts 179, 285, 291, 629 587, 659, 741, 921, 1017, 1133,1235 Discussion of 178, 285, 629,1180 Reserves. (See Reserves.) Foreign countries 87, 165, 274, 370, State banks. (See State member banks.) 494, 621, 695, 777, 957, 1053, 1169,1271 Suspensions. (See Bank suspensions.) National summary 291, 388, 510, 636, Merchandise: 712, 830, 981, 1070 Open market, in N. Y. C 61, 139, 249, 345, Exports and imports 74, 152, 263, 358, 482, 469, 597, 669, 751, 930, 1026, 1142,1244 610, 682, 764, 944, 1040, 1156,1258 Moore, W. N., retirement as Class C Director, Freight-car loadings indexes 74, 152, 263, and Chairman and Federal Reserve Agent, 358, 482, 610, 682, 764, 944, 1040, San Francisco 108 1156,1258 Morris Plan and industrial banks: Merritt, J. H., appointed Class C Director of Deposits, Dec. 31, 1935, analysis 783 Federal Reserve Bank of Dallas 108 Number of, Dec. 31, 1935, analyses 782 Metals and metal products: Mortgage Analysis, Forum on Real Estate Appraisal and 1068 Wholesale price indexes. .75, 153, 264, 359, 483, Municipal bond prices. (See Bonds: Prices.) 611, 683, 765, 945, 1041, 1157,1259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 23 1293 Page Page Municipal bond yields. (See Bonds: Yields.) National banks—Continued. Mutual savings banks: Number: Assets and liabilities: Changes in, 1921-1936 1084-1105 Dec. 31, 1936 438 Call dates: Mar. 31, 1937 647 Dec. 31, 1935, analyses 782-813 June 30, 1937 1082 Dec. 31, 1936 436, 439 Branches, Dec. 31, 1936 1083 Mar. 31, 1937 645 Deposits on call dates: June 30, 1937 1080 Dec. 31, 1935, analyses 783 Monthly table... .51, 129, 239, 335, 459, Monthly table 51, 129, 239, 335, 587, 659, 741, 921, 1017, 1133,1235 459, 587, 659, 741, 921, 1017, 1133,1235 Suspensions: Loans and investments on call dates: 1921-1936: Monthly table 51, 129, 239, 335, Analysis 1204-1224 459, 587, 659, 741, 921, 1017, 1133,1235 Statistical tables.869, 884, 888, 906, 907 Number on call dates: Monthly table 58, 136, 246, 342, Dec. 31, 1935, analysis 782 466, 594, 666, 748, 920, 1016, 1132,1234 Dec. 31, 1936 438 Trust powers. (See Trust powers of na- Mar. 31, 1937 647 tional banks.) June 30, 1937 1082 National Credit Corporation: Monthly table 51, 129, 239, 335, Loans to banks 1222 459, 587, 659, 741, 921, 1017, 1133,1235 National securities exchanges, List of stocks Suspensions, 1921-1936 910 registered as of Jan. 31, 1937, publication an- Nahm, Max B., reelected Class A Director of nounced 181 Federal Reserve Bank of St. Louis 107 National summary of business conditions 7, 109, Nardin, William T.: 182, 290, 387, 509, 635, 711, 829, 980, 1069,1186 Appointed Class C Director of Federal Re- Neely, Frank H.: serve Bank of St. Louis 108 Appointed Class C Director of Federal Re- Designated Chairman and Federal Reserve serve Bank of Atlanta 108 Agent, St. Louis 108 Appointed Deputy Chairman of the board National Appraisal Forum: of directors of the Federal Reserve Bank Announcement of meeting 1068 National bank notes: of Atlanta 508 Circulation 49, 127, 237, 333, Netherlands: 457, 585, 657, 739, 919, 1015, 1131,1233 Bank of: National banks: Annual report, 1936-1937 721-730 Assets and liabilities: Condition 84, 162, 271, 367, Dec. 31, 1936 221, 436, 439 491, 618, 692, 774, 954, 1050, 1166,1268 Mar. 31, 1937 539, 645 Discount rates: June 30, 1937 852, 997, 1080 Change in 87 Branches: Monthly table. .. .87, 165, 274, 370, 494, Dec. 31, 1936 1083 621, 695, 777, 957, 1053, 1169,1271 Gold reserves 78, 156, 266, 362, Foreign, suspension of. (Regulation 486, 612, 686, 768, 948, 1044, 1160,1262 M.) 833 Cost of living index 373, 497, 624, 698, Capital stock: 780, 960, 1056, 1172,1274 Suspended banks, 1921-1936: Foreign exchange rates 88, 166, 275, 371, Analyses 1218 495, 622, 696, 778, 958, 1054, 1170,1272 Statistical tables 897, 900 Gold imports and exports 81, 159 Deposits: Gold movements to and from U. S.. .50, 128, 238, Call dates: 334, 458, 586, 658, 740, 920, 1016, 1132,1234 Dec. 31, 1935, analyses 782-813 Money rates 87, 165, 274, 370, Dec. 31, 1936 221 494, 621, 695, 777, 957, 1053, 1169,1271 Mar. 31, 1937 539 Retail food price index 373, 497, 624, 698, June 30, 1937 852 780,960,1056,1172,1274 Monthly table. .. .51, 129, 239, 335, 459, Security prices . 373, 497, 624, 698, 587, 659, 741, 921, 1017, 1133,1235 780, 960,1056,1172,1274 Suspended banks, 1921-1936: Wholesale price indexes 89, 167, 276, 372, Analysis 1213-1214 496, 623, 697, 779, 959, 1055, 1171,1273 Statistical tables 874, 909 New Zealand: Earnings and expenses: Foreign exchange rates..88, 166, 275, 371, 495, 1936 532, 536 622, 696, 778, 958, 1054, 1170,1272 Jan.-June, 1937 1077 Reserve Bank of: Loans and investments: Condition 84, 162, 271, 367, 491, Dec. 31, 1935, analyses 788-790, 796 618, 692, 774, 954, 1050, 1166,1268 Dec. 31, 1936 221 Discount rates 87, 165, 274, 370, 494, Mar. 31, 1937 539 621, 695, 777, 957, 1053, 1169,1271 June 30, 1937 852 Gold reserves 78, 156, 266, 362, 486, Suspended banks, 1921-1936: 612, 686, 768, 948, 1044, 1160,1262 Analysis 1215-1218 Non par banks: Statistical tables 879, 892, 896, 902 Analyses of structure, Dec. 31, 1935 800-803 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1294 INDEX TO VOLUME 23 Page Page Nondurable goods: Nonmember banks—Continued Factory employment index: Uninsured: Adjusted 69, 147, 257, 353, 477, Deposits, Dec. 31, 1935, analyses... 