federal reserve bulletin january 1938 - fraser - st. louis fed

FEDERAL RESERVEBULLETIN

JANUARY 1938

Recent Business and Credit Developments

Changes in Regulation on Common TrustFunds

International Capital Movements

* * * * ? * * * *

' * * * « * * *

BOARD OF GOVERNORS

OF THE FEDERAL RESERVE SYSTEMCONSTITUTION AVENUE AT 20TH STREET

WASHINGTON

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

TABLE OF CONTENTS

Page

Review of the month—Recent business and credit developments 1-5Changes in regulation on common trust funds 4-5Election of directors of Federal Reserve banks -r 5National summary of business conditions.. 6-7Summary of financial and business statistics - -Law Department:

Revision of Regulation F 10-13Time for obtaining statements in connection with special omnibus accounts _- 13Extension of time by business conduct committees in connection with cash transactions- * 13

Statistics of International Capital Transactions of the United States, July-September, 1937 14-18Financial, industrial, and commercial statistics, United States:

Member bank reserves, Reserve bank credit, and related items - - - 20Federal Reserve bank statistics 21-25Reserve position of member banks; deposits in larger and smaller centers 26Money in circulation . 27Gold stock and gold movements; bank suspensions; bank debits 28All banks in the United States - 29All member banks.._ - 30-31Reporting member banks in leading cities 32-35Acceptances, commercial paper, and brokers' balances 36Federal Reserve bank discount rates 37Money rates and bond yields 38Security markets . . . 39Treasury finance . . . 40-41Governmental corporations and credit agencies; Postal Savings System 42-43Production, employment, and trade 44-52Wholesale prices 53Crop report 54

International financial statistics:Gold reserves of central banks and governments . 56Gold'production _ 57Gold movements -„__,. - 57-58Central banks 59-62Bank for International Settlements 63Commercial banks r__ 63-64Discount rates of central banks 65Money rates u 65Foreign exchange rates 66Price movements:

Wholesale prices 67Retail food prices and cost of living 68Security prices- 6g

Federal Reserve directory:Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 70Senior officers of Federal Reserve banks; managing directors of branches •_ _ 71

II


FEDERAL RESERVE BULLETINVOL. 24 JANUARY, 1938 No. 1

REVIEW OF THE MONTHIn December industrial activity declined

further to a level about 25 percent belowthe first eight months of 1937.

Recent business Retail trade at the holidaydevelopments season showed slightly less

than the usual increase andwas somewhat smaller than a year before.Wholesale commodity prices, which declinedsharply in October and November, werefirmer in December. Prices of the highest-grade bonds rose to the highest levels sincelast March, while prices of stocks and lower-grade bonds fluctuated slightly above the lowlevels reached in November. Demand forcurrency in December was less than usuallyoccurs, and excess reserves of member bankswere only slightly reduced before Christmas.Banks in leading cities increased their hold-ings of securities, and the decline in theirloans was smaller than in October or Novem-ber. Total deposits at reporting banks in-creased as the result of a substantial increasein United States Government deposits.

Excess reserves of member banks in De-cember averaged somewhat over $1,000,000,-

000, the approximate level^XDece n1ferrVes P r e v a i l i nS generally since the

release of $300,000,000 of in-active gold by the Treasury last September.At the end of November excess reserves ex-ceeded $1,100,000,000; in the first threeweeks of December they declined to $1,000,-000,000, reflecting primarily the seasonalrise in money in circulation just beforeChristmas and variations in Treasury andother nonmember deposits at the FederalReserve banks. The decline in excess re-serves in the first three weeks of Decemberwas mostly at New York City banks.

After Christmas excess reserves were rap-idly built up at all classes of banks throughthe return of currency from circulation andnet disbursements of foreign bank and othernonmember deposits with the Reserve banks.On December 31, excess reserves totaled$1,200,000,000, the largest amount held bymember banks since the final increase inreserve requirements on May 1, 1937.

The decline in reserves before Christmaswas smaller than usually occurs because ofthe reduced seasonal demand for currency.From the middle of November to December22, money in circulation increased by only$150,000,000, as compared with an increaseof $300,000,000 in the corresponding periodlast year, and a customary seasonal increaseof about $260,000,000. In the week endingDecember 29, the decrease in money in cir-culation was $110,000,000, which was onlyslightly less than the customary seasonal de-crease.

Following a substantial decline in Octoberand November, total loans and investments

of reporting member banks inleading cities showed little netchange in the month of De-

cember. These banks purchased substantialamounts of the new notes and bonds sold bythe Treasury on December 15, but this in-crease in investments was partially offset byredemption of Treasury bills maturing in thefollowing week. Commercial and industrialloans declined somewhat less in Decemberthan in November, and loans to brokers anddealers in securities continued at around$900,000,000, the low level reached early inNovember after a sharp decline in the twopreceding months.

Member bankcredit


FEDERAL RESERVE BULLETIN JANUARY 1938

Adjusted demand deposits at reportingmember banks showed a decline in December,while deposits of the United States Govern-ment increased. The increase in Governmentdeposits at these banks, amounting to $275,-000,000, represented purchases of Govern-ment securities by book-credits. Collectionof income taxes by the Treasury, sales ofGovernment securities by reporting banks,and a decline in bank loans were the principalfactors in the reduction of about $180,000,000in adjusted demand deposits at these banks.Time deposits and bankers' balances at re-porting member banks showed little changeduring the month.

The Treasury's quarterly financing in De-cember consisted of the sale of $290,000,000

of 8-year bonds and of $220,000,-000 of 5-year notes for cash, andexchanges of $250,000,000 of the

Treasuryfinancing

new bonds and $10,000,000 of the new notesfor Treasury notes maturing on February 1,1938. Both of the new issues advanced in themarket to substantial premiums, the bondsbeing quoted toward the end of December at apremium of 2V& points and the notes at apremium of 1% points. From the proceedsof these sales of securities and from tax re-ceipts, the Treasury met interest and otherpayments, retired about $450,000,000 ofTreasury bills maturing around the middleof the month, and added substantially to itsworking balance. The Government debtshowed little change as the result of thesesecurity operations.

Open-market money rates on Treasurybills and notes continued in December the

decline which began about

have remained unchanged in recent months.The average yield on long-term Treasury

bonds declined to about 2Y2 percent, whichcompares with 2% percent about the middleof November and nearly 2% percent in Sep-tember. The yield on the highest-gradecorporate bonds declined to below 3 ^ per-

Prices of stocks and lower-grade corporatebonds, which declined in November to thelowest levels since 1935, recovered somewhatduring the last week of November and thefirst week of December. This recovery wasfollowed by irregular movements until theclosing days of December when prices againdeclined. At the end of December averageprices of common stocks were only slightlyabove the November lows and about 40 per-cent below the high level of the year reachedin March. Average yields on lower-gradecorporate bonds, as shown by Moody's Baabonds, were about 6 percent at the end ofDecember, as compared with 4i/2 percent atthe beginning of the year.

The volume of new securities sold by do-mestic corporations continued to decline

sharply in November and De-New security cember but there was a mod-issues . . **?„**

erate increase m other otter-ings, which include those of State and local

Money andsecurity markets the middle of September

and reached new low levelssince early in the year. The new issues of91-day Treasury bills sold in the last halfof December at below one-eighth of one per-cent, and the average yield on 3 to 5 yearTreasury notes declined to below 1*4 percentas compared with almost 1% percent in Sep-tember. Other short-term open-market rates

governments and Federal agencies. Totalsecurity offerings, exclusive of direct obliga-tions of the United States Government, wereabout $150,000,000 each month, includingthose for refunding and for new capital; thisis a somewhat smaller volume than duringthe immediately preceding months.

The small volume of security issues duringthe final quarter of 1937 indicates the greatlyreduced activity in the capital markets thathas accompanied recent developments in thesecurity markets and in the business situa-tion. During this quarter security offeringstotaled about $500,000,000, which is one-third of the average quarterly volume during1936 and the first quarter of 1937- Issuesby domestic corporations in the fourth quar-


JANUARY 1938 FEDERAL RESERVE BULLETIN

ter of 1937 amounted to only $200,000,000,or about one-fifth of the quarterly volumeduring the earlier period.

Department store sales have shown slightlyless than the usual seasonal increase during

recent months, and preliminaryitoSTs^ea11 i n f o r m a t i o n f o r December indi-

cates that the Board's seasonallyadjusted index for that month will be a littlebelow 90 percent of the 1923-1925 average,as compared with a level of 93 percent dur-ing the first eight months of the year. Whiledepartment store sales have continued some-what above the average for 1936 and con-siderably above that for 1935, production oftextiles, shoes, and many other commoditiessold by department stores has been drasticallycurtailed to a level below the average for1935. It appears that current output ofthese products is below the rate of consumerpurchases and that inventories of many ofthem have been considerably reduced fromthe large volume of a few months ago.

Industrial production was further reducedin December, and the Board's seasonally ad-

justed index is estimated on theprodSn b a s i s o f P a r t i a l information at

about 83 percent of the 1923-1925 average as compared with 89 in Novem-ber and an average of 116 in the first eightmonths of the year. The sharp decline inrecent months has reflected chiefly decreasedactivity in the durable goods industries whichhad operated at a high rate during the firsteight months of the year. Steel productionhas shown the greatest decline, with the rateof activity averaging 38 percent of capacityin November and approximately 26 percentin December, as compared with 85 percent inAugust. There have been substantial reduc-tions also in output of lumber and plate glass.Automobile assemblies showed considerablyless than the usual seasonal increase in No-vember and a decrease in December.

In the nondurable goods industries activ-ity has continued the decline that has beenin progress since spring. Reductions at

woolen mills, rayon mills, and shoe factorieshave been particularly marked and in No-vember these industries were operating atrates little above those of the lowest levels ofthe depression. At cotton mills and silkmills also activity has declined considerably.Output of minerals in recent months has beenmaintained at near the level of the earlier-part of the year. Crude petroleum produc-tion has continued in large volume, whileoutput of coal has shown some decline.

The general level of wholesale commodityprices, after a broad decline from 87.5 per-

cent of the 1926 average for theweek ending September 25 to82.0 for the week of November27, declined slightly further in

December. In the latter part of the month, asshown in the accompanying table, the generalindex had returned to the level prevailingbefore the sharp advance that had occurredbetween the end of October 1936 and April1937.

WHOLESALE COMMODITY PRICES

(Indexes, 1926 = 100)

Wholesalecommodityprices

All commodities..Farm productsFoodsOther commodities

Durable:Metals and metal products..Building materialsHousefurnishing goods

Nondurable:Hides and leather products-Textile productsChemicals and drugsMiscellaneous _ __.

Fuel and lighting materials.

WeekendingDec. 25,

1937

81.272.978.983.6

96.292.591.4

98.469.479.274.978.6

Percentage changesince—

Apr. 3,1937

-24-10- 3

0- 4

+1- 7

-11

+2

Oct. 31,1936

0- 1 3- 4+4

+U+6

+10

+3- 3- 3+4+2

Source: Bureiu of Labor Statistics.

Prices of raw materials, which as a groupadvanced most rapidly in that period, de-clined steadily from the beginning of Aprilto the latter part of November, but in De-cember showed little change. Some com-modities, such as cotton, hides, and steelscrap, advanced in December. Prices of mostfinished products, which earlier had advanced


FEDERAL RESERVE BULLETIN JANUARY 1938

by a smaller amount, continued to increaselast summer but since that time have beendeclining- slowly.

In general, prices of durable goods continusubstantially higher than they were in Octo-ber 1936, while most nondurable goods, in-cluding farm products and foods, are lower.Prices of finished steel, which had advancedsharply last spring, have since remainedunchanged and automobile prices have ad-vanced. Building materials, other than steeland cement, have declined somewhat in re-cent months. Farm products as a group areat the lowest level in the past three years.

REGULATION RELATING TO COMMON TRUSTFUNDS

The Board of Governors of the Federal Re-serve System has issued, effective December81, 1937, an amendment to its Regulation Fto provide for the collective investment oftrust funds by national banks under certainconditions in States where this is permittedby State law. The amended regulation pro-vides for two general types or classes of suchinvestments. First, it permits a nationalbank, subject to certain regulatory provi-sions, to invest funds of various individualtrusts in participations in a common trustfund, provided that the amount so investedfrom any one trust may not exceed $25,000,or ten percent of the value of the assets ofsuch common trust fund, whichever amountis less. It has been urged upon the Boardthat it is not practicable or efficient for trustinstitutions to invest the funds of relativelysmall trusts separately with the desired di-versification of investments, and this pro-vision is designed to facilitate the investmentof the funds of such small trusts. Second,the amended regulation permits a nationalbank, with a minimum of specific regulatoryrequirements, to make collective investmentof funds of individual trusts in participationsin a common trust fund, provided the amountinvested from any one such trust accountdoes not exceed $1,200. The regulation hasheretofore permitted national banks to make

collective investment of funds of individualtrusts if such funds were too small to be in-vested separately to advantage, and this pro-vision in the amended regulation continuesthe authority to invest collectively such oddbalances to the credit of various trusts withas few regulatory provisions as possible.

The Board also amended subsections (b)and (c) of section 6 of Regulation F, in cer-tain minor respects, with respect to the trustdepartment committees already provided forin the regulation.

In the Revenue Act of 1936 Congress rec-ognized the desirability, under proper safe-guards, of permitting banks to operate com-mon trust funds when it granted certain taxexemptions to common trust funds adminis-tered by any bank in conformity with rulesand regulations prescribed for national banksby the Board of Governors. Some Stateshave enacted legislation specifically authoriz-ing the operation of common trust funds andin other States similar legislation has beenconsidered.

In upholding and construing provisions oflaw relative to the exercise of trust powersby national banks, the courts have recognizedthat the regulation of the administration oftrusts is a matter peculiarly within the prov-ince of the States. In issuing the presentamendment, the Board has permitted the col-lective investment of funds of various trustsin common trust funds only when the laws ofthe State in which the particular nationalbank is located authorize or permit such in-vestments by State banks, trust companies,or other corporations which compete withnational banks.

Issuance of such an amendment was recom-mended by a special committee of the Ameri-can Bankers Association, and the amendmentwas drafted after consultation with the com-mittee and after submission of a tentativedraft of the proposed regulation to and re-ceiving criticisms and comments from thatcommittee, all Federal Reserve banks andother interested groups.


JANUARY : FEDERAL RESERVE BULLETIN

The Board's regulations have been drawnspecifically with a view to preventing com-mon trust funds from being operated as in-vestment trusts for other than strictly fidu-ciary purposes and to providing safeguardsto prevent preferences or other inequitiesbetween trusts participating in common trustfunds. The text of these amendments isprinted herein on pages 10-13.

Election of Class A and B Directors

The member banks elected the followingClass A and Class B directors of the FederalReserve banks for the three-year term begin-ning January 1, 1938:

CLASS A

Boston—Lewis S. Reed (reelected).New York—William C. Potter.Philadelphia—John B. Henning (reelected).Cleveland—H. B. McDowell.Richmond—James C. Braswell (reelected).Atlanta—W. D. Cook (reelected).Chicago^—E. R. Esthers (reelected).St, Louis—(election being held).Minneapolis—M. 0. Grangaard (reelected).Kansas City—Frank W. Sponable (reelected).Dallas—Pat E. Hooks (reelected).San Francisco—C. K. Mclntosh (reelected).

CLASS B

Boston-^E. S. French (reelected)New York—Thomas J. Watson (reelected).Philadelphia—C. Frederick C. Stout (re-

elected) .Cleveland—R. P. Wright (reelected).Richmond—John H. Hanna (reelected).Atlanta—Fitzgerald Hall (reelected).Chicago—S. T. Crapo (reelected).St. Louis—Harvey C. Couch.Minneapolis—W. 0. Washburn (reelected).Kansas City-r-J. M. Bernardin (reelected).Dallas—Harry C. Wiess.San Francisco—Elmer H. Cox (reelected).

Appointment of Class C DirectorsThe Board of Governors appointed the fol-

lowing Class C directors of Federal Reservebanks for the three-year term beginningJanuary 1, 1938:

CLASS C

New York—Owen D. Young (reappointed).Cleveland—G. C. Brainard (reappointed).Richmond—Robert Lassiter (reappointed).Chicago—F. J. Lewis (reappointed).St. Louis—Oscar Johnston.

Designation of Chairmen and Federal Reserve Agentsand Appointment of Deputy Chairmen

The Board of Governors designated thefollowing Federal Reserve agents and chair-men of the boards of directors of Federalreserve banks for the year 1938:

Boston—F. H. Curtiss (redesignated).Philadelphia—R. L. Austin (redesignated).Cleveland—E. S. Burke, Jr. (redesignated).Richmond—Robert Lassiter (redesignated).Atlanta—F. H. Neely.St. Louis—W. T. Nardin (redesignated).Minneapolis—W. B. Geery (redesignated).Kansas City—J. J. Thomas (redesignated).Dallas—J. H. Merritt.San Francisco—A. 0. Stewart (redesignated).

The Board of Governors appointed thefollowing deputy chairmen of Federal Reservebanks for the year 1938:

Boston—H. S. Dennison.New York—Owen D. Young (reappointed).Philadelphia—T. B. McCabe.Cleveland—G. C. Brainard (reappointed).Richmond—W. G. Wysor.Chicago—R. E. Wood (reappointed).

Retirement of Chairmen and Federal Reserve Agentsat the Federal Reserve Banks of Atlanta and DallasEffective at the close of December 31,1937,

Messrs. W. H. Kettig and C. C. Walsh retiredas Class C directors and Chairmen and Fed-eral Reserve Agents at the Federal ReserveBanks of Atlanta and Dallas, respectively.

Mr. Kettig served as a Class C director ofthe Federal Reserve Bank of Atlanta fromthe date of its establishment, and also asDeputy Chairman of the bank from January1, 1922, to May 27, 1937, on which date hewas designated as Chairman and FederalReserve Agent. Mr. Kettig also served as anappointee of the Board on the board of direc-tors of the Birmingham Branch of the Atlantabank from August 1, 1918, through 1935.

Mr. Walsh was appointed a Class C direc-tor and designated as Chairman and FederalReserve Agent at the Federal Reserve Bankof Dallas on July 1,1925, and served in thesecapacities until his retirement on December31, 1937.

Appointment of First Vice President of the FederalReserve Bank of St. Louis

On December 6, 1937, the Board approvedthe appointment by the board of directors ofthe Federal Reserve Bank of St. Louis, effec-tive December 16,1937, of Mr. F. Guy Hitt asFirst Vice President of the bank for the un-expired portion of the five-year term endingFebruary 28, 1941.


6 FEDERAL RESERVE BULLETIN JANUARY 1938

NATIONAL SUMMARY OF BUSINESS CONDITIONS

[Compiled December 22 and released for publication December 24]

In November, volume of industrial produc-tion continued to decline sharply, and em-ployment and payrolls also decreased. Dur-ing the first half of November commodityprices declined further but for the past monththey have been steady.

Production and employment.—Volume ofindustrial output, as measured by the Board'sseasonally adjusted index, declined from 103percent of the 1923-1925 average in October

INDUSTRIAL PRODUCTION

3

PERCENT

1929 1930 I93t 1932 1933 1934 1935 1936 1937

90

50

Monthly index of physical volume of production, adjusted forseasonal variation, 1923-1925 average — 100.

to 90 percent in November, reflecting chieflya sharp reduction in the manufacture of dur-able goods. There was a further curtail-ment of activity at steel mills and output forthe month was at a rate of 38 percent of ca-pacity, a decline of one-third from October.In the first three weeks of December steel pro-duction was at about 28 percent of capacity.Output of lumber and plate glass also de-clined substantially in November, and auto-mobile production showed considerably lessthan the usual seasonal increase. Productionof nondurable goods, which had decreased bya substantial amount earlier this year, de-clined further in November, reflecting a con-tinued reduction in output of textiles andshoes, partly offset in the total by an increasein activity at sugar refineries. Output ofminerals, as well as manufactures, declinedin November. There were marked decreases

in output of bituminous coal and in iron oreshipments, while crude petroleum productioncontinued in large volume.

Total value of construction contractsawarded, as reported by the F. W. Dodge Cor-poration, showed little change in Novemberand the first half of December. Awards forprivately-financed projects declined, reflect-ing chiefly a further reduction in residentialbuilding, while contracts for publicly-financedwork increased.

Employment and payrolls at factoriesshowed an unusually sharp decline betweenthe middle of October and the middle of No-vember, and there were decreases also in thenumber employed in trade and other non-manufacturing lines. The Board's seasonallyadjusted index of factory employment was at94 percent of the 1923-1925 average in No-vember as compared with a level of 102 lastsummer and 96 in November last year. In

FACTORY EMPLOYMENT AND PAYROLLSPER CENT

120

30

^ - C E &

\

\

Employment'

\Payrol ls^ V

V

JJ

/v//v/

., r

ft

J

Hno

100

60

1929 1930 1931 1932 1933 t934 1935 1936 1937

Monthly indexes of number employed and payrolls at factories,unadjusted for seasonal variation, 1923-1925 average = 100.

the steel, machinery, lumber, and textile in-dustries the number employed decreased bysubstantially more than the usual seasonalamount, and there was some decline at auto-mobile factories, although an increase is usualat this season. There were declines also inthe seasonally adjusted indexes for most otherlines, except foods and tobacco which showedlittle change.


JANUARY 1938 FEDERAL RESERVE BULLETIN

Agriculture,—Department of Agricultureestimates recently issued indicate that mostcrops will be about the same size as forecastearlier but that cash farm income will belower than had been anticipated, largely be-cause of price declines both for crops and live-stock. Cash income in 1937 is expected to be$8,500,000,000, as compared with $7,918,-000,000 in 1936. The increase over a yearago is due primarily to increased income frommarketings of wheat, tobacco, and fruits andto larger Government payments.

Distribution.—Distribution of commoditiesto consumers, which earlier had been main-tained, declined slightly in November. Therewas a slight decline in sales at departmentstores, and mail order sales decreased consid-erably, while sales at variety stores showedlittle change. Preliminary information forthe first half of December indicates that de-partment store sales increased by approxi-mately the usual seasonal amount.

Freight-car loadings declined by consider-ably more than the seasonal amount in No-vember and the Board's adjusted index forthat month was 71 percent of the 1923-1925average as compared with 76 percent in Octo-ber and an average of 81 percent in the firsthalf of the year. The decline from Octoberto November reflected principally marked de-creases in loadings of coal and miscellaneousfreight.

Commodity prices.—The general level of

WHOLESALE PRICESPERCENT

120

110

100

90

70

PERCENT

120

110

J1929 1930 1931 1932 1933 1934 1935 1936 1937

Index compiled by United States Bureau of Labor Statistics,1926 = 100. By months, 1929 to 1931; by weeks, Jan. 2. 1932,to December 18, 1937.

wholesale commodity prices, which had de-lined sharply from the latter part of Sep-

tember to the third week of November, hasshown little change since that time. Pricesof nonferrous metals, leather, wool, textileyarns, and finished cotton goods have declinedsomewhat further in this period, while steelscrap, hides, rubber, cotton, print cloths, andbituminous coal have recently shown someadvance.

Bank credit.—Excess reserves of memberbanks showed a small decline but for the firstthree weeks of December remained somewhatover $1,000,000,000. The increase in demandfor currency during December has beensmaller than usual, reflecting largely the ef-fects of the recent sharp decline in businessactivity and payrolls.

Total loans and investments of reportingmember banks in 101 leading cities increased

BlUUONS OF DOLLARSMEMBER BANK CREDIT

BILLIONS Of COLLARS

U S . Go* Deposit*

5rfc ^ ^ - ^ i

y£ *^ ^ ^

U.&GovtObligotions ^fe

'34 1935 1936 t937 '34 1935 1936 1937

24

£3

22

21

20

11

10

9

8T

4

3

Z2 O

Wednesday figures for reporting member banks in 101 leadingcities, September 5, 1934, to December 15, 1937. Loans on realestate, loans to banks, and acceptances and commercial paperbought included in total loans and investments but not shownseparately.

somewhat during the four weeks ending De-cember 15, reflecting a growth of $190,000,-000 in holdings of United States Governmentobligations, mostly in New York City. A fac-tor in this increase was the purchase bybanks of the December 15 issues of Govern-ment securities. Commercial loans, whichhad begun to decline in October, showed afurther reduction.



MEMBER BANK RESERVES AND RELATED ITEMSBILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS

13

12

11

10

8

3

2

1

0

8

*****. 9+»+m+m*

5-^ ^-O

I»* ^ H * * « » ^

MONEY IN CIRCULATION /

...„«„,.«•'»*••i.—* . - ^ - *

_. TREASURY CASH

.RESERVE BANKCREDIT

TREASURY DEPOSITS

-L6*-firfJth * \A

/ '

j_.A-i

13

12

11

10

8

3

2

1

1932 1933 1934 1935 1936 1937

1932 1933 1934 1935 1936Latest figuics for December 29. See table on page 20.

1937


JANUARY 1938

SUMMARY

FEDERAL BESERVE

OF FINANCIAL AND

1037 1

Nov. Oct. Sept.

BULLETIN

BUSINESS

1936

Nov. Oct. Sept.

STATISTICS

9

Annual averages

1936 1035 1034 1933 1932 1929

HBSEBVE BANK CREDIT, MEMBER BANK RESERVES,AND RELATED ITEMS

Reserve bank credit outstanding—totalBills discounted-Bills boughtU. S. Government securities

Monetary gold stock -Treasury currency outstanding „Money in circulation .Treasury cash holdingsTreasury deposits with F. R. banks -Nonmember deposits and other accountsMember bank reserve balances:

Total -Excess

REPORTING MEMBEB BANES

Total loans and InvestmentsLoans to brokers and dealers insecuritiesLoans on securities to others (except banks)1

All other loansU. S. Government obligations:

DirectFully guaranteed.

Other securitiesKeserve with Federal Reserve banksCash in vaultBalances with domestic banksDemand deposits—adjusted , _.Time deposits (excluding interbank)*Deposits of domestic banks*Borrowinp , - — —

21,556881

1,9766,702

7,9701,1272,9005,348

3201,804

14,6365,2875,039

6

MONET RATES AND BOND YIELDS

Commercial paperStock exchange call loans __U. 8. Treasury bills (91 days)U. S. Treasury bonds, long termCorporate high grade bonds (Moody's Aaa)

CAPITAL ISSUES

All Issues—total-New _Refunding —

Domestic corporate issues—totalNew..Refunding

PRICES

Common stocks (1926=100)Wholesale commodity prices (1926=100):

All commodities _Farm productsFoodsOther commodities

Retail food prices (1923-25=100) „

BUSINESS INDEXES

Industrial production— -.ManufacturesMinerals

Construction—totalResidentialAll other -

Factory employment _.Factory payrolls (unadjusted)..Freight-car loadingsDepartment store sales . . . .

MERCHANDISE EXPORTS AND IMPORTS

Exports, including re-exportsGeneral imports—

Averages of daily figures; In millions of dollars

2,592193

2,645.2,7882,6136,5583,642

125750

2,533223

2,52712,7822,6036,5663,636

95717

1,104 1,043

2,684243

2,52612,6532,6906,5583,618

190607

2,47263

2,43011,1162,5176,4012,373

86461

6,919 6,654 6,854 6,785 6,694 6,345

2,480

32,430

10,9832,5126,3212,413

146502

900 2,219 2,043 1,852

2,47983

2,43010,7642,5076,2582,385

233528

2,4816

2,43010,5782,5036,1012,474

446551

2,47575

2,4319,0592,4785,5852,791

128C07

6,989 5,001 3,6762, 512 2,469 1,564

2,5023625

2,4327,5122,3315,4032,798

81438

2,42928383

2,0524,0592,2715,576

28855

497

2,343528

2,07762171

1,4613,9522,0966,328

23639

407

2,114256

1,459952241208

3,9962,0164,476

20722

406

3,368

Averages of Wednesday figures; in millions of dollars

21,8891,1031,9966,791

7,9141,1322,9535,384

3261,781

14,7565,2786,088

5

22,1871,3172,0076,702

8,0681,1312,9625,313

3051,703

14,8435,2834,990

22,4441,1562,0245,575

9,2321,2553,2025,422

4042,463

15,3625,0326,236

22,5661,1632,0255,530

9,3101,2553,2835,276

3992,385

15,1525,0706,080

1

22,5201,1952,035

9,3201,2463,3264,995

3832,311

14,9625,0365,890

15

22,0641,1812,0555,226

9,0801,2503,2724,799

3832.358

14,6194,9996,810

5

19,997990

2,1314,907

7,989928

3,0524,024

3262,112

12,7204,8834,938

6

8,672981

2,5454,965

6.856•325

•3,0002,875

2711,688

<•)4,9373,814

8

17,505777

3,1575,222

5,228

3,1211,822

2401,322

&2,822

115

19,080618

4,2266,578

4,413

3,2451,673

2141,250(»)

5,6662 772

228

22,599•2,208•5,4489,231

2,865

2,8471,725248

1,142

ft.Averages of weekly figures; percent per annum

1.001.00.15

2.603.26

1.001.00.26

2.653,29

1.001.00.37

2.673.30

.751.00.11

2.293.15

.751.00.13

2.423.18

.751.00.16

2.413.18

• .75.91.17

2.473.24

.76

.66

.172.703.60

1.021.00.28

3.104.00

L721.16.52

3.314.49

2.732.05.88

3.655.01

5,857.61

3.604.73

Amounts per month; in millions of dollars

1349341362610

19689

1071295970

22315667

15211239

372158214264109155

46418627836695

272

40917823125075

175

51816435438299

282

39212127018934

155

18011664411526

896029321318

14610046M2727

959841118781667116

Index numbers

83 91

8580868585

106

8786888686

124

8285848183

119

8284838083

114

8284838084

111

8181828082

78

8079847880

72

7565717874

63

6651617166

49

6543617068

190

6510510002

105

Index numbers, adjusted for seasonal variation, 1923-^5=100

*>89P85

*108*>55P32*74J>94*>897191

10210011352366598

1007693

111110115563771

1011007894

11411511258407296918294

11011110557436994897790

10911010259476994847588

105.10510455377092827588

90909137215088716479

79788832124883636275

76753225113772495867

64637128134066466569

11911911511787142106109107111

Amounts per month; in millions of dollars

*315P223

333224

297233

226196

265213

221216

205202

100171

178138

140121

134110

437367

p Preliminary. • Partly estimated.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.



LAW DEPARTMENT

AMENDMENTS TO REGULATION F

There is set forth below the text of amend-ments to its Regulation F, regarding trustpowers of national banks, which have beenadopted by the Board of Governors of theFederal Reserve System, effective December31, 1937. The amendment to section 10 andthe new section 17 which has been incorpo-rated in the regulation relate to the invest-ment of funds held by a national bank as afiduciary in common trust funds, and theamendments to section 6 of the regulationrelate to trust department committees of na-tional banks.

Subsection (c) of section 10 of RegulationF was amended to read as follows:

(c) Collective investment of trustl funds.—Fundsreceived or held by a national bank as fiduciary shallnot be invested collectively2 except as permitted insection 17 of this regulation.

A new section 17 was inserted in Regula-tion F and reads as follows:

SECTION 17. COMMON TRUST FUNDS(a) In general.—Funds received or held by a na-

tional bank as fiduciary may be invested collectivelyin any Common Trust Fund established and main-tained in accordance with the provisions of this sec-tion whenever the laws of the State in which thenational bank is located authorize or permit suchinvestments by State banks, trust companies, or othercorporations which compete with national banks.

As used in this regulation the term "Common TrustFund" means a fund maintained by a national bankexclusively for the collective investment and rein-vestment of moneys contributed thereto by the bankin its capacity as trustee, executor, administrator,or guardian.*

The purpose of this section is to permit the use ofCommon Trust Funds, as denned in section 169 ofthe Revenue Act of 1936,* for the investment of fundsheld for true fiduciary purposes; and the operationof such Common Trust Funds as investment trusts

1 Unless the context otherwise indicates, the term "trust**, asused m this section or in any other part of this regulation, refersto any fiduciary relationship which a national bank is authorizedto enter into under the provisions of section 11 (k) of the FederalReserve Act.

2 This does not prevent the bank from investing the funds ofseveral trusts in a single real estate loan of the kind which couldbe made by the bank under the provisions of section 24 of theFederal Reserve Act, as amended, if the bank owns no participa-tion in the loan and has no interest therein except in its capacityas fiduciary.

8 As used in this regulation the term "guardian" means guard-ian or committee of the estate of an infant, incompetent, or absen-tee, by whatever name known in the State in which a particularnational bank is located.

4 For applicable provisions of the Revenue Act of 1936, BeeAppendix.

for other than strictly fiduciary purposes is herebyprohibited. No bank administering a Common TrustFund shall issue any document evidencing a director indirect interest in such Common Trust Fund inany form which purports to be negotiable or assign-able. The trust investment committee of a bankoperating a Common Trust Fund shall not permitany funds of any trust to be invested in a CommonTrust Fund if it has reason to believe that suchtrust was not created or is not being used for bonafide fiduciary purposes.

Common Trust Funds administered under this sec-tion shall be subject to the following requirements:

(1) Assets in a Common Trust Fund shallbe considered as assets held by the bank asfiduciary;

(2) A bank administering a Common TrustFund shall not invest any of its own funds insuch Common Trust Fund and if a bank, becauseof a creditor relationship or any other reason,acquires any interest in a participation in a Com-mon Trust Fund under its administration theparticipation shall be withdrawn on the firstdate on which such withdrawal can be effected inaccordance with the provisions of this section;

(3) A bank administering a Common TrustFund shall not have any interest5 in the assetsheld in such Common Trust Fund, other thanin its capacity as fiduciary, except to the extentpermitted for a temporary period as providedin the immediately preceding paragraph.

(b) Common Trust Funds for investment of smallamounts.—Subject to all other provisions of thisregulation except subsection (c) of this section, cashbalances received or held by a bank in its capacityas trustee, executor, administrator, or guardian,which the bank considers to be individually too smallto be invested separately to advantage may be in-vested, with the approval of the trust investmentcommittee, in participations in a Common TrustFund, provided the total investment of the funds ofany one trust in one or more such Common TrustFunds shall not exceed $1,200.

(c) Common Trust Funds for general investment,—Subject to all other provisions of this regulationexcept subsection (b) of this section, funds receivedor held by a bank in its capacity as trustee, executor,administrator, or guardian may be invested in par-ticipations in a Common Trust Fund. All participa-tions in such a Common Trust Fund shall be on thebasis of a proportionate interest in all of the assetsof the Common Trust Fund.

(1) Common Trust Fund to be operated underwritten plan.—Each Common Trust Fund ad-ministered by a bank shall be established andmaintained in accordance with a written plan(referred to herein as the Plan) approved by aresolution of the bank's board of directors andapproved in writing by competent legal counsel.

^A,baVtk ^ a U . n o t b e deemed to have an interest in assets inwhich collective investments are made merely because of the factthat the bank owns in its own right other stocks, or bonds or otherobligations of a person, firm, or corporation, the stocks, or bondsor other obligations of which are among the assets of a CommonTrust Fund.


JANUARY 1938 FEDERAL RESERVE BULLETIN 11

The Plan shall provide that the Common TrustFund shall be administered in conformity withthe rules and regulations, prevailing from timeto time, of the Board of Governors of the Fed-eral Reserve System pertaining to the collectiveinvestment of trust funds by national banks,and shall contain full and detailed provisionsnot inconsistent with the provisions of such rulesand regulations as to the manner in which theCommon Trust Fund is to be operated, includingprovisions relating to the investment powers ofthe bank with respect to the Common TrustFund, the allocation of income, profits and losses,the terms and conditions governing the admissionor withdrawal of participations in the CommonTrust Fund, the auditing and settlement of ac-counts of the bank with respect to the CommonTrust Fund, the basis and method of valuingassets in the Common Trust Fund, the basisupon which the Common Trust Fund may beterminated, and such other matters as may benecessary to define clearly the rights of par-ticipants in the Common Trust Fund. A copyof the Plan shall be available at the principaloffice of the bank for inspection, during all bank-ing hours, to any person having an interest ina trust any funds of which are invested in aparticipation in the Common Trust Fund; andupon reasonable request a copy of the Plan shallbe furnished to such person.

(2) Trust investment committee to approveparticipation.—No funds of a trust shall beinvested in a participation in a Common TrustFund without the approval of the trust invest-ment committee. Before permitting any fundsof any trust to be invested in a participation ina Common Trust Fund, the trust investmentcommittee shall review the investments com-prising the Common Trust Fund; and, if itfinds that any such investment is one in whichfunds of such trust might not lawfully be in-vested at that time, funds of such trust shallnot be invested in a participation in such Com-mon Trust Fund.

At the time of making the first investment offunds of a trust in a participation in any Com-mon Trust Fund, the bank shall send a noticeof such investment to each person to whom anaccounting ordinarily would be rendered.1 (3) Common Trust Fund to be audited an-nually.—A bank administering a Common TrustFund shall, at least once during each periodof twelve months, cause an audit to be made ofthe Common Trust Fund by auditors responsibleonly to the board of directors of the bank. Thereport of such audit shall include a list of theinvestments comprising the Common Trust Fundat the time of the audit which shall show thevaluation placed on each item on such list by thetrust investment committee of the bank as of thedate of the audit, a statement of purchases,sales and any other investment changes and ofincome and disbursements since the last audit,and appropriate comments as to any invest-ments in default as to payment of principal orinterest. The reasonable expenses of any suchaudit made by independent public accountantsmay be charged to the Common Trust Fund.

The bank shall, without charge, send a copyof the latest report of such audit annually toeach person to whom an accounting of the trustsparticipating in the Common Trust Fund ordi-

narily would be rendered or shall send advice toeach such person annually that the report isavailable and that a copy will be furnishedwithout charge uoon request.

(U) Value of assets to be determined period-ically.—Not less frequently than once duringeach period of three months the trust investmentcommittee of a bank administering a CommonTrust Fund shall determine the value of theassets in the Common Trust Fund. No par-ticipation shall be admitted to or withdrawnfrom the Common Trust Fund except on thebasis of such valuation and on the date of thedetermination of such valuation or, if permittedby the Plan, within two business days subsequentto the date of such determination. No par-ticipation shall be admitted or withdrawn unless,in accordance with provisions of the Plan, priorto the date of the determination of such valua-tion, notice of intention to participate or tomake such withdrawal shall have been given inwriting to the bank administering the Com-mon Trust Fund, or a written notation of thecontemplated participation or withdrawal shallhave been made in the records of the bank.

(5) Miscellaneous limitations.—No funds ofany trust shall be invested in a participationin a Common Trust Fund if such investmentwould result in such trust having an interest inthe Common Trust Fund in excess of 10 percent of the value of the assets of the CommonTrust Fund, as determined by the trust invest-ment committee, or the sum of $25,000, which-ever is less at the time of investment. If thebank administers more than one Common TrustFund, no investment shall be made which wouldcause the aggregate investment of funds of anyone trust in all such Common Trust Funds toexceed such limitations. In applying the limita-tions contained in this paragraph, if two ormore trusts are created by the same settlor orsettlors and as much as one-half of the incomeor principal or both of each trust is payable orapplicable to the use of the same person orpersons, such trusts shall be considered as one.

No investment for a Common Trust Fund shallbe made in stocks, or bonds or other obligationsof any one person, firm, or corporation whichwould cause the total amount of investment instocks, or bonds or other obligations issued orguaranteed by such person, firm, or corpora-tion to exceed 10 per cent of the value of theCommon Trust Fund, as determined by the trustinvestment committee, provided that this limita-tion shall not apply to investments in obligationsof the United States or for the payment of theprincipal and interest of which the faith andcredit of the United States shall be pledged.

No investment for a Common Trust Fundshall be made in any one class of shares of stockof any one corporation which would cause thetotal number of such shares held by the Com-mon Trust Fund to exceed 5 per cent of thenumber of such shares outstanding. If the bankadministers more than one Common Trust Fundno investment shall be made which would causethe aggregate investment for all such CommonTrust Funds in shares of stock of any one cor-poration to exceed such limitation.

Any bank administering a Common TrustFund shall have the responsibility of maintain-



ing in cash and readily marketable securities6

such part of the assets of the Common TrustFund as shall be deemed by the bank to benecessary to provide adequately for the needsof participating trusts and to prevent inequitiesbetween such trusts. In any event, prior to anyadmissions to or withdrawals from a CommonTrust Fund, the trust investment committeeshall determine what percentage of the value ofthe assets of a Common Trust Fund is composedof cash and readily marketable securities; and ifsuch committee determines that, after effectingthe admissions and withdrawals which are tobe made pursuant to notice given as required insubdivision (4) of this subsection, less than 40,per cent of the value of the remaining assets ofthe Common Trust Fund would be composed ofcash and readily marketable securities, no admis-sions to or withdrawals from the Common TrustFund shall be permitted as of the valuationdate upon which such determination is made, ex-cept that ratable distribution upon all partici-pations is not prohibited.

(6) Distribution upon withdrawal of partici-pation.—When participations are withdrawnfrom a Common Trust Fund, distributions maybe made in cash or ratably in kind, or partly incash and partly ratably in kind, provided thatall distributions as of any one valuation dateshall be made on the same basis. Before anydistribution in cash is made, the trust invest-ment committee shall determine whether any in-vestment remaining in the Common Trust Fundwould be unlawful for one or more participatingtrusts if funds of such trusts were being in-vested at that time; and no distribution shallbe made in cash until any such unlawful invest-ment shall have been eliminated from the Com-mon Trust Fund either through sale, distributionin kind, or segregation as provided in the sub-division immediately following hereafter.

(7) Segregation of investments.—If for anyreason an investment is withdrawn in kind froma Common Trust Fund for the benefit of alltrusts participating in the Common Trust Fundat the time of such withdrawal and such invest-ment is not distributed ratably in kind it shallbe segregated and administered or realized uponfor the benefit ratably of all trusts participatingin the Common Trust Fund at the time of with-drawal.