782-813 605, 677, 759, 939, 1035, 1151,1253 Loans and investments, Dec. 31, 1935, Revised figures, 1934 and 1935. .. 259 analyses 788-790, 796 Unadjusted 71, 149, 260, 355, 479, Number of, Dec. 31, 1935, analyses.782-813 607, 679, 761, 941, 1037, 1153,1255 Norway: Factory payrolls index. . .71, 149, 260, 355, 479, Bank of: 607, 679, 761, 941, 1037, 1153,1255 Condition 84, 162, 271, 367, 491, Nonferrous metals: 618, 692, 774, 954, 1050, 1166, 1268 Factory employment index: Discount rates: Adjusted 69, 147, 257, 353, 477, Change in 87 605, 677, 759, 939, 1035, 1151, 1253 Monthly table. . .87, 165, 274, 370, 494, Unadjusted 71, 149, 260, 355, 479, 621, 695, 777, 957, 1053, 1169, 1271 607, 679, 761, 941, 1037, 1153,1255 Gold reserves 78, 156, 266, 362, 486, Factory payrolls index.. .71, 149, 260, 355, 479, 612, 686, 768, 948, 1044, 1160, 1262 607, 679, 761, 941, 1037, 1153,1255 Foreign exchange rates..88, 166, 275, 371, 495, Production indexes: 622, 696, 778, 958, 1054, 1170, 1272 Adjusted 67, 145, 255, 351, 475, Number of banks. (See Banks, Number of.) 603, 675, 757, 937, 1033, 1149,1251 Oats crop reports 76, 766, 946, 1042, 1158, 1260 Unadjusted 68, 146, 256, 352, 476, Obligations fully guaranteed by the United 604, 676, 758, 938, 1034, 1150,1252 States. (See Treasury finance, Guaranteed obligations.) Wholesale price index... .75, 153, 264, 359, 483, Open Market Committee. (See Federal Open Market 611, 683, 765, 945, 1041, 1157,1259 Committee.) Nonmember banks: Open market operations: Branches, Dec. 31, 1936 1083 Discussion of 377-378 Capital stock: Open market paper: Suspended banks, 1921-1936: New classification in weekly condition re- Analyses 1218 port of member banks 440-441, 530-531 Statistical tables 898, 900 Reporting member banks: Deposits: Monthly and Wednesday figures.. 744, 924, Call dates 51, 129, 239, 335, 459, 1020, 1136, 1238 587, 659, 741, 921, 1017, 1133,1235 Wednesday figures, by districts and Suspended banks, 1921-1936: for New York and Chicago 592, 664, Analyses 1213-1215 Ore . 746, 926, 1022, 1138, 1240 Statistical tables 876, 909 Freight-car loadings indexes..74, 152, 263, 358, Deposits of, held by Federal Reserve 482, 610, 682, 764, 944, 1040, 1156, 1258 banks: Paper and printing: End of month and Wednesday figures Factory employment index: 42, 120, 230, 326, 474, 578, 650, 732, 912, Adjusted 70, 148, 258, 354, 1008, 1124, 1226 478, 606, 678, 760, 940, 1036, 1152, 1254 Unadjusted 72, 150, 261, 356, Insured: 480, 608, 680, 762, 942, 1038, 1154, 1256 Assets and liabilities: Factory payrolls index 72, 150, 261, 356, Dec. 31, 1936 439 480, 608, 680, 762, 942, 1038, 1154, 1256 June 30, 1937 997 Production index: Deposits, Dec. 31, 1935, analyses.. .782-813 Adjusted 67, 145, 255, 351, Earnings and expenses, 1936 305 475, 603, 675, 757, 937, 1033, 1149, 1251 Loans and investments, Dec. 31, 1935, Unadjusted 68, 146, 256, 352, analyses 788-790, 796 476, 604, 676, 758, 938, 1034, 1150, 1252 Number of: Wholesale price index 75, 153, 264, 359, Dec. 31, 1935, analyses 782-813 483, 611, 683, 765, 945, 1041, 1157, 1259 Dec. 31, 1936 439 Paper currency: June 30, 1937 997 Circulation 49, 127, 237, 333, Loans and investments: 457, 585, 657, 739, 919, 1015, 1131, 1233 Call dates 51, 129, 239, 335, 459, Shipments and receipts 49, 127, 237, 333, 457, 585, 657, 739, 919, 1015, 1131, 1233 587, 659, 741, 921, 1017, 1133, 1235 Parks, C. C, reelected Class A Director of Fed- Suspended banks, 1921-1936: eral Reserve Bank of Kansas City 108 Analysis 1215-1218 Payrolls, Factory: Statistical tables.. .881, 894, 896, 904 Charts 109, 387, 509, 635, 973, 980 Number of, monthly table 51, 129, 239, 335, Discussion of 381 459, 587, 659, 741, 921, 1017, 1133, 1235 Indexes: Suspensions: By industries, monthly figures 71, 149, 1921-1936: 260, 355, 479, 607, 679, Analyses 1204-1224 761, 941, 1037, 1153, 1255 Statistical tables.871, 886, 890, 906, 907 Total, yearly and monthly figures.. .66, 144, Monthly table 58, 136, 246, 342, 466, 254, 350, 474, 602, 674, 594, 666, 748, 920, 1016, 1132, 1234 756, 936, 1032, 1148, 1250 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 23 1295 Page Page Payrolls, Factory—Continued Postal savings system 58, 136, 246, 342, National summary 7, 109, 182, 290, 466, 594, 666, 748, 935, 1031, 1147, 1249 387, 509, 635, 711, 829, 980, 1069, 1186 Potato crop reports. . .76, 766, 946, 1043, 1158, 1260 Peck, F. W., appointed Class C Director of Fed- Powell, Keith, reelected Class A Director of eral Reserve Bank of Minneapolis 386 Federal Reserve Bank of San Francisco 108 Peru: Preferred stock. (See Stocks.) Central Reserve Bank of: Preferred stock, capital notes, and debentures Condition 84, 162, 271, 367, held by Reconstruction Finance Corporation. 618, 692, 774, 954, 1050, 1166, 1268 (See Reconstruction Finance Corporation, Discount rates 87, 165, 274, 370, Loans and investments; Governmental cor- 494, 621, 695, 777, 957, 1053, 1169, 1271 porations and credit agencies.) Gold reserves 78, 156, 266, 362, President of the United States: 486, 612, 686, 768, 948, 1044, 1160, 1262 Address at official opening of Federal Re- Gold movements to and from U. S.. .50, 128, 238, serve building 1061-1062 334, 458, 586, 658, 740, 920, 1016, 1132, 1234 Prices: Petroleum and products: Retail food index: Factory employment index: Principal countries 90, 168, 277, 373, Adjusted 70, 148, 258, 354, 497, 624, 698, 780, 960, 1056, 1172, 1274 478, 607, 678, 760, 940, 1036, 1152, 1254 Stabilization of, statement of Unadjusted 72, 150, 261, 356, Board on 827-828 480, 608, 680, 762, 942, 1038, 1154, 1256 Wholesale commodity: Factory payrolls index 72, 150, 261, 356, Charts 8, 104, 110, 183, 480, 608, 680, 762, 942, 1038, 1154, 1256 290, 380, 381, 384, 388, 510, 635, 712, Production index: 830, 968, 969, 981, 1067, 1070, 1184, 1187 Adjusted. 67, 145, 255, 351, Discussion of 104, 287, 380-385, 475, 603, 675, 757, 937, 1033, 1149, 1251 968-969, 1067, 1184 Unadjusted 68, 146, 256, 352, Indexes by groups: 476, 604, 676, 758, 938, 1034, 1150, 1252 Domestic 75, 154, 264, 359, Wholesale price index 75, 153, 264, 359, 483, 611, 683, 765, 945, 1041, 1157, 1259 483, 611, 683, 765, 945, 1041, 1157, 1259 Principal countries.. 89, 167, 276, 372, Philippine Islands: 496, 623, 697, 779, 959, 1055, 1171, 1273 Gold movements to and from U. S 50, 128, National summary 8, 109, 183, 290, 238, 334. 458, 586, 658, 387, 509, 635, 712, 830, 981, 1070, 1187 740, 920, 1016, 1132, 1234 Principal countries: Ploch, William F., elected Class A Director of Discussion of 381-382 Federal Reserve Bank of New York 107 Principal assets and liabilities of Federal Reserve banks: Poland: Bank of: Monthly table 43, 121, 231, 327, Condition 84, 162, 271, 367, 451, 579, 751, 733, 913, 1009, 1125, 1227 491, 618, 692, 774, 954, 1050, 1166, 1268 Private banks: Discount rates 87, 165, 274, 370, Assets and liabilities: 494, 621, 695, 777, 957, 1053, 1169, 1271 Dec. 31, 1936 438 Gold reserves 78, 156, 266, 362, Mar. 31, 1937 647 486, 612, 686, 768, 948, 1044, 1160, 1262 June 30, 1937 1082 Foreign exchange rates 88, 166, 275, 371, Branches, Dec. 31, 1936 1083 495, 622, 696, 778, 958, 1054, 1170, 1272 Capital stock: Porter, Frank J., appointed Class C Director Suspended banks, 1921-1936 899 of Federal Reserve Bank of Atlanta 634 Deposits: Portugal: Dec. 31, 1935, analyses 783 Bank of: Suspended banks, 1921-1936 877, 910 Condition 84, 162, 271, 367, Loans and investments: 618, 692, 774, 954, 1050, 1166, 1268 Suspended banks, 1921-1936. .882, 895, 905 Discount rates: Number of: Change in 957 Dec. 31, 1936 438 Corrected 1169 Mar. 31, 1937 647 Monthly table.. . .87, 165, 274, 370, 494, June 30, 1937 1082 621, 695, 777, 957, 1053, 1169, 1271 Suspensions, 1921-1926: Gold reserves 78, 156, 266, 362, Statistical tables 872, 908 486, 612, 686, 768, 948, 1044, 1160, 1262 Production credit associations: Foreign exchange rates 88, 166, 275, 371, Loans outstanding 65, 143, 254, 349,. 495, 622, 696, 778, 958, 1054, 1170, 1272 473, 601, 673, 755, 935, 1031, 1147, 1249 Postal savings deposits: Production, employment, and trade: Interest rate on, paid by member Monthly table 66 144, 254, 350, y banks 60, 138, 248, 344, 474, 602, 674, 756, 936, 1032, 1148, 1250 468, 596, 668, 750, 929, 1025, 1141, 1243 Production, Industrial: Member bank holdings: Charts 7, 109, 182, 290, 387, 509, All banks on call dates 53, 131, 241, 337, 635, 711, 829, 971, 980, 1069, 1186 461, 589, 661, 745, 923, 1019, 1135, 1237 Discussion of 101-102, 970-971, 1181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1296 INDEX TO VOLUME 23 Page Page Production, Industrial—Continued Reconstruction Finance Corporation—Continued Indexes: Loans and investments 64, 142, 252, 348, Adjusted: 472, 600, 672, 754, 934, 1030, 1146, 1248 By industries, monthly figures 67, Loans to banks, 1932-1936 1222-1223 145, 255, 351, 475, 603, 675, Preferred stock, capital notes and debentures 757, 937, 1033, 1149, 1251 of banks purchased by, 1933-1936. .1223-1224 Total, monthly figures 66 144, 254, Summary of operations, 1936 299-303 f 350, 474, 602, 674, 756, Redemption fund, Federal Reserve notes. (See Fed- 936, 1032, 1148, 1250 eral Reserves notes, Redemption fund.) National summary 7, 109, 182, 290, Reed, Charles C, reelected Class B Director of 387, 509, 635, 711, 829, 980, 1069, 1186 Federal Reserve Bank of Richmond 108 Unadjusted: Regulations of Board of Governors: By industries, monthly figures 68, Regulation A, discounts for and advances to 146, 256, 352, 476, 604, 676, member banks by Federal Reserve banks. 758, 938, 1034, 1150, 1252 (Revision) 984-995 Total, yearly and monthly figures.. 66, Rulings. (See Discounts and advances.) 144, 254, 350, 474, 602, 674, Regulation D, reserve requirements: 756, 936, 1032, 1148, 1250 Rulings. (See Reserve requirements.) Production, Manufacturing: Supplement increasing 186 Chart 102 Regulation F, trust powers of national banks: Discussion of 101, 1182-1183 Rulings. (See Trust powers of national Public debt, U. S. Government. (See Treasury banks.) finance, Public debt.) Regulation K, foreign banking corporations: Public funds : Reserve requirements. (Amendment). 