(8) Management of Common Trust Fund andfees.—A national bank administering a CommonTrust Fund shall have the exclusive manage-ment thereof and shall not charge a fee forthe management of the Common Trust Fund, orreceive, either from the Common Trust Fund orfrom any trusts the funds of which are investedin participations therein, any additional fees,commissions, or compensations of any kind byreason of such participation. The bank shall notpay a fee, commission, or compensation out ofthe Common Trust Fund for management Noth-ing in this paragraph shall be construed as pro-hibiting a bank from reimbursing itself out of aCommon Trust Fund for such reasonable ex-

6 A readily marketable security within the meaning of this sec-tion means a security which is the subject of frequent dealings inready markets with such frequent quotations of price as to make(a) the price easily and definitely ascertainable and (b) thesecurity itself easy to realize upon by sale at any time.

penses incurred by it in the administrationthereof as would have been chargeable to therespective participating trusts if incurred in theseparate administration of such participatingtrusts.

(B) Effect of mistakes.—No mistake made ingood faith and in the exercise of due care inconnection with the administration of a Com-mon Trust Fund shall be deemed to be a viola-tion of this regulation if promptly after thediscovery of the mistake the bank takes what-ever action may be practicable in the circum-stances to remedy the mistake.

The second sentence of subsection (b) ofsection 6 of Regulation F was amended to readas follows:

The acceptance of all trusts shall be approvedby the board of directors or a committee ap-pointed by such board, and the closing out orrelinquishment of all trusts shall be approvedor ratified by the board of directors or a com-mittee appointed by such board; and such com-mittee or committees shall be composed of capa-ble and experienced officers or directors of thebank.

The first sentence of subsection (c) of sec-tion 6 of Regulation F was amended by ap-pending thereto a footnote reading as follows:

It is contemplated that there shall be a com-mittee the members of which shall have a con-tinuity of responsibility for the discharge of theduties of the committee. However, alternatesappointed by the board of directors may serve inplace of regular members of the committee whoare unable to serve on account of vacations, ill-ness, or other good and sufficient reasons if theminutes of the committee show the reason forthe service of such alternate in place of theregular member.

The following additions were made to theAppendix to Regulation F :

There are printed below certain provisions of theRevenue Act of 1936 which are pertinent to some ofthe subject' matter of this regulation.

SEC. 169. COMMON TRUST FUNDS.(a) DEFINITIONS.—The term "common trust fund"

means a fund maintained by a bank (as defined insection 104)—

(1) exclusively for the collective investmentand reinvestment of moneys contributed theretoby the bank in its capacity as a trustee, executor,administrator, or guardian; and

(2) in conformity with the rules and regula-tions, prevailing from time to time, of the Boardof Governors of the Federal Reserve System per-taining to the collective investment of trust fundsby national banks.

(b) TAXATION OF COMMON TRUST FUNDS.—A com-mon trust fund shall not be subject to taxation underthis title, Title IA, or section 105 or 106 of the Reve-


JANUAEY 1938 FEDERAL RESERVE BULLETIN 13

nue Act of 1935, and for the purposes of such titlesand sections shall not be considered a corporation.

(c) INCOME OF PARTICIPANTS IN FUND.—Each par-ticipant in the common trust fund shall include incomputing its net income its proportionate share,whether or not distributed and whether or not dis-tributable, of the net income of the common trustfund. The net income of the common trust fund shallbe computed in the same manner and on the samebasis as in the case of an individual. The propor-tionate share of each participant in the amount ofinterest specified in section 25(a) received by thecommon trust fund shall for the purposes of thisSupplement be considered as having been received bysuch participant as such interest.

(d) ADMISSION AND WITHDRAWAL.—No gain orloss shall be realized by the common trust fund bythe admission or withdrawal of a participant. Thewithdrawal of any participating interest by a par-ticipant shall be treated as a sale or exchange ofsuch interest by the participant.

(e) RETURNS BY BANK.—Every bank (as definedin section 104) maintaining a common trust fundshall make a return under oath for each taxable year,stating specifically, with respect to such fund, theitems of gross income and the deductions allowed bythis title, and shall include in the return the namesand addresses of the participants who would be en-titled to share in the net income if distributed andthe amount of the proportionate share of each par-ticipant. The return shall be sworn to as in thecase of a return filed by the bank under section 52.

(f) DIFFERENT TAXABLE YEARS OF COMMON TRUSTFUND AND PARTICIPANT.—If the taxable year of thecommon trust fund is different from that of a par-ticipant, the proportionate share of the net income ofthe common trust fund to be included in computingthe net income of the participant for its taxable yearshall be based upon the net income of the commontrust fund for any taxable year of the common trustfund (whether beginning on, before, or after January1, 1936) ending within the taxable year of the par-ticipant.

SEC. 104. BANKS AND TRUST COMPANIES.(a) DEFINITIONS.—As used in this section the term

"bank" means a bank or trust company incorporatedand doing business under the laws of the UnitedStates (including laws relating to the District ofColumbia), of any State, or of any Territory, a sub-stantial part of the business of which consists ofreceiving deposits and making loans and discounts,or of exercising fiduciary powers similar to thosepermitted to national banks under section 11 (k) ofthe Federal Reserve Act, as amended, and which issubject by law to supervision and examination byState or Federal authority having supervision overbanking institutions.

Additional Time for Obtaining Statements in Con-nection with Special Omnibus Accounts Under Re-vised Regulation T.Section 4(b) of Regulation T, as revised effective

January 1, 1938, provides that in a special omnibusaccount carried by a member of a national securi-ties exchange for a customer, transactions may beeffected in reliance upon a signed statement whichthe member has accepted from the customer in goodfaith, and a duplicate original of which has been filedby the member with the secretary of a national se-

curities exchange of which he is a member, that thecustomer is a broker or dealer who is subject to theprovisions of Regulation T or has places of businessonly in foreign countries. Section 4(b) also pro-vides that in a special omnibus account no securityshall have loan value and no short sales of securitiesshall be carried except securities and short sales as towhich the member shall have accepted in good faitha signed statement of the customer that he is in turncarrying such securities and such short sales for theaccount of his customers other than his partners.

In order to facilitate the transition from the oldregulation to the revised regulation, the Board hasprescribed that a member who on December 31, 1937,was carrying for a customer an account that com-plied with the provisions of section 3(b) of Regula-tion T as then-in effect, may, until March 1, 1938, orsuch earlier time as he may be able to obtain fromthe customer the statements referred to above, usein lieu of such statements of the customer, the mem-ber's own signed statement that he believes the factsto be as they are required to be stated by the customerin such statements under the revised regulation.

Extensions of Time by Business Conduct Committeesin Connection with Cash Transactions Under Re-vised Regulation T.Section 4(c) of Regulation T, as revised effective

January 1, 1938, provides for a special cash account,and the section contemplates that the usual purchaseor sale in such an account will be settled in full by thecustomer not later than 7 days after the transaction.In connection with this time limit, however, certainexceptions are provided and the business conductcommittees of national securities exchanges are au-thorized to extend the time in certain circumstances.

The Board recently considered a case in which amember of a national securities exchange who is domi-ciled in this country maintains for a customer who isdomiciled abroad a special cash account that conformsto section 4(c) of the revised regulation. Securitiessold "regular way" in this account are shipped by thecustomer to the member promptly after the sale. Dueto the time required in transit, the average intervalbetween the sale and the receipt of the securities bythe member is greater than 7 days, but less than 15days. Such sales and shipments are of frequent oc-currence.

The inquiry indicated that the business conductcommittee of the member's exchange was satisfiedthat the facts are such that under section 4(c) itwould be justified in extending the time to 15 daysseparately for each such transaction if the membermade a separate application in connection with eachtransaction. The member and the committee would,however, like to avoid the necessity for repeated sepa-rate applications and extensions on the occasion ofeach such transaction between the given member andcustomer.

The question presented was whether in the circum-stances described the committee may, on the basis ofa single application by the member, extend the periodto 15 days for all transactions of the type describedthat the member may effect in the future for the cus-tomer named in the application. The Board expressedthe opinion that section 4(c) permits such an ex-tension of time, and that repeated individual applica-tions and extensions in connection with such trans-actions between the member and the customer maythus be avoided.


14 FEDERAL RESERVE BULLETIN JANUARY 193S

STATISTICS OF. INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESJULY-SEPTEMBER 1937

Statistics of international capital transac-tions of the United States through the thirdquarter of 1937 are published in the tables onthe following pages. Similar tables coveringthe first and second quarters of 1937 werepublished in the Federal Reserve Bulletins

for July, pages 639-642, and October, pages998-1001. Monthly and weekly data for theperiod from M&y 1929 to the end of 1936, to-gether with five charts and a detailed descrip-tion of the statistics, were published in theBulletin for May 1937, pages 394-431.

NOTE ON REVISIONS IN PREVIOUSLY PUBLISHED FIGURES

The inclusion of certain figures on outstand-ing short-term foreign liabilities and assetsnot previously reported by certain institu-tions has necessitated revisions in some of thestatistics of international capital transactionspublished in the Bulletins for May, July, andOctober, 1937. Figures in the tables on thefollowing pages for dates prior to July 7,1937, have been revised accordingly. Previ- Tables 1, 2, 3, 4, and 5.

ously published figures for other dates may berevised on the basis of the information givenin the tables below. These tables show di-rectly the changes to be made in Table 10,Outstanding Short-term Liabilities to For-eigners, and Table 11, Outstanding Short-term Foreign Assets; and provide the datafor computing the corresponding revisions in

CORRECTIONS TO TABLE 10.—OUTSTANDING SHORT-TERM LIABILITIES TO FOREIGNERS

Date

Amounts to beadded

Total UnitedKingdom

Switzer-land

TotalEurope

April 14, 1937, to May 12,1937, inclusive.May 19, 1937, to May 26,1937, inclusive.On June 2,1937On June 9, 1937June 16,1937, to June 30,1937, inclusive.

1.02.05.08.4

(Millions of dollars)

1.02.04.06.87.0

1.01.61.6

1.02.05.08.48.6

CORRECTIONS TO TABLE 11.—OUTSTANDING SHORT-TERM FOREIGN ASSETS

Date

Amounts to beadded

nonfatloiai

1.019.719.018.317.616.816.515.915.5

LatinAmerica

(Millions

1.024.924.223.522.822.021.721.120.7

Amounts to besubtracted

UnitedKingdom

TotalEurope

of dollars)

5.25.25.25.25.26.25.25.2

5.25.25.25.25.25.25.25.2

Aug. 26,1931, to Feb. 3,1932, inclusive..Feb. 10,1932, to July 26,1933, inclusive-Aug. 2,1933, to Dec. 27,1933. inclusive..Jan. 3,1934> to June 27,1934, inclusive-July 3,1934, to Jan. 30,1935, inclusive..Feb. 6,1935, to July 31,1935, inclusive..Aug. 7,1935, to July 29,1936, inclusive..Aug. 5,1936, to April 28,1937 inclusive..May 5,1937, to June 30,1937, inclusive.-



NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935

[In millions of dollars. Minus sign indicates net movement from United States]

TABLE 1.—TOTAL CAPITAL MOVEMENT

From Jan. 2, 1935, through— Total

'1 ,412.5••2,608.4••2,931.4••3,661.9

3,614.83,636.03,685.83,718.4

3,732.53,767.93,795.13,820.5

3,826.43,839.13,898.63,879.33,911.9

In banking funds

Total

^964.6'1,362.0'1,532.5••2,078.8

2,130.52,142.02.1R8.12,204.7

2,187.02,204.62,233.62,246.2

2,217.32,221.42,257.52,234.62,261.7

Increase Inforeignfunds

In U. S.

603.3930.5

1,121.6'1,612.4

1,673.51,676.41.712.11,721.7

1,718.71,712.81, 716.61,722.4

1,706.11,712.11, 728.11, 721.41,743.6

Decreasein U. 8.

fundsabroad

••361.4'431.5'411.0'466.4

457.0465.6476.0483.0

468.3491.8517.0523.8

511.2509.3529.3513.2518.1

Inbrokeragebalances

6.012.94.1

18.3

20.018.217.614.1

14.318.711.013.3

14.915.520.526.831.9

In security transactions

Totalsecurities

441.81,233.61,394.81,464.7

1,464.31,475.71.480.11,499.6

1,531.21,544.51,550.51,561.0

1,594.21,602.21,620.61,618.01,618.4

Domesticsecurities

316.7917.4

1,075.71,069.5

1,065.71,073.51.076.41,091.5

1,099.31,107.41,108.11,114.0

1,114.81,117.81,130.11,125.41,125.1

Foreignsecurities

125.2316.2319.1305..2

398.7402.2403.7408.0

431.9437.1442.4447.1

479.4484.4490.5492.6493.3

1935—Dec. 31..1936—Dec. 30..1937^Mar. 31.

June 30..

July 7.. .July 14..July 2i_.July 28..

Aug. 4...Aug. 11.Aug. 18.Aug. 25.

Sept. 1..Sept. 8-.Sept. 15.Sept. 22.Sept. 29.

From Jan. 2,1935,through—

1935—Dec. 311936—Dec. 301937—Mar. 31

June 30

July 7July 14July 21July 28

Aug. 4Aug. 11Aug. 18Aug. 25

Sept. 1 . . . . .Sept. 8Sept. 15Sept. 22Sept. 29

Total

1,412.5'2,608.4'2,931.4'3,561.9

3,614.83,636.03,685.83,718.4

3,732.53,767.93,795.13,820.5

3,826.43,839.13,898.63,879.33,911.9


UnitedKing-dom

554.9829.3927.2

"•1,078.7

1,110.81,088.71,096.51,107.4

1,094.01,089.71,090.81,096.4

1,102.51,113.71,122.31,106. 51,105.9

France

210.2299.5308.9343.5

337.0327.9327.6324.8

325.0321.7325.6319.9

324.6327.2334.7332.8338.1

Neth-er-

lands

114.5229.7267.1356.7

368.0377.2381.3383.4

385.1390.1394.1395.5

394.8389.8397.7395.9390.8

Switz-er-

land

130.4335.5363.5

'619.9

631.9648.8659.1665.5

671.6686.5697.0709.8

710.3723.1734.5727.9737.7

Ger-many

36.683.1

103.5107.6

110.2107.1111.7114.8

115.2112.5110.3113.3

119.3118.8120.9122.5127.3

Italy

24.045.637.021.7

19.327.125.625.5

23.821.922.322.0

21.922.522.824.324.4

, BY COUNTRIES

OtherEurope

130.0228.5258.1303.5

304.8309.9315.6321.9

321.8327.8328.9333.7

332.4338.2342.3344.4358.9

TotalEurope

1,200.62,051.32,265.2

"2,831.5

2,882.12,886.82,917.32,943.3

2,936.52,950.22,969.02,990.6

3,005.83,033.43,075.13,054.33,083.1

}

Canada

0)150.5142.0131.3

126.2128.7138.2149.1

159.0168.1164.2175.6

167.3170.777.582.9

175.9

LatinAmerica

'70.9'201.2'336.6'381.5

381.2382.3384.9387.5

395.5410.6409.1406.6

406.8412.6406.4408.1407.9

FarEast

128.3J84.0170.4194.4

203.3215.5220.9213.4

218.4217.0229.1224.2

223.6198.3216.1210.5221.4

AllOther

12.721.417.223.1

22.222.724.525.0

23.122.123.623.4

22.924.123.523.523.7

TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES

From Jan. 2,1935,th rough- Total

UnitedKing-dom,

FranceNeth-

er-lands

Switz-er-

landGer-

many Italy OtherEurope

TotalEurope Canada Latin

AmericaFar

EastAll

Other

1935—Dec. 3 1 . . .1936— Dec. 30. __1937—Mar. 31 . . .

June 3O._-

July7_ —July 14 . . .July 2 1 . . .July 28 —

Aug. 4Aug. 11.. . .Aug. 18—Aug. 25. . .

Sept. U...Sept. 8....Sept. 15..Sept. 22...Sept. 29...

'064.61,362.0'1,532.5'2,078.8

2,130.52,142.02.18S. 12,204.7

2,187.02,204.62.233.62.246.22.217.32,221.42,257.52,234.62.261.7

337.4341.6347.2

'517. 5

553.4530.9538.9538.1

525.7517.3522.0524.5

534.6546.9546.9633.4530.5

177.6206.2203.9239.7

234.3225.5224.6221.7

221.1216.4222.2215.8

221.7223.8230.7228.6232.9

55.462.649.1

137.1

144.2152.2155.0155. C

155.7157.1159.6160.6

160.0155.2158.9159.2154.3

74.0112.5102.6

'322.3

333.6345.4353.0356.9

361.9374.2381.3390.4

393.7404.6412.4407.8415.7

28.868.793.598.2

100.797.6

102.1105.3

105.8' 103.1100.9104.0

109.9109.3111.5113.4118.5

21.039.332.116.8

14.422.220.620.3

18.716.917.317.1

16.817.417.619.219.1

69.5101.7115.9155.9

156.1161.6166.7171.2

172.3178.3178.6184.0

181.5186.5189.5190.2203.9

763.7932.5944.3

1,487.3

1,536.81,535.31,558.91,568.5

1,561.11,563.4,581.8,596.4

[, 618.21,643.6,667.6:,651.S1,675.0

41.4123.6135.399.3

94.096.4

109.1120.3

129.8136.6133.6140.6

131.6134.9138.9337.5133.8

'53.6'174.2'357.1'368.2

367.1366.4368.2370.6

346.2357.4355.6351.5

311.3310.5300.5300.4298.2

96.1120.792.3

114.6

123.6135.8141.9134.5

140.8139.8153.5148.8

148.4123.2141.1135.6145.9

9.910.83.59.4

9.18.1

10.010.8

9.17.49.18.9

7.99.19.49.38.S

' Revised. See note on revisions, page 14.i Inflow less than $50,000.



STATISTICS OR INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESJULY-SEPTEMBER 1937

Statistics of international capital transac- for July, pages 639-642, and October, pagestions of the United States through the third 998-1001. Monthly and weekly data for thequarter of 1937 are published in the tables on period from May 1929 to the end of 1936, to-the following pages. Similar tables covering gether with five charts and a detailed descrip-the first and second quarters of 1937 were tion of the statistics, were published in thepublished in the Federal Reserve Bulletins Bulletin for May 1937, pages 394-431.

NOTE ON REVISIONS IN PREVIOUSLY PUBLISHED FIGURES

The inclusion of certain figures on outstand-ing short-term foreign liabilities and assetsnot previously reported by certain institu-tions has necessitated revisions in some of thestatistics of international capital transactionspublished in the Bulletins for May, July, andOctober, 1937. Figures in the tables on thefollowing pages for dates prior to July 7,1937, have been revised accordingly. Previ-

ously published figures for other dates may berevised on the basis of the information givenin the tables below. These tables show di-rectly the changes to be made in Table 10,Outstanding Short-term Liabilities to For-eigners, and Table 11, Outstanding Short-term Foreign Assets; and provide the datafor computing the corresponding revisions inTables 1, 2, 3, 4, and 5.

CORRECTIONS TO TABLE 10.—OUTSTANDING SHORT-TERM LIABILITIES TO FOREIGNERS

Date

Amounts to beadded

Total UnitedKingdom

Switzer-land

TotalEurope

April 14,1937, to May 12, 1937, inclusiveMay 19,1937, to May 26, 1937, inclusive.On June 2, 1937On June 9,1937June 16, 1937, to June 30, 1937, inclusive.

1.02.05.08.48.6

(Millions of dollars)

1.02.04.06.87.0

1.01.61.6

1.02.05.08.48.6

CORRECTIONS TO TABLE 11.—OUTSTANDING SHORT-TERM FOREIGN ASSETS

Date

Aug. 26, 1931, to Feb. 3,1932, inclusiveFeb. 10,1932, to July 26,1933, inclusiveAug. 2,1933, to Dec. 27,1933. inclusive—Jan. 3,1934, to June 27,1934, inclusiveJuly 3,1934, to Jan. 30,1935, inclusiveFeb. 6,1935, to July 31,1935, inclusive .. ._Aug. 7,1935, to July 29, 1936, inclusiveAug. 5,1936, to April 28,1937 inclusive...May 5,1937, to June 30,1937, inclusive

Amounts to beadded

Total

1.019.719.018.317.616.816.515.915.5

LatinAmerica

(Millions

1.024.924.223.522.822.021.721.120.7

Amounts to besubtracted

UnitedKingdom

of dollars)

5.25.25.25.25.25.25.25.2

TotalEurope

5.25.25.25.25.25.25.25.2



NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935

[In millions of dollars. Minus sign Indicates net movement from United States]


From Jan. 2, 1935, through—

1936—Dec. 311936—Dec. 301937-v-Mar 31 -.~

June 30

July 7July 14 -July 2i -~ ~July 28-.".

Aug. 4Aug. 11Aug. 18 ~ . fc

AUg 25

Sept 1 .Sept. 8Sept 15Sept. 22 „Sept 29 -

Total

••1,412.5'2,608.4"•2,931.4'3,561.9

3,614.83,636.03,685.83,718.4

3,732. 53, 767.93, 795.13,820.5

3,826.43,839.13,898.63,879.33,911.9

In banking funds

Total

r964.6*1,362.0'1, 532.5'2,078.82,130.52,142.02.188.12,204.7

2,187.02,204.62,233.62,246.2

2,217.32,221.42,257.62,234.62,261.7

Increase inforeignfunds

in U. S.

603.3930.5

1,121.6'1,612.4

1,673.51,676.41.712.11,721.7

1,718.71,712.81,716.61,722.4

1,706.11,712.11,728.11,721.41,743.6

Decreasein U. S.

fundsabroad

'361.4'431.5'411.0••466.4

457.0465.6476.0483.0

468.3491.8517.0523.8

511.2509.3529.3513.2518.1

Inbrokeragebalances

6.012.94.1

18.3

20.018.217.614.1

14.318.711.013.3

14.915.520.526.831.9

In security transactions

Totalsecurities

441.81,233.61,394.81,464.7

1,464.31,475.71.480.11,499.6

1,531.21,544.51,550.51,561.0

1,594.21,602.21,620.61,618.01,618.4

Domesticsecurities

316.7917.4

1,075.71,069.5

1,065 71.073.5L. 076.41,091.5

1,099.31,107.4, 108.1,114.0

1,114.81,117.8L. 130.11,125.41,125.1

Foreignsecurities

125.2316.2319.139S..2398.7402.2403.7408.0

431.9437.1442.4447.1

479.4484.4490.5492.6493.3


1935—Dec. 311936—Dec. 301937—Mar. 31

June 30


Aug. 4Aug. 11Aug. 18Aug. 25.

Sept. 1Sept. 8._Sept. 15Sept. 22Sept. 29

Total

"1,412.5'2,608.4'2,931.4'3, 561.9

3,614.83,636.03,685.83,718.4

3,732.53,767.93,795.13,820.5

3,826.43,839.13,898.63,879.33,911.9


UnitedKing-dom

554.9829.3927.2

'1,078.7

1,110.81,088.71,096.51,107.4

1,094.01,089.71,090.81,096.4

1,102. 51,113.71,122.31,106.51,105.9

France

210.2299.5308.9343.5

337.0327.9327.6324.8

325.0321.7

, 325.6319.9

324.6327.2334.7332.8338.1

Neth-er-

lands

114.5229.7267.1356.7

368.0377.2381.3383.4

385.1390.1394.1395.5

394.8389.8397.7395.9390.8

Switz-er-

land

130.4335.5363.5

'619.9

631.9648.8659.1665.5

671.6686.5697.0709.8

710.3723.1734.5727.9737.7

Ger-many

36.683.1

103.5107.6

110.2107.1111.7114.8

115.2112.5110.3113.3

119.3118.8120.9122.5127.3

Italy

24.045.637.021.7

19.327.125.625.5

23.821.922.322.0

21.922.522.824.324.4

, BY COUNTRIES

OtherEurope

130.0228.5258.1303.5

304.8309.9315.6321.9

321.8327.8328.9333.7

332.4338.2342.3344.4358.9

TotalEurope

1,200.62,051.32,265.2

'2,831.5

2,882.12,886.82,917.32,943.3

2,936.52,950.22,969.02,990.6

3,005.83,033.43,075.13,054.33,083.1

Canada

0)150.5142.0131.3

126.2128.7138.2149.1

159.0168.1164.2175.6

167.3170.777.582.9

175.9

LatinAmerica

'70.9'20L2'336. 6'381.5

381.2382.3384.9387.5

395.5410.6409.1406.6

406.8412.6406.4408.1407.9

FarEast

128.3J84.0170.4194.4

203.3215.5220.9213.4

218.4217.0229.1224.2

223.6198.3216.1210.5221.4

AllOther

12.721.417.223.1

22.222.724.525.0

23.122.123.623.4

22.924.123.523.523.7

TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES


1935—Dec. 311936—Dec. 301937—Mar. 31

June 30

July 7._July 14July 21July 28


Sept. 1Sept. 8~~~_Sept. 15Sept. 22Sept. 29

Total

'964.6'1,362.0'1,532.5'2,078.8

2,130.52,142.02.188.12,204.7

2,187.02,204.62,233.62,246.2

2,217.32,221.42,257.52,234.62,261.7

UnitedKing-dom,

337.4341.6347.2

'517.5

553.4530.9536.9538.1

525.7517.3522.0524.5

534.6546.9546.9533.4530.5

France

177.6206.2203.9239.7

234.3225.5224.6221.7

221.1216.4222.2215.8

221.7223.8230.7228.6232.9

Neth-er-

lands

55.462.649.1

137.1

144.2152.2155.0155. C

155.7157.1159.6160.6

160.0155.2158.9159.2154.3

Switz-er-

land

74.0112.5102.6

'322.3

333.6345.4353.0356.9

361.9374.2381.3390.4

393.7404.6412.4407.8415.7

Ger-many

28.868.793.598.2

100.797.6

102.1105.3

105.8' 103.1100.9104.0

109.9109.3111.5113.4118.5

Italy

21.039.332.116.8

14.422.220.620.3

18.716.917.317.1

16.817.417.619.219.1

OtherEurope

69.5101.7115.9155.9

156.1161.6166.7171.2

172.3178.3178.6184.0

181.5186.5189.5190.2203.9

TotalEurope

763.7932.5944.3

'1,487.3

1,536.81,535.31,558.91,568.5

1,561.11,563.41,581.81,596.4

1,618.21,643.61,667.61,651.81,675. C

Canada

41.4123.6135.399.3

94.096.4

109.1120.3

129.8136.6133.6140.6

131.6134.9138.9137.5133.8

LatinAmerica

'53.6'174.2'357.1'368.2

367.1366.4368.2370.6

346.2357.4355.6351.5

311.3310.5300.5300.4298.2

FarEast

96.1120.792.3

114.6

123.6135.8141.9134.5

140.8139.8153.5148.8

148.4123.2141.1135.6145.9

AllOther

9.910.83.59.4

9.18.1

10.010.8

9.17.49.18.9

• 7.99.19.49.38.8

' Revised. See note on revisions, page 14.i Inflow less than $50,000.



NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935—Continued[In millions of dollars* Minus sign indicates net movement from United States]

TABLE 4.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES


1935—Dec. 311936—Dec. 301937—Mar. 31

June 30


Aug. 4-Aug. 11Aug. 18Aug. 25 -

Sept. 1 <. -Sept. 8Sept. 15Sept. 22Sept. 29

Total

603.3930.5

1,121.6'1,612.4

1,673.51,676.41,712.11,721.7

1,718.71,712.81, 716.61,722.4

1,706.11,712 11,728.11,721.41,743.6

UnitedKing-dom

128.6163.6154.7

r300.9

339.4329.8330.0324.8

321.5307.9303.3303.8

316.7316.7316.2318.8313.7

France

129.6144.2140.9174.1

168.1160.3

, 156.8154.2

153.6149.5154.5148.1

153.8156.0163.3162.9165.2

Neth-er-

lands

55.765.947.6

132.2

138.3146.6150.2150.9

152.4153.9155.8156.6

159.0157.5156.1159.8154.8

Switz-er-

land

72.4109.899.4

'317.7

329.2340.6348.4352.2

357.2369.6376.9385.7

389.5400.1408.1403.7411.8

Ger-many

- . 82.7

24.510.9

11.66.6

10.111.7

10.79.76.28.8

12.111.512.214.219.4

Italy

7.323.017.94.3

2.210.07.67.3

5.55.55.85.9

6.05.77.36.88.8

OtherEurope

60.779.794.2

131.3

132.1135:2141.1145.4

145.0150.8151.1156.5

153.7157.6160.1161.1176.9

TotalEurope

453.5588.9579.2

'1,071.5

1,121.01,129.01,144.31,146.5

1,146.01,146.81,153.81,165.5

1,190.91,205.11,230.71,226.91,250.5

Canada

46.086.8

110.790.8

91.789.197.1

102.5

108.3112.8112.6116.0

115.3116.3117.5122.0120.0

LatinAmerica

33.5149.3326.4334.2

332.9331.7332.2333.3

309.4297.8294.2290.2

250.3250.1241.8241.1239.2

FarEast

58.890.494.7

100.6

112.7112.3122.4122.8

139.6141.6140.5135.4

135.1125.9123.5116.7120.0

AllOther

11.515.210.515.4

15.214.216.116.6

15.313.915.415.3

14.514.714.514.713.9

From Jan. 2, 1935,through—

1935-Dec. 311936—Dec. 301937-Mar. 31

June 30



Sept. 1Sept. 8Sept. 15_Sept. 22Sept. 29

TABLE 5.—UNITED STATES BANKING FUNDS .

Total

••361.4••431.5'411.0'466.4

457.0465. 6476.0483.0

468.3491.8517.0523.8

511.2509.3529.3513.2518.1

UnitedKing-dom

208.8178.0192.4216.5

214.0201.1206.9213.3

204.2209.4218.6220.7

217.9230.2223.4215.1216.8

France

48.162.063.065.6

66.265.267.867.5

67.566.967.767.7

67.867.867.465.667.7

Neth-er-

lands

- . 4- 3 . 3

1.54.9

5.95.64.74.1

3.23.33.74.0

1.0- 2 . 3

2.8- . 6- . 5

Switz-er-

land

1.62.73.24.6

4.34.84.64.7

4.74.74.44.7

4.24.54.34.13.9

Ger-many

29.766.069.087.3

89.191.092.093.6

95.193.494.795.2

97.897.899.399.199.1

Italy

13.716.314.212.4

12.212.113.013.1

13.111.411.511.2

10.811.610.312.410.4

ABROAD

OtherEurope

8.822.021.724.6

24.026.425.625.8

27.327.527.527.5

27.828.929.429.227.0

, BY COUNTRIES

TotalEurope

310.2343.7365.1415.9

415.8406.3414.6422.0

415.1416.6428.0430.9

427.3438.5436.9424.9424.5

Canada

- 4 . 636.924.68.4

2.27.3

12.017.9

21.523.821.024.7

16.218.621.415.513.8

5

LatinAmerica

'20.1'24.9'30.7

' '34.0

34.234.7*36.037.2

36.859.661.461.3

61.060.458.659.259.0

FarEast

37.330.4

- 2 . 414.0

10.923.419.511.7

1.2- 1 . 712.913.4

13.3- 2 . 617.518.925.9

AllOther

- 1 . 6- 4 . 4- 7 . 0- 6 . 0

- 6 . 1- 6 . 2- 6 . 2- 5 . 8

- 6 . 2- 6 . 4- 6 . 4- 6 . 4

- 6 . 6- 5 . 6- 5 . 1- 5 . 4- 5 . 0


1935—Dec. 311936—Dec. 301937—Mar. 31

June 30


Aug. 4Aug. 11 _Aug. 18Aug. 25

Sept. 1—. —Sept. 8 _Sept. 15Sept. 22Sept. 29

Total

6.012.94.1

18.3

20.018.217.614.1

. 14.318.711.013.3

14.915.520.526.831.9

UnitedKing-dom

0)4.0.8

6.1

7.56.56.67.0

6.08.68.36.0

5.05.15.28.08.2

TABLE

France

2.410.49.4

11.7

11.110.610.710.3

10.711.69.4

10.6

10.010.710.710.811.5

6.—BROKERAGE BALANCES, BY COUNTRIES

Neth-er-

lands

1.3- . 92.74.2

6.74.94.S4.4

3.63.03.83.9

3.93.63.94.44.4

Switz-er*

land

2.59.1

10.311.8

12.212.511.810.7

11.010.29.6

10.3

10.811.211.511.812.3

Ger-many

- . 2- . 7- . 1

(*)

- . 1- . 1- . 1- . 2

- . 2- . 1- . 2- . 1

(»T"1

-.'i- . i

Italy

.1

.3

.2

.2

.2

.2

.3

.2

.2

.2

.2

.1

.1

.1

.1.1.2

OtherEurope

1.4.4.9

2.0

3.22.42.72.5

2.42.02.72.4

3.03.33.54.73.5

TotalEurope

7.622.624.335.8

40.836.936.834.8

33.635.333.833.2

32.833.935.039.740.0

Canada

-4 .5-7.6

-10.0-11.3

-13.2-12.6-12.8-13.2

-12.3-10.6-16.4-14.1

-12.8-13.9-11.2-9.9-8.6

LatinAmerica

1.0-4.2-5.4-5.5

-5.9-5.6-6.C-6.6

-6.3-6 .3-6.6-6.1

-6.2-5.9-5 .3-5.2-3.2

FarEast

2.92.1

-5.4- . 5

- . 4- . 8- . 6- . 8

- . 3.2.2.4

.91.23.43.23.9

AllOther

- . 9

" - !

-1 .3.3.3

- . 2

- . 3.1

- . 1

.2

.2-1 .4-1.0- . 3

i Inflow less than $50,000.Eevised. See note on revisions, page 14.

» Outflow less than $50,000.



NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935—Continued[In millions of dollars. Minus sign indicates net movement from United States]

TABLE 7.—TOTAL SECURITIES, BY COUNTRIESNet Purchases by Foreigners

From Jan. 2,1935,through- Total

UnitedKing-dom

FranceNeth-

er-lands

Switz-er-

landGer-



AmericaFarEast

AllOther

1935—Dec. 31-._1936—Dec. 30.. .1937—Mar. 31_._

June 30.^

July7.___.July 14....July 2 1 . . .July28___.

Aug. 4... . ,Aug. ll.._.Aug. 18^_.Aug. 25....

Sept. l-__Sept. 8—-Sept. 15...Sept. 22...Sept. 29...

441.81,233.61,394.81,464.7

1,464.31,475.71,480.11,499.6

1,531.21, 544. 51, 550. 51, 561.0

1,594.21,602.21,620.61,618.01,618.4

217.5483.8579.2555.2

549.9551.4553.0562.3

562.3563.8560.5565.9

562.9561.8570.1565.0567.2

30.282.995.692.1

91.69L992.292.8

93.393.894.093.5

92.992.893.393.493.7

57.9168.0215.3215.5

217.0220.1221.5224.1

225.8230.0230.8231.0

230.9231.1234.8232.3232.0

53.9213.9250.5285.8

286.1290.9294.3298.0

298.7302.1306.1309.1

305.8307.3310.5308.3309.7

7.915.110.09.4

9.69.69.79.7

, 9.69.69.69.5

9.59.69.59.28.8

2.96.14.74.8

4.84.84.85.0

5.04.84.84.7

5.05.05.06.05.1

69.1126.4141.3145.6

145.5145.9146.2148.3

147.1147.5147.6147.4

147.8148.4149.3149.4151.5

429.4,096.2[,296.61,308.4

[,304.51,314.6[,321.7[,340.0

,341.8,351.6,353.4

1,361.1

,35481,355.91,372.5[,362.71,368.0

-36.934.416.843.4

45.444.841.941.9

41.542.047.049.1

48.549.749.755.450.8

16.431.2

-15.218.7

20,021,522.623.6

55.759.560.06L2

101.7108.0111.2112.9112.9

29.361.283.480.3

80.080.579.679.7

77.976.975.475.0

74.473.871.671.871.6

3.710.613.213.9

11411314.314.4

14.314.514.6116

11711715.515.215.1

TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIESNet Purchases by Foreigners


1935_Dec. 311936—Dec. 301937—Mar. 31

June 30

J u l v 7 - - —July 14July 21July 28

Aug 4Aug. 11Aug. 18Aug. 25

Sept 1Sept. 8Sept. 15Sept. 22 _Sept. 29

Total

316.7917.4

1,075.71,069.5

1,065.71,073.51,076.41,091. 5

1,099.31,107.41,108.11,1110

1,114.81,117.81,130.11,125.41,125.1

UnitedKing-dom

149.8367.7438.7412.2

407.5409.5411.7420.3

424.2425.4422.1426.8

429.6428.6436.2431.4432.1

France

23.464.772.969.0

68.768.869.169.7

70.070.470.670.0

69.769.669.969.970.0

Neth-er-

lands

50.5157.6197.5193.1

194.4196.7197.7200.0

202.0206.1206.8206.9

207.3207.6211.3208.6208.6

Switz-er-

land

55.1200.2222.7249.7

249.3253.1255.7258.8

261.92618268.4270.1

268.4271.92714271.6272.2

Ger-many

-5.4- 7 .5

-13.6- 1 1 9

-15.0-15.1-15.3-15.4

-15.5-15.6-15.7-15,8

-15.8-15.9-16.0-16.0-16.1

Italy

- . 1-3 .3- 1 6-5 .0

-5 .0-5 .0-5 .0- 1 8

-4 .8- 1 9- 1 8- 1 8

- 1 9- 1 9- 1 9- 1 9- 1 9

OtherEurope

12.938.542.444.2

44.244.644.945.7

46.046.246.145.7

46.146.447.046.947.9

TotalEurope

286.2818.0956.0948.2

944.2952.6958.99714

983.9992.3993.5998.9

1,000.41,003.31,018.01,007.41,009.8

Canada

2.832.630.236.4

36.43 1 832.231.6

31.432.033.234.2

33.834.634.340.239.7

LatinAmerica

3.715.516.916.8

17.217.818.218.5

18.718.618.518.8

19.119.019.119.217.6

FarEast

21.44 1 163.659.2

58.859.258.158.3

56.655.754.153.2

52.652.049.549.549.2

AllOther

2.67.19.09.0

9.19.09.08.8

8.88.88.88.8

8.88.89.49.18.9

TABLE 9.—FOREIGN SECURITIES, BY COUNTRIESNet Purchases by Foreigners


1935—Dec. 311936—Dec. 301937—Mar. 31

June 30


Aug. 4_ -Aug. 11Aug. 18Aug. 25

Sept. 1Sept. 8Sept. 15Sept. 22Sept. 29

Total

125.2316.2319.1395.2

'398.7402.2403.74oao

431.9437.1442.4447.1

479.44814490.5492.6493.3

UnitedKing-dom

67.8116.1140.5143.0

142.3141.8141.3142.0

138.1138.5138.4139.2

133.2133.1133.9133.7135.1

France

6.818.222.723.1

22.923.123.223.1

23.223.423.423.4

23.223.223.423.523.7

Neth-er-

lands

7.410.417.822.4

22.623.423.8210

23.823.9210211

23.623.523.523.723.5

Switz-er-

land

-1 .213.727.836.2

36.837.838.539.2

36.737.337.739.0

37.435.536.136.737.5

Ger-many

13.322.523.6213

24.521721925.1

25.125.225.325.2

25.325.425.425.225.0

Italy

2.99.49.39.8

9.89.89.89.8

9.89.79.69.6

9.99.99.99.9

10.0

OtherEurope

46.187.998.9

101.4

101.3101.4101.3102.5

101.2101.3101.5101.7

101.8102.0102.3102.6103.6

TotalEurope

143.1278.3340.6360.2

360.3362.0362.8365.7

357.9359.2359.9362.2

3514352.63515355.33£8.3

Canada

-39.71.7

-13.47.0

9.010.09.7

10.3

10.110.113.9119

11715.115.415.211.1

LatinAmerica

12.715.7

-32.11.9

2.93.74.45.1

37.040.841.642.4

82.689.092.293.895.3

FarEast

7.917.019.821.2

21.221.321.521.4

2L221.221.321.8

21.821.822.222.322.4

AllOther

1.13.54.21 9

5.35.35.35.5

5.55.75.85.8

5.95.96.16.16.2



OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES[In millions of dollars]

TABLE 10.—LIABILITIES TO FOREIGNERS

Date TotalUnitedKing-dom

FranceNeth-

er-lands

Switz-er-

landGer-



AmericaFarEast

AllOther

1929-Dec. 3 1 . . .1930—Dec. 31__.1931-Dec. 30, . .1932—Dec. 23 . . .1933—Dec. 27. . .

1934—Dec. 26....1935—Dec. 3 1 . . .1936—Dec. 30 . - ,1937—Mar. 31 . . .1937—June 30...

July 7July 14...,July 21 . . . .July 28.. . .

Aug. 4. . . . .Aug. II—.Aug. 18.-.,Aug. 2.1..-,

Sept. 1—.Sept. 8....Sept. 15...Sept. 22...Sept. 29...

2,672.72,335.01,303.5

745.5392.0

610.61,200.21,491.61,682.7

"2,173.6

2,234.72,237.62,273,22,282.8

2,279.82,273.92,277.72,283.5

2,267.22,273.22,289.32,282.52,304.8

Reported by Banks in New York City

301.5214.5104.9169.743.9

923.7799.4549.271.127.0

99.1122.244.611.98.0

105.2222.266.078.011.5

204.5161.041.132.917.5

157.4111.233.239.811.7

371.3281.3122.266.231.1

2,162.81,911.7

961.2469.6155.7

241.8216.8148.398.286.1

188.2130.8103.3121.796.7

49.038.269.043.542.7

Reported by Banks in United States

83.0205.5235.7226.9

'373.1

411.6401.9402.1396.9

393.7380.0375.5375.9

383.9388.9395.7390.5385.8

39.6163.5176.3173.0206.2

200.2192.4188.9186.3

185.7131.6186.7180.2

185.9188.1195.4195.0197.3

12.268.678.860.4

145.0

151.2159.4163.1163.8

165.3166.7168.7169.4

171.9170.3169.0172.7167.6

13.586.1

123.5113.1

'331.4

342.9354.3362.1365.8

370.9383.2390.6399.4

403.2413.8421.8417.4425.5

30.0'29.032.053.940.3

40.935.939.541.1

40.139.035.538.2

41.440.041.543.648.7

19.526.141.736.623.0

20.928.826.426.0

24.324.324.524.7

24.824.526.125.527.5

47.1107.5126.3140.8177.9

178.6181.7187.6192.0

191.5197.3197.7203.1

200.2204.2206.6207.6223.4

245.0686.3814.3804.7

•-1,296.9

1,346.41,354.51,369.71,371.9

1,371.41,372.21,379.21,390.9

1,416.31,430.51,456.21,452.31,475.9

97.9145.3186.1210.0190.1

191.0188.4196.4201.8

207.6212.1211.9215.3

214.6215.6216.9221.3219.3

125.2156.3263.9441.0448.8

447.5446.3446.8447.9

424.0412.3408.7404.3

364.9364.7356.4355,7353.8

130.1188.9200.2204.6210.4

222.6222.2232.2232.7

249.5251.5250.4245.3

245.0235.7233.4226.6229.9

31.037.521.612.610.9

12.423.427.122.527.4

27.226.228.128.6

27.325.827.427.2

26.426.726.526.725.8

TABLE 11.—FOREIGN ASSETS

Date TotalUnitedKing-dom

FranceNeth-

er-lands

Switz-er-

landGer-



AmericaFarEast

AllOther

1931—Dec, 301932—Dec. 281933—Dec. 27

1934-Dec. 26_._.1935—Dec. 31 . . . .1936—Dec. 30....1937—Mar. 31—1937—June 30—.