833 Payment of interest on. (Ruling) 113 Regulation M, foreign branches of national Public utilities: banks and corporations. New regulation Bond prices. (See Bonds: Prices.) regarding suspensions 833 Bond yields. (See Bonds: Yields.) Regulation O, loans to executive officers: Stock prices. (See Stocks: Prices.) Rulings. (See Executive officers of mem- Public Works Administration: ber banks, Loans to.) Assets and liabilities 64, 142, 252, 348, Regulation Q, interest on deposits: 472, 600, 672, 754, 934, 1030, 1146, 1248 Rulings. (See Interest on deposits.) Summary of operations, 1936 .299-303 Sec. 1 (f), effective date 11, 186 Railroad repair shops: Regulation T, margin requirements for Factory employment index: brokers: Adjusted 69, 147, 257, 353, 477, 605, 677, 759, 939, 1035, 1151, 1253 Amendment #9. Unregistered securi- Unadjusted 71, 149, 260, 355, ties may be held as additional colla- 479, 607, 679, 761, 941, 1037, 1153, 1255 teral until Jan. 1, 1938 391 Factory payrolls index 71, 149, 260, 355, Amendment #10. Accompanying sup- 479, 607, 679, 761, 941, 1037, 1153, 1255 plement to Regulation T requiring Railroads: specified margins on short sales 1074 Bond prices and yields. (See Bonds: Prices; Amendment #11. Special commodity Bonds: Yields.) account 1201 Stock prices. (See Stocks: Prices.) Revision of regulation, effective Jan. Real Estate Appraisal and Mortgage Analysis 1, 1938: Forum 1068 Discussion of 1184-1185 Real estate loans: Text of 1191-1200 Member banks: Rulings. (See Margin requirements.) All banks on call dates 52, 130, 240, 336, Supplement, revised, effective Nov. 1, 460, 588, 660, 742, 922, 1018, 1134, 1236 1937. Maximum loan value of regis- Reporting banks: tered securities increased, and mar- Monthly and Wednesday figures.... 54, gins required on short sales 1075 132, 242, 338, 462, 590, 662, 744, Supplement, revised, effective Jan. 1, 924, 1020, 1136, 1238 Wednesday figures, by districts and 1938, to accompany general revision for New York and Chicago. .56, 134, of regulation 1200 244, 340, 464, 592, 664, 746, 926, Regulation U, margins for banks: 1022, 1138, 1240 Amendment #3. Withdrawal or sub- Standards recommended by the Board of stitution of collateral for loans made Governors. (Regulation A) 989 prior to May 1, 1936 718 Receipts, U. S. Treasury. (See Treasury finance, Rulings. (See Margin requirements.) Receipts.) Supplement, revised, effective Nov. 1, Reconstruction Finance Corporation: 1937. Maximum loan value of stocks Act continuing functions 114 increased 1075 Assets and liabilities 64, 142, 252, 348, Reily, George W., reelected Class A Director of 472, 600, 672, 754, 934, 1030, 1146, 1248 Federal Reserve Bank of Philadelphia 107 Guaranteed obligations outstanding 65, 143, Reiman, Charles E., reelected Class A Director 253, 349, 473, 601, 673, 755, 932, of Federal Reserve Bank of Richmond 107 1028, 1144, 1246 Reserve bank credit. (See Credit, Bank.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 23 1297 Page Page Reserve city member banks: Reserves—Continued Assets and liabilities: Member banks—Continued Dec. 31, 1936 221 Account in Federal Reserve banks— Mar. 31, 1937 539 Continued June 30, 1937 852 New Treasury gold policy and its Borrowings: effects on reserves 1-3 Call dates 53, 131, 241, 337, Excess: 461, 589, 661, 745, 923, 1019, 1135, 1237 Charts 4, 97, 504, 820, 966 Deposits: Classes of banks 48, 126, 236, 332, Call dates: 456, 584, 656, 738, 918, 1014, 1130, 1232 Dec. 31, 1936 221 Discussion of 1-6, 97-100, 284, Mar. 31, 1937 539 378, 503-504, 629, 820, 966, 1063 June 30, 1937 852 End of month and Wednesday fig- Monthly table 53, 131, 241, 337, ures 42, 120, 230, 326, 474, 461, 589, 661, 745, 923, 578, 650, 732, 912, 1008, 1124, 1226 1019, 1135, 1237 Total: Monthly figures 48, 126, 236, 332, All banks on call dates 53, 131, 456, 584, 656, 738, 918, 1014, 1130, 1232 241, 337, 461, 589, 661, Loans and investments on call dates: 743, 923, 1019, 1135, 1237 Dec. 31, 1936 221 All banks, end of month and Mar. 31, 1937 539 Wednesday figures 42, 120, June 30, 1937 852 230, 326, 474, 578, 650, Monthly table 52, 130, 240, 336, 732, 912, 1008, 1124, 1226 460, 588, 660, 744, 922, 1018, 1134, 1236 Classes of banks 48, 126, 236, 332, Reserves: 456, 584, 656, 738, 918, 1014, 1130, 1232 Call dates 53, 131, 241, 337, Ratio to liabilities 43, 121, 231, 327, 461, 589, 661, 745, 923, 1019, 1135, 1237 451, 579, 651, 733, 913, 1009, 1125, 1227 Monthly and weekly figures.. .48, 126, 236, Reporting banks: 332, 456, 584, 656, 738, 918, Monthly and Wednesday fig- 1014, 1130, 1232 ures 54, 132, Reserve position of member banks: 242, 338, 462, 590, 662, 744, Monthly table 48, 126, 236, 332, 924, 1020, 1136, 1238 456, 584, 656, 738, 918, 1014, 1130, 1232 Wednesday figures, by districts Reserve requirements: and for New York and Advance payments on Government bonds as Chicago 56, 135, deposits against which reserves must be 245, 341, 465, 593, 665, carried. (Ruling) 113 747, 927, 1023, 1139, 1241 Deposits securing loans of Government se- Retail food prices. {See Prices, Retail food.) curities. (Ruling) 391 Retail trade. (See Department store sales and Foreign banking corporations. (Regulation stocks.) K, amended) 833 Review of the month 1-6, 95-107, 173-181, Increase