••1,103.3'937.9

July 7July 14 . . . .July 2 1 . . . .July 28.

Aug. 4Aug. 11....Aug. 18—Aug. 25—

Sept. 1Sept. 8Sept. 15—,Sept. 22....Sept. 29—.

Reported by Banks in New York City

166.2••87.3

••192.5

29.562.966.9

20.913.018.4

12.66.2

12.3

467.2434.9260.9

18.711.816.7

149.297.083.2

864.3'713.1'651.0

58.142.232.3

••136.5'155.2'159.7

41.824.049.7

Reported by Banks in United States

1,132.6'778.6'672.6'693.1'637.7

647.1638.5628.1621.1

635.8612.3587.1580.3

592.9594.8574.8590.9586.0

'281.8'88.1

'114.1'99.7'75.6

78.191.085.278.8

83.082.773.571.5

74.261.968.877.075.3

85.732.516.815.813.2

12.613.611.011.3

11.311.911.111.0

10.910.911.413.111.1

17.619.021.917.113.7

12.713.013.914.5

15.415.414.914.6

17.620.915.819.219.1

8.36.65.44.93.5

3.73.33.43.4

3.43.43.73.4

3.93.63.84.04.2

233.6202.0165.1162.2143.9

142.1140.2139.2137.6

136.1137.8136.5136.0

133.4133.4131.8132.0132.0

29.713.510.913.014.8

15.015.114.314.1

14.115.815.716.0

16.515.616.914.816.8

81.071.257.858.155.2

55.753.454.254.0

52.552.352.352.3

51.950.950.350.652.8

•737.6'433.0'392.1'370.7'319.9

320.0329.5321.1313.8

320.7319.2307.7304.9

308.5297.2298.9310.8311.3

94.0100.959.471.787.8

94.088.984.278.4

74.872.575.371.6

80.077.774.980.882.5

'175.2'154.5'141.1'135.3'132.0

131.8131.3130.0123.8

129.2106.3104.5104.6

105.0105.6107.3106.7107.0

117.880.167.2

100.083.6

86.774.278.185.9

96.499.384.784.2

84.3100.2

• 80.178.771.7

2.63.56.2

8.010.112.915.514.5

14.614.614.714.3

14.7'14.914.914.9

15.114.113.613.913.5

' Revised. See note on revisions, page 14.


FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES

19



MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS[In millions of dollars]

Date

End of month figures:1936—Dec. 311937—Jan. 31

Feb. 27 . . . .Mar 31~"""Apr. 30. ™ .May 31June 30July 3 1 . . . . .Aug. 3l"I*-S e p t . 30~~JL—Oct. 30Nov. 361

Wedoesday figures:1937—Jan. 6

Jan.13Jan. 201Jan. 27

Feb.3Feb. 10Feb. 17Feb. 24

Mar. 3Mar. 10Mar. 17Mar. 24Mar. 31

Apr. 7Apr. 14Apr. 21Apr. 28

May 5May 12May 19May 26

June 2June 9 * -June 16June 23June 30



Sept. 1Sept. 8Sept. 15.—-Sept. 22

Sept. 29Oct. 6Oct. 13Oct. 20Oct. 27

Nov. 3Nov. 10Nov. 17Nov. 24 . . „

Dec. 1..Dec. 8Dec. 15Dec. 22Dec. 29

Reserve bank credit outstanding

Billsdis-

counted

335

121217101522222117

3223

3334

7548

12

8118

11

17161516

1714141310

13151215

15171819

24242324

2423231823

24211916

1717161613

Billsbought

3333

6433333

3333

3333

33333

3434

4546

66544

4433

3333

3333

33333

3333

33333

U.,S.Gov-ern-

mentsecuri-

ties

2,4302,4302,4302,4302,5252,5262,5262,5262,5262,5262,5262,564

2,4302,4302,4302,430

2,4302,4302,4302,430

2,4302,4302,4302,4302,430

2,4592,4872,4872,526

2,5262,5282,5262,526

2,5262,5262,5262,5262,526

2,5262,5262,5262,526

2,5262,6262,6262,526

2,5262,5262,5262,526

2,5262,5262.5262,5262,526

2,5262,5372,5552,664

2,5642,5642,5642,5642,564

OtherReserve

bankcredit*

646027122435223026283023

28403242

28424122

1716122212

23272529

3029199

2326381922

35402216

17261817

26204624

20316

1717

6151413

1827487522

Total

2,5002,4972,4652,4682,5652,5852,5622,5742,6772,5792,5802,606

2,4642,4762,4682,478

2,4632,4772,4782,460

2,4572,4542,4502,4632,468

2,4932,5282,5232,571

2,5772,5762,5652,557

2,5732,5732,5832,6622,562

2,5782,5852,5642,560

2,5612,5722,5652,565

2,5792,5722,5982,678

2,5732,5832,5582,5652,570

2,5592,5762,5902,596

2,6032,6122.6312,6582,602

Mone-

SBstock

11,25811,35811,43611,57411,79911,99012,31812,44612,56712,74112,80312,774

11,27111,30611,31711,345

11,36411,38711,40311,425

11,44311,48411,51511,54111,574

11,69211,69711,73711,782

11,83811,88211,90711,977

12,02712,11812,22012,27012,318

12,37612,42312,40412,433

12,46212,49712,52712,541

12,56712,60412,65112,694

12,73412,76512,78412,79312,801

12,80412,78912,78912,774

12,77412,76412.76512,76512,760

Treas-urycur-

rencyout-

stand-ing

2,5322,5322,6362,5412,5432,5472,5502,5722,5852,5992,6092,621

2,5312,5282,6332,531

2,5312,6312,6302,532

2,5302,5372,5382,5372,541

2,5392,5412,5402,541

2,5472,5452,5472,546

2,5482,6472,6482,5502,550

2,6522,5512,5632,574

2,5722,5732,5772,577

2,6852,6872,5902,593

2,5962 5962,6012,6052,607

2,6082,6112,6112,619

2 6212,6232.6252,6302,634

Moneyin cir-cula-tion

6,5436,3496,3996,3776,4266,4626,4476,4606,5246,6426,5556,561

6,4736,3716,3396,318

6,3486,3606,3516,372

6,4076,3766,3856,3766,377

6,3876,3836,3886,381

6,4266,4056,3996,399

6,4876,4356,4156,3946,447

6,5246,4576,4366,424

6,4686,4826,5006,495

6,5326,5976,5546,529

6,5206,5696,5856.5466,519

6,5656,5646,5346,554

6,5686,5916.5966,6816,571

Treas-urycashhold-ings

2,376'2,5202,6082,7532,9673,1443,4453,5863,7203,5823,6613,631

2,3952,4392,4632,503

2,5292,5632,5752,602

2,6202,6722,6972,7232,753

2,7742,8762,9142,956

3,0133,0663,0793,140

3,1823,2543,3483,3963,445

3,5113,5503,5273,576

3,6053,6403,6723,683

3,7193,7563,4953,537

3,5753,6103,6343,6543,666

3,6623,6483,6333,626

3,6273,' 6223,6203,6253,620

Treasurydeposits

withFederalReservebanks

244195194311887393

233139141114121

232190188180

176132162180

21618687

279311

27511211995

97• 106

11780

11585

25015193

10190

184228

309253156161

156130348193

14076838294

111139135113

177242232153140

Non-mem-ber de-posits

259281288236288272285301337374472465

278308312315

286310300302

280238243326236

247236245270

286237250261

255'279267324285-

285275258305

320327340356

337314313362

369421458479485

482483503485

446419470413

OtherFed-eral

Reserveac-

counts

261260253258257255260258257265263261

261261261259

261269256255

253254261260258

258258259258

257257256256

256255263263260

258258258253

258259258258

256257266266

266265264264264

263263262261

9fi1262270269269

Member bankeserve balances

Total

6,6066,7816,695

S'«?6,8816,9156,9006,7536,7517,0146,9286,962

6,6276,7406,7556,770

6,7586,7716,7686,705

6,6606,7496,8306,5786,639

6,6846,9016,8776,934

6,8826,9436,9186,944

6,8546,9296,8086,8546,900

6,8276,9286,8586,776

6,6366,6316,7446,730

6,7316,7106^8656,977

7,0337,0036,9196,9396,951

6,8896,8796,9226,949a Qf\aD, m)\6,8366.8846,8556,983

Excess(esti-

mated)

1,9842,1522,0781,3981,594

918865791773

1.0381,0551,169

2,0102,1032,1302,160

2,1502,1842,1862,097

]:

:

1,3101,3801,4491,2691,398

1,4421,6271,6871,643

887036907938

860931752814865

875964874813

704740782761

750756880

1,020

1,0621 090*992

1,0211,073

1,0461,0661,1001,138

i noIf XIV1,0521,0571,0071,157

1 Includes industrial advances.NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article,

together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown inAnnual Report for 1936 (tables 3 and 4) and for excess reserves in BULLETIN for August 1035, pp. 499-500. Averages of daily figures for recentmonths and years are shown in the table on p. 9.


JANITART 1938 FEDERAL RESERVE BULLETIN 21

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS[In thousands of dollars]

Wednesday figures

1937

Dec. 29 Dec. 22 D e c 15 Dec. 8 Dec. 1 Nov . 24 Nov . 17

E n d of month

1937

N o v . Oct.

1936

N o v .

ASSETS

Gold certificates on hand and doe from U. S.Treasury .

Redemption fund—F. R. notes— I_.I"Other cash „ .. „„„_„

9,120,3919,913

330,644

9,120,390 9,121,907 9,121,907— " " - — 9 688

311,2829,912

283,3668,920

313,180

9,121,905 9,122,402 9,123,8989,787

322,2649,940

319,1839,287

325,221

9,122,4089,940

318,036

9,124,892 8,799,020

314,25511,407

237,476

Tota l reserves. 9,460,848 9,413,668 9,444,007

Bills discounted:For member banksFor nonmember banks , etc. . . .

12,847 16,121 15,771

9,442,877

17,3882

9,453,956

17,0312

9,451,525 9,458,406 9,450,384 9,448,529 9,047,903

15,8612

18,6942

16,5842

20,8622

6,146503

Tota l bills discounted _ 12,847

Bills bought :Payable in foreign currencies.

Indust r ia l advances2,827

18,291

16,121

2,82518,380

15,772

2,82518,432

17,390

2,82518,450

XJ. S. Government securities:BondsTreasury notes .*Treasury bills -

751,5391,154,997 1

657,479

751,539., 154,997

657,479997 1,

771,5391,134,997

657,479

738,073,168,463657,479

17,033

2,82818,464

738,0731,168,463 1

657,479

15,863

2,82818,589

738,073, 168,463 1,657,479

18,696

2,83119,256

738,073,168,463648,179

16,586 20,864 6,649

2,82818,557

738,0731,168,463

657,479

2,83219,414

3,08725,828

738,0731,158,463 1,

629,654

381,326,449,163599,738

Total Government securities,.Other Reserve bank credit-

2,564,015 2,564,015 2,564,015 2, 564,015 2,564,015 2,564,015 2,554,715 2,564,015 2,526,1903,577 56,533 29,633 9,008 495 -5 ,632 -5 ,102 4,458 10,976

2,430,227-12,734

Total Reserve bank credit outstanding....

LIABILITIES

F . R . notes in actual circulation

Deposits:Member bank—reserve account __U. S. Treasurer—general accountForeign bank _Other deposits _

2,601,557 2,657,874 2,630,577 2,611,688 2,602,835 2,595,763 2,590,396 2,606,444 2,580,276 2,463,057

4,283,385 4,346,383 4,293,307 4,294,885 4,279,489 4,264,829 4,249,618 4,273,526 4,278,921

6,982,752 6,854,904 6,884,407 6,836,282 6,906,472 6,948,927 6,922,400 6,961,735 6,927, 591Ho, Vbo258,775212,798

139,604172,634239,983

152, 593188,837280,868

231,540216,438202,583

241,843225,938219,700

176,637272,492186,855

113,302270,068214,742

135,165266,227237,178

121,300271,662193,161

4,198,618

6,788,055J 78,377

57,489143,879

Tota l depos i t s . . 7,634,973 7,477,2027,534,968 7,523,763 7,542,456 7,547,039 7,560,970 7,647,868 7,513,1307,067,800

Ratio of total reserves to deposit and F. R. noteliabilities combined (percent) 80.1 79.6 79.8 79.9 80.0 SO.O 80.1 79.9 80.1 80.3

MATURITY DISTRIBUTION OF BILLS AND U, S. GOVERNMENT SECURITIESHELD BY FEDERAL RESERVE BANKS

[In thousands of dollars]

Total Within15 days

16 to 30days

31 to 60days

61 to 90days

91 daysto 6

months

6 monthsto

lyear

1 yearto

2 years

2 yearsto

5 yearsOver

5 years

Bills discounted:Dec. 1Dec. 8Dec. 15Dec. 22__Dec. 29__

Bills bought in open market:Dec. 1 -Dec. 8..Dec. 15_.Dec. 22Dec. 29 _

Industrial advances:Dec. 1Dec. 8_Dee. 15 —Dec. 22Dec. 29

tr. S. Government securities:D e c lDec.8_Dec. 15Dec. 22Dec. 29

17,03317,39015,77216,12112,847

2,8282,8252,8252,8252,827

18,46418,45018,43218,38018,291

2,664,0152,564,0152,564,0152,564,0152,564,015

14,88915,34913,32613,06110,697

586767

1,545

4783S1826914395

1,4511,269

604625434972582

1,0911,037921

1,3051,334

33,10346,08349,01126,33324,385

438

244596563271302

41,78326,33324,38527,72033,296

174173268400

751799758684677

57,681141,93263,92666,47168,350

383275428426414

791615

1,1071,2881,989

802392515471438

147,81670,582180,299240,424265,085

645727717707728

1,3671,3861,4461,6041,431

414,467426,720415,784389,907381,170

3,6663,3173,3663,4923,490

329,712312,912252.476235,326213,895

4,8045,3845,5145,4625,602

211,298211,298275,189283,389

5,7395,5395,3495,2915,217

640,915640,916582,239593,739

687,240687,240720,706700,706700,706


22 FEDERAL RESERVE BULLETIN JANUARY 193&

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS[In thousands of dollars]

ASSETS

Gold certificates on band and duefrom U. S. Treasury:

Dec. 1Dec. 8Dec. 15 — .Dec. 22Dec. 29

Redemption fund—Federal Re-serve notes:

Dec. 1Dec. 8Dec. 15Dec. 22..Dec. 29

Other cash:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

Total reserves:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

Bills discounted:Secured by U. S. Government

obligations direct or fullyguaranteed:

Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

Other bills discounted:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

Total bills discounted:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

Bills bought in open market:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29..

Industrial advances:Dec. 1 _Dec. 8Dec. 15Dec. 22.Dec. 29

V. S. Government securities:Bonds:

Dec. lDec. 8Dec. 15Dec. 22Dec. 29

Treasury notes:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

Treasury bills:Dec. 1Dec. 8Dec. 15Dec. 22 _Dec. 29 ._

Total U. S. Government securities:Dec. 1 _____Dec. 8.Dec. 15Dec. 22 _Dec. 29

Total

9,121,905 478,990 3,559,741 481,9389,121,907 502,622 3,504,112 488,1849,121,907 522,856 3,458,263 499,2279.120,390 505,902 3, 542,410 489,3219.120,391 509,298 3, 556,816 490,479

9,7879,6888,9209,9129,913

322,264311,282313,180283,366330, 544

9,453,956 511,394 3,638,733 505,2169,442,877 534,466 3,583,648 508,7389,444,007 554,951 3,537,089 520,1349,413,668 535,626 3,612,756 509,1489,460,848 542,433 3,638,388 514,385

12,07212,21012,00411,6999,340

4,9615,1803,7684,4223,507

17,03317,39015,77216,12112,847

2,8282,8252,8252,8252,827

18,46418,45018,43218,38018,291

738,073738,073771, 539751,539751, 539

1,168,4631,168,4631,134,9971,154,9971,154,997

657,479657,479657,479657,479657,479

2,564,0152,564,0152,564,0152,564,0152,564,015

Bos-ton

908907865850850

31,49630,93731,23028,87432,285

1,208816851

495246150110150

1,3231,454

966961846

205205205205205

2,8422,9222,8812,8732,872

53,77053,77056,20854,75154,751

85,12585,12582,68784,14484,144

47,89947,89947,89947,89947,899

186,794186,794186,794186,794186,794

NewYork

1,1,6191,4371,3181,318

77,36877,91777,389

80,254

3,1203,6503,9934,6333,596

457448312395258

3,577

4^3055,0283,854

1,0071,0041,0041,0041,006

4,6054,5994,5844,5834,577

212,930212,930222,584216,814216,814

337,095337,095327,441333,211333,211

189,679189,679189,679189, 679189,679

Phila-del-phia

752689689586

22,52619,86520,21819,24123,320

2,6392,3962,4392,281I t " "

493483716739673

3,1322,8793,1553,0202,559

293293293293293

3,6013,5853,6853,6753,645

62,42362,42365,25263,56163,561

95,99497,68597,685

55,60755,60755,60755,60755,607

739,704 216,853739,704 216,853739,704 216,853739,704 216,853739, 704 216,853

Cleve-land

675,916 317,031677,687,674,681

217,691709 315; 938 220,729566 315, 543 231,719"• --" "• 229,340305,824

676, 706 297, 524 230,093 1,758,076 284,300

873872806722722

24,37722,98622,32020,64925,151

701,166 338,450 233,396 1,799,731701,567 336, 723 235,743 1,815,966 296; 427 201J 848 302i 323710,692 336,357 246,718 1,817,700 300,566 200,752 301,634 200|

,.. s 297,161702,579 319,976 246,868 1, 799,438 299,011696,052 324,678 242,606 1

840635

1,027817678

175147139233231

1,015782

1,1661,050909

269269269

779767765762762

71,84771,84775,10473,15773,157

113,742113,742110,485112,432112,432

64,00264,00264,00264,00264,0C2

Rich-mond

667362853853

20,75020,11820,45218,00121,599

392546416415385

183243299234263

575789715649648

110110110110110

1,8091,7941,7831,7751,773

38,68738,68740,44239,39439,394

61,24761,24759,49260,54060,540

34,46234,46234,46234,46234,462

134,396 112,238134,396 112,238

249,591249,591249,591 134; 396 112; 2382 4 9 , 5 9 1 • - • - - • •

249,591134,396134,396

At-lanta

1,

l! 778; 889 285; 6331,762,174 284,111

1,6481,6471,6151,5671,568

14,05713,36713,38411,69915,207

2,6322,4512,0361,471521

1,9532,370883

1,441719

4,5854,8212,9192,9121,240

99

136127127127128

32,308

33,77532,89932,899

51,15051,15049,68350,55950,559

28,78028,78028,78028,78028,780

112,238112,238

Chicago

759,709 274,623776,369 281,979

421404332761761

39,60139,19338,47934, 25940,601

290,479 198,358 303,621

.817,,797,194

255200220125150

851091127982

340309332204232

353353353353353

753753750750705

81,17381,17384,85482,65582,655

128,508128,508124,827127,026127,026

72,31072,31072,31072,31072,310

281,991281,991281,991281,991281,991

St.Louis

189,282 268,42C— """267,800

841839821806806

15,01513,60914,11212,24413,905

197,239 290,818194,681 292,226

510160303312734

22151513

532175318325735

7878787878

239237239237237

32,37932,37933,84732,96932,969

51,26051,26049,79250,67050,670

28,84428,84428,84428,84428,844

112,483112,483112,483112,483112,483

Min-neap-olis

.88,737 281,402

.92,664 280,630

.91,691 278,19589,282 7 " ' ~.85,417

468461453453

9,1528,7168,6007,5048,811

214212253249179

264262303284179

5454545454

663655642638

23,89523,89524,97924,33224,332

37.82937,82936,74537,39237,392

21,28521,28521,28521,28521,285

83,009

Kan-sas

City

787662

554554

22,14121,61723,37721,84423,872

203, 918199,993J00,632L97, 675.97,304

139279214297352

703739759797900

8421,018973

1,0941,252

8080808080

477477465464464

36,05836,05837,69436, 71736,717

57,08557,08555,44956,42656,426

32,12032,12032,12032,12032,120

83,009 125,26383,009 125,26383,009 125,26383,009 125,263

125,263

Dallas

.90,070

.86,976

.87,36085,946.84,191

261260251245245

13,58712,75713,02111,48412,868

28226216217257

18116312512741

46342528729998

80

8080

1,005998970968966

28,70928,70930,00929,23129,231

45,44845,44844,14844,92644,926

25,57'25,57<25,57^25, 5?25, 57-

99,73:99,73:99,7399,7399,73

SanFran-cisco

696,057693,995684,965682,979679,691

1,2431,2401,2191,1971,197

32,19430,20030,59828,53932,671

729,494725,435716,782712,715713, 559

385373328290285

55510

38537S333295295

200200200200200

1,5301,5281,528.1,5241,524:

63,89466,79165,05965,059*

101,151101,15198,254,99,986-99,986.

56,91756,91756,917"56,91756,917

221,962221,962221,962!221,962;221,962;


JANUAKT 1938 FEDERAL RESERVE BULLETIN 23

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,BY WEEKS—Continued


Total Bos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta Chicago St.

LouisMin-neap-olis

Kan-sas

CityDallas

SanFran-cisco

ASSETS—Continued

Total bills and securities:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

Due from foreign banks:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

Federal Reserve notes of otherbanks:

Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

Uncollected items:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

Bank premises:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

All other assets:Dec. 1Dec. 8. .Dec. 15Dec. 22Dec. 29

Total assets:Dec. 1Dec. 8Dec. 15Dec. 22 _.Dec. 29

LIABILITIES

Federal Reserve notes in actualcirculation:

Dec. 1 ,Dec. 8Dec. 15Dec. 22Dec. 29

Deposits:Member bank—reserve ac-

count:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

U. S. Treasurer—general ac-count:

Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29 _

Foreign bank:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

Other deposits:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

2,602,340 191,1642,602,680 191,3752,601,044 190,8462,601,341 I2, 597,980

748,893 223,879749,405 223,610

190,833190,717

749,597 223,986750,319749,141750,319 223,841

178181181181179

25,78426,31423,35821,62925,740

670,245569,040774,034681,498685,237

45,26845, 26945,28445,25145,235

44,16146,22336,06636,95637, 802

547451459466411

69,16156,56270,92263,17371,414

3,0063,0063,0063,0063,001

2,6372,6872,0362,1092,129

223,350

1818181818

5,9678,4025,9474,1444,546

169,390135,667193,335166,892177,089

- 9,9699,9699,9699,909

12,94013,21510,69310,83311,169

817811901906

1,281

52,74547,37960,23457,61158,904

4,8364,8364,8364,8364,826

4,9026,4184,2054,4904,607

251,654251,409251,791251,672251,531

1616161616

1,2811,2461,4521,8271,401

61,89452,26479,94061,668

6,2286,2286,2286,2156,215

4,6774,7233,8723,9364,022

12,841,932 777,922 4,585,96012,732,584 788,560 4,500,377 '12,923,974 822,233 4, 506,701 814,314

[36,890137,089[37,00436,930.36,927

8

3,3841,9471,6161,1722,316

60,97751,04764,36556,39252,416

2,7092,7092,7092,7002,700

2,6632,7002,2432,2202,294

545,081

17,05817,285.15,38315,37613,705

2,3941,9132,0122,2043,107

22,64520,11629,23026, 81523,490

2,1982,1982,1982,1952,195

1,6981,7041,3281,3591,390

379,395

283,437283,406283,426283,298283,281

2121212121

3,1473,333

12, 800,12,853,

524 795,226 4, 554,984021 810,118 4,590,371

-, ' 792,413 1,026,916 I .4,500,377 791,810 1,017,453 532,223 378,965J 814,314 1,053,991 544,302 396,875

800,850 1,021,386 524,100 390,561807,371 1,035,703 516,637 390,761

4,279,489 285,1514,294,885"4,293,3074,346, 3834,283,385 285,83!

2S8,739288,026290,003

954,736948,653

319,791322,903

955,207 323,4119C6,056 325, 720953,606 320,375

213,703214,340

433,149438,519: .437,549 213,210444,657 r436,919

217,856211,833

162,773162,721163,233166,740162,016

2,9484,219

85,56773,942107,03192,46090,043

4,5994,5994,6014,6014,601

4,0624,1173,1623,2653,332

2,180,564' 185,3842| 219,8292,183,787" 184,935

OSS, 778992,066989, 545

1,002,134994, 662

13,33212,97313,11813,12313,533

1,8372,0011,7222,2421,768

27,42326,70933,70031,76529,433

2,3452,3452,3452,3452,344

1,6461,6741,2981,3301,347

t37,065[42,132152,752147,969147,439

80,738SO, 991.81,85484, 536.82, 765

84,015

84,02183,98983,880

22222

1,522782855

1,1951,820

20,62216,75621,38020,58918,022

1,5081,5091,5221,5221,522

1,5371,5511,2641,2991,310

307,564306,436309,796305,835301,237

38,68439,095.38,431.40,012.37,965

.26,662

.26,838,26, 78126,90127,059

55555

9921,5381,6461,6321,135

37,22231,93038,60935,08132,281

3,1593,1593,1593,1593,159

1,8951,9131,5261,5651,600

173,556t67,706173,360159,161157,465

01,27901,23401,06801,07800,875

55565

504502542604785

24,85924,07029,45828,87826,307

1,3561,3561,3561,3571,357

1,6341,5901,2751,3381,336

333,555328,750334,336330,935327,969

6,906,472 372,568 3,018,691352,74'6,836,282 395,158 2,938,379 347,490

"- I 2,980,729 353, """2,986,485 357,849

6.884,40'6,854,904 396; 4006,982,752 406,079 3,04l | 232 373,430

452,611449,407450,042449,083

231,421224, 51:215,12:

465,906 219,012

167,628169,063

. L 172,435216,809 171,739

2 178,060

1,006,4001,006,48:1,012,68'

197,782 125,254204,440 !200,042

998,856 203,250,006,555 204,582

129,19:125,95123,62124,77S

68,30768,84:68,50:70,19368,424

240,280240,754237,18'234,679234,934

89,40'89,23488,19089,30287,039

192,34187, 55S189,606185,457187, 987

176, 63:241, 843231, 540152,593139, 604

272, 492225,938216,438188,837172, 634

186,855219,700202,583280,868239,983

4,0934,211

18,24'5,5775,712

19,83116, 38515,75413,78012,5S7

2,5582,7433,9174,1184,070

92,101111,65629,44219,99742,021

98,00082,51478,53968, 21362,453

133,382168,422158,578238,164197,449

3,13613,36021,307

7,4242,390

26,62321,99621,14918,50016,898

5,2904,9682,0921,9492,259

10,99617,30336,84218,90112,601

24,99320,65019,85417,36"15,863

10,8247,5703,6703,0302,956

10,31815,29026,80313,8598,729

11,6829,6519,2808,1177,41£

3,3943,3433,3952,9733,000

3,0904,484

12,8129,0176,234

9,5087,8567,5536,6076,035

2,03e2,0212,28:1,9612,491

20,54239,97741,10133,88726,744

31, 51226,03e25,03221,89720,002

l,50S1,2201,6751,22-1 , "

6,1566,145

13,7787,0607,067

8,1506,7346,4745,6635,173

5,1315,7845,6425,8515,21!

5,513,8277,7026,6824,156

6,2455,1624,9644,3423,96(

2,62C3,3512,8713,0922,958

9,0739,897

13,8355,8326,685

7,87£6, SOS6,25£5,4^5,00C

31'375446348342

3,3S76,7284,1178,18:3,35:

7,8786,5096,25$5,4745,0OC

1,8252,0352,9242,5832,74£

224,077224,068224,023223,981223,981

1313131313

3,3923,3882,3182,2892,951

37,74032,59845,83040,17435,899

3,3553,3553,3553,3463,346

3,8703,9313,1643,2123,266

001,941992,788995,4859S5,730983,015

344, 275345, 783346f 149349,174341,949

548,740543,847547,515530,676540,197

8,2298,9655,55716,17013,914

19,28815,93615,32213,40312,242

17,97217,86815,09515,55815,134


24 FEDERAL RESERVE BULLETIN JANXTABT 1938

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,BY WEEKS—Continued


Total Bos-ton

NewYork

Phila-del-phia

Cleve*land

Rich-mond

At-lanta Chicago St.

LouisMin-neap-olis

Kan-sas

CityDallas

SanFran-cisco

LIABILITIES—Continued

Total deposits:Dec. 1_Dec. 8Dec. 15Dec. 22Dec. 29

Deferred availability items:Dec. 1_Dec. 8Dec. ISDec. 22 _Dec. 29

Capital paid in:Dec. 1Dec. 8Dec. 15Dec. 22.Dec. 29

Surplus (section 7):Dec. 1 _.Dec. 8Dec. 15Dec. 22Dec. 29

Surplus (section 13b):Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

Reserve for contingencies:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

All other liabilities:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29_._

Total liabilities:Dec. 1 _...Dec. 8Dec. 15. _„ .Dec. 22 _Dec. 29

Contingent liability on bills pur-chased for foreign correspond-ents:

Dec. l _Dec. 8Dec. 15Dec. 22Dec. 29

Commitments to make industrialadvances:Dec. 1 _Dec. 8 _ _Dec. 15Dec. 22Dec. 29

7,542,456 399,050 3,343,074 387,7967,523; 763 418,497 3,300,971 387,8147,534,968 437,544 3,247,288 398,0147,477,202 419,875 3,312,859 385,7227,534,973 428,448 3,343,155 394,977

499,424 .494,930 252,797

256,819 182,262 1,059,964-' 1,073,714

1,080,493241,758 189,330 1,055,867

497; 326 238,156 192,826 1,054,662

510,408 254,599 195,081488,381 "" "

669,928560,213744,682625,146681,839

132,518132,534132,550132,619132,737

145,854145,854145,854145,854145,854

27,61527,61527,61527,61527,615

35,73435,73335,69735,67335,673

8,33811,9879,30110,03210,945

69,57555,30972,43761,06971,454

9,3839,3839,386

9,8269,8269,8269,826

2,8742,8742,8742,8742,874

1,5701,5701,5701,5701,570

4932,362573626728

166,374129,123182,176154,006171,116

51,04551,05351,04951,05651,059

51,47451,47451,47451,47451,474

7,7447,7447,7447,7447,744

9,1179,1179,1179,1179,117

2,3962,2422,6462,6723,100

51,12045,82459,10055,29257,839

12,26212,26212,26212,25812,258

13,36213,36213,36213,36213,362

4,32,4,3254,3254,3254,325

3,0003,0003,0003,0002,999

7572,320839

1,1711,236

62,22951,82373,79756,05169,024

12,94612,94712.95812.95913,036

14,32314,32314,32314,32314,323

1,0071,0071,0071,0071,007

3,1213,1213,1213,1213,121

717783828887947

59, 58550,08161,49049,43851, 564

4,8854,r~4,8874,8884,896

4,14,J4,8694 , r "4,!3,4223,4223,4223,4223,422

1,4971,4971,4961,4971,497

301331329372400

21,49419,94025,65721,59623,002

4,3924,3904,3914,4024,400

5,6165,6165,6165,6165,616

754754754754754

1,7151,7151,7151,7141,715

405428409432

86,95674,673104,80780,68090,449

12,90212,90312,90512,90712,920

21,50421,50421,50421,50421,504

1,4161,4161,4161,4161,416

7,6947,6947,C"7,<7,666

1,3501,4141,4931,6131,656

217,219223,103225,936221,832222,034

28,56427,44934,38830,99532,007

3,8433,8493,8563,867

139,638141,531141,488137,737135,858

19,83016,34520,40118,60717,928

2,8922,892

4,6554,6554,6554,6554,655

545545545545545

1,1751,1741,1741,1741,174

326366344365391

2,8932,893

3,1163,1163,1163,1163,116

1,0031,0031,0031,0031,003

2,0202,0202,0132,0132,013

381434451454461

257,545257,535257,723246,333246,961

37,71531,31237,05032,51131,926

4,0704,0704,0734,0834,084

3,6133,6133,6133,6133,613

1,1421,1421,1421,1421,142

941941941941941

223252317345374

205,436202,831202,905201,701199,083

27,56725,54732,10828,75630,623

3,8773,8773,8773,8773,891

3,8513,8513,8513,8513,851

262262262262262

,847,847,8471,8471,847

311301296339373

594,229586,616583,486575,807581,487

38,91932,78741,27136,14534,907

10,02110,02210,01610,04610,046

9,6459,6459,6459,6459,645

2,1212,1212,1212,1212,121

2,0372,0372,0372,0132,013

777757779847

12,841,932 777,922 4,585,960 792,413 1,026,916 545,081 379,395 2,180,5641,017,453 532,223 378,965 2,185,3841,053,991 544,302 396,875 .1,021,386 524,100 390, 5611,035,703 516,637 390,761

12,732,584 788,560 4,500,377 79lj 81012,923,974 822,233 4,506, 701 814, "12,800,524 795,226 4, 554,984 800,12,853,021 810,118 4,590,371 807,371

437,065 307,564', , 442,132 306,436 467,706 328,750

544,302 396,875 2,219,829 452,752 309,796 473,360 334,336"' 2,183,787 447,969 305,835 459,161 330,935

2,184,935 447,439 301,237 457,465 327,969

473,556 333,555 1,001,941992,788995,485985,730983,015

I,1,1,7851,6801,""

13,24913,13712,95512,84112,780

138138138123123

1,7711,7641,7341,7221,706

682476579606623

4,7754,7744,6124 , • • •

4,555

185185185165165

136141141143173

174174174154154

'812805833761753

1,6581,6571,6511,6401,634

350350350350345

219219219195195

183181176176176

114112112112111

269269269269

134134134119119

3,1203,0233,0163,0093,007


JANUABT 1938 FEDERAL RESERVE BULLETIN 25

INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERALRESERVE ACT, JUNE 19, 1934, TO DECEMBER 29, 1937

[Amounts in thousands of dollars]

Date (last Wednesday ofeach month)

Applicationsreceived to date,

net

Number Amount

Applications rec-ommended forapproval by In-dustrial Advi-sory Commit-tees to date(with and with-out conditions)

Applications approved to date by Federal Reserve banks (with andwithout conditions)

Total

Number Amount Number Amount

FederalReserve

bankadvances

out-standing

FederalReserve

bankcommit-mentsout-

standing

Approvedbut not

com-pleted*

Expired,repaid,or with-drawn by

appli-cant,etc.

Financ-ing insti-

tutionpartici-pations

out-standing3

1936-July 29Aug. 26..Sept. 30 ,Oct. 28 _Nov. 25Dec. 30 ,

1937-Jan. 27.Feb. 24 . „ _Mar. 31Apr. 28May 26 >_June 30July 28Aug. 25Sept. 29Oct. 27Nov. 24 _.Dec. 29

8,1978,2408,2848,308

8,379

8,4278,4838,5108,5248,5468,5548,5728,5938,6068,6338,677

331,659333,930336,119336,763339,903342,699342,999343,904346,911348,342349,288351,420352,024352,666354,426354,872359, 706363,292

2,4132,4372,4632,4772,4832,5002,5062,5172,5432,5632,5772,5872,5902,5982,6102,6182,6242,640

143,978145,939147,191148,237148,317149,204149,527149,711150,561152,724153,720154,960155,023155,514155,902156,413156,533158,743

2,1982,2182,2432,2592,2662,2802,2872,2972,3232,3362,3532,3612,3672,3732,381

2,3922,406

134,233135,421137,251138,731138,938139,829140,213140, 515141,545144,564145,228145,768145,887146,457146,724147,295148,208150,987

30,21729,26528,88527,03826,72025,53324,78124,20823,05423,90423,19623,01422,46221,75221,39520,87520,61620,200

23,71123,35523,30722,79022,04020,95920,23819,52318,61117,52817,18816,33115,72615,17914,88014,48813,31612,780

8,4299,1688,5668,5447,7198,2267,6977,7097,8989,0458,4621,4701,0981,151

534899

1,3823,369

64,34266,30469,21772,91575,04577,90380,50082,16385,21586,80689,26897,66899,271

101,139102,611103,806105,749109,400

7,5347,3297,2767,4447,4147,2086,9976,9126,7677,2817,1147,2757,3307,2367,3047,2277,1457,238

* Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.* Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to

$11,168,763 on December 29,1937.NOTE.—On December 29,1937, there were 46 applications amounting to $3,583,250 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 Bos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

Kan-sas

CityDallas

SanFran-cisco

Federal Reserve notes:Issued to F . R. bank by F . R . agent:

Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29 „_

Held by Federal Reserve bank:Dec. 1Dec. 8Dec. 15_.._ _Dec. 22Dec. 29 _

In actual circulation;!Dec. 1Dec. 8..Dec. 15.Dec. 22Dec. 29

Collateral held by agent as security fornotes issued to bank:

Gold certificates on hand and duefrom U. S. Treasury:

Dec. 1Dec. 8 __Dec. 15 _ „ .Dec. 22 _ _Dec. 29

Eligible paper:Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

U. S. Government securities:Dec. 1 -Dec. 8Dec. 15Dec. 22Dec. 29

Total collateral;Dec. 1Dec. 8.Dec. 15 -Dec. 22 _Dec. 29

4,623,6034,665,9624,669,1984,709,9224,683,094

344,114371,077375,891363, 539399,709

4,279,4894,294,8854,293,3074,346,3834, 283,385

4,645,6324,690,6324,705,6324,730,6324,735,132

16,45016,67714,80115,11811,950

20,00020,000

335,848339,506336,366336,759328,956

50,69750,76748,34046,75643,124

285,151288,739288,026290,003285,832

,064,619, 079,529,084,993,094,666,091,838

109,883130,876129,786128,610138,232

954,736948,653

[61,148 226,780t65, 572 227,085

335,406338,938 4 ,343,502 464,540 226,963343,982 4341,969

i68,191167,997 227,

231,676"",487

15,61516,03520,09018,26221,594

319,791322,903

955,207 323,412966,056 325,720

341,000341,"*341,341,341,

000 1,000 1,000 I000 L

1,3231 435893894784

953,606

1,070,000\ 080,000i, 090,000., 100,000.,100,000

3,5174,0234,2754,9973,812

320,375

27,99927,05326,99123,53431,078

133,149138, 519137,549144,657L36,919

13,07712,74513,75313,82015,654

213,703214,340213,210217,856211,833

337,000 462,500342,000 466,500 228,000

227,000228,000228,000347,000 466,5001 ,

347,000 471,500 232,000347,000 ^

.81,792S2,2S482,569.84,90784,486

19,01919,56319,33618,16722,470

162,773162,72163,233.66,740.62,016

.62,000162,000162,000166,000

014,391021,273020,288037,197030,395

25,61329,20730,74335,06335,733

988,778992,066989,545002,134994,662

.94,317

.95,44194,674.97,600.07,474

13,57914,45012,82013,06414,709

L80,738180,991.81,854.84,53682,765

1020,000,040,000,040,000

471,500 228,000 166,000

200,632200,632

. . (200,632,040,000 200,632056,000 200,632

2,9742,6752,7012,5812,161

1,015777

1,161945804

560789715649648

340284306204232

20,00020,00025,000

4,682,0824,727,3054,740,4334,765,75C4,772,082

1,073,51"1,084,"

342,323342,435 . .341.893 1,094,275 349,341.894 1,104,997 ' "341,784 1,103,812

339,974023 344,675

. . ',701894 1,104,997 349,581

349,161

463,515467,277467,661472,445 232; 64!

227,560228,789228,715

4,3494,5482,6592,6761,046

20,00020,00020,00020,00020,000

186,349 1,020,34C31,040.284

1,040,306

532175318325735

44,30144,243.44,446.44,765.43,595

5,6175,1486,0154,7535,630

.38,684

.39,095

.38,431

.40,012[37,965

L47,000L47,000147,000147,000140,500

17917720818S102

11,326.80,564179,911[81,260L79,153

9,01911,72311,41011,06710,729

[68,307168,841.68,501.70,193.68,424

80,00080,000.80,00082,000£2,000

813990945

1,0651,233

96,79298,08297,84497,91297,489

7,3888,8489,6548,610

10,450

390,883593,445393,102391,007392,255

46,60844,66246,95341, 83350,306

404 344,275348,783346,149

, !349,17487,039 341,949

89,23488,19089,302

99,500 399,00099,500 404,00099,500 404,00099,500 404,00099,500 404,000

46342628729998

385378333295295

5,00C

472,304 228,648

, ',179 180,812040.284 200,807 147,177 180,99C"'"• ~" 1147,208 180,945

147,188 183,065

186, 548 1,184,659 1 ,188,6761,040,204 200,957187,046

201,164 147,:200, £200,950

99,96399,92€99,78;

399,385404,378404,333

99,926 404,378

1,055,232 201,367 145,602 183,23399,799 404,29599,598 404,295

1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank.



RESERVE POSITION OF MEMBER BANKS,NOVEMBER, 1937

[Averages of daily figures. In millions of dollars]

Classes of banksand districts

All member banks. .

Central reserve city banks:New YorkChicago

Reserve city banks:Boston districtNew York districtPhiladelphia district-.Cleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis d i s t r i c t -Kansas City district...Dallas districtSan Francisco district.

Total

Country banks:Boston districtNew York districtPhiladelphia district..Cleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis d i s t r i c t -Kansas City d i s t r i c t -Dallas districtSan Francisco district.

Total

Grossde-

mandde-

posits

28,717

9,5322,144

944175

1,0301,386

620556

1,112683348922605

1,914

10,298

7801,196

573571500418781333302443501344

6,742

Netde-

mandde-

posits *

23,875

8,8321,892

843145861

1,142468423855544269669429

1,558

8,206

620938452428345291573237202285332242

4,945

Timede-

posits

11,555

850445

11115424973320317350917293

159117

1,852

4,525

5751,413

87466333221065223127615794

258

5,735

Reserves withFederal Reserve

banks

Re-quired

5,815

2,347519

17538

18727210695

20211959

14393

423

1,913

1212161161006853

1194745495249

1,036

Held

6,919

2,720588

21942

21731813410423814068

173107485

2,246

1462841441349465

1676061727960

1,365

Ex-cess

1,104

37369

444

3046289

37219

291462

333

246828342611481316232710

328

i Gross demand deposits minus demand balances with domestic banks(except private banks and American branches of foreign banks) andcash items in process of collection.

NOTE.—See table at foot of page 37, for percentages of deposits re-quired to be held as reserves.

MEMBER BANK RESERVE BALANCES,BY CLASSES OF BANKS

[Averages of daily figures. In millions of dollars]

Total reserves held:1936—October

NovemberDecember _.

1937—JanuaryFebruaryMarch»AprilMay*JuneJuly _AugustSeptemberOctober.November.

Week ending (Friday):Nov. 5Nov. 12Nov. 19Nov. 26Dec. 3Dec. 10_-__Dec. 17Dec. 24

Excess reserves:1936— October

November.December

1937—JanuaryFebruaryMarch» _.April __.May * __.JuneJulyAugustSeptemberOctoberNovember.

Week ending (Friday):Nov. 5 _Nov. 12Nov. 19Nov. 26Dec. 3Dec. 10Dec. 17Dec. 24

Allmem-

berbanks1

6,5946,7856,6656,7166,7476,7046,8246,9326,8786,8456,7016,8546,9546,919

6,9016,8786,9166,9546,9266,8516,887

2,0432,2192,046

2,1521,3711,552

927876876750900

1,0431,104

1,0601,0591,0991,1511,1331,066

PI, 052n,019

Central reservecity banks

NewYork

2,5742,695

2,7192,8122,6522,7392,6842,6692,6522,5222,6722,7672,720

2,7412,6852,7122,7502,7112,6212,6602,657

639751697767868401530203176199108235354373

377339367404374285291298

Chi-cago

637651605568546533563589603581568576581588

582580583593605606611585

20522117514712854

1015170523443

Re-servecity

banks

2,1532,1852,1572,1582,1282,2032,2012,2722,2302,2522,2482,2322,2402,246

2,2172,2332,2462,2612,2602,2632,2702,260

724675662651488490316289301287289307333

297317330356358363359351

Coun-try

banks*

1,2301,2541,2411,2711,2611,3151,3211,3861,3771,3601,3621,3751,3661,365

1,3611,3811,3741,3511,3501,3611,3461,336

502523498518505428431357341324321333323328

321341338318317329

P313P303

1 Weekly figures of excess reserves of all member banks and of countrybanks are estimates.

» Reserve requirements increased March 1,1937, and May 1, 1937; seetable at foot of page 37 for amount of changes.

p Preliminary.

DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS[Averages of daily figures. In millions of dollars]

Federal Reserve district

All member banks

Gross demand

Nov. Oct.

Time

Nov. Oct,

Member banks in larger centers(places over 15,000)

Gross demand

Nov. Oct.

Time

Nov. Oct,

Member banks in smaller centers(places under 15,000)

Gross demand

Nov. Oct.

Time

Nov. Oct,

BostonNew York . . . .Philadelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis-Kansas C i ty . .DallasSan Francisco.,

* Tota l . . -

1,72510,9041,6021,9561,120

9744,0371,021650

1,3651,1062,258

1,74511,1941,6281,9891,121984

4,0701,022

6491,3811,1102,286

6862,4171,1231,395

535383

1,606404369316211

2,110

2,4051,1321,395

537385

1,599403369317210

2,125

1,6021 1,101

1,3811,736

934835

1 1,594827470

1,039819

2,126

1,618i 1,121

1,4011,762

935847

U,611822468

1,052827

2,151

558i 1,075

6721,103

349302

1890292180200168

2,013

56411,078

6811,103

350304

1886290181201167

2,028

123271221221186139299194180326287132

128275227227185137304200181329283134

1284924502921S681

2711121881164396

12849645129218781

2691131891164397

28,717 29,179 11,555 11,569 l14,462 U4,616 17,804 17,832 2,578 2,611 2,456 2,462

* Excluding central reserve city banks, for which figures for latest month are shown in table above.


JANUARY FEDERAL RESERVE BULLETIN 27

KINDS OF MONEY IN CIRCULATION[Outside Treasury and Federal Reserve banks. In millions of dollars]

End of month

1936—September .__October

December

1937—January *. . . . . . . . . . . .FebruaryMarch .

May . . . . . .June —JulyAugust „ -Sept.GTTiber

November ~_~_

Total

6,2676,3516,4666,543

6,3496,3996,3776,4266,4626,4476,4606,5246,5426,5556,561

Goldcertifi-cates

98979695

9402919089888786868584

Silverdollars

37373738

3737373738383839393940

Silvercertifi-cates

9981,0201,0511,057

1,0121,0221,0221,0391,0621,0781,0881,1151,1271,1291,144

Treas-ury

notesof 1S90

1111

11111111111

Subsid-iary

silver

326329334337

329329333335338341341345348349352

Minorcoin

138139141142

140140141142143144144146147147148

UnitedStatesnotes

278282289289

276288287291289281286286284285284

FederalReserve

notes

4,0114,0764,1564,233

4,1184,1554,1394,1714,1894,1694,1764,2134,2224,2384,232

FederalReserve

banknotes

47464544

4241404038383736353534

Na-tionalbanknotes

332324316307

300294287281275269263258253248243

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]

End of monthTotalin cir-cula-tiom

Coin

Paper currency *

$2 $5 $10 $20$50 and over

Total $50 $100 $500 Sl.CCO $5,000 $10,000

Un-assort-ed*

1936—September.October...November.December.

1937—January...February.-MarchAprilMayJuneJulyAugustSeptember.October...November.

6,2676,3516,4666,543

6,3496,3996,3776,4266,4626,4476,4606,5246,5426,5556,561

501505513517

506506511514518523523529534535540

477484492499

472475476482489487488498503502504

33333335

3333333333343333333333

882900906

864874869883893885894907908909912

1,4881,5161,5481,563

1,5001,5191,5191,5421,5581,5391,5501,5741,5741,5761,574

1,4371,460;, 486,501

i,458,464,451,468,466,458,454.,466,467

1,4741,480

1,4671,4781,5011,530

1,5251,5381,5201,5071,5071,5261,5201,5201,5271,5311,525

383385390399

393395386381380384381382382384381

673679690707

702706696687689

702704701

130132132135

135135136137136138137137138138136

253255258265

269273275277278283283283285286287

47

8

910234524456

i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks.* Includes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by

the Treasury as destroyed.Back figures.—See Annual Report for 1936 (table 37).

TREASURY CURRENCY OUTSTANDING[Held by Treasury and Federal Reserve banks and in circulation. In

millions of dollars]

SHIPMENTS AND RECEIPTS OF UNITEDSTATES PAPER CURRENCY

[By selected banks in New York City. In thousands of dollars]

End of month

1936—September.OctoberNovember.December..

1937—JanuaryFebrua ry -MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.

Total

2,5122,5152,5212,532

2,5322,5362,5412,5432,5472,5502,5722,5852,5992,6092,621

Silverdollars

andsilverbul-lioni

1,2941,3031,3101,323

1,3321,3431,3551,3651,3751,3821,4091,4241,4411,4551,468

Sub*sid-iarysilver

341346351356

356356357357358359361363364367370

Minorcoin

143145146147

148149149150150151151152153154155

UnitedStatesnotes

347347347347

347347347347347347347347347347347

Fed-eralRe-

servebanknotes

•35

Na-tionalbanknotes

Year or month

339329322314

305298291284278272266262257251247

1932.1933.1934.1935.1936.

1936—No vember..December..

1937—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember-OctoberNovember..

Ship-ments toEurope

567554345

10,62834,774

5,9608,469

2,0924,279

9681,434

9097,000

809877

1,946781336

Receiptsfrom

Europe

83,83891,05940,58719,96626,216

1,536745

2,1973,2653,7283,0231,8651,9722,5862.8392,2714,531

13,326

Netship-

ments

8,558

4,4247,724

1,014

5,028

Netreceipts

83,27190,50540,2429,338

105

2,7601,589

956

1,7771,962

3253,750

12,990

* Includes silver held against silver certificates amounting to $1,380,-000,000 on Nov. 30, 1937 and $1,211,000,000 on Nov. 30, 1936.

For description and back figures seepp. 7-9.

BULLETIN for January 1932,



ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK

[In millions of dollars]

Year or month

1934

1936—November.December-

Year

1936—JanuaryFebruary __MarchAprilMayJuneJulyAugustSeptember-October-—November.December _

Year ; . . . .

1937—JanuaryFebruary._March ,AprilMay^_,June _,JulyAugustSeptember-OctoberNovember..

Gold stock atend of yearor month

TotalInactiveaccount

8,238

9,92010,125

10,125

10,18210,16710,18410,22510,40210,C0810,64810,71010,84511,04511,18411, 258

11,258

11, 35811,43611,57411, 79911,99012,31812,44612,56712,74112,80312,774

26.5

26.5

126.5204.7342.soao759.1

1,086.81,214.11,335. 71,210.01,271.91,242. 5

Increasein

totalgoldstock

4202.5

226.7205.2

1,887.2

57.2-15.5

17.241.0

176.7206.639.268.4

129.0199.7139.673.3

1,132.5

100.178.2

137.9225.6191.1327.8127.3121.6174.362.0

-29.3

Netgold

import

1,133.9

210.6190.0

1,739.0

45.6-16.6

5.528.1

170.0277.8

15.467.5

171.8218.8

75.857.0

1,116.6

121.3120.3154.3215.8155.4262.0175.4104.8145.590.522.1

Netreleasefromear-

mark

82.6

1.3

.2

- 1 . 7- 9 . 5

1.0- . 2

- 3 . 2-24 .8

2.3-11.9-28.8-11.3

3.0- . 7

-85.9

-48.3- 8 . 0- . 47.2

26.2-15.9-35.5- 5 . 3

9.3- 8 . 0

-20.1

Do-mes-tic

goldpro-duc-tion

96.3

9.611.5

110.7

9.28.49.69.6

10.410.012.813.112.113.811.810.9

131.6

9.48.1

10.68.9

12.111.012.516.612.014.6

*13.7

J» Preliminary.NOTE.—Figures for domestic production of gold are those published

In table, p. 57, adjusted to exclude production in Philippines. Adjust-ment based on annual figures reported by Director of Mint and monthlyimports of gold to 17. S. from Philippines. For back figures, other thanthose of domestic gold production, see Annual Keport for 1936 (table 30.)

BANK

Number of banks suspended:1934193519361937, Jan.-Nov

Deposits of suspended banks(in thousands of dollars):*

1934 .19351936.1937, Jan.-Nov

SUSPENSIONS1

Total,all

banks

67344456

36,93710,01511,30618,602

Memberbanks

Na-tional

1414

406,313

5077,158

State

2

1,707

Non-memberbanks

In-sured1

8224044

1,9123,763

10,2079,257

Notinsured

48836

34,985939692480

i Represents licensed banks suspended; does not include non-licensedbanks placed in liquidation or receivership.

* Federal deposit insurance became operative January 1, 1934.1 Deposits of member banks and insured non-member banks suspendedare as of dates of suspension, and deposits of non-insured non-memberbanks are based on the latest data available at the time the suspen-sions were reported.

Back figuret.—Bto Annual Report for 1936 (table 71).

MOVEMENT OF GOLD TO AND FROMUNITED STATES*[In thousands ot dollars]

From or to—

Belgium .„_ .France »-GermanyNetherlandsSwitzerlandUnion of Soviet

S o c i a l i s t He-publics

United Kingdom..CanadaCentral America. _,Mexico ,ArgentinaChile _ColombiaEcuadorPeru.. . .—UruguayVenezuelaAustraliaBritish IndiaChina and Hong

KongDutch East Indies.JapanPhilippine Islands.All other countries'.

Total

1937

November

Im-ports

33 25,001

15816331

2,308

4874,323

126178

1043,173

767

37,1482,286

100

52,194

Ex-ports

5,060

23

30,084

October

Im-ports

22,030

24,402

2902,313

1,1658

145149

492,0766,902

19,8821,376

252

90,709

Ex-ports

224

232

Jan.-Nov.

Im-ports

90,87026,278

6,46154,452

504896,713108,761

3,44535,835

118,897

18,3811,6132,882

53130,92750,655

1,556

227, 69623,136

1,598,490

Ex-ports

1225,001

5,14347

756

30,968

* Figures represent customs valuations which, with some exceptions,are at rate of $35 a fine ounce.

> Includes all movements of unreported origin or destination.Back figures.—See table p. 57, and Annual Report for 1936 (tables 32

and 33).

BANK DEBITS[Debits to individual accounts. Amounts in millions of dollars]

New York CityOutside New York City..Federal Reserve districts:

Boston. __New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total..

Num-berof

centers

140

141

1937

Nov. Oct.

13,43218,160

1,96614,1191,4581,841

708846

4,694925633

1,086694

2,623

31,593

16,15119,923

1,98116,8831,6222,137

810952

5,0961,075

6911,200

7542,871

36,073

1936

Nov.

17,39418,475

35,869

Back figures.—See Annual Report for 1936 (table 67).


JAKTOABT 1938 FEDERAL RESERVE BULLETIN 29

ALL BANKS IN THE UNITED STATESComprises 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 periodJune 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports tothe Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Cur-rency, For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin forDecember 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures areavailable.

NUMBER OF BANKS

Call date

1933—June 30Oct 25 l

Dec. 30

1934—Mar. 5*.June 30Oct 17l

Dec. 31

1935— Mar. 4June 29Nov. 1Dec. 31

1936—Mar. 4June 30Dec. 31 _

1937—Mar. 31June 30*.

Total

14,519

15,011

15,835

16,039

16,02415,99415,90415,837

15,80815,75215,628

15,56915,527

Member banks

Total

5,6065,8186,011

6,2066,3756,4336,442

6,4226,4106,4006,387

6,3776,4006,376

6,3676,357

Na-tional

4,8975,0525,154

5,2885,4175,4616,462

5,4465,4256,4035,386

5,3755,3685,325

5,3055,293

State

709766857

918958972980

976985997

1,001

1,0021,0321,051

1,0621,064

Nonmemberbanks

Mutualsavingsbanks

576

579

578"

579

579571571570

569566565

565564

Othernon-

mem-ber

banks

8,337

8,421

"1"882

9,018

9,0239,0138,9338,880

8,8628,7868,687

8,6378,606

For footnotes see table below.

DEPOSITS, EXCLUSIVE OF INTERBANKDEPOSITS*


Call date

1933—June 30...Oct. 251Dec. 30. . .

1934—Mar. 5 » „June 30—.Oct 17l

Dec. 31

1935—Mar. 4 . . . .June 29.._Nov. 1_._.Dec. 3 1 . . .

1936—Mar. 4 . . . .June 30.. .Dec. 3 1 . . .

1937—Mar. 31. . .June30»__

Allbanks

37,998

38,505

"41,"870"

44,770

44,45545,76647,52248,964

48,71651,33553,701

52,57753,287

Member banks

Total

23,33S23,45323,771

25,29326,61527,48428,943

28,58929,49631,07232,159

31,77434,09835,893

34,74635,440

Na-tional

14,77215,07015,386

16,20317,09717,69318,519

18,50219,03120,12820,886

20,60521,98623,107

22,35522,926

State

8,5668,3838,385

9,0909,5189,791

10,424

10,08710,46510,94411,273

11,16912,11212,786

12,39012,514

Nonmember banks

Mutualsavingsbanks

9,713

9,708

9,780

9,828

9,8379,9209,9369,903

9,97210,06010,143

10,15710,213

Othernonmem-ber banks

4,946

5,026

5,475

6,000

6,0296,3506,5136,842

6,9707,1767,666

7,6747,635

For footnotes see table below.

LOANS AND INVESTMENTS[In millions of dollars

Call date

1933—June 30Oct. 25 l

Dec. 30

1934—Mar. 5 *June 30Oct. 17 *Dec. 31

1935—-Mar. 4June 29Nov 1Dec. 31.

1936—Mar 4June 30 „ . .Dec. 31

1937—Mar. 31June 30«

All banks

Total

40,076

40,319

42,602

43,458

43,74744,41645,00845,717

46,11548,45849, 524

49,13849,696

Loans

22,203

21,977

21,278

20,473

20,39420,27220,14020,329

20,26720,67921,449

21,79022,514

Invest-ments

17,872

18,342

21,224

22,984

23,35324,14524,86825,388

25,84727,77828,075

27,34827,182

Member banks

Total

24,78624,95325,220

26,64827,17527,55928,160

28,27128,78529,30129,985

30,28832,25933,000

32,52532,739

Loans

12,85813,05912,833

12,70612,52312,29312,028

11,95311,92811,84112,175

12,09912,54213,360

13,69914,285

Invest-ments

11,92811,89412,386

13,84214,65215,26716,122

16,31816,85717,46017,810

18,18919,71719,640

18,82618,454

Nonmember banks

Mutual savings banks

Total

10,044

9,985

9,904

9,782

9,7759,8529,8549,804

9,7959,961

10,060

10,09610,180

Loans

5,941

5,906

5,648

5,491

5,4785,3415,3025,210

5,2025,1055,027

5,0266,002

Invest-ments

4,103

4,079

4,256

4,291

4,2974,5114,5524,594

4,5924,8565,034

5,0705,178

Other nonmember banks

Total

5,246

5,115

5,423

5,526

5,7015,7795,8535,927

6,0326,2386,464

6,5186,778

Loans

3,404

3,238

3,108

2,955)

2,9633,0032,9972,944

2,9663,0323,062

3,0653,227

Invest-ments

1,841

1,877

2,315

2,571

2,7382,7772,8562,983

3,0663,2063,402

3,4533,550

* 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.

* Beginning with this date (1) the figures exclude private banks in Georgia which no longer report to the State banking department (43 suchbanks 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 andindustrial 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 invest-ments of $61,165,000. The figures already include such Morris Plan and industrial banks in other States as are covered by State banking depart-ment reports.

Back figures.—Bee Annual Report for 1936 (tables 48-49).


30 FEDERAL EESERVE BULLETIN JANUARY 1938

ALL MEMBER BANKS—LOANS AND INVESTMENTS[In millions of dollars]

Call date

TOTAL—ALL MEM-BER BANKS

1929-Dec. 311933—June 30»1934—Dec. 311935—June 29

Dec. 311936—-Mar. 4

June 30 —Dec 31

1037—Mar. 31June 30 -.—

. NEW YORK CITY '

1929—Dec. 311Q1&—Time " 0*1934—Dec. 311935—June 29

Dec 311036-Mar. 4

June 30 - --Pec. 31

19^7 Mar 31June 30 -...,

CITY OF CHICAGO *

1929 Dec 31toqq Tune 30 *1934—Dec. 311936—June 29

Dec. 311936—Mar. 4

June 30Pec. 31

1937—Mar. 31June 30

EESERVE CITYBANKS

1929—Dec. 311933—June 30 *1934—Dec. 31 - —1935—June 29

Dec. 311936-Mar. 4

June 30Dec. 31

1937—Mar 31June 30

COUNTRY BANKS

1929—Dec. 311933—June 30 >1934—Dec. 311935—June 29

Dec. 311936—Mar. 4. , .

June 30Pec. 31

1937-Mar. 31June 30

Totalloansand

invest-ments

35,93424,78628,15028,78529.98530,28832,25933,00032,52532,739

8,7747 1337,7618,3038,4188,8029,6569,2809 1019,006

1,7571 2871,6811,5921,8681,9461,9512,1001,8681,969

12,0298,492

10,02810,15110,78010,65511,30611,79511 61111,629

13,3757,8738,7808,7398,9198,8859,4469,8259,945

10,134

Loans to customers (except banks)

Total

23,19311,33710,50910,36910,54810,46010,94311,62811,86212,369

4,9642 2972,2022,1462,1962,2152,3382,5672,6762,890

1,330589435458455456513613629651

8,4184,2584,0243,9674,1444,0714,2424,5824,6184,739

8,4814,1943,8493,7983,7543,7163,8503,8663,9404,089

Tobro-kersout-sideNewYorkCityi

803165187192196211266266258258

55386458606476787476

240482933283259605260

' 42563908796

101115123114114

83151413131517161718

Toothers

onsecuri-

ties

7,6853,7523,1102,9312,8932,8322,8632,7852,8162,829

2,1451,044

820783793792813753790824

533251170163149148145140155145

2,7751,3401,1241,0531,0571,0271,04410481,0391,032

2,2311,117

996932894865861843833828

Healestateloans

3,1912,3722,2732,2772,2842,3012,3402,4052,4402,505

169157139138140148146144142149

21301815151314131413

1,5381,1311,0901,1051,0941,0961,1011,1241,1351,164

1,4621,0551,0261,0201,0351,0431,0781,1231,1501,179

Re-port-ing

banks'ownccept-ances

11,192232135169156117131128113

2,120164

821079965656965

5241612141210

826

3,464940464340565539

22222322

Other-wisese-

curedand

unse-cured

154,8574,7084,8345,0064,9606,3556,0416,2206,663

595937

1,0241,0851,0961,1121,2381,5271,6001,776

S5237202236249251284402407437

>791,6781,6711,6821,8511,8051,9412,2312,2762,389

'052,0051,8101,8311,8101,7911,8911,8811,9372,062

Loansto

>anks

7143301551199882818599

115

3221626348422928425162

8830117655642

258995543343131232934

45382721171716141516

Open-market loans

Purchased paper

Ac-cept-ances

Sein[JnitedStates

212291256201181164144161170131

12822421018315814112313611998

92729

4123323

42361310191816173725

3345333

4124

Billspay-ablebroad

80253117292518182215

4610167

16138

1061

5751112111

24697

10975

107

5122n£

11tA55

Com-mer-cial

paperought

29187

2322472722S0278324386377

211065543545

5122714121010101216

10238

108112120120113131154145

1632792

116135145152178216211

Loansto

bro-ersintfew

YorkCityi

1,660788843975

1,0471,0891,0791,1441,1591,278

1,202720662930

1,0181,0431,0281,0951,1051,219

111326

1111111

23945

10525213034363844

2081050187

1416131615

Investments

Total

9,7841,9286,1226,8577,8108,1899,7179,6408,8268,464

2,0913,7094,6024,9834,9855,3556,0285,4255,1404,730

309610

1,0491,1071,3921,4701,4191,4671,2201,295

2,9444,0115,7155,9866,4326,3756,8637,0006,7256,635

4,4393,5984,7564,7805,0024,9895,4075,7475,7415,794

U.S. Govern-ment obliga-

tions

irect

3,8636,8879,9069,8710,5010,6641,7211,6390,8560,870

1,1122,5513,2463,4623,4253,6024,1963,7393,3563,176

116384743766

1,0611,1311,0141,107

853907

1 3682,4833 8093 7124,0763,9584 3494 4264,2504,267

1,2671,4692,1081,9311,9401,8732 1632,3682,3972,520

Fullyguar-nteed

"989"1,5581,7681,8801,9501,9061,8611,819

278348401505567470473454

7887888992949494

279571656656651697669635

""355553623630640645626635

Otherecuri-ties

5,9215,0415f2275,4275,5415,7456,0456,0956,1085,765

9791,1581,0781,1741,1591,2481,2651,2171,3111,100

193220229254243250312266273294

1,5761,5281,6281,7031,7011,7611,8631,8771 805l|733

3,1722,1292,2932,29«2,4392,4862,6052,7342,7192,6311

1 Loans (secured by stocks and bonds) to brokers and dealers in securities.> Beginning June 30,1633, figures relate to licensed banks only.» Central reserve city banks.Backfigures.—See Annual Report for 1936 (table 53).


JANUARY FEDERAL RESERVE BULLETIN 31

ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS[In millions of dollars]

Call date

TOTAL—ALL MEM*BER BANK?

1929-Dec.311933—June 30 •1934—Dec. 3 1 . . . —1936 June 29 -

Dec. 311 9 3 6 — M a r . 4

June 30Dec. 31-

1937—Mar 31June 30 „

NEW YORK CITY '1920—Dec. 3110^3 June 30 5

1934 T)ec 31-ltns June 29

Dec 31 - —IQQA Mar 4

June 30 -Dec. 31

1007 Mar 31June 30

C I T Y O F C H I C A G O 6

I Q 2 Q D e c 3 11 9 3 3 — J u n e 3 0 B

1 9 3 4 — D e c . 3 1 - - .I 9 3 5 — J u n e 2 9 . --_

D e c . 3 1 .1 9 3 6 — M a r . 4

June 30Dec. 31

1 9 3 7 — M a r . 3 1J u n e 3 0 -

R E S E R V E C I T Y B A N K S

1 9 2 9 — D e c 3 11 9 3 3 — J u n e 3 0 B . . .1 9 3 4 — D e c . 3 1 .1 0 3 5 J u n e 2 9

D e c . 3 1 . . .1 9 3 6 — M a r 4

June 30 -Dec. 31

1 9 3 7 M a r 3 1June 30 -

C O U N T R Y B A N K S

1 9 2 9 — D e c . 3 11 9 3 3 - J u n e 3 0 *1 9 3 4 — D e c 3 1I 9 3 5 — j U n e 2 9

Dec. 311936—Mar. 4

June 30Dec. 31-

1937—Mar. 31June 30

Re-serveswithFed-eralRe-

servebanks

2 , 3 7 42 , 2 3 54 , 0 8 24 , 9 3 35 , 5 7 35 , 7 8 45 , 6 0 76 , 5 7 26 , 6 1 36 , 8 9 7

8 2 7846

1 , 5 7 61 , 9 3 52 , 5 4 12 , 4 9 32 , 1 0 62 , 6 5 82 , 7 1 92 , 7 4 9

1 6 92 3 24 1 56 7 5511480749558482696

7 5 17 0 5

1 , 2 6 81 , 4 0 31 , 5 9 41 , 7 9 41 , 7 6 32 , 1 0 82 , 1 0 82 , 2 1 5 *

6 2 74 5 28 2 29 2 09 2 7

1 , 0 1 79 8 9

1 , 2 4 71 , 3 0 4 -1 , 3 3 7

Cashin

vault

5 5 84 0 56095376656247136976626 2 9

6 846865165676561566 0

1 33 44 03 7393538322127

1 5 61 2 22 0 72132562 6 42 8 92852 6 42 1 2

3 2 12 0 32 7 52 3 63 0 52683 2 23 1 9321330

Bal-anceswithdo-

mes-tic

banks1

2 , 1 6 82 , 0 0 83 , 1 4 93 , 3 9 63 , 7 7 63 , 9 7 03 , 9 4 44 , 0 6 63 , 4 4 53 , 2 0 7

1 7 91011031331111081141331231 0 5

1 3 32 0 32 0 72 4 920919519518893

156

9 4 71 , 0 0 21 , 5 4 31 , 6 0 71 , 7 7 91 , 9 1 01 , 9 0 71 , 8 1 61 , 5 4 51 , 3 9 2

«

9 0 87 0 2

1 , 2 9 61 , 4 0 61 , 6 7 61 , 7 5 71 , 7 2 71 , 9 2 91 , 6 8 41 , 5 5 4

Cashitems

report-ed as

inproc-ess

of col-lec-

tion *

3 , 8 9 61 , 4 8 51 , 9 0 31 , 1 8 32 , 2 5 51 , 7 1 82 , 1 4 72 , 5 3 31 , 9 7 42 , 2 0 1

2 , 4 0 6874

1 , 0 6 9447

1 , 1 3 3829982

1 , 0 8 78539 9 6

1 5 86 19 07 3

13596

147159114130

1 , 0 4 14 0 15 3 74717526 0 77 6 39717 6 48 0 5

2 9 11 4 92 0 71 9 22 3 51872 5 63 1 6242269

Demand deposits

Interbank

Do-mes-tic

banks

3 , 5 1 73 , 0 5 74 , 5 6 94 , 9 7 85 , 6 9 66 , 1 4 85 , 9 8 66 , 4 0 25 , 7 5 25 , 2 9 8

1 , 1 9 81 , 2 5 51 , 7 9 81 , 9 8 32 , 3 3 82 , 6 2 72 , 3 9 02 , 4 9 32 , 1 7 12 , 0 1 4

3 1 02 5 94 4 55 0 4522594635599596536

1 , 6 0 41 , 3 1 51 , 9 8 42 , 1 4 52 , 4 2 22 , 5 9 42 , 5 5 12 , 8 2 62 , 5 4 62 , 3 3 9

4 0 52 2 83 4 23 4 74 1 54334 1 04 8 3440409

For-eign

banks

5 4 41 4 51472734443944654324586 1 5

4 6 41271262484103634283934196 7 5

2 6223445556

5 01 51 721282 63 0333 23 3

31

' 21111222

Unit-ed

StatesGov-ern-

ment

1 4 38 0 6

1 , 6 3 6779844600

1 , 0 3 78824156 2 8

2 03327923692241402152251293 0 6

84 64 62 09881

102729641

7 63 1 26 2 02993852 8 55 1 34071 3 22 1 2

3 91 1 61 7 8

9 01 3 7

932 0 71 7 8

5769

Pub-lic

funds

1 , 3 3 51 , 0 8 71 , 7 9 92 , 0 9 12 , 1 3 92 , 1 7 32 , 3 2 02 , 3 2 92 , 5 6 42 , 5 7 7

1 2 896

2293543232603572853143 6 8

4 28 7

1 8 21 9 8208217221191203208

4 2 33 4 95 8 56747077 3 37 3 38439 3 59 3 4

7 4 25 5 58 0 48 6 59 0 1965

1 , 0 0 81 , 0 1 11 , 1 1 31 , 0 6 7

Certi-fiedandoffi-cers'

checkscash

lettersof

credit >

1 , 6 8 16 5 78384178827797898816777 5 2

1 , 1 8 04615401495244964894573544 2 7

3 21 62 32 4272627273822

3 0 01 0 81 6 91402041 5 11 5 22301 5 51 6 3

1 6 97 2

1 0 61 0 41 2 71061 2 11 6 7130139

'Indi-vid-uals,part-ner-

ships,cor-

pora-tions,etc.

1 7 , 5 2 61 1 , 8 3 01 4 , 9 5 11 6 , 2 0 61 8 , 0 3 51 7 , 9 2 71 9 , 3 2 22 0 , 9 7 02 0 , 0 8 52 0 , 2 7 2

5 , 8 4 74 , 6 7 66 , 3 7 05 , 9 2 46 , 4 7 96 , 4 7 16 , 8 9 17 , 2 7 47 , 2 3 76 , 9 3 4

1 , 0 4 18 7 0

1 , 0 7 31 , 2 0 81 , 3 0 11 , 2 4 31 , 4 4 41 , 4 9 51 , 0 0 11 , 4 0 9

6 , 5 4 73 , 7 0 84 , 9 1 95 , 3 1 46 , 0 0 15 , 9 6 16 , 4 1 97 , 0 2 36 , 8 3 36 , 8 4 0

5 , 0 9 12 , 5 7 63 , 5 8 93 , 7 6 14 , 2 5 44 , 2 5 24 , 5 6 75 , 1 7 75 , 0 1 35 , 0 8 9

De-manddepos-its ad-justed*

1 6 , 6 4 71 2 , 0 8 91 5 , 6 8 61 7 , 5 3 01 8 , 8 0 11 9 , 1 6 12 0 , 2 8 42 1 , 6 4 72 1 , 3 5 22 1 , 4 0 1

4 , 7 5 04 , 3 5 85 , 0 6 95 , 9 7 96 , 1 9 36 , 3 9 86 , 7 5 66 , 9 2 97 , 0 5 16 , 7 3 3

9 5 79 1 2

1 , 1 8 91 , 3 5 71 , 4 0 11 , 3 9 01 , 5 4 61 , 5 5 41 , 1 2 81 , 5 0 9

5 , 2 2 93 , 7 6 45 , 1 3 65 , 6 5 66 , 1 6 16 , 2 3 86 , 5 4 17 , 1 2 67 , 1 5 97 , 1 3 2

5 , 7 1 13 , 0 5 44 , 2 9 24 , 6 3 85 , 0 4 75 , 1 3 65 , 4 4 06 , 0 3 96 , 0 1 26 . 0 2 7

Time deposits

Interbank

Do-mes-tic

banks

9 58 9

1341361511521511531531 2 3

4 022

1

19

3 05 9

1 1 71191341 3 51 3 51371 3 71 0 8

67

1 61 61 6171 61 61615

For-eign

banks

1 5 417555666

1 4

1 3 317444545

1 2

7

14

11111122

Pos-tal

sav-ings

1 2 27 8 845230721816715210497

1 0 0

1 811056273

261

4 13 8 81 8 6118797 26 5353 43 5

6 12 8 52 1 01 6 21 3 6958 76 96464

P u b -l i c

f u n d s

5 9 53 0 02942853613443782962692 9 2

3 3446

12111013141 7

5 81

3 7 12 0 82 0 62032662 5 12 8 82031 7 61 9 0

1 3 38 68 47 68 3828 08 07985

Indi-vid-uals,part-ner-

ships,cor-

pora-tions,etc.

1 2 , 2 6 77 , 8 0 39 , 0 2 09 , 4 6 29 , 6 8 09 , 7 8 40 , 0 9 90 , 4 2 90 , 6 3 90 , 8 1 8

1 , 1 1 26715915675915866016797587 6 7

3 3 23 5 83 8 14 6 9413407444449440452

4 , 4 3 32 , 9 4 13 , 4 9 43 6 7 03 , 7 9 63 , 8 5 33 9 6 04 0 2 64 , 0 6 44 , 1 4 0

6 , 3 9 03 , 8 3 34 , 5 5 44 , 7 5 64 8 7 94 9 3 85 , 0 9 45 2 7 55 3 7 75 , 4 5 9

Bor-row-ings

8 7 91 9 11396

116

15181 6

1 7 98

2

1213

4 1

1

2 9 21 6

1

51

3 6 71 6 7

1 396863

1112

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."

* Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items onhand but not in process of collection, amounting on that date to $16,000,000.

* Includes t4Due 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.—Bee Annual Report for 1936 (table 54).



REPORTING MEMBER BANKS IN 101 LEADING CITIES[Monthly data are averages of weekly figures. In millions of dollars]

Date or month

Totalloansand

invest-ments

Loans1

Total

Tobrokers

anddealersin se-

curities!

Onsecuri-ties toothers

(exceptbanks)i

Tobanks

Realestateloans

Openmar-ket

papers

Otherloans'

Investments

Total

XI. S. Govern-ment obliga-

tions

DirectFullyguar-anteed

Othersecuri-

ties

Re-servewithFed-eralRe-

servebanks

Cashin

vault

Bal-anceswith

domes-tie

banks

TOTAL—101 CITIES

1936—November1937—May

JuneJulyAugustSeptemberOctoberNovember

1937—October 20October 27November 3November 10November 17November 24December 1December 8 _.December 15December 22December 29

NEW YORK CITY


JuneJulyAugustSeptemberOctoberNovember

1937—October 20October 27November 3November 10November 17November 24December 1December 8December 15December 22December 29

OUTSIDE NEW YORKCITY


JuneJulyAugustSeptember....OctoberNovember

1937—October 20October 27November 3 _ . .November 10November 17November 24December 1December 8December 15December 22December 29

22,44422,20122,33022,21922,33222,18721,88921,556

21,80021, 69421,65421,60S21,53021, 43221,38121, 48921,6C821, 48021,402

8,7559,5239,6979,7439,92910,0269,8909,559

9,9139,6829,6259,6009,5329,4799,4419,5099,5009,4189,387

8,6228.3358,4918,3758,3558,2738,0687,875

8,0757,9147,9137,8887,8677,8337,8197,9277,9817,8697,857

13.82213,86613,83913,84413,97713,91413, 82113,681

13, 81513,78013,74113,72013,66313,59913,56213, 56213, 68713, 61113,545

3,4203,804

3,9754,0214,0403,8813,605

3,9033,7023,6573,6283,5783,5593,5343,5903,5703,5183,513

5,3355,7195,7285,7685,9085,9866,0095,954

6,010

5,9685,9725,9545,9205,9075,9195,9305,9005,874

,156.,328,393,375,3621,3171,103881

1,119956901877865881876946913887

978* 1,1331,1841,1591,1481,108915715

929779732709701718710770732714719

178U95209216214209188166

190177169168164163166176181173175

2,02412,0612,0062,0012,0022,0071,9961,976

1,9391,9791,9811,9801,9781,9651,9671,9651,9611,9521,951

710*733758754739727713710

708702711711711705701702701691683

1,314* 1,328

1,2481,2471,2631,2801,2831,266

1,2811,2771,2701,2691,2671,2601,2661,2631,2601,2611,268

621201311241451179074

30768885107836238

6655593728273038483634

1,148• 160

167164164

,164,168,169

,167i,169,169.,169,169i,16S,167.,168

1,1701,1661,165

130129132134135134135133

135134134134133132131131130128129

1,0181,0311,0351,0301,0291,0301,0331,036

1,0321,0351,0351,0351,0361,0361,0361,0371,0401,0381,036

323S382474463467468479481

482481477481485479475476476472461

1353103163161162168185187

187186182188190190191191194194192

188*279311302305300294294

295295295293295289284285282278

4,0422 4,4774,5264,6164,7894,9535,0544,978

5,0635,0165,0015,0204,9704,9224,8884,8774,8964,8704,850

1,4371,6321,6441,6821,7301,8201,8711,822

1,8781,8461,8391,8491,8151,7871,7711,7581,7651,7551,756

2,605*2,8452,8822,9343,0593,1333 1833,156

3,1853,1703,1623,1713,1553,1353,1173,1193,1313,1153,094

13,68912,67812,63312,47612,40312,16111,99911,997

11,97712,01212,02912,00811,99811,95311, 94011,98012,16812,06212,015

5,2024,5314,5224,4004,3344,2334,1874,270

4,1724,2124,2564,2604,2894,2744,2854,3374,4114,3514,344

8,4878,1478,1118,0768,0697,9287,8127,727

7,8057,8007,7737,7487,7097,6797,6557,6437,7577,7117,671

9,2328,3208,3558,2688,2298,0687,9147,970

7,8967,9337,9687,9727,9747,9667,9638,0138,1728,0678,018

3,7213,0243,059

2,9442,8662,8142,943

2,7992,8492,9072,9292,9582,9762,9903,0493,1113,0463,031

5,5115,2965,2965,2825,2855,2025,1005,027

5,0975,0845,0615,0435,0164,9904,9734,9645,0615,0214,987

1,2551,1631,1601,1701,1601,1311,1321,127

1,1321,1331,1371,1281,1251,1201,1181,1021,1141,1101,116

461435437441420395390

392382384378375364359359366

794728723729740736742743

743744745746741742743738755751750

3,2023,1953,1183,0383,0142,9622,9532,900

2,9492,9462,9242,9082,8992,8672,8592,8652,8822,8852,881

1,0201,0721,026973970972983

984974957949947920920924941946947

2,1822,1232,0922,0652,0441,9901,9701,957

1,9651,9721,9671;9591,9521,9471,9391,9411,9411,9391,934

5,4225,3505,3325,2915,1495,3135,3845,348

5,3685,4045,3255,3095,3655,3945,3745,2915,3655,3355,427

2,5752,4922t5062,4862,3622,5272,5972,540

2,5782,6242,5392,4992,5512,5692,5432,4512,5302,5152,553

2,8472,8582,8262,8052,7872,7862,7872,808

2,7902,7802,7862,8102,8142,8252,8312,8402,8352,8202,874

404338315312296305326320

318334318331314317304340337367355

346284262261246252266261

260272256269260258252284277298294

2,4631,7901,7611,7711,6831,7031,7811,804

1,7871,7421,7441,7551,8671,8501,8691,8031,8691,8251,886

7870666866666769

6968

72697666737173

2,3851,7201,6951,7031,6171,6371,7141,735

1,7181,6741,6761,6871,7951,7811,7931,7371,7961,7541,813

i Loan classification revised May 19 and beginning with that date figures for the items indicated are not strictly comparable with those formerlypublished; for explanation of revision see June BULLETIN, pages 530-531.

* Average of figures for May 5 and 12 only (see note above).



REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued[Monthly data are averages of weekly figures. In millions of dollars]

Date or month

Cashitems

report-ed as

in proc-ess ofcollec-tion i

Otherassets

Total

Totalliabil-ities

Demand deposits

Interbank

Domes-tic

banksForeignbanks

UnitedStates

Govern-ment

Certi-fied

checks,etc.

Other

De-manddepos-its—ad-justed!

Time deposits

Interbank

Do-mesticbanks

For-eign

banks

Other

Bor-row-ings

Otherliabil-ities

Capi-tal ac-count

TOTAL—101 CITIES


JuneJulyAugust _.SeptemberOctoberNovember

1937—October 20October 27November 3 . . .November 10..November 17..November 24..Dec. 1Dec. 8 ,Dec. 15Dec. 22Dec. 29

NEW YORK CITY

1936—November1937—May...

JuneJuly ,August ,SeptemberOctober _ .November . . . . .

1937—October 20October 27. . . . .November 3 . . . .November 10...November 17..November 24...Dec. 1 _ .Dec. 8Dec. 15Dec. 22Dec. 29 _ „ .

OUTSIDE NEW YORKCITY


June ,JulyAugust.SeptemberOctober. _.November

1937—October 20 ,October 27November 3 . . . .November 10...November 17...November 24...Dec. 1.. .Dec. 8. . .Dec. 15.Dec. 22..Dec. 29.