in: 283-289, 377-386, 503-508, 629-634, 703-708, Discussion of 6, 95-100, 283-284 819-826, 965-976, 1063-1068, 1177-1185 Regulation D, supplement 186 Rhodesia: Matured bonds and coupons as cash items in Gold production 79, 157, 267, 363, 487, 613, process of collection. (Ruling) 833 687, 769, 949, 1045, 1161, 1263 Monthly table 344, 468, 596, 668, 750 Rubber and rubber products: 929, 1025, 1141, 1243 Factory employment index: State laws, summary 188-219 Adjusted 70, 148, 258, 354, 478, Reserves: 606, 678, 760, 940, 1036, 1152, 1254 Federal Reserve banks: Unadjusted 72, 150, 261, 356, 480, All banks combined, end of month and 608, 680, 762, 942, 1038, 1154, 1256 Wednesday figures. .43, 121, 231, 327, 451, Factory payrolls index.. .72, 150, 261, 356, 480, 579, 651, 733, 913, 1009, 1125, 1227 608, 680, 762, 942, 1038, 1154, 1256 Each bank, Wednesday figures 44, 122, Production indexes: 232, 328, 452, 580, 652, 734, Adjusted 67, 145, 255, 351, 475, 603, 675, 757, 937, 1033, 1149, 1251 914, 1010, 1126, 1228 Unadjusted 68, 146, 256, 352, 476, Member banks: 604, 676, 758, 938, 1034, 1150, 1252 Account in Federal Reserve banks: Wholesale price indexes.. .75, 153, 264, 359, 483, All banks combined, end of month 611, 683, 765, 945, 1041, 1157, 1259 and Wednesday figures 43, 121, Rulings of Board of Governors: 231, 327, 451, 579, 651, Digest of, publication of revised edition an- 733, 913, 1009, 1125, 1227 nounced 1190 Each F. R. bank, Wednesday figures (For rulings of Board see under subject 45, 123, 233, 329, 453, 581 653, matter, i.e., margin requirements.) 735, 915, 1011, 1127, 1229 Rumania: Charts 3, 9, 99, 111, 184, 292, 389, Banking and financial legislation: 511, 637, 713, 831, 982, 1071, 1188 Nov. 6, 1936. Revaluation of gold hold- Discussion of 1-3, 95-100, 283-284, ings and allocation of resulting incre- 503-504, 1177 ment 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1298 INDEX TO VOLUME 23 Page Page Rumania—Continued Silver—Continued Foreign exchange rates.. .88, 166, 275, 371, 495, Production index: 622, 696, 778, 958, 1054, 1170, 1272 Adjusted 67, 145, 255, 351, National Bank of: 475, 603, 675, 757, 937, 1033, 1149, 1251 Condition 84, 162, 271, 367, 492, Unadjusted 68, 146, 256, 352, 618, 692, 774, 954, 1050, 1166, 1268 476, 604, 676, 758, 938, 1034, 1150, 1252 Discount rates 87, 165, 274, 370, 494, Purchases of, by U. S., from China, state- 621, 695, 777, 957, 1053, 1169, 1271 ment of Treasury 710 Gold reserves 78, 156, 266, 362, 486, Silver certificates: 612, 686, 768, 948, 1044, 1160, 1262 Circulation 49, 127, 237, 333, Ruml, Beardsley, appointed Class C Director of 457, 585, 657, 739, 919, 1015, 1131, 1233 Federal Reserve Bank of New York 108 Smith, Walter W., reelected President of Fed- Salvador. (See El Salvador.) eral Advisory Council 181 Savings deposits: South Africa: Payment of interest on. (See Interest on de- Foreign exchange rates 88, 166, 275, 371, posits.) 495, 622, 696, 778, 958, 1054, 1170, 1272 Securities: Gold production 79, 157, 267, 363, Issues. (See Capital issues.) 487, 613, 687, 769, 949, 1045, 1161, 1263 Loans on, by member banks: Reserve Bank of: All banks on call dates 52,130, 240, 336, Condition 85, 163, 272, 368, 460, 588, 660, 744, 922, 1018, 1134, 1236 492, 618, 692, 774, 954, 1050, 1166, 1268 Discussion of 826, 1066-1067 Discount rates 87, 165, 274, 370, Reporting banks: 494, 621, 695, 777, 957, 1053, 1169, 1271 Monthly and Wednesday figures.... 54, Gold reserves 78, 156, 266, 362, 132, 242, 338, 462, 590, 662, „ . 486, 612, 686, 768, 948, 1044, 1160, 1262 744, 924, 1020, 1136, 1238 Spam: Wednesday figures, by districts and for Bank of: New York and Chicago 56, 134, Discount rates 87, 165, 274, 370, 244, 340, 464, 592, 664, 746, 494, 621, 695, 777, 957, 1053, 1169, 1271 926, 1022, 1138, 1240 Gold reserves 78, 156, 266, 362, Market, discussion of 107, 379, 631, 1180 486, 612, 686, 768, 948, 1044, 1160, 1262 Prices: Foreign exchange rates 88, 166, 275, 371, Discussion of 975, 1066 495, 622, 696, 778, 958, 1054, 1170, 1272 Domestic 62, 140, 250, 346, 470, Stability, Economic: 598, 670, 752, 931, 1027, 1143, 1245 Statement of Board of Governors on. .. .827-828 National summary 1070 Stabilization fund: Principal countries. . .90, 168, 277, 373, 497, Act extending powers relating to 115 624, 698, 780, 960, 1056, 1172, 1274 State banks: Purchased by foreigners: Analyses of structure, Dec. 31, 1935 782-813 Jan. 2, 1935-Sept. 30, 1936 28-33 Assets and liabilities: Jan. 2, 1935-Dec. 30, 1936 414-419 Dec. 31, 1936 437 Jan.-Mar., 1937 641 Mar. 31, 1937 646 Apr.-July, 1937 1000 June 30, 1937 1081 Charts 38, 400 Capital stock: United States Government. (See United Suspended banks, 1921-1936: States Government securities.) Analysis 1218 Sherwood, Donald H., appointed Class C Director Statistical tables 898, 900 of Federal Reserve Bank of Richmond 108 Deposits: Shipments and receipts of United States paper Call dates 51, 129, 239, 335, currency. (See Paper currency, Shipments 459, 587, 659, 741, 921, 1017, 1133, 1235 and receipts.) Suspended banks, 1921-1936: Short sales: Analysis 1213-1215 Margin requirements. (See Margin re- Statistical tables 875, 876, 909 quirements.) Loans and investments: Short-term foreign assets of banks in United Call dates 51, 129, 239, 335, States: 459, 587, 659, 741, 921, 1017, 1133, 1235 Jan. 2, 1935-Sept. 30, 1936 36-37 Suspended banks, 1921-1936: 1929-1936, yearly figures only 399 Analysis 1215-1218 Mar. 31, 1931-Dec. 30, 1936 426-431 Statistical tables 880, 881, 893, Jan.