,6631,460,569,497,322,568,568,511

,571,479

1,6071,4991,5801,3601,5881,2671,9001,5581,550

795622716658541722675695

694683786712701fi82725563

1,034733691

86882S853839781846893816

877796821787879778863704926825859

,318,338.,325,277,269,286,304,305

,314,311

L,309i,2921,308.,310,313,307

1,2961,2881,267

468482474455450459459478

463458462482485483483477470468467

850856851822819827845827

851853847810823827830830826820800

33, 71432,46732,63232,36732,05132,36232, 25231,844

32, 24831, 96431,95731, 79431,96431,66331,82931, 49732,49531, 85331,887

12,59612,05512,30612,09311,82412,10011,92611,716

11,93711,80911,83011,71111,73011, 59511,69811,54012,14811,72511,702

21,11820,41220,32620,27420,22720,26220,32620,128

20,31120,15520,12720,08320,23420,06820,13119,95720,34720,12820,185

6,1065,0324,9274,9844,8804,8784,9764,928

4,9754,8364,9294,8685,0104,9064,9514,8854,9634,9334,981

2,5291,9261,9111,9401,8631,8961,9411,940

1,9421,8871,9541,8951,9591,9521,9851,9362,0211,9722,005

3,5773,1063,0163,0443,0172,9823,0352,988

3,0332,9492,9752,9733,0512,9542,9662,9492,9422,9612,976

448528579606568559503425

497472457428414402397388401435433

490540563524516466390

459436421393380367362353366398397

548201378447515616555424

508471447416416418416417684689691

10250179233275346303232

279257245228. 228228228228364364364

446151199214240270252192

229214202188188190188189320325327

584441489480402510448467

503456489512455410493431637470446

402274311307241332287301

329300332317302254292257452314280

182167178173161178161166

174156157195153156201174185156166

16,44116,42916,38016,00115,83815,90015,87515,681

15,85715,82715,72815,64415,73715,61515, 70715,54315,99815, 51115,535

6,7566,7306,7296,4046,2986,3976,3246,228

6,3126,3246,2666,2456,2326,1696,2356,2236,4086,1516,142

9,6859,6999,6519,5979,5409,5039,5519,453

9,5459,5039,4629,3999,5059,4469,4729,3209,5909,3609,393

15,36215,42015,30014,98414,91814,84314,75614,636

14,78914,80414,61014,65714,61214,66514,61214,70714,67514,42314,431

6,3636,3826,3246,0545,9986,0075,9365,834

5,9475,9415,8125,8505,8335,8415,8025,9175,8265,7325,731

8,9999,0388,9768,9308,9208,8368,8208,802

8,8428,8638,7988,8078,7798,8248,8108,7908,8498,6918,700

13010610110199112112111

113110111112112110109111111109109

13010610110199112112111

113110111112112110109111111109109

21

5,0325,1945,2335,2545,2455,2835,2785,287

5,2R55,2745,2785,3025,2965,2735,2345,1835,1925t2015,205

583697723746726726728747

734734736759751742722662662665660

4,4494,4974,5104,5084,5194,5574,5504,540

4,5514,5404,5424,5434,5454,5314,5124,5214,5304,5364,545

915906863843863862873

866872865867877884864872848859843

369394404400379390380381

384375374377383388373374366367360

511521502463464473482492

482497491490494496491498482492483

3,5393,5933,6023,5973,6073,6123,6173,623

3,6173,6203,6213,6233,6243,6243,6313,6343,6303,6303,626

1,4421,4751,4771,4751,4821,4771,4781,481

1,4781,4791,4801,4811,4801,4801,4831,4831,4831,4841,484

2,0972,1182f1252,122

'2,1252,1352,1392,142

2,1392,1412,1412,1422,1442,1442,1482,1512,1472,1462,142

i Does not include cash items in process of collection reported in balances with domestic banks,s 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 BUILETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the

Division of Besearch and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82).



REPORTING MEMBER BANKS IN 101 LEADING CITIESASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO


ASSETS

Loans and investments-total:

Dec. 1Dec.8Dec. 15Dec. 22 . . . .Dec. 29

Loans—total:Dec. 1Dec.8Dec. 15Dec. 22Dec. 29

Commercial, industrial, andagriculture loans:

On securities:Dec. 1 -Dec.8Dec. 15Dec. 22 _.Dec. 29

Otherwise secured andunsecured:

Dec. 1Dec.8Dec. UDec. 22Dec. S9

Open market paper:Dec. l ._. ---Dec. 8 -Dec. 15Dec. 22Dec. 29 --

Loans to brokers and dealers:Dec. 1Dec. 8 . .Dec. 15Dec. 22Dec. 29..

Other loans for purchasing orcarrying securities:

Dec. 1Dec.8Dec. 15Dec. 22 . . . .Dec. 29

Real estate loans:Dec. 1Decs....Dec. 15Dec. 22Dec. 29.. ._

Loans to banks:Dec. 1Dec.8Dec. 15Dec. 22Dec. 29

Other loans:On securities:

Dec. 1 . . :Dec. SDec. 15Dec. 22Dec. 29

Otherwise secured andunsecured:

Dec. 1Dec.8Dec. 15 .Dec. 22Dec. 29

U. S. Government directobligations:

Dec. 1 „Dec.8 _.,Dec. 15Dec. 22Dec. 29... , . ,

Obligations fully guaranteedby U. S. Government:

Dec. 1Dec.8Dec. 15 . . . .Dec. 2 2 . . . .r iw OQ

Total

21,38121,48921,66821,48021, 402

9,4419, 5099,5009,4189,387

579576574576579

4,058•4,0524,0714,0414,022

4754764764724G1

876946913887894

650654654649635

1,1671,1681,1701,1661,165

738735733727737

830825825829828

7,9638,013'8,1728,0678,018

1,1181,102a, 1141,110

Federal Reserve District

Bos-ton

1,2251,2221,2171,2081, 198

667662658649644

274271265262260

8382818079

3132363130

409410408406402

NewYork

8,7948,8578,7448,725

3,9774,0344,0183, 9673,957

249247247247241

1,7001,6921,7011,6861,684

202202206206203

719781745727733

306309308304293

239239238236236

3139493735

269268263270

262256256261262

3,2073,2633,3283,2613,244

421410407408

Phila-del-

phia*

1,1301,1261,1271,1161,110

459459462460458

167165170171169

2122202018

1920191921

310310310303299

94

Cleve-land

1,8481,8441,8571,8341,828

715720721714712

248250252248243

1818201917

2323242324

3940404039

176176176175175

46333

121121120120125

811803814797796

Rich-mond

625633648645645

253252254255257

99100

1515151515

44544

30

263272284280279

Atlan-ta

553556565564556

292293295298295

144145148151149

44444

151153160157153

Chica-go

2,9692,9703,0002, 9882,973

9921,001999985981

554559560546543

5253504947

4550494947

1,3961,389

r l ,4l71,4201,408

189187

••191189

St.Louis

652654663658658

320322324323324

145146148149151

101010

193194198195194

Min-neap-olis

393392392389387

185185182181179

151151154153154

Kan-sasCity

685679685676672

281280280280278

159158158159158

23232322.21

44444

240238245238235

Dallas

507508512514509

251252252254253

148149149151150

33333

34333

179179182182178

SanFran-cisco

2,1062,1112,1452,1442,141

1,0491,0491,0551,0521,049

337337341339336

3737373837

1616161516

372373374373373

33333

103103105107105

653651672675676

118121126124

City

NewYork

7,8197,9277,9817,8697,857

3,5343,5903,5703,5183,513

235233233233227

1,5751,5681,5761,5611,560

191191194194192

710770732714719

229232232227217

131131130128129

237237236231239

196190

194196

2,9903,0493,1113,0463,031

375364359359

Chica-go

1,9191,9201,9441,9361,925

659665666649641

3131313134

410411414400395

2930292827

3944434239

7777777675

1313131313

22121

2221222121

3636363636

904899920929926

100100103102



REPORTING MEMBER BANKS IN 101 LEADING CITIES—ContinuedASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued

Iln millions of dollars]

ASSETS—continued

Other securities:Dec. 1Dec 8Dec. 15Dec. 22Dec. 29

Reserve with Federal Re-serve bank:

Dec 1Dec. 8Dec. 15Dec. 22Dec. 29. .-

Cash in vault:Dec 1Dec. 8Dec. 15 - .Dec. 22Dec. 29

Balances with domesticbanks:

Dec. 1Dec. 8Dec. 15.Dec 22Dec. 29

Other assets:Dec. 1 -Dec. 8Dec 15Dec 22Dec. 29

LIABILITIES

Demand deposits—adjusted:Dec. 1Dec. 8 _Dec. 15 . . .Dec. 22Dec 29

Time deposits:Dec 1Dec. 8Dec 15Dec 22Dec 29

U. S. Government deposits:Dec. I -Dec 8Dec 15Dec 22Dec 29

Interbank deposits:Domestic banks:

Dec. lDec. 8Dec 15Dec 22Dec °9

Foreign banks:Dec 1Dec 8Dec 15Dec. 22Dec 29

Borrowings:Dec 1Dec 8Dec. 15.Dec. 22 -Dec 29Other liabilities:Dec 1Dec 18Dec 15 . . .Dec 22Dec. 29

Capital account:Dec 1Dec 8 . . -Dec. 15Dec. 22Dec. 29

Total

2,8592,8652.8822,8852,881

5,3745,2915,3055.3355,427

304340337367355

1,869• 1,803

1,8691,8251,886

1,3131,3071,2961,2881,207

14, 61214,70714, 67514,42314,431

5,2345,1835,1925,2015,2C5

416417684689691

5,0604,9965,0745,0425,090

418408415444442

61317

9

864872848859843

3,6313,6343,6303,6303,626

Federal Reserve District

Bos-ton

126127128130129

286306308311314

3638404140

117109108109115

8180808180

981999976976966

270270270269268

1818404040

203195194192198

99g8

10

11

1

2626272626

237237238238238

NewYork

1,0831,0871,1041,1081,109

2,6612,5792,6402,6352,678

6975788980

153141158151154

571565558559539

6,3406,4696,3746,2866,267

1,1301,0681,0701,0741,069

235235374375375

2,0512,0002,0842,0352,068

382371379406405

4 -

1444

386387379381373

1,6181,6171,6171,6171,615

Phila-del-

phia-

267264263263262

222217222229239

1821202120

130122136128146

8888888789

785776785772792

275275271271272

88

252525

'265260257258259

33333

2424252526

228228227227227

Cleve-land

261200260260258

333330334328345

3742424443

181173174171188

108108105106105

1,0721,0661,0911,0601,070

739738730729733

99

172020

315309305304316

11111

23

1921192020

350350349349349

Rich-mond

6566656363

138135129131130

1720192120

135123113107103

3639393736

4174164124064C4

193193193192193

66

141414

215216211209203

1

2

2826252625

9293939393

Atlan-ta

7677767676

101101105104107

1011111213

909495979S

3838383737

324321329323321

185184183185183

1011171818

180186186189190

11212

322

9

66676

8989898989

Chica-go

392393393394394

808810818802807

6168677473

319313317306324

9595918S90

2,2062,2122,2232,1782,182

870871870871872

6101898889

716712712719723

7/78i

2223222423

37037037C37C371

St.Louis

9494959494

137142140141141

1011101212

97949192

105

2423232323

40841141240440S

184183183183183

449

1010

228228225232240

1

788i

8

8990899C90

Min-neap-olis

4342424141

7275737273

566G6

767777i i80

1617171716

264205263

261

121121121121121

222«?

2

110113113115113

11111

78888

5757575756

Kan-sas

City

116115114113114

106165163160101

1113121313

194191209216222

2323232223

489478491485488

145145145145145

1011141414

340342346348349

3333

9292939292

Dallas

5050505050

117112113111113

1012111212

158164172104158

2929292828

401402407393391

127127127127128

1616222222

188190192198191

1

1

87

66

8182828282

SanFran-cisco

280290292293291

333319320311319

2023212223

213202219207193

204202205203201

925892912883881

9951,0081,0291,0341,038

3736616162

249245249243240

1414141413

32833S319326319

328329326321324

City

York

9209219419 in947

, 543,451,530,515, 553

5250600961

7000737173

4834774704 OS407

\ 8025,9175, 8205, 7325,731

722602602605060

22S228364364364

1,9851,9362,0211,9722,005

3S0370378405403

714

4

37337-1366367360

1,4831,48;1,4831,48-1,484

hica-go

256256255250256

60760S613595595

2931313334

1G1159104100109

0263595859

1,4801,4861,4961,4581,457

453454454455455

4545056565

529523524530532

66676

1819192019

247248247247248



COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING[In millions of dollars]

End of month

Com-mer-cial

paperout-

stand-ing!

Dollar acceptances outstanding

Totalout-

stand-ing

By holders

Held by acceptingbanks

Total Ownbills

Billsbought

Held by FederalReserve banks

Forown ac-count

For ac-count offoreigncorre-spond-

ents

Heldby

others

By classes

Basedonim-

portsintoU.S.

Basedon ex-portsfromU.S.

Dollarex-

change

Based on goodsstored in or shippedbetween points in

U.S.Foreigncoun-tries

1936—September.October. __November.December.

1937—January...February..MarchAprilMay. _JuneJulyAugust....September.OctoberNovember.

197199191215

244268290285287285325329331323311

315330349373

387401396395386364352344344346348

276296309315

325'341r317318295273265263274282279

139150157151

154160150147137130144143-•148153148

137147152164

171180166171159143121120127129131

(*)

<2)

107110112126

141158160167168157143133127127122

758383

8479766862556568737579

76777670

77777676757471

6261

r Revised.i As reported by dealers; includes some finance company paper sold in open market.* Less than $500,000.Back figures.See Annual Report for 1936 (table 66).

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OFSTOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS

[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]

End of month

Debit balances

Customers'debit

balances(net)i

Debitbalances in

partners'investmentand trading

accounts

Debitbalances In

firminvestmentand trading

accounts

Cash onhandand inbanks

Credit balances

Moneybor-

rowed *

Customers'credit balances*

Free Other(net)

Other credit balances

Inpartners'invest-

ment and ment andtrading

accounts

Infirm

in vest-

tradingaccounts

Incapital

accounts(net)

410429420423435424

428418419417408397397391385383376

1935—SeptemberDecember.

1938— March—.JuneSeptember,November.December.

1937—January....February-MarchAprilMayJune.-lJulyAugustSeptember.October. __November.

1,0981,2581,3511,2671,3171,3641,395

1,4331,4821,5491,5591,5031,4891,4931,5091,3631,0531,034

119135168164141150164

162188175163149161157149128135120

182179181219227260249

243230223227209214206202239263225

771930995985995986

1,048

1,0281,0841,1721,2151,1881,2171.3131,2331,088781723

257286303276289346342

372366346314284266265252256272270

8979898699110103

1181161151111019296929610795

i 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.

s Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money bor-rowed 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 methodsby which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last columnis not to be taken as representing the actual net capital of the reporting firms.



FEDERAL RESERVE BANK DISCOUNT RATES[Percent per annum]

Federal Reserve Bank

Rediscounts and advances un-der sees. 13 and 13a of the Fed-

eral Reserve Ac t l

RateDec. 31

In effectbeginning-

Pre-viousrate

Advances under sec.10(b) of the Federal

Reserve Act

RateDec. 31

In effectbeginning-

Advances secured bydirect obligations ofthe United States(last paragraph of

sec. 13 of the FederalReserve Act)

RateDec. 31

In effectbeginning-

BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas C i t y -DallasBan Francisco..

Sept. 2, 1937Aug. 27, 1937Sept. 4, 1937May 11, 1935Aug. 27, 1937Aug. 21, 1937Aug. 21, 1937Sept. 2, 1937Aug. 24, 1937Sept. 3, 1937Aug. 31, 1937Sept. 3, 1937

2

lH222222222

Sept.Oct.Sept.Oct.Sept.Aug.Aug.Sept.Aug.Sept.Aug.Sept.

2, 193710, 19354, 193719, 193510, 193721, 193721, 19372, 193724, 19373, 193731, 1937,17, 1937

444W4W2

4

Oct.Feb.Oct.MayFeb.Mar.Oct.Feb.Apr.MayMar.Oct.

20, 19338, 193420, 193311, 193519, 193417, 193416, 193323, 193515, 103310, 193512, 193419, 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 BANKBUYING RATES ON ACCEPTANCES

[Percent per annum]

Maturity

1-15 days J_.16-30 days...31-45 days—46-60 days...61-90 days—91-120 days..121-180 days.

Rate ineffect onDec. 31

In effect be-ginning—

Oct. 20, 1933dodododo.dodo

Previousrate

111111IK

i This rate also applies to acceptances bought under repurchase agree-ments, which agreements are always for a period of 15 days or less..

NOTE.—Minimum buying rates at the Federal Reserve Bank ofNew York on prime bankers' acceptances payable in dollars; higherrates may be charged for other classes of bills. The same minimumrates apply to purchases, if any, made by other Federal Reserve banks.

Back figures.—See Annual Report for 1936 (table 41).

MAXIMUM RATES ON TIME DEPOSITSMaximum rates that may be paid by member banks as established by

the Board of Governors under provisions of Regulation Q.

[Percent per annum]

Savings deoosits -- *Postal Savings depositsOther time deposits pay-

able in;6 months or more90 days to 6 months —Less than 90 days

Nov

Jan.

. Itto31,

1933

1935

33

33

Feb. 1,to

Dec. 31,

1935

1935

?M

2lA

In effectbeginning

Jan. 1, 1936

2H2H

2H21

NOTE.—Maximum rates that may be paid by insured nonmemberbanks as established by the Federal Deposit Insurance Corporation,effective February 1, 1936, are the same as those in effect for mem-ber banks. In some States the maximum rates established by the Boardand the Federal Deposit Insurance Corporation are superseded bylower maximum rates established by State authority.

FEDERAL RESERVE BANKRATES ON INDUSTRIAL ADVANCES

Rates in effect Dec. 31,1937, 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]

Federal Reserve Bank

BostonNew York. . . .Philadelphia-Cleveland

RichmondAtlantaChicagoSt. Louis

Minneapolis..Kansas City..DallasSan Francisco

Advancesdirect to j

industrialor com*

mercial or-ganizations

3M~64-64-6

4^-6

66

5-64-5M

64-65-65-6

Advances to financ-ing institutions—

On por-tion forwhichinstitu-tion is

obligated

33

*2H2V2

4-65

I 2 H

4M-5

43-4

On re-mainingportion

3 ^4-5

(*)4

4-65

5-64

4M-5

5-64-5

Commit-ments

to makeadvances

1-1

1-2

1-1

* • }H-2

1 Authorized rate 1 percent above prevailing discount rate.* Same as to borrower but not less than 4 percent.1 Flat charge.Back figures,—See Annual Report for 1936 (table 40).

MEMBER BANK RESERVE REQUIREMENTS[Percent of deposits]

Classes of depositsand banks

On net demand deposits:!Central reserve city.Reserve cityCountry

On time deposits:AH member banks

June 21,1917-

Aug. 15,1936

13107

3

Aue. 16,1936-

Feb. 28,1937

19H15

4H

Mar. 1,1937-

Apr. 30,1937

22%17H12 M

May 1,1937,

and after

262014

6

1 See footnote to table on page 26 for explanation of method of comput-ing net demand deposits.


38 FEDERAL RESERVE BULLETfN JANUARY 1938

MONEY RATES AND BOND YIELDSOPEN-MARKET RATES Il>

Year,month* or

week

1934 average.* .1035 a v e r a g e . . .1936 ave rage . . .

1936—No vDec

1937—JanFebMar... . .AprMayJuneJulyAugSeptOctNov

Week ending:Nov. fL..._Nov. 1 3 . . . .Nov. 2O.___Nov. 27 . . . .Dec. 4Dec. 1 1 _ _Dec. 18....

[f NEW YORK CITY

Percent per annum]

Prevailing rate on—

Primecom-

mercialpaper,4 to 6months

1.02.76.75

H%

UU

U-

111

Primebank-

ers'accept-ances,

90days

.25

.13

.15

*/»Vie

5/l«

Vu~Vis

Vr-Vu

VieV«ViaVwVu

Vi«V I IVie7*V I IV I «Vie

Stock-ex-

changetimeloans,

90days

,90.56

1.16

IKIK

IKIKIKIKIK

IKiKIK

!H18IKIKIKIV*IK

Average rate o n -

Stockex-

changecallloanre-

new-als

1.00.56.91

1.001.00

1.001.001.001.001.001.001.001.001.001.001.00

1.001.001.001.001.001.001.00

U. S. Treas-ury bills

Newissues

of-fered

withinperiod1

.26

.14

.14

.10

.21

.36

.38

.58

.70

.65

.58

.49

.52

.53*.41

.15

.20

.14

.12

.12

.13

.12

.10

91-daydeal-ers'quo-

tation

.28

.17

.17

.11

.12

.22

.25

.42

.60

.57

.41

.34

.34

.37

.26

.15

.20

.16

.12

.12

.16

.18

.18

Aver-age

yield onU.S.Treas-

ury3-5 yearnotes

2.111.291.11

.991.04

1.181.221.421.591.481.541.441.451.501.421.31

1.341.321.281.301.311.271.28

f Revised.1 Series comprises 91-day bills until February 23, 1934, 182-day bills

from March 2, 1934, to February 23, 1935, 273-day bills from March 1,1935, to October 15, 1937, bills maturing about March 16, 1938, fromOctober 22, to December 11,1937, and 91*day bills thereafter.

* Average of 3 issues of 273-day bills.Back figures.—See Annual Report for 1936 (tables 42 and 43). Figures

for 91-day Treasury bills available on request.

RATES CHARGED CUSTOMERS BY BANKSPRINCIPAL CITIES

(Weighted averages of prevailing rates; percent per annum]

New York City:JanuaryFebruaryMarchAprilMayJune ——JulyAugustSeptemberOctoberNovember.December

Year8 other northern and

eastern cities;JanuaryFebruaryMarchAprilMayJune — -*.JulyAugust ,SeptemberOctoberNovemberDecember

Year27 southern and

western cities:JanuaryFebruaryMarchAprilMayJuneJulyAugust-SeptemberOctoberNovemberDecember

Year

1929

fi 746.735.815.855.885 935.886.056.066.085.865.74

5.88

5.875.865.916.006.09ft 0?6.086.116.246.256.125.94

6.04

5.945.966.046.078.106.166.17ft ??6.276.296.296.20

6.14

1930

5.645.355.224.914.744.594.484.414.294.264.174.16

4.69

5.885.665.475.225.135.064.814.794.744.754.664.68

5.07

6.126.056.985.865.755.695.635.585.555.545.505.43

6.72

1931

4,244 314.204.174.114.134 Ofi3 973.934.274.674.64

4.??

4.614.634.624.674.554 494.484.474.484.624.874.91

4.61

5.505.435.405.365.265.345.306 ?85.325.385.535.56

5.39

1932

4.714 714.724,694.554.614.424 454.304 364.124.22

4 49

5.075.136.145.105.145 135.055.125.034.964.884.88

6.05

5.615.615.645.635.645.625.635.685.635.566.555.60

5.62

1933

4.124.114.884.334.244.103.933,973.793 763.523.48

4 02

4.894.845.395.094.994 974.824.684.654.514.544.59

4.83

5.605.565.665.685.665.625.545.535.555 505.426.43

5.56

1934

3.583.433.313.393.423.303.303.333.263 B83.223.18

3,33

4.654.494.524.524.394,304.154 1?4.114.134.083.98

4.29

5.405.395.405.345.285.196.075.055.046 054.934.92

5.17

1935

2.832.902.642.612.692.662,612.672.722.722.772.61

2.70

4 084.024.053.993.883,783.873 793.753.753.633.67

3.86

4.954.844.854.804.794.764.584.634.514 554.514.55

4.69

1936

2.642.562.612.542.512.442 442.422.402.462.432,43

2.49

3.623.633.603.473.453.513.613 473.453.503.473.46

3.62

4.474.514.444.404.434.394.354.254.294 234.244.14

4.35

IN

1937

2.502.412.502.532.442.342 362.412.39?, 382.452.40

2.43

3 363.433.343.363.453.323.323 993.333.373.423.36

3.36

4 Ifl4.154.154.214.174.184.194.184.184 164.174.15

4.17

BOND YIELDS1

I Percent per annum]

Year* month, or week

Number of Issues

1935 averaE©1936 average - .*1936—November

December..... _1937—January

February . ,MarchApril _May

JulyAugustpeptfiTTibar r- - ,October . . . . . . . .November , _ .

Week endinjr:N o v . 27Dec. 4Dec. 11 . . . . _Dec 18Dec 24

U.S.Treas-ury *

7-12

3.102.702.472.292.272.292.312.502.742.672.642.592.im2.672.652.60

2.582.562.552.542.52

Munic-ipal*

15

4.033.413.072.852.762.792.963.193.243.143.113.073.013.183.243.17

3.183.193.153.153.13

Corporate*

Total

120

4.964.463.873.713.67

1-3.673.753.873.983 92

'3.923.913.924.044.204.30

4.384.344.284.264.24

By ratings

Aaa

30

4.003.603.243.153.10

*3 103.223.323 42

-"3.343.283.263.2.1

'3 303.293.26

3.273.263.253.243.22

Aa

30

4.443.95

'3.463 313.283.30

'3.403.603.583.493.45

»-3.453.453.513 603.62

3.653.633.603.583.57

A

30

5.084.554.023.853.78

r3.773.853.984.053 993 993 973.984.074 234.32

4.384.364.324.304.28

Baa

30

6.325.754.774.524.634 504.544.694.864 874.974.97

«*5 005.275 676.01

6.216.125.935.925.88

Indus-trial

40

4.524.023.50

i-3. 373.373 363 463.553.653 553 513 503 47

'3.55r3 633.65

3.713.713.683.663.65

By groups

Rail-road

40

4.964.954.244.003.963.954.044.174.294.274.294 314.404.604 885.20

5.345.275.125.115.06

Publicutility

40

5.404.433.883.743.693.683.763.903.993.953.973.923.89

*\ {64.084.06

4.084.064.044.024.01

• Revised.i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.* Average of yields of all outstanding bonds due or callable after 8 years.« Standard Statistics Co., revised series.* Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, less than 40 industrial bonds are included;

the industrial A ft" «™«* »»«»• *"«"* ~*A—At ***-*» J* \ . -* - J .__ - . . » ^



BOND PRICES *

Year, month, or date

Number of issues

1934 average1935 average..1936 average

1936—NovemberDecember.*

1937—~ JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober - ___November

Nov 24Dec. 1Dec. 8Dec. 15Dec 22

U.S.Treas-ury*

7-12

103.5r106.1107.0

108.2'107.9107.3107.2105.2102.6103.3103.5104.3104.0103.3103.5104.0

104.3104.5104.6104.6104.8

Munic-ipa l

15

96.1105.3110.8

114.6116.3115.8112.7108.9108.0109.6110.1110.8111.8109.0108.1109.1

108.9108.8109.4109.4109.8

Corporate3

Total

60

84.588.697.5

99.899.9

100.3100.098.596.696.295.095.394.891.386.483.3

81.182.383.582.883.0

Indus-trial

20

81.988.292.2

94.294.594.894.793.592.091.991.291.491.990.085.582.7

80.181.581.881.481.3

Rail-road

20

83.879.494.7

99.299.6

100.6100.298.395.395.093.293.291.085.678.472.1

69.371.374.272.773.7

Utility

20

87.898.2

105.4

106.0105.6105.7105.1103 6102.4101.8100.6101.2101.498.495.295.0

93.894.294.594.394.5

1 Monthly data are averages of daily figures except for municipal bonds,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.

• Prices derived from average yields, as computed by Standard Sta-tistics Co. Municipal series revised back to 1934.

Back figures.—See Annual Report for 1936 (table 73); for U. S. Treas-ury bonds, see BULLETIN for May 1936, p. 317

STOCK MARKET

Year, month, ordate

Number of issues...

1934 average1935 average1936 average . .

1936—November. _.December

1937—JanuaryFebruary.....MarchApril ._..MayJune _July.August.September...OctoberNovember...

Nov. 24Dec. 1Dec. 8Dee. 15Dec. 22

Stock prices>

Pre-ferred*

20

120.7133.8138.9

139.0'140.2141.8141.2138.0136.0135.4135.2135.7137.213G.4133.5132.3

131.9131.6132.6132. 6132.3

Common (index, 1926=100)

Total

420

7278

111

1241231201301301251161141181211069183

7681848184

Indus-trial

348

8T91

127

14414314715215314713713413914412610790

8794989407

Rail-road

32

iT3451

5854565863605754525143353t

2831323032

Utility

40

6971

104

10911111411110610194919697898180

76SO817779

Vol-ume oftrad-ing

1,2041,4111,824

2,5752,0952,6672,5642,1331,466

859097017729

1,4982.3241, 420

1,4701,1211,087

<J571,146

r Revised.i Standard Statistics Co. Monthly data are averages of Wednesday

figures.i Average prices of industrial high-grade, derived from yields.3 Average daily volume of trading in stocks on the New York Stock

Exchange, in thousands of shares. Weekly figures are averages for theweek ending Saturday.

Back figures.—For stock prices, see Annual Report for 1936 (table 73).

CAPITAL ISSUES[In millions of dollars]

Year ormonth

102719281929193019311932 . .193319341935__1936

1936—Nov.Dec

1937—Jan .F e b . .Mar....Apr. . . .May. . .JuneJuly....AugSept.OctNov... .

Total

andre-

fund-ing)

9,7749,898

11,5137,6194,0381,7511,0632,1604,6996,214

372726603497382272261560344184223196134

Total(do-

mesticandfor-

eign)

7,5558,040

10,0916,9093,0891,194

7201,3861,4571,972

158266241168185152150359250

761568993

Total

6,2196,7899,4206,0042,8601,165

7081,3861,4091,949

158266241168185152150359250

761538693

Stateandmu-nici-pal

1,4751,3791,4181,4341,235

762483803855735

4948

14634476743907926412642

For new capital

Domestic

Fed-eral

agen-cies*

87640

87757764

40515022

000400

290

89000

25

Corporate

Total

4,6575,3468,0024,4831,551

325161178404

1,192

10921895

1301388578

2698249

1125926

Bondsand

notes

3,1832,3852,0782,9801,239

30540

144334839

971006474994547

1873933873922

Stocks

1,4742,9615,9241,503

31120

1203569

362

12118315639403182431625214

For-eigni

1,3371,251

67190522929120

4823

0000000000330

For refunding

Total(do-

mesticandfor-

eign)

2,2181,8581,422

709940557343774

3,2424,242

21445936232919712111120093

10867

10741

Total

1,9781,6201,387

627893498283765

3,2164.123

199459289255197101111200

9310867

10541

Stateandmu-nici-pal

35361353218737

136365382

1649590

12138

218

25724

Domestic

Fed-eral

agen-cies1

03000

610326

317987353

283

2621

41

16302927203427

{

Total

1,8501,6841,374

474821310210312

1,8043,387

1554082042251818787

1495756397010

Corporate

Bondsand

notes

1,5861,054

542451789315187312

1,7823,187

14539587

1401626966

1392051

(*)7010

Stocks

264530833

23324

320

81200

1013

116841918211137

639

00

For-eign>

241238

3fi1826069000

26110

160

7374

020

0000020

1 Includes issues of noncontiguous U. S. Territories and Possessions.8 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.* 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 figuret.—See Annual Report for 1936 (table 72).



TREASURY FINANCEUNITED STATES GOVERNMENT DEBTVOLUME AND KIND OF DIRECT OBLIGATIONS

[On basis of daily statements of United States Treasury. In millions of dollars]

End of monthTotalgrossdebt

Interest-bearing

Totalinterestbearing

Publicly offered»

Total

Bonds

Pre-war

Treas-ury*

U.S.Savings

Notes Bills

Ad-justedserviceissues3

Socialse- "

curityAll

other*

Noninterest-bearing

Ma-tureddebt

Other

1932—June1933—June1934—June1935—June1936—June

1936—November.December.

1937—January...February..MarchAprilMayJuneJulyAugustSeptember.October. . .November.

19,48722,53927,05328,70133,779

33,79434,40734, 50234,60134,72834,94135,21336,42536,71637,04536,87536,95637,094

19,16122,15826,48027,64532,989

33,08833,70033,82133,92634,06434,29534,59135,80036,11336,45036,26436,36636,511

18,816821,782«26,00626,91031,297

31,87732,49732,58232,61732,72232,88433,10733,73433,91834,14633,87733,90033,924

75375375375379

79797979797979797979797979

13,46013,41715,67914,01917,168

18,14919,45219,45219,45219,93619,93619,93619,93619,93619,93619,93619,93619,936

62316

447475509567722752775800

885908932

1,2614,5486,65310,02311,381

10,84910,28910,28910,2679,7839,7649,76410,61710,61710,61710, 57510,57510, 575

616954

1,4042,0532,354

2,3532,2032,2532,253

2,3532,5532,3032,4532,6532,4032,4032,403

10592118156

1,071

526504489475461451445926915905

883

19

4764119204322407489579649769868957

1,086

240284356680601

637635632630559552550560632630623620619

606654

231169

143153137139136126110119103100122109106

266315518825620

563554544536528620512506499494489482477

» Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.* Includes Liberty bonds.* Includes adjusted service bonds of 1945 and special issues of adjusted service bonds to Government Life Insurance Fund series and of cer-

tificates to the adjusted service fund.* Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account.«Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation* 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 DIRECTOBLIGATIONS, NOVEMBER 30,1937


Date maturing

1937—December193S—Jan. 1-Mar. 31

Apr. 1-June 30.July l-Sept. 30Oct. 1-Dec. 31

1939—Jan. 1-Mar. 31Apr. 1-Dec. 31

19401941 .194219431945 „19461947 -1948 . „19491951195219531954195519561959I9601961

Total

Total

7011,6331,268

747433942

2,2472,8542,219

768898

1,5851,862

3 2,1011,036

8191,2231,2501,7862,663

755489982

2,61150

33,924

Bonds*

834"

8981,5851,862

l 2,1011,036

8191,2231,2501,7862,663

755489982

2,61150

20,946

Notes

732618596433942

2,2472,8541,385

768

10,575

Bills

701901650150

2,403

* Issues classified as of date of final maturity; most issues callable atearlier dates; most of the U. S. Savings bonds are redeemable at optionof holder.

»Includes unclassified U. S. Savings bonds.

FULLY GUARANTEED OBLIGATIONS, BY AGENCIES *


End of month

1933—December...1934—June

December-..1935-June

December.,.1936—June

1936—November-December..

1937—JanuaryFebruary... .MarchAprilMayJuneJulyAugustSeptember-OctoberNovember. .

Total

180681

3,0634,1234,4944,718

4,6624,6624,6624,6624,6624,6604,6604,6654,7034,6334,6334,6344,644

FederalFarm

MortgageCorpora-

tion

312980

1,2261,3871,422

1,4221,4221,4221,4221,4221,4221,4221,4221,4201,4001,4001,4001,410

HomeOwners'

LoanCorpora-

tion»

1341,8342,6472,8553,044

2,9882,9882,988

2,9882,9872,9872,9872,9872,9372,9372,9372,937

Recon-structionFinanceCorpora-

tion

»180235249250252252

252252252252251250250255295296296297207

i Principal amount of obligations guaranteed as to interest and princi-™w- ^ ^ J f ^ V 1 ? 1 1 8 h e l d b y U ' S* Treasury and reflected in the$£«?« A A ? w total includes guaranteed debentures of the Federal

i H i f t ^ ' amounting to $124,086 on November 30,1937.* Excludes obligations guaranteed as to interest only,

rua 1934 6S giVeD i n p u r c h a s e of S° ld w h i c h W(*e retired in Feb-



SUMMARY OF TREASURY OPERATIONS[On basis of daily statements of United States Treasury. In millions of dollars]

Period

General and special accounts

Receipts

TotalIn-

cometaxes

Socialsecur-

itytaxes

Otherinter*nal

reve-nue^

Allother »

Expenditures *

Total

General

Inter-est ondebt

Na-tional

de-fenseandVet-

erans'Adm.*

Allother

Re-cov-eryand

relief

Re-volv-ing

funds(net)'

Trans-fers totrustaccts.etc.*

Excessof re-ceipts<+)or

ex-pendi-tures(-)

Trustac-

counts,etc7

excessof re*ceipts(+)or

ex-pendi-tures(-)

Increase or de-crease during

period

Generalfund

balanceGrossdebt

Fiscal year ending:June 1935June 1936June 1937

5 months ending:Nov. 1935Nov. 1936 ,Nov. 1937

1936—November..,December...,

1937—January.—_.FebruaryMarchAprilMayJuneJulyAugustSeptember _.OctoberNovember...

3,8004,1165,294

1,4681,6412,311

233517284275

1,012363335868409453788333327

1,0991,427'2,158

326420671

4358

7005747

5475735

5014037

<8>253

(8)276

8

2,1792,0862,187

9591,079

148175168148190166170212221301186189182

523603697

264262285

52577058716260567756515249

8,4778,001

2,8562,8473,053

535656631553754708552

1,300659556680616542

821749866

250263

81401420159

194122115967

1,0891,3401,436

508593635

114118116112121129119128128127125126128

1,3151,3101,994

584708

153150159176225230169179197162161183165

3,3663,3413,079

1,2441,403859

272294230214252243211232198175159168159

1419 78

»244

128»223

70

» 149 47

67»13M6• 79227»210201625

711,814

868

141102351

14545454545

54012561555555

-3,002-4,361-2,707

-1,387-1,206-742

-303-138-348-279+257-345-217-432-249-103+108-283-215

+613+123-67

+47-85

+128

- 1 7+26+72

-~98+8- 3

+20+44+37+20+18+10

-741+840-128

-407-1,276

+55

-358+500-180-187+287-124+52

+800+85

+263- 4 3

-184- 6 8

+1,648+5,078+2,646

+933+16

+669

-38+613+95+99

+127+212+272

+1,212+291+329-170+81

+137

1 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."e Includes revolving funds of Reconstruction Finance Corporation, Commodity Credit Corporation, Public Works Administration, Farm

Credit Administration, and Export-Import Banks.* Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account, and railroad retirement account.»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, unemploymenttrust fund, old-age reserve account, and railroad retirement account.

«Less than $500,000. 9 Excess of credits.

GENERAL FUND BALANCE[On basis of daily statements of United States Treasury. In millions

of dollars]

End of month

1932—June1933—June .1934—June1935—June-

1936-MayJuneJulyAugustSeptember-OctoberNovember..December.-

1937—JanuaryFebruary,..March ,AprilMayJuneJulyAugustSeptember.October __..November.

Total

417862

2,5821,841

2,3582,6822,2301,9042,188.,764,406,906

,726.,539,826,702,754

2,5532,6392,9022,8602,6762,608

In-activegold

26

127205343568758

1,0871,2131,3351,2091,2711,243

Incre-ment

on gold

811700

141140141140140141141141

141141141141141141141141141141141

iorage

140

308316319323329332333337

3443433503543563693753823SS394

Work-ing

balance

417862

1,7711,001

1,9102,2251,7711,4411,7191,291931

1,401

1,118849995642501970915

1,0511,128875831



GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, OCTOBER 31, 1937[Based on compilation by D. S. Treasury Department from reports received from organizations concerned. In millions of dollars]

ASSETS

Loans and preferred stock:Loans to financial institutions^.Preferred stock, etcHome mortgage loans -Farm mortgage loansOther agricultural loansAll other loans

Total loans and preferredstock

CashUnited States direct obligationsObligations of Government credit

agencies:Fullv guaranteed by U. SOthers

Production credit association classA stock

Accounts and other receivablesAll other assets

Total assets other than inter-agency 2 __

LIABILITIES

Bonds, notes, and debentures:Guaranteed by United States.__Other2

Other liabilities (including reserves)

Total liabilities other thaninteragency 2

Excess of assets over liabilities, ex-cluding interagency transactions..

Privately owned interests _.

U. S. Government interests

Financed wholly from Government funds

Recon-structionFinanceCorpo-ration

296563

1834

1,6941

27

3311

1,766

297

53

350

1,416

1,416

Com-modityCreditCorpo*ration

130

1300)

(0(0

130

60(*)

60

70

70

PublicWorksAdmin*

istra*tion

124

124

22

146

146

146

Agricul-turalcredit

institu-tions

17

1795

1425

771

0)

148

5

5

143

143

Other

10)

170295

4665634

2

35322

915

(0

47

51

864

864

Financed partly from Governmentfunds

Farmmort-gage

institu-tions

2,887

2,8877851

(i) "25

177160

3,357

1,400= 1,115

175

2,689

668175

493

Otherfarmcredit

institu-tions

259

25938

107

406

5t1)

456

1817

188

2083

264

Homemort-gage

institu-tions

1843 203

2,446

2,8337318

14

26»458

3,422

2,93754

151

3,142

28039

241

Other

11

0)

119

359

102

423

508

0)109

109

399139

260

Total

Oct. 31,1937

492767

2,4462,887

578.1,253

8,422265600

17037

77282996

10,849

4,6341,413

547

6,594

4,255357

3,898

Sept. 30,1937

488766

2,4722,892

5611,272

8,452248597

17040

77279964

10,827

4,6691,423

529

6, 621

4,206355

3,851

Oct. 31,1936

534769

2,8352,939

6141,221

8,912265500

19729

75297628

10,904

4,6821,446

439

6,567

4,337350

3,987

i Less than $500,000. * Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation.» Shares of Federal savings and loan associations subscribed by HOLC are classified in "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]

Nov. 30,1936

May 31,1937

June 30,1937

July 31,1937

Aug. 31,1937

Sept. 30,1937

Oct. 31,1937

Nov. 30,1937

Loans to financial institutionsLoans on preferred stock of banks and insurance companies..Preferred stock, capital notes, and debentures ,Agricultural loansLoans to railroads (including receivers)Loans for self-liquidating projectsLoans to industrial and commercial businesses...Loans to drainage, levee, and irrigation districtsOther loansSecurities purchased from Public Works Administration...

Total loans and investments, other than interagency.