-Mar., 1937 642 894, 896, 903, 904, 907 Apr.-July, 1937 1001 Number of: Charts 39, 399, 401 Call dates: n Short-term foreign liabilities of banks in United Dec. 31, 1936 437 States: Mar. 31, 1937 646 Jan. 2, 1935-Sept. 30, 1936 34-35 June 30, 1937 1081 1929-1936, yearly figures only 399 Monthly table 51, 129, 239, 335, May 31, 1929-Dec. 30, 1936 420-425 459, 587, 659, 741, 921, 1017, Jan.-Mar., 1937 642 1133, 1235 Apr.-July, 1937 1001 Changes in, 1921-1936 1084-1122 Charts 39, 399, 401 Suspensions, 1921-1936: Silver: Analysis 1204-1224 Circulation 49, 127, 237, 333, Statistical tables 870, 871, 885, 886, 457, 585, 657, 739, 919, 1015, 1131, 1233 889, 890, 906, 907 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1299 INDEX TO VOLUME 23 Page Page State member banks: Stocks—Continued Assets and liabilities: Registered on National Securities Ex- Dec. 31, 1936 221, 439 changes as of Jan. 31, 1937, Publication Mar. 31, 1937 539 of list announced 181 June 30, 1937 852, 997Stone and clay products: Branches, Dec. 31, 1936 1083 Factory employment indexes: Capital stock: Adjusted 69, 147, 257, 353, Suspended banks, 1921-1936: 477, 605, 677, 759, 939, 1035, 1151, 1253 Analysis 1218 Unadjusted 71, 149, 260, 355, Statistical tables 898, 900 479, 607, 679, 761, 941, 1037, 1153, 1255 Deposits: Factory payrolls indexes 71, 149, 260, 355, Call dates: 479, 607, 679, 761, 941, 1037, 1153, 1255 Dec. 31, 1935, analyses 782-813 Straits Settlements, foreign exchange rates 88, Dec. 31, 1936 221 166, 275, 371, 495, 622, Mar. 31, 1937 539 696, 778, 958, 1054, 1170, 1272 June 30, 1937 852 Summary of financial and business statistics.... 10, Monthly table 51, 129, 239, 335, 112, 185, 293, 390, 512, 459, 587, 659, 741, 921, 1017, 638, 714, 832, 983, 1072, 1189 iiqq IOQK Suspensions, Bank. (See Bank suspensions.) Suspended banks, 1921-1936: ' Sweden: Analysis 1213-1215 Bank of: Statistical tables 875, 909 Condition 85, 163, 272, 368, Earnings and expenses: 492, 618, 692, 774, 954, 1050, 1166, 1268 1936 304, 532, 536-537 Discount rates 87, 165, 274, 370, Jan.-June, 1937 1077 494, 621, 695, 777, 957, 1053, 1169, 1271 Loans and investments: Gold reserves 78, 156, 266, 362, Call dates: 486, 612, 686, 768, 948, 1044, 1160, 1262 Dec. 31, 1935, analyses 788-790, 796 Foreign exchange rates 88, 166, 275, 371, Dec. 31, 1936 221 495, 622, 696, 778, 958, 1054, 1170, 1272 Mar. 31, 1937 539 Money rates 87, 165, 274, 370, June 30, 1937 852 494, 621, 695, 777, 957, 1053, 1169, 1271 Suspended banks, 1921-1936: Switzerland: Analysis 1215-1218 Cost of living index 373, 497, 624, 698, Statistical tables 880, 893, 896, 780, 960, 1056, 1172, 1274 Number of, on call dates: 903' 907 Foreign exchange rates 88, 166, 275, 371, Dec. 31, 1935, analyses 782-813 495, 622, 696, 778, 958, 1054, 1170, 1272 Dec. 31, 1936 439 Gentlemen's agreement between Swiss Na- June 30, 1937 997 tional Bank and Swiss banks, effective Monthly table 51, 129, 239, 335, 459, Nov. 15, 1937 1202 587, 659, 741, 921, 1017, 1133, 1235 Gold imports and exports 81, 159, 268, 364, Preferred stock, purchase of called. (Rul- 488, 614, 688, 770, 950, 1046, 1162, 1264 ing) 715 Gold movements to and from U. S.. . . . .50, 128, Suspensions: 238, 334, 458, 586, 658, 1921-1936: 740, 920, 1016, 1132, 1234 Analysis 1204-1224 Money rates 87, 165, 274, 370, Statistical tables 870, 885, 889, 906 494, 621, 695, 777, 957, 1053, 1169, 1271 Monthly table 58, 136, 246, 342, Retail food price index 373, 497, 624, 698, 466, 594, 666, 748, 920, 1016, 1132, 1234 780, 960, 1056, 1172, 1274 Steel. (See Iron and steel.) Swiss National Bank: Sterling exchange in July, discussion of 706 Annual report, 1936 318-323 Stevens, Robert T., reelected Class B Director of Condition 85, 163, 272, 368, 492, Federal Reserve Bank of New York 108 618, 692, 774, 954, 1050, 1166, 1268 Stewart, A. O., designated Chairman and Fed- Discount rates 87, 165, 274, 370, 494, eral Reserve Agent, San Francisco 108 621, 695, 777, 957, 1053, 1169, 1271 Stock exchange: Gentlemen's agreement with Swiss Customers' debit balances, etc., of firms banks to reduce volume of foreign carrying margin accounts. . . .59, 137, 247, 343, deposits 1202 467, 595, 667, 749, 928, 1024, 1140, 1242 Gold reserves 78, 156, 266, 362, 486, Discount rates on loans 61, 139, 249, 345, 612, 686, 768, 948, 1044, 1160, 1262 469, 597, 669, 751, 930, 1026, 1142, 1244 Wholesale price index 372, 496, Volume of trading on N. Y. S. E 931, 1027, 623, 697, 779, 959, 1055, 1171, 1273 Stocks: 1143> 1245 Tax receipts, U. S. Treasury. (See Treasury New issues. (See Capital issues.) finance, Receipts.) Preferred stock, called, as "stock." (Rul- Taylor, Jay, appointed Class C Director of Federal Reserve Bank of Dallas 289 ing) 715 Textiles: Prices: Factory employment index: Charts 631, 1066 Adjusted 69, 147, 257, 353, Discussion of 286-287 477, 605, 677, 759, 939, 1035, 1151, 1253 Domestic 62, 140, 250, 346, Unadjusted 71, 149, 260, 355, 470, 598, 670, 752, 931, 1027, 1143, 1245 479, 607, 679, 761, 941, 1037, 1153, 1255 Principal countries 90, 168, 277, 373, Factory payrolls index.. .71, 149, 260, 355, 479, 497, 624, 698, 780, 960, 1056, 1172, 1274 607, 679, 761, 941, 1037, 1153, 1255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1300 INDEX TO VOLUME 23 Page Page Textiles—Continued Treasury Finance—Continued Production index: Public debt—Continued Adjusted 67, 145, 255, 351, Maturities 63, 141, 251, 347, 475, 603, 675, 757, 937, 1033, 1149, 1251 471, 599, 671, 753, 932, 1028, 1144, 1246 Unadjusted 68, 146, 256, 352, Noninterest bearing 63, 141, 251, 347, 476, 604, 676, 758, 938, 1034, 1150, 1252 471, 599, 671, 753, 932, 1028, 1144, 1246 Wholesale price index 75, 153, 264, 359, Receipts 63, 141, 251, 347, 483, 611, 683, 765, 945, 1041, 1157, 1259 471, 599, 671, 753, 933, 1029, 1145, 1247 Thomas, J. J., redesignated Chairman and Fed- Treasury gold policy: eral Reserve Agent, Kansas City 108 Discussion of new policy of Dec. 21, 1936, Thorpe, Carlyle, appointed Class C Director of and its effect on member bank reserves.. 1-3 Federal Reserve Bank of San Francisco.... 386 Inactive gold released 965-966 Tires and tubes. (See Rubber and rubber Sale of gold to Brazil, statements 710 products.) Sale of gold to China, statements 710 Tobacco: Treasury notes of 1890: Crop reports 76, 766, 946, 1042, 1158, 1260 Circulation 49, 127, 237, 333, Manufactures: 457, 585, 657, 739, 919, 1015, 1131, 1233 Factory employment index: Tripartite agreement: Adjusted 70, 148, 258, 354, Continuation of, July 1 communica- 478, 606, 678, 760, 940, 1036, 1152, 1254 tions 707-708 Unadjusted 72, 150, 261, 356, Trust companies without deposits: 480, 608, 680, 762, 942, 1038, 1154, 1256 Number of, Dec. 31, 1935 782 Factory payrolls index 72, 150, 261, 356, Trust powers of national banks: 480, 608, 680, 762, 942, 1038, 1154, 1256 Investment of funds: Production index: Participation investment in serial notes Adjusted 67, 145, 255, 351, secured by same deed of trust. (Rul- 475, 603, 675, 757, 937, 1033, 1149, 1251 ing) 392 Unadjusted 68, 146, 256, 352, Real estate mortgage notes, renewal 476, 604, 676, 758, 938, 1034, 1150, 1252 of. (Ruling) 392 Trade, Retail. (See Department store sales and Trust investment committee: stocks.) Alternates, appointment of. (Ruling) 834 Transportation equipment: Approval of investments without for- Factory employment index: mal committee meeting. (Ruling) .. 391 Adjusted 69, 147, 257, 353, Quorum requirement. (Ruling) 391 477, 605, 677, 759, 939, 1035, 1151, 1253Turkey: Revised figures, 1934 and 1935 259 Central Bank of: Unadjusted 71, 149, 260, 355, Condition 85, 163, 272, 368, 479, 607, 679, 761, 941, 1037, 1153, 1255 492, 618, 692, 774, 954, 1050, 1166, 1268 Factory payrolls index 71, 149, 260, 355, Discount rates 87, 165, 274, 370, 479, 607, 679, 761, 941, 1037, 1153, 1255 494, 621, 695, 777, 957, 1053, 1169, 1271 Production indexes: Gold reserves 78, 156, 266, 362, Adjusted 67, 145, 255, 351, 486, 612, 686, 768, 948, 1044, 1160, 1262 475, 603, 675, 757, 937, 1033, 1149, 1251 Foreign exchange rates 88, 166, 275, 371, Unadjusted 68, 146, 256, 352, 495, 622, 696, 778, 958, 1054, 1170, 1272 476, 604, 676, 758, 938, 1034, 1150, 1252 Union of Soviet Socialist Republics: Treasury cash and deposits with Federal Re- Bank of: serve banks. (See United States Govern- Discount rates 87, 165, 274, 370, ment deposits, Federal Reserve banks.) 494, 621, 695, 777, 957, 1053, 1169, 1271 Treasury currency outstanding: Gold movements to and from U. S.. .50, 128, 238, End of month figures 49, 127, 237, 333, 334, 458, 586, 658, 740, 920, 1016, 457, 585, 657, 739, 919, 1015, 1131, 1233 1132, 1234 End of month and Wednesday figures.. .42, 120, United Kingdom: 230, 326, 474, 578, 650, Bank of England: 732, 912, 1008, 1124, 1226 Condition 82, 160, 269, 365, Treasury finance: 489, 615, 689, 771, 951, 1047, 1163, 1265 Deficit 63, 141, 251, 347, Discount rates 87, 165, 274, 370, 471, 599, 671, 753, 933, 1029, 1145, 1247 494, 621, 695, 777, 957, 1053, 1169, 1271 Discussion of 630, 1063 Gold reserves 78, 156, 266, 362, Expenditures 63, 141, 251, 347, 486, 612, 686, 768, 948, 1044, 1160, 1262 471, 599, 671, 753, 933, 1029, 1145, 1247 Commercial banks 86, 164, 273, 369, General fund balance 63, 141, 251, 347, 493, 619, 693, 775, 955, 1051, 1167, 1269 Cost of living index 90, 168, 277, 373, 471, 599, 671, 753, 933, 1029, 1145, 1247 497, 624, 698, 780, 960, 1056, 1172, 1274 Guaranteed obligations 65, 143, 253, 349, Equalization Fund, resources enlarged 706 473, 601, 673, 755, 932, 1028, 1144, 1246 Foreign exchange rates 88, 166, 275, 371, Public debt: 495, 622, 696, 778, 958, 1054, 1170, 1272 Gross debt 63, 141, 251, 347, Gold imports and exports 80, 158, 268, 364, 471, 599, 671, 753, 932, 1028, 1144, 1246 488, 614, 688, 770, 950, 1046, 1162, 1264 Interest bearing (bonds, notes, certifi- Gold movements to and from U. S 50, 128, cates and bills) 63, 141, 251, 347, 238, 334, 458, 586, 658, 740, 920, 1016, 471, 599, 671, 753, 932, 1028, 1144, 1246 1132, 1234 Interest on 63, 141, 251, 347, Money rates 