Loans to Federal land banksLoans to Commodity Credit Corporation ..._._Capital stock of Commodity Credit Corporation..Capital stock of, and loans to R. F. C. Mortgage Co-Preferred stock of Export-Import banksCapital stock of, and loans to other agencies

Total loans and investments

330,88347, 586

658,6541,273

345,190194,18461,64563,125

1,935136,850

277,34940,677

587,6681,402

344,823218,58969,52471,2532,312

120,404

271,85840,483

581,9001,349

354,320221,90770,54972,4242,533

119,585

271,00940,027

576,6721,236

351,936225,40771,18174,6052,562

87,320

266,28339,414

567,8791,073

351,855227,10872,83375,0382,793

86,843

261,10439,167

566,090973

356,279231,17173,10177,180

85,621

256,96538,949

563, 4651,035

355,932232,41473,28377,1602,911

88,999

i 249,59438,800

559,6231,028

355,923234,113

72, 68677,1792,941

117, 504

1,841,325

27,62098,41797,00035,70120,000

100

1,734,001

13,93450,37197,00045,99420,0007,400

1,736,909

13,75747,39397,00048,28620,00010,000

1,701,954

13,58661,23897,00051,30220,00011,898

1,691,120

13,2751,876

97,00053,07320,00012,948

1,693,584

13,2123,36197,00057,48720,00016,423

1,691,114

13,04210,16597,00060,15020,00019,698

1,709,392

12,30831,29897,00062,77920,00024,848

2,120,163 1,968,700 1,973,345 1,956,977 1,889,291 1,901,06' 1,911,168 1,957,624

* Includes $79,000,000 of loans for distribution to depositors of closed banks.NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.



FARM CREDIT ADMINISTRATIONLOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS


End of month

Farm mortgage loansb y -

Federalland banks

LandBank

Commis-sioner

Federal intermediatecredit bank loans toand discounts for—

Regionalagri-

culturalcredit cor-porations,productioncredit as-sociations,and banksfor cooper-

atives 1

Otherfinancinginstitu-tions,except

coopera-tives

Produc-tion creditassocia-

tions

Regionalagricul-

tural cred-it corpo-rations

Emer-gency

crop anddrought

loans

Loans to cooperatives by—

Federalinter-

mediatecreditbanks

Banks forcooper-atives,

includingCentralBank

Agricul-tural

Market-ing Actrevolv-

ing fund

1933—December1934—December1935—December1936—November

December1937—January

FebruaryMarchAprilMayJuneJuly ,AugustSeptemberOctoberNovember.,.

1,232,7071,915,7922,071,9252,065,7192,064,1582,061,4722,060,2332,057,9302,055,3972,053,5582,052,3392,050,5222,047,6502,045,2762, 042, 6372,039,005

70,738616,825794,726836,194836,779836,062835, 509833,821832,881831,705830,577828,771826,317823,257820,163816, 653

73,26399,675104,706131,644129,872125,825130,139144,250153,795159,073164,977170,110171,270167,477159,898160,627

60,98955,67247,16241,27741,01740,08041,06142,36744,04245,13147,33748,16748,38646,57342,41440,857

2760,85294,096

105,441105,212106,081114,551131,905143,902152,466160,051163,553162,515153,977142, 652137,473

144,63687,10243,40026,49125,28824,45424,24923,89223,58823,45322,91422,06921,12619,43417,49116,208

"91,090111,165172,489166,291164,887163,868163,250174,709187,185189,686189,141187,353185,802182,331177,362173,701

15,21133,969

2,7311,3361,6411,4861,3591,3051,2491,070

6351,1261,0471,1571,2291,509

18,69727,85160,01?72,60069,64764,41160,35666,73649,31445,00045,03252,40556,34166,89773,45082,026

157,75254,86344,43356,21653,75454,32262,35951,81048, 52247,73246,85445,66444,28147t23fl45,29645,284

*• Revised.i Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the

production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in thethree 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

LOANS OUTSTANDING, BY INSTITUTIONS

[Loans in thousands of dollars]

End of month

1933—December,.1934—December..1935—December..

1936—NovemberDecember

1937—January —FebruaryMarchApril ,MayJuneJulyAugustSeptemberOctoberNovember

Home mortgage loans b y -

HomeOwners'

Loan Cor-poration i

132,3862,379,4912,897,162

2,801,8272,765,0982,729,2742,698,6112,661,5422,625,4932,591,1152,556,4012,524,1292,497,2242.472.4212,446,0022,422,149

Federal savings andloan associations

Number ofassociations

Total

1,023

1,2061,2121,2281,2401,2491,2571,2701,2861,2931,2961,3071,3111,318

Re-port-ing

455881

1,0801,0651,1431,1571,1681,1681,1661,1811,1811,2001,2111,2111,194

Loansre-

ported

69,734316,683

544,130544,107576,299611,212630,680652,557679,949703,996722,442746,958769,117782,846782, 495

Federalhomeloanbank

loans tomemberinstitu-tions *

85,44286,658

102,795

137,261145,401143,745141,205142,720146,149153,491167,057169,571175,607179,511184,041187,336

ouU IJUCLII lUoliraDCo \JurporuiHJJj auu tu vmiuuo oariugo auu iuau wwu-

ciations, real estate and other property, and accrued interest receivable.* Includes loans to Federal savings and loan associations, all of which

are members, and a negligible amount to others than member institutions.

POSTAL SAVINGS SYSTEM


End of month

Depos-itors'bal-

ances'

1933—June..1934—June..1935—June.,1936—June..

1936—September—OctoberNovemberDecember

1937—January..FebruaryMarchAprilMayJuneJulyAugustSeptemberOctober . . .November.

1,1871,1981,2051,232

1,2511,2551,2571,2601,2661,2701,2721,2701,2681,2681,2711,2731,270

Pi, 269Pi, 270

Assets

Total

1,2071,2251,2361,265

1,2851,2901,2931,2961,3031,3071,3101,3071,3061,3071,3091,3121,307

CashIn de-posi-tory

banks

977695385203

162158145145136133132134134136134133133

U. B. Governmentsecurities

Total

131453777967

9821,0111,0291,0581,0601,0611,0971,1001,1001,1001,1001,1001,100

Di-rectobli-

tions

131418630800

815844862891893894930933933933933933933

Guar-an-teedobli-ga-

tions

35147167

167167167167167167167167167167167167167

Cash,re-

servefunds,etc2

99777495

141121119

93107113

81737271757974

p Preliminary.i Outstanding principal, represented by certificates of deposit. Does

not include accrued interest nor outstanding savings stamps.»Includes working cash with postmasters, 5-percent reserve fund and

miscellaneous working funds with the Treasurer of the United States,accrued interest on bond investments, and accounts due from late post-masters.

Back figures.See BULLETIN for August 1935, p. 502.



PRODUCTION, EMPLOYMENT, AND TRADE(Index numbers; 1923-25 average-100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]

Yearand

monthUJUJ-lLrU

191919201QO119221923.10241925192619271928192919301931193219331QO41935.1936

1934

OctNov.Dec

1935

JanFebMar.....ApriU..May.—June....JulyAugSeptOct.

Dec

1936

Jan.FebMarApril....May..._JuneJulyAugSeptOct.NovDec

1937

JanFebMarApril....May....JuneJulyAugSept,....OctNov

Industrial production^

Total

A A.flu

justed

:::::

747586

9090888685878688919596101

07Mi

9493101101104108108109110114121

114116118118118114114117111102P&9

Unad-justed

8387678510195104108106111119968164767990105

757478

889191898786838790979896

959596104105104105106107111115114

112117122122122115111115109102

Manufac-tures

Ad-usted

—~-*

"I"'.

727485

9088878684858789929597101

969293100101105109

no110iii115121

115116117118118114114118110100J>85

Unad-justed

8487678610194

105108106112119958063757890105

737376

879191918784838789969895

959397105105105105106107110115114

11311812212512311411011410699

J>86

M in era Is

Ad-usted

-

:

- • " "

'.'.III

818190

9597978800998583879393102

1041119710610210010190102105112117

110115128116116114112112115113

*108

Unad-justed

77S9707410596O.Qyy

1081fl7IV 4

106115990471828691104

878485

9293907988978586931019697

1001079095101101102104110115115111

106111118105117117115120

, 125122

Pill

Construction contracts awarded (value) *

Total

Ad-justed

::::::

313131

272826272730353843486068

625247474652596259575866

63625653566168635652*55

Unad-justed

636356798494199

129inn13511792

DO28253237BE00

292825

2224263032353940444553£4

604547536660656560645163

51545661687275665649

Residential

Ad-usted

------

"III.

121112

121416182124252425252626

252526303236444647434045

45474544444244403736*32

Unad-justed

443044688195124121117126875037131112210701

121110

101316222526252425252522

212228353839454647413938

37424751524745403735*31

All other

Ad-usted

I" II"

-III-I

464847

3939353332364360686688103

Q9y*7663605765717569AQoy7283

77756461667787817165*74

Unad-lusted

799065888694120135139142142125CMO*40374860iV

434136

3233343839436054596276£0

if,to

6362677078828170(•rDO

6266

636463688192100887261*63

Factory em-ployment1

Ad-usted

IIIII

—

818182

848586868584858686878889

QQOtf

8788899090939394

9699

9910010110210210110310210198P94

Unad-usted

107108829010496100101999910591776672838609

828082

828586868583848688898988

070/8788899090919496Q7VI

9798

•97991011021021011011021021C1*>95

Fac-torypay-rolls*

Unad-usted

9811877821039610110410210210989674649637100O i

626164

657072726967677174767678

4%7478798181808484enoy9195

0196101106105103100104100100*89

Freigload

Ad-usted

E:"".—595960

636665626164596364686868

T($U7166717273767675778283

8082838480788079787671

ht-carings**

Unad-usted

8491788510098103107104104107927455586264

/o

656057

596263596063596471756964

656864687173777784868477

7376807980798281878472

Deparstore 1

(va

Ad-usted

IE——

747577

767779757479807781788283

818384848787918688909492

9395939393939492949391

tmentsales*ue)

Unad-usted

78948788989910310610710811110209$£6967757988

8283135

5961717976765561868691145

636677858984636894100105161

7276908995906572100103101

p Preliminary.• Average per working day.t For indexes of groups and separate industries see pp. 45-46; for description see BULLETIN for February and March 1927S;?0?*? mov,m8,sverage of F. W. Dodge Corporation data centered at second month; for description see page 35S of BULLETIN for July 1931.

• The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bu^au of Labour Statistics Fordescriptiont and back figuresRfor the seasonal y adjusted index of factory employment compiled by F. R. Board o^Governors Yw pagi 95^978 ofwdUu^^trr iddleofmonth * ° £ r ° U P S ^ S e p a r a t e m d u s t r l e s See PP- ^ Underlying figures are forplyrollperiod

* For indexes of groups see p. 52.

l oad ing%%5£m*2t£S£&J%S&t W)- F°r d6PartmeDt St°re S8le3 See P" m of »™*™ "* » 4 1836' and f°r " « «


JANCART 1938 FEDERAL RESERVE BULLETIN 45

INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)[Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average = 100]

Industry

Manufacture*—Total „

IRON AND STEEL _ __Pig ironSteel ingots

TEXTILES . . _ .Cotton consumptionWool .

Consumption.. . __Machinery activity i *Carpet and rug loom activity1

Silk deliveries

FOOD PRODUCTS:Slaughtering and meat packing....

HogsCattle -Calves. „.Sheep

Wheat flour . .Sugar meltings.—

PAPER AND PRINTING:Newsprint productionNewsprint consumption _ . . .

TRANSPORTATION EQUIPMENT:Automobiles .Locomotives3.—

LEATHER AND PRODUCTSTanning

Pottln hirta Innf-honsCalf and kip leathers . . .Goat and kid leathers

Boots and shoes .

CEMENT AND GLASS:Cement . . . . . . . . . . . . . . . .Glass, plate - —

NONFERROUS METALS:Tin deliveries1

ZincLead

FUELS, MANUFACTURED:Petroleum refining.

Gasoline1

Fuel oil*Lubricating oil»

finite, byproduct _ . . .Coke, beehive -- -

RUBBER TIRES AND TUBES » _

Inner tubes»

CigarsCigarettes .Manufactured tobacco . »-.

lUlnArnla Total

Petroleum, crude

Zinc . .LeadSilver

1936

Oct.

I l l

12798

130

114120105109104

95. 121

10594

1151291628268

62140

93

11293

10065

103125

87242

105101

71

191249

9012411012«

19

118121

94

14674

20286

105

8652

15298

10171

Nov.

115

13799

141

121123118128118

92125

109100115122169

8383

67150

105

116104111

79112124

91164

97100

74

188241

92124114130

20

126130

92

15075

20986

112

9569

152110100

74OQ

Dec.

121

143104147

139144140160134

94134

10085

117125160

87115

64141

1221 K

134108111

98111151

9189

1059880

191242102132116137

20

123128

91

18383

26592

117

9773

161

98SO

1937

Jan.

115

139107142

124129121126130

92118

8765

111130175

8798

63142

120

136108111

90119154

8677

1258076

189236117135111137

21

123128

91

16583

23476

110

8656

164

SO76no

Feb.

116

129107131

126132129132137104112

8666

1081221518989

62145

1201 1

134106108

92114162

85244

1318370

194245106130126136

22

133138

99

16878

24281

115

9850

168

837094

Mar.

117

126108128

••128136128139125101114

8969

113136139

89108

64144

12124

132103106

85115150

93229

144107

75

190242108126120138

25

13213799

15383

21284

128

11281

173

1077593

Apr .

118

130109132

124130119128118

96120

9375

113130142

95123

62144

130

13110710794

121146

87241

138110

85

195249103123131141

25

133138100

15882

22089

115

7297

174

11085

103

May

118

134114136

123130121132120

93109

765499

1241458998

62147

13531

133109111

82133148

78223

115116

76

200253112130131143

31

132137

94

15574

22181

116

8063

176169116

76101

June

114

119107121

126136119129118

94115

7749

111134145

9469

61145

13030

1181029983

128129

74260

112115

70

202256114133129134

29

123128

84

15073

21280

114

8074

172122115

70107

July

114

140121141

11112595

102967197

704499

1291399191

64140

12925

115949168

127129

75206

100112

82

20626111913912414432

102105

73

16478

23386

112

7947

174121112

82148

Aug.

118

142123144

115129106120

968392

7850

111141148

8396

65141

15721

109939363

124120

73216

108110

82

207265121134121149

28

15973

22979

112

7837

181126110

82139

Sept.

110

125119125

10812188968080

103

8767

109140150

8345

65147

13529

' 9 8'86'8760

108••105

73199

136116

77

21627710914712614825

16277

23181

115

8652

17711311677

116

Oct.

100

10095

101

91101G5637459

105

8976

102120139

8673

03145

14234

888085529294

79179

H I115

81

21727711014713412S

20

15573

22182

113

8355

17691

1158191

^ov.

*>S5

G86708

P80<J1

P51*>51*>59P40

94

867496

115139

86101

64130

92

*82

"~*S3

76151

11510879

14

15573

22183

J»108

*>75*>65

P17540

10879

i Without seasonal adjustment. * Preliminary. ' Revised.NOTE —For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, Sep*

tember 1933 DD 584-587* November 1936, p. 911, and March 1937, p. 255. Series on silk-loom activity and on production of book paper, wrappingpaper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table^ are in processof revision.



INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)[Index numbers of the Board of Governors; without seasonal adjustment 1923-25 average= 100]

Industry

Manufactures—Total -

IRON AND STEELPig iron . . . .Steel ingots

TEXTILESCotton consumptionWool

Consumption __ -.*_.__Machinery activityCarpet and rug loom activity.

Silk deliveries . . .»

FOOD PRODUCTS:Slaughtering and meat packing..

CattleCalvesSheep

Wheat flourSugar meltings --- -- --

PAPER AND PRINTING:

NewsDrint consumption

TRANSPORTATION EQUIPMENT:AutomobilesLocomotives1

LEATHER AND PRODUCTSTanning

Cattle hide "leathersCalf and kip leathersOfifit flnd Virl IftjittafirsBoots and shoes*—., - . . ~--

CEMENT AND GLASS:CementQlass, plate .. - - -.._« --

NONFERROUS METALS:Tin deliveriesZinc — - - . . - -

FUELS, MANUFACTURED:Petroleum refining

GasolineKeroseneFuel oil - . -_ . .Lubricating oil

Coke, byproductCoke, beehive

RUBBER TIRE** AND TUBES .Tires, pneumatic . _ _.Inner tubes _. .

TOBACCO PRODUCTSCigars . . .Cigarettes - . .

Minerals—Total

Bituminous coal,_ . . -Anthracite ..Petroieumt cm deIron oreZinc ..........LeadSilver. „

Oct.

110

12398

126

118123til12010495

121

10480

1341351679265

62149

65

7

12398

10277

107140

09242

1059873

192249

9512411012P

19

11812194

15791

21290

115

9467

1531679873

118

193fi

Nov.

115

127100130

12512812514011892

129

1211101331241679065

66160

127

12

11210210975

111118

90164

9710077

189241100124114133

21

12613092

16390

20783

115

10671

15093

10077

106

Dec

114

125102128

132133141161134

m119

1171111221191578466

64145

147

15

11410510884

120119

7189

10510081

192242111132116138

21

12312891

14962

31775

111

10372

166

10081

114

J a n

113

134105136

130••13612313013092

135

10087

1121211768564

64137

120

10

12610411275

113140

5277

1258577

189236119135111138

24

12312891

15664

23077

06

9661

158

8577

100

Feb.

118

135109138

134141135144137104120

857395

114H28688

62143

12013

13611011685

119153

51244

1318972

1942451081301261402S

13313899

15367

22082

111

10354

165

8972

102

Mar .

122

142114145

132143129141125101110

846999

13712683

127

63149

140

13610310776

117157

67241

14411377

19024210412612014230

13213799

14676

20185

118

11267

171

11377

102

Apr.

125

144115146

12714011712411896

119

836799

14113387

143

63154

158

12810510785

120143

85265

13811484

19524910212313114227

133138100

14577

20086

105

61101174

11484

104

M a y

123

146116149

12313411612212093

108

745296

14014283

109

63151

163

12210310578

124134

92234

11511775

20025310813013114228

13213794

15776

22482

117

7063

1772381177598

193:

June

114

119105121

11913011311611894

102

7650

1041391428382

63144

147oo

1141009780

128123

91234

11211172

201256

" 10613312913224

12312884

16480

23482

117

7265

17524011172

105

July

110

130115132

1031148991967192

673998

12513988

111

62124

132OK

113938879

118127

92185

10010479

20626111013912414025

10210573

17882

25686

115

7238

17724510479

126

Aug.

114

139118141

108116102111968396

7038

10912915088

108

64126

116nO

121949176

122138

94216

10810379

20726511513412114523

17076

24781

120

7737

18425710379

138

Sept.

106

123116124

10711891

1018080

109

8350

1211341739848

'65144

53

11291

'9170

113"•126

92199

13611073

21627711214712614522

17988

25488

125

9253

182218110

73111

Oct.

99

989598

931046969IX59

105

8964

1191261539669

63154

100CM

9784886296

105

90179

14111284

21827711514713412820

16789

23385

122

9270

1771561128490

Nov.

p86

636862

»8395

P53*>55^59P4097

9581

1101171379379

63139

111

J>79

P79

76151

11510882

10615

15886

21981

P i l l

P 8 5P67

P17434

10882

p Preliminary. r Revised.NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932. p p 194-196, Sep-

tember 1933, pp . 584-587, and March 1937, p . 256. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, boiboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.



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]

Industry and group

TotalDurable noodsNondurable troods

IRON STEEL PRODUCTSBlftst furnaces steel worksBolts nuts washers rivetsCast-iron pipeCutlerv edce toolsFondncs

Pliimhprs* sunnlip^Stcani hot-water heatingStovesStructural ornjunpntfilTin cans tinw&reToolsWire work

M ACIIINERYAgricultural imnlpnifiTitsOfrsh rppist^rs AteTMpptripAl mflchitiprvPnEnnes turbines etcFoundry, machine-shop products-Machine toolsRadios DhonocranhsTPXHIP miohiticrvT VD R wri t ers

TRANSPORTATION EQUIPMENTAircraftAutomobiles

LocomotivesShipbuilding

R. AIT ROAD TIFPAIR SHOPSElectric railroadSteam railroad

NONFERROUS METALS, PRODUCTS

CMOPV*? w a t c h e rJewelry

Silvprwarp nlatfid w&tfcfiTneitinf? rGflnint?fitfiTtin^H Atiflmplpd ware

T TTHfRlTTl PRODUCTS

Lumher millworlcT iimViPr Sawmills

flTnKF Of AV OT ASS PRODUCTST^rirt tilp tprrfi cott&

GlassA/Tarhlp eranitft slat6Pottery

TFTTITFS PRODUCTSA Fabrics

Oarnpts Tii£SCJnttnn Crtodsf^nt tnn <iTTiall WfltftSDyeing, finishing textiles -TTntq fur-felt

SilV rflvnn troocls\Vnnlpn wnr<;tP<i Foods

TK Wparint? atittflrel("MntJiinu m fin's

TVTpn fiirnishinffS\ f illinprv^hfrt«? collars

1936

Oct.

94.488.2

101.2

98.410079668261848570

10773

10089

164

108.410211910011796

125176 •75

132

105.06451136141

102

60.16360

105.211511011488897078

153

66.2815350

67 24764

1034276

101,795.59297

10111582

1177978

113.410515589

13055

117

Nov .

96.289.9

102.9

99.610981678464918671

107739893

175

110.495

12010312297

127171

75135

112.3646123644298

60.66360

106.711811111591947078

154

66.2845449

66.34865964275

104.497.39398

10411787

1167984

118.411116391

13453

119

Dec.

98.692.7

104.9

101.011084688768959072

H I709795

188

114.010312110612510012918876

139

118.7698133624489

61.76362

110.711811511791997180

166

67.9865551

69.05168

1014276

106.8100.19999

10612189

1197992

119.811516092

13551

124

Jan.

98.892.4

105.4

102.311387688969809476

11473

10398

179

116.0109123104128102136201

79145

110.2740120624995

62.36362

109.612112012090757280

163

68.8896750

69.55468984377

108.3101.710110110712090

1238193

120.911415993

14057

132

Feb.

99.793.9

105.8

103.711289698770969078

11775

10599

176

118.911312710913410413619681

148

113.07721236654

100

61.96362

111.712112212089987379

159

68.1875750

72.65568

1094377

107.3100.710110210211789

1237985

119.811116191

14157

129

Mar.

100.996.3

105.9

106.411690718769999580

11676

104101187

121.1125131111137106141190 ,83

153

117.3783127

7154

106

62.26452

113.211912212290

1047381

161

71.4885854

72.65470

109 ,4378

107.0101.199

10310211688

1228088

117.911015690

14158

129

Apr.

101.697.4

106.2

108.011893728773999782

11378

105101186

123.713013111514010814718985

154

118.67981287055

106

62.46462

114.312112612490

1007485

158

71.4905853

71.85466

1084378

107.9103.8

10510311986

1228594

115.011314688

14054

124

May

102.298.4

106.2

108.712094728973989882

11377

107103183

125.613613411814711015015587

154

122.28071337155

104

62.46362

115.412312412595

1007388

160

71.7915654

71.35262

1104479

107.6103.210210696

11984

1218490

115.311614489

13853

119

1937

June

101.497.8

105.3

100.710682698673969180

11878

107102181

129.414313612014611315319087

159

122.67941347057

104

63.76364

115.013212312495967389

159

72.3925654

70.45062

1094282

105.4101.310210410011490

1188687

112.010914290

14154

118

July

103.0100.1106.2

108.312188688977968981

10779

110103176

131.5147137121150114154214

87156

123.57681366960

102

64.463 •64

115.4138121120101948294

153

72.9915656

70.45161

1104179

106.2102.010010510211687

1238484

113.110914591

14752

119

Aug.

102.499.3

105.6

108.712287CG9273939277

11179

109105171

131.3148135121151114161201

88155

121.38121326961

106 •

62.46362

115.913812112899937894

156

71.3885554

70.34864

1124179

105.9100.810110610411684

1218178

115.110815690

13954

117

Sept.

100.798. G

102.9

108.412388649174939577

10580

104t)9

170

130.215113712115511215718087

150

123.9799130G7G4

10G

60.163GO

113.71311171269397SO94

152

69.2865553

70.54966

1114278

100.995.9

10110110111479

1177670

109.710314789

12951

115

Oct.

1)8.4% 7

100.2

105.411985G2887294937199789890

187

128.015813611915711015710284

147

126.3817138

7166

106

58.76358

109.410311212492987890

152

66.4815451

69.44767

1094178

96.490.4879307

11382

1127368

107.410014389

12850

114

Nov.

94.191.307.0

98,6lit)81598005Wl90048574

10191

177

120.814013411315010G15312078

131

118.47511287464

106

57.36357

105.61221041199093SG87

140

61.8755147

67.24408

1054175

91.585.5868991

1081.871076860

103.195

13989

12248

109


48 FEDEKAL KESERVE BULLETIN JANUARY 1938

FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONALVARIATION)—Continued

[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average «= 100]

Industry and group1936

Oct. Nov. Dec,

1937

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov

LEATHER PRODUCTSBoots, shoes -Leather

FOOD PRODUCTSBakingBeveragesButter _Canning, preservingConfectionery jFlourIce creamSlaughtering, meat packingSugar, beetSugar refining, cane

TOBACCO MANUFACTURESTobacco, snuffCigars, cigarettes

PAPER, PRINTINGBoxes, paperPaper, pulpBook, job printingNewspaper, periodical printing.

CHEMICALS, PETROLEUM PRODUCTS,A. Other than petroleum

ChemicalsCottonseed oil, cake, meal_._Druggists' preparationsExplosivesFertilizersPaints, varnishesRayon, allied productsSoap ,

B. Petroleum refining

R U B B E R PRODUCTSRubber boots, shoesRubber goods, otherRubber tires, inner tubes

92.09296

112.713118782

14676746991

11874

81.15762

103.110011194

105

117.9117.412971

1009085

129354103119

98,375

13092

94.99599

113.413219782

13580737096

11467

62.45763

103.610011295

104

118.1117.412977

1029380

127357100121

99.474

13393

98.810098

115.013219784

147817472959370

62.05663

104.010311394104

118.6118.3129751059187130355100120

1027613895

99.110197

114.813320386148837571934464

62.066

104.010311494103

120.7120.9133851059487131364102120

102.37514095

98.110097

116.713520288157817573918978

61.85762

105.510411696104

121.6121.813380

1099286

133363110121

101.773

14094

97.49997

117.013620588

152807573939577

61.75662

107.410611898

105

122.5122.713567

1119088

135370111122

96.082

142

96.597

100

116.113419986

154797773919884

61.15662

107.510611997

105

124.4124.813677

1139594

136378107123

95.882

14479

96.096

100

114.813520388

144787676909078

61.25662

108.010612098

106

126.0126.113877

1129398

134392103125

101.781

14589

96.19799

114.713520690

143777577899075

60.25861

108.210612198

106

127.5128.013772

11497

110134408103125

100.076

144

95.29795

119.413620991

169817876919179

61.35762

107.310512098

105

127.7128.113862

11297

104136413104126

96.667

14087

93.09494

116.213421088

155827775

75

60.85761

107.410411998

105

127.2127.313762

11497

105136407103127

99.877

14090

90.09093

114.813420987

151767476 •88

10866

60.25661

107.810011999

107

127.4127.913797

1129794

134407102125

99.576

13791

90

113.813619986

13880757289

11067

59.356

107.099

11799

107

123.7123.413587

1109489

13238099

124

98.174

13590

86.18883

113.813420982

14080757390

107

59.75660

105.097

11398

106

120.6119.912889

1089386

12936798

124

91.666

12685

I i ? ^ E i T ? ' i ^ u r e s f o r November 1937 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 andpage 259 of the BULLETIN for March 1937. Underlying figures are for payroll period ending nearest middle oimonth, ^ecemper uwo ana


JANUARY FEDEHAL EESERVE BULLETIN 49

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUTSEASONAL ADJUSTMENT)

flndex numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]

Industry and group

Factory employment

1936

Oct. Nov.

1937

July Aug. Sept. Oct. Nov.

Factory payrolls

1936

Oct.

1937

uly •Ug. ept. Oct.

TotalDurable goodsNondurable goods.

IRON, STEEL PRODUCTSBlast furnaces, steel works,-Bolts, nuts, washers, rivets.Cast-iron pipeCutlery, edge toolsForcings , .Hardware -Plumbers' suppliesSteam, hot-water heating...StovesStructural, ornamentalTin cans, tinwareToolsWirework

MACHINERY _Agricultural implementsCash registers, etc _Electrical machineryEngines, turbines, etc .__Foundry, machine-shop productsMachine tools— -Radios, phonographsTextile machineryTypewriters

TRANSPORTATION EQUIPMENTAircraftAutomobiles—Cars, electric, steam railroad..Locomotives.—u.Shipbuilding

RAILROAD REPAIR SHOPS.Electric railroadSteam railroad

NONFERROUS METALS, PRODUCTS..Aluminum -Brass, bronze, copperClocks, watchesJewelry -Lighting equipmentSilverware, plated wareSmelting, refining-,..Stamped, enameled ware

LUMBER PRODUCTSFurnitureLumber, millwork...Lumber, sawmills .—

STONE, CLAY, GLASS PRODUCTS..Brick, tile, terra cottaCementGlassMarble, granite, slatePottery

TEXTILES, PRODUCTSA. Fabrics.——

Carpets, rugsCotton goodsCotton small waresDyeing, finishing textiles.Hats, fur-feltKnit goodsSilk, rayon goodsWoolen, worsted goods...

B. Wearing apparel..Clothing, men'sClothing, women'sCorsets, allied garments..Men's furnishingsMillineryShirts, collars

96.789.2104.7

98.9108796683618586731177510390164

109.6981191001139612621873133

102.16191105940103

60.463

108.3117111118102917279154

69.2875352

69.150661044477

104.397.1

102115831218279118.3108163>9013857

124

96.991.0103.3

19.310881668664928G74115739694175

111.4931201031189712821174139

115.0646128584197

6360

110.0119113121101977479156

67.8885350

67.35064984377

104.898.894100104118831218084116.01071589014348125

101.498.9104.1

107.6120

847293937710581115102176

129.913913712115211315319786152

119.97911307263100

63.86364

111.513211911591927492151

72.9885756

71.754701084473

100.098.01001029610984116£081102.01071178813039113

102.398.1106.9

108.7.218768897290947611381118100171

130.214113512115111315520486152

111.88121197363102

62.16362

112.813311712496917692153

73.0895756

71.952701104576

102.897.310110196109891168078113.01111468812853116

02.197.3,07.3

659073939577113821498170

130.74713712115411215820884151

107.07671136964106

60.46360

114.1131115127101978093153

71.7895655

72.752701114577

101.694.9

111861178070114.1091528912857119

,00.597.5LO3.6

105.81885629072949474[08790197,87

.28.91511361953.1015820183148

122.77841346864107

59.06359

112.71051131281061008192154

69.4875453

71.4506911043

98.891.9899498112831167568112.11041509013652121

94.792.397.3

8.2098158886591906791759992L77

21.444.34.13146LO51545577

121,2'511336662105

57.36357

108.9124106125100969089141

63.2795147

68.45671074277

91.986.987909110983112

89.085.393.7

3.20287507852936666.0969979452

02.7.06.17931009012217866129

95.8528[026027103

63.96404,

99.711110311684836868154

63.1775047

62. i41621033866

88.85.90871009861124676091.821199111838116

90.788.992.9

95.80589488358.066366L0366929873

105.6[021297.069324696734

13.4553L26582897

65.26665

102.011510412278977270155

60.8785043

61.14163993467

87.286.90889810168124646684.791038812631116

00.400,700.0

13.53294547804OS7271828222OS72

33.6.73.47124551559.660046

17.5583[248351.12

63.56763

105.313511710868896787146

67.3745553

66.14672109

85.589.69797909481113677273.867180972496

03.804.0.03.5

20.4420154856704777297852907M

37.1.8440.27.5619iGO7688.44

12.8'51158753.19

67.36967

109.914111712274877392157

71.4795656

70.546771204065

92.90.09897919487119666992.921158210240103

00.199.400.9

12.9.30974987700173729884230467

3i.389.47.24.5914667485.43

04.4>70[06805519

63.16S63

110.113611312882998189149

68.2785353

69.946731194067

87.85.38592969569117685887.84106849549103

00.101.798.2

06.81997468668156G79482080102

.34.201.48.255914.70.068128

.29.9r23.388356.24

64.96865

109.9116107133891048191156

65.3775249

69.644721193873

84.281.06485979562123625387.801108711236113

89.389.688.9

85.69379438056996453657410190159

120.9183141113154102158123ro

106

118.86891248451120

62.96863

100.51289212479988385136

54.9664640

63.737681123570

71.371.04976788961112524268.861858310327102



FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONALADJUSTMENT)—Continued

I Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]

Industry and group

Factory employment

1936

Oct. Nov.

1937

July Aug. Sept. Oct. Nov,

Factory payrolls

1936

Oct. Nov.

1937


LEATHER PRODUCTS.Boots, shoesLeather

FOOD PRODUCTSBakingBeveragesButterCanning, preservingConfectionery,.Flour. _Ice creamSlaughtering, meat packing..Sugar, beetSugar refining, cane

TOBACCO MANUFACTURES..Tobacco, snuffCigars, cigarettes

PAPER, PRINTING..Boxes, paper..

ulp.. .Paper, pulp.Book, job printingNewspaper, periodical printing. . .

CHEMICAL, PETROLEUM PRODUCTS...A. Other than petroleum

Chemicals ..Cottonseed oil, cake, mealDruggists' preparations.ExplosivesFertilizersPaints, varnishesRayon, allied products.Soap..

B. Petroleum refining

RUBBER FRODVCTSRubber boots, shoesRubber goods, otherRubber tires, inner tubes.

92.89397

124.213319183

19791776692

27276

G4.55765

101010611194

105

120.3120.21301041049377129362107121

97.978133

19.0

114.11331838211392756297274

65.95767

105.010611296105

119.7119.41301041069570125364103121

200.08013691

96.39895

124.9137234972106978939053SI

60.65561

106.010212096103

124.3123.5140421069570136401102128

96.26213790

96.69994

132.513523194278737890877177

61.85663

106.310311997103

124.9124.1137541129673133403102128

97.97713588

92.79493

137.813722392312857782879267

62.15663

107.710311999106

128.6128.91371211149885132407103127

98.079135

89.59190

125.01382038618696

698925369

62.65663

107.910511799108

126.5126.71351271159781132388103126

97.77813787

81

114.31351948211792766591258

63.05764

106.410411399107

122.4122.11301201129576128374100124

92.17212883

74.06799

111.5119199651798673588920261

54.76154

96.510810285101

114.4113.9125851139670120308105116

96.86512894

67.358101

108. 3120191659885705610026959

54.86254

98.610910588102

114.7113.3128831139863117298102119

101.26913199

104

128.3135285782456480861005681

55.86655

101.610011990100

136.8134.91543511210477138393117143

96.85513694

83.779104

131.213227378294758084977581

57.26656

102.610312490

140.7137.71564812310779135401118151

97.07313490

71.66599

133.2136253743078981749810160

56.57055

103.710311893104

139.0137.715111212710697132394122143

66.35995

125.01372227018898816410022464

57.96857

105.110911793107

137.5136.115111912911183134375121142

97.476

13390

94.370

14084

54.54782

115.71302126710889776210227665

57.26456

101.610310593106

132.0129.514211112510778125360116140

83.362

12275

be obtaiNOTE.—Figures for November 1937 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936 Bark data mav.btained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearestlmiddle of month


J A N U A R Y 1938 FEDERAL RESERVE BULLETIN 51

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION

[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation Value of contracts in millions of dollars.l

Month

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember . . . . . _..-OctoberNovemberDecember

Year

Total

1936

214.8140.4198.8234.6216.1232.7294.7275.3234.3225.8208.2199.7

2,675.3

1937

242.7188.3231.2269.5243.7317.8321.6285.1207.1202.1198.4

Residential

1936

37.431.255.267.270.373.672.0

100.580.779.768.465.5

801.6

1937

78.463.090.2

107.883.993.181.073.465.665.559.9

Factories

1936

9.013.418.425.512.910.219.115.018.818.414.123.1

198.0

1937

37.012.622.230.118.536.858.537.912.912.013.5

Commercial

1936

15.512.617.324.318.821.928.622.020.122.023.023.2

249.1

1937

21.522.330.028.525.624.529.129.625.325.218.9

Public worksand public

utilities

1936

86.946.662.373.463.680.0

126.694.484.567.073.961.3

920.4

1937

68.559.652.565.766.799.9

102.594.465.861.0GI. 4

Educational

1936

39.521.119.023.220.718.323.312.39.2

13.413.113.0

226.1

1937

19.611.310.014.022 037.415.817.215.810.819.3

AH other

1936

26.515.526 621.129.828.725.131.121.025.315.713.6

280.0

1937

17 819.426 423.426 926.134 732.621.52fi.425.4

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.]

Month

January.. __._.FebruaryMarchAprilMayJune .-... _.-..JulyAugustSeptemberOctoberNovemberDecember

Year

Total

1932

8589

11212214611312913412810710581

1,351

1933

8353605777

10283

106120145162207

1,256

1934

18697

17813113412712012011013511293

1,543

1935

10075

123124127148159169167201188264

1,845

1936

215140169235216233295276234226208200

2,675

1937

243188231270244318322285£07£02198

Publicly financed*

1932

393445619364858180617352

768

1933

392725182429204771

100126156

683

1934

15765

126787273526969797461

975

1935

553868634764679297

114118196

1,007

1936

1497996

10694

1161531531161018982

1,334

1937

11269667492

137131108807893

Privately financed*

1932

455567615449446347463229

583

1933

442635395374635949453661

673

1934

293162536364676141573832

668

1935

453755718084937670877068

837

1936

6662

103130122116141122119125119117

1,341

1937

130119166195162180191178127124106

i Data for years prior to 1932 not available.

CONSTRUCTION CONTRACTS AWARDED, BYDISTRICTS

[Figures for 37 States east of the Rocky Mountains, as reported by theF. W. Dodge Corporation. Value of contracts in thousands of dollars.]


Boston _ _New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas ._

Total (11 districts)

1937

Nov.

13,89036,32716,39125,32519,43313,35828,14713,1946,97510,33415,027

198,402

Oct.

13,01045,87815, 77317,13915,94414,82039,47012,6886,5429,04711,771

1936

Nov.

14,62338,59714,07721,03420,89128,68935,67810,8647,5978,5917,564

202,081 208, 204f

COMMERCIAL FAILURES, BY DISTRICTS[Figures reported by Dun & Bradstreet. Amounts in thousands of

dottaTS.]

Federal Reservedistrict

Boston .New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City.DallasSan Francisco

Total .

:Number

1937

Nov.

6624728595249942520342191

786

Oct.

5624936613835

10119163219

106

7G8

1936

Nov.

7020537504424922512321582

688

Liabilities

1937

Nov.

7453,192

338705660520

1,7003812182303S0

1,009

10,078

Oct.

5133,090

6421,075

564263

1,21017377

356205

1,161

9,335

1936

Nov.

7854,550

4151,3091,201

3761,203

55383

157204696

11,532



MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]

Month

JanuaryFebruaryMarch

AprilMayJune

JulyAugustSeptember

OctoberNovemberDecember

Year

Merchandise exports *

J933

121102108

105114120

144131160

193184193

1,875

1934

172163191

179160171

162172191

206195171

2,133

1935

176163185

164165170

173172199

221270223

2,283

1936

199182195

193201186

180179221

265226230

2,456

1937

223233257

269290265

268278297

333P 3 1 5

1933

968495

88107122

143155147

151129134

1,450

Merchandise imports *

1934

136133153

147155136

127120132

130151132

1,655

1935

167152177

171171157

177169162

189169187

2,047

1936

187193199

203192191

195193216

213196245

2,423

1937

240278307

287285286

265246233

224J>223

Excess of exports

1933

251813

177

- 2

1- 2 3

13

425659

225

1934

373033

336

34

345260

774438

478

1935

911•8

- 6- 513

- 33

37

32100

37

235

1936

11- 1 1- 4

- 1 09

- 5

- 1 5-14

5

5230

- 1 5

34

1937

-18- 4 5- 5 1

-185

- 2 1

33263

108P91

p Preliminary.*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[Index numbers; 1923-25 average=100]

TotalCoal , .CokeGrain and grain products . .Livestock . . . „Forest products _.Ore _Miscellaneous...Merchandise 1

TotalCoalCokeGrain and grain products . .LivestockForest productsOreMiscellaneousMerchandise *...

1936

Nov.

1937


Adjusted for seasonal variation

828596784950

1339067

8076

104813757

1078868

797798774253

1038868

788193714449

1048667

768174824546798166

717259924241737664

Without seasonal adjustment

849396735949739269

826488

1113257

2039067

816880934255

1908968

878488795654

1829670

848974826348

1179269

727859865140407865

1 In less-than-carload lots.NOTE.—For description and back data see pages 522-529 of BULLETIN

for June 1937. Based on daily average loadings. Basic data compiledby Association of American Railroads. Total index compiled by com-bining indexes for classes with weights derived from revenue data ofthe Interstate Commerce Commission.

DEPARTMENT STORES—SALES, STOCKS[Index numbers based on value figures; 1923*25 average «»100J

Month

JanuaryFebruaryMarch. „ „-

April.MayJune

JulyAugust .-September

October. * „NovemberDecember

Year

Index of sales i

Adjustedfor seasonal

variation

1936

818384

848787

918688

909492

1937

639593

939393

949294

9391

Withoutseasonal

adjustment

1936

636677

858984

636894

100105161

88

1937

727690

899590

6572

100

103101

Index of stocks (end ofmonth)

Adjustedfor seasonal

variation

1936

666665

656664

646768

697171

1937

747676

* 767675

747877

7776

Withoutseasonal

adjustment

1936

086267

686762

596571

76so67

67

1937

667278

797873

697480

8586

i Based on daily average sales—with allowance for changes frommonth to month in number of Saturdays and in number of Sundays andholidays. Adjustment for seasonal variation makes allowance in Marchand April for the effects upon sales of changes in the date of Easter.

Back figures.—Department store sales, see p . 631 of BULLETIN forAugust 1936; department store stocks, see pp . 254-255 of BULLETIN for



WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index of Bureau of Labor Statistics. 1920-100]

Year, month, or week

19291930193119321933193419351936

1936—OctobarNovemberDecember

1937—JanuaryFebruaryMarchAprilMayJune - ---JulyAugustSeptemberOctoberNo vembef _„„„-„

Week ending—Aug. 7 -Aug 14Aug 21Aug. 28Sept 4 -Sept. 11Sept. 18Sept. 25Oct 2Oct 9 ~ .Oct. 16Oct 23Oct. 30Nov. 6Nov 13Nov. 20 . - .Nov 27Dec. 4Dec. 11Dec 18Dec 25

Allcom-modi-

ties

95.386.473.064.865.974.980.080 8

81.682.484.2

85.986 387 88S.087.487.287.987.587.485.483.3

87.487.587.386.586.486.887.487.586.986.085.284.984.083.883.282.982.082.081.981.581.2

Farmprod-ucts

104.988.364.848.2SI. 465.378.880.9

84.085.188.5

91.391.494.192.289.888.589.386.485.980.475.7

86.987.587.185.084.684.586.587.385.482.780.3SO. 777.877.777.875.973.473.973.473.272.9

Subgroups

FARM PRODUCTS:GrainsLivestock and poultrOther farm products.

FOODS:

Fruits and vegetablesMeats

y

HIDES AND LEATHER PRODUCTS:ShoesHides and skinsLeatherOther leather produc

TEXTILE PRODUCTS:Clothing _Cotton goods

ts

F U E L AND LIGHTING MATERIALS:

CokeElectricityGasPetroleum products-

Foods

1936

Nov.

102.979.782.9

88.285.974 885.281.4

99.3101. 288.495.9

81.5

61.233.484 366 5

82.497 297.882. 781.958.1

99.990.574.661.060.570.683.782.1

82.683.985.5

87.187.087.685.584.284.786.286.78S.085.583.1

86.386.586.885.385.786.688.688.787.886,985.485.083.884.383.683.281.580.780.779.778.9

Total

91.685.275.070.271.278.477.979.6

80.181.082.2

83.484.185.586.58,6.386.186.386.185.985.184.3

86.086.085.985.885.986.085.985.985.685.385.285.084.784.384.084.283.983.983.783.783.6

Other commodities

Hides andleather

Products

109.1100.086.172.980.986.689.695.4

95.697.099.7

101.7102.7104.2106.3106.7106.4106.7108.1107.6106.7101.4

109.1108.6108.6108.7108.6108.5108.3108.3108.2108.1107.7106.9106.4104.2103.0101.8100.299.898.398.298.4

Textileproducts

90.480.366.354.984.872.970.971.5

71.673.676.3

77.677.578.379.578.778.278.377.175.373.571.2

77.476.976.676.175.875.575.174.573.973.372.872.872.671.671.070.570.069.869.969.569.4

1937

Aug.

92.0108.271.4

79.787.965 3

112.173.6

107.4122.1100.0103.2

90.0

65.732.993 971.1

76.898 7

104.979.482.662.0

Sept.

91.9106.771.2

84.886.164 0

113.475.5

107.5120. 798.9

103.3

89.7

66.532.492 470.0

78.799 2

105.0SO. 584.062.2

Oct.

77.098. 570.1

85.784.662.2

107.473.4

107.6117.197.2

103.3

89.470 i

65.830.690.169.0

78.899.3

105.3

83.661.7

Nov.

69.286. 270.7

89.281.561.598.373.6

106.9

92.7103.1

87.3

64.230.185.169.0

79.899.2

105.4

60.6

Fuel andlighting

materials

83.078.567.570.366.373.373.fi76.2

76.876.876.6

76.676.876.276.877.277.578.178.478.778.578.2

78.978.978.979.179.279.879.479.679.479.579.279.178.978.979.078.678.678.678.678.678.6

Metalsand metalproducts

100.592.184.680.279.886.986.487.0

86.987.989.6

90.991.796.096.595.895.996.197.097.196.496.8

95.495.595.595.596.496.496.496.495.895.695.995.695.395.194.696.696.196.396.296.496.2

Buildingmaterials

95.489.979 271.477.086.285.3

• 86.7

87.387.789.5

91 393 395.996.797.296.996.796.396.295.493.7

96.796.796.496.596.396.496.396.596.295.995.995.495.094.494.093.893.793.093.092.892.5

Subgroups

METALS AND METAL PRODUCTS;Agricultural implementsIron and steelMotor vehicleNonferrous mPlumbing am

setalsi heating

BUILDING MATERIALS:Brick and tileCementLumberPaint and paint materiaPlumbing and heating..

s

Other building materialsCHEMI

ChDrT?OT

:ALS AND DRUGS:emicalsugs and pharmaceuticals

Mixed fertilizersHOUSEFURNISHING GOODS:

Furnishings.— _Furniture

MISCELLANEOUS:Auto tires and tubesCattle feedPaper and pulp

Other miscellaneous

Chemi-cals and

drugs

94.289.179 373.572.675.980.5SO.4

82.282.585.3

87.787 887.586.984.583.683.982.281.481.280.2

82.482.081.781.281.080.981.281.281.081.280.980.680.680.1sao79.879.679.478.979.179.2

1936

Nov.

92.988.992.075.476.7

88.895.586.680.576.7

90.9

89.277.9

69.6

85.778.8

50.1126.081.5

81.7

House-furnish-leg goods

Aug.

94.299.996.093.378.8

95.595. 599.584.178.8

101.0

87.078.271 774.8

95.087.1

MA82.994.1

85.4

94.392.784 975.176 881.680 681.7

82.082.383.2

86.587.988.489.089.389.589.791.191. 191.090.4

92.892.792.792.792.792.892.892.792.792.792.792.792.692.292.192.192.192.192.192.191.4

193*

Sept.

94.299.896.692.680.6

95.095.599.084.680.6

100.8

85.778.371 ft74.8

94.987.1

56.481.293.4

85.1

Mlscel*laneous

Oct.

94.299. 797.885.5SO. 6

93.495.597.384.2SO. 6

LOO. 2

85.378.379 *!74.9

94.987 1

56.483.692.4•!•? (•

84.6

82.677.769 864. 46° 569.768 370.5

71.57a 474.5

76 277 379 581.180.579.479.077.377 070.275.4

77.477.477.277.076.676.976.977.176.876.676.376.075.775.575.075.475.075.174.874.874.9

Xov.

95.999.3

102.578.579.6

92.995.594.881.579.6

98.7

84.276.871 Q74.5

94.8S6.0

57.483.390.4ori aS3. 5

Back figures.—"For monthly and annual indexes of groups, see Annual Report for 1936 (table SO); for indexes of subgroups see Annual Report for1936 (table 81).



DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS[Based on estimates of the Department of Agriculture, by States, as of December 1,1937]

[In thousands of units


Boston . * - -New YorkPhiladelphia . . .. .ClevelandRichmond .AtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total

Federal Reservedistrict

BostonNew York .,_PhiladelphiaClevelandRichmond _.Atlanta _.Chicago..„St. LouisMinneapolisKansas CityDallasSan Francisco

Total _.

Corn

Produc-tion1936

Bushels7,674

23,77848,734

155, 673124,649149,800527,836202,956107,34170,944SO, 6237,081

1,507,089

EstimateDec. 1

1937

Bushels7,693

28, 37955,607

207,157139,866182,250

1,140,744363,227248,022177,35286,945

7,753

2,644,995

Cotton

Produc-tion1936

Bales

1,4462,996

i 3,404

3523,587

614

12,399

EstimateDec. 1,

1937

Bales

1,8414,161

4,710

6856,387

962

18, 746

Oats

Produc-tion1936

Bushels6,900

19,81915,10450,26815,28610,496

362,04838,026

129,90782, 63024,57730,445

785, 506

EstimateDec. 1,

1937

Bushels6,142

20,19415,55745,85018,88513, 571

544, 64455,561

251, 656113,17233,08727,939

1,146,258

Total wheat

Produc-tion1936

Bushels119

6,60117,73045,81725,5015,938

63,35560,80755,101

213,95119,441

112,405

626, 766

EstimateDec. 1,

1937

Bushels76

9,25620,95253,64628,4597,530

79,70779,133

131,841299,49542,912

120, 986

873,993

Tame hay

Produc-tion1936

Tons3,1074,4431,7883,8052,4962,559

14,2324,5337,4006,1271,193

11,853

63, 536

EstimateDec. 1.

1937

Tons3,4926,0072,3434,9283,7453,118

15,3606,1629,3966,4271,211

11,596

73, 785

Winter wheat

Produc-tion1936

Bushels

6,49617,55545, 62425,5015,938

61,50460,6308,249

206,25119,34862, 778

519,874

EstimateDec. 1,

1937

Bushels

9,16420, 78353,52628,4597,530

78,01278,96614,346

291, 37442,80760,135

685,102

Tobacco

Produc-tion1936

Pounds27,748

1,00833,65080,888

659,694152,51518,752

176,4931,3312,052

1,154,131

EstimateDec. 1,

1937

Pounds31,749

1,45128,520

122,520832,231178,69024,629

280,0361,8934,043

1, 505, 762

Spring wheat

Produc-tion1936

Bushels119105175193

1,851177

46, 8527,700

9349,627

106,892

EstimateDec. 1,

1937

Bushels7692

169120

1,695167

117,4958,121

10560,851

188,891

White potatoes

Produc-tion1936

Bushels55,45931,00524,66221,36919,6209,921

47,4438,333

28,30329,30013,62052, 883

331,918

EstimateDec. 1,

1937

Bushels57,60933,56125, 33418, 60330,35214, 72251,03912,71646, 49730,1784,268

66,280

391,159

1 Includes 16,000 bales grown in miscellaneous territory.1 Includes 18,000 bales grown in miscellaneous territory.NOTE.—1936 figures for all crops except cotton are as revised in December, 1937.


INTERNATIONAL FINANCIAL STATISTICS

55



GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS(In millions of dollars]

End of month

1934—December.1935—December.1936— September.

October . . .November.December.

1937—January...February..MarchAprilMayJuneJulyAugustSeptember-OctoberNovember.

Total*(52

coun-tries)'

21,05121,604

21,75121,81022,01022,63022, 66122,80623,00323,24623,61023,92923,756P23,710P23,862*>23,984

UnitedStates

8,23810,125

10,84511,04511,18411,258

11,35811,43611,57411,79911,99012,31812,44612,56712,74112,80312,774

Can-ada

134189

191186188188

190191194199193187188188186187187

Eu-rope(26

coun-tries)

11,0109,617

8,9198,7748,8299,307

9,2259,2689,2959,3029, 4649,4669,1599,1419,1299,191

J>9,359

LatinAmer-

ica(11

coun-tries) »•

601666

671690686736

726732765773798815821

P 8 2 1P816J>813

Asiaand

Oceania (8coun-tries)

80581b

857847852858865870858879875863876725726726

Africa(5

coun-tries)

263291

269269270283

• 297310317295291281267

*2fi7P264P 2 6 4

Europe

UnitedKing-dom

1,5841,648

2,0492,0492,0492,584

2,5842,584

•2,5842,5842,6472,6892,6892,6892,6892,6892,689

France

5,4454,395

3,3223,1943,1942.995

2,8462,8462,8462,8462,8462,7222,4222,4242,4282,4282,564

Ger-many Italy a

518270

208208208208

208208208208208208208208208208208

Bel-gium

Nether-lands

590611631621630632625626619607609625617607590572570

573438456

490558598626670769848862862862906940

Switzerland

Na-tionalBank

624464

624655

657657657635635635628615612646644

B.I.S.

48

12131311

1312151117834645

End of month

Europe—Continued Latin America

Aus-tria

Bul-garia

Czecho-slo-

vakiaDen-mark Greece Hun-

garyNor-way

Po-land

Portu- Ruma-nia Spain Swe-

denYugo-slavia

6 othercoun-tries

Ar-gen-tina

Brazil

1934—December.1935—December.1936—September.

October. . . .November.December.

1937—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.

1121121089191919191919190919090909091

68

104109.113113113114114,115115115116116117118118119119

7407354 718718718718718718718718718718718718718718718

159185238239239240240241241241242242243243243244244

60637879798282828282827978787878

P78

403444

437455452501487489519536565581587587587686

P586

81723232425

25262627282829293030t>30

End of month

Latin America—Continued

ChileCo-

lom-bia

Mex-ico Peru Uru-

guay

4othercoun-tries

Asia and Oceania Africa

Brit-ish

IndiaChina Japan Java

NewZea-land

Tur-key

2othercoun*tries

Egypt SouthAfrica

othercoun-tries

1934—December.1935—December.1936—September.

October. __November.December.

1937—January.,.February _MarchAprilMayJuneJulyAugustSeptember.October...

1819

19191919

19201819191919

P 1 9P 1 9P 1 9

275275

275275275275

275275275274274274274274274274

101216191655

6 555555

394425

453456459463

466469456459452443412261261261

184212

189189191203

217230237215211201187189180189

2424

25252525

2525252525

P25*25J>23P 2 1P 2 0

p Preliminary.* Revised. Uruguayan gold holdings revised beginning September 1935 to include gold in custody for account of the Exchange Office; figure

of 77 million dollars applies to every month covered by the revision.i 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 andMarch 1937 officially reported as of 20th of month; March figure carried forward for subsequent months.

> According to official announcement British Exchange Equalization Account held $934,000,000 of gold on Mar. 31,1937. Gold of the Account isnot included in above figures since this is first occasion on which amount has been reported. For detailed statement of statistics included in abovetable see BULLETINS to which reference is made in note at foot of page.

* No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date Is given for August 1936 and carried forward forsubsequent months.

* No statement has been received from Central Bank of China since July 31,1937. Figure for that date carried forward for subsequentmonths.

NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, DaDzig, 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;August 1936, p. 667; and December 1937, p. 1262.


JANUARY 1938 FEDEHAL EESERVE BULLETIN 57

GOLD PRODUCTION[In thousands of dollars]

Year or month

Estimatedworld

produc-tion

Production reported monthly

Total

Africa

SouthAfrica

Kho-desia

West BelgianAfrica Congo

North and South America

Canada UnitedStated Mexico Colom-

bia Chile

Far East

Austra-lia

Japan BritishIndia

%l—t5-8/10 grains of gold 9/10 fine; i. c, an ounce of fine gold~$ZO,67

1929.1930103119321933

19331934 ,19351936

1936—JuneJulyAugustSeptember.OctoberNovember _December—

1937—JanuaryFebruary . -MarchAprilMay.JuneJulyAugustSeptember.October

397,153432,119460,651498,164625,071

888,997968,033

1,040,2171,166,488

98,056107, S72107.160108,371113,293105,56196,583

91,82687,24094,12192,818101,655306,940114,901

P119.651*>115,695*>121,050

359,347373,154394,399421, 656420,093

711,260723,530771,827

••855,712

71,22475,84073,92875,139

'76,86172,73073,752

73,23568,40874,09072,54776,58476,58978,309

P 8 1 , 6 1 9P77,663*79,179

215,242221,526224,863238,931227,673

385,474366, 795377,090396,768

33,08633,84633,83033,81634,19933,04233,858

34,35232,33034,38134,30834,01034,13234,89534, 59834,170

P34.380

11,60711,47611,19312,00013,335

4,2974,9955,5245,6926,623

2,3902, G993,2243, 6423,031

30,86243,45455,68762,93360,9C8

45,83547,12349,524£0,62652,842

13,46313,81312,8C612,07013,169

2,8233,2814,0165,1326,165

683428442788

3,009

8,7129,553

12,13414,56316,7&O

6,9278,0218,1098,1988,968

7,M)86,7856,8156,7826,919

%1-15-6/SI grains of gold 9/10 fine; i. e., an ounce of fine gold=%S5

22. 57824,26425,47728,053

2,3842,3542,4252,3632,2922,2702,262

2,3152,1092,4162,3912,4082,3392,3642,4412,421

*2,421

1,6711,5631,6051,6691,5591,6491,6501,8221,890

"1,925

6,1486,5497,1597,386

585676675696691634631

586579634638681

710695P730

103. 224104,023114,971131,181

1U3311,23911,56811,63511,74911,22911,612

11,49910,85311,42011,31711,90412,07112,16212,19612,18412,559

89,467108,191126,325152,509

12,07715,17113, 75614,40915,95013,36913,106

11,48310,17112,53111,13114,24813,03614,87018,14014,94615,997

22,29723,13523,85826,465

- - -2,5702,6321,8182,3461,9432,2911,647

2,8542,2272,5102,1111,6783,7012,452

*>2,452*2,242"2,312

10,43812,04511,517

•12,961=a«"g

1,0651,2351,0981,236

'1,1081,0351,113

1,3321,1171,2851,2691,2341,2461,4761,4221,2981,281

6.0948,3509,2519,018

61?776

1,029467784768708

935769620926

1,860643'902782837"732

28,42830,44731,11739,793

3,4763,G023,4223,5153,5963,4674,170

3,1583,7143,5503,7253,8974,0333,8613,9613,964

P 3 , 8 5 9

1,9941,9771,9162,2462,0752,1622,118

2,0652,0772,1562,1062,1222,0931,945

*2,120P 2 , 0 8 5*2,050

p Preliminary. •• Revised .1 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. Forannual figures of world production back to 1873 see Annual Report of Director of the Mint for 1936, pp. 108-109. Figures for Canada beginningJanuary 1937 are subject to official revision. Estimated production of the U.S.S.B. for October 1937, in thousands of dollars: $32,640.

GOLD MOVEMENTS[In thousands of dollars at approximately $35 a fine ounce]

Year or month

1934 I

19351936

1936—SeptemberOctoberNovemberDecember

1Q37 JflniiflTVFebruary

AprilM a yJune __.July

SeptemberOctoberNovember

Totalnet

Importsor net

exports

1,131,9941,739,0191,116,584

171,824218 812

75,83656,970

121 325120,326154 332215 811155 362262,022175,417104 844145.40*90,47722,110

UnitedKing-dom

499,870315,727174,093

8,20472,15444,66532,998

73,95075,238

121,451175,165103,822156,94376,43230,14759. 06624,402

- 5 , 0 4 6

France

260,223934,243573,671

136,67195,013

209

10,8641,138

76596

1,37511,059

1,138

-24,968

Bel-gium

8,9023

3,351

7992,645

2

10,691

1,1315,399

5,22822,55610,11813,70322,030

Neth-er-

lands

94,348227,18571,006

1,46325,745

27114

1,086

1,3923,177

521

United States

Net imports from or net exports

Switz-er-

land

12,402968

7,511

5248

3,6983,281

6,5068,155

1,16636,2352,390

Can-ada

86,82995,17172,648

6,33812,22210,6604,709

5,86510,6614,9257,225

14,43420,9467,428

12,24714.4979,669

816

Mex-ico

30,27013,66739,966

634530368462

1,9459,1533,2421,9732,800

6655,3483,5242,0542,0892,285

Colom*bia

16,94410,89911,911

2,1014

1

34,2615,4962,177

21

2,1108

4,323

(-) to:

Philip-pine

Islands

12,03815,33521,613

2,4052,1571,6282,273

2,1232,1091,9442,2312,1062,0642,4101,5052,9811,3752,286

Aus-tralia

1,0293,498

23,280

2,8311,8693,781

936

1,6172,9103,4672,3882,6132,1673,7963,7103.0102,0763,173

Japan

4

5,6969,978

16,59315,31644,45937,69740,92719,87537,148

BritishIndia

76,82075,26877,892

6,9615,7826,182

10,108

6,0287,0774,0174,8573 t7973,9664.3553,6135.2756,902

767

Allothercoun*tries

32,31647,05439,745

3,6932,5302,2892,193

1,4633,8707,2961,7371,1603,8661,9251,7611.8712,0511,32€

» 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 28.


58 FEDERAL KESERVE BULLETIN JANUARY 1938

GOLD MOVEMENTS—Continuedfin thousands of dollars at approximately $35 a fine ounce!

Year ormonth

1934..1935..1936..

1936—May-June..July..Aug..Sept..Oct....Nov..Dec.

1937—Jan....Feb..,Mar...Apr. „May...June...July...Aug...Sept. _.OctNov.P.

United Kingdon

Totalnet im-portsor netexports

716,2G9369,747

1,170,023

74,59069,447195,066281,401151,8147,61583,168100,505

-25, 523122,29678,48412,036

-48,31922,957127,953122,643-29, 775-6, 34821,753

Net imports from or net exports (—) to:

UnitedStates

-497,166-435, 502-276,813

-12,011-26,802-4,384-16,120-14,096-72,441-49,224-63,914

-73, 568-75,615-104,399-149,444-101,710-128,380-79,498-26,043-86,145-16,236

4,990

France

348,190142,137756, 204

26,93627,060142, 535240,868108,666-383

72,506118,655

22,453163,919124,12111,281-274

79, 545112,11350,463

-2,034-2,831-3,209

Ger-many

121,017-4,72623,295

1,8753,9031,9131,7896,0863,964-163-624

-220153507

-1,055-1,786

8,39816,34812, 2128,2453,171

81

Bel-gium

Nether-lands

-13,585-17,476-15,133

-17, 602-536-747-804

-1,039377

-1,130

414452

1,587104

- 1 , 545-7, 915-9,207

416573

8,176-2,583

U.S.S.R.

32,57510, 796

-21,130

1,761606

-2,421-2,907-1,029

2,4581,4861,836

1,0211,756

965927452997

-208-662-420

-10,047-5,892

931

5,628

22, 52098, 5108,430

14,02714,15316,91419, 784

Austra-lia

41, 79037,98126,723

2,1671,6102,5312,0892,0841,9842,3042,126

2,5041,9682,7272,1222,3531,552

7051,9812,0391,4762,358

SouthAfrica,

Rho-desia,WestAfrica

335,253404,295488,814

53,80245,14743,12234, 55236, 51745,32336,23041,683

16,90324,11326, 59344.19837,10646,93357, 86154,46336.19936,24446,432

BritishIndia

206,693181,627128,421

13, 28910,8609,65715,0116,5817,85314,8967,243

3,9538,7055,7602,8488,3682,7826,1297,1784,7355,7395,419

OtherBritishcoun-tries

62,39732, 74428,068

2,6451,3781,1531,4071,2191,1991,6101,172

786592

1,220873

1,2511,2961,171

9891,0325,291

China

—51813,930

3,502

2,7104,7271,927

7,2278,454

Allothercoun-tries

i 79,105217,458s 17,644

-90,92042,969

1,868

2,3276,2211,7082,013-583

15,986-1 ,581- 8 , 467

-5 ,305-3 ,942-2,489

1,325-5863,767

. 1,032-3,903

-13,739-33,071-31,132

Ger-m a n y

Totalnet im-portsor netexports

(-)

-6301,1303,2481,580

- 3 , 514-3,521

4264,763

17,42627,024

5881,7782,956

-22, 222-11,355-11,467-8,182

63

Year ormonth

Switzerland

Totalnet

importsor netexports

Net imports from or net exports (—) to:

UnitedStates

UnitedKing-dom

FranceBel-gium Italy

Neth-er-

lands

Allothercoun-tries

British India

Totalnet

importsor netexports

Net imports from or netexports (—) to:

UnitedStates

UnitedKing-dom

Allothercoun-tries

Goldpro-duc-tion !in

India

Re-serves

inIndia*

Change in:

Privatehold-

ings inIndia*

19341935.. . . . .1936

1936—May .June _J u l y . .A u g . .Sept . .Oct.._N o v . .D e c . .

1937—Jan...F e b . .M a r . .Apr. _M a y .June .Ju ly . .A u g . .Sep t . .Oct . . .NOV.P

-46 , 065-230, 788

121,788

-12, 784647

-9,127

13,3865,188-3212,829

33,50614,8482,210

-2,874

-135-17,034

575-1,506-4,479

-49,417-6,038-1,630-7,147-1,138

4,117

32- 4- 7

-57519

-3,676-4,916

-6,675- 6 , 247

-45,95o-54,858-2,205

- 4 , :-1,704

820-113

-6,396

- 2 6-1,174-36,242-1,243

2,8922,291

5,2272,436-463

-1,987-4,351

-153-393-3763,2865,031

-29,235-181,725

39,305

2842,057-2493,176

40,875656

1,241- 4 7

-612- 1

-490-289

-3,132- 8 , 740-1,831-1,242-6 ,995-9,627- 6 , 403

18,397-13,94014,531

19,43125,54251,299

2,580342

4,600

1,500- 6 , 79523,378

-230,720-161,872-121,342

-2351,166-254-2868,1771,723

659

732852653192

1,107521

-5128

-109-229

1,4492,952

- 2 0- 2 0

-64162

- 6 5- 3 3

-100

1322,113-121- 2 1487579720

-575-566

55

-561687

274-2,278

350-1,1864,5593,202

9 15, 7949

-1,9115942

-112o

-848

1,866io-13,507

819584611

-879- 2 5

-3541,4561,3071,830

-11,392-10,355-15,032-7,983-8,273

-11,576-9,347-5,506

-8,477-3,161-3,494-6,068-4,933- 1 , " "

-82,183-46,172-43,963

- 8 , 451-3 ,563-6,267-6 ,273- 3 , 653-4,277-1 ,066

-271

-596-236-620-863

-1,101

-144,185-113,953

r - 77,554

-4,352 11,222-1,746 11,393

175 11,599

173

-5,197-4,532

*>-4, 598

-1,644-424

-3,201-6,641-8,329-1,776-4,823-7 , 517-8,420-5,359

- 7 , !-3,052-3,473-5,223-3,710-2,118-7,253-4,759-4,883

260-151-436

66203218139124

9912759918

-122309208

- 1 4352

979

981966982

899982956982957979975932

P932

- 3 8

—4

-219, 671-150,472-109,743

— =-10,413-9,397

-14,051-7,002-7,307

-10,594-8,381-4,523

-7,493-2,262-2,512-5,074-3,951

-853-7,706-4,222

p Preliminary. T Revised.

i Includes $17,465,000 exported to Rumania.

' K d e ? $ lS% $ Spof f l ° to° lweedlS:$12'571'00010 N o r w a y ' $15,714,000 to Switzerland; and unspecified net imports of $91,874,000.

* Includes $15,120,'000 exported to Central and South America and $4,007,000 imported from Janan

* Includes $27,511,000 exported to Central and South America. '

* Includes $24,828,000 exported to Central and South America.' Through March 1935 gold held by government;, subsequently, gold held by Reserve Bank of India to which government gold was transferred,s Figures derived from preceding columns; net imports plus production minus increase in reserves in India g o v e r n m e n t g o l u w a s i r a u

•Includes $15,433,000 imported from Czechoslovakia. *i° Includes $14,292,000 exported to Germany.NOTE.—Germany, SuitzetUmd, and United Kingdom—In seme cases annual aggregates of official monthly figures differ somewhat from re

vised official totals published for year as a whole. German gold movements by individual countries not availablePbSnntag July M37.



Bank of England

(Figures in millions ofpounds sterling)

1929—Dec. 251930—Dec. 311931—Dec. 301932—Dec. 281933—Dec. 271934—Dec. 261935—Dec. 25

1936—July 29Aug. 26Sept 30Oct. 28N o v . 25Dec. 30

1937—Jan. 27Feb 24M a r . 31Apr. 28 . .M a y 26J u n e 30J u l y 28Aug. 25Sept . 29Oct. 27Nov 24Dec 29 P

Dank of France

(Figures in millions of francs)

1929—Dec 271Q30 Dec 26

1932 Dpf» 301933—Dec 291934 Dec 281935—jw 97

1936 Tulv 31Aug 28Sept. 25Oct. 30Nov. 27Dec. 30

1037—Jan. 29Feb. 26 — —Mar 26Apr 30 .May 27June 24July 29Aug. 25Sept 30Oct 28Nov. 25Dec. 30 ?- - —

Gold (inissue

depart-ment)!

145.8147.6120.7119.8190.7192.3200.1

239.9244.8248.7248 7248.7313.7

313.7313.7313.7313.7321.3326.4326.4326.4326.4326.4326 4326.4

CENTRAL BANKS

Assets of banking department

Cash reserves

Coin

. 2

. 6

.6

.81.0. 5.6

1.01.11.11.0.7.6

.4

.71.01.0

.9

.91.11.51.71.61.5. 8

Notes

26.338.831 623.658.747.135.5

61.461.359.365.963.146.3

61.458.639.844.846.038.028.138.137.943.366.041.1

Dis-countsand ad-vances

22 349.027.318.516.87.68.5

7.19.28.66.66.8

17.5

8.04.97.15.54.96.35.84.36.28.18.69.2

Securi-ties

84.9104.7133 0120.1101 498.294.7

115.5102.6100.799.798.6

155.6

97.4105.3123.4119.7119.7164.3135.2128.5126.6121.197.0

135.5

Notocircula-

tion

379 6368.8364 2371.2392.0405.2424.5

448.6443.4449.4442.7445.6467.4

452.3455.1473.8468.8475.2488.449S.3488.3488.5483.1480.4505.3

Liabilities of banking department

Deposits

Bankers'

71 0132.4126 4102.4101.289.172.1

75,2100.960.786.697.6

160.6

98.4100.462.387.691.4

140.5104.392.895.187.783.0

120. 6

Assets

Gold*

41,66853 57868 86383 01777,09882 12466 296

54,94254,51150,11164,35964,35960,359

57,35957,35957,35957,35957,35954,85955,67755,71855,80555,80558,93258,932

For-eignex-

change

25,94226 17921 111

4 4841,158

9631.328

1,2701,2501,2451,4711,4661,460

1,4351,3231,1941,1121,0531,058

951911825829965955

Domestic bills

Spe-c i a l

27547925

1,379

1,6201,5241,5141,4701,4371,260

991833600562722728

Other

8,6248,4297,3893,4384,7393,9719.712

6,0417,0637,4847,3328,0568,465

8,5538,9908,4407,6398,3779,356

10,1978,6559,799

10,6209,655

10,050

Ad-vanccs

toGov-ern-ment

14,33314,33315,90312,30312,29817,698

19, 77219, 77220,06619,99119,98021,38023,88725,21825,99926,91826,91831,908

]Loans on—

Short-term

Govern-ment se-curities

573

1,461809838668702715

1,168873225965385776958476

1,340483314676

Othersecuri-

ties

2,5212,9012,7302,5152,9213,2113,253

3,5553,4543,5533,4473,4643,583

3,7013,5943,6983,9183,7774,0134,0643,7634,1753,7103,6753,782

Negotia-ble se-

curities

5,6126,3047,1576,8026,1225,8375,800

5,7085,6406,6405,6405,6405,640

5,6406,6405,6405,6425,6425,6415,6415,6375,6375,6376,6375,580

Otherassets

5,6036,6098,5459,1968,2518,2887,879

8,6998,1259,6438,2048,0298,344

8,2098,2358,6439,2568,1588,1108,4678,4178,5587.2187,343

4

Public

8 86.67.78.9

22 29.9

12.1

42.317.249.727.612.112.1

12.113.052.226.224.910.810.525.421.832.235.411.4

Notecircula-

tion

68,57176,43685,72585,02S82,61383,41281,150

85,89284,32483,75087,19886,65189,342

87,68887,06285,74687,06385,74585,98589,30788,25591,37091,33690,13193,836

Other

35 836.240 333.836 636.437.1

39.437.840.941.441.739.2

38.437.938.539.637.540.237.330.037.230. 030.330. 0

Otherliabili-

ties

Liabilities

Deposits

Govern-ment

11,73712,6245,8082,3112,3223,7182,862

1,6941,5231,6793,9732,0692,089

1,9552,3151,9774,3613,1542,2092,5C32,2512,3512,6482,6S63,461

Other

7,85011,69822,18320,07213,41415,3598,716

6.2547,0376,6609,247

13,05813, 655

15,280'15,38616,40413,40814,76615,71015,81215,92715,88614,67917,89319,326

17 918.018 018.018.018.018.0

18.118.218.317.717.818.0

18.118.218.317.717.818.018.118.218.317.717.818.0

Otherliabili-

ties

1,8122,2411,9892,0411,9401,9072,113

2,2672,3012,3563,5533,1602,567

2,5342,5472,5522,5182,5022,5493,1523,1963,1333,1213,452

4

1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £200,000,000. However, by directionof British Treasury under Section 2, paragraph (2), of Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), reductionof £60,000,000 in amount of fiduciary issue (and securities held as cover) was in effect from pec. 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 securitiesheld as cover) was authorized by British Treasury under Section 8 of Currency and Bank Notes Act.

» By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936,

Ep. 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 establishedy 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 incre*

ment of about 6,800,000,000 francs was allocated to fund for regulating market for Government securities (see BULLETIN for September 1937, p. 853).* Bills and warrants endorsed by National Wheat Board (law of Aug. 15,1936—see BULLETIN for October 1936, pp. 785-786), and bills redis-

counted for account of Banques Populates (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788).4 Figures not yet available.NOTK.—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.



CENTRAL BANKS—Continued

Reichsbank

(Figures in millions ofreichsmarks)

Assets

Reserves

Gold Foreignexchange

Treasurybills

Otherbills (andchecks)

Securityloans

Securities

Eligibleas notecover

Other

Otherassets

Liabilities

Notecircula-

tionDeposits

Otherliabili-

ties

1929—Dec. 31 _ . .1930-Dec. 31 „_,1931—Dec. 31_.._.1932—Dec. 31_...1933—Dec. 30.. . .1934—Dec. 311935— Dec. 31__...

ig36-May 30____June 30____July 31. . . . .Aug. 3 1 . . .Sept. 30....Oct. 31 . . . .Nov. 30.. . .Dec. 31

1937—Jan. 30Feb. 27Mar. 3 1 . . . .Apr. 30May 31____,June 30July 31Aug. 3 1 . . . .Sept. 30____Oct. 30Nov. 30 . . .Dec. 31 P . . .

2,2832,216

9848063867982

707272696365

404469172114

955

5666655

24120693

1494553

3798907451555762

2335102954612933537

27

2,6082,3664,1442,8063,1774.0214,498

4,6064,6994,6234,6934,8754,8884,8525,448

4,8354,7775,1015,1245,0015,2625,3165,2835, 5385,5785,520

25125624517618314684

60£6676559796774

6510251525055525251444660

259445349

219220220220219219219221

223222167106104104104104105105105

92102161398322319315

319311310

305303303

302302312310310300299299293293286

656638

1,0651,114735827853

648704711686695685770765

9591,0591,021896947878860905905844870

5,0444,7784,7763,5603,6453,9014,285

4,4304,3894,4714,5404,6574,7134,6744,980

4,7994,8164,9384,9794,9024,9925,1125,1165,2565,2755,1965,443

755652755540640984

1,032

729960787729744689753

1,012

707785970794804880732736838711766

1,059

736822

1,3381,313

8361,001

923

80781fl84085387S897911953

973968826816835862892901927959967

i Figures not yet available. v Preliminary.NOTE—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.

Central bank(Figures as of last report

date of month]

1937

Nov. Oct. Sept.

1936

Nov.

Central bank[Figures as of last report

date of month]

1937

Nov. Oct. Sept,

1936

Nov.

National Bank of Albania (thou-sands of francs):

GoldForeign assetsLoans and discounts _Other assets . ___Note circulation...Other sight liabilities _Other liabilities

Central Bank of the ArgentineRepublic (millions of pesos):

Gold at homeGold abroad and foreign ex-

change _Negotiable Government bonds..Other assetsNote circulation,. ,Deposits—Member bank, ,

GovernmentOther

Other liabilities "[Commonwealth Bank of Aus-

tralia (thousands of pounds):Issue department:

Gold and English sterling...Securities

Banking department:Coin, bullion, and cashLondon balancesLoans and discountsSecuritiesDeposits

Note circulation,.Austrian National Bank (millions

of schillings):GoldForeign exchange (non-reserve) _Loans and discountsGovernment debtsOther assetsNote circulationDepositsOther liabilities I___IIIIII

National Bank of Belgium (mil-lions of belgas):

GoldDiscounts, domestic and foreign"Loans ___

243157187620183907299185

3,3621,266

35

7,55321,7174,3534,82311,05314,78012,614

1,314

14741194

1,119405115651

16,00840,304

1,23235,99413,85337, 71984, 87948, 784

243154188620186922279191

3,3771,256

37

7,55322,0424,0734,55611,03514,63612,554

1,254

22625167

1,114401101750

16,00839,806

1,27935,82012,83237,86483,77648, 284

243142191620167914272177

3,4831,251

50

7,55623,8043,7075,08210,85016,77212, 527

1,224

16650166

1,038385140637

16,00238, 559

1,20621,80317,56935,70272,48547,039

243105208624153915247171

3,7171,367

National Bank of Belgium—Cont.Note circulation.,. „Demand deposits—Treasury

OtherOther liabilities

Central Bank of Bolivia (thousandsof bolivianos):

Gold at home and abroad1

Foreign exchangeLoans and discountsSecurities—Government

OtherOther assetsNote circulationDeposits ._„Other liabilities

Bank of Brazil (millions of milreis):Cash „Correspondents abroad,Loans and discountsDeposits

National Bank of Bulgaria (mil-lions of leva):

GoldForeign exchangeLoans and discountsGovernment debtOther assets VNote circulationDeposits.._ __Other liabilities IIIIIII

Bank of Canada (thousands of Ca-nadian dollars):

Gold._Sterling and United States" ex"

change _ .Canadian Gov't. securities:

2 years or lessOver 2 years _

Other securitiesOther assetsNote circulationDeposits-Chartered banks.._I__I

Dominion GovernmentOther

Other liabilities II

4,2712760272

54,209138,758* 29,192397,8514,58717,699250,055331,07761,165

4,3491653872

53,569133,87028,065394,1204,66715,847253,862319,67256,603

1,900637

1,3843,5231,1102,7443,4752,334

179, 561

22,187

94,79097,43312,1899,818

156,319216,13028,376

57714, 575

1,871587

1,5703,523957

2,9683,2162,323

179,579

26,743

82,48796,79212,1937,236

160,356198,57231, 581

97613,544

4,4364253672

53,014122,29415,368384,0924,66715,947253,516286,79455,072

257176

2,4762,614

1,834399

1,4373,523965

2,9502,9722,235

179, 505

28,134

63,29896,10210,9957,255

161,619179,36130,132

50613,671

44634

91672

28,70132,2687,786

415,4414,65116,238196,913240,67467,498

244400

2,4482,992

1,618708

1,4902,5721,0102,5842,3322,483

179,148

17,607

66,480102,679

7,120125,344214,92016,8491,45814,463


JANUARY 1938 FEDEKAL RESERVE BULLETIN 61

CENTRAL BANKS—Continued[Figures as of last report date of month]

Central bank

Central Bank of Chile (millions ofpesos):

Gold and foreign exchange in re-serve

Loans and discountsGovernment debt

DepositsBank of the Republic of Colombia

(thousands of DesosVGoldForeien exchangeLoans and discountsGovernment loans and securities.Other assets „ - .Note circulation «,DepositsOther liabilities

National Bank of Czechoslovakia(millions of koruny):

GoldForeign exchangeDiscountsLoansOnvcmmpnt dpbtOther assetsNote circulationDemand depositsOther liabilities

Bank of Danzig (thousands ofgulden):

GoldForeign exchange of the reserve..Other forpiim exchangeLoans and discountsOther assets

Demand depositsOthpr TiahiiiTiM

National Bank of Denmark (mil-lions of kroner):

GoldForpiun exchangeDiscountsLoans—To Government agencies

OtherSecurities -Other assetsNote circulation „DepositsOther liabilities

Central Bank of Ecuador (thou-sands of sucres):

Gold

"Kntp pirpiilfltion

Nat iona l Bank of Egyp t l (thou-sands of pounds):

GoldForeign exchangeLoans and discountsBritish, Egyptian, and other

Otherfi+har linhiliti'p*?

Centra l Reserve Bank of El Salva-dor (thousands of colones):

Gold

Government debt and securities.

Nov.

27,11010,49828,71747,15627,08849,56449,06541,941

2,582474

1,1251,0302,0121,1646,441

2171,729

28,1152,912

34316,1163,693

34,44713,17119 012

1185925

222896471

39297

159

1937

Oct.

144119795674308

28,8925,242

23, 23246,31828,17350, 73540,37540, 748

2,569447

1,2631,1842,0131,0676,516

3041,722

28,1131,499

32016,4513,859

34, 78612,83219 012

1183825

196138

5870

41370

160

6,5452,3876,495

36,6087,153

21,7837,989

20,3939,024

13,1615,001

6355,9622,327

Sept.

144107795666321

27,20910,41717, 62445, 75326,95050,04537,51740,391

2,571390

1,2431,1402,014

8986,469

1701,617

28,1141,320

54916,5045,663

34, 53513, 64719,015

1182827

2351025366

38587

157

6,fi451,7954,781

37,3717,686

21,6767,333

20,2038,966

13,1615,694

3835,9792,493

1936

Nov.

143140702621279

31, 2665,327

11,40945,49726,12551,10833,49835,018

2,590486691869

2,0251,1325,662

5761,555

29,409489

4,40315,2824,079

30, 64610,96419,435

1181632

2291325580

385117160

32,37219,95338,05154,34736, 238

6,5452,9466,651

39,1714,804

22,8506,931

21, 7488,588

13,0401,6861,3356,6361,506

Central bank

Central Reserve Bank of El Salva-dor— Cont.

Note circulation

Other liabilitiesBank of Estonia (thousands of

krooni):GoldForeign exchange (net)Loans and discountsOther assetsNote circulationDemand depositsOther liabilities

Bank of Finland (millions of mark-kaa):

GoldForeign assetsLoans and discounts ..Domestic securities .Other assetsNote circulation „Deposits—Treasury


Hank of Greece (millions of drach-mas):

Gold and foreign exchange (net)..Loans and discountsGovernment obligations _.Other assetsNote circulationDeposits —-Other liabilities

National Bank of Hungary (mil-lions of pengos):

Gold . „ .Foreign exchange reserveDiscounts *Loans—To Treasury . .

OtherOther assetsNote circulationDemand depositsCertificates of indebtednessOther liabilities

Reserve Bank of India (millionsof rupees):

Issue department:Gold at home and abroadSterling securitiesIndian Gov't. securitiesRupee coinNote circulation

Banking department:Notes of issue department...Balances abroadLoans to Gov'tInvestmentsOther assetsDeposits

. Other liabilitiesBank of Japan (millions of yen):

DiscountsLoans—Government

OtherGovernment bondsOther assetsNote circulationDeposits—Government


Bank of Java (millions of guilders) :Gold _ . . . .Foreign billsLoans and discounts

1937

Nov.

34,21315,33427,05227, 5G149,80034, 97319, 379

6352,2641, 020

341437

1,99633

9801,687

3,4365,3594,3772,0196,5105,9092,770

8456

422114

17281431236

89219

444803274628

1, 799

35056106812

382

113

sni550

3207677205

1,787' 283

84288

Oct.

16,3526,0024,732

34,21416,22926,22126,28450,32734,44618,175

G352,2601,016

351381

2,02089

8421,093

3,4465,4624,3772,0436,8395,9212,507

8455

425114

1727046S19189

216

444803274624

1,816

32896

• 6 4

11388112

6343

200664177

1,787335

78279

1174

85

Sept.

16, 2516,9H84| 471

34,21617,5062G, 51524, 11147,12138,69316, 533

. 6352,3011,014

358451

2,005100917

1,676

3,2525,1814,3761,8036,7355,6602,217

8458

419112

1726545719793

209

444803274617

1,798

341127

7910

446110

801549

3158554222

1,570358

77281

1175

73

1936

Nov.

14,8544,4354,913

34,1786,140

21,07020,00244,99225,63313,764

7151,530

8U5354356

1,565285523

1,477

2,7655,2744,1621,6695*9695,890X 011

8431

5089512

17040219493

212

444673234671

1,748

274111

105811

345

568ISO197501179

1,491334

71273

893

64

1 Items for issue and banking departments consolidated.2 By law o i August 10, 1937, gold revalued on August 25 t Irate of 290 milligrams fine gold per yen.



CENTRAL BANKS—Continued[Figures as of last report date of month]

Central bank

Bank of Java—Cont.Other assets .Note circulationDepositsOther liabilities

Bank of Latvia (millions of Iats):GoldForeign exchange reserveLoans and discountsOther assetsNote circulationDepositsOfhpr liabilities

Bank of L i t h u a n i a (millions of litu)Gold

DepositsOther liabilities

N e t h e r l a n d s B a n k (millions of guil-ders):

GoldSilver (including subsidiary coin)

Other assets . . .Note circulation


Reserve Bank of New Zealand(thousands of pounds):

GoldSterling exchange reserveAdvances to State or State un*

dertakingsInvestmentsOther assets . . . . . _.

Demand depositsOther liabilities

Bank of Norway (millions ofkroner)*

GoldForeign assetsTotal domestic credits and

securitiesDiscounts . .Loans _.Securities

Other assets -Note circulation _.Demand deposits—Government

Other _Other liabilities . „

C e n t r a l Reserve B a n k of Pe ru(thousands of soles):

Gold and foreign exchangeDiscountsGovernment loansOther assets

DepositsOther liabilities

B a n k of P o l a n d (millions of zlotys)Gold.__ .Foreign exchange ,_.Loans and discountsSecurities .Other assets .. ,Note circulationOther sight liabilitiesOther liabilities

B a n k of P o r t u g a l (millions ofescudos):

GoldOther reserves (net)Non-reserve exchange

1937

Nov.

7746

1334162

20134

774

11136

1218324

1,382175

2619462

887

75446

189213

185(00)0)(04226245

0)

43435

650135490

1,034324388

917574151

Oct.

107191

26

7745

13142

20534

777

10642

1238524

1,331185

1021261

856

73645

2,80217, 595

4,2662,658

30413,27412,5911,761

189201

1839128656

425474365

58,68939,38945,24612,54596,21537,90121,753

43336

635136459

1,094215390

916595146

Sept.

109195on25

7745

12642

20333

776

10338

1178325

1.266195

1118263

83479

58844

2,80219,066

4,5662,906

19612,99414,7221,820

189189

193103266414

423425861

56,14338 09945 03911,27997,42833 25119,882

43135

650136456

1,045280383

916592154

1936

Nov.

54160

24

7725

11750

19433

718

9229

1136423

570192

2231461

80631

11042

2,80216, 579

5,0952,350

30711,83813,6361,659

21589

250188204312

406643364

46,7053&f58645,8479,244

92,21532,65813,510

37925

818135419

1,032221523

912542135

Central bank

Bank of Portugal—Cont.Loans and discountsGovernment debt —f + Viat* accotcNote circulationOther sight liabilitiesOther liabilities....

National Bank of Rumania (mil-lions of lei):

Gold.— —

Special exchange accountsLoans and discountsSnecia.1 loans ^Government debtOther assets

Demand depositsOther liabilities __

South African Reserve Bank(thousands of pounds):

Foreign billsOther bills and loansOther assetsNote circulationDepositsOther liabilities

Bank of Sweden (millions ofkronor):

Gold — - .Foreign assetsDiscountsLoansDomestic securitiesOther assetsNote circulationDemand depositsOther liabilities

Swiss National Bank (millions offrancs):

GoldForeign exchange -Discounts.LoansOther assetsNote circulationOther sight liabilitiesOther liabilities.

Central Bank of the Republic ofTurkey (thousands of pounds):

GoldForeign exchange—Free . *

In clearing acccountsLoans and discountsSecurities .Other assets. ._Note circulationDeposits .Other liabilities

Bank of the Republic of Uruguay(thousands of pesos):

TQQITP f^PT\Qrt"Tn*iTifr •Gold and silverNotp cirniifltinn

Loans and discountsOther assetsDeDositsOther liabilities

National Bank of the Kingdom ofYucoslflvifi (millions of tiinflrsV

GoldForeicn exchangeLoans and discountsGovernment debtOther asse ts . . . . . . f c „Note circulationOther sieht liabilitiesOther liabilities

1937

Nov.

3211,0421 4282,1021,1361,195

16,343

5,9426,1092,014

10,6958,690

28, 11112,1909,493

5381,089

14277

300893976105

2,6635082132

6261,4531,756

640

36,7202

26,77350,220

186,29035,070

177,17146,123

111,781

1 758472

1 6142,2532,9235 7532 515

751

Oct.

3281,0421 435% 1211,1431,197

16, 258

6,4556,3952,027

12,1158,582

27,89612,23411, 702

22,9386,1861,829

12,66117,35622,9803,279

5371,095

.13246

297931925117

2,6724952227

6101,4501,737

639

36, 71630

25,32751,181

186,93730,933

176 17147,621

107, 330

42 08786 427

32 53188 57158 48084 61494 969

1 749537

1 6122,2522,8635 8572 423

732

Sept.

3391,0421 4392,1231,1541,205

16,168

6,3946,6862,040

12,0948,820

27,38612,52712,288

22,9386,385

62312,38515,24123,9553,135

5361,078

13266

319947899133

*2,531

4142128

6091,4421,523

638

36,71246

29,83350,177

187,16033,807

173,25244,497

119,987

42 08787 166

28 57885 55466 29286 04094 383

1 704712

1 5892,2522,6785 8432 357'737

1936

Nov.

3531,0441 2132,1071,0491,042

15,494

3,8226,6212,4429,4219,515

24,54211,11112,072

23,1469,653

3413,23815,29127,9602,820

528655132833

255812599101

2,58156384280

1,4031,280

114

30,22333

25,17239,686

185, 23320, 702176,68438,58685,778

41,60182,291

35,65487,46161,79399,95384,954

1,599573

1,7162,2621,5475,2361,593

867

1 Figures not yet available.• Agricultural and urban loans in process of liquidation.


JANUARY 1938 FEDERAL EESERVE BULLETIN 63

BANK FOR INTERNATIONAL SETTLEMENTS[In thousands of Swiss gold francs1]

Assets

1937

N o v . 30 Oct . 31

1936

N o v . 30Liabilit ies

1937

N o v . 30 Oct. 31

1936

Nov. 30

Gold In bars ;Cash on hand and on current account

with banksDemand funds at interest

13, 775

25,88618,043

13,401

20,21216,810

40, COG

19,2625,050

Rediscountable bills and acceptances(at cost):

Commercial bills and bankers' ac-ceptances

Treasury bills123,337146,124

115,558148,389

129,6721G0,964

Total.. 269,461 263,948 290, 036

Time funds at interest—Not exceeding3 months

Between 3 and 6 monthsBetween 6 and 9 months

Sundry bills and investments:Maturing within 3 months:

Treasury billsSundry investments

Between 3 and 6 months:Treasury billsSundry investments

Over 6 months:Treasury billsSundry investments

39,8227,754

18,95874,839

33,99455, 636

39,25753,052

50,5531,6316,185

46,232103,113

20,65534, 383

47,50035,445

27, 0G0

17,99342,729

31,46352, 739

41,37133,830

Total.. 275,73G 2%, 328

Other assets:Guaranty of central banks on bills

sold -Sundry items.

1,0071,177

1,0151,177

220,131

1,372120

Total assets... 653, 262 671,260 604,907

Demand deposits (gold)

Short-term deposits (various curren-cies):

Central banks for own account:DemandTime—Not exceeding 3 months.Time—Between 3 and 6 monthsTime—Between 6 and 9 months

Total ,

Central banks for account of others:Demand

Other depositors:Demand.Time—Not exceeding 3 months.

Long-term deposits:Annuity trust accountGerman Government depositFrench Government guaranty fundFrench Government deposit (Saar).

Total ,

Capital paid inReserves:

Legal reserve fund ,Dividend reserve fundGeneral reserve fund

Other liabilities:Guaranty on commercial bills sold..Sundry items.. . . . . .

Total liabilities.

8,391

41,120134,423

6,253

8,415 27,516

40,985154,238

11,90498, 506

6,216

181,790 201,440

2,551

5,8221,025

2,622

6,0191,026

110,409

4,201

703S9

153,71376,85631,622

1,037

153,28076,64031,439

1,031

153,28070,64043,398

],423

263, 228 262,390 274,741

125,000

4,2386,315

12,031

2,42139,844

125,000

4,2386,315

12,031

2,43238,731

125,000

3,7846,092

12,183

1,37739,115

653, 202 671, 200 601,907

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]

United Kingdom

(Figures in millions of pounds sterling)

1930—December1931—December -~~~1932—December1933—December ^1934—December1935—December1936— December

1936—AugustSeptemberOctober -

December

1937—January -~~ - ~.

March. .AprilMayJuneJulyAugust- - . _ _ . _ . . _ . _September - . . . . . . . .„OctoberNovember

Assets

Cashreserves

Money atcall and

shortnotice

Bills dis-counted

Securi-ties

Loans tocustom-

ersOtherassets

Liabilities

Total

Deposits

Demand1 Time»Other

liabilities

10 London clearing banks

208184207213216221236

233229227233244

238230226230233241235234238234235

144119127119151159187

163166164181105

179167170177168171163162162165161

322246408311255322316

345344351329322

345307248241244259282277281296298

285297472565594605630

11

641648655656660

669671667661657654647645641639634

933905778740759784864

240222208237247231238

1,8761,7371,9831,9411,9712,0912,238

London clearing banks'

877882892895890

885909939951957969975973978988991

226226231238249

239243254256259261251244240244245

2,2462,2572,2802,2872,315

2,3072,2742,2442,2522,2552,2932,2932,2832,2872,3122,311

992868991

1,0151,0441,1401,288

1,2121,2281,2381,2411,2S8

1,2541,2171,2001,1941,2031,2531,2391,2351,2421,244

847846963900910924

1,012

9911,000

9991,0061,012

1,005997

1,0031,0081,0061,0221,0101,0011,0091,019

254237216244251231232

240238230243245

247252259263263261259253251253252

* Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total.» District Bank included beginning in 1936.NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pages 639-640,



COMMERCIAL BANKS—Continued[Figures as of end of month]

France

(4 large banks. Figures in millions offrancs)

Assets

Cash Due frombanks

Bills dis-counted Loans Other

assets

Liabilities

Deposits

Total Demand Time

Ownaccept-ances

Otherliabilities

1630—December..1931—December..1932—December,.1933—December-1934—December..1935—December..1936—August

September..OctoberNovember..December..

1937—JanuaryFebruary. __MarchAprilMayJune _JulyAugustSeptember.

2,41911,3119,0075,8705,8363,7393,0973,0833,1863,1733,1002,8522,7985,2372,8913,0142,7612,7642,9252,790

4,6752,1681,7661,4161,4212,4842,3262,7572,766

2,975

3,7703,5963,5793,6663,9334.1764,2584,552

20,44818,44122,01419,84818,30416,14115,44514,87617,07017,29817,58218,28917,82516,70116,04316,47915,86916,95416,84216,802

10,7439,2747,8508,3098,1598,0257.031

c7,3017,4527,6257,6317,9498,0568,3578,1167,9968,5148,2768,0088,723

2,3612,1301,7491,8271,7171,9001,451'1,5541,7271,8241,9571,3401,3971,4481,4811,4461,5951,6021,6891,832

36,68138,24537,75932,63530,94327,55324,97925,13727,54928,01528,48429,83129,64431,00827,70328,24228,12829,06928,98829,838

35,28437,02336,49131,77330,03926,85924,45124,61327,02827,46727,95529,30429,06130,46527,16427,68227,56828,52328,438

1,3971,2221,268

862904694528524521648529627583543539560560546550550

921576295273193337335368403454473561602600583542591570583644

4,3574,5034,3314,3624,3014,3994,0354,0664,2444,2904,2893,6263,6003,7323,8253,8173,9544.1334,1524,216

Germany 1

(5 large Berlin banks. Figures in mil-lions of reichsmarks)

Assets

Cash Duefrom

banksBills dis-counted Loans Securi- Other

Liabilities

Deposits

Total Demand Time

Creditsobtained

frombanks

Otherliabili-

ties

1930—November1931—No vember1932—November1933—November1934—November1935—November1936—September....

October..November

1937—JanuaryFebruaryMarch ,AprilMayJuneJulyAugustSeptemberOctober

191173143131115139180130137154130201132139180145153216136

1,483817583471393316287273269303301315297288296298282322277

2,4531,4311,6311,7022,0372,1622,3602,5692,5672,8952,9662,9083,2043,1713,0913,0992,9952,8603,041

7,4165,3774,5703,7313,3312,8842,7792,7352,7292,6792,6732,7322,6662,6372,6362,6762,7012,7542,667

482807938860874

1,0271,0661,0751,1121,0201,0221,014949

1,0391,037981

1,0831,0701,050

1,127991

1,003983933847858851837822813805807778760758781806

9,0916,0626,1615,7545,8165,3765,6216,7125,7515,9736,0296,1356,2136,2466,2046.1646,1756,1726,141

3,8573,2522,9582,6242,7312,4352,5752,6442,6612,9232,7602,9422,9262,9792,9692,9182,8922,9162,862

5,2332,8103,2033,1303,0852,9413,0453,0683,0903,0503,2703,1943,2873,2673,2363,2453,2833,2563,279

1,9861,3281,146

661485686575586579557578559551543563533533539510

1,8282,3411,5501,4811,4321,4491,3231,3421,3341,3571,3071,2881,2891,2911,2511,2611 2651,2P21,327

Assets Liabilities

Canada(10 chartered banks. Figures in mil-

lions of Canadian dollars)

Entirely in Canada

Cashreserves

1930—December1931—December1932—December1933—December1934—December....-1935—December1936— September

OctoberNovemberDecember

1937—JanuaryFebruaryMarchAprilMay.JuneJulyAugustSeptemberOctober

207201211197228228226232264240247239242246240238231241238252

Securityloans

2051351031061038310510911611411911912412111711611411410082

Otherloans

and dis-counts

1,2751,2531,1041,036

977945807816800791796805814835852853852863

Securityloans

abroadand net

duefrom

foreignbanks

171146155134155141146146179161173214161141139128139119110114

Securi-ties

604694778861967

1,1551,3801,3631,316l',3841,4121,4221,4271,4401,4381,4421,4311,4161,4461,411

Otherassets

Notecircula-

tion

602510439432449485494491485507468433616511491520472483507496

133129115121124111111112109103103108106106103107107105103106

Deposits payable in Can-ada excluding interbank

deposits

Total Demand

2,1152,0581,9161,9202,0352,1802,2632,2612,2692,3032,3302,3692,3702,3832,3722,3792,3222,3452,3712,333

689698538563628694762751722755782305786799799809750767797749

Time

1,4261,3601,3781,3571,4071,4861,5011,5101,6471^481,5491,5641,5841,5831,5741,6701,5721,5781,5761,584

Otherliabili-

ties

8167527607257187457857847837907818048108058028)1810816

e Corrected.Berlin brnks^ B e S w hf m< fit™*l^5^ f°,r D e c e m b e t , *™J to merger of two of the banks in February 1932 figures refer to six large(Sec! BULLETIN fw June 1935? p389^f e r e l y c o m p a r a b l e W l t h t h o s e s h o w n *» Previous years due to changes In reporting practice.

NOTE.-For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390.


JANUARY 1938 FEDERAL EESERVE BULLETIN 65

DISCOUNT RATES OF CENTRAL BANKS[Percent per annum

Date effective

In effect Jan. 1, 1936Jan. 2, 1936Jan. 10Jan. 16Feb. 4Feb. 7 _Mar. 28May 7May 18..May 30June 4June 24June 25June 26June 30July 7July 10Sept. 9Sept. 25.Oct. 2Oct. 9Oct. 16Oct. 20Nov. 26Dec. 3Tan 98 1Q 7June 15July 7Aug. 4Sept. 3 .Nov 13In effect Dec. 31,1937

Central bank of—

UnitedKingdom

2

2

France

654

VA56

5

4

3

53

2

46543K33

Ger-many

4

4

Italy

5

VA

4M

Nether-lands

VA

3zy2

VAVA

4

V/23

2

2

Switzer-land

2 ^

2

IX

IX

Centralbank of—

AlbaniaArgentina—AustriaBelgiumBoliviaBritish IndiaBulgariaCanada.ChileColombia...Czechoslo-

vakiaDanzigDenmark...EcuadorEl Salvador.EstoniaFinlandFranceGermanyGreeceHungaryItaly

RateDec.31

6VA3H2636tYl/L

4

344444K2

34644K

Changes since Nov

Dateeffective

April 1,1937Mar. 1, 1936July 10, 1935May 16, 1935July 5, 1932Nov. 28, 1935Aug. 15, 1935Mar. 11, 1935Dec. 16, 1936July 18, 1933

Jan. 1,1936Jan. 2, 1937Nov. 19, 1936Nov. 30, 1932Aug. 23, 1935Oct. 1, 1935Dec. 3, 1934Nov. 13, 1937Sept. 22, 1932Jan. 4, 1937Aug. 29, 1935May 18,1936

Centralbank of—

JapanJavaLatviaLithuania...MexicoNetherlandsNew Zea-

landNorwayPeruPolandPortugalRumaniaSouth AfricaSpain..SwedenSwitzerland.TurkeyUnited King-

dom.U. S. S. R...Yugoslavia..

RateDec.31

3.2935

32

246

a*m52y2

Hi245

Dateeffective

Apr. 7, 1936Jan. 14, 1937Nov. 1, 1936July 1, 193GMar. 1, 1937Dec. 3, 1936

June 29, 1936Dec. 7, 1936May 20,1932Dec. 18,1937Aug. 11, 1937Dec. 15, 1934May 15, 1933July 15,1935Dec. 1, 1933Nov. 26, 1936Mar. 2, 1933

June 30, 1932July lf 1936Feb. 1, 1935

30: Poland—Dec. 18, down from 5 to 4 ^ percent

MONEY RATES IN FOREIGN COUNTRIES[Percent per annum]

Month

United Kingdom (London)

Bankers'icceptances3 months

Treasurybills, 3months

Day-to-daymoney

Bankers'allowance

on deposits

Germany (Berlin)

Privatediscount

rateMoney for1 month

Day-to-daymoney

Netherlands (Amster-dam)

Privatediscount

rateMoney for

1 month

1936—NovemberDecember.

1937—January...February..MarchAprilMayJuneJulyAugust.. __.SeptemberOctober-..November.

3.003.00

3.003.003.002.902.882.882.882.882.882.882.88

2.842.8S

2.882.862.862.712.632.632.652.692.732.912.81

2.793.05

2.542.473.102.552.692.782.642.853.072.812.65

1.00.82

.63

.39

.38

.38

.31

.25

.19

.19

.20

.21

.25

Month

Switzer-land

Belgium(Brussels)

France(Paris)

Italy(Milan)

HungarySweden(Stock-

ilm)(Stohoh

Japan (Tokyo)

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Primecommer-

cial paperDay-to-day

moneyLoans up

to 3months

Discountedbills

Callmoney

overnight

1<J36—October...NovemberDecember.

1937—January. _.February..MarchApril ,MayJuneJulyAugustSeptember.October....

1.691.461.25

1.251.181.001.001.001.001.001.001.001.00

1.291.001.00

1.001.001.001.001.001.001.001.001.001.39

2.521.961.99

2.224.014.064.003.935.025.204.113.543.62

4.504.504.50

4.504.504.504.504.505.005.005.005.005.00

2X-V.2M+X

4.754.754.75

4.754.754.754.754.754.754.754.754.754.75

2.922.862.74

2.632.672.832.862.692.802.702.852.462.65

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, andMay 1930, p. 318.



FOREIGN EXCHANGE RATES[Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]

Year or month

19291930193119321933193419351936193G—November.

December.

1937—JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.October..-November,

Argen-tina

(peso)

95.12783. 50566. 73858.44372.80133.57932. 65933.13732. 58332.718

32.71832. 62732. 57032. 77432.92832.89833.10733. 20633. 02033.03233.309

Aus-tralia(pound)

Austria(schil-ling)

480.83458.60351. 50279. 93337. 07400.95388. 86395. 94389. 54390. 99

390. 98389. 93389. 26391. 78393. 70393. 25395. 70396. 92394. 68394.80398.16

14. 05814. 08914.02313.96015. 44818. 79318.83118.79218.68718.692

18.68218. 67718. 67718.68718.71918. 71418.77518.85118.84518. 82318.900

Bel-gium(belga)

13.91213.952J3.92913. 91417.90023.28718. 42416. 91716. 90716. 901

16.86016.86116. 84716.86016.86816.86616.83516.83816.83816.85917.009

Brazil (milreis)

Offi<^ n S e t

11.807810.71367.02907.12237.96308. 42688. 29478.56818.66628.6981

8.70808. 70538. 70218. 71058. 71928.71798.72668. 73148.72168.72328.7635

5.87885.86315.9525

6.08126.10766.10696. 25386. 41646.55436. 63356.54496.39975.83225.7266

BritishIndia(rupee)

36.20236.06733. 69026.34731.81637.87936. 96437. 52330.91337.088

37.09436. 97336. 88837.12037. 28037. 24537. 48337. 60137.39037.41037. 711

Bul-garia(lev)

Canada(dollar)

.7216

.7209

.7163

.71931.00391. 28521.29511.29581. 27951. 2779

1.28731.29031.28841.28751. 28391.28301. 28251.28451. 28551. 28541. 2844

99. 24799.84296.35388.09091. 959101.00699.49399. 913100.120100.062

99.96099.964100.051100.120100.14999. 94499. 85899.98299.982100.017100.073

Chile(peso)

12.060112.078512.06697.90797.678710.14525.08335.12405.16885.1719

5.17265.17315.17265.17255.17255.17385.17675.15715.15795.16945.1680

China(yuan)

41.90129.91722.43721.73628.59834.09436.57129,75129.46629. 525

29.65429. 60029.66429.71429.79829.65329.494

i 29.65029. 66029. 46329.444

Colom-bia

(peso)

96.55196.49396. 57095.27581.69761.78056.01157.08357.09757.390

57. 39057.23457.00856. 95656. 96757.00656.99256.99756. 99356. 99955.958

Cuba(peso)

Year or monthCzecho-slovakia(koruna)

Den-mark

(krone)Egypt(pound)

Finland(mar-kka)

France(franc)

Ger-many(reichs-mark)

Greece(drach-

ma)

HongKong

(dollar)

Hun-gary

(pengo)Italy(lira)

Japan(yen)

Mexico(peso)

Nether-lands(florin)

1929...1930193119321933193419351936 -1936—November-

December .

1937—January . . .February. .March.. . . .April.MayJuneJuly ...AugustSeptember.October...November.

2.96092. 96402.96192. 96183.82324. 24244.16424.00783.53803.5200

3.4*9223.48833. 48793. 48623.48533.48413.48543. 48753. 49363.49993. 5146

26. 68026. 76525.05818.83219.07122. 50021.88322.18921.81821. 907

21. 90821. 84721.80721.94522.05122.03122.17322. 23622.10922.11922.301

498.07498.60465.11359.54434.39516. 85502.60509.68501.17503.20

503.17501. 78500.87504.07506.49506.05509.30510.83507.83508.05512. 27

2. 51602. 51692.38751. 55471.87082.22772.16272.19032.15312.1611

2.16072.15792.15312.16562.17842.17922.19182.19642.18882.18862.2061

3.91613.92493. 92003.92765.03136.56886.60136.11414. 64724. 6675

4. 66725.65554. 59454.49634.4768

5 4.43993.80483. 75013. 51933. 34913.3946

23.80923.85423. 63023.74930. 51839.37540. 25840. 29740. 22340. 230

40. 22540. 22640.21540.20640.17140.07140.19640. 21340.12140.15740.364

1. 29341.29591. 2926.8320.7233.9402.9386.9289.8935.8973

.8965

.8951

.9003

.9052

.9043

.9088

.9116

.9074

.9076

.9152

47.16733.85324.33123.46029.45238. 71648. 21731.71130.46230.540

30. 56630.40330. 35530.50930.60030.34930.34330.99330.95930.97531.124

17. 44117.49417.45217.44622.36029. 57529.60229. 55819. 77619.778

19.77619.78219.77919.78519. 78119. 77119. 77019.76419.74519. 74119.819

5. 23345.23745.20635.12536 70948. 56178.24717. 29165.26035.2609

5.26105.26085.26085.26075. 26065. 26075.26005.26035.26035.26045.2623

46.10049.39048.85128.Ill25. 64629.71528.70729.00228.55928.512

28.53728.52928.49428. 63528. 78028.71128.88229.02728.86728.85329.095

48.18347.13335.49231.85028.10327. 74227. 77827.76027.75027.750

27.75027.75027.75027. 75127.75027. 75127. 75127. 75127. 75027.75027.750

40.16240. 22540. 23040. 29551. 72167.38367.71564.48153.99154. 566

54. 75254. 68654.70254.75754. 93654.97655. 09155.15155.15055. 28455. 452

Year or monthNew

Zealand(pound)

Norway(krone)

Poland(zloty)

Portu-gal

(escudo)

Ruma-nia(leu)

SouthAfrica(pound)

Spain(peseta)

StraitsSettle-ments(dollar)

Swe-den

(krona)

Switz-erland(franc)

Turkey(pound)

UnitedKing-dom

(pound)

Uru-ftuay(peso)

Yugo-slavia(dinar)

192919301931193219331934193519361936—November.

December.

1937—January.,..February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.

483.21468.22415.29320.19340.00402.46391.26398.92392.36393.87

393.82392.92392.32394.76396. 61396. 21398.14400.10397.58397. 72401.08

26. 68326.76025.05518.00421.42925,31624.62724.97424. 55524.656

24.65824. 58924.54424.69924.81924.79724.95725.03024.88424. 89525.100

11.19411.20511.19711.18214.41418.84618.88218.87518.82518.853

18.92418.92918.93918. 95918.93418.92818.91518.90218. 89118.89018. 923

4. 47144.49404. 24353.19603.91654.60894.45754. 51304.43734. 4514

4. 44874. 44574.44114. 45994.47234.46894. 49584. 50534. 48644.48704.5165

.5961

.5953

.5946

.5968

.77951.0006.9277.7382.7289.7285

.7273

.7275

.7284

.7286

. 7290'. 7279.7286.7270.7313.7307.7314

483.27483. 79480. 76476. 56414.98498.29484.66491. 65483.43485.33

485.40484.24483.81

489.17488.6849L95493. 61490. 66490.89494.98

14. 68311. 6679.5458.044

10. 71913. 61513. 67812. 3148.7987.727

7.0996.7366.1495.7115.3485.2155.0626.2736.4776.2676.276

56.01255.96452.44540. 39749. 23259.00557.17358.25857.31457.544

57. 54957.40457.19457.64057.92957.8365$. 24058.4145S.07658.10758. 572

26. 78426.85425.25418.47122.03225.98225.27125.62625.19625.300

25. 30125.23225.18625.33925. 46525. 44425. 60725. 68325. 53325. 54625.754

19.27919.38219.40119.40524.83632.36632.49730.18922.98422.985

22.93622.82922.79222.82422.87022.87922.92022.96322.96523.02123.149

48. 41147.06147.18147. 28560.44079.04780.31280.35779.88380.162

80.15679.70079.95380.24680.13479.89780. 53780.39379. 66579.82480.493

485.69486. 21453. 50350.61423.68503.93490.18497.09488.80490.78

490. 75489.39488.51491. 63493.99493. 55496.72498. 22495. 30495. 51499.61

98. 62985.86555.35747.06460.33679.95680.25179.87480.04580.000

78.92678. 85678.75378.62678.65979.14379.37379.25079.11879.05279.140

1.75911. 76811.76801. 64111.76072. 27192.28372. 29652.29902.3003

2.30222.30592.30572.30562.30602. 30502. 3C722. 30512.30192.30252.3096

* 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.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year or month

19261927 -1928192919301931 _19321933 .19341935 . . _1936

1936—-October „November. .December

1937—January ._FebruaryMarchAprilMayJuneJuly . . .AugustSeptemberOctoberNovember

UnitedStates

(1926=100)

10095979586736566758081

828284

8G86888887878888878583

Canada(1926=100)

10098969687726767727275

777780

8183868685858886858583

Uni tedKingdom(1930=100)

100888686888994

9898

101

103104107109111111112111111111109

France(1913=100)

C9564264562755450242739837G338411

471492519

538533550552550557582603630628622

Germany(1913=100)

134138140137125111979398

102104

104104105

105106100106106106106107106106

PIOO

Italy(1928=100)

1009585757063G26876

777879

82838580889090919293

Japan(October1900=100)

237225226220181153161ISO

.178186197

200204215

233230240248241238239235239237238

Nether-lands

(1926-30=1.00)

10610310210090766563630264

687071

7374767777767878777776

Switzer-land

(July 1914=100)

14414214514112611096Ut909096

103105107

108111113113113112112111111111

p Preliminary.

WHOLESALE PRICES—GROUPS OF COMMODITIES[Indexes for groups included in total index above]

Year or month

19261927192819291930 _.-193119321933193419351936

1936—OctoberNovemberDecember

1937—January -February.March --April

JuneJulyAugust -SeptemberOctoberNovember

United

Farmproducts

100991

10610588654851657981

848589

919194929089898686SO76

States (1926=100)

Foods

10097

101100

91756161718482

838486

8787888684858687888683

Othercommod-

ities

10094939285757071787880

808182

8384868786868686868584

United Kingdom(1930^100)

Foods

100898883858792

989799

9999

101102102102103103104105105

Indus-trial

products

100878587909096

9799

102

105107111113115115116116115113110

F r a n c e (1913=100)

Farmand foodproducts

581599584579526542482420393327426

487500522

532516528522520532549572612607615

Indus-trial

products

793678697069579464380380361348397

457484516

543548570577576579610629645646628

Germany

ARricul*tural

products

129138134130113104918796

102105

104103104

103103104104104105106106105105

P105

Provi-sions

132129133125113

968675768486

SO8691

93949595989898989797

i>96

(1913-100)

Indus-trial rawand semi-finishedproducts

1301321341321201038988919294

959590

97979897979796969695

J>94

Indus-trial fin-

ishedproducts

150147159157150136118113116119121

122123123

123123124124124124125125126126

P126

Sources— See BULLETIN for March 1931, p. 159, March 1935, p. 180, October 1935, p. 678, March 1937, p. 270, and April 1937, p. 372.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—ContinuedRETAIL FOOD PRICES

.[Index numbers]

Year ormonth

19261927192819291930193119321933193419351936

1936—Oct. .NovDec

1937—jan. ,Feb..Mar..Apr.May.June.July.Aug.,Sept.Oct..

. . .

. . .

Nov

UnitedStates

1923-1925^=100

109105103105100826866748082

838383

8585858687868686868584

Eng-landJuly

1914=100

161156157154145131126120122125130

132136136

136135135135136136140140140143146

FranceJuly

1914=100

554557549611614611536491481423470

504520534

562577577580584576580594627644645

Ger-m a n y1913-

1914=100

146153153156146131116113118120122

122121121

121122122122122123125124122121121

Nether-lands1911-

1913=100

161163166162150136119120124118120

124124122

124122123125126129130130129130

Switz-er-

landJuly

1914=100

160158157156152141125117115114120

123123123

126129129129129131131130130130

COST OF LIVING[Index numbers]

Year ormonth

1926192719281929193019311932193319341935.1936

1936—Oct.Nov.Dec

1937—Jan.Feb.Mar....AprMay.. .June,._JulyAug.Sept....Oct.Nov....

UnitedStates1923-

1925=100

10310110010097898076798182

82

84

85

85

Eng-landJuly

1914=100

170164166164158148144140141143147

148151151

151151151151152152155155155158160

FranceJan.-June

1914=100

505514519556581569526520516483507

540

581

606

630

Ger-m a n y1913-

1914=100

142148152154148136121118121123125

124124124

125125125125125125126126125125125

Nether-lands1911-

1913=100

168168169168161151141139140136

t 132

134134133

134134134136136138139139139140

Switz-er-

landJuly

1914=100

162160161161158150138131129128130

132132132

133136136137136137137137137138

i 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]

Year or month

Number of issues. _

19261927192819291930193119321933193419351936 . .

1936— OctoberNovember...December...

1937—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember...OctoberNovember...

Bonds

UnitedStates

(averageprice)*

60

97.6100.7100.898.099.390.969.573.484.588.697.5

99.699.899.9

100.3100.098.596.696.295.095.394.891.386.483.3

England(December1921—100)

87

110.0110.7112.3110.2111.8108.4113.2119.7127.5129.9131.2

132.9132.0130.9

129.7125.5124.3125.3125.0123.9123.3123.2122.8123.6124.1

France(1913=100)

36

57.471.780.885.195.896.988.681.382.183.576.3

80.878.878.4

77.575.174.672.672.374.675.077.274.875.676.4

Germany(averageprice)

139

85.581.483.3

* 83.4'67.1

82.590.795.395.8

96.296.396.4

96.797.497.798.598.898.999.099.499.399.4

*99.6

Nether-lands3

8

100.0104.3104.194.8

105.3113.4107.8109.1

117.5120.0120.3

U00.9100.398.8

100.0100.3101.5102.4103.7103.7102.4104.3

Common stocks

(1926=100)

UnitedStates

420

100.0118.3149.9190.3149.894.748.663.072.478.3

111.1

118.7124.2123.1

126.4129.5129.9124.5116.3113.6117.8120.5106.491.482.9

England

278

100.0107.0115.9119.5102.678.967.978.685.786.397.0

102.1103.2103.5

104.2103.8102.7101.099.397.096.896.892.788.285.8

France

300

100.0123.2178.1217.6187.6132.2105.299.683.379.777.2

83.789.794.8

114.6113.3112.096.694.894.090.693.690.191.890.1

Germany

329

100.0145.0136.1122.8100.2S78.0»50.3

61.771.182.991.6

97.297.896.7

97.899.2

100.3101.5102.6103.5105.1106.1105.3103.9

P102.8

Nether-lands

(1930=100)

100

100.70.46.52.55.55.66.

78.988.691.2

rlOO.9••108. 5'113.1'109.6'105.0••102.9'107. 2'114.7rlOS. 1r 94.8

90.5

v Preliminary. ' Revised1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.2 Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January-

June; index for 1932 represents average of months May-December.a 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.* New index. See note 3Sources.—See BULLETIN for February 1932, p. 121, June 1935, p. 394, April 1937, p. 373, July 1937, p. 698, and November 1937, p. J172.


FEDERAL RESERVE DIRECTORY

69


BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

M. S. SZYMCZAK

MARRINER S. ECCLES, Chairman

RONALD RANSOM, Vice Chairman

CHESTER C. DAVIS

JOHN K. MCKEE

CHARLES S. HAMLIN, Special CounselLAWRENCE CLAYTON, Assistant to the ChairmanELLIOTT THURSTON, Special Assistant to the ChairmanCHESTER MORRILL, Secretary

LISTON P. BETHEA, Assistant SecretaryS. R. CARPENTER, Assistant SecretaryJ. C. NOELL, Assistant Secretary

WALTER WYATT, General CounselJ. P. DREIBELBIS, Assistant General CounselGEORGE B. VEST, Assistant General CounselB. MAGRUDER WINGFIELD, Assistant General Counsel

LEO H. PAULGER, Chief, Division of ExaminationsR. F. LEONARD, Assistant Chief, Division of ExaminationsC. E. CAGLE, Assistant Chief, Division of Examinations

E. A. GOLDENWEISER, Director, Division of Research and StatisticsWOODLIEF THOMAS, Assistant Director, Division of Research and StatisticsLAUCHLIN CURRIE, Assistant Director, Division of Research and StatisticsGEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics

EDWARD L. SMEAD, Chief, Division of Bank OperationsJ. R. VAN FOSSEN, Assistant Chief, Division of Bank OperationsJ. E. HORBETT, Assistant Chief, Division of Bank Operations

CARL E. PARRY, Chief, Division of Security LoansPHILIP E. BRADLEY, Assistant Chief, Division of Security Loans

0. E. FOULK, Fiscal AgentJOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL OPEN MARKET COMMITTEE

MARRINER S. ECCLES, Chairman

GEORGE L. HARRISON, Vice ChairmanCHESTER C. DAVIS

WM. A. DAY

WM. MCC. MARTIN

JOHN K. MCKEE

B. A. MCKINNEY

RONALD RANSOM

JOHN S. SINCLAIR

M. S. SZYMCZAK

CHESTER MORRILL, SecretaryWALTER WYATT, General CounselJ. P. DREIBELBIS, Assistant General CounselE. A. GOLDENWEISER, EconomistJOHN H. WILLIAMS, Associate EconomistW. RANDOLPH BURGESS, Manager of System Open

Market Account

FEDERAL ADVISORY COUNCIL

District No. 1 (BOSTON) THOMAS M. STEELE

District No. 2 (NEW YORK) W. W. ALDRICH

District No. 3 (PHILADELPHIA) HOWARD A. LOEB,

Vice-PresidentDistrict No. 4 (CLEVELAND) L. B. WILLIAMS

District No. 5 (RICHMOND) CHARLES M. GOHEN

District No. 6 (ATLANTA) EDWARD BALL

District No. 7 (CHICAGO) EDWARD E. BROWN

District No. 8 (ST. LOUIS) WALTER W. SMITH

PresidentDistrict No. 9 (MINNEAPOLIS) JOHN CROSBY

District No. 10 (KANSAS CITY) W. T. KEMPER

District No. 11 (DALLAS) R. E. HARDING

District No. 12 (SAN FRANCISCO) . . . PAUL S. DICK

WALTER LICHTENSTEIN, Secretary

70


SENIOR OFFICERS OF FEDERAL RESERVE BANKS

Federal ReserveBank of—

Chairman and FederalEeserve Agent President First Vice President Vice Presidents

BostonNew York _

Philadelphia

Cleveland

Richmond —

Atlanta ._.

Chicago --,

St. Louis

Minneapolis—

Kansas City.

Dallas

San Francisco..

F. H. Curtiss

Owen D. Young !

R. L. Austin

E. S. Burke, Jr

Robert Lassiter _ _

F. H. Neely

R. E. Woodi

W. T. Nardin.

W. B. Geery

J. Jt Thomas..

J. H. Merritt.

A. O. Stewart

R. A. Young...

G. L. Harrison.

J. S.Sinclair

M. J. Fleming

Hugh Leach

Oscar Newton _

G. J. Schaller: -

W. W. Paddock..

Allan Sproul

F. J. Drinnen..

F. J. Zurlinden

J. S. Walden, Jr..

II. S. Parker.

W. McC. Martin..—

J. N. Peyton

G. H. Hamilton....

B. A. McKixmey...

W.A. Day

H. P. Preston

F. G. Hitt

O.S.Powell

C, A. Worthington....

R. R. Gilbert

Ira Clerk..

W. Willett a

W. H. BurgessL. R. RoundsW. S. LoganJ. IL WilliamsR. M. GidneyL. W. KnokeC. II. Coe

C. A. Mcllhenny *W. J. DavisE. C. Hill

W. H. FletcherW. F.Taylor*

J. G. FryG. H. Keesee *II. F. ConniffW. S. McLarin, Jr. aW. II. Snyder'C. S. YoungJ. H. Dillard

0. M. AtteberyJ. S. WoodC M . Stewart a

H. I. Zicmer»E. W. Swanson

J. W. Helm *

R. B. Coleman aW. J. Evans

S. G. SargentW. M. HaleC. E. Earhart >

* Deputy chairman. » Cashier. * Also cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo branch

Cleveland:Cincinnati branch ._Pittsburgh branch

Richmond:Baltimore branchCharlotte branch

Atlanta:Birmingham branchJacksonville branchNashville branchNew Orleans branch

Chicago:Detroit branch _

St. Louis:Little Rock branch __Louisville branchMemphis branch _

Managing director

R. M. O'Hara

B. J. LazarG. H. Wagner

W. R. MiliordW. T. Clements

P. L. T. BeaversG. S. Vardeman, Jr.J. B. Fort, Jr.L. M. Clark

R. H. Buss

A. F. Bailey

W. H. Glasgow

Federal Reserve Bank of—

Minneapolis:Helena branch

Kansas City:Denver branchOklahoma City branchOmaha branch

Dallas:El Paso branchHouston branch _San Antonio branch

San Francisco:Los Angeles branchPortland branchSalt Lake City branch _Seattle branchSpokane branch

Managing director

R. E. Towle

J. E. OlsonC. E. DanielL. H. EarhartJ. L. HermannW. D. GentryM. Crump

W. N. AmbroseR. B. WestW. L. PartnerC. R. ShawD. L. Davis

SUBSCRIPTION PRICE OF BULLETIN

The FEDERAL RESERVE BULLETIN is the Board's medium of communication with memberbanks of the Federal Reserve System and is the only official organ or periodical publication ofthe Board. The BULLETIN will be sent to all member banks without charge. To others thesubscription price, which covers the cost of paper and printing, is $2. Single copies will be soldat 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;single copies, 25 cents,

71


FEDERAL RESERVE DISTRICTS

• — BOUNDARIES OF FEDERAL RESERVE DISTRICTS. _ - BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

& FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIES

' o FEDERAL RESERVE BANK AGENCY

LOUISVIILE, LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATEDCITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES

SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY


federal reserve bulletin january 1938 - fraser - st. louis fed

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