87, 165, 274, 370, 471, 599, 671, 753, 932, 1028, 1144, 1246 494, 621, 695, 777, 957, 1053, 1169, 1271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 23 1301 Page Page United Kingdom—Continued United States Government securities—Continued Retail food price index 90, 168, 277, 373, Treasury bills: 497, 624, 698, 780, 960, 1056, 1172, 1274 Discount rates on 61, 139, 249, 345, Security prices 90, 168, 277, 373, 469, 597, 669, 751, 930, 1026, 1142, 1244 497, 624, 698, 780, 960, 1056, 1172, 1274 Limitation of issues, discussion of.. . .1064 Short-term funds, return on: Treasury notes: Chart 705 Yields 61, 139, 249, 345, Sterling exchange: 469, 597, 669, 751, 930, 1026, 1142, 1244 Chart 705 United States notes: Discussion of 706 Circulation 49, 127, 237, 333, Wholesale price index 89, 167, 276, 372, 457, 585, 657, 739, 919, 1015, 1131, 1233 496, 623, 697, 779, 959, 1055, 1171, 1273United States Treasurer: United States Government credit agencies. (See General account on deposit in Federal Re- Governmental corporations and credit agen- serve banks. (See United States Governcies.) ment deposits: Federal Reserve banks.) United States Government debt. (See Treas- Uruguay: ury finance, Public Debt.) Bank of: United States Government deposits: Condition 85, 163, 272, 368, Discussion of 505 492, 618, 692, 774, 954, 1050, 1166, 1268 Federal Reserve banks: Gold reserves 78, 156, 266, 362, All banks combined, end of month and 486, 612, 686, 768, 948, 1044, 1160, 1262 Wednesday figures 42, 120, 230, 326, Foreign exchange rates 88, 166, 275, 371, 474, 578, 650, 732, 912, 1008, 1124, 1226 495, 622, 696, 778, 958, 1054, 1170, 1272 Each bank, Wednesday figures. .. .45, 123, Gold movements to and from U. S 50, 128, 233, 329, 453, 581, 653, 735, 915, 238, 334, 458, 586, 658, 740, 920, 1011, 1127, 1229 1016, 1132, 1234 Member bank holdings: Venezuela: All banks on call dates 53, 131, 241, 337, Gold movements to and from U. S 50, 128, 461, 589, 661, 745, 923, 1019, 1135, 1237 238, 334, 458, 586, 658, 740, 920, 1016, 1132, 1234 Reporting banks: Wages: Monthly and Wednesday figures...55, Discussion of 385-386 133, 243, 339, 463, 591, 663, 745, Walsh, C. C, redesignated Chairman and Federal 925, 1021, 1137, 1239 Reserve Agent, Dallas 108 Wednesday figures, by districts and Warehouse receipts: for New York and Chicago. .57, 135, "Field warehouse receipts", article by H. S. 245, 341, 465, 593, 665, 747, 927, Yohe 513-521 1023, 1139, 1241 Regulations, approved by Department of Payment of interest on. (Ruling) 113 Agriculture, 1932 .....' 519-521 United States Government securities: Bonds: Welch, A. P., appointed Deputy Chairman, Fed- Advance payments on, as deposits eral Reserve Bank of San Francisco 108 against which reserves must be car- West Africa: ried. (Ruling) 113 Gold production 79, 157, 267, 363, 487, Prices 62, 140, 250, 346, 613, 687, 769, 949, 1045, 1161, 1263 470, 598, 670, 752, 931, 1027, 1143, 1245 Wheat crop reports 76, 766, 946, 1042, 1158, 1260 Yields 61, 139, 249, 345, Wholesale commodity prices. (See Prices, Whole- 469, 597, 669, 751, 930, 1026, 1142, 1244 sale commodity.) Collateral security for Federal Reserve notes Winton, Edward H., elected Class A Director of until June 30, 1939 187 Federal Reserve Bank of Dallas 108 Federal Reserve bank holdings: Wood, R. E., reappointed Deputy Chairman of All banks combined, end of month and Federal Reserve Bank of Chicago 108 Wednesday figures 42, 120, 230, 326, Woolen and worsted. (See Textiles.) 474, 578, 650, 732, 912, 1008, 1124, 1226 Wysor, W. G., appointed Class C Director of Fed- Each bank, Wednesday figures. .. .44, 122, eral Reserve Bank of Richmond 108 232, 328, 452, 580, 652, 734, 914, Yohe, H. S. 1010, 1126, 1228 "Field warehouse receipts", article 513-521 Maturities 43, 121, 231, 327, Young, Owen D., reappointed Deputy Chairman, 451, 579, 651, 733, 913, 1009, 1125, 1227 Federal Reserve Bank of New York 108 Member bank holdings : Yugoslavia: All banks on call dates 52, 130, 240, 336, Foreign exchange rates. . .88, 166, 275, 371, 495, 460, 588, 660, 744, 922, 1018, 1134, 1236 622, 696, 778, 958, 1054, 1170, 1272 Discussion of 284-285, 506, 823, 824 National Bank of: Reporting banks: Condition 85, 163, 272, 368, 492, 618, 692, 774, 954, 1050, 1166, 1268 Monthly and Wednesday figures... 54, Discount rates 87, 165, 274, 370, 494, 132, 242, 338, 462, 590, 662, 744, 924, 621, 695, 777, 957, 1053, 1169, 1271 1020, 1136, 1238 Gold reserves 78, 156, 266, 362, 486, Wednesday figures, by districts and 612, 686, 768, 948, 1044, 1160, 1262 for New York and Chicago. . 56, 134, Zinc production index: 244, 340, 464, 593, 664, 746, 926, Adjusted 67, 145, 255, 351, 475, 1022, 1138, 1240 603, 675, 757, 937, 1033, 1149, 1251 Reserves required against deposits securing Unadjusted 68, 146, 256, 352, 476, loans of. (Ruling) 391 604, 676, 758, 938, 1034, 1150, 1252 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS S. DAK. ! IOWA CHICAG KANSAS CITY KANS. ST. LOUIS ^-w • OKLA. Oklahoma City DALLAS® TEXAS %) l^ Houston BOUNDARIES OF FEDERAL RESERVE DISTRICTS — - BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATED CITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis