Federal Reserve Bulletin September 1937

Home , August 1937, July 1937, June 1937, September 1937, The Clearing House

SEPTEMBER 1937

Reduction in Discount Rates Banking Developments in First Half of 1937 Objectives of Monetary Policy Acceptance Practice Statistics of Bank Suspensions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CONSTITUTION AVENUE AT 20TH STREET WASHINGTON

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PAGE Review of the month—Reduction in discount rates—Banking developments in the first half of 1937 819-826 Objectives of monetary policy 827 National summary of business conditions 829-830 Summary of financial and business statistics 832 Law Department: Regulation M relating to foreign branches of national banks and corporations organized under section 25 (a) of Federal Reserve Act - 833 Rulings of the Board: Reserve requirements of foreign banking corporations 833 Matured bonds and coupons as cash items in process of collection in computing reserves 833 Appointment of alternates for members of trust investment committee of national bank 834 New Federal Reserve building _• 835-838 Acceptance practice 839-850 Condition of all member banks on June 20, 1937 (from Member Bank Call Report No. 73) _. . . _ 851-852 French financial measures . _. _: 853 Annual report of the Central Bank of the Argentine Republic. _ _ . _ _ _..._. _ 854-865 Bank suspensions, 1921-1936 866-910 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 912 Federal Reserve bank statistics 913-917 Reserve position of member banks; deposits in larger and smaller centers 918 Money in circulation 919 Gold stock and gold movements; bank suspensions; bank debits r 920 All banks in the United States 921 All member banks 922-923 Reporting member banks in leading cities 924-927 Acceptances, commercial paper, and brokers' balances 928 Federal Reserve bank discount rates 929 Money rates and bond yields 930 Security markets 931 Treasury finance 932-933 Governmental corporations and credit agencies; Postal Savings System 934-935 Production, employment, and trade 936-944 Wholesale prices 945 Crop report 946 International financial statistics: Gold reserves of central banks and governments 948 Gold production _. 949 Gold movements 949-950 Central banks 951-954 Bank for International Settlements 955 Commercial banks 955-956 Discount rates of central banks 957 Money rates 957 Foreign exchange rates 958 Price movements: Wholesale prices 959 Retail food prices and cost of living 960 Security prices 960 Federal Reserve directory Board of Governors and staff; Open market Committee and staff; Federal Advisory Council 962 Senior officers of Federal Reserve banks; managing directors of branches _ 963

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VOL. 23 SEPTEMBER, 1937 No. 9

REVIEW OF THE MONTH ture generally prevailing, and affords to member banks the benefit of rates, on advances Beginning August 20 discount rates were made by the Federal Reserve bank, which reduced at several of the Federal Reserve are in line with those available in the money banks. The reductions were market. During the extended period when Reduction in from 2 percent to li/> percent excess reserves of the banking system were discount rates at the Federal Reserve Banks between two and three billions of dollars, the of Atlanta, Chicago, Minneapolis, Richmond, occasion did not arise except in rare instances Dallas, Boston, and St. Louis and from 11/2 for member banks to borrow from the Fed- eral Reserve banks, and the discount rates percent to 1 percent at the Federal Reserve were accordingly inoperative as a practical Bank of New York. In approving the first matter. of these changes the Board of Governors issued the following statement in explana- "As a result of the continued progress of tion of its action: the recovery movement, demands of agricul- "The Board of Governors today approved ture, industry and commerce for bank ac- the action of the directors of the Federal Re- commodation have steadily increased and at the present time are augmented by seasonal serve Banks at Atlanta and Chicago in reduc- requirements, particularly with relation to ing the discount rate from 2 percent to IY2 crop movements. While excess reserves, fol- percent, effective in the 6th and 7th Federal lowing the action of the Board in increasing Reserve Districts, respectively, on August reserve requirements, remain at an unusually 21, 1937. high level of approximately $750,000,000 at "The Board's approval was based upon the present for the System as a whole, they are view that the reduction of discount rates at distributed preponderantly among the coun- this time would assist in carrying out the Sys- try banks and not in the money centers. The tem's policy of monetary ease and make Fed- reduction of the discount rates in the two eral Reserve bank credit readily available to large agricultural districts of Atlanta and member banks for the accommodation of Chicago should serve to assist the member commerce, business and agriculture, without banks to utilize credit directly available in encouraging member banks to borrow outside these districts in order to meet banking re- of their districts or to liquidate their port- quirements in connection with crop move- folios in order to be in a position to meet the ments and business needs. needs of present or prospective borrowers. "It is the Board's view, therefore, that at "The reduction in discount rates, which this time the Federal Reserve System can have had little or no practical effect during best discharge its public responsibility and the period when excess reserves were ab- promote the continuance of recovery by mak- normally large and widely distributed ing it possible for member banks to obtain throughout the System, brings the rates into accommodation from Federal Reserve banks closer relation with the interest rate struc- 819

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at rates which will encourage them to employ while at other reserve city banks and at coun- their funds to meet the needs of agriculture, try banks there was a small reduction. The industry and commerce." subsequent increase in reserves was con- These were the first changes in basic dis- fined to New York and Chicago banks, re- count rates at any Federal Reserve bank since flecting not only Treasury payments in those May 1935. As of September 2, 1937, thecenters but also movements of business funds discount rates in effect at the various Federal to them. Reserve banks were 1 percent at New York, EXCESS RESERVES OF MEMBER BANKS IV2 percent at Boston, Cleveland, Richmond, BILLIONS OF DOLLARS Atlanta, Chicago, St. Louis, Minneapolis, and Dallas, and 2 percent at Philadelphia, Kansas City, and San Francisco. Excess reserves of member banks declined in the latter half of July and the first few days of August from Recent changes in excess reserves over $950,000,000 to about $700,000,000. Subsequently they increased somewhat and on August 25 amounted to about $760,000,000. At $700,- 000,000 on August 4 excess reserves were the smallest since September 1933. Fluctu- Notwithstanding the large loss of reserves ations in member bank reserves during by money market banks, no appreciable tight- July and August were due largely to changes ness developed in the New in Treasury balances at Federal Reserve New York York market. There was an banks, which increased from less than $100,- money market . ..,!-,, 000,000 to over $300,000,000 through receipts increase m interbank borrow- from the sale of Treasury bills in excess of ing, and for a few days early in August the maturities and from securities sold and loans rate on Federal Reserve funds, that is the obtained in the market by various Govern- rate at which New York City banks borrow ment credit agencies. Subsequent expendi- reserves from other banks, usually on a tures reduced Treasury balances to about day-to-day basis, was in some cases as much $160,000,000. A seasonal increase in money as 1/2 percent, but generally the rate for these in circulation in August and increases in funds continued at the level of 14 percent, foreign and other nonmember deposits at the which had prevailed for the past few months. Federal Reserve banks after the middle of Loans by New York banks to out-of-town July absorbed over $100,000,000 of reserves. banks have recently been made at rates vary- The loss of excess reserves from the middle ing from 1 percent to 2V2 percent. of July to early in August was largely con- Other open-market rates showed little or centrated in the money market banks of New no change from previous levels; the average York and Chicago, which supplied a large rate on the weekly issues of 9-month Treasury part of funds obtained by the Treasury and bills continued at around !/£ of 1 percent, the Government agencies. At New York, as average yield on 3-5 year Treasury notes de- shown by the chart, excess reserves fell from clined to about 1% percent in July, and that $230,000,000 to about $40,000,000, and at on the longer-term Treasury bonds to little Chicago from $60,000,000 to $25,000,000, over 2^/2. percent. These were the lowest yields on Treasury obligations since early in

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March. After the first week of August there York City banks were nearly $250,000,000 was a decline in prices of Treasury bonds smaller than on June 30, and about $500,- which raised the average yield to above 2% 000,000 less than in March. Domestic inter- percent in the latter part of the month, or bank balances, which declined sharply in the about the level prevailing in June and the first five months of the year, remained fairly early part of July. Yields on Treasury notes stable during the summer months. and bills also rose somewhat. Principal bankingtdevelopments in the first Following a decline in the first half of July, half of 1937, shown by the call reports of con- total loans and investments of reporting mem- dition of all member banks ber banks in leading cities Banking as of June 30, 1937, com- Member bank credit jncreased in the period in July and August ^ firlfhalTof*1937 P^sed a decrease of $260,- from July 14 to August 4 000,000 in total loans and in- when these banks were losing reserves, but vestments of member banks, an increase of in the two subsequent weeks they again de- over $300,000,000 in reserves, and sharp declined. On August 18 total loans and invest- clines in deposits of domestic banks and of ments of reporting banks in New York City the United States Government. Other de- were $140,000,000 less than on June 30, while posits increased slightly. In other recent those at other reporting banks were $150,- years all of these items in the condition of 000,000 larger. Commercial, industrial, and banks showed substantial increases. Aggre- agricultural loans increased by $250,000,000 gate figures for all member banks in the first in the period and there was an increase in half of 1937 reflect diverse movements at inter-bank loans, but loans to brokers and different groups of banks and of different dealers in securities declined by $100,000,000 types of loans, investments, and deposits. and holdings of investments by $160,000,000. The call-report figures indicate that country The decrease in investments reflected further banks did not show declines in their invest- declines of about $100,000,000 in holdings of ments and deposits as had been previously United States Government obligations at shown by weekly reporting banks in leading New York City banks and of $75,000,000 in cities. holdings of other securities, mostly at banks During the first half of this year country outside New York. The decline in brokers' banks withdrew substantial amounts of their loans was mostly at New York City banks. balances from city banks and used the funds The increase in commercial, industrial, and in part to meet the increase in reserve re- agricultural loans occurred principally in the quirements prescribed by the Board of Gov- cities of New York and Chicago and in the ernors and in larger part to increase both Federal Reserve districts of Boston, Cleve- their loans and their investments. For the land, St. Louis, Kansas City, and San Fran- purpose of meeting these withdrawals, as cisco. The growth represented in part the well as the increased demand for loans from purchase by banks in these districts of a large their own customers, city banks reduced their portion of the $60,000,000 of 9-month notes holdings of investments. The withdrawals sold by the Commodity Credit Corporation of bankers' balances and the growth of loans on August 2. continued throughout the six-month period, Deposits at New York City banks declined but most of the decline in investments, espe- substantially from the middle of June to cially in holdings of United States Govern- early in August, while those at banks in other ment obligations, was effected in the first leading cities showed little change. On quarter of the year. The principal changes August 18 adjusted demand deposits at New

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in the banking situation during the first half in the money market than was the case on of 1937 are shown in the following table: other similar occasions, even though the con- centration of funds was larger than usual. CONDITION OF MEMBER BANKS ON JUNE 30, 1937, AND CHANGES IN FIRST HALF OF 1937 This was due to the fact that a large part of [In millions of dollars] the funds was held as excess reserves, available for instant withdrawal, while in earlier Con- Changes in first six months of 1937 dition periods the funds had been largely employed of all in stock-market loans which had to be called mem- Cen- ber All tral re- Re- Coun- or shifted to other lenders when an outflow banks mem- serve serve try June 30, ber city city banks set in. 1937 banks banks banks There was a further marked increase in

Loans 14, 285 +925 +462 +199 +262 loans at member banks in the first half of 18,454 -1,186 -867 -365 +47 Investments.. 1937. The growth in the Total loans and in- increase vestments 32, 739 -261 -405 -166 +309 demand for bank credit on Balances with other banks__ 3,207 -859 -60 -424 -375 the part of commercial, in- Required reserves , 6,037 +1, 405 +672 +447 +285 Excess reserves 860 -1,079 -543 -340 -195 dustrial, and agricultural borrowers, which Total adjusted deposits * 32,511 +139 -146 +107 +177 began in most of the larger cities in the first U. S. Government and Postal Savings deposits,__ 728 -258 +50 -195 -114 quarter of 1936 and continued through the Interbank deposits—domestic 5,421 -1,134 -542 -516 -75 Foreign bank deposits 629 +191 +191 MEMBER BANK LOANS CALL REPORT DATES,OCT.3,1928 - JUNE 30,1937 i Total deposits less United States Government, Postal Savings BILLIONS OF DOLLARS BILLIONS OF DOLLARS and bankers' deposits and items in process of collection. 13

Notwithstanding the increases in reserve 12 - 12 requirements made during the first half of 11 ^A 11 this year all classes of member banks continued to have excess reserves. Perhaps the 10 - \ 10 outstanding change in the banking situation 9 9 OTHER LOANS during the period was that country banks, TO CUSTOMERS which in recent years have held unusually 8 - 8 large balances with city banks, put a con- 7 - w \ 7

siderable part of these funds to other uses. \ \ 6 / 6 Prior to their withdrawal a part of the funds OANS ON SECURITIES ° \ TO CUSTOMERS y obtained from these balances had been in- c \ V 5 vested by city banks and a part had been held V~ N 4 - 4 by them as excess reserves with the Reserve RE AL ESTATE LC ANS, banks. Consequently, a large part of the de- 3 mand for funds to meet both the increase in I i 2 - LOANS TO BROKERS 2 reserve requirements and the growing de- PURCHASE: AND DEALERS !^_—- 1 - PAPER \ 1 mand for loans throughout the country has ...... been met out of balances that had been held 0 i 1 i 0 in the financial centers. This is in accordance 1929 1930 1931 1932 1933 1934 1935 1936 1937 with usual developments during an upswing remainder of that year, became more general in business when funds previously held idle in the first half of 1937, when there was a and concentrated in money market centers large demand for loans at country banks as begin to be in demand throughout the country. well as at city banks. In the first half of this This year the withdrawal of funds from year the growth in commercial, industrial, financial centers had less effect on conditions and agricultural loans, as measured by so-

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called "other" loans, amounted to about At reserve city banks in the New York, $620,000,000 and, as indicated on the chart, Chicago, Atlanta, and St. Louis districts, the total amount of these loans on June 30, where there had been substantial increases 1937, was the largest since the summer of in 1936, only a moderate growth or a slight 1932, although still much smaller than in decline in commercial loans was reported in earlier years. Of the total increase for the the first half of this year. six months, $250,000,000 was at central re- At country banks, commercial, industrial, serve city banks in New York, $35,000,000 in and agricultural loans have increased this Chicago, $160,000,000 at reserve city banks, year in every district. The largest percentage and $180,000,000 at country banks. The in- increases were in the districts of Boston, crease in Chicago was reduced somewhat by Minneapolis, and Dallas, and the smallest in repayment in the period of Commodity Credit the Philadelphia and San Francisco districts. Corporation notes, about $40,000,000 of Although most of the increase in loans at which were held by Chicago banks on Decem- member banks in the first half of 1937 was ber 31, 1936. As compared with the growth in loans to business customers, other types of in the first half of 1936, the rate of increase loans also increased, as shown by the chart. in commercial loans this year at New York Loans to brokers and dealers in securities City banks was about the same, while at re- rose by $125,000,000, real estate loans by serve city banks it was considerably less, and $100,000,000, loans on securities to customers at country banks it was about twice as large. by $45,000,000, and holdings of open-market At reserve city banks, as shown by the paper by $20,000,000. The additional loans following table, most of the increase in com- to brokers and dealers were extended by New mercial loans occurred in the northeastern York City banks and brought the total of such districts of Boston, Philadelphia, and Cleve- loans to the highest level since 1931. As land and in the San Francisco district. In- shown in a previous section of this review, creases in the San Francisco and Cleveland however, there has been some decrease in districts followed substantial growth in 1936. these loans since the end of June. Nearly all of the increase in real estate loans took place "OTHER" LOANS OUTSTANDING AT RESERVE CITY AND COUNTRY MEMBER BANKS JUNE 30, 1937, AND at reserve city and country banks. These CHANGES IN FIRST HALF OF 1937 x banks also added to their holdings of open- [In millions of dollars] market paper, while such holdings at New Reserve city banks Country banks York City banks declined. Loans on securities to customers increased somewhat in New Change Change June 30, since June 30, since York but continued to decline elsewhere. 1937 Dec. 31, 1937 Dec. 31, 1936 1936 Holdings of United States Government securities by member banks showed a consider- Boston 247 +34 209 +36 New York 61 +2 365 +28 able decline for the first Philadelphia... 202 +30 230 +5 Cleveland 252 +31 164 +14 Shifts in holdings half of this year. Most of Richmond 99 +3 178 +9 of Government Atlanta 170 +4 129 +6 the reduction occurred dur- Chicago 176 +6 171 + 18 securities St. Louis 142 -2 100 +9 ing the first quarter, which Minneapolis... 108 -1 94 +15 Kansas City__. 170 +14 144 +15 included the period of sharp decline in the Dallas 140 -9 147 +22 San Francisco . 621 +47 131 +3 bond market. During the second quarter, Total 2_- 2,389 +158 2,062 +181 as shown on the following chart, member I 1 Includes all loans other than loans to banks, loans on securities and bank holdings of direct obligations of the on real estate, and holdings of acceptances and open-market commercial paper. United States Government increased slightly, 2 "Other loans" for central reserve city banks not shown in this table amounted to $1,776,000,000 in New York, and $437,000,000 in Chicago while their holdings of guaranteed obliga- on June 30, 1937, showing increases of $249,000,000 and $35,000,000 respectively. jtions showed a further small decline. Total

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holdings of all member banks continued to be serve banks on June 30, 1937, the total of larger than on any report date prior to June such obligations outstanding on that date, 1936. New York City banks, which decreased exclusive of various issues not publicly of- their holdings by $550,000,000 in the latter fered, and changes in bank holdings and in half of 1936 and by $380,000,000 in the first amounts outstanding by types of issues dur- quarter of 1937, showed a further decline of ing the first half of 1937. The table shows $200,000,000 in the second quarter of this that at New York City banks there were sub- year, and, as brought out in an earlier sec- stantial reductions during the six months in tion of this review, the decline continued in holdings of all types of issues—bonds, notes, July and August. Following substantial de- and bills. The decline in bonds was almost clines in their holdings in the first three exclusively in issues maturing after 1949, months of the year, Chicago banks had net holdings of which had been increased in the latter half of 1936. The decrease at Chicago MEMBER BANK INVESTMENTS was almost wholly accounted for by a reduc- CALL REPORT DATES.OCT3, 1928" JUNE 30,1937 BILLIONS OF DOLLARS BILLIONS OF DOLLARS tion in holdings of Treasury bills in connec- 13 13 tion with transactions around April 1, the 12 - date of assessment of the Illinois personal r V 12 property tax. Reserve city banks, which re- 11 - j u 11 duced their holdings of both long-term bonds 10 - A 10 and notes, purchased more bills. The in- 9 - crease in country bank holdings was mainly U. 3. G0V1 [DIRECT OBLIGETIONS in Treasury notes, and they also added some- o f what to their small holdings of Treasury bills. 7 - J GOVERNMENT SECURITY HOLDINGS JUNE 30, 1937, AND 6 - r CHANGES IN FIRST HALF OF 1937 5 - r [In millions of dollars] OTHER D0ME5me SEClJRIT1ES A Changes in first six months of 1937 Total •^. hold- 3 - Direct obligations Fully Classes of holders ings STATE AND LOCAL June 30, guar- GOVY SECURITIES 1937 Total anteed 2 - ^— obliga- Bonds Notes Bills tions —. <* IU.S. GOV'T 1 - GUAR.OBLIG. y Central reserve city 0 FOREIGN SECURITIES *"|* -^....J. banks: New York 3. 630 -578 -255 -133 -174 — 16 1929 1930 1931 1932 1933 1934 1935 1936 1937 Chicago. . .. 1.001 -200 -22 -10 -168 Reserve city banks 4)902 -221 -108 -126 +75 -62 Country banks 3, 155 +143 + 14 +103 +36 -10 additions of $50,000,000 in the second quar- All member ter and the holdings of reserve city banks banks. _ 12, 689 -856 -371 -166 -232 -87 Federal Reserve banks 2, 526 +96 +242 -170 +24 Total obligations out- were practically unchanged. For the six standing, excluding various special is- months each of these two groups of banks sues ! .. 38, 399 +1, 240 +809 +328 +100 +3 showed declines of about $200,000,000. 1 Total includes all fully guaranteed obligations and all interest- Country banks increased their holdings most bearing direct obligations, except Postal Savings bonds, adjusted service bonds, and various other special issues. It includes United States in the second quarter, showing a total increase Savings bonds, which are held in only small amounts by banks. of $140,000,000 for the six months. The table below shows the amounts of The changes in the distribution of member United States Government direct and fully bank holdings by types of issues are partly guaranteed obligations held by the various explained by the Treasury financing opera- classes of member banks and the Federal Re- tions in March and June. Refunding opera-

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tions on March 15, whereby Treasury notes by individuals, rather than by banks and maturing April 15 were exchanged for long- other large institutional investors. term bonds, accounted for some of the decline Whereas during the first quarter of the during the first quarter of the year in notes year member banks reduced their holdings of held by member banks, although it appears United States Government that banks also sold notes from their port- Decline in obligations, in the second holdings of other folios during this period. On June 15 the securities quarter they liquidated a Treasury issued $850,000,000 of new notes, considerable amount of the bulk of which originally was allotted to other securities. This decline amounted to banks. The increase in country bank hold- about $350,000,000 and was participated in ings of notes probably occurred at this time. by all classes of member banks, except central Reserve city and Chicago banks also showed reserve city banks in Chicago. The chart substantial increases in their note holdings shows that member bank holdings of State during the second quarter of the year. Note and local government securities, which had holdings of New York City banks, however, increased rather continuously since 1931, fell increased only $40,000,000 in the quarter; sharply in the second quarter of 1937, while they purchased substantial amounts of the holdings of domestic corporate obligations, new issue on June 15 but sold a large part of following substantial increases in 1936, w7ere them before the June 30 call date. For the reduced in both the first and second quarters six months as a whole holdings of Treasury of the year. The amount of foreign securi- notes by member banks declined, although ties held by member banks was reduced the total of such notes outstanding increased. slightly. Comparison of the increase in the amount In the first half of 1937 there was a de- of United States Government direct and guar- crease of $1,100,000,000 in interbank de- anteed obligations outstanding with the deposits in connection with the Changes in increase in reserve requirements cline in bank holdings indicates that about eposits $2,000,000,000 of Government securities were ^ decline of $250,000,000 in taken by nonmember banks and other pur- adjusted demand deposits. As shown by the chasers in the first half of this year. Life chart, the decline in the latter was negligible insurance companies were important buyers, compared with the growth of over $9,500,- and on the basis of incomplete reports, it 000,000 in these deposits from the middle of would appear that about $500,000,000 of Gov- 1933 to the end of last year, and they are ernment securities were added to their port- still much larger than at any time prior to folios in the half year. Some industrial cor- last December. United States Government porations also purchased more Government deposits at member banks also declined by securities, particularly notes and bills, in the $250,000,000 in the first half of 1937. Time second quarter of the year, and there was deposits, which had increased at a moderate some conversion of foreign short-term bal- rate in recent years, expanded further by ances into Treasury bills. The Treasury pur- $385,000,000 and there was also a growth of chased nearly $200,000,000 of Government $190,000,000 in deposits of foreign banks, securities in the open market for Government chiefly in New York City. When bal- agencies and various trust accounts. About ances of domestic banks are excluded and $300,000,000 of United States Savings bonds adjustment is made for items in process of were sold during the first six months of 1937. collection, a slight increase is shown in de- Since the amount of these bonds that can be posits at member banks for the first six bought by any single purchaser in a year is months of the year. limited to $10,000, the bulk of them are held A large part of the decline in adjusted de-

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mand deposits was at New York City banks, domestic banks held by member banks where only a part of the decrease was offset showed an increase in the three years of by an increase in time deposits. At reserve over $3,300,000,000, while their balances with domestic banks increased by about DEPOSITS AT MEMBER BANKS $2,000,000,000. CALL REPORT DATES, DEC.31,1928" JUNE 30,1937 In the first half of 1937 bankers' balances BILLIONS OF DOLLARS BILLIONS OF DOLLARS were reduced to the level of the latter part of 24 24 1935. Notwithstanding the withdrawals, 22 22 which amounted to about $1,100,000,000, the

20 20 volume of member bank deposits due to do- / mestic banks was still in excess of $5,400,- DEMAND DEPOSITS /" 18 / 18 000,000 in the middle of 1937, compared with about $3,500,000,000 held in 1928 and 1929. 16 16 y The recent decrease in bankers' balances, 14 N / 14 like the previous increase, was to a large ex- ^—-* I . S 12 ^ tent a cumulative process. A large part of HMV—E DEPOSIT 12 Interbank) \ •^— these balances represent the redeposit by 10 10 banks with their correspondents of balances

\- placed with them by other banks. As a con- 8 8 sequence, funds withdrawn by banks from 6 BALANCES OF DOMESTIC BANKS^.X* 6 their correspondents were to a great extent obtained by these correspondents by drawing 4 DVT AND upon their own balances at other banks. New \ L^POSTAL SAVINGS DEPOSITS riF •—k 1 . 2 BA ANCES u ftB York City banks, however, do not maintain /FOF EIGN B/^NKS/^ 0 any considerable balances with other banks 1929 1930 1931 1932 1933 1934 1935 1936 1937 and when funds are withdrawn from these banks, they have to draw down their reserves, city banks and country banks increases in liquidate assets, or borrow. They resorted to time deposits were larger than the decreases all three of these courses of action during the in adjusted demand deposits. Much of the first half of 1937. decrease in demand deposits resulted from For the six months taken as a whole, the purchase by depositors of securities held country banks reduced their balances with by banks, and it reflects, therefore, to some other banks by about $380,000,000, New York extent the investment by depositors of funds City banks showed a decline in bankers' de- that might otherwise have been held idle. posits of nearly $500,000,000, and banks in One of the principal banking developments other cities lost somewhat more in bankers' in the first half of 1937 was the sharp decline deposits than they withdrew from their own in the volume of domestic balances with correspondents. It appears Withdrawals of bankers' balances. As that nonmember banks may have withdrawn bankers balances _ . as much as $250,000,000 of balances from shown by the accompany- member banks. ing chart, balances held by member banks for Credit advanced by brokers to financeth e their correspondents had expanded rapidly in purchasing or carrying of securities, as meas- 1934, 1935, and 1936. Most of these balances ured by the customers' debit were held on behalf of other member banks, Security loans balances of stock exchange but that there was also a substantial increase firms with margin accounts, declined in May in balances held for nonmember banks is and June by about $70,000,000, after increas- indicated by the fact that balances of

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ing by $270,000,000 in the preceding eight declined reflected a decrease in customers' months to a peak for recent years of $1,560,- credit balances. These balances declined by 000,000. There was little change in July. $125,000,000 from the end of January to the Loans on securities by reporting member end of July, following a corresponding in- banks to others than banks and brokers crease in the preceding five months of rap- showed small changes over this period. idly advancing stock prices. Notwithstanding the recent decline in customers' debit balances, borrowings by stock Appointment of Class C Director at exchange firms, which had increased by Federal Reserve Bank $250,000,000 from the end of August 1936 On August 20, 1937, Mr. Thomas B. Mc- Cabe was appointed as Class C director of to the end of April, had shown but a small the Federal Reserve Bank of Philadelphia decline by the end of July. The failure to for the unexpired portion of the three year reduce borrowings as advances to customers term ending December 31, 1939. OBJECTIVES OF MONETARY POLICY On August 2, 1937, the Board of Governors As to the adequacy and efficacy of the sent to the Chairman of the Senate Com- means provided by the proposals to achieve mittee on Agriculture and Forestry the fol- this objective, the conclusions reached by the lowing statement in response to his request Board are briefly stated in the following dis- for an expression of the Board's views with cussion. regard to a measure pending before the Com- Price stabilization not an adequate objec- mittee : tive.—That wide fluctuations in the price level From time to time the Board of Governors are disastrous is beyond question and deter- of the Federal Reserve System is asked for mined efforts should be made to prevent such its opinion of bills pending in Congress that fluctuations as would endanger economic sta- would establish a central monetary authority bility. The Board is convinced, however, that and direct it, as a primary objective, to the broader objective of maximum sustain- achieve and maintain a specified domestic able utilization of the Nation's resources can- price level. In these bills it is generally as- not be achieved by attempting to maintain a sumed that the stated objective may be at- fixed level of prices, and that, therefore, price tained exclusively through monetary control, stability should not be the sole or principal and responsibility for accomplishing the end objective of monetary policy. sought is, therefore, placed upon the mone- Stabilization of individual prices by monetary means is not proposed, nor would it be tary authority. feasible. Proposals for price stability neces- The Board assumes that, while price sta- sarily refer to some index or average of bilization is stated as the objective of such prices. There is no general agreement on the proposals, the authors regard stability of question of what constitutes a satisfactory prices merely as a means toward a more im- price index for this purpose, although the portant end, namely, the lessening of booms general wholesale commodity price index is and depressions and the increase in the na- often suggested. tional output and well-being, in the belief that No matter what price index may be adopted through the maintenance of a stable price as a guide, unstable economic conditions may level the broader objective will be achieved. develop, as they did in the 1920's, while the The Board is in full agreement with the price level remains stable; business activity ultimate objective of the proposals to pro- can change in one direction or the other and mote economic stability, which means the acquire considerable momentum before the maintenance of as full employment of labor changes are reflected in the index of prices. and of the productive capacity of the country There are situations in which changes in the as can be continuously sustained. The Board, price level would work toward maintenance with the broader powers conferred upon it of stability; declining prices resulting from by the Banking Act of 1935, performs essen- technological improvements, for example, tial functions necessary to the achievement may contribute to stability by increasing con- of this objective. sumption. There are other situations when

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the restoration and maintenance of relatively divided responsibility for supervision under full employment may be possible only with an which the banks of this country function. advance in prices. Correspondence between Monetary control alone cannot accomplish price stability and economic stability is not economic stability.—An attempt to make sufficiently close, therefore, to make it desir- either price stability or the broader objective able to restrict the objective of monetary of economic stability the particular concern policy to price stability. of the Federal Reserve System, without rec- The inadequacy of price stability as a guide ognizing the fact that the attainment of the to policy may be illustrated by a situation objective would require the cooperation of when the index rises owing to an advance in other agencies of the Government, is imprac- agricultural prices. Such a rise might result tical. from a crop failure in the United States, or The Federal Reserve System can regulate from a short world crop while the harvest in within limits the supply of money but there this country was bountiful and full employ- are other factors affecting prices and busi- ment prevailed. If the maintenance of a fixed ness activity fully as powerful as the money price level were the sole guide to monetary supply. Many of these factors are non-mone- policy, a restraining policy would be indi- tary and cannot be controlled by monetary cated in both cases, although in the former action. Their effect on business activity may case such a policy might result in a general express itself in an increased or decreased business decline, while in the latter case it rate of use, or turnover, of the existing sup- might or might not be justified, depending on ply of money as well as in a change iji the other circumstances. supply itself. The influence that the Federal Inasmuch as the management of the coun- Reserve System can exercise over the interest try's monetary system is not an exact science, rate has an important bearing on business since it involves forecasting and dealing with activity, but it may be entirely offset by other many uncertainties, it is essential in determining an objective to leave scope for judg- factors. ment and discretion. It is essential to recognize the limitations Monetary contribution to economic sta- on the effectiveness of monetary policy. bility.—Monetary authorities may contribute Monetary factors are only one of the groups to economic stability by exerting an influence of forces affecting business activity. to maintain a flow of funds conducive to as Conclusion.—To sum up, the Board believes full a use of the country's productive re- that economic stability rather than price sta- sources as can be continuously sustained and bility should be the general objective of pub- to keep the banking machinery of the coun- lic policy. It is convinced that this objective try in sound condition. The Board recog- cannot be achieved by monetary policy alone, nizes that even an adequate supply of money but that the goal should be sought through will not perform its functions adequately if coordination of monetary and other major the banking structure through which it must policies of the Government which influence operate is in an unsound condition, and that business activity, including particularly poli- a sound banking structure cannot be sus- cies with respect to taxation, expenditures, tained if the supply of money is insufficient, lending, foreign trade, agriculture and labor. and a deflation is under way. The Federal It should be the declared objective of the Reserve System, therefore, must work toward Government of the United States to maintain economic stability through its influence both economic stability, and it should be the recog- on the flow of money and on the soundness of nized duty of the Board of Governors of the banking conditions. The Board is aware of Federal Reserve System to use all its powers the limitations on the effectiveness of this in- to contribute to a concerted effort by all fluence which arise from the multiplicity of agencies of the Government toward the at- laws and jurisdictions as well as from the tainment of this objective.

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NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled August 25 and released for publication August 27] Total volume of industrial production and June. Nonresidential construction expanded distribution of commodities to consumers further, reflecting principally a large volume showed little change from June to July, when of awards for iron and steel plants and allowance is made for the usual summer de- for railroad projects. Residential building clines. showed a seasonal decline. Production and employment.—The Board's Factory employment increased somewhat seasonally adjusted index of industrial pro- from the middle of June to the middle of July, duction was 114 percent of the 1923-1925 when a decline is usual, and factory payrolls average in July, the same as in June and 4 decreased less than seasonally. The largest points lower than in March, April, and May. increases in employment were in the steel in- At steel mills, where output in June had been FACTORY EMPLOYMENT curtailed by strikes, activity increased con- PERCENT siderably in the early part of July and was 120 maintained at the higher level between the 110 110 middle of July and the third week of August. 100 100 Lumber production also increased in July, 90 \ y 90 \ 80 80 INDUSTRIAL PRODUCTION /f vV PER CENT 70 \ 140 r 70 130 130 60 j 60 120 A 1 120 50 50 110 \ 110 1929 1930 1931 1932 1933 1934 1935 1936 1937 \ J 100 \ J 100 Monthly index of number employed at factories, adjusted for seasonal variation, 1923-1925 average =: 100. 90 \ 4- 90 80 80 dustry and in the food industries, particularly 70 V 70 at canning factories. Other manufacturing 60 V 60 industries as a group showed somewhat less 50 50 1929 1930 1931 1932 1933 1934 1935 1936 1937 than the usual seasonal decline. Agriculture.—A cotton crop of 15,593,000 Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. bales, representing an increase of 3,200,000 bales over last season, was forecast by the while output of plate glass showed a substan- Department of Agriculture on the basis of tial decrease. Automobile assemblies de- August 1 conditions. Official estimates indi- clined seasonally. Output of nondurable man- cate that other major crops will be consider- ufactures decreased considerably, owing ably larger than last season and about equal largely to a marked decline in activity at cot- to the average for 1928-1932. Preliminary ton and woolen textile mills. Meat packing estimates by the Department of Agriculture also declined, while flour milling and sugar indicate that cash farm income, including refining increased. At mines, output of an- Government payments, will total $9,000,000,- thracite was reduced in July, while output of 000 for the calendar year 1937, an increase most other minerals showed little change. of 14 percent over 1936. Construction contracts awarded, as re- Distribution.—Distribution of commodities ported by the F. W. Dodge Corporation, were to consumers in July continued at the level of maintained in July at the level reached in other recent months, when allowance is made

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for the usual summer decline. Sales at de- Total loans and investments of reporting partment stores and variety stores showed member banks increased somewhat during slightly less than the seasonal decrease in the four weeks ending August 18, reflecting July, while mail order sales declined some- principally an increase of $150,000,000 in what more than seasonally. Freight-car commercial loans offset in part by a further loadings increased, reflecting in part larger decline in holdings of United States Govern- shipments of grains and forest products. Commodity prices.—From the middle of M EMBER BANK LOANS AND INVESTMENTS July to the third week of August prices of BILLIONS OF DOLLARS BILLIONS OF DOLLARS grains and cotton declined substantially, while livestock and meats showed a further increase. Automobile prices were raised by

WHOLESALE PRICES PER CENT 120

110 110

100 100

90 90 '34 1935 '34 1935 1936 1937

80 80 Wednesday figures for reporting member banks in 101 leading cities, Sept. 5, 1934, to Aug. 18, 1937. Loans on real estate and loans to banks excluded. ?0 70 60 f 60 ment obligations, principally at New York City banks. The growth in commercial loans 1929 1930 1931 1932 1933 1934 1935 1936 1937 occurred both in New York City and in other Index compiled by United States Bureau of Labor Statistics, 1926 = 100. By months, 1929 to 1931 ; by weeks, Jan. 2, 1932, cities and included the purchase by banks of to Aug. 14, 1937. a large portion of the $60,000,000 of 9-month notes sold by the Commodity Credit Corpora- most producers, carpet prices advanced, and tion on August 2. there were increases in several industrial raw United States Government deposits at re- materials, including hides, zinc, lead, and porting banks increased during the period, steel scrap. Cotton goods and rubber declined somewhat. reflecting purchases by banks of Treasury Bank credit.—From the middle of July to bills on a book-credit basis. Bankers' bal- August 4, excess reserves of member banks ances and other demand deposits showed fur- were sharply reduced from $960,000,000 to ther declines at New York City banks. 5700,000,000, but subsequently they increased Money rates.—Rates on Treasury bills de- to $780,000,000 on August 18. These changes clined slightly after the middle of July, and in member bank reserves reflected princi- open-market yields on Treasury notes and pally fluctuations in the volume of Treasury bonds also declined until early in August, but deposits at Federal Reserve banks, together later there was a rise in yields. In the latter part of August discount rates were reduced with a seasonal increase in money in circu- 1 lation. Excess reserves at New York City from 2 percent to I /-* percent at the Federal banks declined from $230,000,000 to about Reserve banks of Atlanta, Chicago, and Min- $40,000,000 and subsequently increased to neapolis. The 2 percent rates had been in $130,000,000. effect since early in 1935.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 831 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILL10NS0F DOLLARS 13 r 13 12 12 11 11

10 / 10 GOLD STOCK f

8 - 8

i A ii MO MEY IN CIRCULATION ^ 6

\^ JTREASl RY CASH 3 3

I RESERVE BANK 2 : (CREDIT 2

1 i "IKEASUKY DEPOSITS 1 • l ** ...... ,•«....„ 0 1932 1933 1S34 1935 1936 1937

MEMBER BANK RESERVE BALANCES

EXCESS RESERVESyy/.

REQUIRED RESERVES

1932 1933 1934 1935 1936 1937 Latest figures for August 18. See table on page 912.

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SUMMARY OF FINANCIAL AND BUSINESS STATISTICS

1937 1936 Annual averages

July June May July June May 1936 1935 1934 1933 1932 1929

RESERVE BANK CREDIT, MEMBER BANK RESERVES, Averages of daily figures; in millions of dollars AND RELATED ITEMS Reserve bank credit—total 574 2, 578 2, 577 2,474 2,478 2, 476 2,481 2,475 2, 502 2, 429 2,077 1, 459 Bills discounted 13 15 16 3 6 5 6 7 36 283 521 952 Bills bought 3 5 5 3 3 4 4 5 25 83 71 241 U. S. Government securities 526 2, 526 2, 526 2, 430 2, 430 2,430 2,430 2,431 2.432 2,052 1,461 208 Monetary gold stock 404 12, 189 11,901 10,629 10,514 10, 324 10, 578 9,059 7; 512 4,059 3,952 3,996 Treasury currency _ 555 2,548 2,546 2. 497 2,492 2, 495 2,503 2,478 2,381 2,271 2,096 2,015 Money in circulation __ _ 475 6, 435 6, 426 6, 203 6,062 5,918 6,101 5,585 5,403 5,576 5,328 4,476 Treasury cash _. 532 3, 322 3, 069 2, 454 2,579 2,574 2,474 2,791 2,798 288 236 207 Treasury deposits with F. R. banks 137 131 85 545 793 559 446 128 81 55 39 22 Nonmember deposits and other accounts 543 549 511 536 567 606 551 507 438 497 407 406 Member bank reserve balances: Total 845 6,878 6, 932 5, 861 5, 484 5, 638 5,989 5,001 3,676 2,343 2,114 2,358 Excess 876 876 927 2, 907 2, 593 2,800 2,512 2,469 1,564 528 256 43 REPORTING MEMBER BANKS Averages of Wednesday figures: in millions of dollars

22, 330 22, 201 22, 484 22, 373 21, 832 22,064 19, 997 18, 672 17, 505 19, 080 22, 599 Total loans and investments. c Loans to brokers and dealers in securities 1,393 1,326 1,171 1, 312 1,185 1,181 9fi0 981 777 618 «2,208 Loans on securities to others (except banks)1 2.006 2,028 2, 072 2, 078 2,055 2,1S1 2,545 3,157 4,226 •5,448 2, 096 5,092 All other loans 6,298 6,169 5, 131 5,127 5, 226 4,907 4,965 5,222 6,578 9,231 U. S. Government obligations: Direct 8, 355 8,320 9, 202 8, 877 7,989 6,856 5,228 4,413 2,865 Fully guaranteed -_. 1,160 1, 163 1,303 1, 286 1,250 928 "325 Other securities 3, 118 3,195 3, 333 3.314 3,272 c 3,052 «3.000 3,121 3,245 2,847 Reserve with Federal Reserve banks * 5, 332 5. 350 4,389 4,577 4,799 4,024 2, 875 1,822 1,673 1,725 Cash in vault _„ 315 338 387 378 383 326 271 240 214 248 Balances with domestic banks _. 1, 761 1,790 2, 290 2,283 2,358 2,112 1,688 1,322 1,250 1,142 Demand deposits—adjusted 15, 300 15, 420 14, 563 14, 371 14, 619 12, 729 (2) (2) (2) (2) Time deposits (excluding interbank^— 5, 233 5, 194 5, 037 5, 051 4,999 4,8S3 4,946 4 4, 937 5,666 6,788 Deposits of domestic banks 5,028 5,138 5, 503 5,477 5,810 4,938 3,814 2,822 2,772 2,787 Borrowings -- 25 20 3 5 115 228 674

MONEY RATES AND BOND YIELDS Averages of weekly figures; percent per annum Commercial paper 1.00 1.00 1.00 .75 .75 .75 .75 .76 1.02 1.72 2.73 5.85 Stock exchange call loans 1. 00 1.00 1.00 1.00 1.00 .93 .91 .56 1.00 1.16 2.05 7.61 U. S. Treasury bills — .49 .58 .65 .14 .23 .18 .14 .14 .26 .52 .88 U. S. Treasury bonds, long term 2. 59 2.64 2.67 2. 50 2.50 2.50 2.47 2.70 3.10 3.31 3.65 3.60 Corporate high grade bonds (Moody's Aaa) 3. 26 3.28 3.33 3.23 3.24 3.27 3.24 3.60 4.00 4.49 5.01 4.73

CAPITAL ISSUES Amounts per month: in millions of dollars All issues—total 344 560 261 339 734 420 518 392 180 89 146 959 New 250 359 150 104 218 112 164 121 116 60 100 841 Refunding 93 200 111 236 516 308 354 270 64 29 46 118 Domestic corporate issue: -total- 139 418 165 294 528 305 382 189 41 32 54 781 New 82 269 78 70 152 38 99 34 15 13 27 667 Refunding 57 149 87 225 376 267 282 155 26 18 27 115 Index numbers Common stocks (1926=100) 118 114 116 109 106 101 111 78 72 63 49 190 Wholesale commodity prices (1926=100): All commodities 87 87 81 79 79 81 80 75 66 65 95 Farm products 89 90 81 78 75 81 79 65 51 48 105 Foods 85 84 81 80 78 82 84 71 61 61 100 Other commodities 86. 86 80 79 79 80 78 78 71 70 92 Retail food prices (1923-25=100) 86 87 84 84 80 82 80 74 66 68 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1928-26=100 Industrial production P114 114 118 108 104 101 105 90 79 76 64 119 Manufactures. 114 118 109 105 101 105 90 78 75 63 119 Minerals.._ Pill 114 116 101 100 102 104 91 86 82 71 115 Construction—total 61 56 59 52 46 55 37 32 25 28 117 Residential M5 42 44 44 36 32 37 21 12 11 13 87 All other ^86 77 66 71 65 57 70 50 48 37 40 142 Factory employment P103 101 102 93 90 90 92 86 83 72 66 105 Factory payrolls (unadjusted).. 103 105 80 81 81 82 71 63 49 46 109 Freight-car loadings. _ 78 80 76 73 72 75 64 62 58 55 107 Department store sales •_. 93 93 91 87 87 88 79 75 67 69 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports.. P265 290 180 186 201 205 190 178 140 134 437 General imports 285 195 191 192 202 171 138 121 110 367

p Preliminary. c Corrected e Partly estimated. 1 Includes loans on securities to banks, 1929-1934. 2 Figures not available. »Includes time deposits of banks, domestic and foreign, 1929-1934. * Do not include time deposits 1929-1934.

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LAW DEPARTMENT Regulation M Relating to Foreign Branches of Na- Under the Terms of Section 25 (a) of the tional Banks and Corporations Organized under Section 25 (a) of Federal Reserve Act. Federal Reserve Act" to read as follows: "Against all demand deposits and time deposits The Board of Governors has issued, effec- received by the Corporation in the United States a tive August 14, 1937, its Regulation M relat- reserve shall be maintained in the percentages re- ing to foreign branches of national banks and quired to be maintained by member banks of the Federal Reserve System located in central reserve of corporations organized under the pro- cities, provided that in no event shall such reserve visions of section 25 (a) of the Federal Re- be less than 10 per cent of the aggregate amount serve Act. The text of the new regulation k of all demand deposits and time deposits received set forth below. in the United States." The Board of Governors has also taken the REGULATION M necessary steps to require all foreign banking Effective August 14, 1937 corporations operating under the supervision Foreign Branches of National Banks and of Corpo- of the Board pursuant to the provisions of rations Organized under the Provisions of Sec- section 25 of the Federal Reserve Act to main- tion 25(a) of the Federal Reserve Act tain reserves against deposits received in the This regulation is issued pursuant to the provi- United States in the percentages required to sions of section 25 and section 25 (a) of the Federal be maintained by member banks located in Reserve Act, as amended. central reserve cities. Whenever a national bank, pursuant to the provi- The above action was taken in order that sions of section 25 of the Federal Reserve Act, as amended, or a corporation organized under section all foreign banking corporations operating 25(a) of the Federal Reserve Act, as amended, has under the supervision of the Board pursuant established a branch or agency in any place in any to the provisions of either section 25 or sec- foreign country, and there exists in such place a tion 25 (a) of the Federal Reserve Act might disturbed condition which, in the opinion of the officer in charge of such branch or agency at the time, be placed on substantially the same basis with endangers the lives of its employees or the property respect to reserve requirements. of such branch or agency at such place, or for any other reason beyond the control of the branch or agency and which relates to such disturbed condition renders it impracticable for such branch or Matured Bonds and Coupons as Cash Items in Process agency to continue to function, he may, after every of Collection in Computing Reserves effort has been made to render the greatest possible service to the depositors of the branch or agency, The Board of Governors has recently con- suspend the operations of such branch or agency in sidered the question whether member banks whole or in part until the reason for such suspension has ceased to exist and until, in the judgment in a certain city may, in computing required of such officer in charge, the branch or agency may reserve balances, deduct from their gross de- safely be reopened and its operations resumed; but mand deposits matured bonds and coupons in the meantime in so far as possible every effort shall be made to render service to the depositors of payable in such city which have been received the branch or agency. In all cases of such suspen- by them and which are still in the process sion and resumption of operations the facts shall of collection. This involved the question be reported as soon as possible by such officer in whether such matured bonds and coupons charge of such branch or agency to the head office of such national bank or corporation which shall may be considered as "cash items in process immediately transmit a copy of such report to the of collection" within the meaning of section Federal Reserve bank of the District in which such 1 (g) of Regulation D so as to be deductible head office is located. from gross demand deposits under section 2(b) of the regulation. It was understood that banks of the city in question customarily give immediate deposit Reserve Requirements of Foreign Ranking Corpora- credit, or one day deferred deposit credit, for tions. matured bonds and coupons payable in such Effective September 1, 1937, the Board of city whether received over-the-counter or Governors has amended the first sentence of through the mails from their depositors and the third paragraph of section XIV of Regu- bank correspondents; that such items are lation K entitled "Banking Corporations customarily received from correspondent Authorized to do Foreign Banking Business banks in cash letters; that, after such cash

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letters have been proved, the matured bonds ment of alternates for members of the bank's and coupons therein are sorted according trust investment committee functioning to paying agents (and thereafter according under section 6(c) of the Board's Regula- to issues and denominations) preparatory to tion F. The bank proposed that its board of presentation; that where the paying agents directors appoint an alternate for each mem- are members of the clearing house associa- ber of the committee, each alternate to serve tion of the city the coupons are cleared only when the regular member was absent through the clearing house, but the matured from the bank or was unable, because of the bonds are presented over-the-counter; that, demands of other official business upon his where the paying agents are not members of time, to attend the meetings of the committee. the association, both the matured bonds and It appeared that the principal difficulty coupons are presented over-the-counter; that, prompting the proposal arose out of absences in the case of items cleared through the clear- of members of the committee during the vaca- ing house, the presenting bank receives a due tion season. bill on the day of clearing which due bill is The Board stated that the provision of the cleared on the following day in the check regulation referred to contemplates a com- clearings; that, in the case of items presented mittee the members of which shall have a over-the-counter to the paying agent, a clear- continuity of responsibility for the discharge ing house check is received the same day in payment for the items, which check is cleared of the duties of the committee. However, the the next day; and that the due bills given for Board recognized that it might be proper to the coupons presented through the clearing appoint alternates to serve in the place of the house and the clearing house checks given for regular members of the committee in certain the bonds and coupons presented over-the- circumstances without loss of the desired counter are themselves deductible from gross continuity of action by the committee and demand deposits. It was also understood stated that, while it was not prepared to lay that no question was presented with regard down any general rule as to all circumstances to maturing bonds and coupons. under which alternates might properly serve The Board stated that, after considering in place of regular members of the committee, this matter in the light of the facts stated it would have no objection to alternates ap- above, it was of the opinion that matured pointed by the board of directors serving in bonds and coupons, to the extent that they place of regular members who were absent are treated and handled by member banks as from the bank on account of vacations, illness cash items substantially in accord with the or other good and sufficient reasons. The practice described, may properly be included Board added that it believed that, whenever by such banks in "such other items in process an alternate served in the place of a regular of collection, payable immediately upon pres- member of the committee, the minutes of the entation in the United States, as are cus- committee should show the reason for such tomarily cleared or collected by banks as service in place of the regular member. cash items'', within the meaning of section The Board also suggested, however, that l(g) (3) of Regulation D, and deducted by the bank's difficulties might be eliminated such banks from the amount of their gross through the enlargement of the number of demand deposits in computing their required regular members of the trust investment com- reserves. mittee, it being assumed, of course, that any action by the committee would represent the Appointment of Alternates for Members of Trust In- action of at least a quorum of the committee vestment Committee of National Bank. as described in the ruling published in the The Board recently considered an inquiry May, 1937, issue of the FEDERAL RESERVE from a national bank regarding the appoint- BULLETIN at page 391.

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NEW FEDERAL RESERVE BUILDING On August 9, 1937, the Board of Governors of the School of Fine Arts in Yale University, of the Federal Reserve System moved into its as its professional adviser in preparing a pro- new building which has been under construc- gram for a competition to enable the Board tion since early last year. The following to select an architect for the building, under brief description of the Board's new home in the supervision of the Chairman of the Washington was prepared and released to the Board's Building Committee, Adolph C. press: Miller. The program was approved by the Location.—Facing south on Constitution Commission of Fine Arts, the National Capi- Avenue, the building of the Board of Gov- tal Park and Planning Commission and the ernors of the Federal Reserve System occu- American Institute of Architects. During pies the square extending north between formulation of the program the Board had Twentieth and Twenty-first Streets to C the benefit of the advice and assistance of the Street. When the present temporary struc- National Park Service of the Department of tures known as the Navy and Munitions the Interior. Invitations to participate in the Buildings on the south side of Constitution competition were sent to nine of the leading Avenue are removed, the Board's building architects of the United States, after consul- will command an unobstructed view of the tation with the Chairman of the Commission Mall and West Potomac Park with the Re- of Fine Arts, and a jury to pass upon the de- flecting Pool and the Lincoln Memorial in the signs submitted was selected, composed of immediate foreground and with the Potomac three prominent architects, John W. Cross of River, the Memorial Bridge and the Virginia New York City, William Emerson of Boston, shore just beyond. and John Mead Howells of New York City, The building forms a part of a group along together with Frederic A. Delano, Chairman the north side of Constitution Avenue com- of the National Capital Park and Planning posed of the buildings of the Pan-American Commission, and Mr. Miller. Upon submis- Union, the Public Health Service, the Federal sion of the competitive designs the drawings Reserve, the National Academy of Sciences of Paul P. Cret, of Philadelphia, were given and the American Pharmaceutical Associa- first place by unanimous choice of the jury tion. and this decision was approved by the Fed- Selection of Site.—Since its organization eral Reserve Board. Dr. Cret also had been in 1914 the Federal Reserve Board has occu- the designer of the buildings of the Pan- pied quarters provided for it in the Treasury American Union and the Folger Shakespeare Building and rented space in various privately Library. owned office buildings. On June 19, 1934, Character of Building.—The conditions Congress authorized the Federal Reserve under which the site on Constitution Avenue Board to acquire a building site in the Dis- was acquired provided that the design and trict of Columbia and to construct a building material of the exterior of the building should suitable and adequate in its judgment for its be subject to the approval of the Commission purposes. A careful survey resulted in the of Fine Arts and that the location of the selection of the present site which was ap- building in relation to the adjoining streets proved by the National Capital Park and should be as determined by the National Capi- Planning Commission, by the Secretary of tal Park and Planning Commission. the Interior, who recommended it to the The Commission of Fine Arts prescribed President, and by the President. Title was that "the material of the exterior of the build- transferred to the Board by the Secretary of ing is to be of white marble to conform to the the Treasury on January 22, 1935, the pur- other buildings along this portion of Consti- chase price paid by the Board being $754,583. tution Avenue," and gave its views as to the Included in this acquisition is the vacant general architectural character of the build- block lying immediately north of the building ing. "The nature of the functions performed between Twentieth and Twenty-first Streets by the Federal Reserve Board" in the opinion on C Street and a passageway under C Street of the Commission "dictates an architectural has been constructed to connect the two prop- concept of dignity and permanence." erties. The program for the competition of the Competition for Selection of Architect.— architects also declared the following general The Board engaged Everett V. Meeks, Dean principles:

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"The proximity of the building to the Lincoln Board engaged Fred M. Kramer as its Super- Memorial and other nearby permanent structures already erected on Constitution Avenue or to be intendent of Construction. erected by the Government in the West Rectangle Exterior of Building.—The mass of the suggests that the exterior design of the building for building was designed with a view of harmo- the Federal Reserve Board should be in harmony nizing in a general way with the building of with its environment. "It is, however, thought desirable that the aesthe- the Academy of Sciences to the west and that tic appeal of the exterior design should be made of the Public Health Service to the east. through dignity of conception, purity of line, pro- Through the use of a similar cornice line the portion and scale rather than through stressing of merely decorative or monumental features. For three buildings form a single composition this reason it is further suggested that the use of dominated by the central portico of the Fed- columns, pediments and other similar forms may be eral Reserve Building. The dimensions of omitted and should be restricted to a minimum con- the building proper are 344 feet east-west sistent with the character of the building as described. and 242 feet north-south. The plan is H- "It is the Commission's view that 'the Federal Re- shaped, with its principal architectural serve Board building must be in general accord with facade on Constitution Avenue and the en- the governmental buildings in Washington—it must trance for general use on C Street. seem at home in the city.' " The facades have the simplicity of treatment of American architecture contemporary The studies prepared by Dr. Cret, follow- with the creation of the City of Washington, ing his selection as architect, were approved which has been called the Architecture of the by the National Capital Park and Planning Republic or Federal Architecture. Both ex- Commission and by the Commission of Fine teriors and interiors rely on harmony of pro- Arts. portion rather than on ornamentation. Construction of Building.—Plans and speci- The entrance on Constitution Avenue is fications drawn as a basis for letting a con- marked by a simple architectural motif of tract for the construction of the building piers surmounted by an American eagle in were approved by the Federal Reserve Board white marble, of which Sidney Waugh was on January 8, 1936. Invitations to bid were the sculptor. issued immediately to contracting firms ex- The entrance on C Street is marked by two perienced in the field of construction of Gov- pylons, which support figures in bas relief, ernmental buildings and, following the sub- symbolizing the United States on one side and mission of bids, the contract was awarded to the Federal Reserve System on the other. the lowest bidder, the George A. Fuller Com- These figures were designed by John Gregory. pany, for $3,484,000. A separate contract The exterior of the building is of Georgia had been awarded for the demolition of the white marble. In contrast with the simple existing temporary building on the property, white marble wall surface is the design of the for which the Board received $18,358. The relation of the net usable area to cubic bronze windows, with spandrels of polished contents of the building is unusually high. Swedish granite, on which bronze plaques are The cost per cubic foot, exclusive of land- mounted. In the courts the spandrels are scaping, was about 89 cents. Alberene stone. The bronze balconies on Construction was begun in February, 1936. Twentieth and Twenty-first Streets are espe- In the preparation for construction the Board cially interesting as they reproduce the rail- had the assistance and cooperation not only ing of an old Philadelphia residence of the of the Commission of Fine Arts and of the early part of the nineteenth century. National Capital Park and Planning Commis- Landscape.—A special treatment of the ap- sion, but also of the National Park Service of proach from Constitution Avenue was made the Interior Department, of the Procurement possible by the fact that the building is set Division of the Treasury Department, and of back approximately two hundred feet from the Architect of the Capitol. Constitution Avenue. This permitted an in- A member of Dr. Cret's firm, William H. teresting composition of terraces and steps Livingston, was his principal collaborator in leading to the main entrance. These terraces the design and construction of the building. are flanked on each side by a formal garden, Associated with them were Moody and the central motif of which is a fountain of Hutchison, mechanical engineers, and Wil- black Coopersburg granite surrounded by liam H. Gravell, structural engineer. The pebble mosaic and marble borders.

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The courts on the east and west sides, floors are of American marbles, with mosaic which give access to the ground floor of the borders on the second floor. The ceiling is building, are formal in character with plant- composed of glass, with the coat-of-arms of ing designed to focus attention on wall foun- the United States in bronze and molded glass tains which face the bronze entrance gates. as the focal point of interest above the monu- The masks forming part of the decorative mental stairs. The ceilings of the surround- composition for the fountains in both the east ing corridors on the second floor are deco- and west courtyards were designed by Walker rated with emblems of the twelve Federal Hancock. In the wall over the mask in the reserve banks. Over each of twelve doorways east courtyard there is inscribed the follow- opening from these corridors—six on the ing quotation from Bacon: west side and six on the east side—are the names of the cities in which the Federal re- "But be the worke-men what they may be, let us serve banks are located and the designations speake of the Worke; That is; The true Greatnesse of their districts. One of the interesting fea- of Kingdomes and Estates; and the Meanes thereof." tures of this portion of the building is the More than twenty varieties of plant materials wrought iron work of Samuel Yellin. have been placed in the Constitution Avenue From the upper landing of these stairs the gardens and courtyards. section set apart for the members of the The landscaping was designed by Dr. Cret Board of Governors and their immediate and approved by the National Capital Park staffs on the second floor of the Constitution and Planning Commission and by the Com- Avenue wing is entered through an elliptical mission of Fine Arts. The planting mate- anteroom, adjoining which is a reception rials were selected by William H. Frederick, room. This portion of the building, entirely of the office of the Architect of the Capitol. separate from other sections of the building, Interior Design.—The Constitution Avenue accommodates the private offices of the Chair- entrance opens into a lobby, the east wall of man and other members of the Board, the which contains a portrait relief of President Board room, the Board's conference room Wilson, modeled by Herbert Adams. The in- and the Board's library. In the floor of the scription refers to President Wilson as the corridor at the main entrance to the Board "Founder of the Federal Reserve System" room is a bronze seal of the Board of Gov- and contains the following quotation from ernors. his first inaugural address: The Board room, 56 x 32 feet, the main en- "We shall deal with our economic system as it is trance to which is in front of the elliptical and as it may be modified, not as it might be if we anteroom, has a monumental fireplace, of had a clean sheet of paper to write upon; and step Tavernelle Fleuri marble, at the west end. A by step we shall make it what it should be." bronze relief, set into the marble, symbolizes The lobby walls are faced with Kansas stability and productivity. In the wall above Lesina stone and the plaster ceiling is dec- the mantel is a reproduction of the coat-of- orated with motifs of Greek coins and a relief arms of the United States. On the east wall of Cybele. In the center of the marble floor of the room is a Federal Reserve map of the is a bronze plaque reproducing the seal of the United States, painted by Ezra Winter. The Board of Governors. floor is Fontainebleu pattern parquet, with While the building faces on Constitution border of Belgian St. Anne Petit Melange Avenue, it is expected that the C Street en- marble. The bases of the walls and the door- trance will be used more generally. A cor- ways are of Tavernelle Fleuri marble. The ridor extends from the Constitution Avenue walls and ceilings are of painted plaster. entrance through the central portion of the Bronze frames hung upon the walls contain building to the C Street entrance. A group statistical charts. of passenger elevators is located near the C The furniture, furnishings and lighting fix- Street entrance, while single elevators are tures of this section of the building were located near the Constitution Avenue lobby. selected by the Board's architect with a view A monumental staircase in the central por- to maintaining a harmonious relation with tion of the building leads from the first to the the character and period of the architectural second floor. The steps, walls and architec- design. In this and other parts of the build- tural treatment of the stairs in this portion ing marbles of various colors and textures, of the building are of travertine, while the of which there are twenty-eight in the in-

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terior portions, have been used with an eye wing of the third floor is reached from the to harmony of color scheme between painted cafeteria. plaster work, woods used in doors and walls, The ground floor contains service facilities, and furnishings of rooms. including a garage, mechanical equipment, Staff Offices.—The Secretary's offices, the mail and telegraph offices, telephone ex- Legal Division, with its library, the Board's change, duplicating sections and repair shops, Fiscal Agent, and the Building Manager are together with spaces for various storage pur- located on the first floor. A central filing system in the north central portions of the poses. first and second floors serves all parts of the Mechanical Equipment.—The building is Board's organization. In the C Street wing air-conditioned throughout with an automatic of the second floor are the offices of the thermostatic control system designed to per- Board's Division of Examinations and Divi- mit flexible operation. Steam is obtained sion of Security Loans. from the central power plant of the Govern- The third floor is occupied by the Board's ment, no power being manufactured within Division of Bank Operations and the Division the building. of Research and Statistics, with its library. Well-lighted offices, acoustic treatment of The fourth floor covers only the middle the ceilings, convenient locations of stairs, branch of the H form of the building and in- elevators of the latest automatic type, and cludes a cafeteria, dining rooms, first aid and careful planning combine to make the build- rest rooms. A flagstoneterrac e over the west ing efficient for administrative purposes.

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ACCEPTANCE PRACTICE The material published below summarizes a report of the Federal Reserve Committee on acceptance practice made to the Board of Governors of the Federal Reserve System and to the Conference of Presidents of Federal Reserve Banks. In view of the experience of American ence of Presidents of Federal Reserve Banks banks with their acceptance credits in Ger- in late 1936. many and several other European countries, The more important parts of the report are the Conference of Governors of Federal Re- here quoted or summarized for the informa- serve Banks, at the suggestion of the Federal tion of accepting institutions and others in- Reserve Board, appointed in the spring of terested in the subject. 1932 a committee to review American acceptance practice. In general, the plan for approaching the The committee was made up of operating problem of acceptance practice, that is the officers of the Reserve banks and consisted at soundness of the business conducted by ac- first of Mr. E. R. Kenzel, chairman, Mr. Ira ceptors, entailed requesting each organiza- Clerk, and Mr. C. R. McKay, Deputy Gov- tion which had been an important acceptor in ernors respectively of the Federal Reserve the past decade for detailed information with Banks of New York, San Francisco, and Chi- respect to every credit "on which the bank's cago. It was determined by the Federal Re- customer failed promptly to meet obligation serve Board that its representation on the to place the accepting bank in possession of Committee should be through its senior staff, funds to pay the acceptance." Seven differ- and Mr. W. W. Riefler of the Division of Re- ent styles of schedules were contrived, one for search and Statistics of the Federal Reserve each of the following classes of credits: Board was detailed to assist in the formula- I. Import credit tion of procedure and analyzing the informa- II. Export credit tion obtained. Mr. Riefler was succeeded in III. Domestic shipment credit IV. Credit covering shipments between foreign the assignment by Mr. G. W. Blattner of the countries same division. V. Domestic storage credit At the time the material collected by the VI. Foreign storage credit Committee was being organized for this re- VII. Dollar exchange credit port, the untimely death of its chairman, Mr. These seven classifications, in which ac- Kenzel, occurred and Mr. W. Randolph Bur- ceptances are naturally grouped on the basis gess, Deputy Governor of the Federal Re- of the style of underlying transaction, were serve Bank of New York was appointed to suggested by the development of the law and his place. The report was also submitted to regulations and are recognized in the main and comments were received from the other by the statistics currently compiled by the members of the sub-committee of the Sys- American Acceptance Council. The Council, tem's General Committee on Bankers' Ac- however, in reporting acceptances outstand- ceptances: Mr. W. W. Paddock, first vice- ing from time to time includes in one group- president of the Federal Reserve Bank of ing shipment between or storage in foreign Boston, and Mr. F. J. Zurlinden, first vice- countries. president of the Federal Reserve Bank of In addition to making inquiry into the ex- Cleveland. perience relating to individual credits, ac- In the collection of data all the Reserve cepting banks were asked for expressions of banks and all of the important accepting opinion as to desired changes in the law and banks in this country, members as well as regulations or practices. nonmembers of the Reserve System, partici- Assembly of Replies to Questionnaires.— pated ; and in the analysis of these data and Although the replies of the accepting banks the preparation of the report the Committee were assembled in the main during the early was aided by the officers and staff of the Re- part of 1933, there were delays associated serve Board and a number of the Reserve with the strenuous duties of all sorts de- banks. manded of bankers during the months fol- The work of the Committee extended over lowing the banking holiday. Furthermore, a period of nearly four years, and a final re- it was desired to include as complete a study port was made to the Board of Governors of of experience with the so-called standstill the Federal Reserve System and the Confer- agreements of Germany and other countries

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as was possible. This delay served an addi- merged institution was not reported to the tional useful purpose since it permitted the Committee, investigations indicate that most completion of the study of a number of im- of the important ones were. The Committee portant cases, final settlement of which was feels that the returns in hand are as complete still in suspense at the time the original ques- in this respect for all practical purposes as tionnaires were submitted. they need be and that the inclusion of such Replies to Questionnaires.—The various experiences as may have been omitted would Federal Reserve banks requested for the merely emphasize the facts revealed by the Committee reports on questionnaires from responses received. 170 accepting institutions, distributed among Bills in Difficulty, 1920-1932.—The ques- Federal Reserve districts as follows: tionnaires returned by acceptors indicated District District an aggregate of $38,300,000 of bills accepted 1. Boston 17 7. Chicago 11 during 1920-1932 "on which the bank's cus- 2. New York 41 8. St. Louis 6 tomer failed promptly to meet the obligation 3. Philadelphia .... 9 9. Minneapolis .... 5 4. Cleveland 13 10. Kansas City ... 13 to place the accepting bank in possession of 5. Richmond 14 11. Dallas 8 funds to pay the acceptance." Acceptances 6. Atlanta 15 12. San Francisco . . 18 associated with standstill agreements were All districts 170 not included, as accepting institutions had Responses were received from 156 banks in been told that "it is not desired, however, that all, although 116 banks did not fill out any these reports be filled out for credits where questionnaires since they had encountered no the only difficulty was a slight delay in receipt unfavorable experience. One or more un- of remittance or for credits the maturities of satisfactory credits were reported by each of which have been prolonged solely because of 40 institutions, 31 being member banks. standstill or other similar country-wide re- Actual losses were reported by only 24 banks. strictions." In all, 188 cases of credits upon which some No acceptance was reported as having been difficulty was experienced were reported. in difficulty prior to 1920. These cases of unsatisfactory experience werAugust 1935 had 1. Boston 18 7. Chicago 27 amounted to $23,300,000; an aggregate of 2. New York 135 8. St. Louis 0 $4,700,000 was still in suspense; and losses 3. Philadelphia 1 9. Minneapolis .... 0 4. Cleveland 1 10. Kansas City ... 0 had been written off to the extent of $10,- 5. Richmond 0 11. Dallas 0 300,000. These figures, of course, do not in- 6. Atlanta 0 12. San Francisco . . 6 clude losses incurred by American acceptors All districts 188 in connection with bills included in standstill Reporting Institutions.—Among the 156 arrangements with central European coun- institutions which responded to the Commit- tries. This experience will be referred to tee's questionnaires were practically all of separately in the latter part of this report. those which the American Acceptance Coun- The volume of losses of $10,300,000 does cil reports as accounting for upwards of 90 not appear large when compared with the percent of the current acceptance business. aggregate acceptance business done during There were, however, many important ac- the years 1920-1932, which has been esti- ceptors in earlier years, whose names no mated at $50,000,000,000. The indicated longer appear on the list. In nearly all in- losses, therefore, have been slightly over stances such institutions were merged with .02 of 1 percent of the total acceptance busi- others and the consolidated institution con- ness done during the years 1920-1932; losses tinues to be a leading acceptor and one which plus amounts still in suspense, less than .04 of responded fo> the Committee's questionnaire. 1 percent. Commission received by the ac- The Committee took steps to discover whether cepting banks for their undertakings, aggre- existing acceptors accounted for the unfavor- gated at least $125,000,000 on the basis of a able experience suffered by institutions ab- charge of *4 of 1 percent for 90 day credits. sorbed by them. While every instance of an Since the primary purpose of this survey unsatisfactory credit experienced by a was to ascertain from actual experience what

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change if any should be made in existing law, were recorded, associated with 24 cases, but regulations, or practice in order to correct 4 cases contributed losses of $1,953,000. any evident weakness which may exist in the These 8 large cases may be briefly described business of extending acceptance credits, an to serve the purpose of illustrating typical accurate analysis should be based on the situations: types of transactions which led to difficulty IMPORT CREDITS or loss rather than on the dollar amounts in- Date Amount accepted Experiences Remarks volved. Obviously in following the latter $225, 432. 02 1928 Loss $181, 865. 33. Customer went bankrupt. course a single transaction involving a very Balance paid. 5,000,000.00 1932-1933 Loss $250.000. Covers period from 1925- substantial sum might appear to outweigh Collected $4,688,000 1933. Irregular use of Suspense $62,000 credit by taker in the several other types of transactions aggregat- (Latter being re- early days resulted in a ing a smaller dollar value. Accordingly the duced by regular loss to the bank, which payments and be- continued to carry the former method would appear to be the better lieved to be safe.) account in an effort to reduce the deficit, but basis for analysis. Unfortunately, however, price decline in 1932 forced the replies from reporting banks show only a write-off of $250,000. 830,035.66 Sept.-Nov. $155,000 written off Drop in market value of those transactions which resulted in difficulty 1930 as a loss. merchandise, and of se- or loss and there is no way of ascertaining Collected $673,000 curities pledged as collateral. the actual number of transactions of corre- Suspense $2,000 593,564.54 1928 Loss of $241, 670. 58. Takers of credit got into sponding type which were consummated sat- Balance paid. difficulties, making it isfactorily. As a consequence this survey necessary for bank to take over the manufacture and can indicate only the relationship of the in- sales of merchandise. Liens placed by others on dividual types of unsatisfactory credit to the some of the merchandise total number of cases involving difficulty or forced liquidation, there- by enhancing bank's loss. loss. SHIPMENTS BETWEEN FOREIGN COUNTRIES Large Individual Losses.—Although there 503, 500.00 May 1926 $302, 925. 36 loss. Customer failed. were 186 cases of credits in some kind of diffi- Balance paid. 913,655.17 Aug. 1931 Loss $439,000. Customer failed. culty from 1920-1932, 92 cases contributed Balance still in suspense; receiving re- the total losses of $10,300,000. The number coveries. of cases involved is shown by classes of 1, 659, 308. 82 April 1932 Loss $900,000. Evidence of mis-represen- Balance still in sus- tation. credits in Table 1. pense. TABLE 1.—NUMBER OF CASES OF ACCEPTANCE CREDITS 468, 211. 86 1931 Collected $52,784.09 Evidence of mis-represen- Loss 312,195. 93 tation. INVOLVING DIFFICULTIES AND LOSSES BY CLASS OF Suspense 103,231.84 CREDIT 1920-1932 Table 2 shows the distribution of difficulty Number of credits in difficulty and losses among seven classes of acceptance Class of Credit credits. Involving Total TABLE 2.—AGGREGATES OF BILLS ACCEPTED IN 1920-1932 losses IN DIFFICULTY, BY CLASS OF CREDIT—SUBSEQUENT COLLECTIONS, LOSSES, AND ITEMS IN SUSPENSE Import THROUGH AUGUST 1935 Export Domestic shipment Total Subse- Losses In in diffi- quent col- written Domestic storage sus- Type of credit culty lections off pense Shipment between foreign countries Foreign storage (000 Omitted) Dollar exchange Total Import $16, 493 $11 830 $4,056 $607 Export 3,692 2 103 908 681 Domestic shipment 203 151 50 2 2 The extent to which the aggregate losses Domestic storage 3,620 541 810 269 were contributed by a few large cases is strik- Shipment between foreign ing. For example, losses of $1,221,000 asso- countries 9,457 3,213 3,326 2,918 ciated with acceptances executed under im- Foreign storage 3,817 2,517 1,147 153 port credits during the years 1925-1932 grew Dollar exchange 1,058 962 44 52 out of 25 cases in all, but 4 cases contributed Total 38, 340 23,317 10,341 4,682 $827,000 of losses. In connection with acceptances executed On the basis of the figures shown in Table during 1925-1932 involving shipments be- 2, it would appear that experience has been tween foreign countries, $3,101,000 of losses least satisfactory among import credits. The

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aggregate of bills in difficulty in this class 1925. A large increase in the acceptance was larger than in the case of any other and business as a whole began after 1924, and ac- losses written off were larger. By these tests ceptance practice at some points was im- transactions involving shipments between proved as a result of lessons learned from foreign countries afforded the next most un- unsatisfactory experiences of earlier years. satisfactory experience. In this form the Business in some of the major classes of ac- figures are inconclusive, however, since the ceptances, moreover, amounted to little prior amount of difficulty encountered in each class to 1925. of credit needs to be related to the aggregate The chart on page 850 shows the volume business done in the category during those of acceptances outstanding by classes at the years. An effort to do this is the subject of end of each month for all available months. some subsequent paragraphs. Separate figures were not published by the It is possible that actual losses suffered by American Acceptance Council for the two acceptors may be higher than would appear classifications "shipment between foreign from those reported, as a substantial part of countries" and "storage in foreign coun- the $4,700,000 now being held in suspense has tries." been outstanding for at least three years. The chart brings out the fact that import Conservative accounting might well have credit transactions had existed in large vol- written off some of this aggregate as a loss ume prior to 1925. On the other hand, trans- before now, although reports indicate that a actions involving shipments between or stor- substantial portion of this suspense will prob- age in foreign countries were negligible in ably be recovered eventually. size in 1925 and 1926, began to increase Losses by Years.—Acceptance difficulties rapidly in 1927, and by the latter part of 1929 leading to losses were greatest in years of exceeded import credit transactions. Accept- business recession and price decline, such as ances outstanding in the class of foreign 1920, 1921, 1924, 1931, and 1932. It will be storage and shipment at the end of the year recalled that this survey did not include any 1930 amounted to more than $550,000,000, business originating after 1932. Table 3 while import acceptances outstanding were shows the losses by the years when the rela- but slightly more than $200,000,000. The tive bills were accepted. rapid increase following 1927 in acceptances TABLE 3.—LOSSES WRITTEN OFF ON BILLS ACCEPTED IN outstanding to finance shipments between or EACH YEAR 1920-1932 BY CLASS OF ACCEPTANCE storage in foreign countries reflects in part CREDIT revision by the Federal Reserve Board of its

Ship- rulings to permit the acceptance of bills in ments Do- Do- be- For- Dol- TABLE 4.—AGGREGATE OF BILLS ACCEPTED IN 1925-1932 Im- Ex- mes- mes- tween eign lar IN DIFFICULTY BY CLASS OF CREDITS—SUBSEQUENT port port tic tic for- stor- ex- Total Year ship- stor- eign age change COLLECTIONS, LOSSES AND ITEMS IN SUSPENSE THROUGH ment age coun- AUGUST 1935 tries Total Subse- Losses In (000 omitted ) in diffi- quent col- written sus- Class of credit culty lections off pense Date not fur- nished $200 $ $ $ $225 $393 $ $818 (000 omitted) 1920 1,843 414 2,257 1921 90 177 475 44 786 1922 Import $8, 889 $7,111 $1. 221 $557 1923 Export 2, 694 1,305 708 681 1924 792 133 37 962 1925 Domestic shipment 203 151 50 2 1926 10 10 50 303 373 Domestic storage 1,840 1,412 182 246 1927 12 150 261 423 1928 465 12 5 482 Shipment between foreign 1929 88 100 30 218 countries 8,872 2,853 3,101 2,918 1930 311 20 74 28 433 Foreign storage 2,933 2,501 279 153 1931 80 493 3 1, 834 18 2,428 1932 250 906 1,156 Dollar exchange 674 622 52

All years 4, 056 908 50 810 3, 325 1,147 44 10,341 Total 26,105 15, 955 5,541 Experience, 1925-1932.—In several re- export transactions after the goods had actu- spects there is a natural division of accept- ally arrived at their destination. This broad- ance experience as between the years ending ening of ruling followed some recession in with 1924 and those beginning with the year trade in 1924 and in 1927, and was particu-

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larly designed to assist in furthering our ex- ceptances negotiated, it would appear that ports of cotton and other raw products. relative losses were more significant among Table 4 shows by class of credits the experi- credits involving shipment between and stor- ence with respect to difficulties on bills ac- age in foreign countries than in the other cepted in the years 1925-1932. classes. Losses plus items still in suspense The table brings out the fact that when were four times as much as those among im- acceptance experience after 1924 is viewed port credits as shown in Table 6. As previ- separately the unsatisfactory experience in ously noted these figures do not include the import credit classification based solely credits covered by standstill agreements on dollar amounts involved no longer over- which will be referred to later. Too much shadows that in some other classes. Total weight should not be given to this comparison acceptances in difficulty in the import credit based on dollar amounts, as the credits based class amounted to $8,889,000 on which losses on shipments between and storage in foreign of $1,221,000 were written off while $557,000 countries on which losses were taken happen of bills were still in suspense. Among credits to include a number of large transactions. involving shipments between foreign coun- (See Table 1.) tries, total acceptances in difficulty amounted Table 6 shows the difficulties per $100 of to $8,872,000 on which losses of $3,101,000 bills negotiated during 1925-1932. were written off while $2,918,000 of bills TABLE 6.—AGGREGATE OF BILLS ACCEPTED IN 1925-1932 were in suspense. IN DIFFICULTY PER $100 OF ESTIMATED TOTAL OF Difficulties Compared with Volume Out- BILLS ACCEPTED IN 1925-1932 BY CLASSES OF CREDITS standing.—The bare aggregates of difficulties Total Losses Losses give no indication of their relative signifi- Class of Credit in written In plus cance in the various classes, but should be difficulty off suspense suspense

related to the volume of acceptances which Import. $0.106 1.014 $0.007 $0.021 have been negotiated in the various classes Export. .027 .007 .007 .014 during the period. Domestic shipment- .029 .007 .007 The volume of acceptances in the various Domestic storage .037 .003 . 005 .008 classes executed in each year during 1925- Shipment between foreign countries and storage in 1932 has been estimated by multiplying the* foreign countries .047 .043 .09 average outstandings by 4 since the acceptance business turns over roughly every 90 Dollar exchange. .062 .005 .005 days. The following tabulation shows the All classes .426 .145 estimated volume of acceptances negotiated. It would appear from the analysis made by TABLE 5.—ESTIMATED VOLUME OF ACCEPTANCES NE- the Committee that in some of the acceptance GOTIATED DURING 1925-1932 BY CLASS OF CREDITS business acceptors have not shown a high de- Class of ! gree of vigilance in assuring themselves that Credit i 1926 1928 1930 1932 Total their business was carrying a minimum amount of risk. For example, there were (Millions of dollars) losses of $3,326,000 suffered in credits involv- Import 1.123 1, 186 1,204 1, 283 1, 355 1,105 405 8,423 ing shipments between foreign countries. Export 1,025 941 1,189 1,572 1,688 1,668 1,286 705 10, 074 With respect to practically all of the bills the Domestic acceptor was unable to furnish information shipment 991 78 72 71 100 115 66 685 Domestic as to what disposition was made of the goods storage - - 425 344 524 559 604 825 902 848 5, 031 against which the credit was drawn. With Shipment respect to a quarter of the aggregate, the ac- between and stor- ceptors had never seen documentary evidence age in foreign that any goods had been shipped but had countries 291 1,249 1, 956 1,732 1,048 7, 155 relied upon the statements of correspondents Dollar ex- or others. change.-. 101 115 224 229 21' 62 1,089 Long Maturities, Renewals, Revolving Total..I 2,786 2, 763 3, 393 4, 293 5,191 5,883 5,014 3,134 32, 457 Credits.—In all, there were 92 credits on which losses were incurred. In 16 cases, these When the aggregate losses suffered by involved bills with maturities in excess of 90 classes of bills drawn during the period 1925- days, while there were 20 cases of renewal 1932 are compared with the volume of ac- bills and 22 cases of revolving credits. Thera

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were cases where two or three of these condi- aggregate losses of $10,300,000. Credits on tions were characteristic of one particular peanuts and peanut oil contributed losses of credit, but in all there were 49 separate $644,000 and coffee credits, $568,000. The credits which were characterized by one or losses on sugar occurred largely in connec- more of these conditions. tion with import credits, though a sizeable Out of $10,341,000 of losses, $6,260,000 loss occurred in foreign storage transactions. were on credits which involved one or more There were important losses in transactions of these characteristics, although it is impos- involving shipment between or storage in sible to determine how much of this loss was foreign countries in credits on sugar, coffee, due to these factors and howT much coinci- lumber, and tobacco, in importance in the dental. order mentioned. Goods Released on Trust Receipts.—Half Losses by underlying commodities and of the $4,056,000 of losses incurred on import class of transaction are shown in some detail credits were in connection with transactions in Table 7. in which the goods were released on trust Losses and Banking Judgment.—Of the ag- receipt. Losses in the other classes of credits gregate losses revealed by the analysis made were not associated with trust receipt trans- by the Committee a large proportion was in- actions. curred by a few institutions, five accounting Losses by Underlying Commodities.—Sugar for 64 percent and ten for 83 percent of all credits were responsible for $2,500,000 of the losses. It is true that these institutions were among the largest acceptors, but many other TABLE 7.—LOSSES ON BILLS ACCEPTED IN 1920-1932 BY large acceptors reported much smaller losses. UNDERLYING COMMODITY AND CLASS OF CREDIT It is a fact worthy of note that the reason assigned as to why the acceptor was forced to Ship- Do- Do- ment absorb a loss was in so many cases a reflection mes- mes- be- For- Dol- of faulty banking judgment, or of a possible Im- Ex- tic tic tween eign lar Total port port ship- stor- for- stor- ex- lack of proper vigilance. Table 8 brings out Commodity ment age eign age change coun- the fact that a large proportion of the re- tries corded losses was associated with failure of (000 omitted) the borrower, or price declines, or condition TABLE 8.—REASONS ASSIGNED FOR AMOUNTS OF LOSSES Sugar $1. 635 $23 $885 $2, 543 INCURRED ON BILLS ACCEPTED DURING 1920-1932 BY Peanuts & peanut oil 644 644 CLASS OF CREDIT Coffee 30 3 535 568 Furs 149 278 427 Ship- Lumber & tim- ment ber 50 333 383 Do- Do- be- mes- mes- For- Dol- Tobacco 42 262 304 Im- Ex- tween eign lar General mer- tic tic for- Total port port ship- stor- stor- ex- chandise 201 92 293 Cause of Loss eign age change Railway equipment age coun- ment-- 281 281 tries Skins & hides 260 260 Silk 257 257 Wool 48 214 262 (000 omitted) Copra 242 242 Metals 224 229 Hardware & in- Customer failecL $1, 570 $262 $ $104 $1,070 $18 $. $3,024 dustrial ma- Price decline 1, 729 459 44 2,232 200 Condition of Shellac 182 182 trade 41 59 75 175 Wood oil 200 200 Fraud and mis- Woolen yarn . 172 172 representation 52 459 142 1,387 654 2, 694 Dried peas & All other 664 187 50 794 475 2,216 beans 162 162 46 Wheat & grain._ 105 105 Total 4,056 908 50 810 3,326 1,147 44 10, 341 Shoes _ __ _ 90 90 Packing house products 88 88 Groceries 77 77 Paper 73 73 in the trade, or fraud. These are matters Autos & motors. 49 20 69 that it would be difficult to guard against by Cotton 22 27 49 Burlap _ 48 48 provisions in the Board's regulations dealing Spices 46 46 Rubber 37 37 with acceptances. Oil 34 34 American Acceptance Credits Under Stand- Miscellaneous __ 84 1,888 1,972 Dollar exchange 44 44 still Agreements.—So far, :his report has been confined to a survey of the experience of Total 4, 056 908 50 810 3,326 1,147 44 10,341 American banks in connection with accept-

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ance credits executed between the years 1920 have been extended to German banks, and and 1932 inclusive and supplies a reasonably public policy has not permitted any of the complete analysis of such unsatisfactory latter to suspend payments. Hence losses cases as have occurred in the acceptance busi- which creditors have incurred in connection ness as it has grown up under existing stat- with acceptance credits subject to standstill utes and regulations. It has omitted any agreements have not arisen from fault in the study of the so-called standstill agreements: individual credit but have been due almost arrangements which applied to short term wholly to the discount incident to the conver- credits, and which were established between sion of foreign currencies into dollar ex- foreign creditor banks and their customers change under existing governmental controls. in certain countries whose governments, be- Since this discount has ranged from about cause of economic conditions, adopted restric- 15% to 51%, the loss to accepting banks has tive regulations controlling the conduct and been substantial. In the case of Germany, settlement of foreign trade accounts. for example, American banks in liquidating The purpose of such agreements, generally some $246,000,000 of acceptance credits up to speaking, has been two-fold: to prevent December 1935 may have lost something be- wholesale withdrawal of foreign capital tween $32,000,000 and $45,000,000 in dispos- which wrould be ruinous to the exchange value ing of registered mark balances. Further- of the currency and to overseas trade, and to more there have been losses in liquidating enable creditors over a period to liquidate Austrian and Hungarian commitments al- their commitments in as orderly a manner though absence of available data does not and at as little sacrifice as possible. permit of an estimate of the amount of these The problem created by these agreements losses. Complete figures of loss in connec- is in many respects quite outside the field of tion with standstill credits would loom large ordinary acceptance experience. Therefore, beside the $10,000,000 loss shown in other it was not possible to apply the same type of parts of this report on all other American analysis to standstill credits as was used in acceptance business of some $50,000,000,000. the case of non-standstill credits. It seems Under the circumstances outlined above, how- appropriate to include in this report, however, losses under the standstill are of a quite ever, a summary as to two points, the losses different type from those incident to the ordi- sustained by accepting banks, and the char- nary practice of the acceptance business. acter of the paper drawn under credits made Character of Acceptances Subject to Stand- subject to standstill agreements. still Agreements.—The second important con- Losses Incurred in Standstill Liquidation. sideration in reviewing standstill experience —It should be borne in mind that the agree- is the character of the paper drawn under ments arose not from the inability of the existing credits. There can be no doubt that debtors to meet their obligations in their own a substantial volume of such drawings par- currencies but from their inability to make took at one time or another of the nature of transfers of funds through the normal chan- finance paper and was not supported by ac- nel of the international exchanges. This is tual commercial or industrial transactions confirmed by most of our accepting banks, as which would provide self-liquidation for the illustrated by the comment of one of the in- bills which our banks were called upon to stitutions whose experience is included in this accept. survey. The bank in question, after referring The Committee has examined the available to the prolongation of credits by the various figures and has asked the opinion of compe- standstill arrangements with central Euro- tent bankers with respect to the extent of pean countries and exchange controls which any laxness in practice and the circumstances have stopped payment for goods in gold, goes under which it occurred. The only figures on to state that they have many customers which are available on the subject relate to who, although possessed of ample resources, the period after the standstill agreements had are prevented by government decrees from gone into effect. Reports of 100 American converting these resources to make possible banks, as of October 31, 1931, indicate that payment of contracted obligations. Further- of $288,000,000 of acceptances outstanding on more, the great majority of credits extended that date under the German Standstill Agree- by American banks under the most important ment, 39% were accompanied by proof of standstill agreement, that with Germany, eligibility such as shipping documents or

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other evidence; 31%, although unaccom- creasingly difficult to provide eligible paper, panied by documentary evidence, were never- although they were still in need of working theless presumably capable of classification capital. Under the standstill agreement, the as eligible; and 30 % were definitely not self - Germans agreed to provide eligible paper as liquidating and offered no evidence as to the far as possible and the right is reserved, nature of the underlying transaction. In- when it is not possible, to carry the resulting formal inquiries among twenty-five of the debt in the form of a cash advance or over- most important accepting banks indicate that draft, of course at a higher rate of interest. at the end of 1935 about three-quarters of The majority of accepting banks have so the bills outstanding at that time could be treated bills which were not definitely self- classified as eligible under the regulations of liquidating. Indeed, to a large extent they the Board of Governors of the Federal Re- have kept their German bills off the market serve System. entirely. German authorities, as well as many ac- Although the large amount of financepape r cepting banks, maintain that until recession which admittedly existed can scarcely be in foreign trade set in and commodity prices reconciled with the ideals of the best banking began to fall, the great majority of bills pre- practice, losses incurred by American ac- sented for acceptance represented actual self- ceptors due to this cause have been negligible, liquidating business transactions. There is. since, as stated above, the majority of Amer- however, considerable testimony that even before the standstill agreement had gone into ican credits were extended to German banks effect some American acceptors had been at which as a matter of public policy have not times lax in depending on general statements been allowed to fail. made to them by foreign banks and not re- By far the greater part of American ac- quiring more; detailed information regarding ceptance credits subject to standstill agree- the transactions underlying the bills ac- ments have been extended to German banks cepted. Such practice has been at times de- which in turn made them available to their fended on the ground that it is similar to the commercial and industrial customers. Con- practice of London bankers who have gen- sequently, there have been numerous sub- erally placed more reliance upon names than stitutions of one debtor for another as well op ascertaining that the underlying transac- as changes in the types of transactions under- tion back of each bill was by nature self- lying the bills presented for acceptance. In liquidating. There is no way of knowing the addition, not infrequently original accept- extent of the laxity which existed in this ances have become overdrafts and subse- particular, although belief in the market is quently been replaced by bills which again that it was not general. It does not appear have become overdrafts so that except in that laxness of this sort had any important relatively few cases there has been no real responsibility for the later losses on accept- continuity of individual credits. For these ances except to the extent possibly that a reasons it does not appear possible to apply more exact scrutinv of bills might have led the same methods of analysis to individual to a somewhat smaller volume of credit ex- acceptances as were used in the earlier part tension and so to a smaller volume of bills of this report. coming under the standstill agreement. The Acceptors' Recommendations for Changes probability is, however, that more precise in Rules of Procedure.—Of the 156 banks technical requirements would not greatly which responded to the questionnaires only have restricted the volume of bills drawn. about 20 made definite recommendations as The total volume of bills was in keeping with to changes in the law or regulations relative the general tendency of the time toward ex- to acceptances. The recommendations may cessive credits of all sorts to the central be classified: (a) for more restrictive re- European countries. quirements; (b) for liberalizations. It is clear that an important change in the More Restrictive Requirements.—In con- character of bills took place at the time the nection with more restrictive requirements, standstill agreements went into effect. With the largest number of suggestions were made the decrease in volume of transactions which with respect to shipments between foreign could give rise to eligible bills, many foreign countries and the smallest number with re- customers of accepting banks found it in- spect to import credits. A brief summary

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of the more important of these suggestions is Dollar Exchange Credits: given by class of credit as follows: Restrict to amounts which may be covered in due course by export documentary bills. Import Credits: When goods released on trust receipt, latter General: should not remain outstanding after transaction Limit acceptance business to transactions where completed. evidence of shipment presented. Maturity of acceptance should coincide with Export Credits: usual credit period. Add to Article B, Section Restrict financing with respect to secondary dis- XI: "Where the details of the underlying com- tribution to such merchandise as remains in orig- mercial transaction are not otherwise evidenced, inal form. the acceptor shall obtain a statement of its essen- Documentary evidence desirable when acceptance tial details." drawn by another bank and secured by export Actual bills of lading should pass through bank. bills. Actual documents should be in hands of ac- It will be noted from the foregoing that the ceptor from date of acceptance. greatest unanimity as to suggestions relative Domestic Shipment Credits: to any one phase of acceptance practice is When goods released on trust receipt, latter evident in the category of credits covering should not remain outstanding after transaction shipments between and storage of goods in completed. On six months' drafts, tenor should be re- foreign countries. stricted to that of eligibility for rediscount. Many of the suggestions appear to be so Credits Covering Shipments between Foreign obviously matters of ordinary credit judg- Countries: ment and plain common sense that it would Acceptor should see satisfactory evidence of seem scarcely necessary to embody them in shipment. formal rules and regulations. Foreign correspondent should furnish full in- Suggestions for Liberalizations.—Proposals formation with respect to purpose, customer, and self-liquidation. for liberalizing the law and regulations were Basis of transaction should be more clearly de- made with respect to two classes of credits: fined. domestic shipment and domestic storage. Re- Same requirements as for domestic shipment moval of the 50 per cent limitation with re- should apply. Require letter of guarantee from actual taker spect to domestic acceptances was suggested of credit. by several acceptors. Broadening the list of commodities eligible for domestic storage Domestic Storage Credits: credits was also mentioned. With respect to Emphasize independence of warehouse from credit taker. credits growing out of domestic shipment, On six months' bills, tenor should be restricted it was recommended that the requirement as to those eligible for rediscount. to documents conveying security title be Require accepting bank to secure sworn statement from warehouse. Restrict business to li- liberalized. censed warehouses only. A significant point of view was expressed Require licensed grader's certificate. by several acceptors, one of which stated: "Specifically, we wish to call attention to the fact that Article B of Regulation A recites that "We realize that at the inception of the accept- the Federal Reserve Bank may discount bills cov- ance business in this country a certain degree of ering the storage of readily marketable staples, regulation was required in order that this new form provided the bill is secured at the time of ac- of credit should not be directed into improper chan- ceptance and that under certain conditions a nels, but it is now pertinent to inquire whether the Trust Receipt may be taken. Article A of Regu- increased understanding of the nature and objec- lation C recites that member banks may accept tive of this facility does not merit a complete re- such bills, but it is not indicated that a Trust vision of these requirements. Receipt may be taken. It would, therefore, ap- "This is particularly true of transactions for do- pear that a member bank could accept a bill hav- mestic account. We feel that too often the mere ing warehouse receipts in its possession at the fact that a transaction measures up to the stand- time of acceptance and might release the security ards established by the Federal Reserve Bank in free, provided it remained within the 10% of cap- defining eligibility has swayed the judgment of the ital and surplus limit. Such a bill, however, would accepting bank as to its soundness as a banking appear to be ineligible for discount under Regula- proposition. Obviously, eligibility is no criterion tion A." for judging credits, but it is apparently an undeni- able influence due possibly to the emphasis that the Foreign Storage Credits: Federal Reserve Bank rulings place on the matter Acceptor should see satisfactory evidence of of eligibility. We feel the time must come when storage. the Federal Reserve Bank should place its chief Require letter of guarantee from actual taker reliance on the judgment and standing of the ac- of credit. cepting bank, and use that more as a standard for

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purchasing or discounting bankers acceptances', perience with standstill bills, many acceptors rather than the fact that the bill offered complies to the letter of certain regulations. Other accepting have expressed the belief that the regulations markets have effectively controlled their acceptance should be tightened to raise the standard of business in this manner without the restrictions of acceptance practices in the field of shipment well meant, but inelastic regulations." between and storage in foreign countries. With respect to such transactions several rec- CONCLUSIONS ommendations made by acceptors looked in The statistical analysis pursued by the the direction of requiring that the accepting Committee confirms the impression hereto- bank be in possession of full information as fore prevailing in most quarters that the to the financial responsibility of the recipient preponderant part of the acceptance business of the credit and the self-liquidating nature of American banks as it has grown up under of the transaction, and that a more adequate the guidance of the regulations of the Board control over the goods by the agent of the has been satisfactory. There is no recorded accepting institution should prevail until the instance of an investor in bankers accept- credit be liquidated. This point of view was ances having lost a dollar of principal and particularly well expressed by one important no bank has closed or suspended payments accepting bank: because of difficulties arising from its acceptance business. The analysis has shown "When the use of the acceptance facility was initially fostered and laws and regulations formu- that losses which have been suffered by lated, every effort was made to prevent the accept- American institutions because of their ac- ance of purely finance bills, and provisions were ceptance commitments have been for the most made for exhibition of documents evidencing re- part associated with the types of eventualities lated actual self-liquidating transactions as the basis for acceptance financing. Later the regula- which should be forestalled more by the tions were modified and the broadest latitude per- judgment, prudence, and vigilance of bank- mitted member banks in determining eligibility. ers than by official regulations. Of the This greater freedom resulted in certain abuses, im- $10,300,000 of losses suffered by acceptor proper practices and the creation of bills not even remotely associated with transactions which would in the years 1920-1932, not including the liquidate within the life of the bill. Instances of losses growing out of standstill business, this nature have been submitted to the standstill about 80 per cent were associated with such committees with which you are familar. While the matters as: failure of the customer, price broad powers granted acceptors are highly advantageous and desirable, we suggest the possibility declines, conditions of the trade, and fraud that the creation of such bills should be determined It seems to the Committee, however, thai by more definite regulations as to the type and ex- this record does not justify an attitude of tent of evidence which should be required by prospective acceptors as to actual contracts of sales to complacence on the part of the Federal Re- be financed or actual movements of goods before serve System in its general responsibility f 01 bills are accepted as eligible." the rules and regulations under which Amer- ican acceptance business is done. The Com- The evidence the Committee has assembled mittee holds the view that the bankers' ac- indicates there is room for some improve- ceptance should be the prime commercial ment of practice along the lines of the fore- credit instrument, and that acceptances which going quotation, especially with respect to come into the market should be based on bills covering shipment between and storage transactions as nearly riskless and above sus- in foreign countries. The Committee has picion as possible. On such a premise, any raised three questions with respect to this loss in the field should be the occasion of problem: regret and of effort to foreclose its recurrence. 1. Whether the general field of accept- The statistics indicate that, even omitting ance activities should be narrowed, standstill credits which are a separate prob- 2. Whether some additional and more lem, the greatest amounts of unsatisfactory specific regulations should be issued experience were encountered in the fields of on this point, shipment between and storage in foreign 3. Whether reliance should be placed countries, and import transactions. mainly upon the gradual develop- There is, however, considerable ground for ment of sound traditions of practice believing that American banks did not union the part of accepting banks. formly adhere to the ideals of acceptance practice in their central European business. These three questions will be discussed in In the light both of this study and the ex- order.

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1. In the early stages of this project, the 2. As previously noted several of those question was raised in the Committee as to replying to the Committee's questionnaire whether "American banks are justified in have suggested the modification of Federal granting acceptances to accommodate world Reserve Board regulations to include definite trade other than incidental to facilitating the specification of the type and extent of evi- needs of American customers directly en- dence which should be required by prospective gaged in exporting or importing goods be- acceptors as to the actual contract of sales to tween the United States and a foreign coun- be financed or actual movements of goods try." This challenge involves, of course, the before bills are accepted as eligible. The question of the "necessity for permitting present regulations as they relate to the banks to grant acceptance credits to finance financing of transactions arising out of the (a) movement of goods between two foreign importation or exportation of goods are countries each foreign to the United States; drawn in broad terms and make no specific (b) storage of readily marketable staples in requirements as to the character of evidence foreign countries whether or not underlying accepting banks must obtain. The conditions commodities were produced in the United under which transactions of this sort take States." place are so varied that it would be difficult The fact that acceptance activities have if not impossible to draw a regulation which been authorized and practiced extensively in would lay down minutely requirements as to a field in the past creates a strong presump- evidence without making compliance impos- tion against prohibiting them in the future. sible in many sorts of transactions. For If American accepting institutions can find example, in many cases of shipments of goods a profitable and reasonably safe field of ac- between foreign countries it would be impos- tivity in financing foreign shipment and stor- sible for the accepting bank to obtain ship- age transactions, no sufficient reason for ping documents at the time of the acceptance. foreclosing the opportunity seems apparent It does, however, seem possible that the regu- to the Committee. From the point of view lations should contain a general requirement of the balance of payments of the United that with respect to credits covering export States the outstanding commitments of Amer- and import transactions and shipments be- ican investors in acceptances drawn to finance tween foreign countries, the accepting bank transactions involving shipment between and is expected to obtain satisfactory evidence, storage in foreign countries have the same documentary or otherwise, as to the precise effect as an equal volume of any other type nature of the transactions underlying the of short-term lending. Out of the contacts credit extended. Such a general requirement and good-will incident to acceptance activi- in the regulation serves notice on accepting ties in this field grow other satisfactory busi- banks as to what may be regarded as sound ness for American banks and their cus- acceptance practice, and provides a basis for tomers. the examination of individual credits which More than this, if reference is made to may be made later by bank examiners or the British acceptance practice, it is found that Federal Reserve banks. the extension of American activity into the 3. While as noted above the Committee re- field of purely foreign transactions has good ceived a number of suggestions for changes precedent. The best information indicates in regulations, the Committee was constantly that a large proportion of the acceptance impressed with the number of comments to liabilities of important British banks relates the effect that sound acceptance practice de- to transactions in which neither the buyer pended upon credit judgment and the develop- nor the seller of the merchandise is a resident ment of sound traditions. This point of view of the British Isles, or of a British dominion was well expressed by the officer of one of for that matter. It is to be presumed that the large accepting banks in the following in the future the money market in this coun- language: "I cannot help but take this opportunity of re- try will be called upon to fulfill many of the iterating * * * that primarily acceptances are an functions of a world money market and the instrument of credit and their value is based on the regulations governing acceptance practice soundness of our judgment of the credit risk in- should, as far as it may safely be done, pro- volved. It is my impression that the eligibility provisions have a tendency' opposite to their original vide sufficient latitude for the proper fulfill- intention. To the inexperienced I believe they en- ment of that function. dow transactions which can be classified under the

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regulations as eligible with a primary assumption proposal the Reserve Board on January 29, of soundness. A credit risk, of course, does not de- pend upon the nature of any single transaction but 1935, addressed letters to the Federal Reserve many other factors enter into the credit risk in- Agents and the Comptroller of the Currency dependent of the transaction itself." requesting that when examinations of members of the Federal Reserve System were RECOMMENDATIONS being made attention be paid to whether the acceptance business of the respective bank 1. It is recommended that the acceptance was being conducted in conformance with the privilege be not withdrawn from any of the law and regulations of the Board. seven important fields. 5. It is also recommended that the Federal 2. It is recommended that further liberal- Reserve banks, in addition to their usual izations in regulations of the Board of Gov- scrutiny of bills from the standpoint of eligi- ernors be not made at this time. bility and acceptability, make at frequent in- 3. It is recommended that a footnote be tervals a more extended investigation of bills added to subparagraph (1) of Section XI of which are purchased or offered for purchase Regulation A reading as follows: in order to ascertain whether the acceptances While it is not a requirement of the eligibility of are conforming with sound acceptance prac- bills referred to in clause (1) of Section XI of this regulation that documents covering the shipment of tice. goods be attached to the bills at the time of ac- It must be recognized that in the long ceptance, it will be presumed by Federal Reserve run sound acceptance practice depends most banks in discounting such bills that the accepting largely on sound credit judgment on the part banks have obtained satisfactory evidence as to the of the accepting bank, and the principal re- transactions underlying such bills. liance for improvement in practice must be 4. It is recommended that continued em- placed upon the gradual process of the season- phasis be placed on the procedure of check-up ing of judgment of acceptors and the develop- through examinations. In keeping with this ment of sound traditions.

BANKERS ACCEPTANCES OUTSTANDING BY TYPE OF TRANSACTION

MILLIONS OF DOLLARS ( End of month figures ) MILLIONS OF DOLLARS 600 600

400

200

1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935

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ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, JUNE 30, 1932, TO JUNE 30, 1937 [Amounts in thousands of dollars]

1932 1933 i 1934 1935 1936 1937 1937 June 30 June 30 June 30 June 29 June 30 March 31 June 30

ASSETS Loans (including overdrafts) 16,587,185 12,858,099 12, 522.980 11,927,966 12,541.845 13,699,294 14,284,875 United States Government direct obligations 5, 627,854 6,887,123 9,136, 684 9, 871,126 11,721,475 10, 856, 351 10, 870, 404 Securities fully guaranteed by United States Government. 276,144 1, 558, 381 1,950,457 1, 861, 336 1, 818, 530 Other securities 5, 785, 764 5,041,149 5, 239,031 5,427,145 6,045,033 6,108,022 5, 764, 752 Total loans and investments 38,000.803 24, 786,371 27,174, 839 28, 784, 618 32,258,810 32, 525, 003 32,738,561 Customers' liability on account of acceptances 458,952 424, 263 252,916 157,751 156, 954 202,067 187,143 Banking house, furniture, and fixtures 1,166, 263 982,036 997, 817 998, 645 994, 921 981, 712 980,375 Other real estate owned 233.014 227.074 286, 348 339,086 379, 457 353,714 Reserve with Federal Reserve banks 1,997, 656 2,235,179 3, 819, 410 4, 933, 277 5, 607,119 6, 613, 340 6, 896,663 Cash in vault 478, 224 404, 502 472, 643 537,010 713,421 662,310 629,305 Balances with private banks and American branches of foreign banks () () ( () 34, 463 27,314 25,371 Demand balances with banks in New York City 590, 880 826, 636 1,116, 655 1, 607, 991 1, 263,080 1,201,514 Demand balances with other domestic banks 1,139, 890 1,181, 582 1,549,622 1,379, 856 2, 049, 439 1,898,657 2 2 1,905, 547 2,184, 747 Time balances with other domestic banks ( ) ( ) 94,009 110,700 116,311 105,539 81,432 Balances with banks in foreign countries 101,070 108,070 140, 680 71, 244 51,698 52, 641 51,977 Due from own foreign branches 91, 549 106,041 10, 958 2,502 3,787 4,592 Cash items in process of collection 1, 337,138 1, 485, 343 91, 926 2,147,493 1,973,621 2, 200,829 Cash items not in process of collection 1,183,373 11,027 9,857 11,114 Redemption fund and due from United States Treasurer . 32, 548 37, 261 1, 056, 779 11, 842 Acceptances of other banks and bills sold with endorse- 36, 249 ment 55,022 1.920 6,042 10,340 11,087 16,312 Securities borrowed 11, 664 6,654 2,524 918 555 1,065 345 Other assets 216, 388 227,820 290, 474 293, 777 256.178 215, 834 190. 709 Total assets. 35,911, 061 33, 046, 780 37,384, 811 40, 724, 644 46, 533, 987 47,066,564 47, 468, 613

LIABILITIES Demand deposits—Total 17,199, 780 17,583, 067 21,201,214 24, 743, 783 29,918, 691 29, 950,160 30,142, 898 Individuals, partnerships, and corporations 11,890,163 11,830,246 13,348,724 16,206, 243 19,321,998 20,084, 779 20, 272, 432 United States Government 387,463 806, 297 1. 657, 793 778, 716 1,036, 575 414, 722 628,125 States, counties, and municipalities 1,313, 569 1,087, 329 1, 597,870 2,090. 608 2, 320.453 2. 564, 303 2, 577, 445 Banks in United States 2, 870,029 3,056, 527 4,070, 319 4, 978, 426 5,985,886 5. 751. 796 5, 298,023 Banks in foreign countries 172, 383 145, 750 154, 842 273,179 464,642 457; 911 615, 278 Certified and officers' checks, cash letters of credit and travelers' checks, etc 566,173 656,918 371,666 416,611 789,137 676, 649 751, 595 Time deposits—Total 10, 636, 021 8, 980,860 9, 811,153 10,194, 344 10, 786, 873 11,164,318 11,347,148 Individuals, partnerships, and corporations: Evidenced by savings pass books 7,491,268 6,127.412 7,168,239 7,985, 646 8, 565, 632 9,105,389 9, 244, 567 Certificates of deposit 1, 349, 514 1,037, 747 930,705 868, 780 843, 255 758, 293 757,618 Open accounts •. | 772,363 3 578,812 • 604, 845 542,607 613,013 712, 380 724,104 Christmas savings and similar accounts 58, 656 59,449 64, 733 77, 295 63,082 91, 593 Postal savings 609, 746 788, 492 585,027 306,603 152, 234 97, 371 99. 736 States, counties, and municipalities 336,929 299,659 332,674 285,076 377,998 268, 739 292; 280 Banks in United States 69, 525 89,084 122,078 135, 750 151,248 152, 766 123, 208 Banks in foreign countries 6, 676 8,136 5,149 6,198 6,298 14,042 Total deposits 27, 835, 801 26, 563, 927 31, 012,367 34, 938,127 40, 705, 564 41,114, 478 41, 490, 046 Secured by pledge of loans and/or investments (5) 3,824,137 3,083, 595 3,432, 822 2, 817, 942 2,994, 886 Not secured by pledge of loans and/or investments.._ () 27,188.230 31, 854, 532 37, 272, 742 38, 296, 536 38, 495,160 Due to own foreign branches 28,186 23, 529 4,241 101,159 84,142 143, 498 National bank notes outstanding 648, 906 727,110 694, 790 222, 045 Agreements to repurchase securities sold 62, 983 14,244 5,314 7, 409 13, 697 5,873 1,197 Bills payable and rediscounts 815,123 191, 228 34, 840 8,867 5, 850 17, 740 16,194 Acceptances of other banks and bills sold with endorsement 55, 022 7,948 1,920 6,042 10, 340 11,087 16,312 Acceptances executed for customers 483, 064 434, 997 266, 646 160, 219 151,155 200, 864 185, 650 Acceptances executed by other banks for reporting banks. _ 6,912 7,302 11,352 14, 350 27,066 25, 225 26,149 Securities borrowed 11, 664 6, 654 2, 524 918 555 1, 065 345 Interest, taxes, and other expenses accrued and unpaid, __ 109,927 67,111 70, 759 69, 889 80,105 98, 510 87, 381 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures () (*') () 36, 276 43,999 33, 216 44,099 Other liabilities 192, 553 165, 648 179,375 142, 635 • 159,130 149, 689 118,947 Capital notes and debentures 154, 839 117,332 106, 844 71,057 62, 453 C apital stock 2, 440, 467 2, 220, 330 2,497, 343 2, 565, 987 2,460, 353 2, 383, 209 2, 381, 796 Surplus 2, 366, 239 1, 847, 462 1,690, 560 1, 647,024 1, 806, 516 1,952, 805 1,971,464 Undivided profits—net 510, 696 373,258 387, 228 436, 365 520, 283 580, 907 587,495 Reserves for contingencies 343, 518 396, 032 374, 257 325,125 319, 648 Retirement fund for preferred stock and capital notes and 343,528 331, 310 debentures 697 11,572 15,939 3, 389 10,061 Total liabilities (including capital account) . 35,911, 061 33, 046, 780 37, 384, 811 47, 066, 564 47, 468, 613 40, 724, 644 46,533,987 Net demand deposits 14, 481, 998 14,156, 304 17,066, 519 21,045,206 23,985, 757 24, 668, 338 24, 844, 886 Demand deposits—adjusted6 12, 432, 767 12,089,150 14, 261, 481 17, 530. 089 20, 284.095 21,352,110 21, 400, 662 Number of banks 5, 606 6, 375 6, 410 6,400 6, 367 6, 357

1 Beginning with 1933, figures relate to licensed banks only. 2 Included in "Other Assets." 3 Includes $33,418,000 of deposits, the payment of which was deferred by agreement with depositors or otherwise. 4 Includes $14,473,000 of deposits, the payment of which was deferred by agreement with depositors or otherwise. 5 Not reported separately. 6 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.

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ALL MEMBER BANKS—CONDITION ON JUNE 30, 1937, BY CLASSES OF BANKS [Amounts in thousands of dollars]

All Central reserve city All member banks Reserve Country All national city member State member member member member banks banks banks banks banks New York Chicago

ASSETS

Loans (including overdrafts) 14,284,875 8. 796, 477 5, 488, 398 4 276 086 674,615 4,993. 694 4, 340, 480 United States Government direct obligations 10, 870. 404 6, 891, 783 3,978, 621 3,176.276 906, 646 4, 267, 241 2, 520, 241 Securities fully guaranteed by United States Government 1,818,530 1,314,640 503, 890 454. 011 94, 334 635, 227 634, 958 Other securities- .. 5, 764, 752 3, 890, 571 1,874,181 1.099,542 293, 829 1, 732, 661 2, 638, 720 Total loans and investments 32,738, 561 20, 893, 471 11, 845, 090 9,005. 915 1,969, 424 11, 628, 823 10,134, 399 Customers' liability on account of acceptances 187.143 96, 409 90,734 135.694 3,164 45. 397 2, 888 Banking house, furniture, and fixtures 980, 375 633, 923 346, 452 230.394 22, 310 340,039 387, 632 Other real estate owned 353,714 162,353 191,361 31.518 6,627 134,711 180,858 Reserve with Federal Reserve banks 6, 896, 663 4.152,889 2, 743. 774 2, 749. 273 595, 535 2, 214, 579 1, 337, 276 Cash in vault 629,305 440, 696 188, 609 60, 335 27, 399 212,051 329, 520 Balances with private banks and American branches of foreign banks 25, 371 15, 399 9.972 1,962 2,972 17,439 2,998 Demand balances with banks in New York City 1, 201, 514 893, 883 307,631 54. 739 121,151 584, 855 440, 769 Demand balances with other domestic banks 1, 898, 657 1, 486, 961 411.696 47, 958 30, 808 759.918 1,059,973 Time balances with other domestic banks 81,432 64, 861 16,571 38 1,135 29, 688 50, 571 Balances with banks in foreign countries 51,977 26, 539 25, 438 31,781 1,709 15, 953 2,534 Due from own foreign branches 4. 592 4, 592 4,592 Cash items in process of collection 2, 200, 829 1, 284,067 916, 762 995, 800 130,453 805, 487 269,089 Cash items not in process of collection 11,114 8,207 2,907 663 332 5,801 4,318 Acceptances of other banks and bills sold with endorsement 16,312 8, 265 8,047 14, 292 278 1, 491 251 Securities borrowed 345 229 116 345 Other assets 190. 709 107,281 83, 428 58, 861 24, 502 43, 540

Total assets. 47, 468. 613 30,280, 025 17,188. 588 13, 419,223 2, 937, 799 14,246, 961

LIABILITIES

Demand deposits—Total >. 30,142.898 18, 843. 902 11.298, 996 10. 623. 602 2,222, 874 10, 520, 535 6, 775, 887 Individuals, partnerships, and corporations 20, 272. 432 12, 412, 525 7, 859,907 6, 933, 745 1, 409, 313 6, 840,023 5,089, 351 United States Government 628, 125 376,977 251,148 305, 536 41,207 211,988 69, 394 States, counties, and municipalities 2, 577, 445 1,968,984 608, 461 368. 442 207,798 933, 864 1, 067, 341 Banks in United States 5, 298. 023 3, 415. 382 1,882,641 2. 014. 200 536,120 2, 338, 671 409, 032 Banks in foreign countries 615, 259 266. 661 348, 598 574, 827 6, 208 32, 589 1,635 Certified and officers' checks, cash letters of credit and travelers' checks, etc 751,614 403, 373 348, 241 426. 852 22, 228 163, 400 139,134 Time deposits—Total 11, 347,148 7, 871, 654 3, 475, 494 797, 052 451, 626 4, 474, 754 5, 623, 716 Individuals, partnerships, and corporations: Evidenced by savings pass books 9, 244, 567 6, 492, 725 2,751,842 355, 510 391,255 3, 675, 850 4,821,952 Certificates of deposit 757, 618 586, 839 170,779 35, 535 26, 664 172,328 523,091 Open accounts 724, 104 305, 715 418,389 370. 996 30, 339 262, 487 60, 282 Christmas savings and similar accounts 91,593 61, 062 30, 531 4,981 3,299 29, 353 53, 960 Postal savings 99, 736 87, 945 11.791 35, 381 64, 355 States, counties, and municipalities 292, 280 229, 678 62. 602 17,445 189, 601 85, 215 Banks in United States 123,208 102, 321 20, 887 261 108, 036 14, 861 Banks in foreign countries 14, 042 5, 369 8,673 12,324 1,718

Total deposits 41. 490, 046 26, 715, 556 14, 774, 490 11, 420, 654 2, 674, 500 14, 995,289 12, 399, 603 Secured by pledge of loans and/or investments 2,994, 886 2, 239, 386 755, 500 585, 263 219,631 1,310,936 879, 056 Not secured by pledge of loans and/or investments. _. 38, 495,160 24, 476,170 14,018, 990 10, 835, 391 2, 454, 869 13, 684, 353 11,520,547

Due to own foreign branches 143, 498 98, 743 44, 755 143,4 Agreements to repurchase securities sold 1,197 676 521 444 753 Bills payable and rediscounts 16.194 8, 530 7, 664 3,121 200 831 12,042 Acceptances of other banks and bills sold with endorsement 16, 312 8, 265 8, 047 14. 292 278 1,491 251 Acceptances executed for customers 185, 650 99, 762 85, 888 138, 941 2,398 42, 550 .1, 761 Acceptances executed by other banks for reporting banks.. 26,149 13,616 12, 533 14, 857 1,118 9,277 897 Securities borrowed 345 229 116 345 Interest, taxes, and other expenses accrued and unpaid. _. 87, 381 51,170 36,211 23, 761 9, 767 34, 764 19,089 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures 44, 099 27, 696 16, 403 16,011 2,384 16,182 9,522 Other liabilities 118,947 50, 205 68, 742 46, 085 2, 654 40,411 29, 797 Capital notes and debentures 62, 453 62, 453 574 225 28,552 33,102 Capital stock 2,381,796 1, 578, 356 803, 440 563,540 126, 350 767, 639 924, 267 Surplus 1, 971, 464 1,071,102 900, 362 797, 426 64, 735 592, 293 517,010 Undivided profits—net 587, 495 389, 035 198,460 143, 479 19, 651 206, 551 217,814 Reserves for contingencies 319, 648 155,065 164, 583 92, 935 33, 515 122, 772 Retirement fund for preferred stock and capital notes and 70, 426 debentures . 15,939 12,019 3,920 49 24 5, 584 10, 282 Total liabilities (including capital account) 47, 468, 613 30,280. 025 17,188,588 13, 419, 223 2,937, 799 16, 864, 630 14, 246, 961 Net demand deposits 24, 844, 886 15,180,775 9,664,111 9, 525,105 1, 940, 635 8. 370, 744 5,008, 402 Demand deposits—adjusted 21, 400, 662 13, 500, 815 7,899,847 6, 733, 239 1, 508, 886 7,131, 800 6,026, 737 Number of banks 6,357 5, 293 1,064 37 13 337 5, 970

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FRENCH FINANCIAL MEASURES—GOLD REVALUATION AND ESTABLISHMENT OF REGULATORY FUND FOR GOVERNMENT SECURITIES A decree of July 22, 1937, and a Conven- ART. 5. The present decree shall be submitted to the Chambers for ratification in conformity with the tion of July 21 between the Bank of France law of June 30, 1937. and the Treasury provide for revaluation of ART. 6. The President of the Council and the Min- ister of Finance are charged with the execution of the gold reserves of the Bank of France for the present decree. the second time since September 1936, and Done at Paris, July 22, 1937. for allocation of the resulting increment to ALBERT LEBRUN. a fund for regulating the market for Govern- By the President of the Republic: ment securities. These measures are given The President of the Council, CAMILLE CHAUTEMPS. in translation below. Other financial meas- The Minister of Finance, ures, taken at the end of June, were pub- GEORGES BONNET. lished in the BULLETIN for August 1937, CONVENTION BETWEEN THE MINISTER OF FINANCE page 720. AND THE GOVERNOR OF THE BANK OF FRANCE FUND FOR THE SUPPORT OF RENTES AND LONG- AND Between the undersigned, M. Georges Bonnet, Min- MEDIUM-TERM TREASURY OBLIGATIONS, AND CON- ister of Finance, acting on behalf of the State, VENTION WITH THE BANK OF FRANCE And M. Pierre Fournier, Governor of the Bank of France, duly authorized by resolution of the general The President of the French Republic, 1 council of the Bank of France under date of July 21, By virtue of the law of June 30, 1937, granting the 1937, Government powers with a view to insuring financial It has been agreed as follows: recovery; ARTICLE 1. The Bank shall proceed to the revalua- On the report of the President of the Council and tion of its gold and foreign exchange holdings under the Minister of Finance; the conditions set forth in article 1 of the convention The Council of Ministers concurring, of September 25, 1936,3 but on the basis of a weight Decrees: of 43 milligrams of gold 0.900 fine per franc. ARTICLE 1. There is established, with a view to ART. 2. The increment resulting from this revalua- regulating the market for rentes, a supporting fund tion shall be allocated to the supporting fund for authorized to buy and sell on the market (bourse) rentes established by article 1 of the decree-law ap- perpetual or redeemable rente certificates and long- proving this convention. or medium-term Treasury obligations. ART. 3. When the operations of the supporting ART. 2. The supporting fund shall be managed by fund for rentes are suspended as provided for in the Caisse Autonome d'Amortissement for account article 3 of the decree-law approving this convention, and on the responsibility of the Treasury. Condi- the available cash balance, if any, shall be applied to tions governing its operation shall be fixed by order the repayment of the advances granted to the Treas- of the Minister of Finance after consultation with the ury by the Bank of France in execution of the con- administrative council of the Caisse Autonome ventions of June 18, 1936, and June 30, 1937. d'Amortissement. ART. 4. Moreover, the proceeds resulting from ART. 3. The operations of the fund may be termi- liquidation of the exchange stabilization fund men- nated by a decree issued on proposal of the Minister tioned in article 3 of the convention of September 25, of Finance, the Council of Ministers concurring. 1936, shall be applied in the same way up to the In this case the rente certificates held by the fund initial amount of the supporting fund for rentes less shall be cancelled at once. The cash balance, if any, the cash holdings mentioned in the preceding article. shall be applied to the repayment of the advances granted to the Treasury by the Bank of France in Executed in duplicate at Paris, July 21, 1937. execution of the conventions of June 18, 1936,2 and Read and approved: Read and approved: 1 June 30, 1937. , GEORGES BONNET. PIERRE FOURNIER. ART. 4. The convention between the Minister of 1 See BULLETIN for August 1937, p. 720. Finance and the Governor of the Bank of France, 2 See BULLETIN for July 1936, p. 536. concluded July 21, 1937, is approved. 3 See BULLETIN for November 1936, p. 88

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ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC The annual report of the Central Bank of duration. Therefore the opportunities which the Argentine Republic for the second finan- they offer for remedying the consequences of cial period, covering the year ending Decem- past evils and for accumulating reserves for ber 31, 1936, was approved by the Board of times of stress, for which it is wise to be pre- Directors of the Bank at the meeting held on pared, should not be missed. February 24, 1937. Sections of the official Balance of payments surplus.—The Cen- English text are given herewith:1 tral Bank has also played its part in the solution of the problems arising from the return THE REGULATORY FUNCTIONS OF THE CENTRAL of prosperity. It is customary to consider that, in institutions of this nature, the right BANK to issue notes is of fundamental importance. A new phase of recovery.—By the end of Circumstances have decreed, nevertheless, 1935 the National Government had reached that this Bank should initiate its regulatory the final stages of its programme of banking functions of the circulating media by the ab- reform and reconstruction, initiated a few sorption of the market's liquid funds and not months before with the creation of the Cen- by the creation of fresh resources. The first tral Bank. report alluded to this point and explained The crisis had seriously undermined the how the issue of Certificates of Participation credit structure, gravely endangering the in the Consolidated Treasury Bonds had ab- whole banking system because of the large sorbed the remainder of the profit derived amount of deposits involved. The danger has from the gold revaluation. During the past been averted and the position of the banks is year this absorption was continued on a larger now completely satisfactory in so far as con- scale so that the abundance of funds should cerns their liquidity. This situation marks not cause a plethora of money. the end of a long series of measures, some We are experiencing those very conditions emergency in nature and some fundamental, which the Law has in view when it cites with which this country has perseveringly amongst the fundamental objects of the Cen- combated a long depression. tral Bank that of "accumulating sufficient The results obtained have fully rewarded reserves to moderate the consequences of the the effort and Argentina now reaps the fullest fluctuation in exports and in investment of benefit from the improvement in the interna- foreign capital on currency, credit and com- tional economic situation. The era of crisis mercial activity, in order that the value of is ended, but problems connected with the the currency may be maintained." return of prosperity immediately begin to Exports and the influx of foreign capital arise. Freed from the burden of a long de- are the direct cause of this country's very pression, the driving forces of the national favourable balance of payments, which per- economy are once again commencing to ex- mits the continued increase of the reserves tend with the confidence of prosperous times. necessary to support the currency when that Fortunately this is founded on economic re- balance is adverse to the country. ality from which it is not prudent to stray The year 1936 adds another favourable too far. In this respect the country has had balance of payments to those of the two pre- an instructive experience. In periods when ceding periods. In 1934, after two years of economic activity is on an upward trend an adverse balances in the current items accord- exaggerated optimism frequently breeds the ing to the estimate in the table below, comes germs of future misfortunes. Consequently the first surplus of 123,000,000 pesos, fol- it is necessary to proceed with caution and lowed by 157.000,000 pesos in 1935. In 1936 have ever in mind that after acute crises much the surplus is much greater, the favorable remains to be cleared away and reconstructed. balance of trade reaching 656,000,000 pesos Upward trends are generally limited in against the 551,000,000 pesos of the preceding year. Investments of both short and long 1 The report, available in the official English translation pub- term capital from abroad are more marked, lished by the Bank, contains in addition sections dealing with profits for the year, shares and votes of the shareholding banks, especially in the latter months of the year. etc., together with statistical tables and charts. For the first report of the Bank, see BULLETIN for July 1936. Thus the influx of foreign exchange gathers Amounts in Argentine currency throughout the report are in pace, analogous in its significance and in its paper pesos. In December 1936. the average exchange rate of the paper peso in New York was $0.32718. consequences to the import of gold character-

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istic of similar periods in the monetary his- banks of Certificates of Participation in Con- tory of the country. solidated Treasury Bonds. The late crisis has shown the serious in- Pursuing this policy the Central Bank, conveniences of floating funds because of closely following the actual conditions of the their sensitiveness and the magnitude of money market, decided to apply the means their movements. The banking system must created by the law to its utmost limit. The be in a condition to deal with them with a commercial banks, under pressure of the in- minimum of disturbance. crease in their cash holding, applied at the However, in our case the main problem fortnightly offerings of Certificates for a does not reside in this but in the remarkable greater amount than that offered, as will be effect of these foreign investments, even long seen in the table lower down. term investments, on the banking system. For this reason the Central Bank, when The abundance of funds which they cause, accepting tenders on July 15, 1936, decided generally leads to an immoderate expansion to increase the placing of the Certificates up to a total of 349,000,000 pesos, and a short BALANCE OF PAYMENTS FOR THE YEARS 1932 TO 1935 time later to 399,000,000 pesos, which was the total nominal amount of Consolidated Bonds Items 1932 1933 1934 1935 held by the Bank since the first amortization of 1,000,000 pesos effected by the National (In millions of pesos) Government on June 1 last. 1. Current credits 1,354 1,190 1,811 1,924 Merchandise exports 1 1, 305 1, 141 1,618 1,726 On taking this decision the Central Bank Influx or repatriation of capital. 15 15 150 150 Sundry* 34 34 43 48 wished merely to retire fresh funds as they 2. Current debits 1,396 1,408 1,688 1,767 PLACING OF CERTIFICATES OF PARTICIPATION IN Merchandise imports. 897 1,110 1. 175 CONSOLIDATED BONDS DURING 1933 Public debt service 189 176 212 194 Public expenditure abroad. 16 16 21 26 270 270 285 Service on private capital-. 250 Certificates Interest OP amount 85 75 Nominal value Private remittances 69 87 in circulation allotted i Date of 3. Balance (1-2) -42 -218 +123 +157 issue of Certificate? Nomi- Mar- 4. Extraordinary items: Off- Sub- nal Maxi- Mini- Aver- Credits 398 123 Al- ket 4 scribed value age Export of gold 61 ered lotted value mum mum Unblocking loans 298 62 Debits 28 126 52 (In thousands of pesos) Cancellation of public debt 72 (%) 54 2 Payment of commercial debt arrears 28 Jan. 9 ?•> 000 203, 650 922,182 2 75 2 75 2 75 Withdrawal or efflux of capital Tan.15 122. 450 148,745 97, 450 250,000 272, 750 2.75 2.75 2.75 Feb.17 25,000 57,800 25,000 224, 800 242, 824 2.67 2.51 2. 56 5. Net balance, covered by changes in Mar. 2_._-_. 25, 200 38,240 25. 200 250,000 267,857 2.58 2.54 2.58 foreign exchange balances -99 +52 +120 +124 Mar. 17 40.000 70,900 40,000 212,650 223. 208 2.58 2.43 2.55 April 2 37. 350 60,835 37, 350 250,000 260,315 2.61 2.41 2.57 April 17- — 60,000 114,250 60,000 187,550 186,362 2.37 2.37 2.37 i Figures of the National Statistical Department with an addition of April 24 2. 500 188,050 186,858 2.34 2.29 2.31 1.3% to include F.O.B. values. In 1934 and 1935 figures have been con- Mav2 62. 450 138, 43f 61,950 250,000 248. 450 2.33 2.20 2.26 Mav 16 108,200 108, 200 100,000 325,000 322,998 2.52 2.13 2.36 June 2 25, 200 66, 400 25, 200 325,000 323,017 2.23 2. 07 2.20 June 5 2 2fl, 000 345,000 342, 897 2.08 2.08 2.08 2 Balance of sundry credit and debit items including: port dues, ex- June 17 39,500 86. 600 21,300 326, 800 324, 845 2.00 2. 00 2.00 porters' profits, film rights and newspapers' cable services. June 19 2.__ 18, 200 25, 500 18,200 345, 000 342, 940 1.99 1.99 1.99 3 At the end of 1933 the Government exported gold for a value of 44,- Julv 2 41,600 68. 600 29, 550 336,950 334, 980 2.23 .76 2.02 000,000 pesos, which was included in 1934, since it was connected with July 17 72, 050 92, 900 72,050 349, 000 347, 025 2. 19 76 1.98 public debt conversion operations effected in 1934, and not with the nor- Aug. 1 60, 450 100, 950 48,800 337, 350 335, 485 2.21 .74 1.87 mal balance of payments. Aug. 17 111,650 120,400 75, 800 313,150 311,517 2.15 .76 1.95 4 Sept. 2 60, 300 55, 500 34,150 322, 850 321, 187 2. 14 .86 2.00 Including the 44,000,000 pesos referred to in the previous note. Sept. 17_._. 67, 450 76, 300 50,150 331,700 330, 009 2.10 .98 2.02 Oct. 2 66, 850 84. 750 35, 600 317,750 316,153 2.00 .96 1.99 Oct. 17 102, 950 122,600 79, 000 325, 050 323, 413 2. 10 .94 2.01 of credit and leaves the banks exposed to Nov. 2 73, 950 114,800 65, 600 340, 650 338,915 2. 04 .88 2.00 Nov. 17 84,150 121, 100 84, 150 349, 000 347, 209 2.04 .80 2.01 violent fluctuations, for the expansion brings Dec. 2 34, 500 66, 600 34, 500 349,000 347. 213 2.04 .92 1.98 about an increase in imports and financial Dec. 17-_._ 100,150 124,900 100, 150 3399,000 396. 971 2. 00 1.88 1.99 services and if, as sometimes happens, the » For a term of 90 days approximately. influx of foreign capital ceases, an adverse 2 Direct sales. balance of payments has then to be met. 3 On December 31, 1935 Certificates in circulation amounted to Consolidated Treasury Bonds as a means 178,650,000 pesos nominal value and 194,907,150 pesos market value. of absorption of funds.—The considerations accumulated in the banks, but without en- in the preamble of the Central Bank Law couraging them to invest in certificates the dwell particularly on this subject and point whole of the excess of their cash reserves out the advantages of absorbing short term over the minimum legal requirement. As funds as they expand, by the sale to the was pointed out in the last Annual Report,

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this minimum is the percentage below which The Certificates of Participation may be the cash holding of banks may not fall with- discounted at any time with the Central out provoking their liquidation, unless they Bank at the minimum rate for rediscounts obtain the Central Bank's consent to an emer- of bills bearing two signatures. gency programme for the replacement of the Other means of absorption of funds.—The minimum cash reserve. It is advisable 399,000,000 pesos of certificates placed at the therefore that the banks should keep far end of 1936 are higher by 204,100,000 pesos1 from that extreme and increase loans and than at the corresponding date last year. advances only when the normal level of their At the same time foreign exchange, bought cash reserves is above that which wisdom from the banks by the Central Bank and con- advises. Thus, after the allotment which verted partially into gold, increased from an took place in the first fortnight of July, the equivalent of 129,300,000 pesos in the balance Central Bank decided that the banks which sheet as at December 31, 1935 to 303,200,000 did not keep at least 25% of their short term pesos on the same day in 1936, an increase of and 12.5% of their long term liabilities in 173,900,000 pesos. cash, would not be allowed to tender. These This comparison leads to the conclusion percentages, according to the figures for De- that the funds released to the market by the cember 31 last, represent 17.8% of the total purchase of foreign exchange by the Central Bank were absorbed by it by means of the liabilities, whereas the legal minimum re- sale of certificates. This is correct but in- quires only 11.4%. complete as an explanation of the full facts. Tenders procedure.—Since the second fort- It must be remembered that, to the holdings night in February 1936, tenders for Certifi- of gold and foreign exchange of the Central cates of Participation have been made in Bank, must be added those of the Foreign accordance with the new regulations ap- Exchange Fund, to which Article 4 of the proved by the Board on January 20 of the Organization Law refers, and the manage- same year. ment of which is also entrusted to the Bank. In accordance with the provisional pro- The purchase of this foreign exchange from cedure followed previously, certificates were the banks naturally raises the same problem offered to the banks in amounts and at prices as in the previous instance and it has a simi- already fixed, and if subscription exceeded lar solution. Funds are withdrawn varying the amounts offered, the certificates were al- with the amount added to the market and lotted in proportion to the respective bank's are derived from that part of the profits on excess cash reserve over the legal minimum. exchange operations which is devoted to the The interest on these certificates was paid purchase of foreign exchange, or from the at each maturity after deduction of a com- sale of Government bonds (including the bal- mission of 1 per mille per annum payable by ance of the "unblocking loans") and by the the banks. These latter could sell them to discount of Treasury bills, which are used for the Central Bank at any time before their the same purpose. due date, but with a deduction of interest Of the foreign exchange thus acquired for corresponding to double the time still to run. the Fund, the National Government decided, A few months' experience determined the on November 25 last, to set aside .the sum of Bank to change this procedure, substituting 39,300,000 dollars for an initial redemption that of allocation to the best bidder, which of the dollar loans.2 amongst other advantages allows oscillations This policy of repatriation of external debt, of the money market to be closely followed. besides responding to a national aspiration, Tenders are called for twice monthly and has a significance which it is necessary to prices are based on a nominal value of 100, define. In the first place, superfluous funds repayable at par on the due date. The Cen- which originate from the influx of foreign tral Bank allots the amount on offer to the capital, are definitely withdrawn. In the sec- highest bidders, that is to say at the lowest ond place, the increase in services correspond- rate of interest, and reserves itself the right ing to that fresh capital is compensated by

to refuse all or any of the applications, as 1 On December 31, 1935, the market value of the certificates in also to accept them on dates other than those the hands of the banks was 194,907,150 pesos and their nominal value 178,650,000 pesos. laid down and at prices higher than those 2 Later, on January 22, another 39,800,000 dollars were set aside for a second redemption, with which the amount thus applied is accepted at the last tender. raised to 79,100,000 dollars.

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the decrease in the debt service of the loan? first place it should be remembered that when repatriated, with the advantage that while the banks buy more foreign exchange than these latter services had to be met in foreign they sell, they encourage the expansion of the former are effected in the national cur deposits correspondingly. This mainly ex- rency; both these points are important. As plains the expansion of 312,500,000 pesos a new country, Argentina still offers a wide shown in the deposits 1 between the end of field for investment of capital, both national the years 1935 and 1936. It is similarly and foreign. In previous times financial known that cash holdings of the banks in- services increased and the resources available crease when this excess of foreign exchange from exports of products which the creditor is sold to the Central Bank. Nevertheless, countries required on an ever larger scale the figures for December last reveal a de- expanded correspondingly. Circumstances crease of 55,400,000 pesos as compared with are now different and exports encounter diffi- the cash holdings at the end of 1935, which, culties even in traditional markets. It isas was mentioned in the previous report, had essential therefore, to follow the trend of been greatly strengthened since the carrying these events closely if the country's financial out of the banking reconstruction programme. charges are to bear a reasonable relationship The main explanation of the foregoing lies to its capacity for making payments abroad. precisely in the withdrawal of the banks' sur- In alluding above to the resources used in plus funds by the negotiation of Certificates the purchase of exchange destined for theof Participation and Treasury bills by the Foreign Exchange Fund, reference was made Central Bank. to the placing of National Treasury bills. These variations in the banking deposits* Authorization to place up to a total of 100.- and cash holdings are reflected, as is natural, 000,000 pesos was granted by decree dated in the decrease in the percentage of cash November 24, 1938, after the desirability of holdings to deposits. In spite of it, the ratio increasing the capacity of absorption of funds is still maintained well above the minimum had been pointed out to the Government. legal requirements, as can be judged by the The bills thus negotiated reached the figure table below: of 67,500,000 pesos on December 31 last, and had as a counter entry an equivalent amount BANK DEPOSITS AND TOTAL CASH HOLDINGS of gold, so that, as is obvious, the amount of % cash to deposits the National Treasury's floating debt re- December 31 Deposits Cash mained unchanged. These bills are quite in- Legal dependent of those used by the Treasury to Actual minimum meet its own requirements, nor is the interest on them borne by that department. The (In millior * of pesos) Ministry of Finance's resolution of December 1935 3, 356. 7 827.5 24.7 11.1 9 last, established, in fact, an additional com 1936 __ . _ _ 3, 669. 2 772.1 21.0 11.3 mission of 5 per mille on purchases and of 4^4 per mille on sales of exchange made The outstanding factor in the reduction through the official market, the proceeds of of cash holdings has now been mentioned. which are to be employed to meet the pay-It is, nevertheless, not the only one, since the ment of interest on the amounts invested in banks have also employed part of the addi- the Durchase of gold and foreign exchange. tional funds, derived from the purchase of This has proved to be an effective measure their foreign exchange by the Central Bank, in the short period of its application and in increasing loans and advances to the pub- without doubt will continue to be so while lic. The respective figure rises from 2,454,- the balance of the country's international 000,000 pesos on December 31, 1935, to payments continues to be favourable. In any 2,585,300,000 pesos on the corresponding day case it will be an experience of the greatest in 1938, that is, an increase of 131,300,000 value for the future monetary policy of the pesos (5.4%). Central Bank. It is satisfactory to record that loans and General banking situation.—We have investments have not increased more rapidly, reached the point when the incidence of the since there is no need to launch an additional foregoing measures on the general banking 1 The banks included in these statistics hold approximately 94% of the deposits of all institutions coming under the legal enact- situation may be briefly examined. In thements of minimum cash holdings.

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quantity of money on the market, thus inflat- currency. On the contrary, it has risen from ing credit. Banks have a great responsibility 137.9% on December 31, 1935, to 139.7% on towards the public in this respect. It would be he corresponding date in the period under most prejudicial to the healthy development review, since the holdings of gold and foreign of business, and to the credit institutions ixchange have increased more than the note themselves, to force money on the market, issue. The percentage guarantee with re- thus inducing speculative or artificial trans- pect to the total sight liabilities of the Cen- actions. This argument holds all the more tral Bank has improved likewise from 80.1 if money is lent to the public by the banks to 92.8%, due as much to the reason just at a lower rate of interest than that charged pointed out as to the decrease of other liabili- to them, depriving them of that part of the ties (National Government and bank deposits annual profits which should be destined to in the Central Bank), as is shown in the fol- reasonable amortizations and reserves. lowing table: Monetary circulation.—When the banks increase their loans and investments in the GUARANTEE OF NOTES IN CIRCULATION AND SIGHT market as mentioned above, they also increase LIABILITIES OF THE CENTRAL BANK the amount of paper money held by the pub- Sight liabilities % guarantee of lic. For this purpose the banks draw on Total De- gold and their deposits in the Central Bank, which, as cem- Other foreign All is known, form part of their cash holdings. ber 31 Notes liabilities Total exchange1 Notes liabilities The Central Bank thus increased its own note issue by 112.100,000 pesos between the In million^* of pesos) (9 1935 981.8 708.1 1. 689. 9 1, 353. 7 137. 9 80.1 end of the years 1935 and 1936 and also put 552. 2 1, 846.1 1, 527. 7 139. 7 92.8 into circulation in the ssme period, an addi- 1936 1, 093. 9 tional quantity of subsidiary currency with- Including gold in the country, gold and foreign exchange held abroad, drawn from its own holdings, that is without but excluding the amounts held for the Foreign Exchange Fund. altering the limit of 211.800.000 pesos which The proportion of 92.8% is unusually high has been maintained from the very beginning and is not affected by the gold and foreign of the bank's activities. What has just been exchange holdings of the Foreign Exchange expressed above is demonstrated in the fol- Fund which are not taken into these calcula- lowing table: tions. DISTRIBUTION OF THE NOTE AND SUBSIDIARY CUR- The country possesses, therefore, a strong RENCY ISSUE HELD BY THE PUBLIC AND BY BANKS reserve, which, as is expressed in the preamble of the Central Bank Law, will lessen Issued Distribution i the shock of sudden fluctuations in the bal- December 31 Central Subsid- In hands ance of international payments. Bank iary cur- Total of the In banks 2 Course of the exchange market.—On the notes rency public preceding pages the consequence of the influx orn millions of pesos) of gold and foreign exchange on the internal 1935 981.8 196.1 1,177.9 820.3 357. 6 monetary situation has been examined. The 1936 1,093.9 207.6 1,301.5 913.8 387.7 effects on the exchange market yet remain to be considered. As a preliminary let it be 1 Figures subject to readjustment due chiefly to the inclusion of new entities and the elimination of cheques included in cash holdings of the explained that at the beginning of 1936, banks. Notes "in banks" include 72,700,000 pesos in 1935 and 88,700,000 pesos in 1936, deposited by banks in the interior in branches of the Bank there was a prospect of a considerable deficit of the Argentine Nation for account of their minimum cash holdings in the balance of payments, taking into ac- with the Central Bank. 2 Excluding subsidiary currency in the treasury of the Central Bank count the level of world prices, the volume of and out of circulation. the country's production of wheat and linseed, There are therefore in the hands of the and the improbability of exporting the whole public, 93,500,000 pesos more than a year of the available surplus of maize. So much ago, which together with the increase of was this the case, that once the seasonal 223,500,000 pesos in deposits allows a greater abundance of exchange was over, there were number of transactions, natural to the pres- symptoms of tension which definitely showed ent phase of the country's trade cycle, to be themselves during the last weeks of May and effected. the month of June; the Central Bank had to The increase in the note issue of the Central apply part of its accumulated foreign ex- Bank has not weakened the backing of the change in order to meet the excess of demand

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over supply in the official market without which had been quoted until then at 17 pesos, affecting the rate for the pound sterling. was lowered to 16 pesos with the consequent These circumstances induced a restriction reduction of exchange profits. The free mar- in the sale of exchange in the free market, ket reacted simultaneously, and the rate fell which -had reached in 1935 a total of 78,000,- correspondingly to within less than 1% of 000 pesos. It is not strange, therefore, that that reached by the official market. in the first week of July last an average of On taking this decision the National Gov- 18.68 pesos to the pound sterling was recorded ernment, whose indications the Bank must on the free market, lower than a year before, follow so long as the freedom of the exchange but higher than that of 18.01 to which the market is not reestablished (Article 14 of the pound had dropped in the preceding months. Organisation Law), once more showed its de- In this respect the following figures may be termination to simplify the control system considered: gradually until the return of the money market to normal conditions. TELEGRAPHIC TRANSFER QUOTATIONS OF STERLING THE CENTRAL BANK AS FINANCIAL AGENT OF THE (Selling rate at close) NATIONAL GOVERNMENT Official market Free market Conversion of Province of Mendoza Bonds Period transferred to the Nation.—The Bank's serv- 1935 1936 1935 1936 ices in the bond market as financial agent of (Monthly averages in pesos) the National Government, which in 1935 were January 17.01 17. 02 19.48 18.25 of small consequence for reasons given in the February.-. 16. 93 17.03 18.99 18.09 last Report, attained singular importance in March 16.91 17.02 18.90 18. 06 April 16.91 17.02 18.92 18. 01 1936, especially during the second half of the May 16. 95 17. 02 18.94 18.02 June 17.00 17.04 18.71 18. 16 year. July 17.02 17.08 18. 65 18.41 August 17.03 17. 07 18. 52 18.03 With the conclusion of operations of the September.. 17.03 17.00 18.24 17. 76 October 17.02 17.00 18.04 17. 62 banking syndicate formed for the placing of November.. 17.02 17.00 18.12 17.62 bonds before the creation of the Central Bank, December.. 17.02 16.28 18.09 16.42 the National Government entrusted to this Average 16.99 16.96 18. 63 17.87 latter the conversion of the Province of Men- doza internal debt, which had been trans- In the second half of the year the rise in ferred to the Nation in the form of issues grain and wool prices and the increased world bearing 6%, 7% and 8% interest. demand for maize materially changed the The Executive Power, by decree dated June situation. First the psychological influence 17, 1936, in accordance with the authorisa- of this increase, and then its material conse- tion conferred by law 12,237, called for re- quences, led to an abundance of foreign ex- payment at par all the issues which had been change offerings in the official market, and transferred, offering holders reinvestment in were the cause of a persistent weakening of Credito Argentino Interno 41/2% 1936 bonds. the pound sterling in the free market. This On making a study of the terms which it weakness was influenced not only by current would offer to holders of Province of Men- offerings of exchange in the market arising doza bonds for exchange into the new Credito from exports, from the investment of foreign Argentino Interno 4V£ % 1936 series, the Gov- capital and from the return of national capital ernment decided to accord holders accepting which had migrated in the time of crisis, but the exchange a premium of one point over also by the influx of foreign funds which the Stock Exchange quotation of the similar came to the country only temporarily. Credito Argentino Interno 4*/>% 1935 bonds. The National Government, after consider- The quotation of the Credito Argentino ing these movements, on which the Centra] Interno 4i/>% 1935 issue, on June 16, 1936, Bank kept them continually informed, de- stood at 91.20% that is 90.45% net, after decided to alter the level of the peso in the duction of interest accrued. In consequence, official market. As from December 10 last Credito Argentino Interno 414% 1936 was the official selling rate for the pound sterling valued at a net price of 89.45 which worked

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out at 111.80 pesos nominal value of Credito ket value of 4,519,857 pesos, that is, an aver- Argentino Interno 4!/2% 1936 for every 100 age price of 89.61%. Of these bonds part pesos nominal value in bonds of the Province was received in exchange for Mendoza bonds of Mendoza excluding accrued interest. bought on the Stock Exchange and the re- The total nominal value of the Province of mainder corresponds to direct purchases of Mendoza issues thus redeemed amounts to 1/2% 1936 bonds, also effected on the Stock 46,132,800 pesos, of which 43,727,600 pesos Exchange to sustain the market. The figures correspond to conversions; for the remaining are given below (excluding interest accrued). 2,405,200 pesos (5.21% of the whole) reim- bursement in cash was requested. PURCHASES AND SALES OF 4^% 1936 BONDS IN Against the 43,727,600 pesos presented for CONNECTION WITH THE CONVERSION exchange, Credito Argentino Interno .4^% [Actual value in pesos] 1936 bonds for a nominal value of 48,768,206 Purchases Sales pesos were delivered in accordance with the Origin (Cost (Price Profit aforementioned rate of 89.45%, as well as price) realised) on sales 119,251 pesos in cash against fractions under For exchange into Mendoza bonds 3, 584,058 3, 635. 597 51, 539 100 pesos nominal value repaid at par. For Direct market operations... 935, 799 942, 899 7,100 the purpose of obtaining this money a further Totals 4, 519, 857 4, 578, 496 58,639 130,629 pesos nominal value of Credito 4i/2% 1936 bonds nominal value were placed at an< The net profit on the sale of these bonds average price of 91.29% net. effected later, without computing interest To raise the amount of 2,405,200 pesos re- earned, comes to 58,639 pesos. quired to meet bonds presented for repayment Expenses under various items totalled at par, it was necessary to sell 4^% 1936 134,461 pesos; after deducting profits a net bonds on the market for a total of 2,634,681 total expense of 75,822 pesos remains repre- pesos nominal value at an average price of senting 0.15% of the nominal value of the 91.29% net. 4i/>% 1936 bonds issued. To summarise, the 46,132,800 pesos nomi- The final result, therefore, was the follow- nal value Mendoza Bonds, free of accrued ing: the 414% 1936 bonds were placed, as interest, were replaced by-or converted into shown in the first table, at an average price 51,533,516 pesos nominal value of 4V2% 1936 of 89.52% which, after deduction of the ex- bonds at an average price of 89.52% net, .as penses indicated above, gives a net price of can be seen from the table below: 89.37%. The quotation of the 4Va% 1935 series on June 17, the day on which the con- CONVERSION OF PROVINCE OF MENDOZA BONDS version was initiated, was 90.52 %. The plac- Province Credito Argentino Interno 4K% ing was thus effected at a price of 1.15% of 1936 Bonds below the market quotation. Method of redemption Mendoza bonds To appreciate the narrow spread at which nominal Nominal Market Net value value value price this operation was effected by the Central Bank for the Government it is sufficient to (In pesos) remember that previous issues had been made Exchange 43, 727, 600 48, 898, 835 43, 727, 600 89.4? with the following margins: Repayment 2, 405, 200 2, 634, 681 2, 405, 200 91. 29 C. A. I. 4K% 1934, issue m$n. 50,000,000., margin 3.00 points Total 46,132, 800 51, 533, 516 46,132, 800 89. 5? C. A. I. 4^% 1934, issue m$n. 25,000,000., margin 2. 50 points C. A. I. \]A% 1935, issue m$n. 50.000,000., margin 2.00 points C. A. I. i}4% 1935, issue m$n. 50,000,000., margin 2. 53 points To arrive at the definite cost of the con- In the last three issues the price to the version operation, it is necessary to take int< public was 10 to 30 cents below the current account on the one hand, the profit on the sale market quotation. of 4V£ % 1936 bonds which had to be acquired Placing of Government bonds on the Stock during the process of the operation, and on Exchange.—After this operation, the Bank the other, the expenses of the conversion. regularly undertook the sale of Government The 414% 1936 bonds purchased amount bonds on the Stock Exchange following the to 5,043,700 pesos nominal value, with a mar- instructions of the Government and in ac-

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cordance with the market's capacity of ab- MONTHLY AVERAGE QUOTATIONS FOR SPOT OPERA- sorption. The nominal value of bonds thus TIONS IN THE PRINCIPAL NATIONAL BOND ISSUES sold amounted to 152,100,000 and their mar- ON THE BUENOS AIRES STOCK EXCHANGE ket value to 140,000,000 pesos. Adding to [In m$n. excluding coupon] this the sales effected by the Bank directly to the various Pension Boards and Autono- Cre"dito Argentino Interno Bonds Year 1936 mous Departments, for a nominal value of 4%, 31,800,000 pesos and a market value of 30,- 1934 1935 1936 1936 800,000 pesos, the total sold amounts to January 96. 425 88. 440 87. 585 183,900,000 pesos nominal value, and 170,- February... 97. 465 90.830 90.355 March 97. 750 90. 720 90. 030 800,000 pesos market value. The detail of April 98. 630 90.880 90. 300 national bonds sold and their average prices May 98.500 91. 665 90. 540 June 98.055 91. 495 90.410 is given below. July 97.905 91. 270 90.345 90.185 August 98.340 92.050 91. 685 91. 520 September.. 98.040 92. 280 92.015 91. 980 VALUE AND AVERAGE PRICE OF NATIONAL BONDS SOLD October... _. 98. 440 91.890 91. 665 91.575 FOR ACCOUNT OF THE NATIONAL GOVERNMENT IN November.. 98. 910 92. 290 91.975 91.860 19361 December.. 98. 740 93. 710 93.710 93.315 87. 250 Average.. 98.165 91. 930 90. 455 92. 330 87. 250 Sales on Direct sales the Stock and by Total sales i Including Empre'stito Patriotico 5%, 1st. Series. Exchange tender Securities Nom- Price Nom- Price Nom- Price Placing of Treasury bills.—The Central inal ex- inal ex- inal ex- Bank in like capacity of financial agent had value coupon value coupon value coupon in its charge the monthly tenderings for (Thou- (Thou- (Thou- National Treasury bills, the figures for which sands of (Pesos) sands of (Pesos) sands of (Pesos) pesos) pesos) pesos) are given in the corresponding table, and the Empr. Patr. 5% 1,105 98. 062 1,105 98. 062 placing of bills or bonds for a total of 46,- 5% 21,420 98.143 25, 974 47, 394 98.039 4^% 1934 17,696 92. 449 17, 696 92. 449 700,000 pesos nominal value on behalf of 4K% 1936 78, 390 92. 329 "~5~450" 92.139 83,840 92. 317 autonomous departments and of provinces as 4% 1936 31,551 86. 606 31,551 86. 606 Various 1,333 90.092 1,000 9l"830" 2,333 advances on account of their proportion of 151,495 32, 424 183,919 the unified internal revenue taxes and in- Totals.. come tax. i Excluding bonds delivered in the conversion of Mendoza issues transferred to the Nation. PLACING OF TREASURY BILLS FOR ACCOUNT OF THE NATIONAL GOVERNMENT IN 1936 For the better control of the bond market the Bank, financial agent of the Government Average rate of Treasury bills interest on amount in these operations, had an intervention fund Bills allotted in which the total movement in 1936 came Date of issue in circula- to 33,000,000 pesos. Offered Sub- Al- tion 30 60 90 This fund was not created with the aim of scribed lotted days days days securing or maintaining artificial prices for Government securities, but to moderate (In thousands of pesos) (%) January 10 15,000 39, 400 15,000 42,150 2.50 3.00 abrupt oscillations of the market by purchas- February 10 20,000 46, 000 17,100 39,400 2.44 2. 88" 2.88 March 10 30,000 36, 000 17,000 26, 200 2.39 2.50 2.77 ing bonds when weakness sets in, selling them April 8 35,000 42,100 35, 000 41,900 2.23 2,88 again when the market is firm. May 9 10,000 18,300 10,000 41, 900 2.18 2 25 2.54 June 10 14,000 26, 000 14,000 47,000 2.13 2^38 2.30 The constant upward tendency in the quota- July 10 39,000 50,600 39,000 47,000 2.10 2.00 2.64 August 10 22,000 34, 200 22,000 56, 800 2.01 1.90 2.39 tion of securities, which can be noted in the Sept. 10 18,000 31,100 18,000 61', 000 2.05 2.18 2.41 following table, has naturally contributed to October 10 34,000 49, 500 22,000 49,000 2.00 2.12 2.28 Nov. 10 22,000 47,000 22,000 49,000 1.94 2.09 2.20 facilitate the task of selling. Dec. 10 26, 250 19,300 18,800 41, 550 2 2.08 2.39 The advantages in certain circumstances, of the sale of bonds through a banking syndi- 1 Approximate maturities. 2 On December 31, 1935, Bills in circulation amounted to 37,650,000 cate managed by the Central Bank, have not pesos. been forgotten. Article 10 of the decree regulating the Central Bank Law authorised thi Services in connection with the public method of placing which will permit, when debt.—Besides the transfer to the Nation of the opportunity arises, the effective coopera- the Mendoza debt and following the instruc- tion of banking and financial institutions. tions of the National Government, the Bank

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dealt with debt of the Provinces of Tucuman, Worthy of note, for its magnitude in this Salta, San Juan, La Rioja and Jujuy. The respect, is the transfer of 39,300,000 dollars settlement of debt of the Provinces of Salta which had to be deposited in New York on and Jujuy included the repayment in cash of November 28 last, for the first loan redemp- bonds which actually circulated as provincial tion. The Bank of England and the Federal currency. Reserve System, who intervened in this trans- The issue of this money in both provinces, fer, were given the necessary notice. apart from being expressly forbidden by law, As in the previous period, the execution of has once again demonstrated the serious diffi- the payment agreement with Germany has culties which it causes. In the case of the also been entrusted to this Bank. Operations Province of Jujuy, for example, the pro- have progressed satisfactorily, although the vincial issues under the law of November 8, usual administrative difficulties of compen- 1932, circulated without any great difficulty sation systems have been encountered. The until, in accordance with the well known and new agreement signed on December 29 is well proved law that bad money drives out more advantageous than the previous ones, the good, the national currency was being as it has been possible to adjust the volume withdrawn from the local banks and replaced of exports to Germany to the sales of ex- by provincial notes. Fortunately redemption change made against imports of German by the National Government averted the goods into Argentina. dangers of this situation. Lastly, amongst the tasks entrusted to the The Bank has also attended to the duties Bank as financial agent of the Government, inherent in the servicing of the internal and mention should likewise be made of its inter- external debt. As detailed particulars rela- vention in the carrying out of the unblocking tive to the latter were kept only by the fiscal agreement with Italy, signed on February 11 or paying agents abroad, the Bank, with the of last year. In accordance with its pro- agreement of the National Government, de- visions 10,200,000 lire originating in Argen- cided to undertake the recording and full tine exports were set free. These lire were control of the external issues in the method taken over by the National Government and followed by the old Credito Publico Nacional, the corresponding pesos paid to the exporters. whose functions had also been transferred to The lire were used gradually in the payment the Central Bank. of the services of the unblocking loan ar- Exchange operations.—In the matter of ranged with that country on November 30, exchange, the activities of the Bank as finan- 1934. cial agent of the Government have been connected with those parts of the Exchange Con- THE APPLICATION OF THE BANKING LAW trol mechanism which were transferred to Bank liquidations.—The present report the Bank during the first financial period as has already clearly outlined the manner in mentioned in the Report for that year. which the Bank has fulfilled its tasks of As was then stated, the Central Bank does monetary regulation and as financial agent not intervene in the granting of exchange of the National Government, conferred on it permits, which is the function of the corre- by law. There remains to be explained the sponding department in the Ministry of Fi- function, likewise entrusted to it, of applying nance, but merely in their execution through "the regulations for banking inspection ex- duly authorised banks. amination and management laid down in the The Bank does not deal directly with the Banking Law/' public in these operations. Its task consists With this object in view special attention in purchasing or selling foreign exchange to has been given to the organisation of banking the banks for purposes of regulation, and in inspection and to recruiting the necessary relation to the operations of the Foreign Ex- staff possessing competence, discretion and change Fund. It also remits the services of adaptability. the external public debt and various official This work has developed in the measure payments. The considerable volume of all that the formation of the staff has permitted. these operations is reflected in the accounts In the first place it was necessary to solve of the Bank with its correspondents abroad, urgent problems, such as the liquidation of which in 1936 reached an equivalent of the Banco Escandinavo Argentino and of the 3,277,000,000 pesos. Banco Italo Espafiol de Mendoza in addition

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to that of the Banco Argentino de Fomento Further, to ensure the return of deposits initiated during the previous year. None of and other credits on behalf of third parties, these institutions could comply with the pro- three inspections of concerns which have vol- visions of minimum cash holding and other untarily entered into liquidation have been conditions prescribed by the Banking Law, effected. nor was it possible, given the defects from Minimum cash holdings.—The regulations which they suffered, to contrive a plan which with regard to minimum cash holdings are would remedy their situation. observed satisfactorily. As has been said The Central Bank ordered the liquidation elsewhere, actual cash holdings of the banks of the Banco Escandinavo on January 16, are far above the minimum legal require- 1938. The Bank Mobilization Institute (In- ments as is shown in the following table. The stituto Movilizador de Inversiones Bancarias) failure to comply with the pertinent regula- immediately decided to provide a sum large tions has only occurred in a reduced number enough to repay privileged savings deposits, of cases of small importance. or say up to an amount of 5,000 pesos in every account, taking over the legal rights of the LIABILITIES, CASH HOLDINGS AND SURPLUS OVER THE depositors. LEGAL MINIMUM DURING 1936 The Banco Escandinavo constitutes a [Average daily balances in thousands of pesos] typical example of the disastrous conse- Liabilities Cash Surplus over legal quences caused by immobilizing depositors' holdings minimum money in disproportionately large invest- Month Net ments or in financing affiliates or concerns Sight Term Total Amount Sur- De- sur- closely linked with the bank, as can also be plus ficit plus seen in previous cases. Article 4 of the Bank- Jan. „. 1, 442, 085 !2,, 184, 266 3, 626,351846,266 23.2 442,811 2,020 440,791 ing Law attempts to prevent operations of Feb 1,455,179 2!, 200,964 3, 656,143 845,671 23. 438,357 11, 592 436,765 Mar_. 1,462,614 2,217,942, 0 3!,, 680, 554 881,870 23. 471,756 1, 339 470; 417 this kind, incompatible with the liquidity or April.. 1,491,032 2,201,376 3;;, 692,408 848, 268 23.0 435,441 1I , 84~'~8 433, 593 the security which should characterise bank- May... 1,494,205 2,184,291 3!, 678,496 795, 224 21.6 382, 736 1,32, 327 381,4038l| 9 June__. 1,490,257 2,186,424 3i, 676, 681 758,315 20.6 345, 591 628 344,963 ing assets. July.. 1,487,058 2, 202,602 I3,, 689,660 744, 581 20.2 330,864 489 330,375 Aug._. 1,516,064 2,244,696 3:, 760,760 756,168 20.1 334, 524 493 334,031 The liquidation of the Banco Italo Espafiol Sept._. 1,499,026 2, 216,800 1,715,823. 6 726,012 5 309, 363 522 308,841 Oct ... 1, 518, 753 2, 213, 783,7327 , 540 752,190 20.2 332,526 485 332,041 Argentino de Mendoza was decided on March Nov... 1,562,017 2,218,274 "I3;, 780, 291 784,169 20.~ 357, 523 720 356,803 6,1936. This bank also had been imprudently Dec.... 1,644,130 2,226,244 3,870—1,37, 4 834,369 21.6 393,853 619 393,234 managed in spite of experience from the Ave _ 1, 505, 202 2, 208,139 3, 713, 341797, 759 21. 4 381, 279 1,007 380,272 errors of its predecessors. After an objective examination of the rec- In accordance with the powers conferred ord of these three institutions prior to liqui- on it by Article 3 of the Banking Law, the dation by the Central Bank, it can be easily Central Bank has refused to permit the dis- understood why the Regulatory Decree of the tribution of dividends by those banks which Banking Law has specially pointed out to the do not prove to be in a position to comply Central Bank the necessity of reporting on with the minimum cash holding regulations. the standing and reputation of those asking Liquidation programme.—It has not been permission to set up new banking institutions. thought advisable to make individual de- Bank inspections.—During the year the cisions with respect to the programme for close study of banks not holding shares in the the liquidation of real estate, shares, deben- Central Bank has continued. These, accord- tures and participations to which reference ing to law, must ask for authority to continue is made in Article 4 of the Banking Law. It operations. With this object twelve general has been deemed preferable to await the com- inspections have been conducted, of which pletion of the enquiry into the general situa- five were in the Federal Capital and seven in tion of the establishments involved and then the interior of the country. to evolve a solution or procedure which, as Apart from these cases, it was resolved to far as possible, can be generally applied. make general or special inspections, thus In every case the Bank has taken into ac- starting a programme which in time will be count the existing situation and endeavoured extended to all banks continually and sys- to find a solution causing least disturbance. tematically. Of these inspections six were Interest rate adjustment.—Such was the made in the capital and nine in the interior. case in the fixing of interest rates. When, on

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February 5 last year, the Bank decided on tween banking and other commercial enter- 31/2% as the rate for rediscounts, it estab- prises not only because of the above feature lished that the corresponding maximum rate but also due to the delicate monetary respon- of interest payable on savings and current sibility which the banks assume when they account deposits, namely 2V->% and i/2% re- create means of payment by extending credit. spectively, should become effective as from The extreme caution which will have to be March 1, 1936. exercised in this matter is thus justified. It was necessary to consider fifteen special and exceptional cases of small banks, which THE FINANCIAL PERIOD due to the peculiarity of their situation, required a certain lapse of time to adapt them- Work of organisation.—During its second selves to the new conditions. By the end of financial period the Central Bank has been 1936 only three banks were in this transitory able to begin the organisation of the Credit stage. Department, which still remained to be done, The Banking Law does not base the time and to profit from the lessons of a year's prac- deposit interest rate on the Central Bank's tical experience by improving other prelimi- rediscount rate. It had been considered con- nary departmental organisation. As there venient to leave to the banks a certain elas- was no urgency for the new Department it ticity in this matter, trusting that, due to the was thought convenient to concentrate activi- special nature of these transactions, the rates ties on other essential tasks. would maintain a certain relationship with The banks, in effect, do not require credit the market. Nevertheless the occurrence of from the Central Bank which, on the contrary, marked discrepancies induced the Bank to is busy with the task of absorbing funds as already described. Thus the Rediscount adopt special measures. From June 30 1last< , the undertaking not to pay more than 2 /4 /r Committee, formed on January 11,1936, with and 3% on time deposits at 90 and 180 days the cooperation of representatives of produc- respectively was included in the conditions tion and of commerce, has had to deal with laid down for subscription to Certificates of only one operation, of small importance and Participation in National Treasury Bonds. short duration. Petitions for new banks.—It is not unfitting Modification of currency notes.—Concen- to end the review contained in this chapter tration on the foregoing problems has not led by mentioning an event of special significance to overlooking the necessity of solving that as an expression of banking policy. The of changing the currency notes. There is Central Bank, in accordance with the Bank- certainly no urgency on legal grounds, since ing Law and its Regulatory Decree, had to the exchange of notes enjoined by the Or- advise the National Government in two cases ganisation Law has been begun within the on petitions to initiate new banking busi- time prescribed, by the alteration of the head- nesses. On both occasions, the Bank, besides ing of the old notes, both in the subsidiary giving the opinion demanded by each par- and Central Bank issues. Nevertheless the ticular case, stated to the Government, by Bank has been diligent in trying to arrive at unanimous resolution of the Board, that in a satisfactory solution, since the type of note its judgment the opening of new banks was in use does not fulfil the demands now re- not convenient, since the capacity of the exist- quired by the principal countries of the world, ing ones already surpassed genuine credit which include that of reducing the possibility requirements. The Minister of Finance rati- of forgery to a minimum. The investigation fied this opinion categorically in the report made by the Bank, in conjunction with the of his Department for the year 1935. The National Mint (Casa de Moneda), points to State has had to utilize large resources aris- the suitability of the process of steel engraving from the revaluation of the gold to make ing because of the security it offers as against banking deposits secure. Experience in this the simple printing now in use, apart from and other countries shows that when a bank obvious aesthetic reasons. Steel engraving in difficulties suspends payment it may affect was employed previously in the country in the whole banking system if lack of confi- issues made between the years 1875 and 1900. dence extends to depositors in the remaining It is undoubtedly a slower and more costly institutions. The preamble of the Banking process, and this will not be lost sight of Law points out the substantial difference be- before a final decision is taken. Further-

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more, the cost cannot fail to increase with the The Special Reserves will reach 2,100,000 more frequent renewal of the notes of lower pesos, since the 1,500,000 pesos set aside this denominations. The condition of these notes year as Contingency Reserve are added to the in circulation in the interior of the country 600,000 pesos constituted last year for en- leaves much to be desired and one of the ob- largement of premises, for installation ex- jects of the Bank is to remedy this deficiency penses and contingencies. in so far as it may be possible. From the figures given above it will be evi- These reforms require a considerable capi- dent that the purpose of the Bank is to write tal investment in buildings and machinery, off entirely those assets which are not directly and with this in view the Bank has started productive and to constitute strong reserves, the formation of an adequate fund as will be in view of the profits obtained in the first seen elsewhere. two financial periods. In this way there re- An interesting proposal of the National main large resources for investment in Na- Mint (Casa de Moneda) is also being studied tional Government bonds, as is authorised in for the issue of coins of 0.50 centavos and Article 34 of the Central Bank Law. The 1 peso, in pure nickel and silver quaternary paid up capital is 19,308,750 pesos and the alloy respectively, to be used as well as theReserves made during the two periods, 4,- subsidiary notes after the modification of the 685,987 pesos. This forms a total of 23.- laws which at present govern the currency. 994,737 pesos in capital and reserves, of which Increase in reserve funds.—With new allo- 18,909,279 pesos have been invested in Na- cations, the General Reserve Fund will come tional Government bonds. Comparison of to 2,575,987 pesos, according to the following this figure with that of the capital and re- table. serves, taking into account the reduction of CENTRAL BANK RESERVES 1,000,000 pesos nominal value in Consolidated [In pesos] Treasury Bonds, gives a result of 6,085,458 pesos available for new investments. With General Reserve Fund this policy of depreciation and the formation Special Grand Period reserves total and investment of reserves, the Bank in- 20% 10% Total creases its intrinsic capacity for making profits, at the same time protecting itself 1935__. 737, 958 258.135 996,093 600.000 1.596,093 1936 1 200,035 389, 859 1,589,894 1,500,000 3,089, 894 against the varying fortunes of the market, as is the object of the law, and strengthening Totals 1 937,993 647, 994 2, 585, 987 2,100,000 4, 685.. 987 its position to meet future contingencies.

BALANCE SHEET OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC AS OF DECEMBER 31, 1936 AND 1935 [In thousands of pesos]

Dec. 31, Dec. 31, Liabilities Dec. 31, Dec. 31, Assets 1936 1935 1936 1935

Gold at home 1, 224, 418 1,224.418 Notes in circulation 1.093,928 981. 755 Gold abroad and foreign exchange 303.247 129; 274 Bank deposits ' 426,002 482, 399 Subsidiary currency.- 4,215 15,653 National Government deposits 120,772 219,186 Shareholding banks, shares subscription ac- Other deposits 4,851 5,704 counts 15 5,008 Capital 20,000 20,000 Non-interest bearing Government bonds 118,884 118,884 General reserve fund Consolidated Treasury bonds 399, 000 221, 350 Special reserve for contingencies and enlarge- 996 National securities, Article 34, Law 12, 155 18,909 14,124 ment of bank premises Bank premises 1,330 1,295 Certificates of participations in Consolidated 600 Other assets 4,088 65 Treasury bonds Difference in the quotation of Consolidated 399,000 Treasury bonds 16, 257 Bank premises amortization account 1.330 240 Profit and loss account 6,000 3, 690 Other liabilities 626 841

Total assets.. 2, 074,105 1. 730, 071 Total liabilities. 2,074,105 1,730,071

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BANK SUSPENSIONS, 1921-1936 During the years 1921-1936, 14,943 bank are based on the latest data available at the suspensions occurred in the United States. time the banks were reported as having been The tabulations that follow analyze these placed in liquidation or receivership or, in suspensions in detail, showing among other the case of those later reopened, as of the things the number, deposits, and loans and dates they were granted licenses to reopen. investments of suspended banks by geo- Loans and investments and capital stock of graphic divisions, States, months, years, size the unlicensed banks included in the figures and class of bank, and size of town. shown for 1933 are as of December 31, 1932, Definition of bank suspension.—Bank sus- or the nearest available prior call dates. pensions comprise all banks closed to the Mutual savings banks.—During 1921-1936, public, either temporarily or permanently by 12 mutual savings banks with deposits of supervisory authorities or by the banks' $30,474,000 suspended. Data with respect to boards of directors on account of financial the suspension of these banks are shown in difficulties, whether on a so-called moratorium Table 14. They have been excluded from all basis or otherwise, unless the closing was other tables. under a special bank holiday declared by civil Bank suspensions in 1933.—The figures for 1933 comprise banks suspended before authorities. If a bank closed under a special the banking holiday, licensed banks suspended holiday declared by civil authorities and re- or placed on a restricted basis following the mained closed only during such holiday or banking holiday, unlicensed banks placed in part thereof, it has not been counted as a liquidation or receivership, and all other un- bank suspension. Banks which, without ac- licensed banks which were not granted tually closing, obtained agreements from de- licenses to reopen by June 30, 1933. At the positors to waive a portion of their deposits close of the banking holiday (March 15, or to defer the withdrawal of a portion of 1933) 1,400 national banks with deposits (on their deposits have not been classed as sus- December 31, 1932) of $1,942,574,000, and pensions. Banks which were reopened or 225 State member banks with deposits of taken over by other institutions after sus- $925,777,000 had not been licensed to reopen. pension have been included as suspensions. On April 12, 1933, the first date following the The figures for 1933 include all banks not banking holiday for which corresponding granted licenses following the banking holi- data are available with respect to nonmember day in March 1933 which were subsequently banks, there were 1,108 unlicensed national placed in liquidation or receivership (includ- banks with deposits of $1,818,541,000, 152 ing unlicensed banks absorbed or succeeded unlicensed State member banks with deposits, by other banks), and all other unlicensed of $842,982,000, and 2,938 unlicensed non- banks which were not granted licenses to member banks with deposits of $1,317,607,- reopen by June 30, 1933. 000. By the end of June 1933 supervisory Deposits, loans and investments, and cap- authorities had completed their examination ital stock.—Except in the case of unlicensed of all or nearly all the banks not granted banks included in the statistics of bank sus- licenses immediately following the banking pensions for 1933, deposits, loans and invest- holiday and had authorized such of the banks ments, and capital stock of national and State to reopen as could then qualify for licenses. member banks are as of dates of suspension, On June 30, 1933, there remained 985 un- and in the case of nonmember banks the licensed national banks with deposits of $1,- figures are as of dates of suspension or latest 028,347,000, 114 unlicensed State member available call dates prior thereto. Deposits banks with deposits of $239,268,000, and 1,983 of unlicensed national banks included in the unlicensed nonmember banks with deposits of figures shown for 1933 are as of dates of $1,063,984,000 to be rehabilitated and re- conservatorship; in the case of unlicensed opened or to be placed in liquidation or re- State member banks the figures are as of ceivership. All such banks (not licensed by June 30, 1933, or the nearest call date prior June 30, 1933) are treated as suspensions. to liquidation or receivership; and in the case Following is a summary classification of sus- of unlicensed nonmember banks the figures pensions in 1933:

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BANK SUSPENSIONS IN 1933

Non- National State member Private Total banks member State banks banks banks

NUMBER OF BANKS

Banks suspended January 1 to March 4 408 22 302 20 Banks placed in receivership during the banking holiday (March 6 to March 15) 39 1 34 2 Licensed banks suspended March 16 to December 31 179 2 158 10 Banks not licensed following the banking holiday and later placed in liquidation or receivership (March 16, 1933 to December 31, 1935) 2,122 865 74 1, 113 70 Banks granted licenses (July 1, 1933 to December 31, 1936) 1,242 .161 72 1,002 7 Banks neither granted licenses to reopen nor placed in liquidation or receivership by Dec- ember 31, 1936 10 3 7

Total 4, 000 1, 101 * 174 2, 616 109

DEPOSITS (in thousands of dollars)

Banks suspended January 1 to March 4_._: 198,417 71,802 , 633 102, 115 2, 867 Banks placed in receivership during the banking holiday (March 6 to March 15) 15,080 1,381 109 12, 732 858 Licensed banks suspended March 16 to December 31 145,072 17,322 ., 927 124, 920 903 Banks not licensed following the banking holiday and later placed in liquidation or receivership (March 16, 1933"to December"31, 1936) 2,519,958 1. 361, 607 672, 260 477,954 8,137 Banks granted licenses (July 1, 1933 to December 31, 1936) 716,423 158,437 86, 988 470, 482 516 Banks neither granted licenses to reopen nor placed in liquidation or receivership by De- cember 31, 1936 482 1,266 Total.. 3, 596, 698 1,610,549 ;, 399 1,189,469 13,281

1 Exclusive of mutual savings banks. 2 Includes 56 banks with deposits of $118,479,000 which did not receive licenses (as member banks) following the banking holiday and later with drew from the Federal Reserve System. Of these, 28 were subsequently granted licenses as nonmembers.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 868 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

TABLE 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS ALL BANKS»

Number of suspensions Geographic division and State

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

United States—total 505 366 646 775 618 976 669 498 659 1,350 2,293 1,453 4,000 57 34 44

New England—total 2 1 3 2 2 1 3 11 33^ 9 83 1

Maine 1 1 2 33 New Hampshire. - _- 1 2 6 Vermont - - - 2 18 Massachusetts - - 1 1 2 19 3 20 Rhode Island. 1 1 1 1 Connecticut - - - 1 1 2 2 7 10 6 5 1

Middle Atlantic—total 9 5 8 8 8 6 9 4 11 30 230 60 396 12 3 1 New York 5 1 4 6 2 3 5 8 55 10 107 2 New Jersey 2 1 3 38 8 70 8 2 1 Pennsylvania 4 2 4 2 8 6 7 1 5 19 137 42 219 2 1 East North Central—total n 18 31 37 33 68 91 59 84 282 610 457 1,337 25 9 8 Ohio - 3 5 3 1 8 16 11 10 25 115 26 197 3 1 1 Indiana - - 6 8 7 4 9 7 25 24 24 87 96 68 208 14 1 7 Illinois -- 9 4 4 12 7 19 29 18 30 125 238 209 245 2 1 M"ichiffan 8 4 3 8 5 23 6 9 21 113 87 321 1 1 Wisconsin -- -- 2 12 10 11 11 15 6 11 24 48 67 366 5 5 West North Central—total 138 106 297 406 315 530 306 252 302 415 717 445 1.144 12 9 21 Minnesota 18 15 46 55 50 93 65 46 31 22 101 61 122 1 Iowa ' - 24 12 35 83 86 134 70 51 34 87 208 147 416 i Missouri 16 11 22 43 44 58 46 32 23 103 122 80 255 7 5 14 North Dakota 37 13 99 75 32 59 37 38 37 59 66 14 44 1 South Dakota - - - - -_ 3 11 44 113 63 115 27 7 13 55 73 23 27 3 Nebraska 29 24 17 21 21 25 25 52 152 46 109 51 203 3 1 Kansas - 11 20 34 16 19 46 36 26 12 43 38 69 77 1 3 2

South Atlantic—total-- --_ 105 58 63 75 100 215 104 105 160 223 263 109 326 5 5 Dpi a ware 1 1 1 3 Maryland 4 2 1 1 3 20 4 70 Dist of Columbia 4 14 Virginia 5 5 3 4 3 4 4 10 20 37 q 43 2 1 West Virginia __ . 1 1 2 4 2 5 5 14 10 57 6 49 North Carolina - ._ . 14 8 18 16 12 14 8 18 93 63 31 68 South Carolina - - 9 16 26 2n5 41 45 24 22 17 27 34 18 31 1 1 Georgia - - - 65 20 12 30 34 109 26 27 34 31 35 25 18 2 3 Florida 6 4 3 1 43 31 35 65 39 17 11 30 East South Central—total 13 14 11 24 22 31 33 17 35 152 150 96 152 1 1 8 TCpntuckv 2 4 5 6 7 8 1 30 27 38 39 1 1 2 Tennessee - - - 1 3 6 7 13 17 4 12 29 31 28 43 4

\labama t O C G 2 10 5 4 2 1 14 34 36 18 38 5 11 3 4 6 5 8 59 12 2 Mississippi _ 2 56 32 106 82 84 70 84 84 44 43 5 West South Central—total 83 200 174 94 295 1 6 Arkansas 5 3 6 7 16 17 14 12 134 57 13 79 Louisiana 11 6 5 2 4 10 4 3 10 7 14 59 2 Oklahoma 27 39 53 50 20 21 28 5 "'"21 22 24 32 84 1 3 Texas 63 34 19 25 39 37 35 22 10 34 86 35 73 3 3 Mountain—total 85 65 138 122 56 30 19 9 12 25 62 96 118 1 IVIontana 23 31 77 45 16 8 2 1 1 11 11 8 21 1 Idaho 22 8 10 7 8 4 9 3 1 10 24 16 Wvomins 4 9 33 3 3 2 1 3 2 3 Colorado - - - 12 8 18 9 15 14 4 3 5 5 21 24 59 New Mexico - 7 5 14 23 10 1 1 1 1 7 Arizona 7 5 8 3 3 1 1 5 5 4 Utah - - - 7 3 2 2 1 2 2 3 9 14 Nevada 1 1 1 2 16 2 Pacific—total 21 17 12 17 12 12 22 5 12 12 54 87 149 1 12 5 5 12 6 2 4 2 7 3 22 28 62 Washington _ __ C O Oregon C O 6 5 3 5 12 3 1 2 14 26 38 California - - 6 2 2 5 6 4 7 18 33 49 1

i Includes national banks, State banks, trust companies with deposits, stock savings banks, and private banks. Mutual savings banks are excluded from this and succeeding tables. Data with respect to mutual savings banks suspended during 1921-1936 are given in table 14.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 869

TABLE 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued NATIONAL BANKS

Number of suspensions Geographic division and State

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

United States—total 52 49 90 122 118 123 91 57 64 161 409 276 1,101 1 4 1

New England—total 1 1 1 1 6 2 50 Maine - __ 17 New Hampshire. „ 1 5 Vermont - - -_. _ __ 1 14 "M. assachusetts 1 5 I 14 Rhode Island. _ . 1 Connecticut 1 1

Middle Atlantic—total 2 3 2 3 1 6 1 8 82 33 282 1 New York - 1 1 1 1 24 8 84 New Jersey 2 1 16 5 53 Pennsylvania - 1 1 3 1 6 1 6 42 20 145 1

East North Central—total __ 1 1 4 4 2 9 9 10 8 30 85 69 301 1 Ohio 3 2 2 2 2 3 19 2 58 1 Indiana 1 1 2 3 3 1 4 8 12 44 Illinois 1 1 4 2 4 4 20 37 46 107 1 1 2 14 5 54 Wisconsin 1 3 1 1 1 1 1 7 4 38

West North Central—total 11 7 28 46 52 74 44 24 22 38 84 62 170 1 1 Minnesota 4 8 15 14 12 3 1 1 13 q 27 Iowa - 3 2 1 4 16 31 21 6 8 13 21 24 67 Missouri 1 1 2 1 1 1 6 12 g 13 North Dakota __ _ _ .. 2 2 14 • 9 7 11 4 5 8 8 13 3 10 South Dakota 2 2 5 14 12 12 2 2 3 13 6 7 1 Nebraska 4 1 2 8 1 3 3 3 3 4 8 3 25 1 Kansas 1 3 1 1 4 1 3 4 9 21

South Atlantic—total 2 4 4 4 18 5 7 14 21 28 53 24 96 1 - Delaware - 1 1 1 M^ar viand 2 3 1 24 Dist. of Columbia 4 Virginia 1 1 1 1 1 2 6 2 17 1 West Virginia 1 1 1 1 5 18 2 21 North Carolina 1 2 4 2 3 1 10 14 10 South Carolina 1 2 5 3 2 5 4 4 5 3 6 Georgia 1 1 1 7 3 3 3 4 8 9 Florida 1 1 2 1 11 4 3 2 4 East South Central—total 1 1 2 3 1 4 3 16 24 20 48

Kentucky -- - 1 3 4 10 20 TL ennessee 1 1 3 4 3 14 \Iabama 1 2 1 2 2 8 11 Mississippi 1 1 1 1 3 8 1 3

West South Central—total _ __ 13 14 20 15 15 18 16 6 4 34 40 21 63 Arkansas - - 1 3 2 1 13 8 1 8 Louisiana 1 1 1 8 Oklahoma - _. _. 3 8 17 9 9 8 8 2 1 6 2 y 15 'Pexas 10 4 3 6 6 7 6 4 2 14 30 10 32

IVlountain—total __ - 17 16 28 42 22 7 3 1 3 3 17 18 40 1 Miontana 7 9 17 13 9 2 1 1 2 3 3 5 1 Idaho - 7 1 5 4 4 1 2 1 1 4 6 3 Wyoming 2 9 Colorado 1 1 3 4 1 1 j Q 26 New Mexico 1 3 2 12 2 1 3 Arizona - __ . 1 2 1 1 1 Utah 2 1 1 1 Nevada _ _ _ 2 1

Pacific—total 5 3 3 5 5 5 6 1 2 3 18 27 51

Washington 1 5 2 2 1 1 6 5 18 Oregon 2 2 1 2 1 4 8 11 California 2 3 1 2 3 4 1 2 8 14 22

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 870 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

TABLE 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued STATE MEMBER BANKS

Number of bank suspensions Geographic division and State 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

United States—total 19 13 38 28 35 31 16 17 27 107 55 174 New England—total ______1 1 6 Maine _ - -- -- 1 New Hampshire _ Vermont __ - - Massachusetts _ _ 1 1 3 Rhode Island ______1 Connecticut ______1 Middle Atlantic—total ______2 18 2 14 New York 1 8 _. 3 New Jersey - _ - _ - _ _ 1 4 5 Pennsylvania - 6 1 6 East North Central—total 1 2 1 2 1 6 3 3 5 45 22 75 Ohio -- -- - 3 2 1 15 12 Indiana - -_ - - 1 1 2 1 1 2 5 Illinois - _ 2 1 3 5 11 6 Michigan __ -_ - 1 1 1 2 23 11 50 Wisconsin -_ __ 1 2 West North Central—total. __ 3 8 15 8 18 7 7 4 4 5 6 26 Minnesota ______1 2 1 2 1 1 Iowa - 1 4 9 6 15 5 7 2 2 3 3 6 Missouri _ - 1 1 1 1 2 1 1 1 1 18 North Dakota South Dakota _ __ - _ 2 3 1 1 Nebraska ______1 2 1 Kansas ______1

South Atlantic—total ______1 1 2 8 5 7 6 4 7 5 11 2 10 Delaware __ - Maryland _ _ -- 2 Dist. of Columbia Virginia - - -- - 2 West Virginia 4 2 North Carolina ______1 1 South Carolina - 1 1 4 1 1 2 Georgia _ __ _ _ - _ _ 1 1 2 4 7 1 1 4 3 4 2 2 Florida _ _ _ _ _ . 1 2 2 1 1 East South Central—total _ -- _ 1 1 1 1 2 1 5 2 4 3 Kentucky - - - . Tennessee. ___ ------1 1 1 Alabama _ _ _ 1 1 1 1 1 1 1 3 1 Mississippi-- - . __ - - - 1 3 1

West South Central—total 4 2 3 3 5 6 2 1 1 4 15 5 16 Arkansas _ _ __ . - 1 1 2 1 3 6 1 6 Louisiana _ __ 1 1 1 3 Oklahoma _ _ - - 1 1 1 Texas ______4 2 1 1 4 3 1 1 1 1 9 3 6 Mountain—total 8 9 17 9 6 5 1 1 4 4 6 Montana. __ _ _ 2 4 11 4 4 1 4 Idaho _ _ - - 4 4 2 2 3 1 2 2 1 Wyoming _ _ _ _ - ___ 2 Colorado. ______. - . New Mexico. ______1 2 3 Arizona. .__ _ - .... Utah . 1 1 2 1 1 2 2 1 Nevada 1

Pacific—total 2 1 1 2 3 1 1 6 9 18 Washington _. . _ __ -__ 1 1 1 1 2 5 9 Oregon 1 1 2 3 3 4 California _ _ .._ 1 2

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 871

TABLE 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS AND YEARS—Continued NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS

Number of bank suspensions Geographic division and State 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

United States—total 390 281 501 578 433 766 514 406 547 1,104 1,697 1,085 2,616 43 30 42 New England—total . _ — 2 2 2 1 7 24 6 27 1 Maine _ ------1 1 2 15 NewT Hampshire 1 1 1 Vermont __ -_ _ 1 4 Massachusetts 1 2 13 1 3 Rhode Island 1 1 Connecticut 1 4 8 5 4 I Middle Atlantic—total 5 4 1 3 1 1 1 7 13 118 25 95 11 2 1 New York 2 2 3 20 2 18 2 New Jersey - - - 1 1 18 2 12 8 2 1 Pennsylvania _ 3 4 1 3 1 1 1 4 9 80 21 65 1 East North Central—total 13 12 21 25 24 34 71 44 64 221 451 344 885 14 8 7 Ohio ______1 1 3 1 5 9 8 19 71 21 113 1 Indiana 3 5 5 4 5 4 20 19 19 73 81 47 130 6 1 6 Illinois -. ... 9 4 4 11 6 15 25 13 26 102 196 152 132 2 1 Michigan - 1 2 3 1 4 62 61 184 1 1 Wisconsin 2 11 7 10 10 14 5 10 23 41 63 326 5 5 West North Central—total 120 96 254 331 238 422 243 212 273 356 604 367 925 11 8 20 Minnesota ._ _. 18 15 41 45 35 78 53 43 28 21 87 52 94 1 Iowa 16 7 23 59 47 74 32 32 21 55 160 111 320 1 Missouri . 15 11 20 40 42 54 44 31 22 96 109 71 224 7 5 14 North Dakota 35 11 85 66 25 48 33 33 29 51 53 11 34 South Dakota __ __ 1 9 37 95 50 101 25 4 13 51 60 16 20 2 Nebraska _ _ _, - - 24 23 15 13 20 22 22 49 149 42 101 46 177 3 Kansas 11 20 33 13 19 45 34 20 11 40 34 60 56 3 2 South Atlantic—total 97 51 57 62 72 199 83 86 117 188 197 83 220 5 4 Delaware 1 2 Maryland 2 1 1 15 3 44 Dist. of Columbia._ . 4 10 Virginia _ . . 4 5 2 3 2 3 4 Y 8 18 30 7 24 2 West Virginia __ 1 1 2 3 2 4 4 13 5 35 4 26 North Carolina 14 7 16 11 12 12 12 5 16 83 49 26 57 South Carolina._ 9 15 26 22 35 42 18 16 13 22 27 15 25 1 1 Georgia 61 17 21 20 98 17 22 13 25 27 15 7 2 3 Florida - _ - 6 6 4 3 42 28 32 52 34 14 9 25 East South Central—total 11 13 9 20 20 26 31 17 31 131 124 72 100 1 1 8 Kentucky __ _ 3 2 3 5 6 7 8 7 1 26 23 27 19 1 1 2 Tennessee 3 1 3 5 7 12 16 4 12 26 26 25 28 4 Alabama._ _ __ - 1 1 7 3 2 1 1 11 26 27 9 25 Mississippi __ .. ___ _. _ 4 10 2 3 4 5 6 5 7 53 48 11 28 2 West South Central—total 69 55 52 61 40 56 61 35 37 159 108 64 212 1 6 5 Arkansas 5 2 5 6 7 11 13 14 11 118 42 11 65 Louisiana __. . .__ 11 5 5 1 4 9 4 3 9 7 12 48 2 Oklahoma _ _ _ 24 31 35 41 10 13 20 3 20 16 22 23 68 1 3 Texas- 29 17 7 13 19 23 24 15 6 16 37 18 31 3 a Mountain—total _ . _ __ 59 40 93 67 28 23 10 7 9 21 41 73 72 Montana._ _ __ 13 18 49 24 3 6 1 9 8 4 12 Idaho - . . __ 11 3 3 3 2 3 2 2 1 4 16 12 Wyoming 4 7 22 3 3 1 1 3 2 3 Colorado _ 11 7 18 6 8 10 4 3 4 4 14 18 33 New Mexico 5 2 10 8 8 1 1 1 4 Arizona , - 6 5 6 3 3 1 1 5 4 6 3 Utah 6 1 1 1 2 2 6 12 4 Nevada 1 1 1 2 14 1 Pacific—total 14 14 9 11 6 5 13 4 9 8 30 51 80 1 Washington 10 5 5 6 4 4 2 5 1 14 18 35 Oregon . . ______. . 3 6 3 3 1 3 2 1 2 7 14 20 California 1 3 1 2 1 2 2 3 5 9 19 25 1

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 872 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

TABLE 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued PRIVATE BANKS

Number of bank suspensions Geographic division and Statel 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1935

United States—total. 44 23 23 37 39 52 33 19 31 58 80 37 10D 13 1 New England—total . _ . 1 1 2 3 2

Connecticut 1 1 9 3 2

Middle Atlantic—total 2 2 4 5 2 4 2 3 3 7 12 5 1 New York 2 4 5 2 3 3 3 3 2 Pennsylvania - _ _-. 2 2 4 4 9 3 1 East North Central—total 12 4 4 7 5 24 5 2 9 26 29 22 76 11 1 Ohio - - - 2 1 1 9 2 10 3 14 3 Indiana 2 1 2 1 1 2 4 9 5 9 29 8 1 Michigan 8 3 2 7 3 22 5 15 14 10 33 2 West North Central—total 4 3 7 14 17 16 9 3 17 24 10 23 1 12 Iowa 4 3 7 11 17 14 12 6 3 17 24 9 23 Missouri 2 South Dakota . . - 1 2 1 1 Kansas 2 1 South Atlantic—total-- 5 2 1 5 4 8 1 15 2 2 IVlar viand 9 1 2 2 Virginia 1 1 Georgia - - 9 2 1 3 4 8 1 14 Florida 1 East South Central—total-- _ .. ... 1 ------Alabama . - - 1 West South Central—total 20 11 8 5 10 4 5 2 1 3 11 4 4 Arkansas _ _ _ 1 1 Texas 20 11 8 5 10 4 4 2 1 3 10 4 4 Mountain—total _._ _ . _ 1 4 1 1 Montana 1 4 1 Wyoming 1

1 Geographic division and State listed only in cases where suspensions occurred.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE 2.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS ALL BANKSi [In thousands of dollarsj

Geographic division and State 1921 1922 1923 1924 K25 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

United States—total ___ __ 172,188 91,182 149,601 210,151 167, 555 260,378 199, 329 142, 386 230,643 837, 036 l,6S0.232 706,188 3,596,698 36, 937 10, 015 11,306 15 481 1 884 1 684 1,461 783 1, 513 23, 953 117.038 63, 285 195,729 1, 050 459 783 2. 254 93,981 1,381 1,002 7, 071 1,655 23, 433 1VT &ss&chus6tts 13,317 293 4,708 95, 408 20, 400 59, 631 Tthodp Tsland 1 132 80 1,273 2 491 2 164 1 684 240 17,590 18, 374 42, 885 9,122 1,050 Middle Atlantic—total . . 17, 096 2,021 5,238 2,746 10. 754 1, 805 9.640 1,400 26, 558 248, 832 436, 716 80. 622 607, 364 30, 345 5,194 1,120 New York 13,920 273 2 1,774 438 1,357 12,630 183,680 92, 801 15.316 161,384 7, 059 555 5. 800 2, 993 73,128 14,369 117 869 22 114 649 1 120 Pennsylvania 3,176 1,193 5, 236 972 10,754 1, 805 9, 202 43 8,128 62,159 270,787 50, 937 328,111 1,172 4, 545 East North Central—total 11,477 6, 763 11. 877 7, 477 6, 634 16, 567 34, 522 17, 538 35, 534 142. 626 627, 412 227, 514 1, 670.350 3, 870 1.722 4, 024 Ohio 513 4. 355 553 163 3, 884 6, 368 5, 143 3, 479 30,031 260, 439 8,293 493, 027 722 261 1,875 Indiana 800 5, 062 1.675 653 1,421 1, 066 12, 437 5, 994 7, 991 35. 932 63,890 37. 216 110,261 2, 037 18 2,149 Illinois 5, 594 1,218 3, 585 3,877 2, 439 5, 405 11,174 4,885 16. 872 61, 283 175, 978 126, 878 158, 274 349 29 Michigan 4, 570 246 743 624 335 3, 858 1, 749 2, 263 6, 480 102,841 36, 358 787. 801 48 59 Wisconsin 237 1, 519 1,770 2, 276 2, 354 2,794 1,516 4,929 8, 894 24, 264 18,769 120,987 714 1,355 West North Central—total 30,537 24, 82(5 62, 468 121,139 82, 967 139, 090 65, 405 48.450 56, 604 88,365 180, 081 124, 001 318,486 1,731 1,302 2,559 Minnesota 4,742 2, 970 7,761 20, 659 15,686 23,190 13,632 9, 475 7.823 3,034 25,313 11,869 23,921 73 Iowa 6, 466 1,637 8,910 34, 965 32.910 53, 287 22, 317 13,535 8, 989 30, 9LI 86, 222 75, 710 115,882 155 Missouri 2, 536 5, 158 6, 616 9, 974 6, 379 13, 551 5, 658 3, 905 2, 867 17. 949 22, 899 13,903 117,113 1,311 882 1,547 North Dakota 5, 362 2, 242 13,410 9, 498 3,915 8, 365 5, 400 5, 504 3,884 5,057 8, 170 1,066 9,897 46 South Dakota 697 2, 545 11,938 36, 487 15,510 27, 698 4, 702 1, 940 1,622 10, 953 12,971 5,183 4,402 641 Nebraska 7, 745 5, 656 3,030 4, 876 5, 752 6, 869 8, 289 9, 626 29, 570 10, 375 28,137 6,884 31,160 275 194 Kansas 2, 989 4, 618 10, 803 4,680 2. 815 6, 130 5, 407 4, 465 1,849 10, 086 6, 369 9,386 16,111 72 226 170 South Atlantic—total 19, 585 14, 044 11,127 9, 547 19, 307 68,111 46, 948 47. 931 72,172 130, 766 138,587 62, 639 354, 264 872 734 Delaware 533 243 792 585 M^ar viand 665 766 947 4, 658 25, 775 5, 520 152 652 District of Columbia 3, 497 43,281 Virginia 917 624 886 1,172 338 901 213 1,897 1,396 5, 816 16,792 879 36, 529 467 313 w West Virginia 535 539 247 1,599 184 2, 154 1,738 6. 575 10, 276 37, 832 922 34,061 North Carolina 1,836 2,874 3.319 1,867 3,198 2,512 5,478 1,852 6.934 56, 178 29,791 14, 129 44, 584 ej South Carolina 3 311 4 945 3 194 3 120 8, 576 13, 269 7, 061 7, 394 4,798 7. 455 9,947 28, 976 27 142 169 136 Georgia 8, 995 3, 292 721 2, 814 5, 201 18, 046 I, 623 15,424 2,455 5, 637 8,515 3, 947 7,123 236 285 F Florida 3,326 1,004 3, 007 327 395 33,199 30,419 19, 093 48, 824 40, 748 9, 935 3, 977 8,307 East South Central—total 4,390 1,814 2,207 4,460 3,923 9,080 10,116 7.018 8,630 121, 088 57,970 23, 040 74,535 68 36 435 Kentucky _ 437 342 1, 292 918 505 1, 747 1,547 1, 968 631 62, 455 18, 132 10,493 18, 653 68 36 128 Tennessee 1,472 220 617 2,041 1.787 5, 304 3, 106 3,419 2,001 28, 547 5, 583 4, 806 29, 342 154 \labama 814 127 927 398 385 3, 219 61 4, 264 9, 216 6, 759 5,797 11,591 Mississippi 1, 667 1,252 171 574 1,233 1,644 2,244 1, 570 1, 734 20, 870 27, 496 1,944 14,949 153 West South Central—total 30, 746 19,943 17,481 20,147 19. 396 16,151 17,249 12,758 8,112 63, 052 69, 263 23,123 228,668 11 844 2,118 Arkansas 771 1 127 1 781 912 2 891 3 714 3, 592 3,428 2, 110 41,471 11,744 925 28 947 Louisiana 1,397 1, 253 535 137 512 2 098 628 569 5, 365 4, 712 5, 432 164, 799 1,406 Oklahoma 7, 953 11, 694 11,058 8, 624 7, 155 2,789 7, 045 1,145 4. 452 4. 435 3,404 8,240 15. 753 11 559 Texas _. . . . _ 20, 625 5,869 4,107 10, 474 8,838 7, 550 5, 984 7, 616 1, 550 11,781 49, 403 8,526 19,169 285 712 21, 841 14,044 35,573 39, 586 20. 378 3, 592 3, 077 1,848 6, 655 7, 614 19, 909 49, 998 32, 9S3 40 Montana •6, 559 6, 733 19, 618 11, 723 2, 449 519 138 15 176 2, 236 1,136 1,364 5, 658 40 Idaho 7. 377 1,018 2, 607 1, 986 2, 588 618 1, 962 303 1,281 46 2, 290 11,620 3,102 Wvoming 598 342 1, 513 13,196 266 213 164 420 1,031 878 293 Colorado 964 1,386 4, 689 1,806 9. 062 2,168 318 764 1,176 857 3,234 2,844 12 787 New Mexico 1,154 949 4,309 9,114 2, 750 60 94 752 83 7,067 Arizona . 4,312 1,862 2,276 1,366 3, 099 74 78 3, 245 2, 968 5 862 934 Utah 877 1, 672 561 395 164 357 620 1,230 8,326 9,816 2, 251 Nevada __ 82 146 3, 508 172 17, 531 901 Pacific—total 21,035 7,727 1,746 3.365 2.735 5 982 11, 589 3,S30 16, 378 10, 800 33,256 51, 966 114, 309 183 Washington 16,949 961 824 2,341 1,678 221 4,225 805 9. 852 1, 082 10, 429 23, 764 29, 230 Oregon. ._ ___ 2, 457 4,739 495 470 442 1 3f>4 3, 465 3, 125 2, 074 164 9, 460 8,032 13,193 00 California 1, 629 2,027 427 554 615 4, 397 3, 899 4,452 9, 554 13, 367 20,170 71, 886 183 CO

1 Exclusive of mutual savings banks.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEAES—Continued TABLE 2.- 00 NATIONAL BANKS [In thousands of dollars]

Geographic division and State 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

United States—total 20, 777 20,197 34,244 64, 890 55,574 43,908 45, 547 36, 483 41, 614 170, 446 439,171 214,150 1, 610, 549 40 5,313 507

New England——total 293 1,684 1,273 862 39, 824 4,031 85, 442 Maine - 40, 023 New Hampshire 402 5,373 Vermont 862 16 691 Massachusetts _ _ _ -_ 293 39, 422 1,334 23, 355 Rhode Island 1,273 Connecticut 1,684 2, 697 M iddle Atlantic—total 1,110 828 1,101 3,601 586 8,131 1,229 5,926 151, 111 44, 904 398,158 4,545 New York 043 273 801 458 22, 461 12,016 122, 261 New Jersey 555 676 26, 728 10, 680 65, 772 Pennsylvania 467 300 3,601 586 8,131 1, 229 4,792 101,922 22, 208 210,125 4,545 East North Central—total 51 1,016 4,158 1,728 525 3,214 5,276 3,803 4,002 21, 364 105, 404 65, 406 778, 221 261 Ohio 4,081 1,653 2,107 1,103 947 5, 421 26,027 1,678 50, 882 261 Indiana - 51 1,016 529 1,803 598 328 1,816 10,814 11,366 55, 931 Illinois 599 129 780 483 1,312 2,436 12,409 46, 534 46, 796 73, 666 Michigan _ _ _ __ 708 291 1,558 15,963 2,634 569, 309 Wisconsin 77 1,129 396 252 175 790 160 6,066 2,932 28, 433 West North Central—total 3,411 1,983 7,560 22, 985 24,155 29, 085 18,152 11,345 6,237 23,534 27,712 29, 922 85, 889 194 507 Minnesota 1,203 4,556 8,845 6,046 4, 524 2,474 197 493 4,524 2, 302 8,671 Iowa 631 277 99 3,887 8,512 14, 278 8,218 2,825 3,300 13,957 6,061 18,314 23, 559 Missouri 150 255 274 251 551 354 1,045 5,486 4, 324 31, 780 North Dakota 354 445 3,036 2,308 1,472 3,078 1,691 2,691 1,191 1,172 1,499 243 5,902 South Dakota 384 560 1,774 7, 518 4,474 4,108 533 700 978 2,886 1,027 1,934 507 Nebraska - 2,042 701 613 3,177 597 1,020 2, 660 1,230 689 966 5,651 408 7, 336 194 Kansas 685 1,459 281 275 874 506 4,923 1,605 3,304 6,707 South Atlantic—total 349 3,996 2,142 1,875 6,598 1,895 5,097 15, 804 16, 796 34,600 43, 724 18, 067 107, 530 313 < Delaware 533 792 11J9 Maryland _ _ 766 3,016 839 19, 674 District of Columbia 28, 519 Virginia _ _ 228 494 964 594 207 512 7,713 339 10,894 313 West Virginia 441 284 273 845 5, 703 13,659 411 16,060 t 1 North Carolina 1,867 1,614 1,023 2,641 1,153 1,566 11,366 13,091 9, 967 9,035 tr South Carolina 1,363 355 2,528 812 349 1,336 2,234 3, 176 1,308 3,239 17, 994 Georgia 121 34 556 2,211 11,904 607 1,105 1,513 986 2,168 Florida 395 489 1,823 605 11,337 12, 738 3,424 1,494 2. 987 East South Central—total 182 161 791 600 200 907 824 58, 377 25, 930 9,412 45, 597 Kentucky _. _ _ 745 38, 379 8, 621 4,186 13 791 Tennessee 154 581 13,195 2,127 1,616 24, 381 Alabama 46 446 200 251 696 2,8.1 1, faO4 3,155 3,827 Mississippi 182 161 75 128 3,982 13, 188 455 3, 518 West South Central—total 8,141 5,088 8,958 11, 217 7,369 4,654 3,650 1,609 1,357 20,151 25, 577 8,825 24,885 Arkansas 476 911 215 364 6,362 3,026 85 1,684 Louisiana 41 1 888 680 6,843 Oklahoma 2,220 3,475 6,930 3,301 5,157 1,335 2,054 564 207 2,121 233 4,219 7,348 Texas 5,921 1,096 2,028 7,916 2,212 2,408 1,381 1,045 786 9, 780 22, 318 3, 941 9, 010 JVIountain—total 5,421 5,818 9,802 22, 546 11, 559 985 1,352 137 1,577 252 4,027 15,124 18, 279 40 Montana 1, 313 2,649 6,197 4,166 1,486 106 24 176 170 425 716 1,447 40 Idaho 3,384 2S0 1,741 1,385 1,272 89 1,328 137 985 1,255 7, 408 1,620 Wyoming _____ 272 8,882 Colorado 187 635 1,286 7,607 790 416 82 1,099 1, OtO 9,085 New Mexico 159 653 714 6,548 1,194 752 4, 712 i Arizona.- _ _ _ 378 878 402 354 311 Utah ._ 1 601 279 94 386 Nevada ,_ _ _ 5, 556 718 Pacific—total 2,112 1,307 540 1,154 1,567 2,672 3, S89 2,512 9,592 5,380 15,862 18,359 66, 548 Washington 403 1,154 952 221 8,838 924 4,573 3, 955 19, 561 Oregon 438 301 193 2,043 2,512 1,419 3,731 6, 909 California 1,271 1,307 239 422 2,451 1,846 754 4,456 9,870 10, 673 40,078

Geographic division and State 1 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

United States—total 17, 363 7,113 12, 559 13645 9, 883 23, 466 17, 942 10, 247 16, 459 202, 399 293,957 55,153 783, 399 New England total 3,299 10, 258 37, 781 lyiaine 2,728 M assachusetts 3,299 10, 258 31,375 Rhode Island 2,491 Connecticut 1,187 TVfirlflle Atlantic total 161, 279 69,728 1,309 50,286 New York 161,000 44, 351 5, 834 New Jersey 279 12,812 797 31, 514 Pennsylvania 12, 565 512 12, 938 East North Central—total 3,136 1,198 419 155 219 3,388 1,273 1,700 10, 496 157, 761 26,318 448,569 Ohio 1, 428 1,034 532 90, 003 357,162 Indiana 3,136 455 155 216 321 10, 823 10,899 Illinois 1,744 239 9, 643 16,984 18, 955 5,054 Michigan 743 419 219 903 39, 951 7,363 74, 615 Wisconsin 797 839 West North Central—total - - 2.149 2, 503 6,509 5,829 19, 028 3,408 2,519 2,171 798 31, 704 6,497 34, 482 Minnesota 190 576 648 1,201 496 118 Iowa 950 989 3,285 5, 605 16,122 2, 968 2,519 970 330 30,051 5,561 2,606 Missouri 408 662 242 37 2,258 199 163 1,157 455 31, 646 South Dakota 662 2,406 187 305 Nebraska 731 481 112 Kansas 241 South Atlantic—total 405 23 298 993 1,360 1,116 4,141 6,142 11, 972 1,638 7,150 839 59, 473 Maryland 36, 451 Virginia 1,515 17 625 West Virginia . . 3, 673 389 North Carolina 708 2,381 d South Carolina 299 110 2, 696 432 534 501 F Georgia 405 23 298 694 1,250 1,116 85 379 521 745 1,461 839 2,048 F Florida 1, 360 5,331 10,743 359 579 East South Central—total -- 646 94 78 494 3,200 135 15, 722 469 3,632 1,341 Kentucky 14, 209 2,347 Tennessee 22 113 208 Alabama . 646 94 78 3,178 135 52 356 1,285 507 Mississippi 494 1, 461 626 West South Central—total-- 2, 039 2,219 1,634 954 1,649 2,314 2,477 147 206 11, 665 15,093 1,090 142, 544 Arkansas 1,363 520 940 648 11,640 2,348 126 18,851 Louisiana .. __- - 101 131 531 123,133 Oklahoma 187 61 115 Texas. -_ _ . _ .. 2,039 2, 219 84 333 1,588 1,243 1,829 147 206 25 12, 745 433 445 Mountain—-total - 1,396 1,735 6,926 4,489 620 852 166 718 1,236 1,036 1,713 Montana ______352 1,230 5,031 2, 595 445 114 1,085 Idaho. ._ . 880 434 585 175 505 166 762 173 357 Wyoming 623 New Mexico._ _ . 90 749 1,271 Utah.... 74 71 561 233 718 474 863 271 Pacific—total 10, 728 187 192 295 476 275 83 7,517 4,174 7,210 Washington 10, 508 187 275 83 391 2,521 3,319 Oregon 220 192 295 476 6, 916 1,653 2, 633 California-., ..____ 210 1 258

1 Geographic division and State listed only in cases where suspensions occurred. 00

Geographic division and State 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1938

United States—total 125,159 61, 964 101,025 123, 888 94, 547 183,517 131,503 92, 710 164,858 448, 989 935, 947 429, 079 1,189, 469 35, 456 4,702 10, 728 15, 481 1,591 1,461 783 18, 616 73, 415 48, 996 72, 506 1, 050 Miaine 459 783 2 254 51 230 New Hampshire 1,381 600 1, 698 Vermont 793 6, 742 Massachusetts 13, 317 4,708 52, 687 8,808 4, 901 Rhode Island 1,132 80 Connecticut 2 164 13, 115 17,874 40,188 7,935 1 050 IVIiflclle Atlantic—total 15, 327 5, 236 672 4,600 515 1,071 43 19, 879 80, 564 208, 731 34, 409 157, 402 30, 235 649 1,120 New York 12, 618 7, 180 21, 223 25, 345 3, 300 32, 334 7, 059 New Jersey 5, 800 2,038 33, 588 2, 892 20, 583 22, 114 649 1, 120 Pennsylvania 2,709 5, 236 672 4, 600 515 1,071 43 6,899 57, 303 149, 798 28, 217 104,485 1,062 East North Central—total 6,039 2,527 6,267 5,125 5,482 9,208 25, 207 12, 344 28, 763 106, 073 360, 529 132,192 435, 667 2,611 1,461 3, 953 Ohio 180 222 553 163 2,007 2, 455 3,005 2,532 23,762 143, 203 6,406 82, 879 1,875 Indiana 315 826 1,018 653 894 474 10, 287 5,278 7,046 32, 631 41, 838 23, 778 40, 643 1,500 18 2,078 Illinois 5,594 1,218 3,585 3,278 2, 310 4,625 8, 947 3,334 14, 436 39, 231 112, 460 61,127 79, 554 349 29 Michigan 246 235 899 617 1,715 44,830 25, 044 140,876 48 59 Wisconsin 237 1,442 641 1,880 2,102 2,619 726 4, 132 8,734 18,198 15, 837 91, 715 714 1, 355 West North Central—total 24, 527 22, 523 51, 410 87, 627 50, 066 87, 931 41, 458 33, 778 47,329 59,204 123, 781 85,288 194, 422 1,659 1,108 2, 052 Minnesota 4,742 2, 970 6,368 15, 527 6,841 16,496 9,108 7 001 6,425 2, 541 20, 293 9, 567 15,132 73 Iowa 4,435 1,010 6,827 24, 434 15, 876 20, 391 8,744 7,863 3,852 11,795 43, 226 49,989 86,024 155 Missouri -_ _ 2,038 5,158 5,804 9, 540 6, 087 11,019 5,208 3,354 2,513 16, 741 16, 256 9,124 53, 687 1,311 882 1,547 North Dakota 5, 008 1,797 10,374 7,190 2,443 5,287 3,709 2,813 2,693 3,885 6, 671 823 3, 995 46 South Dakota .. _- __ 313 1,985 9,502 26,016 10, 849 23, 040 4,169 893 1,622 9,670 10,085 3, 708 2, 468 134 Nebraska 4,972 4, 955 2,417 1,699 5,155 5, 849 5,629 8,396 28, 881 9,409 22, 486 5, 995 23,712 275 Kansas 2,989 4,618 10,118 3,221 2, 815 5,849 4,891 3,458 1, 343 5,163 4,764 6,082 9, 404 226 170 South Atlantic—total 18, 603 9,995 8,687 6,582 11,261 64, 870 37,134 25, 970 43, 078 94, 528 87, 713 43, 733 187, 261 872 421 Delaware 243 386 Maryland 665 947 4,656 22, 759 4,681 96, 527 District of Columbia 3,497 14,762 W Virginia 689 624 392 208 308 307 213 1,897 1,189 5, 304 7,564 540 8,010 467 West Virginia 535 539 247 1,158 184 1,870 1, 465 5, 730 4, 573 20, 500 511 17,612 d North Carolina 1,836 1,007 1,705 1, 867 2, 175 2, 512 2 837 699 4, 660 44, 812 16 700 4,162 33,168 t1 South Carolina 3,311 3,582 3,194 2, 466 5,938 12, 457 4, 016 5, 626 2,564 3,745 8,138 25, 737 9, 148 169 136 Georgia - - - 8, 449 3,239 389 • 1,467 1,682 16, 700 962 3,126 1,001 3 787 5 541 2, 122 2, 907 236 285 Florida 3,118 1,004 3,007 327 32, 710 27, 236 13, 157 23, 744 27,651 6,511 2,483 4,741 East South Central—total 3,562 1,653 1,416 3,766 3,645 7,679 6,916 7,018 7,671 46, 989 31, 571 9,996 27, 469 68 36 435 Kentucky.. __..__ - _ _ . 437 342 547 918 505 1,747 1,547 1,968 631 9,867 9,511 3, 960 4,862 68 36 128 Tennessee 1,472 220 617 1,887 1,787 4,723 3,084 3,419 . 2,001 15, 352 3,343 3,190 4, 753 154 Alabama 168 81 387 120 134 41 61 3,433 6,343 4,409 1,357 7,129 Mississippi 1,485 1,091 171 574 1,233 1,075 2,244 1, 570 1, 606 15, 427 14,308 1,489 10, 725 153 West South Central—total 18, 711 12, 355 6,367 7,699 8,857 7,642 10, 859 10, 594 6.549 31, 034 25, 684 11, 527 61,190 11 844 2,118 Arkansas 771 651 418 392 2,891 1,863 2,665 3,428 1,746 23, 469 6, 233 714 8, 412 Louisiana - __--_--. 1,397 1, 212 535 36 512 1,967 628 569 3 477 4 712 4 221 34, 823 1,406 Oklahoma 5, 733 8, 219 3,941 5, 323 1,937 1,454 4, 991 581 4,245 2, 314 3,171 4,021 8,290 11 559 Texas _ ._ 10, 8iO 2, 273 1,473 1,948 3,517 2, 408 2,575 6,016 558 1,774 11, 568 2,571 9, 665 285 712 11, 684 6,491 18, 845 10, 393 8,199 2,607 851 1,545 5,078 6,644 14, 646 33, 505 13, 001 Montana 4,534 2,854 8,390 2,804 518 413 15 2. 066 711 315 3,126 Idaho ., __ . 3,113 304 281 eoi 1, 141 529 129 296 46 273 4 039 1,125 Wyoming 598 342 1,241 3,691 266 213 142 420 1 031 878 293 Colorado 111 751 4,689 520 1, 455 1,378 318 764 760 775 2 135 1, 754 3,702 New Mexico 905 296 2, 846 1, 295 1,556 60 94 83 2 355 Arizona 3,934 1,832 1,398 1,366 3, 099 74 78 3,245 2,566 5,508 623 Utah 803 116 164 124 620 512 7,758 8,953 1, 594 Nevada 82 146 3, 508 172 11,975 183 Pacific—total - 8,195 6,420 1,206 2,024 976 3,015 7,224 1,418 6,511 5,337 9,877 29, 433 40,551 183 Washington 6, 038 961 824 1,0 JO 726 4, 225 805 739 75 5,465 17, 288 6,350 Oregon 1, 799 4, 739 194 470 57 1,069 946 613 2 074 164 1 125 2,648 3 651 California 358 720 188 554 193 1,946 2,053 3, 698 5,098 3,287 9,497 30, 550 183

Geographic division and State > 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

United States—total - 8,889 1,908 1,773 7,728 7,551 9,397 4,337 2,946 7,712 15, 262 21,157 7,806 13,281 1,441 71 ]V*«w Fnsland total 240 4,475 500 Connecticut 240 4,475 500 Middle Atlantic —tota; 659 1,193 2 973 2,553 704 438 1,357 5,450 1,063 7,146 1,518 110 New York 659 2 973 438 3,357 5,450 999 644 955 Pennsylvania 1,193 2, 553 704 64 6,502 563 110 East North Central—total 5,337 84 254 205 472 3,926 651 118 1,069 4, 693 3, 718 3,598 7,893 1,259 71 Ohio 333 52 224 378 316 1,206 209 2,104 722 Indiana 434 84 202 372 63 131 118 617 1,164 415 2, 072 2,788 537 71 Michigan 4,570 205 100 3, 039 142 452 3,213 2,097 1,317 3, 001 CO West North Central—total 450 320 995 4,018 2,917 3,046 2,387 808 867 4,829 6,884 2,294 3,693 72 Iowa 450 320 995 3, 359 2,917 2, 496 2,387 328 867 4,829 6,884 1,846 3,693 Missouri 192 South Dakota 467 550 347 448 Kansas 133 72 bd South Atlantic total 228 30 97 88 230 576 15 326 Virginia 30 Georgia 20 30 97 58 230 576 15 326 Florida 208 East South Central—total 128 ... Alabama 128 West South Central—total 1, 855 281 522 277 1,521 1,491 263 408 202 2,909 1,581 49 Arkansas 64 137 Texas 1,855 281 522 277 1, 521 1, 491 199 408 202 2,772 1 581 49 Mountain—total _ - 360 2,158 22 333

• Montana 360 2,158 333 Wyoming 22

Geographic division and State listed only in cases where suspensions occurred.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE 3.—LOANS AND INVESTMENTS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS ALL BANKS* 00 [In thousands of dollars] 00

Geographic division and State 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

United States—total 208, 709 118,889 185, 898 257,976 186, 467 271,194 214, 798 146, 556 240, 363 970, 555 1, 983, 799 918, 243 4, 297, 410 35, 696 9,080 10,172 New England—total 16, 705 1,697 1,837 1,642 728 2,231 28,100 128, 881 91, 042 243, 629 982 Maine _ _ _ 507 728 2,573 124,114 New Hampshire. ___ __ 1,475 1,083 7,793 Vermont 2,152 27 986 Massachusetts __ _ _ 14, 370 294 5,314 105, 714 38, 226 67, 926 Rhode Island _ _ 8C6 167 1,535 2,618 Connecticut 2,335 1 897 696 20, 634 19,511 52,816 13, 192 982 Middle Atlantic—total 11, 432 1,206 5,126 2,305 11,190 1,875 10, 587 1,139 22, 774 308, 302 542, 036 111, 472 817, 562 29, 054 4,385 608 New York 7,832 401 1 293 338 1,052 8.040 238,829 111,520 20, 367 209, 272 6,185 New Jersey 805 5. 741 3,302 79, 660 26, 956 168, 777 21,575 712 608 Pennsylvania 3, 600 5,126 1,012 11,190 1,875 10,249 87 8,993 66,171 350, 856 64,149 439,513 1, 294 3,673 East North Central—total 8,030 7,933 13, 410 8,678 7,472 15, 340 36, 548 19, 059 39, 726 157,135 731, 034 298, 839 1, 881,325 4,000 1,841 3, 539 Ohio 635 5,276 717 166 4,269 7,166 5,478 4,092 31,433 293, 359 10, 361 546, 546 533 284 1, 631 Indiana _____ 957 5,794 1,827 762 1,758 1,482 12, 651 6,349 8,734 39,471 65, 107 42, 344 144,933 2, 265 29 1, 908 Illinois 6,043 1,412 3, 350 4, 453 2,619 6,243 12,110 5, 702 19, 375 68, 790 217,089 179,561 191,320 306 147 Michigan 395 413 914 700 240, 861 1,869 2,264 7,676 127,088 41, 400 838,115 53 60 Wisconsin... 314 2,043 2,046 2,689 2,485 2,752 I, 530 5, 261 9, 765 28, 391 25,173 160,411 843 1,321 West North Central—total 39,237 30, 828 78,285 143, 491 90, 330 142, 982 68, 642 46, 503 52, 206 92,926 217, 732 160,194 364, 748 1, 632 1,185 2, 342 Minnesota 5,984 3, 553 9,690 22, 508 16.651 22, 403 14,032 9, 767 8,031 3,082 26, 319 13, 943 29,023 79 Iowa 7,818 2,688 11,380 40,483 36, 983 55, 528 24,160 13, 534 8,003 30, 266 101, 872 103,366 129,181 100 Missouri _ _ _ _ 3, 402 5,111 6,986 12,314 7,123 15.420 6,638 4, 620 3,139 20, 552 26, 451 15, 645 132,546 1,223 743 1,392 North Dakota 8,156 3,146 19, 234 13,617 4,714 9,484 5, 683 5, 725 4,337 6,164 10,570 1,364 11,055 68 South Dakota _ _ 1, 006 3, 462 14,837 43, 299 16, 787 27, 559 4,959 1,957 1,561 11,042 14, 678 6,710 6,030 620 Nebraska 9,615 6. 899 4,044 5,863 5,095 5, 461 7, 129 5,774 24, 952 10, 499 30, 525 8,399 38, 638 240 246 Kansas 3, 256 5,969 12,114 5,407 2,977 7,127 6,041 5,126 2,183 11,321 7,317 10, 767 18, 275 90 196 162 1 South Atlantic—total 29, 066 20, 532 17, 263 16, 571 25, 928 72, 772 54, 280 53, 633 82, 919 148, 748 157, 486 73, 050 456, 949 848 698 Delaware 679 257 903 779 Maryland ______976 952 1,225 5,084 28, 891 7,020 199,580 District of Columbia 3,528 50, 760 Virginia _ _ 1,252 635 699 1,678 406 1,034 213 2, 484 1,479 7,136 20, 645 1,254 49,891 469 365 w West Virginia 423 572 306 10. 960 43,788 1, 206 42,142 d 1,158 217 2, 515 2, 383 7, 555 1 North Carolina - _ 2, 553 3,915 3, 588 2, 766 4,114 3,128 6,072 2, 542 8,472 67,019 33,643 22, 804 54,801 tr South Carolina 5, 591 8. 638 7,301 4.737 11, 160 15,348 8,414 8,352 5,296 7,992 12,660 25, 297 37,834 119 25 Georgia _ _ _ _ 14, 767 4,694 2,048 6, 739 8, 461 21,917 2,071 16, 397 3, 363 6, 777 8,513 6, 156 11,169 260 308 Florida 3,504 1,126 3, 627 345 629 31, 128 34, 995 20, 796 55, 272 43, 780 9, 346 4,877 9,993 East South Central—total 7,397 2,826 2, 873 5,810 4, 957 9,813 10, 444 7,057 10,906 143, 422 73,252 34, 453 105,169 75 34 564 3 Kentucky ______388 512 1.339 972 558 1,934 1, 700 2, 116 627 71,350 22,381 13, 835 23, 623 75 34 149 Tennessee 1,951 341 1,009 2, 700 2,227 5,129 2,926 3,188 2, 366 32, 898 7,124 7,033 48, 798 216 Alabama ______1,345 333 1,507 637 585 3,212 70 6, 008 11,833 12, 053 10, 750 16, 120 Mississippi 3,713 1,973 192 631 1, 535 2,165 2, 606 1, 685 1, 905 27, 341 31, 694 2, 835 16,628 199 West South Central—total 38, 344 25, 079 21, 269 23, 460 19,160 17, 700 19, 874 11, 257 8,238 72, 569 77, 514 27, 563 248, 328 12 937 2,137 Arkansas. _ _ . ______1, 299 1,671 2,513 1,335 3,378 4, 774 4,452 3,510 2,558 48, 508 15, 172 1,432 28,191 Louisiana 2,125 2,030 697 494 539 3, 683 1,073 630 5,906 5, 538 6, 682 176,651 1,281 Oklahoma ______9,448 14, 583 13, 525 10, 512 7,417 2,759 7,434 1,181 4, 414 4,748 4, 085 8,700 17,213 12 585 Texas 25, 472 6, 795 4, 534 11,119 7,826 6,484 6,915 5, 936 1, 266 13, 407 52, 719 10, 749 26, 273 352 856 JVI ountain—total 31, 478 20, 611 43, 674 51, 629 22, 728 4,282 2,906 1,786 6,457 8,079 22, 413 59, 962 40, 796 75 Montana 7,911 8,970 22, 271 16, 345 2,795 611 156 24 162 2,317 1,452 1,717 6, 988 75 Idaho 12, 895 1,808 4,535 3,261 3, 505 671 1,712 331 1,329 59 2, 512 13, 486 3, 863 Wyoming 1,068 735 1,664 14,392 261 288 211 471 1,249 982 272 Colorado 1,316 1,678 4,378 2,375 9,275 2,598 362 590 1, 259 937 3,759 3,708 17,045 New Mexico 2,145 1,486 6,754 13,195 3,628 66 103 859 103 7,710 Arizona 4,696 2, 355 3,180 1, 632 3, 104 114 105 3,373 3,128 6, 934 915 Utah 1,447 3, 457 892 429 160 294 676 1,393 9,275 10, 964 2,988 Nevada 122 165 3, 133 179 22,068 1,015 Pacific—total 27, 020 9,874 2,301 4,135 3,060 6,430 10, 789 3,891 17,137 11, 274 33, 451 61, 668 138,904 Washington 21, 111 1,381 912 2,976 1,744 332 4,290 756 9,927 1,054 11,865 26, 352 38, 672 Oregon 3,833 5, 491 915 481 631 1,272 3,399 3,135 2,212 195 8,936 10,179 16,208 California 2,076 3,002 474 678 685 4,826 3,100 4,998 10,025 12, 650 25,137 84,024

1 Exclusive of mutual savings banks.

Geographic division and State 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

United States—total 31,898 31, 484 45, 219 81, 432 64, 453 49, 964 41), 611 38, 826 45,148 185, 014 523,158 307, 316 1, 946, 749 75 4,568 473 294 1,837 1,535 1,138 45,272 6,797 96,106 IVtaino 45,112 New Hampshire 436 5,704 1,138 19, 638 294 44, 835 2, 247 25, 652 Tfchodp Island. 1, 535 1, 897 4,550 IVfirlfllf* Atlantic total 979 1, 206 1,130 3,878 653 9,130 1,283 5, 842 181, 747 66, 093 528,688 3 673 385 401 739 474 23, 400 15,161 161 883 805 722 28, 851 22, 283 91, 265 Pennsylvania 594 391 3,878 653 9,130 1,283 4,646 129, 496 28, 649 275, 540 3 673 Kast North Central—total 148 1,713 5,117 2, 058 723 3,929 6,124 4,271 4,613 24, 350 125, 528 94, 772 851, 917 284 Ohio 5,003 1, 736 2,448 1,194 1,020 6,186 28, 633 2, 469 62, 441 284 Indiana 148 1,713 797 2,050 633 382 2, 186 11,081 14, 488 79, 102 Illinois 764 207 1,176 682 1,718 2,924 14, 110 58,817 70,328 88, 732 Michigan 766 287 1, 675 19, 253 3,223 584, 580 Wisconsin 114 1,294 516 220 178 726 193 7,744 4, 264 37, 062 Wo«f North Central—total 5 081 3,600 10,182 27, 014 27, 289 32,551 20.154 11, 625 6, 387 24, 656 34, 783 40, 096 116, 689 246 473 Minnesota 1, 754 4,947 9, 457 5,573 4,602 2,479 213 567 5,030 3,167 11,500 Iowa 1,345 721 202 3,789 10, 395 17,066 9,414 2,701 3,188 13,915 7,374 24,615 29,156 Missouri 201 211 663 381 767 385 1, 383 6,615 5, 642 46, 287 North Dakota 553 670 4,034 3,198 1,548 3,242 1,690 2,608 1, 287 1,450 2,521 318 7,005 South Dakota 573 988 2,402 8,971 4,846 4,396 548 654 1,008 3,934 1, 524 3,005 473 g Nebraska 2, 590 1,221 755 4,279 832 1,150 3,078 1, 250 797 1, 383 7,353 765 10,712 246 Kansas 834 1,830 461 441 1,166 517 4,950 1,956 4, 065 9,024 South Atlantic—total 669 5,251 2,158 3,462 9,561 2, 332 4,920 16, 913 18, 497 37, 963 51,170 29, 455 142, 685 365 Delaware 679 908 217 IVIar viand 952 4,012 990 22, 828 District of Columbia 34, 693 Virginia 327 444 1,350 675 267 513 9,062 529 15, 655 365 d West Virginia 523 372 243 1,025 5,780 16,710 594 20, 492 North Carolina 2,300 1,517 1,358 2,343 1, 634 1,927 13 ,808 14, 550 17,351 14, 698 South Carolina 1,999 644 2,887 1,182 375 1,781 2,546 3,349 1,752 4,810 25, 974 Georgia 342 197 1,463 4, 164 11,953 824 1,328 1,865 2,248 3,809 Florida 629 475 1,830 623 11,908 13,185 3, 219 2, 025 4,319 East South Central—total 764 296 865 1,005 251 1,225 1,654 62, 466 33, 009 14, 385 70, 812 Kpntuokv 674 38, 380 9,241 5,593 17, 472 Tennessee 206 785 13, 684 2,914 2, 641 42, 829 \labama 191 799 251 365 1,420 3, 733 3, 945 5,554 5, 792 Mississippi 764 296 75 234 6, 669 16, 909 597 4,719 West South Central—total 11, 550 7, 815 10,371 13, 029 8,031 4,966 4,580 1,685 1,407 22, 578 30,184 10, 600 33, 051 ' \rkansas 822 1,219 230 495 7,319 3, 603 125 2, 506 81 1, 952 864 11,450 Oklahoma 2 809 5 084 7,865 4,317 5,209 1,295 2,373 641 182 2,183 322 4,021 7,983 Texas 8,741 1,828 2,506 8,712 2,882 2,452 1, 977 1,044 730 11,124 26, 259 5,590 11,112 IVIountain—total 9,287 9,484 15,299 30,305 12, 884 1,196 1,161 175 1,644 391 4,986 21, 371 23,243 75 Montana 1,932 3,998 8, 906 6, 706 1,784 93 49 162 238 559 1,053 2,124 75 Idaho 6,122 388 2,738 2,564 2,119 101 1,112 175 1,006 1,591 8,760 1, 697 Wyoming 354 9,380 Colorado 229 795 1,769 7,617 1,002 476 153 1,334 1 401 12, 393 New Mexico 522 990 1,955 9,554 1,364 859 5,205 Arizona 482 1,346 470 424 314 Utah 3,313 332 173 690 Nevada 9,733 820 Pacific—total 3,440 2,119 933 1,532 1,776 3,112 3,542 2,622 9,663 5,630 16, 479 23, 747 83, 558 Washington 435 1, 532 1,097 332 8,862 846 5,740 4,650 26, 246 00 Oregon ' 1,406 648 251 1,752 2,622 1,338 5,085 9,113 California 1,599 2,119 285 428 2,780 1,790 801 4,784 9,401 14,012 48,199 CD

1 Geographic division and State 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

United States—total 7,551 16,801 19, 554 12,273 24,308 19, 547 10,333 20, 683 265, 758 342, 562 78,198 910, 723

New England.—total. __ 3,845 17, 6i>2 41^635 Maine. 2 686 Massachusetts 3,845 17,692 34, 885 Rhode Island __ 2, 618 Connecticut.-. _ _ _ 1,436

Middle Atlantic—total.-. 213, 735 88, 922 1,998 78,561 New York _ _ 213, 403 58,378 6 5(il New Jersey.- - - -. _. 332 14,065 1,121 51,131 Pennsylvania 16, 479 877 20, 869 East North Central—total 2,919 1,476 483 194 241 3,757 1,282 1,877 12, 404 180, 728 34, 099 505, 831 Ohio 1,614 1,026 576 106, 797 384,398 Indiana. __ . _ _ __. 2,919 562 194 303 377 12, 368 14 609 Illinois 1,840 256 11,451 18,351 24, 932 6, 649 Michigan 914 483 241 985 43, 212 9,167 99, 005 Wisconsin _. .__ 892 1,170 West North Central—total 2,613 3, 758 8,908 7,187 18,2i7 3,560 2,570 2,403 766 37, 476 8,749 32, 479 239 MinnesotT a 789 589 1,424 565 207 Iow a - - - - 1, 000 1,671 4,093 6,864 15, 075 3,118 2,570 979 346 35, 282 7, 659 3,153 Missouri _ _. 772 911 428 84 2,583 201 161 1,629 437 28, 951 South Dakota 937 3,598 239 259 Nebraska - 841 653 168 Kansas . . ._ 241

South Atlantic—total 714 103 1,143 2,795 1,839 2,010 4,779 6,217 15, 787 1,848 6,813 1,331 96, 408 Maryland . 64 849 Virginia.. 1,421 22, 283 West Virginia.. 3,865 493 North Carolina. . 884 4,073 South Carolina. .._ _ 504 221 3,060 384 580 650 Georgia - - 714 103 1,143 2, 291 1,618 2,010 172 418 916 853 877 1,331 4,092 Florida - . 1,547 5,415 13, 987 415 618 H East South Central—total --. 1,009 191 178 701 3,198 242 21, 551 768 6,538 1,987 3 Kentucky _ 19,317 3, 202 Tennessee _ _ _ 56 276 225 Alabama..- 1,009 191 178 3,142 242 81 492 3,336 756 Mississippi 70 r 2,153 1,006 West South Central—total 2,703 2,255 2,246 1,578 1,611 2,791 2,939 168 114 14, 480 15, 549 1,347 142, 590 Arkansas _. . 1,737 839 1,163 809 14, 442 3,936 148 14,915 Louisiana. „ __ 381 209 536 127, 054 Oklahoma 384 72 123 Texas 2,703 2, 255 125 358 1, 539 1,419 2,130 168 114 38 11,613 663 488 IV! ountain—total 2,711 2,274 8,178 5, 350 930 758 156 837 1,532 1,157 2,095 Montana - 175 1, 243 4,726 2,984 588 107 1 248 Idaho -_ _ . 1,888 887 1,516 342 463 156 553 302 360 Wyoming 849 New Mexico ___ _- 413 1,044 1,517 Utah 235 144 892 188 837 979 855 487

Pacific—total 12, 985 249 334 318 556 260 137 6,929 5,287 9,147 Washington 12,463 249 260 137 448 3,256 4,548 Oregon _ _ 522 334 318 556 6,254 2,031 3,070 California 227 1,529

1 Geographic division and State listed only in cases where suspensions occurred.

Geographic division and State 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

United States—total _ 149, 812 79, 048 132,289 149, 305 104, 717 192, 502 141, 462 94, 643 173, 858 503, 726 1, 097, 574 525, 955 1, 426, 395 34, 361 4,512 9,631 16 705 1,403 1,642 728 20, 710 79, 442 66, 553 105,898 983 507 728 2, 573 76, 316 1,475 647 2,089 1, 014 8,348 14 370 5,314 57,033 18, 287 7 389 896 167 2, 335 14,382 19,189 48, 266 11,756 982 .Vliddle Atlantic—total 9,994 5,126 621 4,985 555 1,119 87 21, 43)1 88, 423 264, 931 43, 381 208, 455 28, 972 712 608 6 988 8,040 24, 717 27, 775 5, 206 39 643 6 185 5,741 2,248 36, 744 3,552 26, 381 21, 575 712 Pennsylvania 3,006 5,126 621 4,985 555 1,119 87 7,710 61, 458 200,412 34, 623 142, 431 1,212 East North Central—total _- €,654 3,200 6, 573 5,920 6,174 10,357 26, 059 13, 405 32,167 115,688 421.199 166, 614 515,558 2, 912 1, 557 3,461 Ohio 201 229 717 166 2,309 2, 699 3,258 3.072 24, 267 156,984 7,712 97, 554 1, 631 Indiana - 410 1,061 1, 065 762 1,183 616 10, 145 5, 615 7,672 35, 735 41,219 25, 907 48,087 1,710 29 1,830 Illinois 6, 043 1,412 3, 350 3, 689 2,412 5, 067 9.588 3,728 16, 451 43, 229 139, 921 84, 301 95, 939 306 147 413 240 1,053 603 2,885 62,428 27, 785 151 799 53 60 Wisconsin 314 1,929 752 2,173 2,265 2,574 804 4,369 9,572 20, 647 20, 909 122, 179 843 1. 321 W^st North Central—total 31,363 26, 888 63, 375 103, 341 53, 812 89, 665 42, 503 31, 478 43,201 63, 933 139,051 109, 668 212,115 1,542 939 1,86.) 5,984 3, 553 7, 697 16, 772 7,194 16, 241 9, 430 7,288 6,394 2,515 20, 724 10, 776 17, 316 79 Town 5,173 1,627 8,537 29, 072 17,682 21, 325 9, 203 7, 986 3,621 11, 434 52, 794 69, 901 93, 407 100 Missouri - - -_.___ 2, 630 5,111 5, 874 11,629 6,828 12,174 6,056 3, 853 2,754 19,008 18, 207 9, 566 57, 308 1,223 743 1, 392 North Dakota 7, 603 2,476 15, 200 10, 419 3, 166 6, 242 3, 993 3,117 3,050 4,714 8,049 1,046 4,050 68 South Dakota 433 2,474 11,498 30, 288 11,702 22, 706 4,411 893 1,561 9,775 10,744 4, 696 3,025 147 6,184 5, 678 3,289 1,584 4, 263 4,311 4,051 4,524 24,155 9,116 23,172 6,981 27, 758 240 i Kansas 3,256 5,969 11, 280 3,577 2.977 6, 666 5, 359 3,817 1,666 6,371 5, 361 6.702 9,251 196 162 South Atlantic—total 37, 465 15,130 13,962 10,198 14, 463 68,184 43,902 30, 488 48,245 108, 937 99, 503 43,364 217, 856 848 333 257 562 976 1,225 5,084 24, 879 6,030 111,903 T")i

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 00 00

TABLE 3.—LOANS AND INVESTMENTS OP BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued PRIVATE BANKS fin thousands of dollars]

l Geographic division and State 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

United States—total 4,264 806 1,589 7,685 5,024 4,420 4,178 2,694 1,674 16, 057 20,505 6,774 13, 543 1,260 _ 78 [ ! New England—total __ 696 6,252 322

Connecticut _. . _ _ 696 6,252 322 Middle Atlantic—total 459 551 2, 327 667 338 1, 052 302 6,436 1,858 82

New York 459 554 338 1,052 235 1, 967 1, 185 Pennsylvania . _ _ - _- 2,327 667 67 4, 469 673 82 6 East North Central—total 1,228 101 244 217 381 913 608 101 1,069 4,693 3,579 3, 354 8, 019 1,088 . 78 > 1 Ohio _-_ __ 434 44 224 405 404 945 180 2, 153 533 tr Indiana 399 101 200 381 69 153 101 6S0 1 173 439 1,949 3 135 555 78 M Michigan ._ . 395 217 620 50 389 3,116 2,195 1,225 2,731 West North Central—total 300 340 970 4,228 2,042 2,519 2,425 830 215 4,571 6, 422 1,681 3,465 90

Iowa__ . - 300 340 970 3, 529 2,042 2,032 2,425 277 215 4,571 6,422 1, 191 3,465 < 257 South Dakota _ 442 457 410 490 Kansas _ - _ __ 143 90 w e South Atlantic—total. _ 218 48 116 65 246 679 15 390 £-. Virginia _- 31 ft Georgia.. 12 48 116 34 246 679 15 390 Florida 206 East South Central—total 150 Alabama-. _ - _ 150 i

West South Central—total _ _ 1,740 317 375 214 209 75 100 239 3, 748 1,584 51

Arkansas 70 210 Texas. ______1,740 317 375 214 209 75 30 239 3 536 1,584 51 _ . __ j Mountain—total 319 2,356 28 155 1 1 Montana 319 2 356 155 Wyoming ___ 28 1 1 Geographic division and State listed only in cases where suspensions occurred.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 883

TABLE 4.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVE BANKS AT OR NEAR THE BEGINNING OF THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSES OF BANKS ALL BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS

1921-1936 1921-1929 1930-1933

Number Suspen- Number of active Suspen- of active Suspen- Geographic division and State banks on sions per sions per banks on sions per Number 100 Number 100 Number 100 June 30, Jan. 1, JQ9Q of sus- active of sus- active of sus- active pensions banks on pensions banks on 1930 pensions banks on June 30, June 30, Jan. 1, 1920 1920 1930

United States—total 28,885 14, 344 49.7 5,411 18.7 23, 631 8,812 37.3 New England—total 729 142 19.5 10 1.4 691 131 19.0 Maine 118 37 31.4 2 1.7 99 35 35.4 80 9 11.3 1 1.3 71 8 11.3 New Hampshire 88 20 22.7 83 20 24.1 Vermont 271 46 17.0 2 .7 254 44 17.3 MMassachusetts 33 4 12.1 3 9.1 23 1 4.3 Rhode Island 139 26 18.7 2 1.4 161 23 14.3 Connecticut 23.3 Middle Atlantic—total 2,593 748 28.8 41 1.6 2,969 692 New York 817 181 22.2 7 .9 935 172 18.4 New Jersey 366 133 36.3 3 .8 533 119 22.3 Pennsylvania 1,410 434 30.8 31 2.2 1,501 401 26.7 East North Central—total - 5,374 2,938 54.7 375 7.0 5,261 2,533 48.1 Ohio 991 387 39.1 51 5.1 954 334 35.0 Indiana 879 520 59.2 100 11.4 859 407 47.4 Illinois 1,883 952 50.6 132 7.0 1,764 817 46.3 M ichigan 653 486 74.4 14 2.1 737 470 63.8 Wisconsin 968 593 61.3 78 8.1 947 505 53.3 West North Central—total 8,992 5,255 58.4 2,567 28.5 6,223 2,647 42.5 Minnesota 1,508 726 48.1 419 27.8 1,029 306 29.7 Iowa 1,712 1,238 72.3 452 26.4 1,252 785 62.7 Missouri 1,647 879 53.4 293 17.8 1,278 560 43.8 North Dakota 898 611 68.0 427 47.6 410 183 44.6 South Dakota .— 688 572 83.1 392 57.0 386 177 45.9 Nebraska 1,196 779 65.1 366 30.6 803 409 50.9 Kansas 1,343 450 33.5 218 16.2 1,065 227 21.3 South Atlantic —total 3,169 1,871 59.0 944 29.8 2,306 917 39.8 Delaware 39 6 15.4 2 5.1 47 4 8.5 Maryland 236 98 41.5 5 2.1 215 93 43.3 District of Columbia 45 18 40.0 40 18 45.0 Virginia 500 155 31.0 43 8.6 457 109 23.9 West Virginia 338 156 46.2 34 10.1 293 122 41.6 North Carolina 578 374 64.7 119 20.6 416 255 61.3 South Carolina 453 337 74.4 225 49.7 205 110 53.7 Georgia 722 436 60. 4 322 44.6 405 109 26.9 258 291 112.8 194 75.2 228 97 42.5 Florida 1,814 759 41.8 200 11.0 1,706 549 32.2 East South Central—total- 585 181 30. 9 43 7.4 568 134 23.6 Kentucky 546 201 36.8 66 12.1 483 131 27.1 Tennessee 347 165 47.6 40 11.5 348 125 35.9 Alabama 336 212 63.1 51 15.2 307 159 51.8 Mississippi 29.0 West South Central—total 3,256 1,367 42.0 614 18.9 2, 559 741 Arkansas 482 368 76.3 86 17.8 410 282 68.8 Louisiana 267 137 51.3 45 16.9 225 90 40.0 Oklahoma 959 430 44.8 264 27.5 616 162 26.3 Texas 1,548 432 27.9 219 14.1 1,308 207 15.8 Mountain—total 1,573 831 52.8 530 33.7 931 300 32.2 Montana 423 250 59.1 199 47.0 195 50 25.6 Idaho 222 122 55.0 71 32.0 137 51 37.2 Wyoming 158 69 43.7 61 38.6 85 8 9.4 Colorado 396 197 49.7 88 22.2 273 109 39.9 New Mexico 122 70 57.4 61 50.0 56 9 16.1 Arizona 87 49 56.3 28 32.2 46 21 45.7 Utah 132 51 38.6 19 14.4 104 32 30.8 Nevada 33 23 69.7 3 9.1 35 20 57.1 Pacific—total 1,385 433 31.3 130 9.4 985 302 30.7 Washington 390 170 43.6 55 14.1 334 115 34.4 Oregon 275 124 45.0 44 16.0 232 80 34.5 California 720 139 19. 3 31 4.3 419 107 25.5

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 884 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

1921-1936 1921-1929 1930-1933

Number Suspen- Suspen- Number Suspen- of active sions per sions per of active sions per Geographic division and State banks on Number 100 Number 100 banks on Number 100 June 30, of sus- active of sus- active Jan. 1, of sus- active 1920 pensions banks on pensions banks on 1930 pensions banks on June 30, June 30, Jan. l, 1920 1920 1930

United States—total _ . _ 8,024 2,719 33. 9 766 9.5 7,403 1,947 26.3 New England—total._ ._ __ . _ _ _ 409 62 15.2 3 .7 379 59 15.6 Maine 63 17 27.0 53 17 32.1 New Hampshire _ _ _ 55 6 10.9 56 6 10.7 Vermont 49 15 30. 6 46 15 32.6 Massachusetts - - 159 21 13.2 1 .6 152 20 13.2 Rhode Island 17 1 5.9 1 5.9 10 Connecticut -.. 66 2 3.0 1 1.5 62 1 1.6 Middle Atlantic—total . . . 1.554 424 27.3 18 1.2 1,710 405 23.7 New York __ 491 120 24.4 3 .6 559 117 20.9 New Jersey - _ 212 77 36.3 2 .9 300 75 25. 0 Pennsylvania - 851 227 26.7 13 1.5 851 213 25.0 East North Central—total _. 1,367 534 39.1 48 3.5 1,305 485 37.2 Ohio 370 94 25.4 11 3.0 317 82 25.9 Indiana . --- - 254 79 31.1 11 4.3 219 68 31. 1 Illinois -_. - - - . 480 226 47.1 16 3.3 482 210 43.6 Michigan - - - 112 77 68.8 2 "1.8 130 75 57.7 Wisconsin - -_. _ 151 58 38.4 8 5.3 157 50 31.8 West North Central—total... 1,579 664 42.1 308 19.5 1,264 354 28.0 Minnesota - _._ 331 107 32.3 57 17. 2 266 50 18.8 Iowa . 358 217 60.6 92 25.7 251 125 49.8 Missouri. . _.-_-___ 136 46 33.8 7 5. 1 130 39 30.0 North Dakota, - .___._ _ . . 181 96 53. 0 62 34.3 122 34 27.9 South Dakota __.._. 136 81 59.6 51 37.5 92 29 31.5 Nebraska _ ..__ 188 69 36.7 28 14.9 157 40 25.5 Kansas -• - 249 48 19.3 11 4.4 246 37 15.0

South Atlantic—total _ _ _ 728 281 38.6 79 10.9 629 201 32.0 Delaware ._ -- _ - 19 3 15.8 1 5.3 17 2 11.8 Maryland 92 30 32.6 2 2. 2 80 28 35.0 District of Columbia __ 15 4 26.7 12 4 33.3 Virginia .. _- - 165 33 20.0 5 3.0 159 27 17. 0 West Virginia... - _ .,_. 122 50 41.0 4 3.3 115 46 40.0 North Carolina . ... _ „ 87 52 59.8 13 14. 9 66 39 59.1 South Carolina .. .- 82 40 48.8 22 26.8 47 18 38.3 Georgia _ 93 40 43.0 16 17.2 76 24 31.6 Florida ... . 53 29 54.7 16 30.2 57 13 22.8 East South Central—total... _ 363 123 33.9 15 4.1 379 108 28.5 Kentucky __ 134 38 28.4 1 .7 138 37 26.8 Tennessee.. ._ _. . 98 26 26.5 2 2.0 99 24 24.2 Alabama _ _ _ 101 40 39.6 8 7.9 107 32 29.9 Mississippi -- 30 19 63.3 4 13.3 35 15 42.9 West South Central—total . 1,025 279 27.2 121 11.8 1,007 158 15.7 Arkansas ... _ 83 37 44.6 7 8.4 72 30 41.7 Louisiana _. - 38 11 28.9 1 2.6 34 10 29.4 Oklahoma . . _ 348 97 27.9 65 18.7 292 32 11.0 Texas _ 556 134 24.1 48 8.6 609 86 14.1 Mountain—total. __ _ . 519 218 42.0 139 26.8 326 78 23.9 Montana __. ______. 145 73 50.3 59 40.7 67 13 19.4 Idaho . 81 39 48.1 26 32.1 43 13 30.2 Wyoming 47 11 23.4 11 23.4 25 Colorado _ .._ _ 141 57 40.4 17 12. 1 120 40 33.3 New Mexico . . 47 24 51.1 20 42.6 27 4 14.8 Arizona . . _ 20 6 30.0 3 15.0 14 3 21.4 Utah 28 5 17.9 3 10.7 20 2 10.0 Nevada... ._ _._ ... 10 3 30.0 10 3 30.0 Pacific—total 480 134 27.9 35 7.3 404 99 24.5

Washington ______87 41 47.1 11 12.6 105 30 28.6 Oregon 90 31 34.4 8 8.9 94 23 24.5 California ______, 303 62 20.5 16 5.3 205 46 22. 4

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 885

1921-1936 1921-1929 1930-1933

Number Suspen- Suspen- Number Suspen- of active sions per sions per of active sions per Geographic division and State banks on Number 100 Number 100 banks on Number 100 June 30, of sus- active of sus- active Jan. 1, of sus- active 1920 pensions banks pensions banks on 1930 pensions banks on on June June 30, Jan. 1, 30, 1920 1920 1930

United States—total 1,374 592 43.1 229 16.7 1,119 363 32.4 New England—total 37 8 21.6 37 8 21.6 Maine . . __ _ _ . . 2 1 50.0 2 1 50.0 New Hampshire.. 1 Vermont _ M assachusetts 27 5 18.5 25 5 20.0 Rhode Island 3 1 33.3 4 1 25.0 Connecticut .__ .. 5 1 20.0 5 1 20.0 Middle Atlantic—total .__ _ 186 36 19.4 268 36 13.4 New York _ 97 12 12.4 107 12 11.2 New Jersey _ . . 42 11 26.2 64 11 17.2 Pennsylvania - 47 13 27.7 97 13 13.4 East North Central—total _. 370 166 44.9 19 5.1 306 147 48.0 Ohio 81 33 40.7 5 6.2 71 28 39.4 Indiana 23 13 56.5 5 21.7 15 8 53.3 Illinois 78 28 35.9 3 3.8 62 25 40.3 Michigan 153 89 58.2 5 3.3 143 84 58.7 Wisconsin.. - 35 3 8.6 1 2.9 15 2 13.3 West North Central—total 191 111 58.1 70 36.6 125 41 32.8 Minnesota 25 8 32.0 6 24.0 10 2 20.0 Iowa. 86 63 73.3 49 57.0 40 14 35.0 Missouri 34 28 82.4 7 20.6 57 21 36.8 North Dakota _ 4 South Dakota 14 7 50.0 6 42.9 9 1 11.1 JNeDrasKa _ __ .. 19 4 21.1 1 5.3 3 3 100.0 Kansas 9 1 11.1 1 11.1 6 South Atlantic—total 103 69 67.0 41 39.8 94 28 29.8 Delaware . 4 3 Maryland 7 2 28.6 5 2 40.0 District of Columbia 1 Virginia 14 3 21.4 13 3 23.1 West Virginia - 8 6 75.0 16 6 37.5 North Carolina... 10 2 20.0 1 10.0 6 1 16.7 South Carolina 16 10 62.5 7 43.8 8 3 37.5 Georgia.- - _ 34 39 114.7 28 82.4 39 11 28.2 Florida . .- . 9 7 77.8 5 55.6 4 2 50.0 East South Central—total _ 38 21 55.3 7 18.4 27 14 51.9 Kentucky - 11 2 18.2 7 2 28.6 Tennessee 12 3 25.0 1 8.3 5 2 40.0 Alabama 14 11 78.6 5 35.7 12 6 50.0 Mississippi - _ 1 5 500.0 1 100.0 3 4 133.3 West South Central—total 208 67 32.2 27 13.0 112 40 35.7 Arkansas _._.____ 27 21 77.8 5 18.5 22 16 72.7 Louisiana 14 6 42.9 2 14.3 8 4 50.0 Oklahoma _ 21 3 14.3 2 9.5 2 1 50.0 Texas - 146 37 25.3 18 12.3 80 19 23.8 Mountain—total _ 133 70 52.6 55 41.4 71 15 21.1 Montana 43 30 69.8 26 60.5 21 4 19.0 Idaho 41 21 51.2 16 39.0 17 5 29.4 1 2 200.0 2 200.0 3 Colorado ._ -- 3 3 New Mexico .. 8 6 75.0 6 75.0 2 Arizona 4 3 Utah 33 11 33.3 5 15.2 22 6 27.3 Nevada . .. .

Pacific—total 108 44 40.7 10 9.3 79 34 43.0 Washington _ .. __ 51 20 39.2 3 5.9 41 17 41.5 Oregon_ .. __ _ 22 21 95.5 7 31.8 26 14 53.8 California 35 3 8.6 12 3 25.0

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 886 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

TABLE 4.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVE BANKS AT OR NEAR THE BEGINNING OF THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSES OF BANKS—Continued NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS

1921-1936 1921-1929 1930-1933

Number Suspen- Suspen- dumber Suspen- of active sions per of active ions per Geographic division and State banks on sions per banks on STumber 100 STumber 100 Jan. 1, dumber 100 June 30, of sus- active of sus- active 1930 of sus- active 1920 pensions banks pensions banks on pensions 3anks on on June June 30, Jan. 1, 30, 1920 1920 1930

United States—total. 19, 487 11, 033 56.6 4,416 22.7 15,109 6,502 43.0 New England—total.- 283 72 25.4 7 2.5 275 64 23.3 Maine 53 19 35.8 2 3.8 44 17 38.6 New Hampshire- 25 3 12.0 1 4.0 14 2 14.3 Vermont 39 5 12.8 37 5 13.5 Massachusetts 85 20 23.5 1 1.2 77 19 24.7 Rhode Island 13 2 15. 4 2 15. 4 9 Connecticut 68 23 33^8 1 L5 94 21 22.3 Middle Atlantic—total- 853 288 33.8 23 2.7 991 251 25.3

New York 229 49 21.4 4 1.7 269 43 16.0 New Jersey 112 45 40.2 1 .9 169 33 19.5 Pennsylvania- 512 194 37.9 18 3.5 553 175 31.6 East North Central—total- 3,637 2,238 61.5 308 8.5 3,650 1,901 52.1 Ohio 540 260 48.1 35 6.5 566 224 39.6 Indiana 602 428 71.1 84 14.0 625 331 53.0 Illinois 1,325 698 52.7 113 8.5 1,220 582 47.7 Michigan. _ 388 320 82.5 7 1.8 464 311 67.0 Wisconsin. 782. 532 68.0 69 8.8 775 453 58.5 West North Central—total. 7,222 4,480 62.0 2,189 30.3 4,834 2,252 46.6 Minnesota 1,152 611 53.0 356 30.9 753 254 33.7 Iowa 1,268 958 75.6 311 24.5 961 646 67.2 Missouri 1,477 805 54.5 279 18.9 1,091 500 45.8 North Dakota. 713 515 72.2 365 51.2 288 149 51.7 South Dakota.- 538 484 90.0 335 62.3 285 147 51.6 Nebraska 989 706 71.4 337 34.1 643 366 56.9 Kansas 1,085 401 37.0 206 19.0 813 190 23.4 South Atlantic—total- 2,338 1,521 65.1 824 35.2 1,583 688 43.5

Delaware 16 3 18.8 1 6.3 27 2 7.4 Maryland 137 66 48.2 3 2.2 130 63 48.5 District of Columbia.. 29 14 48 3 28 14 50.0 Virginia 321 119 37.1 38 11.8 285 79 27.7 West Virginia 208 100 48.1 30 14.4 162 70 43.2 North Carolina 481 320 66.5 105 21.8 344 215 62.5 South Carolina 355 287 80.8 196 55.2 150 89 59.3 Georgia 595 357 60.0 278 46.7 290 74 25.5 Florida 196 255 130.1 173 88.3 167 82 49.1 East South Central—total- 1,413 615 43.5 178 12.6 1,300 427 32.8 Kentucky. _- 440 141 32.0 42 9.5 423 95 22.5 Tennessee.-- 436 172 39.4 63 14.4 379 105 27.7 Alabama 232 114 49.1 27 11.6 229 87 38.0 Mississippi. 305 188 61.6 46 15.1 269 140 52.0 West South Central—total. 2,023 1,021 50.5 466 23.0 1,440 543 37.7 Arkansas. _ 372 310 83.3 74 19.9 316 236 74.7 Louisiana.- 215 120 55.8 42 19.5 183 76 41.5 Oklahoma. 590 330 55.9 197 33.4 322 129 40.1 Texas 846 261 30.9 153 18.1 619 102 16.5 Mountain—total. 921 543 59.0 336 36.5 534 207 38.8 Montana 235 147 62.6 114 48.5 107 33 30.8 Idaho 100 62 62.0 29 29.0 77 33 42.9 Wyoming 110 56 50.9 48 43.6 57 8 14.0 Colorado 252 140 55.6 71 28.2 150 69 46.0 New Mexico.. 67 40 59.7 35 52.2 27 5 18.5 Arizona 63 43 68.3 25 39.7 29 18 62.1 Utah 71 35 49.3 11 15.5 62 24 38.7 Nevada 23 20 87.0 3 13.0 25 17 68.0 Pacific—total. _ 797 255 32.0 85 10.7 502 169 33.7 Washington- 252 109 43.3 41 16.3 188 68 36.2 Oregon 163 72 44.2 29 17.8 112 43 38.4 California 382 74 19.4 15 3.9 202 58 28.7

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 887

TABLE 5.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVE BANKS IN OPERATION DURING THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSES OF BANKS ALL BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS

1921-1936 1921-1929 1930-1933

Suspen- Annual Annual Suspen- Annual Average Average Suspen- Average rate of Geographic division Num- sions rate of rate of number sions number number Num- sions suspen- Num- suspen- and State per suspen- of active ber of per of active ber of sions per of active ber of per sions per sions per banks suspen- hundred banks suspen- hundred banks suspen- hundred active hundred hundred active hundred 1921- sions 1921- sions active 1930- sions active banks active active 1933 i banks 1936 i banks 1929 i banks banks banks

United States—total 23, 292 14, 344 61.6 3.9 27, 362 5,411 19.8 2.2 20,520 8, 812 42.9 10.7

New England—total . . 659 142 21.5 1.3 696 10 1.4 .2 647 131 20.2 5.1

Maine 98 37 37.8 2.4 111 2 1.8 .2 89 35 39.3 9.8 New Hampshire 69 9 13.0 .8 70 1 1.4 .2 69 8 11.6 2.9 Vermont 82 20 24.4 1.5 84 80 20 25.0 6.3 Massachusetts . _ _ 243 46 18.9 1.2 256 2 .8 .1 239 44 18.4 4.6 Rhode Island 25 4 16.0 1.0 28 3 10.7 1.2 23 1 4.3 1. 1 Connecticut - 142 26 18.3 1.1 147 2 1.4 .2 147 23 15.6 3.9 Middle Atlantic—total 2,714 748 27.6 1.7 2, 891 41 1.4 .2 2,705 692 25. 6 6.4

New York 865 181 20.9 1.3 896 7 .8 .1 877 172 19.6 4.9 New Jersey 451 133 29.5 1.8 457 3 .1 486 119 24.5 6.1 Pennsylvania 1, 398 434 31.0 1.9 1,538 31 2^0 .2 1, 342 401 29.9 7.5 East North Central—total.._ 4,800 2, 938 61.2 3.8 5,515 375 6.8 .8 4, 524 2, 533 56.0 14.0

Ohio 907 387 42.7 2.7 1,009 51 5.1 .6 853 334 39.2 9.8 Indiana 799 520 65.1 4. 1 937 100 10.7 1.2 720 407 56.5 14.1 Illinois 1,579 952 60. 3 3.8 1,878 132 7.0 .8 1,431 817 57.1 14.3 Michigan 644 486 75.5 4.7 715 14 2.0 .2 644 470 73. 0 18.3 Wisconsin 871 593 68.1 4.3 976 78 8.0 .9 876 505 5 <. 6 14.4

West North Central—total... 6,505 5,255 80.8 5.1 8,038 2,567 31.9 3.5 5,279 2,647 50.1 12.5

Minnesota _ _ 1,112 726 65. 3 4.1 1,343 419 31.2 3.5 912 306 33.6 8.4 Iowa 1,240 1,238 99.8 6.2 1,545 452 29.3 3.3 1,034 785 75.9 19.0 Missouri 1,268 879 69.3 4.3 1,553 293 18.9 2.1 1,075 560 52. 1 13.0 North Dakota.. __ _ 499 611 122.4 683 427 62. 5 6.9 301 183 60.8 15.2 South Dakota 429 572 133.3 8.3 557 392 70.4 7.8 305 177 58.0 14.5 Nebraska. . 866 779 to. o 5.6 1,090 366 33.6 3.7 694 409 58.9 14.7 Kansas 1, 091 450 2.6 1, 267 218 17.2 1.9 958 227 23.7 5.9 41.2 South Atlantic—total 2,411 1,871 4.9 2,912 944 32.4 3.6 1,954 917 46.9 11.7 77.6 Delaware __ __ . 44 6 13.6 .9 42 2 4.8 .5 47 4 8.5 2.1 Maryland 212 98 46.2 2.9 229 5 2.2 201 93 46.3 11.6 District of Columbia 40 18 45.0 2.8 47 38 18 47.4 11.9 Virginia 441 155 35.1 2.2 493 43 8.7 1.0 410 109 26.6 6.7 West Virginia- 284 156 54.9 3.4 336 34 10.1 1.1 249 122 49.0 12.3 North Carolina 416 374 89.9 5.6 529 119 22.5 2.5 318 255 80.2 20.1 South Carolina 267 337 126.2 7.9 363 225 62.0 6.9 152 110 72.4 18.1 Georgia 465 436 93.8 5.9 579 322 55.6 6.2 345 109 31.6 7.9 Florida 242 291 120.2 7.5 294 194 66.0 7.3 194 97 50. 0 12.5

East South Central—total... 1,620 759 46.9 2.9 1,829 200 10.9 1.2 1,475 549 37. 2 9.3 Kentucky... _ - 545 181 33.2 2.1 599 43 7.2 .8 513 134 26.1 6.5 Tennessee 475 201 42.3 2.6 545 66 12.1 1.3 423 131 31.0 7.8 Alabama 310 165 53.2 3.3 352 40 11.4 1.3 285 125 43.9 11.0 Mississippi ... 290 212 73.1 4.6 333 51 15.3 1.7 254 159 62.6 15.7 West South Central—total... 2,567 1,367 53.3 3.3 3, 013 614 20.4 2.3 2,231 741 33.3 8.3 Arkansas 383 368 96. 1 6.0 471 86 18.3 2.0 312 282 90.4 22.6 Louisiana 220 137 62.3 3.9 252 45 17.9 2.0 207 90 43.5 10.9 Oklahoma 667 430 64.5 4.0 805 264 32.8 3.6 548 162 29.6 7.4 Texas _ 1,297 432 33.3 2.1 1,485 219 14.7 1.6 1,164 207 17.8 4.5

Mountain—total. 984 831 84.5 5.3 1,209 530 43.8 4.9 825 300 36.4 9.1

Montana- 224 250 111.6 7.0 285 199 69.8 7.8 168 50 29.8 7.5 Idaho -.- 142 122 85.9 5.4 173 71 41.0 4.6 125 51 40.8 10.2 Wyoming 96 69 71.9 4.5 115 61 53.0 5.9 79 8 10. 1 2.5 Colorado 280 197 70.4 4.4 337 88 26.1 2.9 243 109 44.9 11.2 New Mexico... ___ . _ 68 70 102.9 6.4 85 61 71.8 8.0 53 9 17.0 4.3 Arizona 47 49 104. 3 6.5 63 28 44.4 4.9 36 21 58.3 14.6 Utah _ 99 51 51.5 3.2 116 19 16.4 1.8 92 32 34.8 8.7 Nevada. .. 28 23 82.1 5.1 35 3 8.6 1.0 29 20 69. 0 17.3

Pacific—total . 1,032 433 42.0 2.6 1,259 130 10.3 1.1 880 302 34.3 8.6

Washington 317 170 53.6 3.4 368 55 14.9 1.7 296 115 38.9 9.7 Oregon 220 124 56.4 3.5 267 44 16.5 1.8 202 80 39.6 9.9 California,-- . __ _ 495 139 28.1 1.8 624 31 5.0 .6 382 107 28.0 7.0

1 Based on the number of banks in operation at the beginning of each year of the period.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 888 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

TABLE 5.—NTJMBEK OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVE BANKS IN OPERATION DURING THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSES OF BANKS—Continued. NATIONAL BANKS

1921-1936 1921-1929 1930-1933

Annual Annual Annual Geographic division Average Suspen- rate of Average Suspen- rate of Average Suspen- rate of and State number Num- sions suspen- number Num- sions suspen- number Num- sions suspen- of active ber of per sions per af active ber of per sions per of active ber of per sions per banks suspen- hundred hundred banks suspen- hundred hundred banks suspen- hundred hundred 1921- sions active active 1921- sions active active 1930- sions active active 1936 1 banks banks 1929 1 banks banks 1933 1 banks banks

United States—total- 7,181 2,719 37.9 2.4 8,009 766 9.6 1.1 6,704 1,947 29.0 7.3 New England—total.. 376 62 16.5 1.0 397 .1 364 59 16.2 Maine 52 17 32.7 2.0 59 48 17 35.4 8.9 New Hampshire. 54 6 11.1 .7 55 54 11.1 2.8 Vermont 46 15 32.6 2.0 47 45 33.3 8.3 Massachusetts .__ 150 21 14.0 .9 157 .6 147 13.6 3.4 Rhode Island 13 1 7.7 .5 15 6.7 10 Connecticut 61 2 3.3 .2 64 1.6 60 1.7 .4 Middle Atlantic—total- 1,592 424 26.6 1.7 1,655 1.1 1,614 405 25.1 6.3 New York 120 23.3 1.5 530 529 117 22.1 5.5 New Jersey.__ 77 29.6 1.9 259 284 75 26.4 6.6 Pennsylvania. 816 227 27.8 1.7 866 1.5 801 213 26.6 6.7 East North Central—total..- 1,216 534 43.9 2.7 1,377 3.5 1,146 485 42.3 10.6 Ohio 319 94 29.5 1.8 357 3.1 82 28.4 7.1 Indiana 206 79 38.3 2.4 244 4.5 186 68 36.6 9.2 Illinois 435 226 52.0 3.3 495 3.2 411 210 51.1 12.8 Michigan.. 114 77 67.5 4.2 125 1.6 116 75 64.7 16.2 Wisconsin.. 142 58 40.8 2.6 156 5.1 144 50 34.7 8.7 West North Central—total— 1,285 664 51.7 3.2 1,487 20.7 2.3 1,145 354 30.9 7.7 Minnesota. 279 107 38.4 2.4 316 18.0 2.0 248 50 20.2 5.1 Iowa 256 217 84.8 5.3 326 28.2 3.1 206 125 60.7 15.2 Missouri 120 46 38.3 2.4 134 5.2 .6 114 39 34.2 8.6 North Dakota- 129 96 74.4 4.7 163 38.0 4.2 98 34 34.7 8.7 South Dakota... 98 81 82.7 5.2 116 44.0 4.9 84 29 34.5 8.6 Nebraska 162 69 42.6 2.7 172 16.3 1.8 160 40 25.0 6.3 3.9 Kansas r. 241 48 19.9 1.2 260 4.2 .5 235 37 15.7 South Atlantic—total.. 629 281 44.7 2.8 720 11.0 1.2 552 201 36.4 9.1 Delaware... 17 3 17.6 1.1 18 5.6 16 2 12.5 3.1 Maryland 78 30 38.5 2.4 86 2.3 .3 73 28 38.4 9.6 District of Columbia.. 12 4 33.3 2.1 14 12 4 33.3 8.3 Virginia 160 33 20.6 1.3 174 2.9 .3 149 27 18.1 4.5 West Virginia 108 50 46.3 2.9 123 3.3 .4 99 46 46.5 11.6 North Carolina 67 52 77.6 4.9 82 15.9 1.8 52 39 75.0 18.8 South Carolina 53 40 75.5 4.7 74 29.7 3.3 32 18 56.3 14.1 Georgia ... 78 40 51.3 3.2 90 17.8 2.0 67 24 35.8 9.0 Florida 56 29 51.8 3.2 59 27.1 3.0 52 13 25.0 6.3 East South Central—total. __ 346 123 2.2 380 .4 332 108 32.5 8.1 Kentucky— 126 38 30.2 1.9 138 .7 123 37 30.1 7.5 Tennessee- 26 27.7 1.7 103 1.9 24 27.0 6.8 Alabama 40 42.1 2.6 105 7.6 32 35.2 8.8 Mississippi- 19 61.3 34 4 11.8 1.3 15 51.7 12.9 West South Central—total. _ 279 28.5 1.8 121 11.0 1.2 158 17.8 4.5 Arkansas- 71 37 52.1 3.3 84 7 8.3 57 52.6 13.2 Louisiana.. 32 11 34.4 2.2 34 1 2.9 .3 30 33.3 8.3 Oklahoma- 320 97 30.3 1.9 381 65 17.1 1.9 261 12.3 3.1 Texas 557 134 24.1 1.5 599 48 8.0 540 15.9 4.0 Mountain—total.. 355 218 61.4 425 139 3.6 295 78 26.4 6.6 Montana 79 73 92.4 5.8 100 59.0 6.6 58 22.4 5.6 Idaho 51 39 76.5 4.8 65 40.0 4.4 37 35.1 Wyoming 32 11 34.4 2.2 37 29.7 3.3 25 Colorado 118 57 48.3 3.0 135 12.6 1.4 110 36.4 9.1 New Mexico. 32 24 75.0 4.7 37 54.1 6.0 27 14.8 3.7 Arizona 15 6 40.0 2.5 18 16.7 1.9 12 25.0 6.3 Utah 19 5 26.3 1.6 22 13.6 1.5 17 11.8 3.0 Nevada 3 33.3 2.1 11 33.3 8.3 Pacific—total- 402 134 33.3 2.1 470 35 7.4 .8 99 26.9 6.7 Washington.. 97 42.3 2.6 108 10.2 1.1 96 31.3 7.8 85 36.5 2.3 96 8.3 .9 86 26.7 6.7 Oregon 220 28.2 1.8 266 6.0 .7 186 24.7 6.2 California i Based on the number of banks in operation at the beginning of each year of the period.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 889

1921-1936 1921-1929 1930-1933

Annual Suspen- Annual Annual Geographic division Averag Suspen- rate of Average Averag Suspen- number Num- sions number Num- sions rate of rate of and State suspen- per suspen- number Num- sions suspen- of activ ber of per sions per of active ber of of activ ber of per banks suspen hundred banks suspen hundrec sions pe sions per hundrec active hundrec banks suspen hundrec hundred 1921- sions active active 1921- sions 1930- sions active 1936 1 banks 1929 1 banks active active banks banks 1933 1 banks banks

United States—total 1, 239 592 47.8 3.0 1,464 229 15.6 1.7 957 363 37.9 9.5

New England—total 38 8 21.0 1.3 39 33 8 24.2 6.1

Maine -- - 4 1 25.0 1.6 3 2 1 50 0 12 5 New Hampshire. _ _ .. 1 1 1 Vermont __ _ _- Massachusetts __ _- 26 5 19 2 1.2 27 2° 5 22 7 5 7 Rhode Island __ _ .._ __ _ 3 1 33.3 2.1 4 4 1 25 0 6 3 Connecticut 4 1 25.0 1.6 4 4 1 25.0 6.3 Middle Atlantic—total 237 36 15.2 1.0 236 2.3 36 14.8 3.7 New York - __ 102 12 11.8 .7 101 97 12 12 4 3 1 New Jersey -- - - 56 11 19 6 1 2 56 61 18 0 4 5 Pennsylvania __ 79 13 16.5 1.0 79 85 13 15.3 3.8 East North Central—total _.. 316 166 52.5 3.3 376 19 5.1 .6 251 147 58.6 14.7 Ohio - 74 33 44.6 2.8 85 5 5.9 .7 57 28 49.1 12.3 Tndiana 15 13 86.7 5.4 20 5 25.0 2.8 11 8 72.7 18.2 Illinois -_-_ _ 71 28 39. 4 2.5 83 3 3.6 .4 48 25 52.1 13.0 MMrhiuan 134 89 66. 4 4.2 160 5 3.1 .3 121 84 69.4 17.4 Wisconsin 22 3 13.6 .9 28 1 3.6 .4 14 2 14.3 3. 6

West North Central—total.... 166 111 66.9 4.2 202 70 34.7 3.9 108 41 38.0 9.5

Minnesota - 18 8 44.4 2.8 25 6 24.0 2.7 7 2 28.6 7.2 Iowa - 6J 63 103. 3 6.5 88 49 55 7 6 2 29 14 48 3 12 1 Missouri 53 28 52.8 3.3 53 7 13. 2 1.5 56 21 37.5 9.4 North Dakota 3 3 South Dakota 14 7 50.0 3.1 14 6 42.9 4.8 8 1 12.5 3.1 Npbr&ska 9 4 44.4 2.8 12 1 8.3 .9 3 3 100.0 25.0 Kansas __ __ 8 1 12.5 .8 7 1 14 3 1 6

South Atlantic—total._ __. _ 118 69 58.5 3.7 142 41 28.9 3.2 78 28 35.9 9.0 Delaware. _ _ _ 4 4 4 Maryland 6 2 33 3 2 1 6 2 40 0 10 0 District of Columbia, 1 1 Virginia - 15 3 20.0 1.3 13 11 3 27 3 6 8 West Virginia 15 6 40 0 2 5 15 14 6 42 9 10 7 North Carolina 9 2 22. 2 1.4 11 1 9.1 1.0 5 1 20.0 5.0 South Carolina _ _ 11 10 90. 9 5.7 16 7 43.8 4.9 5 3 60.0 15.0 Georgia 49 39 79. 6 5.0 65 28 43. 1 4.8 30 11 36.7 9.2 Florida 8 87.5 5. 5 11 5 45.5 5. 1 4 2 50.0 12.5

East South Central—total_._. 38 21 55. 3 3.5 46 7 15. 2 1.7 21 14 66.7 16.7 Kentucky 8 2 25 0 1 6 9 2 33 3 8 3 Tennessee 9 3 33. 3 2.1 12 1 8.3 .9 4 2 50.0 12.5 Alabama., __ 17 11 64. 7 4.0 20 . 5 25. 0 2.8 9 6 66.7 16.7 Mississippi 4 5 125.0 7.8 5 ] 20.0 2.2 2 4 200.0 50.0 West South Central—total _ 146 67 45.9 2.9 198 27 13.6 15 94 40 42.6 10.7 Arkansas. 23 21 91.3 5.7 31 5 16.1 1.8 17 16 94.1 23.5 Louisiana 9 6 66. 7 4.2 13 2 15.4 1.7 6 4 66.7 16.7 Oklahoma 5 3 60. 0 3.8 8 2 25. 0 2.8 2 1 50.0 12.5 Texas 109 37 33.9 2. 1 146 18 12.3 1.4 69 19 27.5 6.9

Mountain—total _ _ _ __ 90 70 77.8 4.9 110 55 50. 0 5.6 63 15 23.8 6.0

Montana. _____ 29 30 103. 4 6.5 38 26 68.4 7.6 18 4 22.2 5.6 Idaho 22 21 95. 5 6.0 29 16 55.2 6.1 14 5 35.7 8.9 Wyoming,. __ . _ _ . 4 2 50. 0 3. 1 3 2 • 66. 7 7 4 4 Colorado.- _ 4 3 3 New Mexico._ _ ._ 3 6 200. 0 12.5 4 6 150 0 16 7 2 Arizona 3 4 2 Utah - - 25 11 44.0 2.8 29 5 17.2 1.9 20 6 30.0 7.5 Nevada

Pacific—total 90 44 48.9 3.1 115 10 8.7 1.0 66 31 51.5 12.9

Washington 40 20 50. 0 3.1 47 3 6.4 35 17 48.6 12.2 Oregon 25 21 84. 0 5.3 33 7 21.2 2.4 20 14 70.0 17.5 California 25 3 12.0 .8 35 11 3 27.3 6.8

i Based on the number of banks in operation at the beginning of each year of the period.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 890 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

TABLE 5.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVE BANKS IN OPERATION DURING THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSES OF BANKS—Continued NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS

1921-1936 1921-1929 1930-1933

Annual Annual Annual Average Suspen- rate of Average Suspen- Average Suspen- rate of Geographic division number Num- sions number Num- sions rate of number Num- sions and State ber of per suspen- suspen- per suspen- f active sions per )f active ber of per sions per f active ber of sions per banks suspen- hundred lundred banks suspen- lundred banks suspen- hundred lundred 1921- sions active 1921- sions active hundred 1930- sions active banks active active banks active 1936' banks 1929 1 banks banks 1933 1 banks

United States—total- 14, 872 11, 033 74.2 4.6 17, 889 4,416 24.7 2.7 12, 859 6, 502 50.6 12.7

New England—total . 245 72 29.4 1.8 260 7 2.7 .3 250 64 25.6 6.4

Maine 42 19 45.2 2.8 49 2 4. 1 .5 39 17 43.6 10.9 New Hampshire .. _ 14 3 21.4 1.3 14 1 7. 1 .8 14 2 14.3 3.6 Vermont._ __ - _ 36 5 13.9 .9 37 35 5 14.3 3.6 Massachusetts 67 20 29. 9 1.9 72 1 1.4 .2 70 19 27.1 6.8 Rhode Island ___ _ 9 2 22.2 1.4 9 2 22.2 2 5 9 Connecticut 23 29. 9 1.9 79 1 1.3 .1 83 21 25.3 6.3 Middle Atlantic—total 885 288 32.5 2.0 1,000 23 2.3 .3 848 251 29.6 7.4

New York 247 49 19.8 1.2 265 4 1.5 .2 251 43 17.1 4.3 New Jersey 135 45 33. 3 2.1 142 1 . 7 . 1 141 33 23.4 5.9 Pennsylvania ._ .-. 503 194 38.6 2.4 593 18 .3 456 175 38.4 9.6

East North Central—total, _ 3, 268 2,238 68.5 4.3 3,762 308 8.2 .9 3,127 1,901 60.8 15.2

Ohio - - 514 260 50.6 3.2 567 35 6.2 .7 507 224 44.2 11.1 Indiana - _ _ _ .. _ ...... 578 428 74.0 4.6 673 84 12.5 1.4 523 331 63.3 15.8 Illinois 1,073 698 65.1 4.1 1,300 113 8.7 1.0 972 582 59.9 15.0 Michigan 396 320 80.8 5.1 430 1.6 .2 407 311 76.4 19.1 Wisconsin 707 532 75.2 4.7 792 69 8.7 1.0 718 453 63.1 15.8

West North Central—total... 5,054 4,480 88.6 5. 5 6,349 2,189 34.5 3.8 4,026 2, 252 55.9 14.0

Minnesota.- - 815 611 75. 0 4.7 1,002 356 35. 5 3.9 657 254 38.7 9.7 Iowa 923 958 103.8 6 5 1 131 311 27 5 3 1 799 646 80.9 20.2 Missouri _. .__ _ .._ 1,095 805 73. 5 4.6 1, 366 279 20.4 2.3 905 500 55.2 13.8 North Dakota 367 515 140. 3 8.8 517 365 70. 6 7.8 203 149 73.4 18.4 South Dakota_- 317 484 152. 7 9.5 427 335 78.5 8.7 213 147 69.0 17.3 Nebraska 695 706 101.6 6.4 906 337 37. 2 4. 1 531 366 68.9 17.2 Kansas _ _.. - 842 401 47.6 3.0 1,000 206 20.6 2.3 718 190 26.5 6.6

South Atlantic—total 1,664 1. 521 91.4 5.7 2,050 824 40.2 4.5 1, 324 688 52.0 13.0 Delaware . 23 3 13. 0 .8 20 1 5.0 .6 27 2 7.4 1.9 Maryland .--. 128 66 51.6 3.2 137 3 2.2 .2 123 63 51.2 12.8 District of Columbia 27 14 51.9 3.2 32 26 14 53.8 13.5 Virginia 266 119 44.7 2.8 306 38 12.4 1.4 250 79 31.6 7.9 West Virginia _ _ 161 100 62. 1 3.9 198 30 15.2 1.7 136 70 51.5 12.9 North Carolina 340 320 94.1 5.9 436 105 24.1 2.7 261 215 82.4 20.6 South Carolina. 203 287 141.4 8.8 273 196 71.8 8.0 115 89 77.4 19.4 Georgia 338 357 105.6 6.6 424 278 65. 6 7.3 248 74 29.8 7.5 Florida 178 255 143. 3 9.0 224 173 77.2 8.6 138 82 59.4 14.9

East South Central—total __ 1,236 615 49.8 3.1 1,403 178 12.7 1.4 1,122 427 38.1 9.5 Kentucky _ 411 141 34.3 2. 1 452 42 9.3 1.0 384 95 24.7 6.2 Tennessee 372 172 46.2 2.9 430 63 14.7 1.6 330 105 31.8 8.0 Alabama. __ _. - 198 114 57.6 3.6 227 27 11.9 1.3 185 87 47.0 11.8 Mississippi 255 188 73.7 4.6 294 46 15.6 1.7 223 140 62.8 15.7 West South Central—total.. 1,441 1,021 70.9 4.4 1,717 466 27.1 3.0 1,249 543 43.5 id. 9 Arkansas .__ _ _ . .... 289 310 107. 3 6.7 356 74 20.8 2.3 238 236 99.2 24.8 Louisiana 179 120 67.0 4.2 205 42 20.5 2.3 171 76 44.4 11.1 Oklahoma. - 342 330 96. 5 6.0 416 197 47.4 5.3 285 129 45.3 11.3 Texas - _... 631 261 41.4 2.6 740 153 20.7 2.3 555 102 18.4 4.6

Mountain—total-. _, ... . . 543 100.7 6.3 674 336 49.9 5.5 467 207 44.3 11.1 Montana 116 147 126.7 7.9 147 114 77.6 8.6 92 33 35.9 9.0 Idaho ... . 69 62 89. 9 5.6 79 29 36.7 4.1 74 33 44.6 11.2 Wyoming 60 56 93. 3 5.8 75 48 64.0 7.1 50 8 16.0 4.0 Color ado. 158 140 88.6 5.5 199 71 35.7 4.0 130 69 53.1 13.3 New Mexico _ _ . 33 40 121.2 7.6 44 35 79. 5 8.8 24 5 20.8 5.2 Arizona 29 43 148. 3 9.3 41 25 61. 0 6.8 22 18 81.8 20.5 Utah . 55 35 63. 6 4.0 65 11 16.9 1.9 55 24 43.6 10.9 Nevada 19 20 105. 3 6.6 24 3 12.5 1.4 20 17 85.0 21.3

Pacific—total 540 255 47 2 3.0 674 85 12.6 1.4 446 169 37.9 9.5

Washington . 180 109 60. 6 3.8 213 41 19.2 2.1 165 68 41.2 10.3 Oregon 110 72 65.5 4.1 138 29 21.0 2.3 96 43 44.8 11.2 California 250 74 29. 6 1.9 323 15 4.6 .5 185 58 31.4 7.9

i Based on the number of banks in operation at the beginning of each year of the period.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE 6.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY SIZE OF LOANS AND INVESTMENTS, CLASSES OF BANKS, AND YEARS ALL BANKS» Number of bank suspensions

Size group- loans and investments Total, 1921 1922 1923 1924 1925 1926 1927 1928 1932 1933 1934 1935 1936 (000 omitted) 1921-1936

Under $150.. 5, 530 190 131 277 319 243 407 296 237 304 544 699 543 1,262 32 21 25 150to249_... 2,734 93 69 145 148 130 2,29 125 100 108 250 40,2 251 667 4 5 8 250 to 499—. 3,036 106 124 173 134 190 141 93 123 474 292 781 10 4 5 H 500 to 999 1,809 50 56 79 66 89 62 37 69 140 327 180 613 4 2 4 21 34 23 322 2 > 1,000 to 1,999.. 878 27 23 22 19 24 61 183 102 2 F 2,000 to 4,999-. 508 10 6 8 12 5 12 38 123 55 214 3 f 5,000 to 9,999— 151 2 1 3 10 44 17 65 2 10,000 to 49,999- 92 2 1 1 9 23 10 46 50,000 and over.. 9 1 1 7 Not available.— 196 25 17 16 11 16 9 15 9 17 3 23 1 Total- 14, 943 505 366 646 775 618 669 659 1, 350 2,293 1, 453 4, 000 57 34 44 a 2 Loans and investments of suspended banks (in thousands of dollars) d F F Under $150 470, 439 16, 526 11,639 24.816 26,758 20,055 34,467 23, 228 18, 368 24, 742 45, 378 63, 786 47, 745 107, 217 2,397 1, 760 1,557 150 to 249 530, 396 18,114 13,403 28,430 28, 987 25, 232 44, 349 23, 806 19, 333 20, 672 49,166 78, 921 49, 104 127, 694 774 976 1,435 250 to 499 - _ 1, 068, 100 36, 361 34,059 42, 823 59, 713 45, 588 67, 307 48,049 33,147 42, 727 102, 582 167, 962 101, 659 279, 661 3,357 1,330 1,775 500 to 999- _ 1, 260, 747 36, 491 21,885 37,102 54, 814 44, 831 61,374 42, 831 25, 214 47, 052 95, 451 230, 809 122, 895 433, 444 2,441 1,341 2,772 1,000 to 1,999 1, 223, 140 37, 286 19, 528 30, 416 45, 336 34, 120 31,088 28, 201 26, 406 32, 773 83, 299 260, 086 139,136 450, 316 2, 516 2, 633 2,000 to 4,999. 1, 529, 251 24, 877 18, 375 22,311 19, 664 16, 641 21, 030 32, 977 15, 340 36,414 117,971 376, 402 176, 998 637,035 9, 543 3, 673 5,000 to 9,999 1,010,072 12,221 22, 704 11,579 5. 585 8, 748 22, 261 65, 209 305, 515 110,452 431,130 14,668 10,000 to 49,999 1,712,239 26,833 10, 121 13, 722 198,096 441, 892 170, 254 851, 321 50,000 and over. _ 1, 251. 421 213,403 58, 426 979, 592 Total 10, 055, 805 208, 709 118,889 185, 898 257, 976 186, 467 271. 194 214, 798 146,556 240, 363 970, 555 1,983.799 918, 243 4, 297, 410 35, 696 9,080 10,172

* Exclusive of mutual savings banks. 2 Loans and investments figures were not available for 11 of the nonmember State banks and for 185 of the private banks which suspended during the period.

00 r

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 00 to

TABLE 6.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY SIZE OF LOANS AND INVESTMENTS, CLASSES OF BANKS, AND YEARS—Continued NATIONAL BANKS Number of bank suspensions

Size group- loans and investments Total, 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 (000 omitted) 1921-1936

Under $150 278 87 150 to 249 424 133 250 to 499 742 259 500 to 999 606 289 1,000 to 1,999 367 167 2,000 to 4,999 205 10S

5,000 to 9,999 65 11 11 34 10,000 to 49,999 29 3 2 22 50,000 and over 3 1 2

Total 2, 719 90 122 118 123 57 64 161 409 276 1,101 tei w Loans and investments of suspended banks (in thousands of dollars)

Under $150 30,159 966 586 1,913 870 1,001 2,277 1,358 242 710 2,288 4,181 4,087 9,605 1 150 to 249 84,083 1,734 1,082 4,145 4,283 4,357 5,746 2,990 2,757 2,978 7,680 12, 813 7,259 20,013 246 250 to 499 266, 420 5,983 6,583 10,069 13,915 16,092 15, 413 13, 841 7,844 8,194 14,079 35, 412 24, 633 93, 240 649 473 500 to 999 428,881 5,661 7,966 7,967 19, 445 17,384 14, 983 9,943 6,214 5,915 18, 479 66,882 40,355 207,687 1,000 to 1,999 512, 229 10, 400 9,721 14, 242 23, 787 15, 534 11, 545 7,139 10, 884 15, 850 20, 954 78, 289 59, 460 234,424 2,000 to 4,999 607, 588 7,154 5,546 6,883 7,292 10,085 8,755 2,137 2,639 45,338 128, 020 70, 641 309, 425 3,673 5,000 to 9,999 440, 998 11, 840 5,585 8,748 8,862 25, 529 81, 263 72, 085 227, 086 10,000 to 49,999 486, 960 50, 667 57,872 28, 796 349, 625 50,000 and over 548,070 58, 426 489, 644

Total 3, 405, 388 31,898 31,484 45, 219 81,432 64,453 49,964 49, 611 38,826 45,148 185,014 523,158 307,316 1,946, 749 75 4,568 473

STATE MEMBER BANKS

Number of bank suspensions

Size group- Total, 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 loans and investments 1921-1936 (000 omitted)

Under $150 79 3 5 5 9 5 6 3 5 8 6 17 150 to 249 78 3 1 5 5 7 8 8 5 2 3 11 3 17 250 to 499 134 4 2 10 11 3 12 4 6 6 9 18 15 34 500 to 999 126 4 1 9 12 6 6 3 4 4 20 15 35 1,000 to 1,999 67 4 3 5 3 4 1 1 1 13 7 25 2,000 to 4,999 49 2 3 2 1 1 16 6 18 5,000 to 9,999 27 1 1 11 2 12 10,000 to 49,999 26 1 1 2 10 1 11 50,000 and over 6 1 5 Total 592 19 13 32 38 28 35 31 16 17 27 107 55 174 w d Loans and investments of suspended bank 5 (in thousands of dollars)

Under $150 8 050 236 831 546 404 918 520 540 309 467 928 630 1,721 150 to 249 15, 927 659 197 1,094 1,077 1,415 1,719 1,532 946 623 642 2,063 662 3,298 250 to 499 47,836 1,269 790 4,242 3,624 915 4,341 1,374 1,958 1,838 3,219 6,311 5,089 12, 866 500 to 999 87, 111 2,819 683 6,177 7,967 4,091 4,520 4,712 2,074 3,148 2, 584 14,265 9,753 24, 288 1 000 to 1 999 93, 999 5,259 4,742 6,482 4,934 6,117 1,180 1,043 1,313 18, 445 9,225 35, 259 2 000 to 4 999 159, 709 5,050 6,634 5,272 4, 235 4,826- 52,682 20,552 60,458 5,000 to 9,999 171, 636 6,574 6,204 74, 923 14, 595 69, 340 10 000 to 49 999 463. 467 12, 463 13, 722 33,100 172,945 17,692 213, 545 50,000 and over_. _ 703,351 213,403 489, 948 Total _ _ _ 1, 751,086 22, 735 7,551 16,801 19, 554 / 12,273 24,308 19,547 10,393 20,683 285, 758 342, 562 78,198 910, 723

00 CO CO

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 00 CD

TABLE 6.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY SIZE OF LOANS AND INVESTMENTS, CLASSES OF BANKS, AND YEARS—Continued NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS Number of bank suspensions

Size group— loans and investments Total, 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 (000 omitted) 1921-1936

Under $150. 4, 930 172 114 253 291 211 365 262 226 281 492 624 479 1,096 19 21 24 150 to 249 2, 164 77 61 119 119 95 189 100 80 89 199 314 207 499 4 4 8 250 to 499 . 2,090 79 77 82 116 82 132 93 63 95 232 342 204 478 9 2 4 500 to 999 . . - . .. 1,055 37 19 34 38 36 60 40 23 57 106 203 105 287 4 4 1 000 to 1,999 436 15 7 8 8 7 14 12 11 12 43 113 52 130 2 2 2,000 to 4,999 251 7 3 5 4 2 5 6 3 11 22 65 27 88 3 5 000 to 9,999 59 2 2 1 2 5 22 4 19 2 10,000 to 49,999 37 1 1 5 10 7 13 50 000 and over i Not available. . .. _ 11 4 6 1 Total 11,033 390 281 501 578 433 766 514 406 547 1,104 1,697 1,085 2,616 43 30 42 w 1 d Loans and investments of suspended banks (in thousands of dollars) r

Under $150 413,533 14,912 9,908 22, 228 24,433 17,415 30, 479 20,292 17, 672 22, 738 40, 320 56,278 41,182 91,068 1,369 1,760 1,479 150 to 249 417,149 14, 707 11,972 22, 991 23,066 18,421 36,037 18, 900 15, 465 16, 690 39,108 61, 601 40,340 94, 912 774 730 1,435 250 to 499 728, 926 26, 950 26, 346 27, 852 40, 593 27, 644 45, 747 31,058 22, 450 32, 387 82, 893 120, 766 69, 525 169,682 3,050 681 1,302 500 to 999 729, 220 27, 302 13,236 22, 358 26, 555 23, 356 41, 295 27,196 15, 746 37, 989 73. 388 143,038 71.114 200,093 2,441 1,341 2,772 1,000 to 1,999 606, 854 21,627 9,807 11,432 11,422 11,325 19, 543 14, 945 14,342 15,880 58, 238 162,060 70, 451 180,633 2.516 2,633 2,000 to 4,999 753, 848 17, 723 7,779 15,428 12,372 6, 556 14, 396 18,950 8,968 33, 775 61,974 193,427 85, 805 267, 152 9; 543 5,000 to 9,999 397, 438 12, 221 10, 864 5,005 13, 399 33,476 149,329 23, 772 134, 704 14, 668 10,000 to 49,999 761,812 14, 370 10,121 114, 329 211,075 123,766 288,151 50,000 and over Total 4,808,780 149,812 79,048 122, 289 149, 305 104, 717 192,502 141, 462 94, 643 172, 858 503, 726 1, 097, 574 525, 955 1, 426, 395 34, 361 4,512 9,621

1 Loans and investments figures were not available for 11 of the nonmember State banks which suspended during the period.

Size group— Total, loans and investments 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 (000 omitted) 1921-1936

Under $150 243 6 4 3 14 13 14 16 8 13 27 28 22 62 12 1 150 to 249_ 68 5 1 1 3 5 4 2 1 2 9 13 4 18 250 to 499 1 70 7 1 2 5 3 5 5 1 15 6 10 1 500 to 999 22 1 1 1 1 2 2 9 2 2 1,000 to 1,999 8 3 2 2 1 tr1 2,000 to 4,999 3 2 1 5,000 to 9,999 10,000 to 49,999 50,000 and over i Not available.. ... 185 25 17 16 11 16 28 9 6 15 9 13 3 17 3 Total 599 44 23 23 37 39 52 33 19 31 58 80 37 109 13 1

Loans and investments of suspended banks i (in thousands of dollars) d F F Under $150 18,697 412 314 129 1,051 721 1. 191 1,038 454 985 2, 303 2, 399 1,846 4,823 953 78 150 to 249 13, 237 1,014 152 200 561 1,039 847 384 165 381 1,736 2,444 843 3.471 250 to 499. . 24, 918 2,159 340 660 1,581 937 1,806 1,776 895 308 2,391 5,473 2, 412 3,873 307 500 to 999 15, 535 679 600 847 576 980 1.180 1,000 6.624 1, 673 1,376 1,000 to 1,999 10,058 3,645 2. 327 2,794 1,292 2,000 to 4,999 8,106 5,833 2,273 5,000 to 9,999 .. 10,000 to 49,999 . 50,000 and over

Total . 90,551 4, 264 806 1,589 7, OS?, 5,024 4, 420 4,178 2,694 1, 674 16,057 20, 505 6,774 13, 543 1,260 78

1 Loans and investments figures were not available for 185 of the private banks which suspended during the period.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 896 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

TABLE 7.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936 PER HUNDRED ACTIVE BANKS ON JUNE 30, 1920, BY SIZE OF LOANS AND INVESTMENTS, CLASSES OF BANKS, AND YEARS

ALL BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS i

Number Number of bank suspensions per 100 active banks Size group- of active loans and investments banks, Total (000 omitted) June 30, 1921- 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1920 1936

Under $150 6,548 80 7 2.8 1.9 4 2 4.7 3.5 6 0 4.3 3.5 4.4 7.9 10.2 8.0 18.3 .3 .3 .4 150 to 249 5,114 52.1 1.7 1.3 2.8 2.8 2.4 4 4 2 4 1 9 2 1 4 7 7 6 4 8 12 7 1 1 .2 250 to 499 6,977 42.5 1.4 1.4 1.7 2.4 1.9 2.7 1.9 1.3 1.7 4.0 6.6 4.1 11.1 .1 .1 .1

500 to 999 4,991 35 8 1.0 6 1 l 1 6 1.3 1.8 1 2 .7 1.4 2.8 6.4 3.6 12.2 . l .1 1,000 to 1,999 _ 2,733 31.8 1.0 .5 .8 1.1 .8 .8 .8 .7 .9 2.2 6.7 3.7 11.8 .1 .1 2,000 to 4,999 1,573 32 1 6 4 4 4 4 5 .8 .3 .8 2 3 7.8 3.5 13 6 .2 .1

5,000 to 9,999 508 29.7 .4 8 .4 .2 .2 .6 2.0 8.7 3.3 12.8 .4 10,000 to 49,999 369 24.9 .5 .3 .3 2.4 6.2 2.7 12.5 50,000 and over 72 12.5 1.4 1.4 9.7

TotaL 28, 885 49.7 1.6 1.2 2.2 2.6 2.0 3.2 2.2 1.7 2.2 4.5 7.7 4.9 13.5 .2 .1 .1

NATIONAL BANKS

Under $150_. 345 80.6 2.6 1.7 4.6 2.6 2.9 6.7 3.5 2.0 5.8 11.3 10.4 25.2 .3 150 to 249.._. 759 55.9 1.1 2.6 2.8 3.0 3.7 2.0 1.8 2.0 5.1 8.4 4.9 17.5 250 to 499.... 2,029 36.6 1.5 2.0 2.3 2.0 1.9 1.1 1.0 2.0 4.9 3.3 12.8

500 to 999 2,176 27.8 1.3 .6 .4 .4 1.3 4.4 2.7 13.3 1,000 to 1,999. 1,423 25.8 1.3 .4 .5 .8 1.1 3.9 3.0 11.7 2,000 to 4,999 . 811 25.3 .4 .5 .5 .1 .1 1.6 5.1 2.7 13.3

5,000 to 9,999._.. 260 25.0 1.5 4.2 4.2 13.1 10,000 to 49,999.. 184 15.8 1.1 1.6 1.1 12.0 50,000 and over.. 37 8.1 2.7 5.4 Total 8,024 33.9 .6 1.1 1.5 1.5 1.5 1.1 2.0 5.1 3.4 13.7 c2)

STATE BANKS (MEMBER AND NONMEMBER) i

Under $150_. 6,203 80.8 2.8 2.0 4.2 4.8 3.5 6.0 4.3 3.6 4.6 8.0 10.2 7.8 17.9 .3 150 to 249—. 4,355 51.5 1.8 1.4 2.8 2.9 2.3 4.5 2.5 2.0 2.1 4.6 7.5 4.8 11.8 .1 250 to 499—. 4,948 44.9 1.7 1.6 1.9 2.6 1.7 2.9 2.0 1.4 2.0 4.9 7.3 4.4 10.3 (2) 500 to 999 2,815 42.0 1.5 .7 1.5 1.8 1.5 2.3 1.7 2.2 3.9 7.9 4.3 11.4 .1 1,000 to 1,999. 1,310 38.4 1.5 .5 .8 1.0 .8 1.1 1.2 1.0 3.4 9.6 4.5 11.8 2,000 to 4,999. 762 39.4 .7 .7 .5 .3 1.0 1.0 1.4 3.0 10.6 4.3 13.9 5,000 to 9,999.__. 248 34.7 .8 2.4 13.3 2.4 12.5 10,000 to 49,999.. 185 34.1 1.1 .5 3.8 10.8 4.3 13.0 35 17.1 2.9 14.3 50,000 and over- Total 20, 861 55.7 2.0 2.6 3.0 3.8 2.0 2.7 5.4 8.6 5.5 13.4

1 Loans and investments figures were not available for 11 of the nonmeinber State banks which suspended during the period and they were, therefore, excluded in computing the ratios shown in this table. 2 Less than .1.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 897

TABLE 8.—NUMBER OF BANK SUSPENSIONS AND CAPITAL STOCK OF SUSPENDED BANKS, 1921-1936, BY SIZE OF CAPITAL

STOCK, CLASSES OF BANKS, AND YEARS ALL BANKS i Number of bank suspensions

Size group- Total 1921- 1921 Capital stock (par value) 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1936

Under $25,000 4,661 194 127 295 321 236 395 246 195 231 474 546 392 945 28 17 19 25,000 . 3,441 107 90 151 190 140 233 167 107 151 293 512 345 932 13 5 5 25,001 to 49,999 . . 1,394 36 41 47 59 43 102 65 39 65 142 220 140 385 1 3 6 50,000 2,178 62 44 74 93 88 130 93 81 99 172 357 229 648 3 5 50,001 to 99,999 . , . 628 21 12 18 31 43 37 28 15 21 47 100 65 182 1 7

100,000 1,081 34 17 26 47 37 42 37 38 45 98 188 99 364 4 2 3 O S Q 100,001 to 199,999 407 13 8 6 12 6 11 7 13 34 94 45 145 1 3 200,000 to 499,999 723 15 15 16 14 11 14 9 17 57 180 97 253 4 2 1

500,000 to 999,999 175 1 2 4 1 2 3 13 49 29 69 2 1,000,000 to 4,999,999. 111 3 6 10 32 11 49 5,000,000 and over 9 1 8 Not available 135 19 12 13 6 4 16 7 5 8 9 15 1 20 Total 14, 943 505 366 646 775 618 976 669 498 659 1,350 2,293 1,453 4,000 57 34 44

Capital stock of suspended banks 2 (in thousands of dollars)

Under $25,000.. 65,378 2,714 1,736 4,273 3,131 5,508 3,245 2,818 6,719 7,992 5,635 13, 510 391 243 272 25,000 86,025 2,675 2,250 3,775 4,750 3,500 5,825 4,175 2,675 3,775 7,325 12,800 8, 625 23, 300 325 125 125 25,001 to 49,999_. 47, 526 1,209 1,412 1,635 2,013 1,472 3,541 2,208 1,341 2,175 4,835 7,491 4, 783 13,080 30 100 201 50,000 108,900 3,100 2,200 3,700 4,650 4,400 6,500 4,650 4,050 4,950 8,600 17,850 11,450 32,400 150 250 50,001 to 99,999.. 43,780 1,443 812 1,258 2,149 2,996 2,546 1,916 1,095 1,435 3,217 7,045 4,510 12, 818 60 "480

100,000 108,100 3,400 1,700 2,600 4,700 3,700 4,200 3,700 3,800 4,500 9,800 18, 800 9,900 36,400 400 200 300 100,001 to 199,999.. 56,957 1,917 1,100 891 1,747 1,325 788 1,477 1,030 1,864 4,904 13,138 6,242 19,989 125 420 200,000 to 499,999_. 180,803 3,325 3,350 3,525 3,150 4,230 2,474 3,500 2,100 3, 800 14,745 46,041 24,005 64, 537 1,221 "600 200

500,000 to 999,999 103,178 1,000 2,100 500 1,000 1,500 7,050 29,923 16,800 41, 236 1,120 1,000,000 to 4,999,999. 172,073 3,000 6,225 19,346 46,885 16, 500 80,117 5,000,000 and over..,. 114,846 25, 250 Total.. 1,087, 566 23, 73214, 560 21,36728,432 24, 754 33,482 25,371 19,909 33, 432 111,791 207,965 108,450 426,983 3,822 1,518

NATIONAL BANKS Number of bank suspensions

$25 000 752 24 16 41 43 41 45 31 15 15 56 102 64 257 1 1 25,001 to 49,999 198 2 5 9 11 5 20 6 3 6 15 34 25 56 1 50 000 687 13 12 21 30 29 36 27 20 20 29 101 57 291 1

50 001 to 99,999 196 2 2 4 11 16 9 13 5 6 10 20 18 80 100 000 395 5 4 9 17 12 12 8 7 9 27 59 41 185 100 001 to 199 999 140 4 1 2 4 4 2 4 3 30 17 65 1

200 000 to 499,999 251 C O 6 5 7 11 1 1 4 3 12 45 40 112 1 500 000 to 999,999 64 1 1 1 7 11 11 32 1,000,000 to 4,999,999 _ .. 34 1 2 7 3 21 5 000,000 and over 2 2 Total _. - 2,719 52 49 90 122 118 123 91 57 64 161 409 276 1,101 1 4 1

Capital stock of suspended banks (in thousands of dollars)

$25,000 - 18,800 600 400 1,025 1,075 1,025 1,125 775 375 375 1,400 2,550 1,600 6,425 25 25 25 001 to 49,999 7,014 64 175 305 385 185 717 210 110 210 545 1,200 885 1,993 30 50,000 34,350 650 600 1,050 1,500 1,450 1,800 1,350 1,000 1,000 1,450 5,050 2,850 14, 550 50

50 001 to 99,999 13,688 150 135 290 750 1,105 653 905 390 430 660 1, 372 1,250 5,598 100 000 39,500 500 400 900 1,700 1, 200 1,200 800 700 900 2,700 5,900 4,100 18, 500 100 001 to 199,999 19,876 425 575 153 300 575 575 275 580 450 4,255 2,450 9,138 125

200,000 to 499,999 62,785 600 1,250 1,100 1,450 2,450 200 300 800 600 3,620 11, 235 10,175 28, 705 300 500,000 to 999,999 36,375 500 500 500 3,850 6,375 6,450 18, 200 1 000 000 to 4 999,999 56,800 "i,"666 5,000 11,410 4,800 34, 590 5,000,000 and over 35,000 35,000 Total 324,188 2,989 3,535 4,823 7,660 7,990 5,695 5,415 4,150 5,095 19, 675 49,347 34, 560 172, 699 25 405 125

1 Exclusive of mutual savings banks. 2 Capital stock figures were not available for 2 of the nonmember State banks and for 133 of the private banks which suspended during the period.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 898 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

TABLE 8.—NUMBER OF BANK SUSPENSIONS AND CAPITAL STOCK OF SUSPENDED BANKS, 1921-1936, BY SIZE OF CAPITAL

STOCK, CLASSES OF BANKS, AND YEARS—Continued

STATE MEMBER BANKS

Number of bank suspensions

Total Size group— 1921- 1921 1922 1923 1924 1925 1928 Capital stock (par value) 1926 1927 1929 1930 1931 1932 1933 1934 1935 1936 1936

Under $25,000 _ 2 1 1 25,000 121 3 4 10 10 11 6 13 3 4 8 9 11 29 25,001 to 49,999 64 3 5 2 4 1 7 3 2 2 2 11 6 16

50,000 109 5 1 12 9 5 4 4 3 4 17 8 30 CMC O H 50,001 to 99,999 40 _ 2 1 3 6 2 2 1 9 5 100,000 _ - - 89 2 8 5 6 6 5 4 5 12 10 22 100,001 to 199,999 26 1 4 1 1 7 2 9 200,000 to 499,999 70 1 2 3 2 2 1 4 3 17 5 30 500,000 to 999,999 __ _ 31 ] 10 6 14

1,000,000 to 4,999,999 34 1 1 3 15 2 12 5,000,000 and over 6 1 5

Total _. 592 19 13 32 38 28 35 31 16 17 27 107 55 174

Capital stock of suspended banksl (in thousands of dollars)

Under $25,000 ._ 33 15 18 25,000 3,025 75 100 250 250 275 150 325 75 100 200 225 275 725 25,001 to 49,999 2,237 100 171 65 150 35 255 105 65 70 75 400 210 536

50,000 5,450 250 50 600 450 250 350 200 200 150 200 850 400 1,500 50,001 to 99,999 2,879 149 145 60 225 426 135 135 60 689 310 545 100,000 8,900 300 100 200 800 500 600 600 500 400 500 1,200 1,000 2,200

100.001 to 199,999 3,529 160 125 560 144 125 975 250 1,190 200.000 to 499,999 17,850 200 400 725 400 650 200 1,100 800 4,525 1, 400 7, 450 500,000 to 999,999 19,025 500 6,075 3, 200 9,250

1,000,000 to 4,999,999 50, 725 1,000 1,000 3, 750 19, 475 3,100 22,400 5,000,000 and over 74, 846 25, 250 49, 596 Total 188, 499 2,234 821 2,110 2,670 1,950 2, 499 2,474 975 1,980 30, 835 34, 414 10,145 95, 392

NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS Number of bank suspensions

Under $25,000 4,339 179 120 288 302 211 378 225 189 210 441 503 366 876 16 17 18 25,000 2,514 77 69 99 133 85 172 120 86 131 223 397 267 635 11 4 5 25,001 to 49,999 __ 1,106 29 30 36 42 35 71 55 31 57 123 171 107 310 1 2 6 50,000 1,353 44 29 41 53 52 83 61 56 75 135 234 161 322 3 4 50 001 to 99,999 382 17 10 10 18 23 21 15 8 13 36 68 41 94 1 7 100,000 581 22 12 15 18 18 24 23 26 32 65 113 48 156 4 2 3 100 001 to 199,999 239 9 4 4 6 5 6 6 4 8 31 57 26 70 1 2 200,000 to 499,999 ... 394 10 7 8 5 4 8 9 5 14 40 116 51 111 4 """I 1 500,000 to 999,999 79 1 1 3 1 3 5 28 12 23 2 1,000,000 to 4,999,999 43 2 4 5 10 6 16 5,000,000 and over 1 1 Not available 2 2 Total 11,033 390 281 501 578 433 766 514 406 547 1,104 1,697 1,085 2,616 43 30 42

Capital stock of suspended banksl (in thousands of dollars)

Under $25,000_. 61,567 2,530 1, 643 3,905 4,054 2,851 5,346 3,016 2, 746 2,954 6,321 7,418 5,330 12, 705 248 243 257 25,000 62,850 1,925 1,725 2,475 3,325 2,125 4,300 3,000 2,150 3,275 5,575 9,925 6,675 15,875 100 125 25,001 to 49,999.. 37,369 975 1,036 1,265 1,401 1,173 2,433 1,863 1,061 1,895 4,152 5,751 3,618 10, 445 30 70 201 50,000 67,650 2,200 1,450 2,050 2, 650 2, 600 4,150 3,050 2,800 3,750 6,750 11, 700 8,050 16,100 150 200 50,001 to 99,999.. 26,503 1,144 677 715 1,264 1,591 1, 386 1,011 570 870 2,497 4,783 2,870 6,585 60 "480

100,000 58,100 2,200 1,200 1,500 1,800 1,800 2,400 2,300 2,600 3,200 6,500 11, 300 4,800 15, 600 400 200 300 100,001 to 199,999_. 33,296 1,332 525 613 887 750 788 758 600 1,159 4,454 7,908 3,542 9,r~ 125 295 200,000 to 499,999.. 97,813 2,225 1,700 1,700 1,300 925 1,774 2,100 1,300 3,200 9,775 29, 631 12,080 28,382 1,221 "300 200 500,000 to 999,999 47, 278 949 1, 600 1,500 2,700 17,473 7,150 13, 786 1,120 1,000,000 to 4,999,999. 64, 548 2,000 4,225 10, 596 16,000 8,600 23,127 5,000,000 and over.— 5,000 5,000 Total.. 561, 974 17,480 9,956 14, 223 17,181 13,815 24,177 17,098 14,327 26,028 59,320 121,889 62, 715 157,165 3,629 1,113 1,858

[ Capital stock figures were not available for 2 of the nonmember State banks which suspended during the period.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 899

TABLE 8.—NUMBER OF BANK SUSPENSIONS AND CAPITAL1 OF SUSPENDED BANKS, 1921-1936, BY SIZE OF CAPITAL, CLASSES OF BANKS, AND YEARS—Continued PRIVATE BANKS Number of bank suspensions

Total Size group—Capital 1 1921- 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1936

Under $25,000 320 15 7 19 24 16 21 6 21 33 43 26 69 12 1 25,000 . 54 3 1 1 4 3 10 3 3 1 6 4 3 11 1 25,001 to 49,999 26 2 1 2 2 4 1 3 _ 2 4 2 3 50,000 29 2 1 2 4 1 1 4 5 3 50,001 to 99,999 10 2 1 1 1 3 1 1 100,000 16 4 4 2 1 4 1 100,001 to 199,999... 1 1 200,000 to 499,999 8 1 1 1 2 2 1 500,000 to 999,999 1 1 1,000,000 to 4,999,999 5,000,000 and over Not available 133 19 12 13 6 4 16 7 5 8 9 15 1 18 Total 599 44 23 23 37 39 52 33 19 31 58 80 37 109 13 1

Capital of suspended banks 2 (in thousands of dollars)

Under $25,000 3,778 184 93 78 219 265 144 229 72 254 398 574 305 805 143 15 25,000 1,350 75 25 25 100 75 250 75 75 25 150 100 75 275 25 25 001 to 49 999 906 70 30 77 79 136 30 105 63 140 70 106 50,000 1,450 100 50 100 200 50 50 50 200 250 150 250 50 001 to 99 999 710 108 75 75 81 201 80 90 100 000 1,600 400 400 200 100 400 100 100,001 to 199 999 256 155 101 200,000 to 499,999 2,355 300 205 300 550 650 350 500,000 to 999,999 500 500 1 000 000 to 4 999 999 5,000,000 and over Total _ 212, 905 1,029 248 211 921 999 1,111 384 457 329 1,961 2,315 1,030 1, 727 168 15

1 Represents amounts shown as "permanent capital" or "capital" in State banking department reports, bankers' directories, etc., and does not include amounts shown as "surplus," "undivided profits" or "reserves." 2 "Capital" figures were not available for 133 of the Private banks which suspended during the period.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 900 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

TABLE 9.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936 PER HUNDRED ACTIVE BANKS ON JUNE 30, 1920, BY SIZE OF CAPITAL STOCK, CLASSES OF BANKS, AND YEARS

ALL BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS ]BANKSi

Number of active Number of bank suspensions per 100 active banks Size group- banks, Capital stock June 30, Total (par value) 1920 1921- 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1936

Under $25,000 8,240 52.7 2.2 1.5 3.5 3.7 2.6 4.6 2.7 2.3 2.5 5.4 6.1 4.4 10.6 .2 .2 .2 25,000_ — 6,399 52.9 1.6 1.4 2.3 2.9 2.1 3.5 2.6 1.6 2.3 4.5 7.9 5.3 14.4 .2 .1 .1

25,001 to 49,999 _. 2,395 57.1 1.4 1.7 2.0 2.4 1.7 4.1 2.7 1.5 2.7 5.8 9.0 5.8 15.9 (2) .1 .3 50,000 4,504 47.7 1.4 .9 1.6 2.0 1.9 2.8 2.0 1.8 2.2 3.7 7.8 5.0 14.3 .1 50,001 to 99,999 _ 1,222 50.6 1.7 1.0 1.3 2.5 3.4 2.9 2.3 1.2 1.7 3.8 7.9 5.2 14.8 !i .6 100,000 2,829 37.6 1.1 .6 .9 1.5 1.2 1.5 1.3 1.3 1.6 3.4 6.5 3.5 12.8 .i .1 .1 100,001 to 199,999 869 46.6 1.5 .9 .7 1.4 1.0 .7 1.3 .7 1.5 3.9 10.8 5.2 16.6 .i ------.3 200,000 to 499,999 1,587 45.1 .9 .9 1.0 .9 1.1 .6 .9 .6 1.1 3.5 11.2 6.0 15.9 .3 .1 500,000 to 999,999 406 42.9 .2 .5 1.0 .2 .5 .7 3.0 12.1 7.1 17.0 .5 1,000,000 to 4,999,999__ 387 28.7 .8 1.6 2.6 8.3 2.8 12.7 5,000,000 and over 47 19.1 2 1 17.0 Total 28, 885 49.7 1.6 1.2 2.2 2.6 2.0 3.2 2.2 1.7 2.2 4.5 7.7 4.9 13.5 .2 .1 .1

NATIONAL BANKS

$25,000 _ 2,149 35.0 1.1 .7 1.9 2.0 1.9 2.1 1.4 .7 . 7 2.6 4.7 3.0 12.0

25,001 to 49,999 456 43.4 .4 1.1 2.0 2.4 .4 4.4 1.3 .7 1.3 3.3 7.5 5.5 12.3 .2 50,000 1,959 35.1 .7 .6 1.1 1.5 1.5 1.8 1.4 1.0 1.0 1.5 5.2 2.9 14.9 1 50,001 to 99,999 _ - . 495 39.6 .4 .4 .8 2.2 3.2 1.8 2.6 1.0 1.2 2.0 4.0 3.6 16.2

100,000 1,425 27.7 .4 .3 .6 1.2 .8 .8 .6 .5 .6 1.9 4.1 2.9 13 0 100,001 to 199,999 365 38.4 .8 1.1 .3 .5 1.1 1.1 .5 1.1 .8 8.2 4.7 17.8 .3 200,000 to 499,999 758 33.1 .4 .8 .7 .9 1.5 .1 .1 .5 .4 1.6 5.9 5.3 14.8 1

500,000 to 999,999 209 30.6 .5 .5 .5 3.3 5.3 5.3 15.3 1,000,000 to 4,999,999__ 180 18.9 .6 1.1 3.9 1.7 11.7 5,000,000 and over 28 7.1 7.1 Total 8,024 33.9 .6 .6 1.1 1.5 1.5 1.5 1.1 .7 g 2 0 5.1 3.4 13.7 m m

STATE BANKS (MEMBER AND NONMEMBER)

Under $25,000. _ _ 8,240 52.7 2.2 1.5 3.5 3.7 2.6 4.6 2.7 2.3 2.5 5.4 6.1 4.4 10.6 .2 .2 .2 25,000 4,250 62.0 1.9 1.7 2.6 3.4 2.3 4.2 3.1 2.1 3.2 5.4 9.6 6.5 15.6 .3 .1 .1 25,001 to 49,999 __ 1,939 60.3 1.7 1.8 2.0 2.4 1.9 4.0 3.0 1.7 3.0 6.4 9.4 5.8 16.8 .1 .1 .3 50,000 2,545 57.4 1.9 1.2 2.1 2.4 2.2 3.5 2.6 2.4 3.1 5.5 9.9 6.6 13.8 .1 .2 50,001 to 99,999 __ 727 58.0 2.6 1.4 1.7 2.6 3.6 3.7 2.1 1.4 • 2.1 5.1 10.6 6.3 13.9 .1 1.0 100,000 1,404 47.7 1.8 .9 1.2 1.9 1.6 2.1 2.1 2.2 2.6 5.0 8.9 4.1 12.7 .3 .1 .2 100,001 to 199,999 504 52.6 2.0 .8 1.0 2.0 1.0 1.2 1.4 .8 1.8 6.2 12.7 5.6 15.7 .2 ------.4 200,000 to 499,999 829 56.0 1.3 1.1 1.3 .8 .7 1.1 1.6 .6 1.7 5.2 16.0 6.8 17.0 .5 .1

500,000 to 999,999.. 197 55.8 .5 .5 2.0 .5 1.5 2.5 19.3 9.1 18.8 1.0 1,000,000 to 4,999,999__ 207 37.2 1.4 2.4 3.9 12.1 3.9 13.5 5,000,000 and over 19 36.8 5 3 31 6

Total 20, 861 55.7 2.0 1.4 2.6 3.0 2.2 3.8 2.6 2.0 2.7 5.4 8.6 5.5 13.4 .2 .1 .2

1 Capital stock figures were not available for 2 of the nonmember State banks which suspended during the period and they were excluded, therefore, in computing the ratios shown in this table. 2 Less than .1.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE 10.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY POPULATION OF TOWNS AND CITIES, CLASSES OF BANKS, AND YEARS ALL BANKS Number of bank suspensions

Total Population of city 1921-1936 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

Under 500 - „_ 4,929 189 135 312 316 218 372 259 198 235 431 665 444 1,098 24 12 21 500 to 999 2,932 99 60 118 161 125 218 148 97 139 272 401 255 816 8 6 9 1,000 to 2,499 2,904 82 77 115 136 129 208 126 106 137 273 426 281 787 10 7 4 2,500 to 4,999 1,321 36 31 33 66 69 70 61 31 49 124 213 149 380 2 1 6 5,000 to 9,999 814 25 16 23 31 30 32 17 25 35 65 140 92 276 3 2 2 10,000 to 24,999 715 30 11 14 28 24 24 34 17 24 55 134 83 232 2 3 25,000 to 49,999 287 2 7 6 13 4 9 6 6 8 25 67 28 106 50,000 to 99,999 _. 276 13 11 5 6 4 10 6 5 8 37 54 24 88 2 2 1 100,000 and over 765 29 18 20 18 15 33 12 13 24 68 193 97 217 6 1 1 g Total 14,943 505 366 646 775 618 976 669 498 659 1,350 2,293 1,453 4,000 57 34 44

Loans and investments of suspended banks2 (in thousands of dollars) d Under 500 620,089 25, 592 19,332 43, 709 39,869 25, 778 42,058 27,651 19, 940 24, 794 46, 425 53, 525 150,086 2,787 1,026 1,721 IT1 500 to 999 649,014 18,862 12,972 26,813 36, 543 24,645 47,617 31,068 16,001 21,673 53,637 48, 388 209,175 1,220 1,417 1,166 1,000 to 2,499..__ 1,022, 304 24,886 23,392 37,685 51, 738 41, 576 66,445 42, 209 32, 504 39,883 83,839 95,054 320, 865 1,806 784 1,278 2,500 to 4,999— 762,684 15, 766 11,735 11,908 33, 586 29,260 36,972 37,343 13,694 25,444 62,889 77,012 269, 422 684 762 3,467 5,000 to 9,999—_ 740,854 18,990 8,803 19,869 22,459 16,096 17,143 16,010 16,715 36, 786 54,173 71,054 312, 253 4,048 271 1,910 10,000 to 24,999- 1,011,214 36,135 7,444 12,946 25,183 28,681 13,083 37, 592 19,906 30,911 67,464 128, 755 377, 669 4,358 4,558 25,000 to 49,999- 620,341 2,500 9,304 3,586 17,041 6,397 9,480 7,738 6,200 8,987 40,823 72, 869 283,555 50,000 to 99,999- 906,041 10,407 10,661 12,979 7,729 2,754 10, 521 5,714 10,725 7,803 90, 785 89,965 455, 500 10,911 22 100,000 and over 3, 723, 264 55, 571 15,246 16,403 23,828 11,280 27,875 9,473 10,871 44,082 470,520 281,621 1,918, 885 608 Total 10,055, 805 208,709 118,889 185,898 257,976 186,467 271,194 214, 798 146, 556 240,363 970,555 1,983,799 918,243 4,297,410 35, 696 10,172

1 Exclusive of mutual savings banks 2 Loans and investments figures were not available for 11 of the nonmember State banks and 185 of the private banks which suspended during the period. These banks are included in the number of suspensions, but they are not, of course, included in the loans and investments section of the table.

NATIONAL BANKS

Number of bank suspensions Total Population of city 1921-1936 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

Under 500 279 6 10 21 16 8 21 13 8 8 20 40 21 86 1 500 to 999 ______485 12 7 15 26 24 27 23 4 12 40 65 36 192 2 1,000 to 2,499 750 16 16 31 32 44 45 32 24 24 36 108 63 277 1 1 2,500 to 4,999 425 6 5 10 23 23 22 15 8 7 23 60 50 173 5,000 to 9,999 301 5 5 5 10 6 6 4 6 9 15 47 36 147 10,000 to 24,999 - 240 2 4 9 8 1 4 3 3 12 39 34 113 1 25,000 to 49,999 - 81 2 2 3 2 1 3 1 4 18 10 35 50,000 to 99,999. 49 1 1 1 1 6 9 5 25 100,000 and over 109 1 1 2 3 5 23 21 53

Total 2,719 52 49 90 122 118 123 91 57 64 161 409 276 1,101 1 4 1

Loans and investments of suspended banks (in thousands of dollars)

Under 500 63,321 900 1,927 4,066 3,345 1,303 4,362 2, 586 1,570 1,147 3,701 9,314 3,352 25, 673 75 500 to 999 146, 271 3,465 2,967 3,470 7,666 6, 903 8,315 6,263 917 3,000 9,102 18,637 7,054 67, 863 649 1 000 to 2,499 341, 437 7,281 8,385 11,729 16,600 18, 557 14, 681 14, 943 8,691 10,090 14, 262 49, 834 26, 502 139,163 246 473 2,500 to 4,999 317,417 3,160 3,080 4,850 14,001 12,117 14,877 15,100 3, 636 5,366 13,051 43, 626 33,813 150, 740 5,000 to 9,999 357, 667 6, 682 3,577 9, 612 11,130 4,051 5,671 6,431 6,190 18,126 17, 884 52, 396 33, 263 182, 654 10,000 to 24,999 453, 673 10,410 2,127 5,247 14, 249 11, 852 683 4,288 5,604 6,424 24, 266 69, 946 72,143 222, 761 3,673 25,000 to 49,999 260, 829 4,176 2,380 5, 675 4,051 1,375 3,470 995 14,004 62,939 37,014 124, 750 50,000 to 99,999 249, 821 1,999 2,138 764 8,748 32, 361 22, 307 19,066 162, 438 100,000 and over 1,214,952 3,246 1,727 8,002 5,619 56, 383 194,159 75,109 870, 707

Total 3, 405, 388 31,898 31, 484 45,219 81,432 64, 453 49, 964 49, 611 38, 826 45,148 185,014 523,158 307, 316 1, 946, 749 75 4,568 473

Population of city Total 1921 1922 1924 1921-1936 1923 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

Under 500 77 9 8 9 6 4 3 3 6 3 11

500 to 999 91 5 C O 7 6 4 4 11 3 2 2 7 8 29 1,000 to 2,499 120 1 2 11 6 3 11 2 4 4 10 19 12 35

2,500 to 4,999 83 3 1 10 6 4 6 2 5 3 20 8 15 5 000 to 9,999 45 2 4 2 3 3 1 11 5 14 10,000 to 24,999 55 1 1 4 3 2 3 2 2 1 13 10 13 25,000 to 49,999 27 1 1 1 1 2 6 3 12 50,000 to 99,999 25 4 1 1 5 1 13 i 100,000 and over 69 1 1 1 2 1 1 1 4 20 5 32 3 Total 592 19 13 32 38 28 35 31 16 17 27 107 55 174 W Loans and investments of suspended banks (in thousands of dollars)

Under 500 18, 524 1,800 417 2, 693 1,860 1, 235 2, 698 978 881 852 427 2,094 769 1,820 500 to 999 25, 223 1,076 576 2,447 2,300 596 831 2, 469 1,292 176 369 1,262 1,833 9, 996 1,000 to 2,499 53, 874 269 807 5, 533 2,836 1, 544 3,339 859 1,871 1,023 3,079 9,202 6,053 17, 459 2 500 to 4 999 57 975 701 554 6,444 2,442 3,769 5,512 550 3,366 1 378 14,318 3,929 15,012 5,000 to 9,999 36, 889 1, 585 3,073 1,751 1, 504 1, 605 '490 10, 734 2,391 13,756 10,000 to 24,999 85, 885 1,978 1,590 3, 330 3,173 3,130 2, 727 1,564 1, 544 1,313 26, 862 14,214 24, 460 25,000 to 49,999 89, 297 2, 919 1, 033 1,779 1,730 6,536 22, 344 11, 904 41,052 50 000 to 99 999 186 647 3 564 3 142 13, 783 63, 715 3,914 98, 529 100,000 and over 1,196, 772 12, 463 2,131 911 8,936 2,130 4, 235 13, 722 238, 383 192,031 33,191 688, 639

Total 1,751,086 22, 735 7, 551 16,801 19, 554 12.273 24, 308 19,547 10, 393 20, 683 265, 758 342, 562 78, 198 910, 723

o CO

NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS

Number of bank suspensions

Total 1921 Population of city 1921-1936 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

Under 500 4,296 162 113 278 280 184 319 219 178 210 384 592 395 935 15 12 20 500 to 999 2,225 72 45 92 118 90 175 104 85 113 220 308 207 576 7 4 9 1 000 to 2,499 1,954 58 56 67 96 78 143 92 77 105 221 282 201 461 8 6 3 2 500 to 4,999 795 30 22 20 32 37 43 39 21 37 95 132 89 190 1 1 6 5,000 to 9,999 ._ _ . 452 15 10 13 18 18 23 13 18 26 49 80 50 112 3 2

10 000 to 24,999 414 22 8 9 13 12 20 27 11 19 42 82 39 106 2 t o 25 000 to 49,999 174 1 4 4 8 1 6 5 3 7 18 43 15 59 50 000 to 99,999 191 8 10 3 4 4 10 5 4 8 26 37 18 49 2 2 1 100,000 and over 532 22 13 15 9 9 27 10 9 22 49 141 71 128 5 1 1 g Total 11,033 390 281 501 578 433 766 514 406 547 1,104 1,697 1,085 2,616 43 30 42

Loans and investments of suspended banks1 (in thousands of dollars) w d

Under 500 514,872 21,789 16, 739 36, 285 34,321 21, 901 34,107 21,815 17,148 22,055 39, 535 80,190 47,163 117,001 2,154 1,026 1,643 500 to 999 459, 432 13,667 9,212 20,676 24,943 16,384 37,095 20,768 13, 686 17,993 42, 336 73,134 38, 243 128, 255 1,106 768 1,166 1,000 to 2,499 608,468 16, 693 13, 860 20,053 31,108 21,120 47, 249 26,407 21,532 28,340 65, 593 92,979 60,079 160,673 1,439 538 805 2,500 to 4,999.— 382,346 12,606 7,954 6,214 11,841 14,469 18,091 16, 393 9,508 16,712 46, 865 74, 796 38, 570 103, 553 545 762 3,467 5,000 to 9,999 344,468 10,044 5,226 7,184 '9, 564 10, 541 9,867 9,579 10,442 18,660 35, 799 60,729 35,245 115, 359 4,048 271 1,910 10,000 to 24,999.. 470, 520 23, 747 5,317 6,109 6,641 13,647 9,195 30, 577 12, 649 22,943 41, 885 119, 721 42,398 130,448 4,358 885 25,000 to 49,999,. 268, 825 2,500 2,209 1,206 9,013 567 8,105 6,008 2,730 7,992 20, 213 66, 578 23,951 117,753 50,000 to 99,999- 464, 740 6,637 8,662 10,841 6,956 2,754 10, 521 2,572 1,977 7,803 42, 618 90, 686 66,985 194, 533 10,911 262 100,000 and over 1, 295,109 42,129 13,721 14,918 3,334 18, 272 7,343 4,971 30,360 168, 882 438, 761 173,321 358,820 9,800 Total 4, 808, 780 149,812 79,048 122, 289 149,305 104, 717 192, 502 141, 462 94, 643 172,858 503,726 1,097,574 525,955 1,426, 395 34,361 4,512 9,621

1 See footnote 2 appended to the "All banks" section of this table.

Total Population of city 1921-1936 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

Under 500 . ___ 277 16 9 6 11 18 23 21 8 14 24 27 25 66 8 1 500 to 999 131 10 5 4 11 12 10 5 12 10 21 4 19 1 1,000 to 2,499 _ _ 80 3 6 2 4 9 1 4 6 17 5 14 2 2,500 to 4,999 18 1 2 1 3 1 1 3 1 2 2 1 5,000 to 9,999 16 3 1 1 1 3 1 2 1 3 10,000 to 24,999 6 1 2 1 1 1 25,000 to 49,999 5 1 1 2 1 50,000 to 99,999..._ _ 11 1 1 1 4 3 1 100,000 and over 55 6 3 3 7 C O 4 1 3 1 10 9 4 1 Total 599 44 23 23 37 39 52 33 19 31 58 80 37 109 13 1 a Loans and investments of suspended banks1 (in thousands of dollars) w

Under 500.. 23, 372 1,103 249 665 343 1,339 891 2, 272 341 740 2,762 4,198 2,241 5,592 558 78 500 to 999 18,088 654 217 .220 1,634 762 1, 376 1,568 106 504 1,830 4,784 1,258 3,061 114 1,000 to 2,499. . 18, 525 643 340 370 1,194 355 1,176 410 430 905 6,345 2,420 3,570 367 i—i 2,500 to 4,999 . 4,946 290 1,300 232 235 338 1 595 700 117 139 3 5,000 to 9,999 1,830 679 14 83 415 155 484 10,000 to 24,999 „ 1,136 963 9 75 89 25,000 to 49,999... _ 1,390 1, 320 70 50,000 to 99,999 4,833 206 9 2,023 2, 595 100,000 and over 16,431 979 44 908 2,327 667 1,665 6,872 2,168 719 82 Total 90, 551 4,264 806 1,589 7,685 5,024 4,420 4,178 2,694 1,674 16,057 20, 505 6,774 13, 543 1,260 78

i See footnote 2 appended to the "All banks" section of this table.

CO O

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 906 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

TABLE 11.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936 PER HUNDRED ACTIVE BANKS ON JUNE 30, 1920, BY POPULATION OF TOWNS AND CITIES, CLASSES OF BANKS, AND YEARS

ALL BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS

Number Number of bank suspensions per 100 active banks of active Population banks, Total of city June 30, 1921- 1921 1922 1923 1924 1926 1920 1925 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1936

Under 500 _ _. 8,266 56.3 2. 1 1.5 3.7 3.7 2.4 4.2 2.9 2.3 2.7 4.9 7.7 5.1 12.5 .2 .1 .2 500 to 999 5,147 54.4 1.7 1. 1 2.2 2.9 2.3 4.0 2.7 1.8 2.5 5.1 7.4 4.9 15.5 . 1 .1 .2 1,000 to 2,499 5,680 49.7 1.3 1.3 1.9 2.4 2.2 3.5 2.2 1.8 2.3 4.7 7.2 4.9 13.6 .1 .1 0) 2,500 to 4,999 3,028 43.0 1.2 1.0 1.0 2. 1 2.2 2.3 2.0 1.0 1.6 4.0 7.0 4.9 12.5 0) 0) .2 5,000 to 9,999 2,011 39.7 1.1 .7 1.1 1.5 1.3 1.6 .8 1.2 1.7 3.2 6.9 4.5 13.6 . 1 .1 10,000 to 24,999 1,733 40.9 1.7 .6 .8 1.5 1.3 1.3 2.0 .9 1.4 3.2 7.7 4.8 13.4 .1 .2 25,000 to 49,999 739 38.2 1 9 8 1 6 5 9 8 8 1 l 3 2 9 1 3 8 14 3 50,000 to 99,999 644 41.1 1.9 1.7 .6 .8 .6 1.6 .9 .8 1.2 5.1 7.9 3.7 13.5 .3 .3 .2 100,000 and over 1,637 43.4 1.4 .9 1.0 . 7 1.8 . 7 .6 1.4 3.5 11.2 5.9 13.0 .3 .1 .1 Total 28,885 49.7 1.6 1.2 2.2 2.6 2 0 3 2 2 2 1 7 2 2 4 5 7 7 4 9 13 5 2 1 1

NATIONAL BANKS

Under 500 669 41 7 9 1 5 3 1 2 4 1 2 3 1 1 9 1 2 1 2 3 0 6 0 3 1 12 9 1 500 to 999 1,164 41.7 1.0 .6 1.3 2.2 2.1 2.3 2.0 .3 1.0 3.4 5.6 3.1 16.5 2 1,000 to 2,499 2,131 35.2 .8 .8 1.5 1.5 2.1 2.1 1.5 1.1 1.1 1.7 5.1 3.0 13.0 0) 0) 2 500 to 4 999 1,338 31 8 4 4 7 1 7 1 7 1 6 1 l 6 5 1 7 4.5 3.7 12.9 5,000 to 9,999 927 32.5 .5 .5 .5 1.1 .6 .6 .4 .6 1.0 1.6 5.1 3.9 15.9 10,000 to 24,999 803 29 9 9 2 5 1 1 1 0 1 5 4 4 1 5 4 9 4 2 14 1 1

25,000 to 49,999 308 26.3 6 6 1 0 6 3 1 0 3 1 3 5 8 3 2 11 4 50,000 to 99,999 230 21.3 .4 .4 .4 .4 2.6 3.9 2.2 10.9 100,000 and over 454 24.0 .2 .2 .4 .7 1.1 5.1 4.6 11.7 Total 8,024 33.9 .6 .6 1.1 1.5 1.5 1.5 1.1 .7 .8 2.0 5.1 3.4 13.7 0) 0) 0)

STATE BANKS (MEMBER AND NONMEMBER)

Under 500 7,597 57.6 2.2 1.5 3.8 3.8 2.5 4.3 3.0 2.4 5.1 7.9 5.2 12.5 .2 t o t o 500 to 999. _ . _ _ 3,983 58.1 1.9 1.2 2.5 3.1 2.4 4.5 2.9 2.2 C O 5.6 7.9 5.4 15.2 . 1 1,000 to 2,499 3,549 58.4 1.7 1.6 2.2 2.9 2.3 4.3 2.6 2.3 3. 1 6.5 8.5 6.0 14.0 .2 .2 . 1

2,500 to 4,999 1,690 52.0 1.8 1.5 1.2 2.5 2.5 2.8 2.7 1.4 2.5 5.8 9.0 5.7 12.1 .1 . 1 .4 5,000 to 9,999 ._ - 1,084 45.8 1.6 .9 1.6 1.8 1.9 2.4 1.2 1.7 2.4 4.6 8.4 5. 1 11.6 .3 .2 .2 10,000 to 24,999 930 50.4 2.5 .9 1.1 1.8 1.6 2.4 3.2 1.4 2.3 4.6 10.2 5.3 12.8 .2 .2

25,000 to 49,999 431 46.6 .2 1.2 .9 2. 1 .5 1.4 1.4 .7 1.6 4.6 11.4 4.2 16.5 50,000 to 99,999 . .. . 414 52.2 2.9 2.4 . 7 1.0 1.0 2.4 1.4 1.0 1.9 6.5 10. 1 4.6 15.0 .5 .5 .2 100,000 and over___ __ 1,183 50.8 1.9 1.2 1.4 .8 .8 2.5 .9 .8 1.9 4.5 13.6 6.4 13.5 .4 .1 .1

Total . _ 20,861 55.7 2.0 1.4 2.6 3.0 2.2 3.8 2.6 2.0 2.7 5.4 S.6 5.5 13.4 .2 .1 .2

1 Less than .1.

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TABLE 12.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY MONTHS AND CLASSES OF BANKS ALL BANKS i

Number of bank suspensions Total, Month 1921-1936 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

January - - 1,620 63 57 35 152 100 71 135 56 58 90 198 342 236 23 3 1 February 951 29 42 36 90 62 51 80 48 70 87 76 119 150 6 5 March 4,163 45 30 46 69 42 53 75 64 52 80 86 45 2 3,460 4 3 9 April 686 42 32 31 72 45 57 48 47 40 90 64 74 30 5 4 5 May 693 40 29 29 80 55 66 46 30 66 59 91 82 12 1 2 5 June - - 795 21 19 30 52 37 81 40 29, 79 67 167 151 11 5 4 2 July 743 30 12 48 45 27 142 35 24 67 64 93 132 12 3 5 4 616 36 24 52 35 19 49 26 20 18 67 158 85 22 2 1 2 August-. -_ __ _- C O t- » 0 September 757 29 19 53 34 28 42 36 20 37 67 305 67 1 3 3 October 1,185 57 26 71 40 53 87 51 41 41 71 522 102 3 1 2 November _ _ 1,205 63 34 102 48 77 154 42 77 70 256 175 93 2 3 1 December _ . _ _ 1,529 50 42 113 58 73 123 55 42 61 352 358 161 29 2 5 5 Total- 14, 943 505 366 646 775 618 976 669 498 659 1,350 2,293 1,453 4,000 57 34 44

NATIONAL BANKS

January 252 7 6 4 27 24 '7 18 7 4 9 20 74 44 1 February _ _ 171 2 10 6 20 15 8 14 6 13 18 15 24 20 March 1,120 4 1 5 14 6 5 11 7 6 8 18 7 21,028 April 83 5 3 5 10 12 5 5 5 3 5 17 6 2 May 100 4 3 4 8 10 9 10 5 6 2 24 14 1 June 131 1 2 6 7 3 13 7 1 9 10 26 44 1 1 July 82 2 2 5 6 3 4 2 1 7 9 16 20 3 1 1 August 94 4 3 7 5 3 8 4 4 2 8 29 17 September _ - 97 2 2 6 2 4 6 2 3 3 7 46 12 1 1 October 198 7 8 10 15 7 2 4 10 100 20 1 November 167 7 3 19 9 10 25 5 8 1 26 35 19 December _ .______224 7 7 16 6 18 18 6 8 6 49 63 19 1 Total 2, 719 52 49 90 122 118 123 91 57 64 161 409 276 1,101 1 4 1

STATE MEMBER BANKS

J anuary 78 2 1 3 12 8 4 8 1 4 5 15

February 39 1 1 6 2 2 2 4 1 5 O s c o 7

1 2 March 175 1 3 5 3 1 1 5 3 I- t O 1 1 150 20 1 2 1 4 1 1 2 3 5 May 1 3 4 1 3 1 2 6

June _ . . t o 1 1 1 1 2 3 1 1 1 1 10 4 July 16 2 1 2 1 1 1 2 2 4 August 21 1 1 1 1 -- 1 __ 1 1 12 2 September 31 1 1 4 2 16 4 1

October 47 4 2 3 1 3 5 2 1 1 25 November. _ _ _ 50 2 2 7 5 1 6 1 1 4 7 8 6 December 67 3 3 6 3 10 2 1 8 18 5 1

Total 592 19 13 32 38 28 35 31 16 17 27 107 55 174

NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS

January 1,223 48 49 26 109 61 58 105 44 52 72 164 248 164 20 2 1 February 702 23 31 28 55 41 39 62 38 52 68 52 86 118 4 5 March 2,733 33 24 33 48 33 47 57 51 31 69 63 33 2 2,198 1 3 9 April 542 32 27 23 59 30 50 34 38 35 80 41 54 28 2 4 5 Mav 534 31 24 19 70 33 51 32 24 57 53 61 60 11 1 2 5 June _ 599 18 11 20 40 30 60 29 26 67 53 126 100 10 4 3 2 July - - 609 23 7 38 35 23 135 33 21 58 46 68 105 7 2 4 4 August 470 27 19 43 26 14 40 21 15 15 52 110 63 21 2 1 1 September 599 24 16 46 32 22 34 29 14 32 52 231 51 10 1 2 3 October 892 43 15 59 28 37 58 37 38 35 57 384 81 14 3 1 2 November 951 52 28 75 33 62 105 34 67 63 220 130 68 8 2 3 1 December 1, 179 36 30 91 43 47 89 41 30 50 282 267 136 27 1 5 4 Total . . 11,033 390 281 501 578 433 766 514 406 547 1,104 1,697 1,085 2,616 43 30 42

1 Exclusive of mutual savings banks. 2 See note on following page.

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TABLE 12.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY MONTHS AND CLASSES OF BANKS—Continued PRIVATE BANKS

Number of bank suspensions Total, Month 1921-1936 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

January 67 6 1 2 4 7 2 4 4 5 9 7 13 3 February 39 3 1 1 9 4 2 2 3 4 3 5 2 March__- __ 135 7 4 2 2 14 2 4 5 184 3 April _. 41 5 2 1 1 5 1 3 3 9 3

Mav 38 4 t o . O C 2 8 5 1 M W C O 2 4 4 2 June 38 1 5 3 4 2 5 3 1 2 3 5 3 1 July 36 3 2 3 3 1 2 1 9 7 3 2 August __ -. _ 31 4 2 1 3 1 1 1 6 7 3 1 1 30 2 1 1 1 1 1 2 2 6 12 1 October 48 3 2 2 3 3 9 5 1 4 13 1 2 November 37 2 1 1 1 4 18 2 1 2 3 2 December 59 4 2 2 5 6 8 2 4 13 10 1 1 1

Total . 599 44 23 23 37 39 52 33 19 31 58 80 37 109 13 1

i Comprises (1) banks suspended March 1-15: 2 national banks, 1 State member bank, 54 nonmember State banks, and 4 private banks; (2) unlicensed banks following the banking holiday classed as suspensions: 1,026 national banks, 149 State member banks, 2,122 nonmember State banks, and 77 private banks; and (3) licensed banks suspended March 16-31: 22 nonmember State banks and 3 private banks. See in this connection the paragraph on "Bank suspensions in 1933" on page 866.

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TABLE 13.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY MONTHS AND CLASSES OF BANKS

ALL BANKS *

[In thousands of dollars]

Total 1921 1922 1923 1924 1925 1926 1928 1929 1930 1931 1932 1933 Month 1921-1936 1927 1934 1935 1936

January 678,035 22, 563 12, 843 5,639 47, 948 26,682 13,998 30, 669 12,021 18,490 26, 523 75,712 218,867 133,057 31,835 95 February. __ 348, 479 22,247 17084 6,495 23, 827 15,941 11,682 26,103 18,022 24, 111 32,433 34,179 51, 714 62,182 1,261 1,198 March. _ 3,479, 643 15,078 11 13, 674 14, 238 9,967 9,640 32,801 16,877 9,221 23,172 34,320 10,874 23,276,368 296 464 825

April 226, 586 7,250 6,923 8,509 16,837 14,846 13, 526 12,718 9,111 10,427 31,876 41, 683 31,613 18, 831 1,341 390 705 May 252,021 11,213 7,868 7,117 28, 678 16, 257 14, 417 13, 269 6,776 15, 569 19, 383 43, 210 34, 370 32, 725 236 204 729 June 530, 738 16, 813 2,917 11,079 8,337 10,063 29,496 10,382 10,963 25,412 57,850 190, 480 132,661 21,927 788 1,223 347

July _. 306,925 10,326 2,448 12, 607 16,315 6,158 44,835 12,269 8,073 60,801 29,756 40,745 48,743 10, 728 120 661 2,340 August 329,089 7,511 4,847 15, 675 7,091 2,287 9,89.2 17, 719 5,546 6,724 2,2,787 180,028 29,513 18, 923 237 180 129 September.. 352,724 4,552 2,852 8,737 12,924 9,284 8, 5d4 9,666 21, 568 233, 505 13, 508 6,885 144 4,806 470

October 628,187 13, 675 4,456 14,677 9,970 14,167 16, 797 13, 877 8,0.80 12,496 19. 679 471,380 20,092 5,685 268 17 2,871 November.. 472, 253 15,947 21,430 11,439 20, 239 41,496 10, 250 27, 695 22, 256 179,33"1,331 67, 939 43,319 2,470 228 296 49 December... 907, 205 25,013 9^847 23,962 19, 491 21,609 41, 675 10,718 15,470 372:;, 138 277,051 70, 914 6,917 183 681 1,548

Total 8, 511, 885 172,188 91,182 149, 601 210,151 167, 555 260, 378 199,329 142, 386 230, 643 837,096 1,690, 232 706,188 3, 596, 698 36, 937 10,015 11,306

NATIONAL BANKS

January 186,304 2,986 2,444 530 13, 294 8,855 2,1 2,344 10,047 3,434 14, 569 63,482 55,938 313 February. _. 91,103 1,595 3,742 1,595 8,696 4,591 2,776 7,374 3,503 3,955 14, 463 5,822 17,127 15, 864 March 1,568,083 769 476 3,881 5,646 3,126 518 5,496 2,124 1,978 7,261 10, 899 4,484 21,521,425 April 50, 658 1,616 323 4,174 6,067 1,179 3,601 2,006 1,433 2,969 19, 498 2,634 4,: May 57, 394 2, 461 1,529 1,397 9,269 6,226 3,248 6, 225 2,266 4,074 1,317 12,320 6,263 799 June 118,833 71 1,540 2,907 3,210 2,342 4,171 1,752 1,631 3,686 15, 495 31, 368 42, 555 7,911 194 July 64, 386 228 1,812 7,916 1,195 2,347 230 8,639 11,071 7,045 17, 722 3,300 40 261 August 68, 828 1,140 1,394 4,584 2,556 649 2,024 8,342 2,339 316 2,780 31, 629 11,075 September _ - 102, 816 668 1,550 2,624 3,473 469 2,777 1,303 1,465 79, 446 879 4,545

October 150, 010 4,157 2,104 2,464 2,811 5,893 5,184 2,105 405 4,071 3,375 111,088 6,209 144 November_. 161, 465 2,601 1,659 6,419 3,358 4,557 11,066 1,120 12, 710 364 63, 348 28, r- 26, 224 December. __ 183, 617 2,485 3,791 6,236 3,631 8,948 6,465 1,347 4,148 1,748 43,468 87,448 13,395 507

Total 2,803, 500 20, 777 20,197 34,244 64,890 55, 574 45, 547 36,483 41, 614 170,446 439,171 214,150 1, 610, 549 40 5,313 607

STATE MEMBER BANKS

January 54, 598 780 1,129 5,256 3,078 1,323 4,599 816 481 4,563 7,215 10,873 14,394 February..- 36,538 950 782 3,660 292 409 760 5,685 381 52 7,901 8,427 7,239 March 771, 233 74 6,041 387 37 221 2,142 1,262 117 516 108 2 759,839

April.. 19, 755 156 694 2,463 1,777 178 23 313 2,264 11,887 May_. 14, 376 2,478 2,843 748 875 672 5,055 1, 237 June.. 63, 282 10, 508 265 22 155 1,229 3,178 260 244 "359 39, 434 7,589

July 17, 617 2,313 310 101 189 239 10,820 1,805 1, 769 August 55, 791 32 511 247 78 225 708 532 52, 660 798 September. - 36, 586 187 540 458 764 179 30,272 1,725

October 124,171 785 392 1,389 94 358 1,234 1,930 432 298 117, 259 November _ _ 53,277 311 333 2,515 882 720 4,978 1, 692 451 1, 91.8 4,216 3, 358 December.._ 216, 361 955 146 2,691 2,840 1,C 10, 214 323 797 25, 768 7,490 67

Total 1, 463, 585 17, 363 7,113 12, 559 13, 645 9, 883 23, 466 17, 942 10, 247 16, 459 202, 399 293, 951; 55,153 783, 399

NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS

January 428, 281 18, 367 10, 308 3,940 29,171 13, 724 9,526 20, 428 8,362 7,962 17, 912 52, 266 143, 063 61, 240 31,137 780 February. __ 206, 755 16,192 12, 564 3,773 8,741 9,906 8,314 17, 777 8,834 19, 513 17, 918 18,024 24,839 38,032 1,130 March 1,123, 802 12, 452 j5,227 9,235 7,732 6,262 8,901 24, 973 13, 269 6,565 15, 085 22, 882 4,776 2 985, 050 104 "464 825 April 149,470 5,364 6,500 7,640 11,943 7,380 9,784 6,342 6,502 26, 980 19,180 16,151 14, 542 1,103 390 705 May 174,075 7,919 5,924 3,177 18,977 4,852 9,620 5,778 4,468 10, 609 17, 760 25,455 26, 441 31, 926 236 204 729 June 338, 529 6, 234 1,308 7,507 4,758 7,491 23, 702 5,292 9,057 16, 374 39, 979 118, 628 82,091 14,016 716 1,029 347 July 216, 990 7, 640 1,445 9,633 7,395 4,462 42,877 9,922 6,857 41, 342 17, 466 29,464 28, 450 7,217 400 2,340 August 198,109 6,109 3,133 10, 580 2,847 1,474 7,813 9,152 3,161 5,700 17, 784 93,894 17,120 18, 867 237 180 58 September.. 208,029 3,447 2,544 7,187 5,651 6,116 8,931 7,901 4,416 7,503 19,116 121,495 8,803 4,044 144 261 470

October 343, Q16 8, 244 1,960 IQ, 822 6,656 7,736 8,148 9,126 7,243 7,828 16,053 236, 932 13, 779 5,333 268 17 2, 871 November.. 249, 413 11, 846 5,277 12, 496 6,997 13, 997 21, 769 6,597 14, 534 19, 729 83, 925 35, 466 13, 737 2,470 228 296 49 December. _. 497, 072 21, 345 5,774 15,035 13,020 11,147 24,132 8,215 6,007 12, 769 159,011 162,261 49,829 6,732 73 681 1,041

Total 4,133, 541 125,159 61, 964101,025 123, 888 94, 547 183, 517 131, 503 92, 710 164,858 448,989 935, 947 429,079 1,189,469 35, 456 4, 702 10, 728

1 Exclusive of mutual savings banks. 1 See note on following page.

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TABLE 13.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY MONTHS AND CLASSES OF BANKS—Continued PRIVATE BANKS [In thousands of dollars]

Total 1921 192(2 1924 1925 1926 1927 1928 1929 Month 1921-1936 1923 1930 1931 1932 1933 1934 1935 1936

January. __ _ 8,852 430 40 227 1,025 450 273 499 614 1,662 1,449 1,485 698 February 14, 083 3,510 778 345 2,730 1,152 183 192 262 2,432 1,321 1,047 131 March... 16, 525 1,783 84 69 473 542 190 222 561 310 431 1,614 i 10 054 192

April ._ 6,703 270 100 564 705 100 998 425 7 1,614 741 941 238 May 6,176 365 415 65 432 2,336 801 391 42 214 306 380 429 June 10,094 30 400 347 75 394 160 15 5,108 2,017 1,050 426 72 July 7,929 145 45 852 903 574 747 1,219 2,431 802 211 August . 6,361 230 320 1,441 86 55 46 1,691 1,845 520 56 71 September 5,293 250 59 62 150 710 860 808 2,292 102 October 10, 990 489 2 409 180 2,231 716 299 251 6,101 104 208 November. _ 8,098 1,189 202 965 3,683 841 245 755 218 December. __ 10,155 228 136 426 864 426 240 156 5, 677 1,574 200 118 110

Total 111, 259 8,889 1,908 1,773 7,728 7,551 9,397 4,337 2,946 7,712 15, 262 21,157 7,806 13, 281 1,441 71

1 Comprises (1) deposits of banks suspended March 1-15: national banks $1,381,000, State member banks $109,000, nonmember State banks $15,575,000, private banks $1,193,000; (2) deposits of unlicensed banks following the banking holiday classed as suspensions: national banks $1,520,- 044,000, State member banks $759,730,000, nonmember State banks $949,702,000 and private banks $8,653,000; and (3) deposits of licensed banks suspended March 16-31: nonmember State banks $19,773,000 and private banks $208,000. See, in this connection, the paragraph on "Bank suspensions in 1933" on page 866.

TABLE 14.—MUTUAL SAVINGS BANKS SUSPENDED 1921-1936

Loans Loans Deposits and in- Deposits and in- Year Number Popula- vestments Year Number Popula- vestments of sus- State of sus- tion of of sus- State of sus- tion of pension pensions city pension pensions city (In thousands (In thousands of dollars) of dollars)

1922 Maine 1 5,083 1,861 1, 945 1932 Massachusetts 1 6,955 3,886 4,230 1928 Maryland 1 796, 296 194 124 1933 Maryland 1 804,874 187 272 1930 Massachusetts. 1 6,955 4,867 3,645 1933 Indiana 1 104,193 1,657 4,000 1930 New Hampshire _ _ _ 1 85,700 11,400 12,155 1933 Wisconsin 1 39,251 318 333 1931 Wisconsin. __ 1 39, 251 437 407 1933 Wisconsin __ 1 578,249 115 180 1932 Massachusetts __ __ 1 103,908 5,392 6,703 1932 Minnesota 1 14,038 160 156 Total 12 30, 474 34,150

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911

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

Reserve bank credit outstanding Member bank Treas- reserve balances ury Treas- Treasury Other Mone- cur- Money ury deposits Non- Fed- U. S. tary in cir- with mem- eral Gov- Other gold rency cash Date Bills out- cula- hold- Federal ber de- Reserve Excess dis- Bills ern- Reserve Total stock stand- tion ings Reserve posits accounted bought ment bank banks counts Total (esti- securi- credit1 ing mated) ties

End of month figures: 1936—June 30 2,430 2,473 10, 608 2,498 6,241 2,497 690 262 257 5, 633 2,717 July 31 2,430 2,462 10, 648 2,496 6,162 2,432 447 306 253 6,005 3,029 Aug. 31 2,430 2,471 10, 716 2,500 6,227 2,404 104 287 256 6,410 1,950 Sept. 30 2,430 2,473 10, 845 2,512 6, 267 2,458 253 234 262 6, 357 1,840 Oct. 31 2,430 2,476 11,045 2,516 6,351 2,388 77 205 262 6, 753 2,175 Nov. 30 2,430 2,453 11,184 2. 521 6, 466 2,364 78 201 261 6,788 2,236 Dec. 31 2,430 2,500 11,258 2, 532 6,543 2,376 244 259 261 6,606 1,984 1937—Jan. 31 2,430 2,497 11,358 2,532 6,349 2, 520 195 281 260 6,781 2,152 Feb. 27 2,430 2,465 11,436 2,536 6,399 2,608 194 288 253 6,695 2,078 Mar. 31 2,430 2,458 11,574 2,541 6,377 2,753 311 236 258 6, 639 1,398 Apr. 30 2, 525 2. 565 11,799 2, 543 6>426 2,967 88 288 257 6, 881 1, 594 May 31 2, 526 2,585 11,990 2,547 6, 462 3,144 73 272 255 6,915 918 June 30 2,526 2,562 12,318 2, 550 6,447 3,445 93 285 260 6,900 865 July 31 2,526 2,574 12,446 2,572 6,460 3,586 233 301 258 6,753 791

Wednesday figures: 1936—Sept. 2 2,430 21 2,463 10, 717 2,502 6,225 2,375 107 280 255 6,441 1,958 Sept. 9 2,430 41 2,482 10, 736 2,508 6,276 2,365 55 271 288 6,471 1,997 Sept. 16 2,430 54 2,495 10, 762 2,507 6,255 2,371 418 251 263 6,206 1,714 Sept. 23 2,430 33 2,473 10, 786 2,509 6, 239 2,399 388 255 6,225 1,743 Sept. 30 2,430 30 2,473 10, 845 2,512 6,267 2,458 253 234 6,357 1,840

Oct. 7 2,430 31 2,472 10,971 2,509 6,305 2,440 196 271 263 6,479 1,954 Oct. 14 2,430 43 2,485 11,003 2,512 6,316 2,421 135 249 261 6,617 2,072 Oct. 21 2,430 23 2,463 11,008 2,514 6,311 2,403 88 227 264 6,693 2,127 Oct. 28 2,430 23 2,462 11,031 2,514 6,302 2,390 100 220 263 6,732 2,158

Nov. 4_ 2,430 7 2,448 11,058 2,515 6,378 2,392 95 200 262 6, 693 2,138 Nov. 10 2,430 29 2,470 11,105 2,516 6,393 2,366 55 191 262 6,825 2,260 Nov. 18 2,430 25 2,464 11,127 2,520 6,375 2,378 50 197 260 6,851 2,276 Nov. 25 2,430 18 2,457 11,162 2,520 6,429 2,370 79 206 261 6,795 2,210

Dec. 2 2,430 28 2,467 11,188 2,522 6,466 2,353 110 212 260 6,775 2,205 Dec. 9_ 2,430 29 2,468 11, 206 2,525 6,497 2,372 93 229 278 6,731 2,157 Dec. 16 2,430 42 2,483 11, 222 2,532 6,552 2,346 173 227 265 6,674 2,046 Dec. 23 2,430 100 2,542 11, 229 2,531 6,680 2,342 251 256 266 6,507 1,881 Dec. 30 2,430 46 2,484 11,251 2,530 6,550 2,368 231 274 270 6,572 1,946 1937—Feb. 3 2,430 28 2,463 11,364 2,531 6,348 2,529 176 286 261 6,758 2,150 Feb. 10 2,430 42 2,477 11,387 2,531 6,360 2,563 132 310 259 6,771 2,184 Feb. 17 2,430 41 2,478 11,403 2,530 6,351 2, 575 162 300 256 6,768 2,186 Feb. 24 2,430 22 2,460 11,425 2,532 6,372 2,602 180 302 255 6,705 2,097 Mar. 3 2, 430 17 2,457 11, 443 2,535 6,407 2,620 216 280 253 6,660 1,310 Mar. 10 2,430 16 2,454 11,484 2,537 6,376 2,672 186 238 254 6,749 1,380 Mar. 17 2,430 12 2,450 11,515 2,538 6,385 2,697 87 243 261 6,830 1,449 Mar. 24 2,430 22 2,463 11,541 2,537 6,375 2,723 279 326 260 6, 578 1,269 Mar. 31 2,430 12 2,458 11, 574 2,541 6,377 2,753 311 236 258 6,639 1,398 Apr. 7 2,459 23 2,493 11,592 2,539 6,387 2,774 275 247 258 6,684 1,442 Apr. 14 2,487 27 2,528 11, 697 2,541 6,383 2,876 112 236 258 6,901 1,627 Apr. 21 2,487 25 2,523 11, 737 2,540 6,388 2,914 119 245 259 6,877 1,587 Apr. 28 2,526 29 2,571 11, 782 2,541 6,381 2,956 95 270 258 6,934 1,643

May 5 _ 2,526 30 2,577 11,838 2,547 6,426 3,013 97 257 6,882 887 May 12 2,526 29 2,576 11,882 2,545 6,405 3, 056 106 237 257 6,943 936 May 19 2,526 19 2,565 11,907 2,547 6,399 3,079 117 250 256 6,918 907 May 26 2,526 9 2,557 11, 977 2,546 6,399 3,140 261 256 6,944 June 2 _ 2,526 23 2,573 12,027 2,548 6,487 3,182 115 255 256 6, 854 860 June 9 2,526 26 2,573 12,118 2,547 6,435 3,254 85 279 255 6,929 931 June 16 2,526 38 2,583 12, 220 2,548 6,415 3,348 250 267 263 6,808 752 June 23 2,526 19 2,562 12, 270 2,550 6,394 3,396 151 324 263 6,854 814 June 30 2,526 22 2,562 12,318 2,550 6,447 3,445 93 285 6,900 865

July 7—. 2,526 35 2,578 12,376 2,552 6,524 3,511 101 285 258 6,827 875 July 14... 2,526 40 2,585 12,423 2,551 6,457 3,550 90 275 258 6,928 964 July 21... 2, 526 22 2,564 12, 404 2,553 6,436 3,527 184 258 258 6, 858 874 July 28.. 2,526 16 2,560 12,433 2,574 6,424 3,576 228 305 258 6,776 813 Aug. 4___ 2, 526 17 2,561 12, 462 2,572 6,468 3,605 309 320 258 6,636 704 Aug. 11_. 2, 526 26 2,572 12,497 2,573 6,482 3,640 253 327 259 6,681 740 Aug. 18.. 2,526 18 2,565 12, 527 2,577 6,500 3,672 156 340 258 6,744 782

i Includes industrial advances. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1935 (table 2) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 832.

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

Wednesday figures End of month

1937 1937 1936

Aug. 18 Aug. 11 Aug. 4 July 28 July 21 July 14 July 7 July June July

ASSETS Gold certificates on hand and due from U. S. Treasury 8,831,946 8,832, 398 8, 833, 399 8, 833, 899 8, 833,905 8I,, 835,407 8,835,406 8,833,900 8,835,907 8,197, 527 Redemption fund—F. R. notes 10,122 10,784 9,784 9,936 9,976 9,549 10,399 9,284 10,471 12,663 Other cash _ 303,051 306,903 312, 308 323, 657 318,928 307, 824 277,661 317,081 312,309 292,661 Total reserves 9,145,119 9,150,085 9,155, 4919,167, 492 9,162, 809 9,152, 780 9,123, 466 9,160, 265 9,158, 687 8, 502,851 Bills discounted: For member banks 18, 286 16, 695 15,402 15,216 12,171 15, 045 13,017 14, 989 3,941 For nonmember banks, etc •2 2 1 1 1 1 1 1 Total bills discounted 18,288 16, 697 15,403 15, 217 12,172 15,046 13,018 14, 990 9,929 3,950 Bills bought: Payable in dollars _ 3 3 4 127 206 513 3 718 Payable in foreign currencies 3,070 3,069 3,074 3,074 3,074 3,083 3,083 3,074 3,083 3,092 Total bills bought 3,073 3,072 3,078 3,201 3,280 3, 596 3, 3,077 3,801 3,092 21,043 21,082 21, 596 21, 665 21, 759 22,152 Industrial advances— 21,007 21, 783 21,163 29,073 U. S. Government securities: Bonds _ 732, 508 732, 508 732, 508 732, 508 732, 508 732, 508 732, 508 732, 508 732, 508 324, 721 Treasury notes 1,157, 7131,157, 7131,157, 7131,162, 7131,162,713 1,16V713 1L, 165,7131,160,' ,170,713 1,496, 719 Treasury bills 635. 969 635, 969 635, 969 630, 969 630, 969 627, 969 627,969 632, 969 622, 969 608,787 Total Government securities 2, 526,190 2, 526,190 2, 526,190 ,5262, 526,19, 0 2, 526i, ,1902, 526,190 2, 526,190 2, 526,190 2, 526,190 2,430, 227 -3,206 4,59' "~8 -4', ""394' -6, 364 491 "18 , 49'"9 13,161 — -4,818 Other Reserve bank credit 2, 565, 352 2, 571, 600 2, 561, 359 2, 559, 840 2, 563, 798 2, 585,090 2, 577,821 2, 574,028 2, 561, 674 2,461, 524 Total Reserve bank credit outstanding.

LIABILITIES 4, 238, 391 4, 228,043 4, 222,016 4,193, 413 4,197, 871 4, 213,898 4, 252,414, 2207 , 663 4,206,477 3, 978, 394 F. R. notes in actual circulation Deposits: 6,743, 874 6,681,124 , 635, 7646, 775, 505 6,858, 300 6, 927, 956,8261 , 707 6, 753, 495 6,900, 288 6,005,108 Member bank—reserve account 155, 689 252, 690 308,778 227, 818 183, 743 90, 232 100,937 233,084 92,813 446,908 U. S. Treasurer—general account 199,602 193,493 195,093 185,042 161, 864 159,009 172,325 183,496 157,400 60,292 Foreign bank 140, 513 133, 626 124,926 120,372 95,966 115,621 112,381 117,980 127,671 245,519 Other deposits Total deposits 7, 239, 678 7, 260, 933 7, 264, 567,3081 , 7377, 299,873 7, 292,813 7, 212, 350 7, 288,055 7, 278,172 6, 757,827 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 79.7 79.6 79.7 79.7 79.7 79.5 79.6 79.6 79.7 79.2

MATURITY DISTRIBUTION OF BILLS AND U, S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars]

6 Within 16 to 30 31 to 60 61 to 90 91 days months 1 year 2 years Over Total 15 days days days days to 6 to to to 5 years months 1 year 2 years 5 years

Bills discounted: July 28._ - 15,217 12,304 511 774 817 Aug. 4 15,403 12, 554 447 915 821 Aug. 11 16, 697 14, 237 426 829 945 259 Aug. 18 18, 288 16,083 397 920 666 219 Bills bought in open market: July 28 3,201 271 173 2,549 Aug. 4 3,078 262 177 2,549 Aug. 11 3,072 238 178 2,567 Aug. 18 3,073 90 1, 555 142 Industrial advances: July 28 21, 596 ,149 94 656 792 2,050 2.972 5,464 8,419 Aug. 4 21,082 657 251 861 524 2,065 3,446 5,709 7,569 Aug. 11 21,043 636 534 672 446 2,251 3,226 5,710 7,568 Aug. 18 21,007 783 691 445 2,214 3,238 5,712 7,498 U. S. Government securities: July 28 2, 526,190 27,447 142, 926 57, 736 222,616 494,785 236,997 623,368 681, 687 Aug. 4. 2, 526,190 43, 375 18, 246 140, 359 57,821 305, 753 418, 584 236, 997 623,368 681, 687 Aug. 11 2, 526,190 29,447 30, 546 138, 834 56,472 306, 787 422,052 236,997 623, 368 681,687 Aug. 18 2, 526,190 20, 246 104,170 65, 661 58, 034 309,058 426, 969 236, 997 623, 368 681, 687

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 914 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

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

Min- Kan- Bos- New Phila- Rich- At- St. San del- Cleve- Chicago neap- sas Dallas Total ton York land mond lanta Louis Fran- phia olis City cisco

ASSETS Gold certificates on hand and due from U.S. Treasury: July 28 8, 833,898 t38, 316 3, 372, 267 499, 436 700, 266 274, 230, 328 1,709,485 271, 671 194,745 283i3., 775 79, 210 679, 513 Aug. 4 8, 833, 399 155, 804 3, 267, 606 509),, 616 719,819 283, 776i232, 634 ,731,935 275, 151 198, 317' 0 28'', 90289, 232 681, 554 Aug. 11 8, 832, 398 447,103 3, 264,94"•"0 513, 289 710, 351 287,7, 22*"9" 235, 080 ,732,085 275, 474 198,024 296, 364 .83, 056 689i,40^ 3 Aug. 18 8,831,946 439, 432 3' , 278—1,, 462 509, 842 713,023 282, 086 234,811 , 729,196272, 452 195i, 241 297,132 .84,877 695, 392 Redemption fund—Federal Reserve notes: July 28 9, 936 482 1, 068 652 896 706 1,348 509 1,124 658 310 421 1. 762 Aug. 4 9, 784 456 950 604 848 920 1, 314 464 1, 112 652 301 413 1,750 Aug. 11 10, 784 456 1, 950 604 848 920 1,314 464 1,112 652 301 413 1, 750 Aug. 18 10, 122 413 1, 743 506 762 922 1,253 374 1,090 640 285 400 1,734 Other cash: July 28 323, 65' 38, 223 78, 068 22,191 19,768 21,856 13, 435 47,131 16,203 7,157 16, 593 13,812 29,220 Aug. 4 312, 308 37, 760 77, 073 24, 050 16, 789 18.765 13,955 44, 630 14, 873 6,113 16, 711 13, 698 27, 891 Aug. 11 306,903 36,000 77, 729 22, 916 14, 785 17,566 13,038 45, 476 14,651 6,019 16,137 13, 697 28, 889 Aug. 18 303, 051 33, 632 77, 269 23,186 17,270 17, < 13, 515 42,008 14,624 6,119 16, 687 13, 746 27, 013 Total reserves: July 28 9,167, 492 477,021 3, 451, 403 522,279 720, 930 297, 449 245,111 1,757, 125 288,998 202, 560 300, 678 93,443 10, 495 Aug. 4 9,155.491 494, 02•0 3,345,629 534, 270 73';7, 456 303, 461247, 903 1,777.029 291, 136 205,135 304,914 203"l!, 343711,195 Aug. 11 9,150,085 483, 559 3, 344, 619 536,809 725, 984 305,715 249, 432 1, 778, 025291,237 204, 695 312,802 97,166 720,042 Aug. 18 9,145,119 473, 477 3, 357, 474 533, 534 731,055 300, 990 149, 579 1,771,5'•8 288;,, 166 202, 000 314,104 99,023 '24,139 Bills discounted: Secured by U. S. Government obligations direct or fully guaranteed: July 28 10,316 630 4,758 1,089 632 624 174 44 734 642 Aug. 4 10,026 455 4,492 921 662 559 1, 113 179 594 402 613 Aug. 11 11,674 1,925 5,215 774 456 680 724 244 393 434 710 Aug. 18 13,755 3,370 5,514 690 441 695 301 345 849 600 Other bills discounted: July 28 4,901 102 2,34 50 34 239 1,286 82 59 109 458 103 Aug. 4 5,377 41 2,874 50 46 270 1,108 12" 5' 133 536 107 Aug. 11 5,023 41 2, 805 50 46 300 701 125 115 556 199 Aug. 18 4, 533 35 2, 489 50 46 325 588 9; 128 60; 114 Total bills discounted: July 28 15, 21 732 7,105 1.139 666 1,117 1, 910 107 256 103 14 1, 192 745 Aug. 4 15, 403 496 7, 366 971 708 829 2,221 28 306 651 169 938 720 J Aug. 11 16, 69 1,966 8, 020 824 502 980 1,425 68 369 450 194 990 909 Aug. 18 18, 288 3,405 8,003 740 1,020 1,450 40 396 401 176 1, 456 714 Bills bought in open market: July 28 3,201 224 1,130 319 293 123 108 384 86 60 98 280 Aug. 4 3,078 224 1,089 319 293 120 108 384 86 60 8; 221 Aug. 11 3,0"" 224 1, 319 293 120 10' 384 86 60 87 221 Aug. 18 3, 073 224 1,086 318 293 120 107 384 86 60 87 221 Industrial advances: July 28 21, 596 2,957 5,860 3,899 1,993 192 870 314 763 612 1, 221 2, 072 Aug. 4 21, 082 2, 94" 5,499 3,849 833 1, 985 191 816 311 756 600 1,208 2,087 Aug. 11 21, 043 2,947 5,495 3,841 833 1,984 188 816 304 747 600 1,201 2,087 Aug. 18 21,007 2,955 5, 486 3," " 830 1,96! 187 814 298 745 602 1,194 2,087 U. S. Government securities: Bonds: July 28 732,508 53, 385 210, 233 61, 861 71, 309 38, 575 32,184 80, 726 32, 298 23, 828 35, 992 28, 601 63, 516 Aug. 4 732, 508 53, 385 210, 233 61, 861 71,309 38,57 32, 184 80, 726 32, 298 23, 828 35, 992 28, 601 63, 516 Aug. 11 732, 508 53, 385 210, 233 61,861 71, 309 38, 575 32,184 80, 726 32, 268 23, 828 35, 992 28, 601 63, 516 Aug. 18 732, 508 53, 385 210, 233 61, 861 71,309 38, 575 32,184 80, 726 32, 298 23, 828 35, 992 28, 601 63, 516 Treasury notes: July 28 1,162,713 84, 739 333, 705 98,189 113,189 61, 231 51,08, 128,136 51, 266 37, 823 57,132 45, 397 100,821 Aug. 4 1,157,713 332, 270 97, 76? 112,702 60, 968 50, 86, 127, 585 51, 046 37, 56, 886 45, 202 100, 387 Aug. 11 1,157,713 84,' 375 332, 270 97, 767 112,702 60, 968 50, 86, 127,585 51,046 37, 660 56, 886 45, 202 100, 387 Aug. 18 1,157,713 84, ~~ 332, 270 97, 767 112,702 60, 968 5C, 86, 127, 585 51, 046 37, 660 56, 886 45, 202 100, 387 Treasury bills: July 28 630,969 45, 985 181,091 53, 286 61, 424 33,228 27, 72: 69, 536 27, 821 20, 525 31, 003 24, 636 54, 712 Aug. 4 635, 969 46, 349 182, 526 53, 708 61,911 33,491 27, 94: 70, 08: 28,041 20, 688 31, 249 24,831 55,146 Aug. 11 635, 969 46, 349 182, 526 53, 708 61,911 33, 491 27, 94: 70,087 28,041 20, 688 31,249 24, 831 55,146 Aug. 18 635, 969 46, 349 182, 526 53, 708 61,911 33, 491 27, 94: 70,087 28,041 20, 688 31, 249 24, 831 55,146 Total U. S. Government securities: July 28 2,526,190 184,109 725, 021; 213, 336 245, 922 133,034 110,991 278, 398 111, 385 82,176 124,12' 98, 634 219,049 Aug. 4 2, 526,190 184,109 725,029 ~"3213,, ',336 245, 922 133,034 110,991 278, 398 111,385 82,176 124,127 98, 634 219, 049 Aug. 11 2, 526,190 184,109 725,029 213, 336 245, 922 133,034 110,991 278,398 111,385 82,176 124,127 98; 634 219,049 Aug. 18 2, 526,190 184,109 725, 029 213, 336 245, 922 133, 034 110,991 278, 398 111,385 82,176 124,127 634 219,049

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 915

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

Min- Bos- New Phila- At- St. Kan- San del- Cleve- Rich- neap- Fran- Total ton York lanta Chicago Louis sas Dallas phia land mond olis City cisco

ASSETS—Continued Total bills and securities: July 28 2, 566, 204 !,022 739,124 218,693 247, 724 36, 267 113,201 279, 759 12,041 83,102 124, 980 101, 145 222, 146 Aug. 4 2, 565, 753 187, 776 738,983 218,475 247. 756 35, 968 113,511 279, 626 12,088 83, 643 100, 867 222,077 Aug. 11 2, 567,002 189, 246 739, 628 218, 320 247, 550 .36,118 112,711 279, 666 12,144 83, 433 125,008 1001,912, ^222, 266 Aug. 18 2, 568, 558 90, 693 739,604 218, 241 247, 532 36,136 112,735 279, 636 12,165 83, 382 124,992 101,371 222; 071 Due from foreign banks: July 28 222 16 86 22 20 26 4 3 16 Aug. 4 222 16 86 22 20 26 4 3 16 Aug. 11 227 16 91 22 20 26 4 3 6 16 Aug. 18 227 16 91 22 20 26 4 3 6 16 Federal Reserve notes of other banks: July 28 32, 396 356 12, 265 1,493 2, 350 1,806 3, 687 1,933 1,113 1,442 549 4,413 Aug. 4 28,198 365 7,493 945 1,840 1,932 1,805 4,004 1,662 1,179 1, 539 529 4,905 Aug. 11 25,686 373 5,401 977 1,613 1,399 1, 584 2,590 2, 416 1,819 1,627 392 5,495 Aug. 18 25,444 5' 5,1 961 1, 205 1,330 1,710 3,009 2,300 1, 353 5,613 Uncollected items: July 28 582, 875 61,049 142,414 46, 233 59,127 47, 498 17, 847 80, 695 24, 640 16,412 34, 477 22, 553 29, 930 Aug. 4 601, 649 59, 973 146,330 51,526 57, 719 49,343 21, 390 80,845 26,417 17,611 38, 581 22, 575 29, 339 Aug. 11 582, 630 63.115 137,841 44,021 56, 504 48, 732 19, 791 78,036 25, 622 17,879 36, 688 24, 286 30,115 Aug. 18 643,160 64, 852 157, 630 53, 368 61, 945 54, 986 21, 283 88, 733 26,815 18, 474 36, 929 27,421 30, 724 Bank premises: July 28 45, 572 3,029 10.053 4,878 6,293 2,746 2,213 4, 651 2, 365 495 3,204 1,256 3,389 Aug. 4 45, 500 3,024 10, 038 4,878 6,280 2,746 2,212 4,640 2,361 492 3,190 1, 250 3,389 Aug. 11 45, 502 3,024 10.038 4,878 6. 280 2,746 2,212 4,640 2, 361 493 3,190 1, 251 3,389 Aug. 18 45, 501 3,024 10,038 4,878 6, 280 2,746 2,212 4,640 2, 360 493 3,190 1, 251 3,389 All other assets: July 28 44, 769 2. 699 12,713 5,591 4,779 2,796 1,723 4,168 1,691 580 1,723 3,307 Aug. 4 _. 42,692 2, 609 12,186 4,996 4,628 2,690 1,657 3,""" 1, 650 544 1,: 1,690 3,188 Aug. 11 43, 520 2,656 12, 485 5,081 4, 676 2,760 1, 684 4,062 1,678 562 1, 915 1,709 3,252 Aug. 18 43,966 2,695 12,443 5,121 4, 754 2,756 1,716 4,135 1,709 590 1/ 1,743 3,307 Total assets: July 28 12,439,530 732,192 4, 368,058 798,685 1 040,366 489,115 381,909 2,130,111 431, 672 ...,_..306, 26_5 466.,._, 78. 6320,675 973,696 Aug. 4 12, 439, 50r 747, 783 4, 260,745 815,112 i; 055, 699 496,149 ~~~,486 2,150,138 435,318 310, 607 475,099 330, 260 974,109 Aug. 11 12.414,652 741, "-- :, 250,103 810,108 1, 042, 627 497,.. 47„ 9 387,42, 422 2,147,042 5 435,46435, 462 310, 884481, 236 325, 772 2 984,, 575 Aug. 18 12, 471, 975 T35, 336 4, 282,373 816,125 1,052,791 953 389, 243 2,151, 757 433, 519308,140 484833, 31311 331,16331168 989899, 25 259 LIABILITIES Federal Reserve notes in actual circulation: July 28 4,193,413 286,025 921, 741 315,265 434,857 189,506 168, 497 971,105 179, 265 136, 474 164,796 91, 432 334,450 Aug. 4 4, 222.016 287, 241 934,036 314,693 433, 710 192'"1,91i 5 171, 364 971, 474 180, 336 137, 679 166,930 92, 553 339,085 Aug. 11 4, 228,043 286, 529 930, 674315,214 440, 513 194,360 170,905 971 76"'2" 179,839 137, 679 167"',44, 8 92, 37'f9 340,i,' 741 Aug. 18 4,238,391 286,734 939,160 315,310 435,815 194" ':!, 840 170,206 975', 105180,104 137, 990167, 273 92', 680 343,174 Deposits: Member bank—reserve account: July 28 6, 775, 505 338, 301 •8,013 371,924 462,08' 206, 535 169,745 983, 991 200, 590 134, 676 244,407 175, 428 539, Aug. 4 6, 635, 764 350, 066 2!, 800,993 378, 418 465, 736216,346 169, 446 967,933 195,095 136,586 2431,23, 7 175, 968 535,940 Aug. 11 6, 681,124 340,021 2, 836,373 375. 643 456, 961 213,459 171,724 971, 504 198,009 135, 98: 253; 630 173, 651554; 162 Aug. 18 6, 743, 874 335, 288 2, 87887:, 992 373, 087 462, 980 """1,13216, 6 171, 293 986, 936 195, 536 131,245 256,024 175,357 561,000 U.S. Treasurer—general account July 28 227, 818 6,490 116,369 3,397 12, 204 19, 767 3, 694 24, 83' 3,461 2,873 7, 8, 257 18, 771 Aug. 4 308, 778 9,848 132,427 6, 765 27,101 12,819 5, 002 60, 463 9, 670 2,946 9,189 12, 302 20, 246 Aug. 11 252, 690 11,696 90,156 13,407 20,437 15.059 3, "" 56,089 7,792 4,223 7,777 12, 307 10, 261 Aug. 18 155,689 7,426 39, 950 13,811 21,165 7, 4, 30,289 5, 836 4,195 6,73: 11,027 3,226 Foreign bank: July 28 185, 042 13, 483 67,023 18,100 16,992 7,942 6,464 21, 424 5,541 4,248 5, 356 5,356 13,113 Aug. 4 195,093 14,198 70,808 19,061 17,894 8, 364 6,808 22, 562 5,835 4,474 5,640 5,640 13, 809 Aug. 11 193,493 14,198 69, 209 19,061 17, 894 8, 363 6,80: 22, 562 5,835 4,473 5,641 5,641 13, 809 Aug. 18 199, 602 14,198 75, 318 19,061 17, 8,363 22, 562 5,83E 4,473 5,641 5,641 13, 809 Other deposits: July 28 120,372 3,140 55,007 9,764 20,892 3,31.p 2,950 2, 269 6,138 2,390 4,059 10,354 Aug. 4 124,926 2,890 59,148 9,656 20, 740 3,377 3,092 1,709 6,242 2,569 744 4,759 10,000 Aug. 11 133, 626 3, 257 68, 463 9,640 20, 727 3,371 2,803 1,569 6, 593 2,34' 99 4,337 10, 420 Aug. 18 140,513 3,192 76,042 9,283 20, 712 3,251 2,843 1,253 6,453 2,250 145 4,026 11,063 Total deposits: July 28 . 7,308,737 361,414 3,186,412 403,185 512,1' 237, 559 182,853 1,032,;, 521 215, 730144,187 257,55, 5 193,;,1 100 582,046 Aug. 4 7, 264, 561 377,002 3, 063, 376413,900 531, 471 240, 906 184, 348 1,052,667 216, 842146,57 258,810 198, 669) .579' , .995 Aug. 11 7, 260, 933 369,172 3,064, 201417,751 516,019 240I., 252184, 820 1,051, 724 218, 229147,030 """267\, 147 195, 936 588, 652 Aug. 18-— 7, 239, 678 360, 104 33,070, , 302415, 242 522, 751 235, 693 185,027 1,041,040 213,660 142,163 268, 547 196,051 589,098 Deferred availability items: July 28 589,461 60, 766 139,501 46, 414 61,471 47,199 17, 842 81, 39£ 26,164 16, 265 34, 422 25, 096 32,926 Aug. 4 606, 265 59, 593 142,963 53,219 58, 713 47, 508 20,138 81,335 27,646 16,993 39,41 28,005 30,739 Aug. 11 578, 259 62, 320 134.730 43, 76" 54, 261 47,999 19,011 78, 614 26, 872 16. 811 36,710 26, 345 30,819 Aug. 18 646, 593 64, 496 152, 390 52,198 62, 395 53, 566 21, 328 90, 791 29, 240 18, 645 37, 547 31,407 32, 590

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 916 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

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

Bos- New Phila- Rich- Min- Kan- San Total del- Cleve- Chicago St. neap- sas Dallas Fran- ton York phia land mond lanta Louis olis City cisco

LIABILITIES—continued Capital paid in: July 28 132, 407 9,382 51,095 12,254 12,919 4,861 4,344 12,767 3,834 2,890 4,035 3,879 10,147 Aug. 4 132, 442 9,369 51,091 12, 259 12.921 4,862 4,342 12,770 3,834 2,891 4,044 3.879 10,180 Aug. 11 132, 530 9,364 51,090 12,259 12.922 4,865 4,347 12, 851 3,837 2,893 4,050 3,879 10,173 Aug. 18 132, 533 9,365 51,074 12, 257 12,929 4,873 4,350 12,856 3,839 2,892 4,048 3,873 10,177 Surplus (section 7): July 28 145, 854 9,826 51,474 13,362 14, 323 4,8 5,616 21,504 4,655 3,116 3,613 3,851 9,645 Aug. 4 _. 145, 854 51,474 13,362 14, 323 4,8 5,616 21,504 4,655 3,116 3,613 3,851 9,645 Aug. ll.__ 145,854 51,474 13, 362 14,323 4,8 5,616 21,504 4,655 3,116 3,613 3,851 9,645 Aug. 18 145, 854 51, 474 13, 362 14, 323 4,8 5,616 21, 504 4,655 3,116 3,613 3,851 9,645 Surplus (section 13b): July28._ 27,490 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 1,996 Aug. 4... .._ 27,490 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 1,996 Aug. 11 27,490 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 1, 996 Aug. 18 _ 27, 490 2,874 7,744 4,325 1,007 3,422 754 1,416 545 1,003 1,142 1,262 1,996 Reserve for contingencies: July 28 _._ - 35, 871 1,570 9,117 3,000 3,121 1,496 7,805 1,199 2,048 941 1,847 2,037 Aug. 4 _ 35, 873 1,570 9,117 3,000 3,121 1,497 I,1 7,805 1,199 2,048 941 1,847 2,037 3,000 3,121 2,048 2,037 Aug. 11 35, 871 1, 570 9,117 1,497 1,690 7,f 1,199 941 1,846 Aug. 18 _.._ 35,838 1,570 9,117 3,000 3,121 1,497 7,777 1,199 2,041 941 1,847 2,037 All other liabilities: 1,691 July 28 6,297 335 974 493 203 313 1,598 280 282 282 208 449 Aug. 4.... _ ._.. 5,004 308 944 354 433 170 233 1,167 261 302 206 194 432 Aug. 11... 5,672 334 1,073 430 461 215 279 1,369 286 304 185 224 512 Aug. 18... _ _ -... 5,598 367 1,112 431 450 193 271 1,268 277 290 200 197 542 Total liabilities: July 28 -... 12,439, 530 732,192 4, 368,058 798, 6851,040, 366 489,115 381,909 2,130, 111431, 672 306, 265 466, 786 320,675 973,696 Aug. 4 ... 12, 439, 505 747, 783 4, 260, 745 815,11i2; 055; 699 496', 149 388| 486 2,150; 138 435, 318 310, 607 475,099 330, 260 974,109 Aug. 11 12,414,652 741,989 4,250,103 810,108 l', 042', 627497,47.._ 9 387,422 2,147,045 435,462 310,884 481,236 325,722 984,575 Aug. 18 12,471, 975 735,336 4, 282, 373 816,1251,052, 791498,953 389,243 2,151, 757 433, 519 308,140 m,;, 311331,168 989,259 Contingent liability on bills purchased for foreign correspondents: July 28 3, 212 240 1,111 322 303 141 115 381 95 95 234 Aug. 4 2,917 223 965 299 281 131 107 354 217 Aug. 11 2,780 203 1,003 272 256 120 97 323 197 Aug. 18 2,478 181 243 228 106 87 287 176 Commitments to make industrial advances: July 28 15, 726 2,003 5,462 162 1,303 1,948 315 1,045 125 302 2.987 Aug. 4 15, 366 1,983 5, 399 161 1,947 314 1,039 122 302 3,096 Aug. 11 15, 304 1,971 5,368 164 937 1,941 314 1,039 122 302 3,083 Aug. 18 15,249 1,962 5,349 152 937 1,938 314 1,039 122 302 3,071

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 917

INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 24, 1936, TO AUGUST 25, 1937 [Amounts in thousands of dollars]

Applications rec- Applications approved to date by Federal Reserve banks (with and ommended for without conditions) approval by In- Applications dustrial Advi- received to date, sory Commit- Federal Expired, Financ- Date (last Wednesday of net tees to date Federal Reserve repaid, ing insti- each month) (with and with- Total Reserve bank Approved or with- tution bank but not partici- out conditions) advances commit- com- drawn by ments 1 appli- pations out- out- pleted cant, outstanding 2 Number Number Amount standing etc. standing

1936—July 29.. 331,659 2,413 143,978 2,198 134,233 30, 217 23,711 8,429 64, 342 7,534 Aug. 26. 333, 930 2,437 145, 939 2,218 135,421 29, 265 23, 355 9,168 66,304 7,329 Sept. 30. 336,119 2,463 147,191 2,243 137,251 28,885 23,307 8, 566 69,217 7,276 Oct. 28.. 336, 763 2,477 148,237 2,259 138, 731 27,038 22, 790 8,544 72, 915 7,444 Nov. 25. 339,903 2,483 148, 317 2,266 138, 938 26, 720 22,040 7,719 75,045 7,414 Dec. 30. 342, 699 2,500 149,204 2,280 139,829 25, 533 20,959 8,226 77,903 7,208 1937—Jan. 27.. 342, 999 2,506 149, 527 2,287 140,213 24, 781 20,238 7,697 80,500 6,997 Feb. 24 343, 904 2,517 149,711 2,297 140,515 24,208 19, 523 7, 709 82,163 6,912 Mar. 31 346, 911 2,543 150, 561 2,323 141, 545 23,054 18,611 7,898 85, 215 6,767 Apr. 28. 348,342 2,563 152, 724 2,336 144, 564 23,904 17,528 9,045 7,281 May 26 349,288 2,577 153, 720 2,353 145,228 23,196 17,188 8,462 89, 268 7,114 June 30 351, 420 2,587 154,960 2,361 145, 758 23,014 16, 331 1,470 97,668 7,275 July 28_ 352,024 2, 590 155,023 2, 367 145,887 22, 462 15, 726 1,098 99, 271 7,330 Aug. 25. 352, 666 2,598 155,514 2,373 146,457 21,752 15,179 1,151 101,139 7,236

1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $11,366,424 on August 25, 1937. NOTE.—On August 25, 1937, there were IS applications amounting to $2,119,500 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars]

Phila- Min- Kan- San Bos- New Cleve- Rich- At- Chi- St. Total ton York del- land neap- sas Dallas Fran- phia mond lanta cago Louis olis City cisco

Federal Reserve notes: Issued to F. R. bank by F. R. agent: July 28 ..... 4, 523, 643 3281,37, 6 1, 026,880 333,097 461, 452 199, 52186,4 ! 996, 224 188,031 142,828 1761,00, 4 695 384, 724 Aug. 4 4, 532, 357328,535 1,028,126 335,119 460, 780 202,866 187,936 998,109 188,077 143,123 174, 925 916 383, 845 Aug. 11 4, 544, 445 """1,35329, 1 1,031, 388 332, 507 484, 299 205,13189,310 2 998, 606 188,074 142.438 177,660 040 385, 640 Aug. 18 4, 554, 501329, 799 1,036, 700 332, 654 464,473 205, 252188, 348 1, 000,142 188,894 142, 908 17 643 387, 608 Held by Federal Reserve bank: July 28 330, 230 42, 351 105,139 17,832 26,595 10,018 18,311 25,119 8,766 6,354 11,208 8, 263 50,274 Aug. 4_ 310,341 41, 294 94,090 20,426 27,070 9,951 16, 572 26,635 7,741 5,444 7,995 8,363 44, 760 Aug. 11 316, 402 42, 822 100, 714 17, 293 23, 786 10, 770 18,407 26, 844 8,235 4,759 10, 212 7,661 44,899 Aug. 18 316,110 43,065 97, 540 17,344 28,658 10,412 18,142 25,037 8,790 4,.918 10, 807 6,963 44,434 In actual circulation:1 July 28 4,193,413 286>,02, 5 921, 741 315, 265 434, 857189,506 168,497 971,105 179,265 136,474 164, 796 432 334, 450 Aug. 4 4, 222,016 287,24! 1 036 314, 693 433, 710 192, 915 171, 364 971,474 180,336 137,679 166, 930 553 339, 085 Aug. 11 4, 228,043 286i1, 529 674 315, 214 440,513 194, 360 170,905 971, 762 179, 839 137, 679 167.448 379 340, 741 Aug. 18 4, 238, 391 i, 734 939,160 315, 310 435, 815194, 840 170,206 975,105 180,104 137, 990 167,273 680 343,174 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: July 28 4, 580, 632 336,0001,040,000 335,000 465, 500 201 168,000 1,020,000 190.632 145,000 178,000 102, 500 399,000 Aug. 4 4,582,132 336,000 1,040,00, , 0 337,000 168,000 1,020,000 190; 632 145,000 178,000 102, 500 399,000 Aug. 11 4, 593, 632 336,000*. 1,040,00, 040, 0 337,000 467, 500 205,000171,00 171 0 1,020,000 190,632 145,000 180,000 '"" 500 399,000 Aug. 18 4, 593, 632 336,0001,040,00 ' "" "0 337; 000 467; 500 205,000171,000 1,020,000 190,632 145,000 180,000 500 399,000 Eligible paper: July 28 14, 531 732 6,489 1,090 1,120 1,871 107 202 94 155 1,204 801 Aug. 4 14, 579 496 6,731 922 708 829 2,181 207 651 169 938 719 Aug. 11. 16,117 1,966 7,643 774 502 980 1,385 270 450 194 976 909 Aug. 18 •__ 17, 907 3,405 7,783 690 487 1,019 1,410 40 401 176 1, 456 714 U. S. Government securities: July 28... 20,000 20,000 Aug. 4. _ 20,000 20,000 Aug. 11 20,000 20,000 Aug. 18. _. 20,000 20,000 Total collateral: July 28 4,615,163 336,732 1, 046, 489336, 090 466,166 202,120189, 871 1, 020,107 190, 834 145,094 178,155,103, 704 399,801 Aug. 4 ..._ 4,616,711 336336,49, '"6"1.046, 731337,922 463, 708 203,829 190,181 1,020,028 190'"1,83, 9 145, 651 178,169 103,438 399, 719 Aug. 11 4, 629, 749 337,96, 6 1.047, 643 337, 774 468,002 2Qb, 192, 385 1,020,068 190^01,902 145\, 450180,194 103,4' 399, 909 Aug. 18 4, 631, 539 339),40, 5 1,047, 783 337, 690 467, 987206,01 " 9 192,410 1,020,040 190, 958 145, 401 180,176 103,956 399, 714

* Includes Federal Reserve notes held by the U. S. Treasury or by a Federal Reserve bank other than the issuing bank.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 918 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, JULY 1937 BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars]

Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Classes of banks de- de- Time banks mem- serve Coun- and districts mand mand de- ber city try 1 banks* New Chi- banks banks de- de- 1 posits posits posits Re- Ex- York cago quired Held cess Total reserves held: All member banks. _ 29,366 24, 579 11, 369 5,969 6, 845 876 1936—May 5, 638 2,384 636 1,657 961 June 5,484 2,183 682 1,664 954 Central reserve city banks: July 5, 861 2, 279 653 1,886 1,042 New York 9, 949 9, 243 833 2,453 2, 652 199 Aug. 1-15 6,063 2, 502 572 1,899 1, 090 Chicago 2,189 1, 930 445 529 581 52 Aug. 16-31 2 6,291 2, 503 580 2. 005 1,204 September 6, 345 2, 462 619 2,046 1,218 Reserve city banks: October 6, 594 2, 574 637 2,153 1,230 Boston district 956 866 116 180 197 16 November 6,785 2, 695 651 2,185 1,254 New York district 206 172 139 43 45 2 December 6,665 2, 662 605 2,157 1,241 Philadelphia district _. 1,106 931 241 201 239 38 1937—January 6,716 2, 719 568 2,158 1,271 Cleveland district 1, 428 1,195 710 282 327 45 February 6,747 2,812 546 2,128 1,261 2 Richmond district .597 469 207 106 128 22 March 6, 704 2, 652 533 2,203 1,315 Atlanta district. 543 415 163 93 102 9 April 6,824 2, 739 563 2,201 1,321 Chicago district 1,152 888 496 207 240 33 May 2 6, 932 2,684 589 2,272 1,386 St. Louis district 684 548 172 120 148 28 June 6,878 2, 669 603 2,230 1, 377 Minneapolis district,.. 346 268 92 59 71 12 July 6,845 2, 652 581 2,252 1,360 Kansas City district— 971 681 159 146 173 27 Week ending (Friday): Dallas district 584 415 111 90 104 15 July 2 6, 903 2,742 589 2,235 1,336 San Francisco district- 1,907 1,563 1, 865 425 478 54 July 9 6, 825 2, 625 586 2,247 1,368 July 16 6,900 2,674 591 2,267 1, 368 Total 10, 481 8,411 4,470 1,950 2,252 301 July 23 6,873 2,676 573 2,266 1,359 July 30 6, 805 2, 639 573 2,240 1,352 Country banks: Excess reserves: Boston district. __ 793 642 578 124 147 23 1936—May 2,800 1,134 377 778 511 New York district 1, 213 977 1,389 220 286 66 June 2, 593 908 414 775 496 Philadelphia district. _ 592 465 857 116 146 29 July 2,907 1,004 369 961 575 Cleveland district 591 441 638 100 135 35 Aug. 1-15 3,105 1,226 290 970 619 Richmond district 466 334 330 67 84 17 Aug. 16-31 2 1, 852 600 160 601 490 Atlanta district __ 420 295 209 54 67 13 September 1,852 535 195 624 498 Chicago district. _ 779 572 627 118 166 49 October 2,043 639 205 696 502 St. Louis district 333 241 219 47 60 13 November 2,219 751 221 724 523 Minneapolis district- 298 206 273 45 63 18 December 2,046 697 175 675 498 Kansas Citv district— 456 280 156 49 72 24 1937—January 2,093 767 147 662 518 Dallas district 470 304 91 48 73 25 February r 2, 152 868 128 651 505 San Francisco district. 336 238 253 48 59 10 March 2 1,371 401 54 488 428 April 1,552 530 101 490 431 2 Total 6,747 4,994 5,620 1,036 1,360 324 May 927 203 51 316 357 June 876 176 70 289 341 July 876 199 52 301 324 1 Gross demand deposits minus demand balances with domestic banks "Week ending (Friday): (except private banks and American branches of foreign banks) and July 2 879 231 61 289 298 cash items in process of collection. July 9 865 168 62 305 330 NOTE.—See table at foot of page 929, for percentages of deposits re- July 16 929 221 62 315 331 quired to be held as reserves. July 23 908 229 43 313 323 July 30 842 199 43 284 316

1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 2 Reserve requirements increased Aug. 16, 1936, March 1, 1937, and May 1, 1937; see table at foot of page 929 for amount of changes. r Revised.

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

Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time

July June July June July June July June July June July June

Boston. __ _ . 1,749 1,738 694 694 1, 626 1,619 567 565 123 119 127 128 New York ______11,368 11,549 2,361 2,323 i 1,139 i 1,173 .1 1, 043 i 1, 040 280 270 485 480 Philadelphia 1,698 1,692 1,098 1,094 1,474 1,472 657 656 224 220 441 438 Cleveland-. . _ 2,019 2,023 1,348 1,341 1,791 1,795 1,063 1,059 228 228 285 282 Richmond 1, 063 1,077 537 539 894 906 351 354 169 171 186 185 Atlanta- . 964 985 372 372 823 835 291 292 141 150 81 80 Chicago. . 4,121 4,125 1, 568 1,555 i 1, 629 i 1,618 i 864 i 856 303 302 259 257 St. Louis 1,017 1,002 390 385 820 807 287 282 197 195 103 102 Minneapolis 644 642 365 364 467 463 178 178 178 178 187 186 Kansas City 1,428 1,345 315 316 1,092 1,027 200 201 335 317 115 115 Dallas 1,054 1,037 202 202 792 777 161 161 262 260 41 41 San Francisco. __ . 2, 243 2, 237 2,118 2,114 2,115 2,108 2,022 2,017 128 129 96 97

Total 29,366 29,452 11,369 11,299 114, 660 114, 601 1 7, 683 i 7, 662 2, 568 2,541 2,407 2,391

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

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 919

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

Treas- Gold Silver Subsid- Federal Na- 1 Silver ury United Federal certifi- iary Minor Reserve Reserve tional End of month Total certifi- dollars notes States bank cates cates silver coin notes notes bank of 1890 notes notes

1936—June 6,241 101 35 955 1 316 135 278 4,002 366 Julv 6,162 100 35 958 1 318 136 3. 937 50 352 August 6, 227 99 36 986 1 321 337 278 3. 978 48 342 September . ... 6, 267 98 37 998 1 326 138 278 4,011 47 332 October 6, 351 97 37 1.020 1 329 139 4,076 46 324 November _ _ 6, 466 96 37 1,051 1 334 141 289 4,156 45 316 December 6, 543 95 38 1,057 1 337 142 289 4, 233 44 307 1937—J anuarv. _ 6, 349 94 37 1,012 329 140 276 4,118 42 3(x; Pebruary 6, 399 92 37 1,022 329 140 2*8 4. 155 41 294 M arch 6 377 91 1 022 333 141 287 4,139 40 287 April 6, 426 90 37 1.039 335 142 291 4,171 40 281 May 6 462 89 38 1 062 338 143 289 4 189 38 275 June...... _ _ .- . 6, 447 88 38 1.078 341 144 281 4. 169 38 269 Julv 6, 460 87 38 1. 088 341 144 286 4.175 37 263

Back figures.—See Annual Report for 1935 (table 38).

PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars]

Paper currency 2 Total in cir- $50 and over Un- End of month assort- cula- Coin $1 $2 $5 $10 $20 ed 2 tion1 Total $50 $100 $500 $1,000 $5,000 $10,000

1936—June 6,241 486 463 33 850 1,468 1, 466 1,479 398 683 127 245 7 18 July 6,162 490 460 32 844 1,459 1,431 1,449 383 667 127 247 7 19 August 6, 227 494 471 32 863 1,482 1,436 1,452 381 P67 128 250 6 19 September. 6, 267 501 477 33 868 1,488 1,437 1,467 383 673 130 253 6 21 October... 6, 351 505 484 33 882 1,516 1,460 1,478 385 679 132 255 19 November. 6, 466 513 492 33 SOO 1,548 1,486 1,501 390 690 132 258 23 December. 6,543 517 499 35 906 1,563 1,501 1,530 399 707 135 265 18

1937—January... 6, 349 506 472 33 864 1,500 1,458 1, 525 393 702 135 269 8 18 February.. 6,399 506 475 33 874 1,519 1,464 1, 538 395 706 135 273 9 19 10 March 6,377 511 476 33 869 1,519 1,451 1,520 386 696 136 275 9 18 2 April 6, 426 514 482 33 883 1,542 1,468 1,507 381 687 137 277 9 17 3 May 6,462 518 489 33 8C3 1,558 1,466 1, £07 380 689 136 278 8 17 June. 6,447 523 487 34 885 1,539 1, 458 1, 526 384 699 138 283 8 14 July 6.460 523 488 33 894 1. 550 1, 454 1. 520 381 697 137 283 7 15

* Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. 2 Includes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures.—See Annual Report for 1935 (table 39).

TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve banks and in circulation, In millions of dollars] [By selected banks in New York City. In thousands of dollars]

Ship- Receipts Net Net Silver Fed- Year or month ments to from ship- receipts dollars Sub- eral Na- Europe Europe ments and sid- Minor United Re- tional End of month Total silver iary coin States serve bank bul- silver notes bank notes 1932 567 83,838 83, 271 lion* notes 1933 554 91,059 90, 505 1934 345 40, 587 40,242 1935 10,628 19,966 9,338 1936 34, 774 26, 216 8,558 1936—June. 2,498 1,255 332 139 347 372 July 2,496 1,264 335 140 347 358 1936—July 900 2,348 1,,448 August 2,500 1,277 338 142 347 348 August 981 2,078 1, 097 September. 2,512 1,294 341 143 347 339 September. 3,949 1,131 2,818 October 2,515 1,303 346 145 347 329 October.... 2,013 5,422 3,409 November.. 2,521 1,310 351 146 347 322 November. 5,960 1,536 4,424 December.. 2,532 1,323 356 147 347 314 December. 745 7,724 1987—January .._. 2,532 1,332 356 148 347 305 1937—January __. 2,092 2,197 105 February __ 2,536 1,343 356 149 347 298 February . 4,279 3, 265 1,014 March 2, 541 1,355 357 149 347 291 March 968 3,728 2, 760 April 2, 543 1,365 357 150 347 284 April 1,434 3,023 1, 589 May 2,547 1, 375 358 150 347 278 May 909 1,865 956 June. 2,550 1,382 359 151 347 272 June 7, 000 1,972 5,028 July 2, 572 1,409 361 151 347 266 July 809 2. 586 1,777

1 Includes silver held against silver certificates amounting to $1,322,000,- For description and back figures see BULLETIN for January 1932, 000 on July 31, 1937, and $1,159,000,000 on July 31, 1936. pp. 7-9.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 920 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES * [In millions of dollars] [In thousands of dollars]

Gold stock at 1937 end of year Increase Net or month in Net release Year or month total gold from July June January-July gold import ear- From or to— mark Total Inactive stock account Im- Ex- Im- Ex- Im- Ex- ports ports ports ports ports ports 1934. 8,238 4,202. 5 1,133. 9 82. e Belgium __ 22, 556 5,228 45,007 1935—October 9,693 325.2 315.3 -1.9 France 1,138 11,059 26, 245 November,. 9,920 226.7 210.6 .6 Germany December _. 10,125 205.2 190.0 1.3 Netherlands- 3,177 1, 392 5, 940 Switzerland 2,390 36, 235 54, 452 Year.. 10,125 1,887.2 1,739.0 .2 Union of Soviet Socialist Re- 1936—January 10,182 57.2 45.6 -1.7 publics 504 February. _. 10,167 -15.5 -16.6 -9.5 United Kingdom.. 76, 437 156,959 16 783,072 70 March 10,184 17.2 5.5 1.0 Canada 7,470 20, 946 71,530 45 April 10, 225 41.0 28.1 -.2 Central America... 343 605 2,353 May 10, 402 176.7 170.0 -3.2 Mexico 5,507 730 25, 366 June 10, 608 206.6 277. 8 -24.8 Argentina July 10, 648 39.2 15.4 2.3 Chile 337 2,359 6,183 August 10, 716 68.4 67.5 -11.9 Colombia 2 2,177 11,939 September.. 10,845 129.0 171.8 -28.8 Ecuador 155 164 1,030 October 11,045 199.7 218.8 -11.3 Peru 280 444 1, 673 November.. 11,184 139.6 75.8 3.0 Uruguay December- 11,258 16.5 73.3 57.0 -.7 Venezuela 63 19 329 Australia 3, 796 2,167 18,958 Year.. 11, 258 26.5 1,132. 5 1,116.6 -85. £ British India 4,355 3,966 34, 098 China and Hong 1937—January... 11,358 126. 5 100.1 121.3 -48.3 Kong 265 237 1,339 February. 11,436 204.7 78.2 120.3 -8.0 Dutch East Indies. March 11,574 342.5 137.9 154.3 -.4 Japan 44, 459 15,316 92,043 April 11, 799 568. 0 225.6 215.8 7.2 Philippine Islands. 2,410 2,064 14,987 2 May.. 11,990 759.1 191.1 155.4 26.2 All other countries . 483 38 7,897 June 12, 318 1,086. 8 327.8 262.0 -15.9 July 12,446 lr214.1 127.3 175.4 -35.5 Total.. 175, 624 262,103 81 1,204.951

Back figures—Se e Annual Report for 1935 (table 32). i Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. * Includes all movements of unreported origin or destination. Back figures.—See table p. 949, and Annual Report for 1935 (tables 34 BANK SUSPENSIONS1 and 35).

Member Non-member BANK DEBITS banks banks Total, [Debits to individual accounts. Amounts in millions of dollars] all banks Na- In- Not State 2 tional sured insured 1937 1936 No. of centers Number of banks suspended: July June July 1934 57 1 8 48 1935 34 4 22 8 1936 44 1 40 3 New York City 1 16, 751 16,434 16,199 1937, Jan.-July . 34 1 28 5 Outside New York City 140 20,152 20,019 18, 617 Deposits of suspended banks 3 Federal Reserve districts: (in thousands of dollars): Boston - - 11 1,995 1,972 2,001 1934 36,937 40 1,912 34,985 New York __ _. 7 17, 525 17,330 16,874 1935_—_ . 10,015 5,313 3,763 939 Philadelphia 10 1,680 1,801 1,592 1936 _... 11, 306 507 10, 207 592 Cleveland _ . _ 13 2,184 2,152 1,964 1937, Jan.-July. _ 7,636 1,466 5,735 435 Richmond 7 740 727 683 Atlanta 15 876 865 768 Chicago .- - - 21 5,209 5,225 4,881 1 Represents licensed banks suspended; does not include non-licensed St Louis 5 1,012 1,043 923 banks placed in liquidation or receivership. Minneapolis . 9 675 636 670 2 Federal deposit insurance became operative January 1, 1934. 3 Kansas Citv 15 1,375 1,184 1,185 Deposits of member banks and insured non-member banks suspended Dallas 10 747 710 616 are as of dates of suspension, and deposits of non-insured non-member San Francisco 18 2,885 2,808 2,658 banks are based on the latest data available at the time the suspensions were reported. Total - - - 141 36,903 36,453 34,816 Back figures.-Bee Annual Report for 1935 (table 69). Back figures.—See Annual Report for 1935 (table 68).

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 921

ALL BANKS IN THE UNITED STATES

Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Cur- rency. For comparative figures of private banks included in the figures from- June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS Nonmember [In millions of dollars] Member banks banks Member banks 3 Nonmember banks Call date Total Other non- Na- Mutual Call date All Total savings mem- banks Other tional State Na- Mutual banks ber Total State savings nonmem- banks tional banks ber banks

1932—Dec. 31 18,390 6,816 6,011 805 594 10,980 1932—Dec. 31. . 41,643 24,803 16,101 8,702 10,022 6,818

1933—June 30 ' 14,519 5,606 4,897 709 576 8,337 1933—June 30i-_ 37,998 23,338 14,772 8, 566 9,713 4,946 Oct. 25 2 5,818 5,052 766 Oct. 252 23, 453 15,070 8,383 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30— 38, 505 23,771 15, 386 8,385 9,708 5,026

1934—Mar 5 2 6, 206 5, 288 918 1934—Mar 5 2 25, 293 16, 203 9,090 June 30 15,835 6, 375 5, 417 958 578 8,882 June 30. 41, 870 26, 615 17,097 9,518 9,780 5,475 Oct 17 2 6,433 5,461 972 Oct 172 27, 484 17, 693 9,791 Dec. 31 16, 039 6,442 5,462 980 579 9,018 Dec. 31... 44, 770 28, 943 18, 519 10, 424 9,828 6,000

1935—Mar. 4 16,024 6,422 5,446 976 579 9,023 1935—Mar. 4____ 44, 455 28, 589 18, 502 10,087 9,837 6,029 June 29 15, 994 6,410 5,425 985 571 9,013 June 29. 45, 766 29,496 19,031 10, 465 9,920 6,350 Nov. 1 15,904 6,400 5,403 997 571 8,933 Nov. 1 ... 47, 522 31,072 20,128 10,944 9,936 6,513 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31— 48, 964 32,159 20, 886 11, 273 9,963 6,842

1936—Mar. 4 15, 808 6,377 5,375 1,002 569 8, 862 1936—Mar. 4.. . 48, 716 31, 774 20, 605 11,169 9,972 6,970 June 30 15, 752 6,400 5, 368 1,032 566 8,786 June 30 . 51,335 34,098 21, 986 12,112 10,060 7,176 Dec. 31 15, 628 6, 376 5,325 1,051 565 8,687 Dec. 31— 53, 701 35, 893 23,107 12, 786 10,143 7,666

1937—Mar. 31. 15,569 6, 367 5,305 1,062 565 8,637 1937—Mar. 31... 52, 577 34, 746 22, 355 12,390 10,157 7,674

For footnotes see table below. For footnotes see table below.

LOANS AND INVESTMENTS [In millions of dollars]

All banks Member banks Nonmember banks

Other nonmember banks Call date Mutual savings banks Total Loans Invest- Total Loans Invest- ments ments Invest- Loans Total Loans Invest- Total ments ments

1932—Dec. 31 _ 44,946 26,063 18,883 27,469 15,204 12,265 10,182 6,079 4,103 7,295 4,780 2,515

1933—June 30 !_ 40,076 22, 203 17,872 24, 786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Oct. 25 2 24,953 13,059 11,894 Dec. 30— 40, 319 21,977 18, 342 25, 220 12,833 12, 386 9, 985 5,906 4,079 5,115 3,238 1,877

1934—Mar. 5 2 26, 548 12,706 13, 842 June 30 ... _ 42, 502 21, 278 21, 224 27,175 12, 523 14,652 9,904 5,648 4,256 5,423 3,108 2,315 Oct. 17 2 27, 559 12, 293 15,267 Dec. 31 43,458 20,473 22,984 28,150 12,028 16,122 9,782 5, 491 4,291 5,526 2, 955 2,571

1935—Mar 4 43, 747 20, 394 23, 353 28, 271 11,953 16, 318 9,775 5,478 4,297 5,701 2,963 2,738 June 29 44,416 20,272 24,145 28,785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Nov. 1 45,008 20,140 24,868 29,301 11,841 17,460 9,854 5,302 4,552 5,853 2,997 2,856 Dec. 31 45, 717 20,329 25, 388 29, 985 12,175 17, 810 9,804 5,210 4,594 5,927 2,944 2,983

1936—Mar. 4 46,115 20, 267 25,847 30,288 12,099 18,189 9,795 5,202 4, 592 6,032 2,966 3,066 June 30 48,458 20, 679 27, 778 32, 259 12, 542 19, 717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 .- - 49, 524 21, 449 28,075 33,000 13, 360 19, 640 10,060 5,027 5,034 6,464 3,062 3,402

1937—Mar. 31 49,138 21, 790 27, 348 32, 525 13,699 18,826 10,096 5,026 5,070 6,518 3,065 3,453

1 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. 2 Nonmember bank figures not available. 3 Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Bock figures.—See Annual Report for 1935 (tables 47-48).

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 922 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

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

Loans to customers (except banks) Open-market loanns Investments

U.S. Govern- Purchased paper ment obliga- Total To Re- Other- Loans tions loans bro- To port- wise Loans Call date and kers to to invest- out- others Real ing se- banks Ac- bro- Other Total on estate banks' cured kers in Total securi- ments side securi- loans own and cept- Bills Com- New ances mer- New Fully ties ties accept- unse- pay- York- York ances cured payable cial Direct guar- able m paper City i anteed City United abroad bought States

TOTAL—ALL MEM- ! BER BANKS 1029—Dec. 31 35, 934 23,193 803 7,685 3,191 11, 15 714 212 80 291 1 660 9, 784 3,863 5, 921 1933—June 30 2 24, 786 11, 337 165 3,752 2. 372 192 4.857 330 291 25 87 788 11, 928 6,887 5, 041 1934—Dec. 31.___ 28,150 10, 509 187 3,110 2,273 232 4, 708 155 256 31 232 843 16,122 9,906 989 5. 227 1935—June 29.__. 28, 785 10, 369 192 2,931 2, 277 135 4,834 119 201 17 247 975 16, 857 9,871 1 558 5.427 Dec. 31 29, 985 10, 548 196 2,893 2,284 169 5,006 98 181 29 272 1 047 17, 810 10, 501 1 768 5, 541 1936—Mar. 4 30, 288 10,460 211 2,832 2,301 156 4, 960 82 164 25 280 1 089 18.189 10, 564 1 880 5. 745 June 30 32, 259 10, 943 266 2,863 2,340 117 5,355 81 144 18 278 1 079 19, 717 11,721 1 950 6. 045 Dec. 31 33, 000 11, 628 266 2,785 2, 405 131 6, 041 85 161 18 324 1 144 1.9, 640 11, 639 1 906 6.095 1937—Mar. 31__._ 32, 525 11,862 258 2,816 2,440 128 6, 220 99 170 22 386 1 159 18,826 10, 856 1 861 6,108 June 30 32, 739 12,369 258 2,829 2, 505 113 6, 663 115 131 15 377 1 278 18,454 10, 870 1 819 5, 765

NEW YORK CITY 3

1929—Dec. 31 8,774 4, 964 2,145 169 2,595 322 128 46 1 202 2, 091 1,112 979 1933—June 30 2 7,133 2,297 1,044 157 120 937 162 224 10 720 3, 709 2, 551 1, 158 1934—Dec. 31 7,761 2,202 820 139 164 1,024 63 210 16 662 4, 602 3.246 278 1. 078 1935—June 29 8,303 2,146 783 138 82 1,085 48 183 7 930 4, 983 3, 462 348 1,174 Dec. 31 8,418 2,196 793 140 107 1,096 42 158 16 1 018 4, 985 3, 425 401 1.159 1936—Mar. 4 8,802 2,215 792 148 99 1,112 29 141 13 1 043 5, 355 3, 602 505 1.248 June 30 9, 556 2,338 813 146 65 1, 238 28 123 8 1 028 6,028 4, 196 567 1, 265 Dec. 31 9,280 2,567 753 144 65 1,527 42 136 10 1, 095 5, 425 3,739 470 1,217 1937—Mar. 31 9,101 2,676 790 142 69 1,600 51 119 6 1 105 5,140 3, 356 473 1,311 June 30 9,006 2,890 824 149 65 1,776 62 98 1 1, 219 4,730 3,176 454 1,100 CITY OF CHICAGO 3

1929—Dec. 31 1, 757 1, 330 240 533 5 5 9 5 11 309 116 193 1933—June 30 2 1,287 589 48 251 237 27 7 13 610 384 226 1934—Dec. 31 1,581 435 29 170 202 29 5 26 1,049 743 78 229 1935—June 29 1,592 458 33 163 236 4 1 1 1,107 766 87 254 Dec. 31 1,868 455 28 149 249 1 1 1 1, 392 1,061 88 243 1936—Mar. 4 1,946 456 32 148 251 2 1 1 1, 470 1,131 89 250 June 30 1,951 513 59 145 284 3 2 1 1,419 1,014 92 312 Dec. 31 2,100 613 50 140 402 3 1 1 1,467 1,107 94 266 1937—Mar. 31 1, 868 629 52 155 407 2 1 1 1, 220 853 94 273 June 30 1,969 651 50 145 437 3 1 1 1,295 907 94 294 RESERVE CITY BANKS 1929—Dec. 31 12, 029 8,418 425 2,775 1,538 79 258 42 24 102 239 2,944 1, 368 1,576 1933—June 30 2 8,492 4,258 63 1,340 1,131 1,678 99 36 6 38 45 4,011 2,483 1,528 1934—Dec. 31 10, 028 4,024 90 1,124 1,090 1,671 55 13 9 108 105 5, 715 3, 809 279" 1,628 1935—June 29 10,151 3,967 87 1, 053 1,105 1,682 43 10 7 112 25 5, 986 3,712 571 1,703 Dec. 31 10, 780 4,144 96 1, 057 1,094 1,851 34 19 10 120 21 6,432 4,076 656 1,701 1936—Mar. 4 10, 655 4,071 101 1,027 1,096 1,805 31 18 9 120 30 6,375 3, 958 656 1,761 June 30 11,306 4,242 115 1,044 1,101 1,941 31 16 7 113 34 6, 863 4, 349 651 1,863 Dec. 31 11, 795 4,582 123 1,048 1,124 2,231 23 17 5 131 36 7,000 4, 426 697 1,877 1937—Mar. 31 11,611 4,618 114 1,039 1,135 2,276 29 37 10 154 38 6, 725 4, 250 669 1,805 June 30 11, 629 4,739 114 1,032 1,164 2,389 34 25 7 145 44 6, 635 4,267 635 1,733 COUNTRY BANKS

1929—Dec. 31 13, 375 8,481 2,231 1, 462 05 33 5 163 208 4, 439 1, 267 3,172 1933—June 30 2 7,873 4,194 1,117 1,055 2,005 4 1 27 10 3,598 1, 469 2,129 1934—Dec. 31 8,780 3,849 996 1,026 1,810 5 2 92 50 4,756 2,108 355 2,293 1935—June 29 8,739 3,798 932 1, 020 1,831 3 2 116 18 4,780 1,931 553 2, 296 Dec. 31 8,919 3,754 894 1,035 1,810 3 2 135 7 5,002 1, 940 623 2,439 1936—Mar. 4 8,885 3,716 865 1,043 1, 791 3 1 145 14 4,989 1,873 630 2, 486 June 30 9,446 3, 850 861 1,078 1,891 2 1 152 16 5,407 2,163 640 2,605 Dec. 31 9,825 3, 866 843 1,123 1,881 4 2 178 13 5, 747 2, 368 645 2,734 1937—Mar. 31 9, 945 3,940 833 1,150 1,937 12 5 216 16 5,741 2,397 626 2,719 June 30 10,134 4,089 828 1,179 2,062 4 5 211 15 5, 794 2, 520 635 2, 639

1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Beginning June 30, 1933, figures relate to licensed banks only. 3 Central reserve city banks. Back figures.—See Annual Report for 1935 (table 52).

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEITEUBKK 1937 FEDERAL RESERVE BULLETIN 923

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

Demand deposits Time deposits Cash Re- items serves Bal- report- Interbank Certi- Indi- Interbank Indi- with ances ed as fied vid- De- vid- Fed- Cash with in Unit- and uals, mand uals, Bor- Call date in do- ed offi- part- depos- Pos- part- row- eral vault mes- proc- States Pub- cers' ner- its ad- tal Pub ner- ings 4 Do- lie Re- tic ess Do- For- Gov- lic checks ships, justed For- sav- ships, serve 1 of col- mes- eign funds mes- funds banks banks tic ern- cash cor- tic eign ings cor- lec- banks ment letters pora- banks poration 2 banks of tions, banks tions, credit3 etc. etc.

TOTAL—ALL MEM- BER BANKS 1929—Dec. 31 2,374 558 2,168 3, 896 3,517 544 143 1,335 1,681 17, 526 16,647 95 154 122 12,267 879 1933—June 30 s 2,235 405 2,008 1,485 3, 057 145 806 1,087 657 11, 830 12,089 89 1 788 300 7,803 191 1934—Dec. 31 4,082 609 3,149 1,903 4,569 147 1,636 1,799 838 14,951 15,686 134 7 452 294 9,020 13 1935—June 29 4,933 537 3, 396 1,183 4,978 273 779 2, 091 417 16,206 17,530 136 5 307 285 9, 462 9 Dec. 31 5, 573 665 3,776 2, 255 5, 696 444 844 2,139 882 18,035 18, 801 151 5 218 361 9, 680 6 1936—Mar. 4 5, 784 624 3,970 1,718 6,148 394 600 2,173 779 17,927 19,161 152 5 167 344 9, 784 11 June 30 5,607 713 3,944 2,147 5,986 465 1,037 2,320 789 19, 322 20, 284 151 6 152 378 10,099 6 Dec. 31 6, 572 697 4,066 2,533 6,402 432 882 2,329 881 20, 970 21,647 153 6 104 296 10,429 15 1937—Mar. 31 6, 613 662 3,445 1,974 5, 752 458 415 2, 564 677 20,085 21, 352 153 6 97 269 10,639 18 June 30 6, 897 629 3,207 2,201 5, 298 615 628 2,577 752 20,272 21,401 123 14 100 292 10,818 16 NEW YORK CITY 8 1929—Dec. 31 179 2, 406 1,198 464 20 128 1,180 5,847 4,750 133 18 1.112 179 1933—June 30 5 846 101 874 1,255 127 332 96 461 4,676 4,358 1 110 671 8 1934—Dec. 31 1, 576 103 1, 069 1, 798 126 792 229 540 5, 370 5,069 7 56 591 1935—June 29 1,935 133 447 1,983 248 369 354 149 5,924 5, 979 4 27 567 Dec. 31 2, 541 111 1,133 2,338 410 224 323 524 6,479 6,193 4 3 591 1936—Mar. 4 2,493 108 829 2,527 363 140 260 496 6, 471 6, 398 4 586 June 30 2,106 114 982 2,390 428 215 357 489 6, 891 6,756 5 601 Dec. 31 2, 658 133 1, 087 2,493 393 225 285 457 7, 274 6,929 4 679 12 1937—Mar. 31 2, 719 123 853 2,171 419 129 314 354 7,237 7,051 5 758 1 June 30 2,749 105 2,014 575 306 368 427 6, 733 12 767 3 CITY OF CHICAGO 6 1929—Dec. 31 169 133 158 310 42 1,041 957 19 332 1933—June 30 & 232 203 61 259 46 87 870 912 358 1934—Dec. 31 415 207 90 445 46 182 1,073 1,189 381 1935—June 29 675 249 73 504 20 198 1,208 1,357 469 Dec. 31 511 209 135 522 98 208 1,301 1,401 413 1936—Mar. 4 480 195 96 594 81 217 1,243 1, 390 407 June 30 749 195 147 102 221 1,444 1,546 444 Dec. 31 558 188 159 72 191 1,495 1,554 449 1937—Mar. 31 482 93 114 596 96 203 I, 001 1,128 440 June 30 596 156 130 536 41 208 1, 409 1,509 452 RESERVE CITY BANK: 1929—Dec. 31 751 156 947 1,041 1,604 76 423 300 5, 547 5, 229 30 41 371 4,433 292 1933—June 30 s 705 122 1,002 401 1,315 312 349 108 3, 708 3,764 59 388 208 2,941 16 1934—Dec. 31 1,268 207 1,543 537 1,984 620 585 169 4,919 5,136 117 186 206 3,494 1935—June 29 1,403 213 1,607 471 2,145 299 674 140 5,314 5,656 119 118 203 3,670 Dec. 31 1,594 256 1,779 752 2, 422 385 707 204 6, 001 6,161 134 79 266 3,796 1936—Mar. 4 1,794 264 1,910 607 2,594 285 733 151 5, 961 6,238 135 72 251 3,853 June 30 1,763 289 1,907 763 2,551 513 733 152 6, 419 6,541 135 65 288 3,960 Dec. 31 2,108 285 1,816 971 2, 826 407 843 230 7,023 7,126 137 35 203 4,026 1937—Mar. 31 2,108 264 1,545 764 2,546 132 935 155 6, 833 7,159 137 34 176 4,064 June 30 2, 215 212 1,392 805 2, 339 212 163 6, 840 7,132 108 35 190 4,140 COUNTRY BANKS 1929—Dec. 31 627 321 291 405 39 742 169 5, 091 5,711 61 133 6, 390 367 1933—June 30 s 452 203 702 149 228 116 555 72 2, 576 3,054 285 86 3,833 167 1934—Dec. 31 822 275 1, 296 207 342 178 804 106 3,589 4,292 210 4,554 13 1935—June 29 920 236 1, 406 192 347 90 865 104 3,761 4,538 162 4, 756 Dec. 31 927 305 1,676 235 415 137 901 127 4,254 5,047 136 4,879 1936—Mar. 4 1,017 268 1,757 187 433 93 965 106 4,252 5,136 95 4,938 June 30 989 322 1,727 256 410 207 1,008 121 4, 567 5, 440 87 5,094 Dec. 31 1,247 319 1,929 316 483 178 1,011 167 5,177 6,039 69 5, 275 3 1937—Mar. 31 1,304 321 1,684 242 440 57 1,113 130 5,013 6,012 64 5,377 11 June 30 1,337 330 1,554 269 409 69 1,067 139 5, 089 6,027 64 5,459 12

1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in " Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on hand but not in process of collection, amounting on that date to $16,000,000. s Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935. 4 Demand deposits other than interbank and U.S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 5 Beginning June 1933 figures relate to licensed banks only. 6 Central reserve city banks. Back figures—See Annual Report for 1935 (table 53).

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 924 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

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

Loansl Investments Re- Total U. S. Govern- serve Bal- loans To On ment obliga- with Cash ances Date or month and brokers securi- Open tions Fed- in with invest- and ties to To Real mar- Other Other eral vault domes- ments Total dealers others banks estate ket loans1 Total securi- Re- tic in se- (except loans paper1 Fully ties serve banks curities1 banks)1 Direct guar- banks anteed

TOTAL—101 CITIES

1936—July 22,484 8,374 1,171 2,072 58 1,145 315 3,613 14,110 9,484 1,278 3,348 4,710 386 2,493 1937—January 22, 734 1,228 2,007 59 1,153 379 4,172 13, 736 9,263 1,230 3,243 5,292 401 2,307 February 22,600 1,217 2,021 72 1,150 399 4,123 13, 618 9,118 1,212 3,288 5,326 387 2,252 March 22, 610 1,318 2,030 86 1,152 411 4,289 13,324 8,802 1,206 3,316 5,205 359 1,998 April 22, 280 9,399 1,276 2,046 78 1,155 396 4,448 12,881 8,447 1,181 3,253 5,340 346 1,967 May 22, 201 9,523 21, 328 2 2,061 120 1,160 2 382 2 4,477 12, 678 8,320 1,163 3,195 5,350 338 1,790 June 22,330 9,697 1,393 2,006 131 1,167 4,526 12, 633 8,355 1,160 3,118 5,332 315 1,761 July 22, 219 9,743 1, 375 2,001 124 1,164 4,516 12,476 8,268 1,170 3,038 5,291 312 1,771 1937—June 9 22, 214 9,647 1,369 2,000 123 1,166 481 4,508 12, 567 8,258 1,166 3,143 5,367 337 1,751 June 16 22, 573 9, 741 1,370 2,010 167 1,166 475 4,553 12,832 8, 556 1,165 3,111 5,280 299 1,774 June 23. 22,414 9,766 1,444 2,011 142 1,171 465 4,533 12,648 8,374 1,160 3,114 5,335 308 1,734 June 30 22,290 9,760 1,447 2,016 98 1,169 467 4,563 12, 530 8,301 1,152 3,077 5,400 303 1,783 July 7 22,217 9,734 1,425 1,999 111 1,168 464 4,567 12,483 8,297 1,141 3,045 5,278 314 1,743 July 14 22,163 9,714 1,356 2,003 106 1,161 463 4,625 12,449 8,254 1,154 3,041 5,352 325 1,801 July 21 22, 213 9,740 1,357 2,001 129 1,162 459 4,632 12, 473 8,240 1,195 3,038 5,302 300 1,785 July 28 22,283 9,784 1,363 2,003 150 1,163 464 4,641 12,499 8,283 1,188 3,028 5,231 311 1,753 August 4 22, 378 9,908 1,387 2,000 164 1,162 462 4,733 12, 470 8,242 1,190 3,038 5,089 287 1,691 August 11 22, 331 9,917 1,356 2,001 137 1,165 470 4,788 12,414 8,209 1,176 3,029 5,122 303 1,680 August 18 22, 303 9,933 1,350 2,003 139 1,165 4,808 12, 370 8,231 1,139 3,000 5,194 292 1, 709 NEW YORK CITY

1936—July 8,860 3,246 970 745 26 133 131 1,241 5, 614 3,946 522 1,146 2,178 80 1937—January 3,532 1,024 709 28 130 146 1,495 5,074 3,555 452 1,067 2,565 81 February 8,543 3,521 1,017 731 43 129 136 1,465 5,022 3,455 453 1,114 2,670 80 March 8,651 3,708 1,111 733 55 128 133 1,548 4,943 3,319 452 1,172 2,506 81 ApriL 8,385 3,725 1,085 734 48 128 114 1,616 4,660 3,100 442 1,118 2,562 74 May 8.335 3,804 21,133 2 733 76 129 2 103 2 1,632 4,531 3,024 435 1,072 2,492 70 June 8,491 3,969 1,184 758 88 132 163 1,644 4,522 3,059 437 1,026 2,506 66 July 8,375 3,975 1,159 754 85 134 161 1,682 4,400 2,986 441 973 2,486 68 1937—June 9_ 8,474 3,921 1,168 753 81 131 162 1,626 4,553 3,062 441 1,050 2,498 62 June 16 8,606 4,011 1,169 758 126 131 163 1,664 4,595 3,141 440 1,014 2,478 69 June 23 8,513 4,032 1,217 761 100 134 164 1,656 4,481 3,023 438 1,020 2,509 64 June 30 8,470 4,026 1,227 766 61 133 166 1,673 4,444 3,010 437 997 2,603 67 July 7... 8,417 4,000 1,207 756 73 134 164 1,666 4,417 3,006 429 982 2,462 68 July 14 8,325 3,959 1,147 759 66 134 162 1,691 4,366 2,968 427 971 2,514 68 July 21 8,359 3,964 1,142 751 91 135 159 1,686 4,395 2,966 458 971 2,508 67 July 28 8,399 3,978 1,141 752 110 134 160 1,681 4,421 3,004 451 966 2,458 68 August 4 8,428 4,031 1,175 738 124 134 160 1,700 4,397 2,978 446 973 2,311 67 August 11 8,323 3,996 1,143 739 99 135 162 1,718 4,327 2,921 432 974 2,342 66 August 18 8,330 4,021 1,136 740 103 135 163 1,744 4,309 2,937 403 2,388 65 OUTSIDE NEW YORK CITY

1936—July 13,624 5,128 201 1,327 1,012 184 2,372 8,496 5,538 756 2,202 2,532 334 2,413 1937—January 14,128 5,466 204 1,298 1,023 233 2,677 8,662 5, 708 778 2,176 2,727 345 2,226 February 14,057 5,461 200 1,290 1,021 263 2,658 5,663 759 2,174 2,656 334 2,172 March 13, 959 5,578 207 1,297 1,024 278 2,741 8,381 5,483 754 2,144 2,699 310 1,917 April \ 13,895 5,674 191 1,312 1,027 282 2,832 8,221 5,347 739 2,135 2,778 293 1,893 May __ 13,866 5,719 U95 a 1,328 1,031 2 279 2 2,845 8,147 5,296 728 2,123 2,858 284 1,720 June 13, 839 5,728 209 1,248 1,035 311 2,882 8,111 5,296 723 2,092 2,826 262 1,695 July 13,844 5,768 216 1,247 1,030 302 2,934 8,076 5,282 729 2,065 2,805 261 1,703 1937—June 9 13,740 5,726 201 1,247 1,035 319 2,882 8,014 5,196 725 2,093 2,869 1,689 June 16. 13, 967 5,730 201 1,252 1,035 312 8,237 5,415 725 2,097 2,802 251 1,705 June 23 13,901 5,734 227 1,250 1,037 301 2,877 8,167 5, 351 722 2,094 2,826 259 1,670 June 30 13,820 5,734 220 1,250 1,036 301 2,890 8,086 5,291 715 2,797 249 1,716 July 7 13,800 5,734 218 1,243 1,034 300 2,901 8,066 5,291 712 2,063 2,816 262 1,675 July 14..._ _ 13, 838 5,755 209 1,244 1,027 301 2,934 8,083 5,286 727 2,070 2,838 270 1,733 July 21 13, 854 5,776 215 1,250 1,027 300 2,946 8,078 5,274 737 2,067 2,794 252 1,718 July 28 _ 13,884 5,806 222 1,251 1,029 304 2,960 8,078 5,279 737 2,062 2,773 260 1,685 August 4 13,950 5,877 212 1,262 1,028 302 3,033 8,073 5,264 744 2,065 2,778 238 1,624 August 11. 14,008 5,921 213 1,262 1,030 308 3,070 8,087 5,288 744 2,055 2,780 251 1,614 August 18 13,973 5,912 214 1,263 1,030 305 3,064 8,061 5,294 736 2,031 2,806 243 1,644

1 Loan classification revised May 19 and beginning with that date figures for the items indicated are not strictly comparable with those formerly published; for explanation of revision see June BULLETIN, pages 530-531. 2Average of figures for May 5 and 12 only (see note above).

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDEKAL RESERVE BULLETIN 925

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

Cash Demand deposits Time deposits items Total report- assets De- ed as Other Interbank mand Interbank Bor- Other Capi- Date or month in proc- assets United Certi- row- liabil- tal ac- ess of States fied Other its—ad- Other ings ities count collec- Total Domes- Foreign Govern- checks, justed* Do- For- tion 1 liabil- tic ment etc. mestic eign ities banks banks banks banks

TOTAL—101 CITIES

1936—July 1,552 1,323 32.948 5,904 427 545 15, 760 14,752 133 5,007 851 3,488 1937—January ,548 1,349 33,631 5,953 413 611 525 16,539 15,516 132 5,052 837 3,563 February ,573 1,360 33,498 5,854 410 409 573 16, 571 15, 572 134 5,094 3,568 March L,602 1,356 33,130 5,546 428 369 573 16,459 15,429 133 5,142 3,578 April ,503 1,338 32,774 5,424 473 312 460 16,325 15,283 120 5,145 925 3,581 May _- ,450 1,338 32,467 5,032 528 201 441 16,429 15, 420 106 5,194 915 3,593 June ,569 1,325 32, 632 4,927 579 378 489 16,380 15,300 101 5,233 906 3,602 July ,497 1,277 32, 367 4,984 606 447 16,001 14,984 101 5,254 3,597 1937—June 9 ,301 1,338 32, 308 4,939 567 103 454 16, 353 15, 506 100 5,233 928 3,603 June 16__ _. 727 1,306 32,959 4,942 580 547 496 16, 473 15,242 99 5,233 915 3,604 June 23 ,385 1,338 32,514 4,802 599 549 434 16,240 15, 289 105 5,233 904 3,597 June 30 ,871 1,302 32.949 4,913 602 547 596 16, 462 15,187 103 5,235 879 3,598 July 7 ,568 1,282 32,402 5,037 622 477 543 15,880 14,855 103 5,249 3,598 July 14.._ ,560 1,287 32,488 5,003 612 451 460 16,131 15,031 102 5,250 3,596 July 21 ,449 1,276 32,325 4,977 607 429 459 16,008 15,018 100 5,251 862 3,597 July 28 ,411 1, 265 32, 254 4,921 582 430 458 15,986 15,033 99 5,268 862 3,597 August 4 ,307 1,262 32,014 4,926 582 430 15,754 14,877 97 5,244 853 3,603 August 11 ,352 1,265 32,053 4,883 571 382 15,884 14,914 96 5,229 842 3,608 August 18 ,311 1,270 32, 079 4,918 562 532 15, 873 14, 930 96 5,227 3,609

NEW YORK CITY 1936—July 745 12,381 2,477 391 192 361 6,604 6,221 556 367 429 1937—January 714 493 12, 515 2,421 378 181 336 6,783 6,404 601 343 467 February 767 490 12,603 2,392 375 138 398 6,825 6,457 631 367 474 March 774 485 12,546 2,233 392 131 388 6,878 6,492 680 369 472 April 649 477 12, 200 2,149 436 105 279 6,319 671 395 472 May —. 622 482 12,055 1,926 490 50 274 6,730 6,382 697 394 475 Jun«» 716 474 12, 306 1,911 540 179 311 6,729 6,324 723 404 477 July 658 455 12,093 1,940 563 233 307 6,404 6,054 746 400 475 1937—June 9 567 481 12,133 1,896 527 291 6,777 6,501 724 413 477 June 16 762 469 12,432 1,905 541 318 6,707 6,263 726 405 477 June 23 602 471 12, 208 1,863 559 289 258 6,596 6,252 722 404 475 June 30 ___. 949 467 12,610 1,957 564 289 400 6,792 6,243 718 400 478 July 7 739 460 12,198 1,985 579 248 365 6,385 6,011 742 402 475 July 14 642 460 12,064 1,927 570 235 280 6,423 6,061 741 401 474 July 21 616 456 12,054 1,929 566 224 289 6,398 6,071 743 401 475 July 28 635 446 12,057 1,918 538 224 296 6,412 6,073 759 396 474 August 4 541 445 11,841 1,897 539 239 264 6,255 5,978 732 388 482 August 11 529 449 11,761 1,858 529 258 218 6,279 5,968 719 375 483 August 18 516 451 11, 799 1,870 517 284 208 6,306 5,998 720 374 483

OUTSIDE NEW YORK CITY

1936—July 807 857 20, 567 3,427 637 184 9,156 8,531 133 4,451 484 2,059 1937—January 834 856 21,116 3,532 430 189 9,756 9,112 132 4,451 494 2,096 February 806 870 20,895 3,462 271 175 9,746 9,115 134 4,463 513 2,094 March 828 871 20, 584 3,313 238 185 9,581 8,937 133 4,462 525 2,106 April 854 861 20, 574 3,275 207 181 9,636 8,964 120 4,474 530 2,109 May 828 856 20, 412 3,106 151 167 9,699 9,038 106 4,497 521 2,118 June 853 851 20,326 3,016 199 178 9,651 8,976 101 4,510 502 2,125 July 839 822 20, 274 3,044 214 173 9,597 101 4,508 463 2,122

1937—June 9 734 857 20,175 3,043 163 9,576 9,005 100 4,509 515 2,126 June 16 965 837 20, 527 3,037 258 178 9,766 8,979 99 4,507 510 2,127 June 23 __. 783 867 20,306 2,939 260 176 9,644 9,037 105 4,511 500 2,122 June 30 922 835 20,339 2,956 258 196 9,670 8,944 103 4,517 479 2,120 July 7 .._. 829 822 20,204 3,052 229 178 9,495 8,844 103 4,507 467 2,123 July 14 ._.. 918 827 20,424 3,076 216 180 9,708 8,970 102 4,509 459 2,122 July 21 833 820 20, 271 3,048 205 170 9,610 8,947 100 4,508 461 2,122 July 28 776 819 20,197 3,003 206 162 9, 574 8,960 99 4,509 466 2,123 August 4 766 817 20,173 3,029 224 166 9,499 97 4,512 465 2,121 August 11 823 816 20, 292 3,025 240 164 9,605 8,946 4,510 467 2.125 August 18 795 819 20, 280 3,048 248 160 9,567 8,932 4,507 464 2.126

i Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount of cash items on hand but not in process of collection. » Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and prior to 1936, less cash items reported as on hand but not in process of collection. NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82).

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 926 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars]

Federal Reserve District City

Total Phila- Min- Kan- Bos- New Cleve- Rich- Chica- St. San del- Atlan- neap- sas New Chica- ton York land mond ta go Louis Dallas Fran- phia olis City cisco York go

ASSETS Loans and investments- total: July 28 22, 283 1,319 9,281 1,180 1,886 630 542 3, 061 664 392 720 494 2,114 8,399 2,001 Aug. 4 ,_ 22, 378 1,317 9,303 1,183 1,899 634 545 3,087 672 393 729 500 2,116 8, 428 2,016 Aug 11 22, 331 1,324 9, 201 1,185 1,909 639 545 3,107 672 395 730 503 2,121 8 323 2 033 Aug. 18 . . 22, 303 1,325 9,204 1,179 1,912 638 546 3,085 671 397 729 500 2,117 8,330 2, 007 Loans—total: Julv 28 . _ 9,784 704 4, 426 466 700 239 263 1,008 295 168 282 223 1,010 3.978 692 Aug. 4 9,908 706 4,474 471 711 239 264 1,037 305 170 289 227 1,015 4,031 715 Aug. 11 9, 917 713 4, 442 474 714 241 263 1.045 307 172 291 229 1,026 3,996 722 Aug. 18 . 9, 933 716 4, 464 474 714 242 262 1, 031 308 174 290 227 1,031 4,021 706 Commercial, industrial, and agricultural loans: On securities: July 28 . 581 39 253 44 43 14 11 49 50 9 19 13 37 240 31 Aug. 4 584 39 251 44 43 14 11 50 54 9 19 13 37 238 32 Aug 11 586 39 252 44 43 14 11 50 54 9 19 13 38 239 33 Aug. 18 587 39 254 44 44 14 10 49 55 9 19 13 37 241 32 Otherwise secured and unsecured: Julv 28 3,844 274 1,607 163 231 91 121 561 123 76 157 126 314 1. 496 425 Aug. 4 3,915 276 1,616 165 244 91 122 582 130 77 162 129 321 1, 503 444 Aug 11 3,962 284 1,635 169 247 92 121 585 131 79 163 130 326 1 520 445 Aug. 18 . 3,993 288 1,662 171 245 92 121 581 131 81 163 130 328 1,547 440 Open market paper: July 28 464 97 176 27 18 10 5 52 11 7 25 3 33 160 29 Aug. 4 --- -. -_ 462 94 176 25 19 10 4 53 11 7 26 4 33 160 29 Aug 11 470 95 178 25 19 11 4 54 11 8 26 4 35 162 30 Aug. 18 - - 468 93 177 26 19 12 4 54 11 7 27 3 35 163 30 Loans to brokers and dealers: July 28 1, 363 42 1,162 26 22 4 7 63 6 2 4 3 22 1,141 55 Aug. 4 1,387 42 1,188 28 22 4 60 6 2 4 3 21 1,175 52 Aug 11 1,356 41 1,157 28 22 4 7 61 6 2 4 3 21 1,143 53 Aug. 18 - 1,350 42 1,150 27 22 4 7 61 6 2 4 3 22 1,136 53 Other loans for purchasing or carrying securities: July 28 701 36 353 38 38 20 16 91 13 9 15 16 56 76 Aug 4 702 37 353 38 38 20 16 92 13 9 15 15 56 272 75 Aug 11 _ 701 37 352 38 38 19 16 92 13 9 15 15 57 271 75 Aug 18 697 37 349 38 38 19 16 92 13 9 14 15 57 269 75 Real estate loans: July 28 1,163 85 242 60 178 29 27 82 46 6 19 21 368 134 14 Aug 4 - 1,162 85 242 60 178 29 26 82 45 6 20 21 368 134 14 \ug 11 1,165 85 243 60 178 29 27 82 46 6 20 21 368 135 14 Aug 18 - - 1,165 85 243 60 178 29 27 82 46 6 20 21 368 135 14 Loans to banks: July 28 150 5 110 2 4 3 6 6 9 1 2 2 110 Aug 4 - - - - 164 5 125 3 3 3 7 6 8 1 1 2 124 n Aug 11 137 5 99 3 3 3 6 6 8 1 1 2 99 2 Aug 18 139 5 103 2 3 2 6 6 8 1 1 2 103 2 Other loans: On securities: Julv 28 721 65 273 48 121 30 25 46 12 9 14 8 70 240 24 Aug 4 714 67 261 49 121 30 25 47 12 9 14 9 70 228 25 Aug. 11 — - 714 67 262 49 121 30 25 46 12 9 14 9 70 229 24 Aug 18 719 67 263 48 122 30 25 47 12 9 14 9 73 230 24 Otherwise secured and unsecured: Julv 28 797 61 250 58 45 38 45 58 25 50 28 31 108 185 36 Aug. 4 818 61 262 59 1 43 38 46 65 26 51 28 32 107 197 42 826 60 264 58 43 39 46 69 26 50 29 33 109 198 46 A.ug 18 815 60 263 58 43 40 46 59 26 51 28 32 109 197 36 U. S. Government direct obligations: July 28 - --- 8,283 449 3,226 331 857 290 171 1,440 216 167 266 191 679 3,004 917 Aug 4 r8, 242 443 3,198 330 854 294 172 1,429 219 167 265 194 677 2 978 907 8, 209 445 3,139 330 865 297 173 1,442 218 167 264 194 675 2,921 920 /Uig 18 8, 231 444 3,155 327 868 297 174 1,442 217 167 267 194 679 2,937 917 Obligations "fully guaranteed by U. S. Government: July 28 1,188 24 493 99 61 34 31 181 51 13 47 29 125 451 100 Aug 4 - _ i, 190 24 489 100 65 34 32 186 47 . 12 48 28 125 446 100 Aug 11 1,176 23 477 100 61 34 32 188 46 12 48 30 125 432 99 Aug 18 1,139 22 448 99 60 32 34 187 46 12 46 29 124 403 99

p Revised.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 927

REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars]

Federal Reserve District City

Total Phila- Min- Kan- San Bos- New del- Cleve- Rich- Atlan- Chica- St. New Chica- ton York land nond ta Louis neap- sas Dallas Fran- phia go olis City cisco York

ASSETS—continued Other securities: July 28 3,028 142 1,136 284 268 432 102 125 300 966 292 Ausr. 4 3,038 1,142 282 269 435 101 127 299 973 294 Aug. 11 3, 029 143 1,143 281 269 432 101 127 295 974 292 Aug. 18 3,000 143 1,137 279 270 425 100 126 283 969 285 Reserve with Federal He- serve bank: July 28 5, 231 2, 576 239 337 122 101 793 138 167 110 2,458 580 Aug. 4 5,089 254 2, 436 243 340 130 104 132 me 112 315 2,311 561 Aug. 11 5.122 246 2, 463 239 333 129 106 776 135 176 108 328 2,342 563 Aug. 18 5,194 241 2,513 238 337 131 107 793 132 177 109 337 2,388 582 Cash in vault: July 28 311 33 67 16 39 19 12 63 12 14 10 20 51 29 Alia1. 4 287 31 65 15 36 17 11 57 10 11 10 19 49 27 Aug. 11 303 32 68 16 37 18 59 11 13 11 20 52 27 Aug. 18 292 32 65 16 36 17 58 10 12 10 20 49 26 Balances with domestic banks: July 28 1,753 140 132 164 118 100 326 205 149 182 68 147 Aug. 4 1,691 141 125 163 109 98 300 193 140 185 67 137 Aug. 11 1,680 138 116 160 105 102 302 189 142 194 66 136 Aug. 18 1, 709 134 120 170 108 104 293 201 150 203 65 139 Other assets: July 28 1,265 517 106 37 39 94 23 26 211 446 62 Aug. 4 1, 262 517 106 41 39 93 23 26 207 445 62 Aue. 11 1,265 521 106 42 39 93 23 26 207 449 62 Aug. 18 1,270 523 106 41 94 23 27 209 451 62 LIABILITIES Demand deposits—adjusted: July 28 '. 15,033 965 6,601 831 1,104 424 340 2,290 402 273 496 401 906 6,073 1, 521 Aug. 4 14,877 970 6, 506 825 1,108 424 339 2,260 393 272 484 393 903 5,978 1, 508 Aug. 11 14,914 964 6, 497 819 1,101 431 342 2,274 400 274 501 390 921 5,968 1, 514 Aug. 18 14,930 961 6,522 818 1,118 426 337 2, 267 397 266 506 392 920 5,998 1, 520 Time deposits: July 28 5, 268 280 1,159 285 722 200 180 865 184 121 144 121 1,007 759 453 Aug. 4 r5, 244 280 1,132 283 727 200 180 866 184 121 144 121 1,006 732 454 Aug. 11 5, 229 279 1,120 281 729 199 180 867 184 121 144 122 1,003 719 453 Aug. 18 5,227 278 1,123 280 731 199 183 862 184 122 144 120 1,001 720 448 U. S. Government deposits: July 28 430 231 18 15 11 12 45 2 7 10 37 224 32 Aue. 4 463 35 246 18 15 11 11 57 2 8 16 37 239 42 Aug. 11 498 35 265 18 15 11 12 69 2 8 18 37 258 55 Aug. 18 532 36 291 18 15 11 14 73 2 18 37 284 55 interbank deposits, domestic July 28 5, 020 208 1,988 269 328 177 166 746 235 107 389 172 235 1.918 548 Aug. 4 5, 023 212 1,970 274 331 182 170 736 237 109 393 173 236 1.897 532 Aug. U 4, 979 209 1, 926 272 334 179 172 737 233 112 385 176 244 1.858 534 Aug. 18 5, 014 205 1,939 272 334 185 172 732 231 113 389 180 262 1, 870 528 Interbank deposits, foreign: July 28 601 12 555 5 1 1 1 1 17 553 Aug. 4 601 11 557 5 1 1 1 1 16 Aug. 11 589 11 545 5 1 2 1 16 543 Aug. 18 579 11 532 1 2 1 17 530 Borrowings: July 28 32 31 1 Aue. 4 43 1 36 3 Aug. 11 42 1 35 Aue. 18 39 3 30 Other liabilities: July 28 862 30 408 20 17 22 315 396 18 Aug. 4 853 29 400 19 17 20 318 388 17 Aug. 11 842 28 387 19 17 20 321 375 17 Aug. 18 838 28 386 19 17 19 320 374 17 Capital account: July 28 3, 597 236 1, 608 227 345 361 329 1,474 240 Aug. 4 3, 603 235 1,615 228 345 362 326 1,482 241 Aue. 11 3, 608 236 1.616 228 345 362 328 1,483 241 Aug. 18 3, 609 236 1,616 228 345 362 329 1,483 241

• Revised.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 928 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

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

Dollar acceptances outstanding

By holders By classes Com- mercial Held by accepting Held by Federal Based on goods End of month paper Total banks Reserve banks stored in or shipped out- out- Based Based between points in stand- stand- For ac- Held on on ex- Dollar ingi ing For count of by ports ex- Own Bills own ac- foreign others ports from change Total bills bought count corre- into U.S. Foreign spond- U. S. U.S. coun- ents tries

1936—May 184 331 297 155 142 34 110 81 1 55 82 June . 169 316 276 129 147 40 107 74 2 49 85 July 188 316 278 131 147 37 105 68 2 57 84 August 205 308 279 140 139 29 104 63 2 60 79 September 197 315 276 139 137 39 107 64 2 66 76 October 199 330 296 150 147 34 110 67 2 75 77 November __ 191 349 309 157 152 40 112 77 1 83 76 December 215 373 315 151 164 57 126 86 2 83 76 1937—January 244 387 325 154 171 62 141 83 2 84 77 February 268 401 340 160 180 61 158 85 2 79 77 March 290 396 316 150 166 80 160 84 2 76 76 April 285 395 318 147 171 1 1 76 167 83 1 68 76 May- C287 386 295 137 159 3 2 86 168 81 1 62 75 June. 285 364 273 130 143 1 4 87 157 77 1 55 74 July 325 352 265 144 121 3 83 143 71 2 65 71

c Corrected. 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Annual Report for 1935 (tables 66 and 67).

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars!

Debit balances Credit balances

Customers' credit balances* Other credit balances Debit Debit End of month Customers1 balances in balances in Cash on debit partners' firm hand Money In In balances investment investment and in bor- partners' firm In (net) i and trading and trading banks rowed 2 Other invest- invest- capital accounts accounts Free (net) ment and ment and accounts trading trading (net) accounts accounts

1935—September 1,098 119 182 771 257 396 December.. 1,258 135 179 286 79 410

1936—March 1,351 168 181 995 303 429 June 1,267 164 219 985 276 420 July 1,295 158 221 981 287 422 August 1,287 142 213 967 283 92 423 September- 1,317 141 227 995 289 423 October 1,333 151 235 318 428 November- 1,364 150 260 346 110 435 December.. 1,395 164 249 1,048 342 103 424 1937—January 1,433 162 243 1,028 372 118 428 February.._ 1,482 188 230 1,084 366 116 418 March 1,549 175 223 1,172 346 115 419 April 1,559 163 227 1,215 314 111 417 May 1, 503 149 209 1,188 284 101 408 June 1,489 161 214 1,217 266 92 397 July 1,493 157 206 1,213 2f>5 96 397

1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figuresse e "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 929

FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum]

Advances secured by direct obligations of Rediscounts and advances un- Advances under sec. the United States der sees. 13 and 13a of the Fed- 10(b) of the Federal (last paragraph of eral Reserve Acti Reserve Act sec. 13 of the Federal Federal Reserve Bank Reserve Act)

Pre- Rate In effect vious Rate In effect Rate In effect Aug. 31 beginning— rate Aug. 31 beginning- Aug. 31 beginning—

Boston 22 Feb. 8, 1934 Sept.20, 1935 4 Oct. 20, 1933 New York 1 Aug. 27, 1937 Wi Oct. 10, 1935 34 Feb. 8, 1934 Philadelphia.. 2 Jan. 17, 1935 2H Nov. 2, 1935 4 Oct. 20, 1933 Cleveland 14 May 11, 1935 Oct. 19, 1935 VA May 11, 1935 Aug. 27, 1937 2 Sept.23, 1935 Richmond W 2 Feb. 19, 1934 Aug. 21, 1937 Aug, 21, 1937 4 Atlanta 2 Mar. 17, 1934 Aug. 21, 1937 Aug. 21, 1937 4 Chicago 2 Oct. 16, 1933 St. Louis Jan. 3, 1935 Oct. 3, 1935 4 Feb. 21, 1935 Minneapolis. . Aug. 24, 1937 VA Aug. 24, 1937 Apr. 15, 1933 Kansas City.. May 10, 1935 2 Aug. 26, 1935 May 10, 1935 Dallas Aug. 31, 1937 2H Aug. 31, 1937 Mar. 12, 1934 Feb. 16, 1934 Sept. San Francisco 2 20, 1935 Oct. 19, 1933

1 Rates indicated also apply to United States Government securities bought under repurchase agreement. 2 Reduced to VA percent, effective Sept. 2, 1937. s Reduced to 2 percent, effective Sept. 2, 1937. Back figures.—See Annual Report for 1935 (table 40). BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES Buying rates at the Federal Reserve Bank of New York Rates in effect Aug. 31, 1937, on advances and commitments under Sec. [Percent per annum] 13(b) of the Federal Reserve Act as amended June 19, 1934. [Percent per annum except as otherwise specified] Rate in In effect be- Previous Advances to financ- Maturity effect on ginning— Aug. 31 rate ing institutions— Advances direct to Commit- 1-15 days1... Oct. 20, 1933 Federal Reserve Bank industrial On por- ments 16-30 days.... .do. or com- tion for On re- to make 31-45 days.._. .do.. mercial or- which maining advances 46-60 days.... _do_. ganizations institu- portion 61-90 days .do., tion is 91-120 days... .do., obligated 121-180 days.. do . Boston 3VS-6 3 34 1 This rate also applies to acceptances bought under repurchase agree- New York..._ 4-6 3 4-5 1-2 ments, which agreements are always for a period of 15 days or less. Philadelphia. _ 4-6 3 H-2 Cleveland 4.4-6 34 4 NOTE.—Minimum rates on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. Richmond 6 4-6 4-6 1-2 Atlanta 6 5 4 Back figures.—See Annual Report for 1935 (table 41). 5 Chicago 5-6 1 24 5-6 1-2 St. Louis 3,4 Minneapolis.. 6 4}-2-5 Kansas City__ 4-6 4 4 Dallas 5-6 4 5-6 1 San Francisco 5-6 3-4 4-5 MAXIMUM RATES ON TIME DEPOSITS 4-2 1 Authorized rate 1 percent above prevailing discount rate. Maximum rates that may be paid by member banks as established by 2 Same as to borrower but not less than 4 percent. the Board of Governors under provisions of Regulation Q. 3 Flat charge. [Percent per annum] Back figures—See Annual Report for 1935 (table 40).

Nov . 1, 1933 Feb 1, 1935 In effect MEMBER BANK RESERVE REQUIREMENTS to to beginning [Percent of deposits] Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 June 21, Aug. 16, Mar. 1, May 1 Savings deposits 3 24 Classes of deposits 1917- 1936- 1937- °4 and banks 1937, Postal Savings deposits 3 2'2 Aug. 15, Feb. 28, Apr. 30, and after Other time deposits pay- 1936 1937 1937 able in: 6 months or more 3 2U Ol ., 90 davs to 6 months 3 2', o On net demand deposits;i Less than 90 days 3 24 1 Central reserve city 13 19H 22H 26 Reserve city... 10 15 20 Country 7 104 ny* 14 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, On time deposits: effective February 1, 1936, are the same as those in effect for mem- All member banks.. 3 6 ber banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by 1 See footnote to table on page 918 for explanation of method of comput- lower maximum rates established by State authority. ing net demand deposits.

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MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Percent per annuml PRINCIPAL CITIES [Weighted averages of prevailing rates; percent per annum] Prevailing rate on— Average rate on— Aver- 1929 1930 1931 1932 1933 1934 1935 1936 1937 age Year, • Prime Stock- Stock ex- u. s. yield on New York City: month or 1 rime bank- ex- change call Treas- " U. S. January 5.74 5.64 4.24 4.71 4.12 3.58 2.83 2.64 2.50 date com- ers' change loa ns ury 273- Treas- February __. 5.73 5.35 4.31 4.71 4.11 3.43 2.90 2.56 2.41 mercial accept- time dav bills ury March 5.81 5.22 4.20 4.72 4.88 3.31 2.64 2.61 2.50 paper, ances, loans, ottered 3-5 year April 5.85 4.91 4.17 4. 4.33 3.39 2.61 2.54 2.53 4 to 6 90 90 Re- within notes months New May 5.88 4.74 4.11 4.55 4.24 3.42 2.69 2.51 2.44 days days newal period June 5.93 4.59 4.13 4.61 4.10 3.30 2.66 2.44 2.34 July 5.88 4.48 4.05 4.42 3.93 3.30 2.61 2.44 2.36 August 6.05 4.41 3.9' 4.45 3.97 3.33 2.67 2.42 2.41 1934 average._. 1.02 25 .90 1.00 1.00 1 .26 2. 11 September 6.06 4.29 3.93 4.30 3.79 3.26 2.72 2.40 1935 average. _. 13 .56 .56 .56 * . 14 1.28 October 6.08 4. 4.27 4.35 3.76 3.28 2.72 2.46 1936 average- . 15 1. 16 .91 .91 .14 1.11 November 5.86 4.17 4.67 4.12 3.52 3.22 2.77 2.43 December 5.74 4.16 4.64 4.22 3.48 3.18 2.61 2.43 1936—June 'K 1.00 1.00 . *3 1. r2 3, i.OO '. 14 July . >% I 00 1.17 Year 5.88 4.e 4.22 4.49 4.02 3.33 2.70 2.49 Aug 3, 1 Vd, I 00 1.00 .18 1.12 8 other northern and Sept Z/ j 1^ 1.00 1.00 . 16 1.09 eastern cities: Oct. 3,:; 3. ;6 •IK 1 00 1 00 . 13 1.12 January 5.87 5.8 4.61 5.07 4.89 4.65 4. 3.62 3.36 Nov IK 1.00 1.00 . 10 .99 February 5.86 5.66 4.63 5.13 4.84 4.49 4.02 3.63 3.43 Dec h IK 1 00 1,00 .21 1.04 March 5.91 5.47 4.62 5.14 5.39 4.52 4.05 3.6C 3.34 April. 6.00 5.22 4.57 5.10 5.09 4.52 3. 3.47 3.36 1937—Jan. __ V-6-K IK 1.00 1.00 .36 1.18 May _. 6.09 5.13 4.55 5.14 4.99 4.39 3. 3.45 3.45 Feb. y '•' / i 6 IK 1.00 1. 00 .38 1.22 June 6.02 5.06 4.49 5.13 4.97 4.30 3.78 3.51 3.32 Mar. . _ y_~[ 5/i6~9/l6 IK 1.00 1.00 .58 1.42 July 6.08 4.81 4.48 5.05 4.82 4.15 3.87 3.61 3.32 1 9 .70 Apr /!6 IK 1.00 1.00 1.59 August 6.11 4.79 4.47 5.12 4.68 4.12 3.79 3.47 3.29 May 1 IK 1.00 1.00 .65 1.48 September 6.24 4.74 4.48 5.03 4.65 4.11 3.75 3.45 June 1 7 /'6 l/2 IK 1.00 1.00 .58 1.54 6.25 4.62 4.51 4.13 7 October 4.75 4.96 3.75 3.50 July 1 , 6 IK 1.00 1. 00 .49 1. 44 November 6.12 4.87 4. 4.54 4.08 3.63 3.47 December 5.94 4.91 4.59 3.98 3.67 3.46 Week ending: 4.88 June 12 1 l/2 IK 1.00 1.00 .57 1.52 Year 6.04 5.07 4.61 5.05 4.83 4.29 3.86 3.52 June 19 1 'l4 IK 1.00 1.00 .58 1.56 27 southern and June 26 1 7 /-, 5 IK 1.00 1.00 .62 1.57 western cities: July 3 1 7 ''16 IK 1.00 1.00 .49 1.55 January.. _ 5.94 6.12 5.50 5.61 5.60 5.40 4.95 4.47 4.16 July 10 1 7/l6 IK 1.00 1.00 • .51 1.50 February 5.96 6.05 5.43 5.61 5.56 5.39 4.84 4.51 4.15 1 .50 July 17.... !/16 IK 1.00 1.00 1.45 March... ___ 6.04 5.98 5.40 5.64 5.66 5.40 4.85 4.44 4.15 July 24 1 7/16 IK 1.00 1.00 .49 1.41 April 6.07 5.86 5. 5.63 5.68 5.34 4. 4.4C 4.21 Julv 31.... 1 '/16 IK 1.00 1.00 .47 1.38 May _. 6.10 5.75 5.26 5.64 5.66 5.28 4.79 7 4. 4.17 Aug. 7 1 ie IK 1.00 1. 00 .48 1.38 June 6.16 5. 5.34 5.62 5.62 5.19 4.76 4.39 4.18 1 7 Aug. 14 16 IK 1. 00 1. 00 .46 1.39 July-.. __ 6.17 5.63 5.30 5.63 5.54 5.07 4.58 4.35 7 4.19 Aug. 21 1 /16 IK 1.00 1. 00 .52 1.44 August 6.22 5.58 5.28 5.68 5.53 5.05 4.63 4.25 4.18 September 6.27 5.55 5.32 5.63 5.55 5.04 4.51 4.29 October 6.29 5.54 5.38 5.56 5.50 5.05 4.55 4.23 1 91-day and 182-day bills. November 6.29 5.50 5.53 5.55 5.42 4.93 4.51 4.24 »182-day and 273-day bills. December 6.20 5.43 5.56 5.60 5.43 4.92 4.55 4.14 Back figures.—See Annual Report for 1935 (tables 42 and 43). Year 6.14 5.72 5.39 5.62 5.56 5.17 4.69 4.35

BOND YIELDS1 [Percent per annum]

Corporate * U.S. Munic- Treas- ipal By ratings By groups Year, month, or date i (high- ury grade) 3 Total Indus- Rail- Public Aaa Aa Baa trial road utility Number of issues.. 120 30 30 30 30 40 40 40 1934 average 3.10 3.95 4.96 4.00 4.44 5.08 6.32 4.52 4.96 5.40 1935 average 2.70 3.16 4.46 3.60 3.95 4.55 5.75 4.02 4.95 4.43 1936 average 2.47 2.68 3.87 3.24 3.47 4.02 4.77 3.50 4.24 1936—July 2.50 2.70 3.90 3.23 3.48 4.05 4.84 3.52 4.31 August 2.43 2.68 3.85 I 3.21 3.44 3.99 4.74 3.48 4.22 3.85 September.. 2.41 2.62 3.79 ! 3.18 3.41 3.94 4.62 3.44 4.09 3.83 October 2.42 2.58 3.75 I 3.18 3.38 3.90 4.54 3.42 4.02 3.80 November.. 2.29 2.45 3.71 i 3.15 3.31 3.85 4.52 3.38 4.00 3.74 December... 2.27 2.31 3.67 3. 10 3.28 3.78 4.53 3.37 3.96 3.69 1937—January 2.29 2.38 3.66 ,' 3. 09 3.30 3.76 4.50 3.36 3.95 3.68 February.... 2.31 2.57 3.75 3.22 3.41 3.85 4.54 3.46 4.04 3.76 March 2.50 2.72 3.87 : 3.32 ! 3.50 3.98 4.69 3.55 4.17 3.90 April 2.74 2.84 3.98 ' 3.42 i 3.58 4.05 4.86 3.65 4.29 3.99 May 2.67 2.76 3.92 I 3.33 I 3.49 3.99 4.87 3.55 4.27 3.95 June 2. 64 2.67 3.93 3.2s ! 3.45 3.99 4.97 3.51 4.29 3.97 July 2.59 2. 63 3.91 I 3. 26 i 3.44 3.97 4.97 3. 50 4.31 3. 92 July 28- 2. 55 2. 62 3.90 ; 3.24 3.43 3. 96 4. 98 3.48 4.33 3.89 Aug. 4__. 2.54 2. 60 3. 90 3.22 3. 42 3. 96 5. 01 3. 46 4. 38 3.88 Aug. 11.. 2. 55 2.59 3. 90 3.22 3.41 3.95 5. 00 3.44 4.37 3.88 Aug. 18.. 2.58 2.56 3.92 i 3. 27 3.45 3.97 4.99 3.48 4.40 3.87

1 Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 8 years. * Standard Statistics Co. * Moody's Investors Service, revised series. Because of limited number of suitable issues, lass than 40 industrial bonds are included; the in luftrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4. Back figures.—See Annual Report for 1935 (table 74).

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BOND PRICES 1 STOCK MARKET

3 Corporate Stock prices1 U. S. Munic- Year, month, or date Treas- ipal Vol- (high- Indus- Rail- Year, month, or Common (index, 1926=10;)) ume of 3 Total Utilitv grade) trial roal date trad- Pre- 2 ferred Indus- Number of issues-. Total trial road l^ 1934 average 103.5 97. 3 84. 5 81.9 83. 8 87.8 1935 average 106.0 109. 4 88. 6 88.2 79. 4 98. 2 Number of issues.... 348 1936 average - 107. 0 117.8 97. 5 92. 2 94. 7 105.4 1934 average.. 120.7 81 69 }. 204 1936-July 106. 117. 4 97. 1 91. 1 94. 2 101.0 1935 average.. 133.8 78 91 71 1.411 August 107. 117.8 97.7 91.6 95. 8 105. 7 1936 average.. 138. 9 111 127 104 1.824 September 107 118.8 98. 6 92. 2 97. 9 105.8 October 106. 119.5 99. 6 93.1 99. 7 106.0 1936—July 139.1 109 124 106 1.438 November 108. 122.1 99. 8 94. 2 99. 2 106.0 August 139.3 113 128 109 1. Io5 December 108. 124.8 99. 9 94. 5 99. 6 105. 6 September _ 139.0 114 130 108 1. 3*5 1937—J ami ary 107. 123. 5 100. 3 94. 8 100. 6 105. 7 October 138.3 119 136 109 1.913 February 107. 119.7 100. 0 94. 7 100. 2 105. 1 November. 139. 0 124 144 109 March 105. 11.6. 9 98.5 93. 5 98. 3 103. 6 December. _ 140.1 123 143 111 2, 095 April 102. 114.8 96. 6 92. 0 95.3 102.4 1937—J anuary 141.8 126 147 114 2 6A7 May _._ 103. 116.3 96. 2 91.9 95.0 101.8 February.. _ 141.2 130 152 111 2. 564 June 103. 117.9 95.0 91. 2 93. 2 100. 6 March 138.0 130 153 106 2.133 July 104. 118.6 95. 3 91.4 93. 2 101.2 April 136. 0 125 147 101 1.4?>'-i May 135.4 116 137 94 859 July 23 104.4 118.8 95. 3 91.4 92.8 101.8 June 135.2 114 134 91 697 Aug. 4 104.5 119. 1 95. 2 91.9 91.6 101.9 July 135.7 118 139 96 917 Aug. 11 104.4 119.3 95. 2 92. 0 91.4 102. 0 Aug. 18 104. 1 119. 9 95. 0 92. 0 91. 5 101.6 July 28._. 136.4 120 142 100 AuL\ 4... 136. 6 122 144 99 SI I 145 1 Aug. 11 _. 137.1 122 98 7>>8 Monthly data are averages of daily figures except for municipal bonds Aug. 18.. 137. 5 121 144 97 70S which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 8 years, based on quotations from Treasury Department. 1 Standard Statistics Co. Monthly data are averages of Wednesday 3 Prices derived from average yields, as computed by Standard Sta- figures. tistics Co. 2 Average prices of industrial high-grade, derived from yields. Back figures.—See Annual Report for 1935 (table 73); for U. S. Treas- 3 Average daily volume of trading in stocks on the New York Stock ury bonds, see BULLETIN for May 1936, p. 317. Exchange, in thousands of shares. Weekly figures are averages for the week ending Saturday. Back figures.—For stock prices, see Annual Report for 1935 (table 73).

CAPITAL ISSUES [In millions of dollars]

TOT new capital TOT refunding

Total Domestic Domestic (new Total Total Year or and (do- (do- re- Corporate Corporate month mestic State Fed- For- mestic State For- fund- and and eign1 and and Fed- eign1 ing) for- Total mu- eral Bonds for- Total mu- eral Bonds eign) nici- agen- Total and Stocks eign) nici- agen- Total and Stocks pal cies* notes pal cies' notes

1927 9,774 7,555 6,219 1,475 87 4,657 3,183 1,474 1,337 2,218 1,978 35 93 1,850 1,586 264 241 1928 _. 9,898 8,040 6,789 1,379 64 5,346 2,385 2,961 1,251 1,858 1,620 36 0 1,584 1,054 530 238 1929 . _ 11,513 10,091 9,420 1,418 0 8,002 2,078 5,924 671 1,422 1,387 13 0 1,374 542 833 35 1930 7,619 6,909 6,004 1,434 87 4,483 2,980 1,503 905 709 527 53 474 451 23 182 1931 4,038 3,089 2,860 1,235 75 1,551 1,239 311 229 949 893 21 5o1 821 789 32 56 1932 1,751 1,194 1,165 762 77 325 305 20 29 557 498 87 93 319 315 4 59 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 o 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4, 123 382 353 3,387 3,187 200 119

1936—July.... 339 104 103 33 0 70 39 31 1 236 236 9 2 225 222 3 0 Aug.__. 297 217 217 46 0 171 146 25 0 80 80 11 8 62 55 6 0 Sept. 409 178 177 103 0 75 48 26 1 231 231 56 0 175 156 19 0 Oct 464 186 173 78 0 95 60 35 13 278 278 5 1 272 249 22 0 Nov 372 158 158 49 0 109 97 12 0 214 199 16 28 155 145 10 15 Dec- 726 266 266 48 0 218 100 118 0 459 459 49 3 408 395 13 0 1937—Jan 603 241 241 146 0 95 64 31 0 362 289 59 26 204 87 116 73 Feb..._ 497 168 168 34 4 130 74 56 0 329 255 9 21 225 140 84 74 Mar.... 382 185 185 47 0 138 99 39 0 197 197 12 4 181 162 19 0 Apr 272 152 152 67 0 85 45 40 0 121 101 13 1 87 69 18 20 May... 261 150 150 43 29 78 47 31 0 111 111 8 16 87 66 21 0 June ._. 560 359 359 90 0 269 187 82 0 200 200 21 30 149 139 11 0 July.... 344 250 250 79 89 82 39 43 0 93 93 8 29 57 20 37 0

1 Includes issues of noncontiguous U.S. Territories and Possessions. 2 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1935 (table 72) for figures of new issues—annual and monthly basis.

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TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF DIRECT OBLIGATIONS (On basis of daily statements of United States Treasury. In millions of dollars)

Noninterest- :[nterest-bearing bearing

Total Publicly offered End of month gross Ad- Social debt Bonds justed se- All Ma- Total service curity others tured Other interest Total Notes Bills issues3 issues' debt bearing Pre- Treas- U. S. war ury2 Savings

1932—June 19,487 19 161 618, 816 753 13,460 1.261 616 105 240 60 266 1933—June 22, 539 22,158 621, 782 753 13,417 4,548 954 92 284 66 315 1934—June . 27,053 26, 480 • 26,006 753 15, 679 6,653 1,404 118 356 54 518 1935—June 28. 701 27 645 26, 910 753 14,019 62 10,023 2,053 156 580 231 825 1936—June 33, 779 32,989 31,297 79 17., 168 316 11,381 2,354 1,071 19 601 169 620

1936_ July 33, 444 32, 679 31,321 79 17,168 340 11,381 2, 353 689 25 645 160 605 August 33, 380 32, 624 31, 329 79 17,168 366 11, 363 2. 353 622 30 643 164 593 September.. . 33.833 33,088 31, 830 79 18,149 399 10, 849 2, 353 583 34 641 163 582 October 33, 833 33,083 31, 855 79 18,149 424 10,849 2,354 552 38 639 178 571 November . . 33, 794 33.088 31,877 79 18,149 447 10, 849 2. 353 526 47 637 143 563 December ...... 34. 407 33, 700 32, 497 79 19. 452 475 10, 289 2,203 504 64 635 153 554 1937—Januarv 34, 502 33, 821 32. 582 79 19, 452 509 10,289 2,253 489 119 632 137 544 February.. _. _. 34, 601 33, 926 32,617 79 19, 452 567 10. 267 2,253 475 204 630 139 536 March 34, 728 34,064 32, 722 79 19,936 722 9,783 2, 203 461 322 559 136 528 April . . 34, 941 34, 295 32, 884 79 19. 936 752 9,764 2, 353 451 407 552 126 520 Mav 35, 213 34, 591 33,107 79 19,936 775 9,764 2, 553 445 489 550 110 512 June . 36,425 35,800 33, 734 79 19,936 800 10,617 2,303 926 579 560 119 506 July 36, 716 36,113 33,918 79 19,936 833 10,617 2,453 915 649 632 103 499

1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System 2 Includes Liberty bonds. 3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds to Government Life Insurance Fund series and of certificates to the adjusted service fund. 4 Includes special issues to old-age reserve account and unemployment trust fund. 6 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-$2,108,000,0()0; 1934—$1,517,000,000.

MATURITIES OF PUBLICLY-OFFERED DIRECT FULLY GUARANTEED OBLIGATIONS, BY AGENCIES i OBLIGATIONS, JULY 31, 1937 [In millions of dollars] [In millions of dollars] Federal Home Recon- Date maturing Total Bonds* Notes Bills Farm Owners' struction End of month Total Mortgage Loan Finance Corpora- Corpora2 - Corpora- 1937—Before Oct 1 1,618 817 801 tion tion tions Oct. 1-Dec. 31 801 801 1938—Jan. 1-Mar. 31. . 1,383 732 651 Apr. 1-June 30 618 200 1933—December. 180 180 818 312 134 July 1-Sept 30 596 596 1934—June 681 235 3,063 980 1,834 249 Oct 1-Dec 31 December. 1939 3,188 1935—June...•_... 4,123 1,226 2,647 250 3,188 4,494 2, 855 252 1940 2,854 2,854 December. 1, 387 4,718 1,422 3,044 252 1941 2,219 834 1,385 1936—June 1942 426 426 4.724 252 1943 898 July 1,422 3.050 898 4, 669 252 1945 1,588 1,588 August,... 1,422 2,995 4,667 1, 422 252 1946 1, 868 1,868 September 2,993 2 2 4,667 1,422 252 1947 1,995 1, 995 October... 2,993 4, 662 1,422 252 1948 . . 1,036 1,036 November 4, 662 1,422 252 1949 819 819 December. 2,988 4,662 1,422 252 1951 1 223 1 223 1937—January.._ 2,988 4,662 1,422 252 1952 1,250 1,250 February.. 2,988 March 4,662 1,422 2,988 251 1953 1,786 1,786 '4, 660 r 250- 1954 April 1,422 2, 987 2, 663 2, 663 r4, 660 1,422 250 1955 May 2,987 755 755 '4, 665 1,422 r ••255 1956 June 2,987 489 489 4,703 1.420 295. 1959... 982 982 July 2,987 1960 2,611 2,611 1961 50 50 r Revised. Total 33,918 20, 848 10, 617 2,453 1 Principal amount of obligations guaranteed as to interest and principal. The total also includes guaranteed debentures of the Federal Hous- ing Administrator, amounting to $99,926 on July 31, 1937. 1 Issues classified as of date of final maturity; most issues callable at 2 Excludes obligations guaranteed as to interest only. earlier dates; most of the U.S. Savings bonds are redeemable at option 3 Excludes obligations held by U. S. Treasury and reflected in the of holder. public debt. Figure for December 1933 includes notes given in purchase, 2 Includes unclassified U. S. Savings bonds. of gold which were retired in February 1934.

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SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars]

General and special accounts

Trust Increase or de- Receipts Expenditures * ac- crease during counts, period etc7 General Excess excess of re- of re- Period ceipts ceipts Social Other Na- Re- Re- Trans- (+)or (+)or In- secur- inter- All tional cov- volv- fers to ex- ex- Total come ity nal other 3 Total de- ery ing trust pendi- pendi- taxes reve- Inter- fense All and funds accts. tures General taxes 2 est on 5 6 tures Gross. nue and other relief (net) etc ) fund debt debt Vet- balance erans' Adm.4

Fiscal year ending: June 1932 2,006 1,057 504 445 4,741 599 1,492 1,535 125 768 221 -2, 735 -5 -55 +2,686.. June 1933 2,080 746 858 4,681 689 1,431 1,163 82 1,195 121 -2,602 -5 +445 +3,052" June 1934 3,116 818 1,823 6,745 986 938 2,746 1,247 71 -3, 630 +835 +1, 720 +4,514 June 1935 3,800 1,099 2,179 523 6,802 821 1,089 1,315 3.366 141 71 -3,002 +613 -741 + 1,648. June 1936 4,116 1,427 ( 2,086 603 8,477 749 1,340 1,310 3,341 9 78 1,814 -4.361 +123 +840 +5,078. June 1937 5,294 2,158 253 2,187 8,001 1,436 1,994 3,079 9 244 -2, 707 -67 -128 +2,646

1936—July 294 39 201 412 10 121 119 302 9 216 7.7 -118 +2 -451 -335, August 343 32 264 551 26 120 138 269 9 11 10 -208 -55 -327 -63 499 668 118 -169 (8) +284 +452- September. _ 288 161 144 130 264 2 9 8 October 272 27 186 681 74 121 168 297 16 4 -409 -15 -424 ( ) November, _ 233 33 148 535 8 114 153 272 9 14 3 -303 -17 -358 -38; December... 517 286 175 656 140 118 150 294 947 1 -138 +26 +500 +613 1937—January 284 43 168 631 14 116 159 230 67 45 -348 +72 -180 +95 February... 275 58 148 553 20 112 176 214 45 -279 -187 +99 1 9 13 March 1,012 700 190 754 159 121 225 252 9 46 45 +257 -98 +287 +127 363 708 129 45 -345 -124 +212' April 57 166 68 230 243 97 +8 May 335 47 170 552 9 119 169 211 45 -217 -3 +52 +272' June 868 547 212 1,300 194 128 179 232 9 2 540 -432 +20 +800 + 1.212- July 409 57 221 659 12 128 197 198 27 125 -249 +44 +85 +291 92 1 Excludes debt retirement. 2 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. 3 Includes customs and miscellaneous receipts. 4 Excludes expenditures for adjusted service which are included under "Transfers to Trust Accounts, etc." 6 Includes revolving funds of Reconstruction Finance Corporation, Commodity Credit Corporation, Public Works Administration, Farm Credit Administration, and Export-Import Banks. 6 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account, and railroad retirement account. 7 Includes, also, increment resulting from reduction in weight of the gold dollar, and expenditures chargeable against increment on gold (other - than retirement of national bank notes), receipts from seigniorage, transactions in checking accounts of Governmental agencies, unemployment., trust funds, old-age reserve account, and railroad retirement account. s Less than $500,000. 9 Excess of credits.

GENERAL FUND BALANCE [On basis of daily statements of United States Treasury. In millions of dollars]

In- Incre- Seign- Work- End of month Total active ment iorage ing gold on gold balance

1932—June 417 417 1933—June 862 862 1934 June 2,582 811 1,771 1935—June 1,841 700 140 1,001

1936—January 2,004 141 283 1,580 February.. _ 1,767 141 294 1,332 March 2,866 140 302 2,423 April 2,442 141 306 1,995 Mav _. ._ 2,358 141 308 1,910 June 2,682 140 316 2,225 July . 2,230 141 319 1,771 August _. 1,904 140 323 1,441 September 2,188 140 329 1,719 October . 1,764 141 332 1, 291 November . 1,406 141 333 931 December 1, 906 26 141 337 1,401

1937—Januarv 1,726 127 141 340 1,118 February 1, 539 205 141 344 819 March. _ _ _ 1,826 343 141 348 995 April 1. 702 568 141 350 642 May . 1,754 758 141 354 501 June 2, 553 1,087 141 356 970 Julv 2,639 1,213 141 369 915

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GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JUNE 30, 1937 [Based on compilation by U. S . Treasury Department from reports received from organizations concerned . In millions of dollars]

Financed partly from Government Financed wholly from Government funds Total funds

Recon- Com- Public Agricul- Farm Other Home struction modity Works tural mort- farm mort- Finance Credit Admin- credit Other gage credit gage Other June 30, Mav31, June 30, Corpo- Corpo- istra- institu- institu- institu- institu- 1937 1937 1936 ration ration tion tions tions tions tions

ASSETS Loans and preferred stock: Loans to financial institutions 312 1 167 8 488 478 556 Preferred stock, etc 582 (i) 3 183 765 760 799 Home mortgage loans _ 2 556 2, 556 2, 591 2.945 Farm mortgage loans 2,906 2, 906 2,910 2,954 Other agricultural loans 1 124 23 156 252 0) 556 552 658 W\ other loans 844 125 310 1, 279 1,246 1.199 Total loans and preferred stock 1,739 124 125 23 466 2, 906 252 2,906 8 8, 550 8. 537 9.111 Cash 2 (l) 8 64 76 22 106 11 288 283 279 United States direct obligations 10 5 32 44 100 12 348 551 545 486 Obligations of Government credit agencies: Fullv guaranteed by U. S._ 14 0) 69 10 102 196 196 211 Other 2 25 2 1 28 29 28 Production credit association class A stock - - 76 76 76 75 Accounts and other receivables 36 0) 33 179 4 31 3 287 285 264 All other assets (0 20 0) 266 160 1 3 389 15 859 790 577 Total assets other than interagency 2 1, 795 124 146 153 863 3, 365 449 3, 455 486 10,835 10. 742 11.030

LIABILITIES Bonds, notes, and debentures: Guaranteed bv United States 255 1 422 3 012 4 689 4 669 4 719 2 Other 3 2 1,116 181 26 (i) 1, 326 1,324 1,392 Other liabilities (including reserves) 49 1 5 46 180 7 144 89 520 505 349 Total liabilities other than interagency2. _ 304 1 5 49 2,719 188 3,182 89 6, 536 6. 498 6, 460 Excess of assets over liabilities, excluding interagency transactions._ 1,491 123 146 148 814 646 261 273 398 4,299 4.244 4. 570 Privately owned interests - 178 3 36 139 355 355 347 U. S. Government interests.__ 1, 491 123 146 148 8.14 469 259 237 258 3, 943 3. 8S9 4, 223

i Less than $500,000. 2 Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. 3 Shares of Federal savings and loan associations subscribed by IIOLC 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]

July. 31, Jan. 31, Feb. 28, Mar. 31, Apr. 30, May 31, June 30, July 31, 1936 1937 1937 1937 1937 1937 1937 1937

Loans to financial institutions 374, 630 313,335 304, 815 295, 654 286, 611 277, 349 c 271, 858 i 271, 009 Loans on preferred stock of banks and insurance companies.. 45, 579 41, 796 41, 465 41,379 41,132 40, 677 40,483 2 40,027 Preferred stock, capital notes, and debentures 691,047 630, 272 607, 777 596, 998 591, 784 587, 668 581, 900 576, 672 Agricultural loans 1, 456 1,327 1,405 1,461 1,468 1,402 1,349 1, 236 Loans to railroads (including receivers) 350,841 345, 502 345,447 340,367 345,084 344, 823 354, 320 351,936 Loans for self-liquidating projects 176,256 200,181 206,721 208,496 215,044 218, 589 221,907 225,407 Loans to industrial and commercial businesses 55,120 63,079 63, 838 63, 493 67, 729 69, 524 70, 549 71.181 Loans to drainage, levee, and irrigation districts. 60,103 65,164 66, 553 67, 744 70,832 71, 253 72, 424 74, 605 Other loans 2, 796 1,943 1,949 2,050 2,169 2,312 2, 533 2. 562 Securities purchased from Public Works Administration 128, 921 113,076 108, 714 121, 622 «114, 012 c 120, 404 «119. 585 87, 320 Total loans and investments, other than interagency.-. 1, 886, 749 1, 775, 677 1, 748, 684 1,739,265 <• 1, 735, 8641,734,001 1, 736, 909 1, 701, 954 Loans to Federal land banks 32, 959 22,784 22,191 14,517 14,: 13, 934 13, 757 13, 586 Loans to Commodity Credit Corporation 92, 368 135,024 129,320 79, 688 55, 485 50, 371 47, 393 61. 238 Capital stock of Commodity Credit Corporation 97,000 97,000 97, 000 97,000 97,000 97,000 97,000 97.000 Capital stock of, and loans to K. F. C. Mortgage Co 30, 218 38, 670 39,233 43, 769 44. 340 45,994 48, 286 51, 302 Preferred stock of Export-Import, banks 17,000 20,000 20,000 20,000 20,000 20,000 20,000 20, 000 Capital stock of, and loans to other agencies 100 1,398 2.598 6,000 7,400 10,000 11,898 Total loans and investments. 156, 294 2, 089, 255 c 2,057, 825 c 1,996, 837 c 1, 973, 022 <= 1, 968, 700 c 1, 973, 345 1, 956, 9"

c Corrected. 1 Includes $87,000,000 of loans for distribution to depositors of closed banks. 2 includes $394,000 of preferred stock instalment sale contracts. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 935

FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS fin thousands of dollars]

Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives by- by- and discounts for—

Regional agri- Produc- Regional Emer- cultural Other tion credit agricul- gency End of month credit cor- financing associa- tural cred- crop and Federal Banks for Agricul- Land porations, institutions it corpo- drought inter- cooper- tural Federal Bank production tions, rations loans mediate atives, Market- land banks CommiS' credit as- except credit including ing Act sioner sociations, coopera- banks Central revolv- and banks tives Bank ing fund for cooperatives *

1933—December.. 1,232, 707 70,738 73,263 27 144,636 89,811 15,211 18,697 157, 752 1934—December.. 1,915,792 616,825 99,675 55,672 60,852 87,102 110,186 33,969 27,851 1935—December.. 2,071,925 794, 726 104,706 47,162 94,096 43,400 172,489 2,731 50,013 44, 433 1936—July.. 2,064, 759 829, 464 146, 243 55,050 140, 982 34,610 174,207 225 43,018 44,431 August 2, 067,106 831, 892 144, 423 54,884 135, 603 33,042 172,863 314 44, 345 44,025 September- 2,067, 711 833,906 138, 653 50,099 122,004 31, 216 171, 320 405 56,267 48,583 October 2,067, 647 835,187 135, 791 43,946 110, 775 28, 664 758 71,150 51,348 November.. 2, 065, 719 836,194 131,644 41, 277 105, 441 26,491 166, 291 1,336 72, 500 56,216 December. _ 2,064,158 836,779 129, 872 41,017 105, 212 25, 288 164,887 1,641 69, 647 53, 754 1937—January 2,061,472 836,062 125,825 40,080 106,081 24,454 163,868 1,486 64,411 54,322 February... 2,060, 233 835, 509 130,139 41,061 114,551 24, 249 163, 250 1,359 60, 356 52, 359 March 2,057,930 833,821 144, 250 42,367 131, 905 23,892 174, 709 1,305 56, 736 51,810 April 2, 055,397 832, 881 153, 795 44, 042 143, 902 23, 588 187,185 1,249 49, 314 48,522 May 2, 053, 558 831, 705 159, 073 45,131 152. 466 23,453 189, 686 1,070 45,000 47, 732 June 2,052,319 830,577 164,977 « 47, 337 c 160, 051 22,914 189,141 635 45,032 46,854 July 2, 050, 522 828,771 170,110 48,167 163. 553 22.069 187, 353 1,126 52, 405 45, 664

c Corrected. i Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columr s under those headings. Such loans are not always discounted in the same month in which the original credit is extended.

FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars) Assets

Home mortgage loans by— U. S. Government Depos- securities Federal savings and Federal itors' Cash Cash, bal- in de- re- loan associations home End of month 1 Guar- loan ances Total posi- Di- an- serve End of month Home bank tory rect teed funds Owners' Number of loans to banks Total obli- etc.* ga- obli- Loan Cor- associations member tions ga- poration i Loans institutions re- tions 2 Re- ported Total 1933—June. . 1, 187 1,207 977 131 131 99 port- 1934— June _ 1.198 1,225 695 453 418 35 77 1935—June 1,205 1,236 385 777 630 147 74

1933—December.. 59 1936—May . 1,214 1,248 211 940 773 167 97 1, 232 203 1934—December.. 32, 394, 038 639 455 69, 734 June _ 1, 265 967 800 167 95 1,244 1,279 172 1935—December.. 2, 897,162 1,023 881 315. 683 July.. 972 805 167 135 August 1,249 1,283 166 972 805 167 145 1938—July 2, 921, 294 1,165 1,025 465, 682 September 1,251 1,285 162 982 815 167 141 122,101 October 158 August 2, 898,043 1,175 1,076 497,852 125, 218 1, 255 1,290 1 011 844 167 121 1,293 862 September 2, 870, 480 1,183 1,076 512, 744 129, 767 November I, 257 145 1,029 167 119 1.296 October 2, 834, 610 1,192 1,080 532,064 134, 941 December 1, 260 145 1,058 891 167 93 1,303 107 November 2,801, 827 1,206 1,080 544,130 137. 261 1937—January 1, 266 136 1,060 893 167 1,307 113 December 2, 765, 098 1,212 1,065 544,107 145; 401 February 1,270 133 1,061 894 167 1,310 81 1937—January 2, 729, 274 1,228 1,143 576, 299 143, 745 March 1,272 132 1,097 930 167 1,307 73 February 2, 698, 611 1, 240 1,157 611,212 141, 205 April . 1, 270 134 1,100 933 167 1, 306 7') March 2,661,542 1,249 1,168 630, 680 142,720 May 1, 268 134 1, 100 933 167 April 2. 625, 493 1,257 1,168 652, 557 146,149 June "1 268 May 2,591,115 1, 270 1,166 679,949 153,491 Julv.. Pi, 271 June 2, 556, 401 1, 286 1. 181 703, 996 167,057 i 2,524, 129 1,293 1.181 July 722, 442 169, 571 p Preliminary. 1 Outstanding principal, represented by certificates of deposit. Does- r Revised. not include accrued interest nor outstanding savings stamps. 1 In addition to loans the HOLC held on July 31, 1937, $709,000,000 in 2 Includes working cash with postmasters, 5-percent reserve fund and other assets, consisting principally of investments in the Federal Savings miscellaneous working funds with the Treasurer of the United States, and Loan Insurance Corporation and in various savings and loan asso- accrued interest on bond investments, and accounts due from late post- ciations, real estate and other property, and accrued interest receivable. masters. 2 Includes loans to Federal savings and loan associations, all of which are members, and a negligible amount to others than member institutions. Back figures.—See BULLETIN for August 1933, p. 502 3 Includes accrued interest.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 936 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]

Industrial production** Construction contracts awarded (value)2 Fac- tory Factory em- Freight-car Department pay store sales* Manufac- ployment* loadings** Year M inerals Total Residential All other rolls* (value) and Total tures month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unad- justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed

1919 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 108 118 91 94 1921 67 67 70 56 44 65 82 77 78 87 1922 85 86 74 79 68 88 90 82 85 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 96 96 98 99 1925 104 105 99 122 124 120 100 101 103 103 1926 108 108 108 129 121 135 101 104 107 106 1927 106 106 107 129 117 139 99 102 104 107 1928 111 112 106 135 126 142 99 102 104 108 1929 119 119 115 117 87 142 105 109 107 111 1930 96 95 99 92 50 125 91 89 92 102 1931 81 80 84 63 37 84 77 67 74 92 1932 64 63 71 28 13 40 66 46 55 69 1933 76 75 82 25 11 37 72 49 58 67 1934 79 78 86 32 12 48 83 63 62 75 1935 90 90 91 37 21 50 86 71 64 79 1936 105 105 104 55 37 70 92 82 75 88

1934 June.. . 84 84 83 84 87 86 26 31 12 13 38 46 85 85 66 64 64 73 70 July 76 73 74 71 84 84 27 30 12 12 39 44 83 83 61 62 62 73 51 Aug 73 73 72 71 80 83 27 28 10 10 40 43 83 84 63 61 62 76 60 Sept 71 73 69 70 82 87 29 30 11 11 44 45 78 80 59 60 67 74 79 Oct... 74 75 72 73 81 87 31 29 12 12 46 43 81 82 62 59 65 74 82 Nov..... 75 74 74 73 81 84 31 28 11 11 48 41 81 80 61 59 60 75 83 Dec 86 78 85 76 90 85 31 25 12 10 47 36 82 82 64 60 57 77 135

Jan _ 90 88 90 87 95 92 27 22 12 10 39 32 84 82 65 63 59 76 59 Feb 90 91 88 91 97 93 28 24 14 13 39 33 85 85 70 66 62 77 61 Mar 88 91 87 91 97 90 26 26 16 16 35 34 86 86 72 65 63 79 71 April.... 86 89 86 91 88 79 27 30 18 22 33 38 86 86 72 62 59 75 79 May 85 87 84 87 90 88 27 32 21 25 32 39 85 85 69 61 60 74 76 June 87 86 85 84 99 97 30 35 24 26 36 43 84 83 67 64 63 79 76 July 86 83 87 83 85 85 35 39 25 25 43 50 85 84 67 59 59 80 55 Aug 88 87 89 87 83 86 38 40 24 24 50 54 86 86 71 63 64 77 61 Sept 91 90 92 89 87 93 43 44 25 25 58 59 86 88 74 64 71 81 86 Oct. 95 97 95 96 93 101 48 45 25 25 66 62 87 89 76 68 75 78 86 Nov 96 98 97 98 93 96 60 53 26 25 88 76 88 89 76 68 69 82 91 Dec 101 96 101 95 102 97 68 54 26 22 103 80 89 88 78 68 64 83 145 1936 Jan. 97 65 96 95 104 100 62 50 25 21 92 75 89 87 74 70 65 81 63 Feb 94 95 92 93 111 107 62 45 25 22 75 63 87 87 74 71 68 83 66 Mar 93 96 93 97 97 90 47 47 26 28 63 62 88 88 78 66 64 84 77 April.... 101 104 100 105 106 95 47 53 30 35 60 67 89 89 79 71 68 84 85 May 101 105 101 105 102 101 46 56 32 38 57 70 90 90 81 72 71 87 89 June 1C4 104 105 105 100 101 52 60 36 39 65 78 90 90 81 73 73 87 84 July 108 105 109 105 101 102 59 65 44 45 71 82 93 91 80 76 77 91 63 Aug 108 106 110 106 99 104 62 65 46 46 75 81 93 94 84 76 77 86 68 Sept 109 107 110 107 102 110 59 60 47 47 69 70 94 96 84 75 84 88 94 Oct 110 111 111 110 105 115 57 54 43 41 69 65 94 97 89 77 86 90 100 Nov 114 115 115 115 112 115 58 51 40 39 72 62 96 97 91 82 84 94 105 Dec 121 114 121 114 117 111 66 53 45 38 83 65 99 98 95 83 77 92 161 1937 Jan 114 112 115 113 109 105 63 51 45 37 77 63 99 97 91 80 73 93 72 Feb.... 116 117 116 118 115 111 62 54 47 42 75 64 100 99 96 82 76 95 76 Mar..... 118 122 117 122 128 118 56 56 45 47 64 63 101 101 101 83 80 93 90 April.... 118 122 118 125 115 105 53 61 44 51 61 68 102 102 105 84 79 93 89 May 118 122 118 123 116 117 56 68 44 52 66 81 102 102 105 80 80 93 95 June 114 115 114 114 114 117 61 72 42 47 77 92 101 101 103 78 79 93 90 July "114 P112 P115 pill pill P114 pfi8 P75 P45 ,45 P ,102 80 82 94 65 1 " P Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 937-938; for description see BULLETIN for February and March 1927. 2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931. 3 The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pages 950-978 of BULLETIN for December 1936. For current indexes of groups and separate industries see pp. 939-940. Underlying figures are for pay-roll period ending nearest middle of month. 4 For indexes of groups see p. 744. Back figures.—See Annual Report for 1935 (table 75). For department store sales see p. 631 of BULLETIN for August 1936, and for freight-car loadings, see pp. 522-529 of BULLETIN for June 1937.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 937

INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average = 100]

1936 1937 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July

Manufactures—Total 105 109 110 110 Ill 115 121 115 116 117 118 118 114 P115

IRON AND STEEL 112 119 120 119 127 137 143 139 129 126 130 134 119 140 Pig iron . _. . __ 89 90 93 96 98 99 104 107 107 108 109 114 107 121 Steel ingots 115 121 123 121 130 141 147 142 131 128 132 136 121 141

TEXTILES 107 116 119 120 114 121 139 124 126 129 124 123 126 PUO Cotton consumption . 111 125 125 127 119 123 144 129 132 136 130 130 136 125 Wool 103 106 115 108 105 118 140 121 129 128 119 121 119 Consumption 120 125 136 121 109 128 160 126 132 139 128 132 129 P100 1 Machinery activity ... 95 98 101 97 104 118 134 130 137 125 118 120 118 P96 Carpet and rug loom activity*. 66 66 77 89 95 92 94 92 104 101 96 93 94 Silk deliveries 101 108 118 130 121 125 134 118 112 114 120 109 115 97

FOOD PRODUCTS 88 92 91 90 93 98 99 89 87 92 98 83 80 81 Slaughtering and meat packing... 85 92 96 100 105 109 100 87 86 89 93 76 77 70 Hogs 64 72 70 79 94 100 85 65 66 69 75 54 49 44 Cattle. 113 116 128 125 115 115 117 111 108 113 113 99 111 99 Calves 119 130 141 144 129 122 125 130 122 136 130 124 134 129 Sheep 133 135 138 143 152 169 160 175 151 139 142 145 145 139 Wheat flour 94 101 92 77 82 83 87 87 89 89 95 90 93 101 Sugar meltings 89 77 71 70 68 83 115 98 89 108 123 98 69 91 PAPER AND PRINTING: Newsprint production 62 60 61 61 62 67 64 63 62 64 62 62 61 64 Newsprint consumption 137 131 136 140 140 150 141 142 145 144 144 147 145 TRANSPORTATION EQUIPMENT: Automobiles. 118 124 111 107 93 105 122 120 120 121 130 135 130 129 Locomotives 9 9 8 6 5 8 10 8 11 22 30 25 23

r LEATHER AND PRODUCTS 103 114 115 112 112 116 134 136 134 132 131 133 118 P118 Tanning 91 94 95 90 93 104 108 108 106 103 107 109 101 Cattle hide leathers 84 93 97 91 100 111 111 111 108 106 107 111 99 Calf and kip leathers 88 77 70 68 65 79 98 90 92 85 94 '82 81 Goat and kid leathers 113 117 113 109 103 112 111 119 114 115 121 133 128 Boots and shoes . 110 127 129 127 125 124 151 154 152 150 146 148 129 P129 CEMENT AND GLASS: Cement 75 75 77 81 87 91 91 86 85 93 87 78 74 Glass, plate . . 218 220 226 236 242 164 89 77 244 229 241 223 260 206 NONFERROUS METALS: Tin deliveries * 112 128 107 99 105 97 105 125 131 144 138 115 112 100 Zinc 103 104 99 97 101 100 98 80 83 107 110 116 115 112 Lead 69 71 60 60 71 74 80 76 70 75 85 76 70 82 FUELS, MANUFACTURED: Petroleum refining . 181 183 186 189 191 188 191 189 194 190 195 200 202 1 Gasoline 233 236 241 246 249 241 242 236 245 242 249 253 256 Kerosene 98 96 91 90 90 92 102 117 106 108 103 112 114 Fuel oil* .. . 117 117 119 119 124 124 132 135 130 126 123 130 133 Lubricating oil * 108 110 111 111 110 114 116 111 126 120 131 131 129 Coke, byproduct 123 121 126 128 129 130 136 137 136 138 141 143 134

RUBBER TIRES AND TUBES ' 130 124 119 122 118 126 123 123 133 132 133 132 123 J Tires, pneumatic . 135 129 123 125 121 130 128 128 138 137 138 137 128 Inner tubes *_ . . 90 90 92 96 94 92 91 91 99 99 100 94 84

TOBACCO PRODUCTS 147 154 147 157 146 150 183 165 168 153 158 155 150 164 Cigars 70 76 73 75 74 75 83 83 78 83 82 74 73 78 Cigarettes 209 216 208 223 202 209 265 234 242 212 220 221 212 233

Minerals—Total 100 101 99 102 105 112 117 109 115 128 115 116 114 Pill

Bituminous coal 74 79 76 82 86 95 97 83 98 112 72 80 80 Anthracite 72 69 51 58 52 69 73 56 50 81 97 63 74 P48 Petroleum, crude ... _ 146 144 149 146 152 152 161 164 168 173 174 176 172 P173 Iron ore 80 81 87 93 98 110 159 122 121 Zinc 103 104 99 97 101 100 98 80 83 107 110 116 115 112 Lead ._ .. 69 71 60 60 71 74 80 76 70 75 85 76 70 82 Silver 103 101 88 111 119 99 113 99 94 93 103 101 107

i Without seasonal adjustment. P Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, Sep- tember 1933, pp. 584-587, November 1936, p. 911, and March 1937, p. 255. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 938 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. J 923-25 average = 100]

1936 1937 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July

Manufactures—Total 105 105 106 107 110 115 114 113 118 122 125 123 114 pill IRON AND STEEL _ 112 110 118 117 123 127 125 134 135 142 144 146 119 130 Pig iron 88 85 89 93 98 100 102 105 109 114 115 116 105 115 Steel ingots 115 113 121 120 126 130 128 136 138 145 146 149 121 132

TEXTILES 101 107 112 120 117 125 132 130 134 132 127 123 119 P102 Cotton consumption 106 114 112 123 122 128 133 135 141 143 140 134 130 114 Wool 97 99 110 111 111 125 141 123 135 129 117 116 113 Consumption _ 108 111 126 127 120 140 161 130 144 141 124 122 116 P89 Machinery activity 95 98 101 97 104 118 134 130 137 125 118 120 118 Carpet and rug loom activity. 66 66 77 89 95 92 94 92 104 101 96 93 94 P71 Silk deliveries 90 103 123 136 121 129 119 135 120 110 119 108 102 92 FOOD PRODUCTS 87 90 87 90 95 104 101 91 86 91 94 82 78 81 Slaughtering and meat packing 84 87 85 94 104 121 117 100 85 84 83 74 76 67 Hogs 65 64 53 59 80 110 111 87 73 69 67 52 50 39 Cattle 106 115 126 138 134 133 122 112 95 99 99 96 104 98 Calves _. 124 126 130 138 135 124 119 121 114 137 141 140 139 125 Sheep _ 131 135 139 165 167 167 157 176 142 126 133 142 142 139 Wheat flour 83 98 99 91 92 90 84 85 86 83 87 85 82 Sugar meltings 106 94 79 75 65 65 66 64 88 127 143 109 82 111 PAPER AND PRINTING: Newsprint production _ _ 64 59 59 60 62 66 64 64 62 63 63 63 63 Newsprint consumption 135 117 121 137 149 160 145 137 143 149 154 151 144

TRANSPORTATION EQUIPMENT: Automobiles 134 128 82 42 65 127 147 120 120 140 158 163 147 132 Locomotives _ - 9 9 9 6 5 9 11 7 11 22 27 24 22

LEATHER AND PRODUCTS . 99 113 128 130 123 112 114 126 136 136 128 r122 113 ,118 Tanning 90 94 96 95 98 102 105 104 110 103 105 103 100 Cattle hide leathers. _ _ 83 90 95 94 102 109 108 112 116 107 107 105 97 Calf and kip leathers 86 90 85 78 77 75 84 75 85 76 85 •78 79 Goat and kid leathers 113 109 111 114 107 111 120 113 119 117 120 124 128 Boots and shoes 105 125 148 153 140 118 119 140 153 157 143 134 122 CEMENT AND GLASS: Cement 93 91 100 101 99 90 71 52 51 67 85 92 91 Glass, plate - 196 198 226 236 242 164 89 77 244 241 265 234 234 186

NONFERROUS METALS: Tin deliveries 112 128 107 99 105 97 105 125 131 144 138 115 112 100 Zinc 98 97 92 93 98 100 100 85 89 113 114 117 111 104 Lead 70 68 58 57 73 77 81 77 72 77 84 75 72 79 FUELS, MANUFACTURED: Petroleum refining _ _ _ _ 181 182 186 189 192 189 192 189 194 190 195 r200 201 Gasoline 233 236 241 246 249 241 242 236 245 242 249 253 256 Kerosene 91 90 86 92 95 100 111 119 108 104 102 108 106 Fuel oil 117 117 119 119 124 124 132 135 130 126 123 130 133 Lubricating oil 108 110 111 111 110 114 116 111 126 120 131 131 129 Coke, byproduct 121 118 122 125 129 133 138 138 140 142 142 142 132 RUBBER TIRES AND TUBES 130 124 119 122 118 126 123 123 133 132 133 132 123 Tires, pneumatic 135 129 123 125 121 130 128 128 138 137 138 137 128 Inner tubes 90 90 92 96 94 92 91 91 99 99 100 94 84 TOBACCO PRODUCTS _ _ ._- 161 167 158 173 157 153 149 156 153 146 145 157 164 178 Cigars 76 80 76 86 91 90 62 64 67 76 77 76 80 82 Cigarettes 230 238 225 245 212 207 217 230 220 201 200 224 234 256

Minerals—Total 101 102 104 110 115 115 111 105 111 118 105 117 117 Bituminous coal 66 72 75 87 94 106 103 93 103 112 61 70 72 v~l Anthracite 62 57 51 58 67 71 72 61 54 67 101 63 65 ^39 Petroleum, crude - _ 149 147 152 150 153 150 156 158 165 171 174 177 175 ?177 Iron ore 157 164 177 178 167 93 238 240 245 Zinc 98 97 92 93 98 100 100 85 89 113 114 117 111 104 Lead . 70 68 58 57 73 77 81 77 72 77 84 75 79 Silver 101 85 88 106 118 106 114 100 102 102 104 98 105

•p Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, 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, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEl'TEllliER 1937 FEDERAL RESERVE BULLETIN 939

FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100]

1936 1937 Industry and group June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July

Total 90.4 92.8 93.4 93.8 94.4 98.6 99.7 100.9 101.6 102.2 101.4 103.3 Durable goods 83.8 85.6 85.7 86.6 88.2 92.7 92.4 93.9 96.3 97.4 98.4 97. 8 100. 4 Nondurable goods.. 97.6 100.4 101.8 101.6 101.2 102. 9 104.9 105.4 105.8 105. 9 106.2 106. 2 105. 3 106. 5 IRON, STEEL PRODUCTS 90.8 93.5 95.3 96.8 98.4 99.6 101.0 102.3 103.7 106.4 108.0 108.7 100. 7 108.3 Blast furnaces, steel works.. 99 103 106 108 109 109 110 113 112 116 118 120 106 120 Bolts, nuts, washers, rivets. 75 76 76 77 79 81 84 87 90 93 94 82 88 Cast-iron pipe 62 64 64 65 66 67 68 71 72 72 69 68 Cutlery, edge tools 76 78 79 80 82 84 87 87 87 87 89 86 90 Forgings___i 59 62 60 60 61 64 68 70 73 73 78 77 Hardware 77 79 72 75 84 91 95 96 99 96 96 Plumbers' supplies 84 82 85 85 85 86 90 94 90 95 97 91 89 Steam, hot-water heating-.. 65 69 69 71 70 71 72 76 78 80 82 82 80 81 Stoves 103 103 107 104 107 107 111 114 117 116 113 113 11.8 110 Structural, ornamental 67 70 72 73 73 73 70 73 75 76 78 77 78 79 Tin cans, tinware 99 98 101 101 100 98 97 103 105 104 105 107 107 109 Tools 80 81 86 86 89 93 95 98 99 101 101 103 102 103 "Wirework 148 146 143 149 164 175 188 179 176 187 186 183 181 176 MACHINERY 103.9 105.3 105.3 106.8 108.4 110.4 114.0 116.0 118.9 121.1 123.7 125.6 129.4 131.1 Agricultural implements 126 117 101 96 102 95 103 109 113 125 130 136 143 145 Cash registers, etc 112 114 100 116 119 120 121 123 127 131 131 134 136 137 Electrical machinery 90 92 92 97 100 103 106 104 109 111 115 118 120 121 Engines, turbines, etc 124 119 115 115 117 122 125 128 134 137 140 147 146 150 Foundry, machine-shop products. 90 92 93 95 96 97 100 102 104 106 108 110 113 114 Machine tools 116 120 119 123 125 127 129 136 136 141 147 150 153 154 Radios, phonographs 209 210 209 186 176 171 188 201 196 190 189 155 190 212 Textile machinery 70 71 73 75 75 75 76 79 81 83 85 87 87 87 Typewriters 87 102 114 120 132 135 139 145 148 153 154 154 159 156 TRANSPORTATION EQUIPMENT... 102.2 105.1 100.9 100.8 105.0 112.3 118.7 110.2 113.0 117.3 118.6 122.2 122.6 126.2 Aircraft 564 603 613 631 645 646 698 740 772 783 798 807 794 784 Automobiles 112 116 109 109 113 123 133 120 123 127 128 133 134 139 Cars, electric, steam railroad- 53 52 56 56 61 64 62 62 66 71 70 71 70 71 Locomotives 34 36 35 38 41 42 44 49 54 54 55 55 57 60 Shipbuilding 101 102 102 102 95 100 106 106 104 104 102 RAILROAD REPAIR SHOPS.. 58.2 57.4 58.7 59.1 60.1 60.6 61.7 62.3 61.9 62.2 62.4 62.4 63. 7 Electric railroad 62 62 62 62 63 63 63 63 63 64 64 63 63 64 Steam railroad 58 57 58 59 60 60 62 62 62 62 62 62 64 65 NONFERROUS METALS, PRODUCTS. 97.8 101.1 102.5 105.2 106.7 110.7 109.6 111.7 113.2 114.3 115.4 115.0 115.4 Aluminum 109 116 116 112 115 118 118 121 121 119 121 123 132 138 Brass, bronze, copper 100 102 106 109 110 111 115 120 122 122 126 124 123 121 Clocks, watches 106 107 113 112 114 115 117 120 120 122 124 125 124 116 Jewelry 78 84 88 87 91 91 90 90 90 95 95 101 Lighting equipment 76 75 79 84 94 99 75 104 100 100 96 93 Silverware, plated ware 61 59 66 67 70 70 71 72 73 73 74 73 73 82 Smelting, refining 78 79 78 79 78 78 80 80 79 81 85 88 89 94 Stamped, enameled ware 139 136 141 143 153 154 166 163 159 161 158 160 1,59 156 LUMBER PRODUCTS 64.2 65.6 65.1 65.8 66.2 66.2 67.9 68.1 71.4 71.4 71.7 72.3 72. 7 Furniture 76 79 81 82 81 84 86 87 88 90 91 92 90 Lumber, millwork.. 49 48 51 52 53 54 55 57 57 58 58 56 50 56 Lumber, sawmills.. 50 51 49 50 50 49 51 50 54 53 50 54 54 56 STONE, CLAY, GLASS PRODUCTS.. 63.0 65.7 66.4 66.1 67.2 66.3 69.0 72.6 72.6 71.8 71.3 70.4 70.3 Brick, tile, terra cotta 45 47 47 47 47 48 51 54 55 54 54 52 50 ol Cement 54 55 59 61 64 65 68 68 70 66 62 62 61 Glass 96 101 102 99 103 96 101 109 109 108 110 109 110 Marble, granite, slate 41 42 43 42 42 42 42 43 43 43 43 44 42 42 Pottery 73 76 74 77 76 75 76 77 77 78 78 79 82 79 TEXTILES, PRODUCTS 98.1 102.6 104.9 102.6 101.7 104.4 106.8 108.3 107.3 107.0 107.9 107. 6 105. 4 106. 4 A. Fabrics 91.8 95.5 98.1 96.8 95.5 97.3 100.1 101. 7 100.7 101.1 103. 8 103. 2 101.3 102. 0 Carpets, rugs 83 83 85 92 92 93 99 101 101 99 101 102 102 99 Cotton goods 90 95 99 97 98 99 101 102 103 105 106 104 105 Cotton small wares 94 96 101 101 104 106 107 102 102 103 96 100 103 Dyeing, finishing textiles. 116 117 117 114 115 117 121 120 117 116 119 119 114 118 Hats, fur-felt 93 91 85 81 82 87 89 90 89 88 86 84 90 86 Knit goods 112 118 121 121 117 116 119 123 123 122 122 121 118 122 Silk, rayon goods 78 79 81 78 79 79 79 81 79 80 85 86 84 Woolen, worsted goods.... 80 83 81 77 78 84 92 93 85 88 94 87 84 B. Wearin g apparel 110.3 116.6 117.0 113.6 113.4 118.4 119 8 120.9 119.8 117.9 115.0 115.3 112.0 114.0 Clothi rig, men's 107 109 106 104 105 111 115 114 111 110 113 116 109 109 Clothing, women's 144 159 167 157 155 163 160 159 161 156 146 144 142 148 Corsets, allied garments._. 86 87 88 88 89 91 92 93 91 90 88 89 90 91 Men's furnishings 130 141 138 133 130 134 135 140 141 141 140 138 141 148 Millinery 54 60 60 57 55 53 51 57 57 58 54 53 54 51 Shirts, collars 111 115 118 116 117 119 124 132 129 129 124 119 118 121

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 940 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average = 100]

1936 1937 Industry and group June July Aug. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July

LEATHER PRODUCTS 89.0 90.3 90.9 91.4 92.0 94.9 98.8 99.1 98.1 97.4 96.5 96.0 96.1 95.6 Boots, shoes 89 91 91 91 92 95 100 101 100 99 97 96 97 97 Leather 94 94 96 98 97 97 97 100 100 95 FOOD PRODUCTS 110.3 112.4 113.2 113.3 112.7 113.4 115.0 114.8 116.7 117.0 116.1 114.8 114.7 119. 0- Baking 127 129 129 129 131 132 132 133 135 136 134 135 135 136 Beverages 183 196 195 196 187 197 197 203 202 205 199 203 206 209 Butter 86 86 85 82 82 82 84 86 88 88 86 88 90 91 Canning, preserving 147 140 141 148 146 135 147 148 157 152 154 144 143 166 Confectionery 77 78 82 78 76 80 81 83 81 80 79 78 77 81 Flour 74 77 76 74 74 73 74 75 75 75 77 76 75 78 Ice cream 72 72 70 72 69 70 72 71 73 73 73 76 77 76 Slaughtering, meat packing 86 92 92 92 91 96 95 93 91 93 91 90 89 91 Sugar, beet 88 92 109 111 118 114 93 44 89 95 98 90 90 90 Sugar refining, cane 80 78 79 76 74 67 70 64 78 77 84 78 75 79 TOBACCO MANUFACTURES 60.3 61.2 61.9 61.7 61.1 62.4 62.0 62.0 61.8 61.7 61.1 61.2 60.2 61.3, Tobacco, snuff 56 56 66 56 57 57 56 56 57 56 56 56 58 57 Cigars, cigarettes 61 62 62 63 63 62 62 62 62 61 62 PAPER, PRINTING 100.0 101.1 102.7 103 1 103 6 104.0 104.0 105.5 107.4 107.5 108.0 108.2 106. 8, Boxes, paper 94 95 97 99 100 100 103 103 104 106 106 106 106 104 Paper, pulp 109 108 109 110 111 112 113 114 116 118 119 120 121 119 Book, job printing 90 91 93 94 94 95 94 94 96 98 97 98 98 96 Newspaper, periodical printing.. 103 101 102 105 105 104 104 103 104 105 105 106 106 104 CHEMICALS, PETROLEUM PRODUCTS. 113.2 115.7 115.4 118.5 117.9 118.1 118.6 120. 121.6 122.5 124.4 126.0 127.5 127.8, A. O ther than petroleum 112.2 114.6 114.9 118.1 117.4 117.4 118.3 120.9 121.8 122.7 124.8 126.1 128.0 128. 3, Chemicals 117 121 122 126 129 129 129 133 133 135 136 138 137 138 Cottonseed oil, cake, meal 62 61 53 78 71 77 75 85 80 67 77 77 72 63 Druggists' preparations 105 105 102 101 100 102 105 105 109 111 113 112 114 111 Explosives 84 88 89 91 90 93 91 94 92 90 95 93 97 97 Fertilizers 86 87 87 86 85 80 87 87 86 88 94 98 110 104 Paints, varnishes 124 126 127 129 129 127 130 131 133 135 136 134 134 136 Rayon, allied products 350 358 360 360 354 357 355 364 363 370 378 392 408 416 Soap 97 95 103 106 103 100 100 102 110 111 107 103 103 105 B. Petroleum refining 117 120 117 120 119 121 120 120 121 122 123 125 125 126 RUBBER PRODUCTS 88.8 91.4 93.9 95.8 99.4 102.2 102.3 101. 96.0 95.8 101.7 100.0 Rubber boots, shoes 73 78 75 75 75 74 76 75 73 82 82 81 76 85 Rubber goods, other 123 124 124 126 130 133 138 140 140 142 144 145 144 139 Rubber tires, inner tubes 79 82 87 89 92 95 94 80 79 87

r Revised. NOTE.—Figures for July 1937 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 and page- 259 of the BULLETIN for March 1937. Underlying figures are for pay-roll period ending nearest middle of month.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 941

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]

Factory employment Factory pay rolls

Industry and group 1836 1937 1936 1937

June Julv Mar. Apr. May June July June July Mar. Apr. May June July

Total 90.1 91.2 101.1 102.1 102.3 101.1 101.7 81.1 80.2 101.1 104.9 105.2 102.9 101.2 Durable goods 84.7 84.6 96.4 98.6 99.9 98.8 99.2 79.0 75.9 100.0 106.4 107. 5 104.6 101.9 Nondurable goods. 95.9 98.2 106.1 105.9 104.8 103.5 104.3 83.9 85.6 102.6 102.9 102.3 100.8 100.2 IKON, STEEL PRODUCTS... 91.4 93.0 106. 8 108.9 110.1 101.4 107.6 84.6 81.8 112.6 124.5 124.7 110.4 114.2 j Blast furnaces, steel works.. 100 103 117 120 122 106 120 95 93 127 146 146 123 133 Bolts, nuts, washers, rivets. 75 76 90 93 94 82 88 75 74 108 116 113 93 94 Cast-iron pipe 64 66 69 71 72 71 70 46 46 56 62 62 60 54 Cutlery, edge tools 76 73 89 90 89 86 85 67 61 84 86 87 86 79 Forgings 59 59 73 74 74 73 72 48 46 72 76 74 72 64 Hardware 77 77 100 100 97 93 78 72 117 114 117 97 108 Plumbers' supplies 85 85 96 95 93 93 63 56 80 78 77 76 72 Steam, hot-water heating... 65 66 80 82 82 80 77 55 54 79 85 83 76 71 Stoves - 104 101 113 115 117 119 108 87 77 102 106 107 106 85 Structural, ornamental 68 71 74 76 77 79 81 60 61 72 79 79 82 82 Tin cans, tinware 101 102 100 102 105 109 114 98 98 104 108 112 117 121 Tools 80 81 102 102 103 102 102 80 76 111 116 114 115 108 Wirework 148 146 187 186 183 181 176 134 122 180 184 189 189 172 MACHINERY 103.6 104. 0 121.2 124.3 126.1 129.2 129.5 95.8 92.8 125.5 133.9 134.9 137.2 133.1 Agricultural implements 124 110 132 138 140 141 136 131 108 162 180 184 183 165 Cash registers, etc 112 114 131 131 134 136 137 107 106 140 148 149 147 146 Electrical machinery 90 92 111 115 118 120 121 83 83 112 121 124 126 124 Engines, turbines, etc 127 120 140 144 149 150 151 112 103 139 153 157 156 154 Foundry, machine-shop products- 90 91 107 110 112 113 112 84 81 112 119 119 120 115 Machine tools 116 118 143 147 150 153 153 110 108 153 159 162 165 159 Radios, phonographs. 200 194 163 158 140 182 195 155 143 127 127 109 156 166 Textile machinery 70 71 85 87 88 87 86 62 63 90 96 95 94 89 Typewriters 84 99 153 154 154 154 152 90 153 157 155 151 146 TRANSPORTATION EQUIPMENT— 105.3 101.9 121.0 125. 4 128. 3 126. 4 122.5 92.6 123. 6 128.6 134.1 127.8 125.5 Aircraft 593 621 791 814 823 834 808 509 496 703 739 739 751 688 Automobiles 116 111 132 136 140 138 134 107 100 132 136 144 135 134 Cars, electric, steam railroad- 57 54 70 75 78 77 74 54 51 79 89 90 91 86 Locomotives 35 37 54 57 59 60 63 22 24 41 45 47 51 51 Shipbuilding 99 107 109 107 103 100 98 116 123 119 115 110 RAILROAD REPAIR SHOPS. 58.5 56.9 62.2 63. 3 63.6 64.0 64.2 56.0 65.8 67. 4 67.1 68.7 63. 4 Electric railroad 62 62 64 64 63 63 64 62 62 68 66 67 67 Steam railroad 58 62 63 64 64 64 60 69 63 57 56 68 67 XONFERROUS METALS, PRODUCTS.. 95.5 94.5 114.6 115.5 115.5 113.9 111.5 79.9 77.4 111.8 114.2 113. 1 111. 5 105.4 Aluminum. 107 111 124 124 126 130 132 94 96 130 131 135 136 135 Brass, bronze, copper 100 100 124 128 126 122 119 84 83 128 133 127 125 116 Clocks, watches 104 103 122 123 123 122 112 92 94 120 122 122 119 111 Jewelry 73 76 89 88 89 89 91 52 51 69 68 69 70 69 Lighting equipment 76 73 104 101 100 96 90 69 63 109 107 102 95 87 Silverware, plated ware 62 54 74 74 74 74 74 46 39 68 70 69 67 Smelting, refining 78 78 81 85 88 89 92 63 62 75 85 85 86 Stamped, enameled ware 139 135 165 162 163 159 155 125 116 163 164 166 162 149 LUMBER PRODUCTS 64.8 65. 6 69.8 70.6 71.6 72.9 72.7 55.8 54.5 64.6 68.3 68.2 72.3 67.2 Furniture 74 77 87 87 89 87 59 60 79 77 79 73 Lumber, millwork. 50 50 57 58 57 58 57 44 42 53 56 55 58 55 Lumber, sawmills- 52 52 52 53 55 56 56 45 43 48 52 53 57 53 STONE, CLAY, GLASS PRODUCTS,. 66.4 67.0 70.3 73.0 74.4 74.0 71.6 55.8 55.3 66.1 71.1 72.0 71.4 66.2 Brick, tile, terra cotta 49 50 49 53 55 55 54 39 39 43 49 49 49 46 Cement 62 63 64 67 69 70 69 56 58 63 69 71 75 72 Glass 99 99 110 111 112 112 108 91 88 115 120 119 119 109 Marble, granite, slate 43 45 40 43 45 44 45 37 37 34 39 41 38 39 Pottery 71 70 81 82 82 80 72 52 50 74 72 75 70 59 TEXTILES, PRODUCTS 96.2 96.3 111.2 109.9 107.3 103.4 100.2 76.8 77.3 103.2 100.2 96.2 91.3 85.7 A. Fabrics 90.3 91.7 103. 8 103.7 102.2 99.7 98.0 75.2 77.1 97.5 100.3 98.0 93.8 Carpets, rugs 83 83 102 103 102 102 99 66 68 103 102 101 100 Cotton goods 89 92 105 106 106 103 102 76 79 101 108 107 101 97 Cotton small wares 91 91 109 108 98 97 96 82 82 109 108 96 92 91 Dyeing, finishing textiles. 111 109 123 123 119 110 111 88 89 113 115 106 96 95 Hats, fur-felt 87 88 91 88 83 84 83 75 79 90 66 69 74 81 Knit goods 112 112 124 123 122 118 116 104 104 127 128 125 119 112 Silk, rayon goods 72 75 83 82 79 79 80 56 60 71 71 68 68 68 Woolen, worsted goods.__ 79 80 90 89 88 86 81 62 63 79 83 81 79 72 B. Wearing apparel 107. 6 104. 6 125. 5 121.8 116.5 109. 3 102.7 76.6 74.3 110.4 95.7 88.9 82.5 74.7 Clothing, men's.. 104 107 116 115 112 107 107 79 81 106 96 90 87 86 Clothing, women's 140 129 170 162 153 137 119 86 81 138 113 106 92 74 Corsets, allied garments.. 86 85 93 92 91 90 88 82 77 98 96 92 85 79 Men's furnishings 126 124 148 147 142 137 130 97 91 123 116 106 104 97 Millinery 51 44 67 61 56 51 38 35 65 49 39 37 24 Shirts, collars 111 110 130 127 120 118 115 95 122 115 102 102 97

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 942 FEDERAL RESERVE BULLETIX SEPTEMBER 1937

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT)—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]

Factory employment Factory pay rolls

Industry and group 1936 1937 1936 1937

June July Mar. Apr. May June July June July Mar. Apr. May June July

LEATHER PRODUCTS 86.8 91.4 100.8 98.3 95.1 93.8 96.7 64.6 74.2 92.4 87.7 81.6 80.7 86.1 Boots, shoes 86 92 103 99 95 94 99 58 70 89 82 74 73 82 Leather 93 94 99 100 99 98 95 SO 90 107 111 110 108 104 FOOD PRODUCTS 107 9 116.9 105. 7 107.7 107.9 112.6 124.4 98.9 107 0 104.1 108.2 111.6 115 8 127.9 Baking 128 129 134 133 135 137 137 115 116 124 123 130 134 135 Beverages 199 220 193 197 207 224 234 221 266 211 220 237 261 284 Butter 91 92 82 84 89 96 97 71 72 64 66 71 77 78 Canning, preserving 126 174 90 111 100 123 205 103 138 90 113 109 124 240 Confectionery 69 67 79 74 71 69 69 60 56 76 71 69 68 64 Flour 72 78 74 74 74 74 78 67 76 70 72 73 74 80 Ice cream 84 88 65 69 82 91 93 73 80 59 64 76 82 85 Slaughtering, meat packing 86 91 91 88 89 89 90 81 87 92 99 99 99 100 Sugar, beet 49 53 39 44 47 49 52 50 53 45 50 51 55 56 Sugar refining, cane 80 80 76 84 78 75 81 67 69 81 81 72 68 80 TOBACCO MANUFACTURES 60.2 60.6 60.8 60.2 59.9 60.1 60.6 50.1 51.0 52.4 52.3 53.6 55.7 55.9 Tobacco, snuff 55 55 57 56 56 56 55 56 58 66 66 66 69 67 Cigars, cigarettes 61 61 61 61 60 61 61 49 50 51 51 52 54 55

PAPER, PRINTING 98.8 98.5 107.1 107.2 107.7 106.9 105.5 89.2 86.6 104.1 104.8 105.9 104.9 101.2 Boxes, paper 91 92 104 104 104 103 102 86 86 107 108 106 1C4 100 Paper, pulp 109 108 118 119 120 121 119 95 93 117 120 122 124 119 Book, job printing 88 89 98 97 97 95 94 78 77 94 93 95 91 89 Newspaper, periodical printing 103 100 106 106 106 105 103 97 92 103 104 105 104 100

CHEMICALS, PETROLEUM PRODUCTS... 110.3 112.7 124.9 126.6 124.5 123.9 124.4 105.4 106.4 128.1 136.4 136.7 137. 4 136.3 A. Other than petroleum 108.5 110.5 126.0 127. 7 124.6 123.4 123.7 103.3 103. 8 128.8 136.2 136.2 135.7 134.3 Chemicals 119 123 134 136 138 139 140 113 115 140 151 153 154 153 Cottonseed oil, cake, meal 38 41 69 59 48 44 42 29 33 59 50 42 39 36 Druggists' preparations 100 100 112 112 108 109 105 99 101 121 120 118 121 112 Explosives 83 86 90 92 91 95 95 84 84 98 108 103 103 103 Fertilizers 59 59 136 152 105 76 70 55 52 128 151 116 79 76 Paints, varnishes 129 126 135 138 140 139 137 121 114 133 142 145 143 139 Rayon, allied products 336 347 373 378 384 391 403 277 288 350 365 382 392 394 Soap 96 93 111 108 103 103 103 95 92 123 116 114 115 115 B. Petroleum refining 118 122 121 122 124 126 127 112 115 126 137 138 143 143 RUBBER PRODUCTS 89.8 90.8 96.7 96.7 103.6 101.2 98.9 89.0 87.1 99.8 100.3 109.2 103.8 99.1 Rubber boots, shoes 69 72 80 76 76 73 78 57 55 72 68 73 70 74 Rubber goods, other 122 121 144 147 147 142 136 111 106 146 151 154 145 132 Rubber tires, inner tubes 83 84 81 81 94 93 90 90 89 90 91 103 98 94

NOTE.—Figures for July 1937 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for pay-roll period ending nearest middle of month.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 943

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION

i Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]

Public works Total Residential Factories Commercial and public Educational All other Month utilities

1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937

January 214.8 242.8 37.4 78.4 9 0 37.0 15 5 21.6 86 9 68.5 39 5 19 6 26. 5 17 8 February . . __ 140.4 188.3 31.2 63.0 13.4 12.6 12.6 22.3 46.6 59.6 21.1 11.3 15.5 19.4 March 198.8 231. 2 55.2 90.2 18.4 22.2 17.3 30.0 62.3 52.5 19.0 10.0 26.6 26.4 April 234.6 269.7 67.2 108.0 25.5 30.1 24.3 28.5 73.4 65.7 23.2 14.0 21.1 23 4 May 216.1 244.1 70.3 83.9 12.9 18.5 18.8 25.7 63.6 66.7 20.7 22.2 29.8 27.0 June 232.7 r317.8 73.6 93.1 10.2 36.8 21.9 24.5 80.0 99.9 18.3 37.4 28.7 '26.1 July 294.7 321.6 72.0 81.0 19.1 58.5 28.6 29.1 126.6 102.5 23.3 15.8 25.1 34.7 August 275 3 100 5 15 0 22 0 94 4 12 3 31 1 September 234.3 80.7 18.8 20.1 84.5 9.2 21.0 October 225.8 79 7 18 4 22 0 67 0 13 4 25 3 November 208.2 68.4 14.1 23.0 73 9 13.1 15.7 December 199.7 65.5 23.1 23.2 61.3 13.0 13.6

Year 2 675 3 801 6 198.0 249 1 920 4 226.1 280 0

r Revised. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]

Total Publicly financed1 Privately financed1 Month 1932 1933 1934 1935 1936 1937 1932 1933 1934 1935 1936 1937 1932 1933 1934 1935 1936 1937

January 85 83 186 100 215 243 39 39 157 56 149 112 45 44 29 45 66 130 February 89 53 97 75 140 188 34 27 65 38 79 69 55 26 31 37 62 119 March _ __ 112 60 178 123 199 231 45 25 126 68 96 66 67 35 52 55 103 165 April 122 57 131 124 235 270 61 18 78 53 105 74 61 39 53 71 130 195 May. - - 146 77 134 127 216 244 93 24 72 47 94 93 54 53 63 80 122 152 June 113 102 127 148 233 318 64 29 73 64 116 137 49 74 54 84 116 180 July . 129 83 120 159 295 322 85 20 52 67 153 131 44 63 67 93 141 191 August 134 106 120 169 275 81 47 69 92 153 53 59 51 76 122 September 128 120 110 167 234 80 71 69 97 116 47 49 41 70 119 October 107 145 135 201 226 61 100 79 114 101 46 45 57 87 125 November 105 162 112 188 208 73 126 74 118 89 32 36 38 70 119 December 81 207 93 264 200 52 156 61 196 82 29 51 32 68 117 Year 1,351 1, 256 1,543 1,845 2,675 768 683 975 1,007 1,334 583 573 568 837 1,341

i Data for years prior to 1932 not available. r Revised.

CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1937 1936

Federal Reserve district Federal Reserve 1937 1936 1937 1936 July July district July June July July June July Boston 15, 922 20,226 20, 283 New York 77. 488 70, 513 61, 726 Philadelphia 12,093 16, 538 17,764 Boston 52 66 71 1,201 889 750 Cleveland 54,777 34,923 28,040 New York._ 194 203 202 2,195 2,270 4,228 Richmond 27. 636 39, 994 21, 492 Philadelphia 33 34 38 645 770 472 Atlanta 33, 983 21, 299 33,312 Cleveland __ 47 49 53 700 731 580 Chicago 52, 686 55,492 49, 207 Richmond. _ _ 27 37 40 180 442 703 St. Louis 17,054 18,310 26,144 Atlanta _ _ 25 21 24 310 279 237 Minneapolis 8, 761 13, 559 11,783 Chicago 99 90 72 1,206 1,458 824 Kansas City 10, 331 15,279 13,082 St. Louis 17 22 24 133 249 205 Dallas 10,871 11,959 11,902 Minneapolis 7 21 21 86 207 126 Kansas City. 23 38 25 255 297 185 Total (11 districts) 321, 603 318,092 294,735 Dallas 16 17 12 87 105 63 San Francisco 78 72 57 768 494 1,531 Total 618 670 639 7,766 8,191 9, 904

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 944 FEDERAL RESERVE BULLETIN" SEPTEMBER 1937

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars]

Merchandise exports l Merchandise imports * Excess of exports Month 3933 1934 1935 1936 1937 1933 1934 1935 1936 1937 1933 1934 1935 1936 1937

January 121 172 176 199 222 96 136 167 187 240 25 37 9 11 -18 February _. 102 163 163 182 233 84 133 152 193 278 18 30 11 -11 -45 March 108 191 185 195 257 95 158 177 199 307 13 33 8 -4 -51

April . 105 179 164 193 269 88 147 171 203 287 17 33 —6 -10 -18 May 114 160 165 201 290 107 155 171 192 285 7 6 —5 9 5 June 120 171 170 186 P265 122 136 157 191 P286 -2 34 13 -5 P-21

July 144 162 173 180 143 127 177 195 1 34 —3 —15 August __ 131 172 172 179 155 120 169 193 -23 52 3 -14 September 160 191 199 221 147 132 162 216 13 60 37 5

October 193 206 221 265 151 130 189 213 42 77 32 52 November 184 195 270 226 129 151 169 196 56 44 100 30 December... _ 193 171 223 230 134 132 187 245 59 38 37 -15

Year 1,875 2,133 2,283 2,456 1,450 1,655 2,047 2,422 225 478 235 34

p Preliminary. 1 rncludme both domestic and foreign merchandise. 2 General Imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source: Bureau of Foreign and Domestic Commerce. Back figures.—See BULLETIN for January 1931, p. 18, and for July 1933 p 431.

FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100]

1936 1937 Index of stocks (end of ][ndex of sales * month) July Mar. Apr. May June July Adjusted Without Adjusted Without Month for seasonal seasonal for seasonal seasonal Adjusted for seasonal variation variation adjustment variation adjustment

Total 76 83 84 80 78 80 1936 1937 1936 1937 1936 1937 1936 1937 Coal 77 87 81 77 76 76 Coke- 87 92 102 88 89 104 Grain and grain products. _ 85 68 70 64 74 81 January 81 93 63 72 66 74 58 66 Livestock _ 47 42 43 44 41 37 February 83 95 66 76 66 76 62 72 Forest products 47 51 49 53 52 57 March 84 93 77 90 65 76 67 78 Ore _ 73 114 249 133 113 107 Miscellaneous. _ 82 94 91 90 87 88 l April __. 84 . 93 85 89 65 76 68 79 Merchandise 66 69 69 69 67 68 May — 87 93 89 95 66 76 67 78 June 87 93 84 90 64 75 62 73 Without seasonal adjustment July _ 91 94 63 65 64 74 59 69 August 86 68 67 65 ft$ptQTpt)QT 88 94 68 71 Total - 77 80 79 80 79 82 Coal 65 92 68 66 65 64 October 90 100 69 76 Coke 73 96 86 85 82 88 Nnvftmher 94 105 71 80 Grain and grain products _ _ 117 62 63 58 72 111 December 92 161 71 67 Livestock _ 41 34 39 39 33 32 Forest products 47 52 51 55 55 57 Year 88 67 Ore . 139 29 102 187 192 203 Miscellaneous 84 90 94 93 90 90 1 Merchandise __. _ 66 69 70 69 68 67 * Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March 1 In less-than-carload lots. and April for the effects upon sales of changes in the date of Easter. NOTE.—For description and back data see pages 522-529 of BULLETIN for June 1937. Based on daily average loadings. Basic data compiled Back figures.—Department store sales, see p. 631 of BULLETIN for by Association of American Railroads. Total index compiled by com- August 1936; department store stocks, see pp. 254-255 of BULLETIN for bining indexes for classes with weights derived from revenue data of April 1935. the Interstate Commerce Commission.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 945

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100]

Other commodities All com- Farm Year, month, or week prod- Foods modi- Hides and Fuel and Metals Chemi- House- ties ucts leather Textile Building Miscel- Total products lighting and metal materials cals and furnish- products materials products drugs ing goods laneous

1929 95.3 104.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 _._. 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 _.. 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.6 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 80.5 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.6 76.2 87.0 86.7 80.4 81.7 70.5

1936-June 79.2 78.1 79.9 78.8 93.8 69.7 76.1 86.2 85.8 78.0 81.4 69.7 July 80.5 81.3 81.4 79.5 93.4 70.fi 76.2 86.9 86.7 79.4 81.2 71.0 August 81.6 83.8 83.1 79.7 93.6 70.9 76.3 87.1 86.9 79.8 81.4 71.5 September 81.6 84.0 83.3 79.6 94.6 70.9 76.1 86.8 87.1 81.7 81.7 71.3 Octobers- 81.5 84.0 82.6 80.1 95.6 71.6 76.8 86.9 87.3 82.2 82.0 71.5 November. 82.4 85.1 83.9 81.0 97.0 73.5 76.8 87.9 87.7 82.5 82.3 73.4 December. 84.2 88.5 85.5 82.2 99.7 76.3 76.5 89.6 89.5 85.3 83.2 74.5 1937—January.— 85.9 91.3 87.1 83.4 101.7 77.5 76.6 90.9 91.3 87.7 86.5 78.2 February. _ 86.3 91.4 87 0 84.1 102.7 77.5 76.8 91.7 93.3 87.8 87.9 773 March 87.8 94.1 87.5 85.5 104.2 78.3 76.2 96.0 95.9 87.5 88.4 79.5 April 88.0 92.2 85.5 86.5 106. 3 79.5 76.8 96.5 96.7 86.9 89.0 81.1 May 87.4 89.8 84.2 86.3 106.7 78.7 77.2 95.8 97.2 84.5 89.3 80.5 June 87.2 88.5 84.7 86.1 106. 4 78.2 77.5 95.9 96.9 83.6 89.5 79.4 July 87.9 89.3 86.2 86.3 106.7 78.3 78.1 96.1 83.9 89.7 79.0 Week ending- Apr. 10__ 87.9 93.5 86.1 86.3 106.8 78.6 77.1 87.0 90.3 80.1 Apr. 17._ 87.6 92.4 85.3 86.5 107.2 78.7 77.5 95.8 86.6 90.3 81.0 Apr. 24.. 87.5 92.7 85.0 86.2 106.7 78.6 77.6 95.1 85.6 90.4 80.9 May 1—. 87.4 91.5 85.2 56.3 106.8 78.6 77.9 95.1 85.2 90.8 80.6 May 8... 87.3 91.0 84.7 86.3 107.7 78.3 78.2 94.8 84.4 90.8 80.4 May 15_. 86.9 89.3 84.2 86.3 107.6 78.2 78.2 95.0 96.9 83.9 90.8 80.4 May 22.. 87.4 91.2 85.1 86.3 107.1 78.1 78.2 95.0 96.9 83.5 90.8 80.5 May 29.. 87.4 91.0 84.9 86.3 107.0 77.9 78.2 95.1 97.2 83.6 90.9 80.2 June 5-._ 87.1 89.3 84.8 86.2 107.6 77.6 78.2 95.1 97.0 83.3 91.0 80.0 June 12. _ 86.7 88.0 84.5 86.0 107.6 77.4 78.1 95.1 97.0 83.4 91.0 79.4 June 19— 86.5 87.4 84.0 85.9 107.2 77.3 78.1 95.1 97.0 83.5 91.0 79.2 June 26— 86.7 88.4 84.4 85.9 106.8 77.4 78.2 95.1 96.9 83.0 91.0 78.6 July 3—. 87.2 89.7 85.3 85.9 106.6 77.4 78.1 95.1 96.9 83.1 91.0 78.8 July 10.. 87.7 90.5 86.8 86.1 106.4 77.9 78.3 95.3 96.9 83.0 91.3 78.9 July 17- 87.8 91.1 86.1 86.2 107.6 77.7 78.4 95.3 83.4 91.6 79.2 July 24.. 87.5 88.4 86.0 86.3 107.6 77.9 78.6 95.4 83.8 91.6 79.2 July 31.. 87.5 87.7 86.5 86.2 108.4 77.6 78.8 95.4 96.7 83.6 92.7 78.2 Aug. 7— 87.4 86.9 86.3 86.0 109.1 77.4 78.9 95.4 96.7 82.4 92.8 77.4 Aug. 14.. 87.5 87.5 86.5 86.0 108.6 76.9 78.9 95.5 96.7 82.0 92.7 77.4

1936 1936 1937 Subgroups Subgroups July Apr. May June July July Apr. May June July

FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 119.2 113.9 105.7 105.2 Agricultural implements 94.2 92.1 93.8 94.1 94.2 Livestock and poultry 82.0 93.6 95.9 98.3 105.0 Iron and steel 87.6 99.6 99.6 99.7 99.8 O ther farm products 78.2 83.4 79.0 77.4 75.1 Motor vehicles 92.9 93.7 93.7 93.7 93.7 FOODS: Nonferrous metals 70.4 97.0 91.7 91.9 92.7 Dairy products 83.8 78.5 73.1 72.0 76.4 Plumbing and heating 76.5 78.7 78.7 78.7 78.7 Cereal products 84.4 89.8 88.7 90.4 92.3 BUILDING MATERIALS: Fruits and vegetables 79.7 83.5 84.1 84.5 71.2 Brick and tile 89.2 94.9 95.0 95.0 95.4 Meats 84.9 94.9 95.9 98.0 106. 0 Cement 95.5 95.5 95.5 95.5 95.5 Other foods 73.4 77.0 75.2 74.3 74.6 Lumber 83.7 103.0 103.0 102.2 101.3 HIDES AND LEATHER PRODUCTS: Paint and paint materials 80.4 83.9 83.7 83.6 83.9 Shoes 99.3 103.8 106.1 107.5 107.4 Plumbing and heating 76.5 78.7 78.7 78.7 78.7 Hides and skins 87.8 121. 4 117.7 114.6 116.2 Structural steel 97.1 114.9 114.9 114.9 114.9 Leather 83.0 100.7 100.6 98.8 ,7 Other building materials 90.2 99.9 101.3 101.1 101.0 Other leather products 95.4 102.3 102.3 102.3 102.7 CHEMICALS AND DRUGS: TEXTILE PRODUCTS: Chemicals 85.9 94.2 91.1 90.1 89.9 Clothing 80.7 87.2 89.1 90.1 Drugs and Pharmaceuticals 73.0 82.9 79.2 78.0 78.2 Cotton goods 78.7 95.1 92.6 89.7 86.8 Fertilizer materials 65.2 70.7 70.6 70.5 71.3 Knit goods.. 59.3 65.9 65.7 64.6 64.8 Mixed fertilizers 68.7 72.0 72.2 72.3 74.2 Silk and rayon 30.7 33.8 32.5 32.5 33.9 HOUSEFURNISHING GOODS: Woolen and worsted goods.._. 82.0 93.5 93.3 93.2 94.4 Furnishings 85.1 92.1 92.5 92.5 92.6 Other textile products 68.8 67.5 69.3 Furniture 77.2 85.8 86.1 FUEL AND LIGHTING MATERIALS: MISCELLANEOUS: Anthracite 78.5 72.4 74.2 74.5 76.6 Auto tires and tubes 47.5 56.4 56.4 56.4 56.4 Bituminous coal 96.0 98.6 98.5 98.5 98.6 Cattle feed .07.9 146.8 139.9 116.9 116.5 Coke 93.7 102.8 105.1 105.0 104.9 Paper and pulp 80.6 93.9 94.6 95.0 94.2 Electricity 83.4 77.1 78.8 79.5 Rubber, crude . 34.3 49.3 44.6 41.0 39.6 Gas 87.9 80.7 83.0 84.2 Other miscellaneous 80.8 85.3 85.5 85.8 85.7 Petroleum products 58.1 59.8 61.5 61.8

Back figures.—For monthly and annual indexes of groups, see Annual Report for 1935 (table 80); indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1935, see Annual Report for 1935 (table 81).

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AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of August 1, 1937] [In thousands of units]

Cotton Corn Winter wheat Spring wheat

Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Aug. 1, tion Aug. 1, tion Aug. 1, tion Aug. 1, 1936 1937 1936 1937 1936 1937 1936 1937

Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7. 754 7, 759 119 88 New York 23,779 27.437 6, 496 9, 285 105 126 Philadelphia . _ _ 48.733 53, 686 17. 555 20,673 175 190 Cleveland 155, 673 194,015 45, 605 53, 590 193 184 Richmond _..--._ . _ _. 1,446 1,632 126, 279 138,826 25, 331 29. 054 \ tlanta 2 996 3 392 149 800 176 319 5 938 7 369 Chicago - - ___ .___-_.. 548, 775 1,043,338 62,177 79, 424 2,212 1. 833 St Louis i 3, 404 2 3.736 202, 726 359, 706 60, 630 79,780 176 131 Minneapolis ______. 107,341 248,322 8,249 14. 550 48, 406 132.370 Kansas City 352 858 70,862 311,633 206,125 288 834 7 479 10 945 Dallas _ _ -- .-_ -._- 3, 587 5,154 80,623 90, 386 19. 348 42,811 93 105 San Francisco 614 821 6, 982 7,321 61, 559 62, 775 48, 490 56, 302 Total 12, 399 15,593 1, 529, 327 2, 658, 748 519, 013 688,145 107, 448 202, 274

Oats Tame hay Tobacco White potatoes

Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Aug. 1, tion Aug. 1, tion Aug. 1, tion Aug. 1, 1936 1937 1936 1937 1936 1937 1936 1937

Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston __ _ _ _ . _ 6, 900 7,068 3,103 3,482 27, 748 31. 329 53, 493 60, 386 New York 19, 819 23,126 4,443 5, 849 1,008 1.369 31 139 33 893 Philadelphia.. _ . _ 15,104 16, 674 1,788 2,339 33, 650 30,840 25,631 26. 352 Cleveland 50, 268 52,992 3,816 4,900 80, 888 122, 789 21, 222 20, 845 Richmond __ _ 15,286 18,452 2,532 3,472 658, 341 772, 320 19, 690 28. 822 Atlanta 10, 496 12,910 2, 524 3,003 152,515 156,134 9,921 14, 299 Chicago 366,027 514,933 14, 054 15, 702 18, 880 24, 473 47, 442 58, 603 St. Louis 38, 026 50, 401 4.447 5, 982 176,784 272, 255 8, 333 12. 870 Minneapolis 129,907 257,947 7,405 10,095 1,361 1,883 27, 369 46. 604 Kansas City 82, 429 117,179 6,153 7,008 1,908 3, 623 29,170 33,369 Dallas 24,577 31,654 1,194 1, 397 3 620 4 248 San Francisco 30,261 27, 292 11,850 11,675 52, 967 62, 316

Total 789,100 1,130, 628 63, 309 74, 904 1,153,083 1,417,015 329, 997 402, 537

1 Includes 16,000 bales grown in miscellaneous territory. 2 Includes 20,000 bales grown in miscellaneous territory.

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947

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GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars]

Latin Asia Europe Total1 Eu- Amer- and Africa (52 United Can- rope ica Ocean- (5 Switzerland End of month coun- States ada (26 (11 ia (8 coun- UnitedL Ger- Bel- Nether- coun- coun- King- France Italy 2 gium lands Na- tries) countries) dom many tional B.I.S. tries) tries) tries) Bank

1934—December. 21,051 8,238 134 11,010 601 805 263 1,584 5.445 32 518 590 573 624 4 1935—December. 21. 583 10,125 189 9,517 645 816 291 1,648 4,395 33 270 611 438 454 8 1936—April 21,412 10, 225 187 9,254 642 836 268 1,670 4,106 28 212 581 483 495 8 May 21,306 10, 402 188 8,966 641 841 268 1,701 3,781 28 211 610 465 485 11 June 21, 343 10,608 187 8,806 634 840 268 1,782 3,580 29 210 638 404 460 12 July __ 21, 682 10,648 187 9,099 635 845 269 1,977 3,643 29 209 633 437 471 10 August 21, 809 10, 716 189 9,145 642 849 269 2,017 3,614 28 209 632 457 489 12 September- 21,719 10,845 191 8,919 638 857 269 2,049 3,322 25 208 631 456 508 12 October ... 21,778 11,045 186 8,774 658 847 269 2,04S 3,194 26 208 621 388 583 13 November- 21,980 11,184 188 8,829 656 852 270 2,049 3,194 27 208 630 388 624 13 December . 22, 602 11, 258 188 9,307 708 858 283 2,584 2,995 27 208 632 490 655 11 1937—January.__ 22, 632 11,358 190 9.225 697 865 297 2,584 2,846 27 208 625 558 657 13 February.. 22, 772 11,436 191 9, 268 698 870 310 2,584 2,846 27 208 626 598 657 12 March 22, 961 11, 574 194 9,295 723 858 317 »2,584 2,846 27 208 619 626 657 15 April 23, 215 11,799 199 9, 302 743 879 295 2,584 2,846 28 208 607 670 635 11 May 23, 580 11,990 193 P9, 464 767 875 291 2,647 2,846 28 208 609 769 635 17 June ^23, 900 12, 318 187 z>9, 466 P785 863 ?281 2, 68S 2, 722 28 208 625 848 635 8 July 12, 446 ^185 ?9,158 2, 68£ 2,422 28 208 617 862 628 3

Europe—Continued 6 other End of month Czecho- Yugo- Bul- Den- Hun- Nor- Portu- Ruma- Spain Swe- coun- Austria slo- Greece gary Poland slavia garia vakia mark way gal nia den tries

1934—December. 45 19 112 60 40 23 61 96 68 104 740 159 53 60 1935—December. 46 19 112 54 34 23 84 84 68 109 735 185 43 63 1936—April 46 19 113 54 32 23 84 72 68 111 726 209 45 67 May 46 20 113 54 35 23 84 71 68 111 718 220 45 68 June _ 46 20 113 54 33 23 89 70 68 112 718 231 46 70 July 46 20 113 54 31 23 89 69 68 112 718 231 46 71 August ._. 46 20 109 54 28 23 91 70 68 112 4 718 232 46 73 September. 46 20 108 54 27 23 98 71 68 113 718 238 46 78 October .__ 46 20 91 54 26 23 98 71 68 113 718 239 47 79 November- 46 20 91 54 26 25 98 72 68 113 718 239 48 79 December . 46 20 91 54 26 25 98 75 68 114 718 240 48 82 1937—January ._. 46 21 91 54 26 25 98 75 68 114 718 240 49 82 February. . 46 21 91 53 27 25 98 76 68 115 718 241 49 82 March 46 21 91 53 27 25 98 77 68 115 718 241 49 82 April 46 21 91 53 27 25 98 78 68 115 718 241 50 82 May 46 22 90 53 26 88 78 68 116 718 242 50 P82 June _ 46 22 91 53 23 25 88 80 P68 116 718 242 50 79 July 46 22 SO 53 24 25 86 81 P68 P116 718 243 50 P78

Latin America Asia and Oceania Africa 5 2 3 End of month Ar- Co- Uru- other Brit- New Tur- other South other gen- Brazil Chile lom- Peru guay coun- ish China Japan Java Zea- key coun- Egyp 1 Africa coun- tina bia tries India land tries tries

1934—December. 403 8 29 19 19 82 41 275 7 394 77 25 22 6 55 184 24 1935—December. 444 17 29 16 20 74 5 45 275 10 425 04 23 24 6 55 212 24 1936—April 438 19 29 17 20 74 45 275 15 435 61 23 24 3 55 180 24 May 438 20 29 16 19 74 45 275 17 439 61 23 24 3 55 189 24 June 435 21 29 16 19 68 45 275 13 442 60 23 24 3 55 189 24 July.. 436 21 29 17 20 68 45 275 13 447 60 23 24 3 55 189 25 August 441 22 29 17 20 68 45 275 15 450 59 23 24 3 55 189 25 September 437 23 29 17 20 68 45 275 19 453 60 23 24 3 55 189 25 October... 455 23 29 17 20 68 45 275 6 456 60 23 24 3 55 189 25 November 452 24 29 18 20 68 45 275 7 459 60 23 24 3 55 191 25 December. 501 25 29 19 20 69 45 275 8 463 60 23 26 4 55 203 25 1937—January... 487 25 29 20 20 69 45 275 9 466 60 23 28 3 55 217 25 February.. 489 26 29 22 20 66 45 275 10. 469 60 23 29 3 55 230 25 March 519 26 29 18 20 66 44 275 12 456 60 23 29 3 55 237 25 April 536 27 29 18 21 66 45 274 16 459 74 23 29 3 55 215 25 May. 565 28 29 14 21 66 45 274 19 452 74 23 29 3 55 211 25 June 581 P28 *>29 16 *>21 66 M5 274 P19 443 74 23 29 P3 55 201 P25

p Preliminary. 1 See notes under United Kingdom, Italy, Spain, and Latin America: 5 other countries. 2 Decline in gold holdings of Bank of Italy from official figure for December 1935 to that for December 1936 has been distributed monthly on basis of gold imports from Italy reported by other countries. December 1936 figure carried forward for January 1937; figures for February and March 1937 officially reported as of 20th of month; March figure carried forward for subsequent months. 3 According to official announcement British Exchange Equalization Account held $934,000,000 of gold on Mar. 31,1937. Gold of the Account is not included in above figures since this is first occasion on which amount has been reported. For detailed statement of statistics included in above table see BULLETINS to which reference is made in note at foot of page. * No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date is given for August 1936 and carried forward for subsequent months. * Figure of $26,000,000 reported by Bank of Mexico for March 1935 carried forward for subsequent months. NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin America: Bolivia, Ecuador, El Salvador, Guatemala, and Mexico; in Asia and Oceania: Australia and Siam; and in Africa: Algeria, Bel- gian Congo, and Morocco. For back figures and for fuU description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547; and August 1936, p. 667.

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GOLD PRODUCTION [ID thousands of dollars]

Production reported monthly Estimated world Africa North and South America Far East Year or month production Total South Eho- West Belgian United Colom- Austra- Japan British Africa desia Africa Congo Canada Mexico bia Chile lia India

8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=%Z0.67

1929.. 397,153 359, 347 215,242 11,607 4,297 2, 390 39. 862 45. 835 13,463 2.823 683 8,712 6,927 7,508 1930.. 432,119 373,154 221, 526 11,476 4,995 2, 699 43; 454 47,123 13,813 3; 281 428 9,553 8,021 6,785 1931.. 460, 651 394,399 224, 863 11,193 5,524 3,224 55, 687 49, 524 12.866 4,016 442 12,134 8,109 6,815 1932.. 498,164 421,656 238, 931 12, 000 5, 992 3,642 62, 933 £0. 626 12; 070 5,132 788 14, 563 8,198 6,782 1933.. 525,071 420, 093 227, 673 13,335 6,623 3,631 60,968 52, 842 13,169 6,165 3,009 16, 790 8,968 6,919 $l**16-5/21 grains of gold 9/10 fine; t. e., an ounce of fine gold=$35

1933.. 888, 997 711, 260 385, 474 22. 578 11,214 6,148 103,224 89, 467 22. 297 1(),438 5.094 28.428 15,183 11,715 1934.. 958,033 723, 530 366,795 24', 264 12,153 6,549 104,023 108,191 23,135 12,045 8; 350 30; 447 16, 354 11,223 1935.. 1,040,217 771,827 377,090 25,477 13, 625 7,159 114,971 126, 325 23,858 11,517 9,251 31,117 20,043 11,394 1936.. 1,166, 529 855, 753 396, 768 28,053 16, 295 7,386 130, 550 152, 509 26, 465 13, 633 9,018 39,793 23,684 11, 599 1936—March 86, 516 68, 285 • 32, 709 2,359 1,326 544 10, 469 11,149 1,627 1,040 1,147 2,882 2,065 April 86, 456 68,025 31, 991 2,410 1,258 543 10, 474 11, 242 2,607 1,122 499 3,127 1,808 944 May 92,000 69,568 32, 826 2,413 1,289 547 10, 797 12,074 2,075 L, 086 552 3,045 1.885 979 June 98,006 71,175 33, 086 2,384 1,285 585 11,083 12,077 2,570 1,065 611 3,476 1,994 958 July 107,816 75,784 33, 846 2,354 1,352 676 11,183 15,171 2,632 1,235 776 3,602 1,977 981 August 107,096 73,865 33, 830 2,425 1,412 675 11,504 13, 756 1,818 L,098 1,029 3,422 1,916 981 September. 108,314 75,083 33,816 2,363 1,444 696 11, 579 14, 409 2, 346 1,236 467 3,515 2,246 October 113,237 76,806 34,199 2,292 1,493 691 11, 693 15, 950 1,943 1,109 784 3,596 2,075 November _ 105, 506 72,675 33,042 2,270 1,506 634 11,174 13, 369 2,291 L, 035 758 3,467 2,162 December.. 96, 526 73, 695 33,858 2,262 1,544 631 11, 555 13,106 1,647 1,113 708 4,170 2,118 1937—January 91,826 73, 235 34,352 2,315 1,671 586 11, 499 11, 483 2,854 1,332 935 3,158 2,065 984 February .. 87,240 68, 408 32,330 2,109 1, 563 579 10,853 10,171 2,227 1,117 769 3,714 2,077 899 March P94,080 P74,049 34, 381 2,416 1,605 634 11,420 12, 531 P2, 470 1,285 620 3,550 2,156 982 April P92, 762 P72, 491 34, 308 2,391 1,669 638 11,317 11,131 P2, 100 1,269 881 3.725 2,106 956 May Pi00,678 P75, 606 34, 010 2,408 1, 559 681 11, 904 14, 248 Pl, 680 1, 234 P881 3,897 2,122 982 June P105, 751 *>75, 400 ^34, 265 2,339 PI, 668 P681 12,071 13,036 P2, 100 1, 246 P881 4,033 P2, 122 957

p Preliminary. NOTE.—For monthly figures back to January 1929 and for explanation of tables see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108, November 1934, p. 737, July 1936, p. 600, March 1937, p. 267, April 1937, p. 363, May 1937, p. 487, July 1937, p. 687, and August 1937, p. 769. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1936, pp. 108-109. Figures for Canada beginning January 1936 are subject to official revision. Estimated production of the U.S.S.R. for June 1937, in thousands of dollars: $21,120.

GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce]

United States

Total Net imports from or net exports (—) to: Year or month net imports All or net United Bel- Neth- Switz- Can- Mex- Colom- Philip- Aus- British exports King- France er- er- pine Japan other dom gium lands land ada ico bia Islands tralia India coun- () tries

1934 1 1,131,994 499,870 260, 223 8,902 94, 348 12, 402 30, 270 16,944 12,038 1,029 76,820 32, 316 1935 1,739,019 315, 727 934, 243 3 227,185 968 95,171 13, 667 10,899 15, 335 3,498 75, 268 47, 054 1936 1,116, 584 174,093 573, 671 3,351 71,006 7,511 72, 648 39, 966 11,911 21, 513 23, 280 77,892 39, 745 1936—July 15, 379 -9 27 882 2,106 2, 425 856 5,654 2, 566 August 67,493 5,837 17,880 11, 664 15, 289 11 716 1,747 10, 688 3,661 September 171,824 8,204 136, 671 1,463 524 6,338 634 2,101 2,405 2,831 6,961 3,693 October 218,812 72,154 95,013 799 25, 745 12, 222 530 4 2,157 1,869 5,782 2,530 November 75, 836 44, 665 20 2,545 10, 660 368 1,628 3,781 6,182 2,289 December 56,970 32,998 2 3,281 4,709 462 2,273 10,108 2,193 1937—J anuary 121,325 73, 950 10, 864 10, 691 271 6,506 5,865 1,945 2,123 1,617 6,028 1,463 February 120, 326 75, 238 1,138 14 8,155 10, 661 9,153 2,109 2,910 7,077 3,870 March 154,332 121, 451 76 1,131 1,086 4,925 3,242 3 1,944 3,467 5, 696 4,017 7, 296 April 215,811 175,165 596 5,399 7, 225 1,973 4,261 2,231 2,388 9, 978 4,857 1,737 May 155, 362 103,822 1,375 1,166 14, 434 2,800 5,496 2,106 2,613 16, 593 3,797 1,160 June.. 262,022 156,943 11,059 5,228 1,392 36, 235 20,946 665 2,177 2,064 2,167 15, 316 3,966 3,866 July 175,417 76,432 1,138 22, 556 3,17 2, 390 7,428 5,348 2 2,410 3,796 44, 459 4,355 1,925

1 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 fc20.

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GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce]

United Kingdom British India

Net imports from or net exports (—) to: Change in: Year or Total Total Gold month net im- South net pro- ports Africa, All imports duc- He- Private or net United Ger- Bel- Nether- Austra- Rho- British other or net tion serves hold- exports States France gium lands U.S.S.R. lia desia, India coun- exports in in ings in () West tries India India» India* Africa

1934 ___. 716, 269 -497,166 348,190 121,017 -13,585 32,575 41, 790 335,253 206,711 141,484 -230,720 11, 222 173 -219,671 1935 369,747 -435, 502 142,137 -4, 726 -17,476 10, 796 931 37, 981 404, 295 181, 627 49, 684 -161,872 11,393 -150,472 19361 1,170,023 -276, 813 756, 204 23, 295 -15,133 -21,130 26, 723 488, 814 128, 420 59, 643 -121, 342 11,599 '•-109, 743 1936—Jan.__. 41, 974 -12,059 3, 202 78 94 -591 U 39,852 11,035 -1,526 -13,809 971 -12,838 Feb... 38, 649 1,136 -3, 253 173 33 ~7, 569 2,037 26, 454 11, 686 7, 951 920 -8, 926 Mar__. 47,666 3,440 6,738 92 99 -13,354 2,574 31,033 10, 896 6,147 -7, 968 Apr... 77,137 -9, 465 12,710 4,295 -1,383 -1, 409 3,329 55,108 9,413 4, 540 -10, 556 944 -9, 612 May.. 74, 59C -12,611 26,936 1,875 -17,602 1,761 2,167 53,802 13,289 4,972 -11,392 979 -10,413 June... 69, 447 -26,802 27, 060 3,903 -536 606 1,610 45,147 10,860 7, 599 -10,355 958 -9,397 July... 195, 06fi -4,384 142, 535 1,913 -747 -2,421 2,531 43,122 9,657 2,861 -15,03? 981 -14,051 Aug... 281, 401 -16,120 240, 868 1, 7 -804 -2,907 2,089 34, 552 15,011 6,922 -7, 983 981 -7,002 Sept... 151,814 -14,096 108, 666 6,086 6,369 -1,029 2. 084 36, 517 6,581 636 -8, 273 966 -7, 307 Oct.... 7,61f -72, 441 -383 3,964 -1,039 2,458 1,984 45, 323 7,853 19,895 -11, 576 982 -10, 594 Nov__. 83,168 -49,224 72, 506 -163 377 2,304 36, 230 14, 896 4,7"" -9, 347 966 -8, 381 Dec... 100, 50f. -63,914 118, 655 -624 -1,130 2,126 41, 683 7,243 -5,368 -5, 506 983 -4, 523 1937—Jan.... -25,523 -73, 568 22,*453 -220 414 1,021 5,628 2,504 16,903 3,953 -4,611 -8,447 984 -7,463 Feb ... 122, 29C -75,615 163, 919 153 452 1,756 1,968 24,113 8,705 -3,156 -3,161 899 -2,262 Mar... 78,484 -104,399 124,121 50' i,58: 965 22, 520 2,727 26, 593 5,760 — 1, " -3, 494 982 -2, 512 Apr __. 12.036 -149,444 11,281 -1,055 104 927 98, 510 2,122 44,198 2,848 2,545 -6,068 956 -5,112 May _. -48,31? -101,710 -27' -1,786 -1, 545 452 8,430 2,353 37,106 8,368 287 -4, 933 -3,951 June.. 22,95: -128,380 79, 545 8,398 -7, 997 14, 027 1, 552 46, 933 2,782 5,018 P- 1,848 P-866 July... 127,952 -79,498 112,113 16, 348 -9, 207 -208 14,153 705 57,861 6,129 9,555

Germany Switzerland

Total Net imports from or net exports (—) to: Total Net imports from or net exports (—) to: Year or month net net imports All imports All orn< United Nether- Switz- other or net United United Bel- Neth- other exports King- France lands erland coun- exports States King- France gium Italy er- coun- dom tries dom lands tries

1934_. -90,920 -109,386 -42,907 -28,114 163 3 89,324 -46,065 -12,784 -45,955 -29,235 18,397 19,431 2,580 1,500 1935.. 42,969 5,180 13,225 7,394 9,888 3 7, 281 -230, 788 647 -64, 858 -181,725 -13,940 25, 542 342 -6,795 1936 _ 1,868 -22,784 -2,121 20,188 3,239 -390 121, 788 -9,127 -2,205 39,305 14,531 51,299 4,600 23,378

1936—Jan -2,584 -71 -2,441 -35 61 2,462 -195 47 9,496 -137 34 Feb -1,307 35 -2,029 801 27 -140 6,571 -518 1,821 9,612 1,377 -16 Mar -258 -59 -19 -142 20 -59 21, 413 -841 1,724 21, 537 567 1,917 April ___ -1,201 -4,277 13 3,077 23 -37 22, 570 -131 6,970 29 4 8,413 May -630 -3,935 3,256 76 -28 13,386 32 -4,298 -8 1,449 132 415,794 June 1,130 -1,720 2 2,821 23 4 5,188 —4 -1,704 -235 2,952 2,113 9 July 3,248 -1,898 2 3,121 2,061 -38 -321 -7 820 1,166 -20 -121 -1,911 Aug 1,580 —1,661 2 3,265 30 -55 2,829 -113 -254 -20 -21 59 Sept -3, 514 -6, 076 4 2,496 26 37 33,606 -575 -6, 396 -286 -641 487 42 Oct. -3, 521 -3, 954 -2 448 7 -20 14,848 19 8,177 62 57 -112 Nov 426 259 73 65 30 2,210 -3,676 2,892 1,723 -65 97 -3 Dec 4,763 572 2,346 1,006 822 15 -2, 874 -4,916 2,291 659 -33 20 -848 1937—Jan.._ 17,426 216 15, 356 90 56 1, 709 -135 -6,675 5,227 732 -100 -575 1,866 Feb.__ 27,024 -117 11,442 10 14, 228 1,481 -17,034 -6,247 2,436 852 -566 s-13,507 Mar__. 588 1 12 32 1,047 575 -463 653 55 819 Apr... 1,778 953 2 -13 43 794 -1,506 -26 -1,966 192 584 May.. 2, 956 1,927 2 -99 999 127 -4, 479 -1,174 -1,987 1,107 611 June_. 22, 222 -16,435 4 -21 586 6 6, 356 -49,417 -36, 242 -4,351 521 274 -879 Julyp.. -6,175 -1,144 -457 -2,516 -229

p Preliminary. r Revised. 1 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 2 Figures derived from preceding columns; net imports plus production minus increase in reserves in India, s $85,390,000 imported by Germany from U. S. S. R. in 1934, and $6,376,000 in 1935. 4 $8 444 ftOft imnnrt.p.fi hv Switzerland frnm Oy.p.fhnslnvakia in Anril anridi $15,433,00$15,433,0000 iinn MaMayv 19361926..

NOTE.—Germany, Switzerland, and United Kingdom.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. German gold movements by individual countries, beginning with January 1937, have been officially revised.

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CENTRAL BANKS

Assets of banking department Liabi ities of banking department Bank of England Gold (in issue Note Cash reserves Dis- Deposits (Figures in millions of depart- circula- Other ment)1 counts Securi- tion pounds sterling) liabili- and ad- ties ties Coin Notes vances Bankers' Public Other

IQOQ Dec 25 145 8 2 26 3 22 3 84 9 379 6 71.0 8 8 35 8 17 9 1930—Dec. 31 147.6 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec 30 120.7 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec 27 190 7 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 .5 47.1 7.6 98.2 405. 2 89.1 9.9 36.4 18.0 1935—Dec 25 200 1 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—May 27 206 4 .9 40.3 6 7 104.7 426.1 78.3 19.8 36.7 17.8 JllD8 24 216 3 1.0 41.5 7.6 116.1 434.8 90.8 20.0 37.4 17 9 July 29 239.9 1.0 51.4 7.1 115.5 448.6 75.2 42.3 39.4 18. 1 Aug. 26 _ 244.8 1.1 61.3 9.2 102.6 443. 4 100.9 17.2 37.8 18.2 Sept 30 248.7 1.1 59.3 8.6 100.7 449.4 60.7 49.7 40.9 18.3 Oct 28 248 7 1.0 65.9 6.6 99 7 442.7 86.5 27.6 41.4 17 7 Nov. 25 248.7 .7 63.1 6.8 98.6 445.6 97.6 12.1 41.7 17.8 Dec. 30 -_ 313.7 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0

1937—Jan. 27 _ .. 313.7 .4 61.4 8.0 97.4 452.3 98.4 12.1 38.4 18.1 Feb. 24 313.7 . 7 58.6 4.9 105.3 455.1 100.4 13.0 37.9 18 2 Mar. 31 313. 7 1.0 39.8 7.1 123.4 473.8 62.3 52.2 38.5 18.3 Apr 28 313 7 1.0 44.8 5.5 119.7 468 8 87.6 26.2 39.6 17 7 May 26 321. 3 .9 46.0 4.9 119.7 475. 2 91.4 24.9 37.5 17.8 June 30 326.4 .9 38.0 6.3 164. 3 488.4 140.5 10.8 40.2 18 0 Jujiv 28 326.4 1.1 28. 1 5.8 135. 2 498. 3 104. 3 10.5 37.3 18. 1

Liabilities

Domestic bills Loans on- Deposits Bank of France Ad- For- vances Negotia- Note Other (Figures in millions of francs) eign to Short- Gold2 ble se- Other circula- ex- Gov- term Other liabili- Spe- curities assets tion Govern- ties change 3 Other ern- Govern- securi- Other cial ment ment se- ties curities

1929—Dec. 27. _ 41,668 25,942 8,624 2,521 5,612 5,603 68, 571 11,737 7.850 1.812 1930—Dec. 26.. 53, 578 26,179 8,429 2,901 5,304 6,609 76,436 12,624 11, 698 2,241 1931—Dec. 30. 21,111 7,389 2,730 7,157 8, 545 85, 725 22,183 1,989 1932—Dec. 30. 83,017 4,484 3,438 2,515 6,802 9,196 85, 028 2,311 20,072 2,041 1933—Dec. 29. 77,098 1,158 4,739 2,921 6,122 8,251 82, 613 2,322 13,414 1,940 1934—Dec. 28. 82,124 963 3,971 3,211 5,837 8,288 83,412 3,718 15,359 1,907 1935—Dec. 27 . 66,296 1,328 9,712 573 3,253 5,800 7,879 81,150 2,862 8,716 2,113 1936—May 29. 57,022 1,426 19,381 796 3,381 5,708 8,134 84, 705 1.850 6,909 2,383 June 26.. 53,999 1,297 7,750 14.333 1,048 3,441 5,708 8 015 85,106 1,305 6,628 2,652 July 31- 54,942 1,270 6,041 14,333 1,461 3,555 5,708 85,892 1,594 6,254 2,267 Aug- 28.. 54,511 1,250 7,063 14,333 809 3,454 5,640 8,125 84, 324 1, 523 7,037 2,301 Sept. 25. 50. Ill 1,245 27 7,484 15, 903 838 3,553 5,640 9,643 83. 750 1,679 6,660 2.356 Oct. 30__ 64 359 1,471 547 7,332 12, 303 668 3,447 5,640 8,204 87,198 3,973 9,247 3.553 Nov. 27.. 64,359 1,466 925 8,056 12, 298 702 3,464 5,640 8,029 86.651 13,058 3,160 Dec. 30_. 60, 359 1,460 1,379 8,465 17, 698 715 3,583 5,640 8,344 89, 342 2,089 13, 655 2,567

1937—Jan. 29... 57, 359 1,435 1,620 8,553 19, 772 1,168 3,701 5,640 8,209 87, 688 1,955 15, 280 2,534 Feb. 26.. 57, 359 1,323 1,524 8, 990 19, 772 873 3,594 5,640 8,235 87, 062 2,315 15,386 2,547 Mar. 26.. 57, 359 1,194 1,514 8,440 20,066 225 3 698 5,640 8,543 85,746 1,977 16,404 2,552 Apr. 30 _ 57, 359 1,112 1,470 7,639 19,991 965 3,918 5,642 9, 256 87,063 4,361 13,408 2,518 May 27.. 57, 359 1,053 1,437 8,377 19, 980 385 3,777 5,642 8,158 85, 745 3,154 14, 766 2,502 June 24.. 54. 859 1,058 1, 260 9,356 21, 380 776 4,013 5, 641 8,110 85, 985 2,209 15, 710 2,549 July 29 ,. 55, 677 951 991 10,197 123, 887 958 4,064 5,641 8,467 89, 307 2,563 15,812 3,152

1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction of the British Treasury under Section 2, paragraph (2), of the Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), a reduction of £60,000,000 in the amount of the fiduciary issue (and the securities held as cover) has been in effect since December 16, 1936. From August 1, 1931 to March 31, 1933, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) was authorized by the British Treasury under Section 8 of the Currency and Bank Notes Act. 2 By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936, pp. 878-880). Of the total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund established by the law of October 1. By decree of July 22,1937, gold was again revalued on basis of 43 milligrams of gold 0.900 fine per franc, and resulting increment of about 6,800,000,000 francs was allocated to fund for regulating market for Government securities (see p. 853). 3 Bills and warrants endorsed by the National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills redis- counted for account of the Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). 4 Includes advances granted under Convention of June 30, 1937, between Bank of France and Treasury (see BULLETIN for August 1937, p. 720); Convention authorizes 15,000 million francs of such advances. NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p. 463 and July 1936, p. 603.

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CENTRAL BANKS—Continued

Assets Liabilities

Reichsbank Reserves Securities (Figures in millions of Treasury Other Note Other bills (and Security Other reichsmarks) bills circula- Deposits liabili- Foreign checks) loans Eligible assets Gold as note Other tion ties exchange cover

1929—Dec. 31 . 2,283 404 241 2,608 251 92 656 5,044 755 736 1930—Dec. 31 . 2,216 469 206 2,366 256 102 638 4.778 652 822 1931—Dec. 31. 984 172 98 4,144 245 161 1,065 4,776 755 1,338 1932—Dec. 31. 806 114 1 2, 806 176 398 1,114 3,560 540 1,313 1933—Dec. 30. 386 9 49 3,177 183 259 322 735 3,645 640 836 1934—Dec. 31. 79 5 45 4,021 146 445 319 827 3,901 984 1,001 1935—Dec. 31_ 82 5 53 4,498 84 349 315 853 4,285 1,032 923 1936—May 30 70 37 4, 006 6U 219 319 648 4,430 729 807 June 30_ 72 5 98 4,699 56 220 311 704 4,389 960 816 July 31. 72 5 90 4,623 67 220 310 711 4,471 787 840 Aug. 31_ 69 74 4,693 65 220 4,540 729 853 Sept. 30. 63 51 4,875 59 219 4,657 744 875 Oct. 31. 65 55 4,888 79 219 305 685 4,713 689 897 Nov. 30. 57 4,852 67 219 303 770 4,674 753 911 Dec. 31. 62 5,448 74 221 303 765 4,980 1,012 953

1937—Jan. 30.. 23 4,835 65 223 302 959 4,799 707 973 Feb. 27. 35 4,777 102 222 302 1,059 4,816 785 Mar. 31. 10 5,101 51 167 312 1,021 4,938 970 Apr. 30. 68 29 5,124 52 106 310 896 4,979 794 816 May 31. 54 5,001 50 104 310 947 4,902 804 835 June 30. 61 5,262 55 104 300 878 4,992 880 862 July 31.. 69 29 5,316 52 104 299 860 5,112 732 892

NOTE—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.

1937 Central bank 1936 Central bank 1937 [Figures as of last report [Figures as of last report date of month] date of month] July June May July July June May

National Bank of Albania (thou- National Bank of Belgium—Cont. sands of francs): Note circulation 4,440 4,418 4,380 4,462 Gold 7,554 7,554 7,556 Demand deposits—Treasury 215 165 117 32 Foreign assets _ 22,697 23,471 23,958 Other 628 766 708 975 Loans and discounts 3,748 3, 332 3,604 Other liabilities 72 72 72 72 Other assets _. 4,026 4,255 4,296 Central Bank of Bolivia (thousands Note circulation. 11, 228 11, 275 11,356 of bolivianos): Other sight liabilities 14,938 15, 649 16,104 Gold at home and abroad1 52, 006 23,771 Other liabilities _ 11,858 11,690 11,953 Foreign exchange __. 110,537 17,028 Central Bank of the Argentine Loans and discounts 15, 725 9, 526 Republic (millions of pesos) : Securities—Government 413, 247 415, 709 Gold at home 1,224 1,224 1,224 Other 4,735 2, 738 Gold abroad and foreign ex- Other assets 15,582 15, 546 change 344 26,2 105 Note circulation 246, 698 176, 749 Negotiable Government bonds... 40 32 50 Deposits... 259, 705 236,522 Other assets 160 157 162 Other liabilities 105, 430 71,047 Note circulation 1,165 1,137 993 Bank of Brazil (millions of milreis) : Deposits—Member bank 437 363 315 Cash 302 196- Government 120 135 186 Correspondents abroad 494 363 Other 6 9 Loans and discounts 2, 375 3,015 Other liabilities 33 39 Note circulation 10 Commonwealth Bank of Aus- Deposits 3,127 3,481 tralia (thousands of pounds): National Bank of Bulgaria (mil- Issue department: lions of leva): Gold and English sterling... 16,012 16,012 16,004 Gold 1, 801 1,797 1, 766 1,607 Securities 38, 559 38, 559 39,059 Foreign exchange reserve (net)... -143 Banking department: Other foreign exchange 390 415 477 444 Coin, bullion, and cash 1,090 1,109 1,314 Loans and discounts 1,142 1,109 1,031 1, 266 London balances 38, 874 33,100 20,646 Government debt 3,523 3, 523 3, 551 2, 671 Loans and discounts 11,896 13, 953 11,752 Other assets 1, 009 1,038 1,015 1,137 Securities 38,032 38, 032 36,276 Note circulation 2, 543 2,394 2, 430 2,304 Deposits 86, 784 83, 366 66, 681 Deposits 3,127 3, 298 3,171 2,073 Note circulation 47, 039 47, 039 47, 039 Other liabilities 2,195 2,189 2,239 2, 605 Austrian National Bank (millions Bank of Canada (thousands of Ca- of schillings): nadian dollars): Gold 243 243 243 243 Gold 179, 525 181, 543 187, 454 .79, 564 Foreign exchange (non-reserve) _. 116 100 98 99 Sterling and United States ex- Loans and discounts 194 191 193 220 change 19, 747 18,113 14, 613 13,150 Government debts 620 620 620 624 Canadian Gov't. securities: Other assets _ 167 145 143 176 2 years or less 36,212 35, 943 47,165 30, 624 Note circulation 915 896 882 952 Over 2 years 94,901 98. 269 100,816 81, 252 Deposits 251 245 259 232 Other securities 9, 996 10, 018 Other liabilities 174 159 157 178 Other assets 11.691 7,402 ',010 8,774 National Bank of Belgium (mil- Note circulation 38,920 133,142 131,113 .00,041 lions of belgas): Deposits—Chartered banks 182, 567 189,836 190,604 .85, 884 Gold 3, 642 3,688 3,591 3,736 Dominion Government 16, 882 14, 590 21, 541 19, 316 Discounts, domestic and foreign.. 1,376 1, 391 1,341 1,413 Other 648 501 923 274 Loans 36 33 35 77 Other liabilities 13,056 13, 219 12, 878 7,850 Other assets 301 309 310 315

i Gold abroad revalued in December 1936

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CENTRAL BANKS—Continued [Figures as of last report date of month]

1937 1936 1937 1936 Central bank Central bank July June May July July June May July

Central Bank of Chile (millions of Central Reserve Bank of El Salva- pesos): dor (thousands of colones): Gold and foreign exchange in re- Gold 13,161 13,143 13,023 serve 144 143 143 Foreign exchange 6,900 6,870 1,241 Loans and discounts 133 150 124 Loans and discounts 200 260 338 Government debt 795 799 702 Government debt and securities- 6,176 6,197 6,748 Note circulation 699 711 613 Other assets 2,732 2,816 1,372 Deposits 309 323 274 Note circulation.__ _ 16,347 17,023 13, 831 Central Bank of China1 (millions of Deposits 8,714 8,059 5,370 yuan): Other liabilities 4,106 4,203 3,521 Gold 64 45 Bank of Estonia (thousands of Silver 279 269 krooni): 255 43 Gold -. 34,192 34,187 34,153 Due from domestic banks 171 133 Foreign exchange (net) 17, 534 15,229 4,187 Loans and discounts 414 414 Loans and discounts 25, 405 24, 625 18, 496 Securities 168 185 Other assets 22, 727 22,024 21,407 Other assets 80 53 Note circulation 42, 901 43,901 40,049 Note circulation 374 303 Demand deposits... 40, 772 36,901 26,500 Deposits 904 709 Other liabilities 16,183 15, 263 11, 695 Other liabilities 154 131 Bank of Finland (millions of mark- Bank of the Republic of Colombia kaa): (thousands of pesos): Gold 640 693 «812 557 Gold 27, 435 24,880 29,053 Foreign assets 2,288 2,170 2,023 1,359 Foreign exchange 17,172 20 457 4,173 Loans and discounts 1,036 1,114 1,135 *' 954 Loans and discounts 14,333 12, 581 6,177 Domestic securities 386 329 324 393 Government loans and securities 45,992 45, 832 46,260 Other assets .... 429 416 382 344 Other assets 26,977 25,811 25, 611 Note circulation 1,841 1,859 1,900 1,460 Note circulation 53,807 51, 728 45,925 Deposits—Treasury __ 241 268 396 104 Deposits 38 014 39 958 30, 318 Other 991 864 671 602 Other liabilities 40,090 37,875 35,031 Other liabilities 1,705 1,731 1,709 1,441 National Bank of Czechoslovakia Bank of Greece (millions of drach- (millions of koruny): mas) : Golds 2, 576 2,579 2, 578 2,698 Gold and foreign exchange (net).. 3,147 3,177 3,248 2,643 Foreign exchange 348 382 444 21 Loans and discounts _. 3, 855 3, 951 3,614 5,699 Discounts 1,041 1,176 967 618 Government obligations 4,100 4,100 4,104 4,172 Loans 1, 226 1,028 897 916 Other assets 2,397 2,265 2,359 1,589 Govprrnnpnt, dpbt 2 015 2 015 2 017 2 035 Note circulation 6 330 6 447 6 329 5 396 Other assets 968 960 980 849 Deposits. . 5,025 4,915 4,928 6,494 Note circulation 6,037 6,158 5,789 5,426 Other liabilities 2,145 2,131 2,067 2,213 Demand deposits 296 211 402 626 National Bank of Hungary (mil- Other liabilities _. 1,842 1,771 1, 692 1,084 lions of pengos): Bank of Danzig (thousands of Gold . . 84 84 84 79 gulden): Foreign exchange reserve 56 54 51 24 Gold 28,110 28,118 (3) 20,795 Discounts 398 400 405 476 Foreign exchange of the reserve- 1,229 1,053 4,386 Loans—To Treasury ._ 112 107 107 91 Other foreign exchange 551 1 670 (3) 5 161 Other 17 12 12 12 Loans and discounts 16, 245 15, 815 (3) 14,683 Other assets . 245 247 238 128 Other assets 3,812 4,139 (3) 4,042 Note circulation 460 437 421 396 Note circulation.. 34, 621 32, 961 31,34-5 Demand deposits 156 180 187 111 Demand deposits 11,135 12,120 (3) 5,550 Certificates of indebtedness 93 93 93 96 Other liabilities 19,193 19,015 (3) 19, 740 Other liabilities 205 195 197 207 National Bank of Denmark (mil- Reserve Bank of India (millions lions of kroner): of rupees): Gold 118 118 118 118 Issue department: Foreign exchange 8 8 9 31 Gold at home and abroad 444 444 444 Discounts 28 28 30 23 Sterling securities 803 803 673 Loans—To Government agencies 237 250 202 209 Indian Gov't securities ._ _ 274 274 234 Other 109 115 137 114 Rupee coin 563 551 665 Securities 52 53 53 65 Note circulation . 1,860 1,903 1,606 Other assets. _ _ _ » 67 65 66 93 Banking department: Note circulation 386 387 384 373 Notes of issue department... 225 169 410 Deposits 78 95 83 123 Balances abroad _. _ 228 245 31 Other liabilities 155 154 147 157 Investments 74 70 58 Central Bank of Ecuador (thou- Other assets _. . 7 7 8 sands of sucres): Deposits 428 385 397 Gold 35, 936 35, 344 33, 555 Other liabilities 106 105 110 Foreign exchange 29,060 25, 709 4,273 Bank of Japan (millions of yen): Loans and discounts 42 635 40,478 25,856 Gold 488 524 535 528 Note circulation 63,099 62,056 48,448 Discounts 562 489 509 528 245 231 218 154 Deposits 1 51,524 40, 758 14, 974 Loans—Government National Bank of Egypt (thou- Other 109 64 112 64 sands of pounds) : Government bonds . . 780 854 713 477 Gold 6 545 6 545 6,545 Other assets 202 221 174 237 Foreign exchange 2,423 2,236 1,868 Note circulation 1,580 1,571 1, 502 1,306 Loans and discounts 3, 226 3,291 3,052 Deposits—Government 271 352 339 292 British, Egyptian, and other Other _. 74 88 84 109 Government securities 36,753 37, 446 37, 227 Other liabilities. . 462 373 338 281 Other assets 9,145 8,964 4,831 Bank of Java (millions of guilders): Note circulation 19, 856 20,111 18, 644 Gold - 109 109 88 Deposits—Government 10,011 9, 604 6,071 Foreign bills. .... 5 5 2 Other. . 19, 637 20,407 20,414 Loans and discounts 67 68 66 Other liabilities 8,587 8,361 8,393

c Corrected. 1 Items for issue and banking departments consolidated. 2 By decree of October 9,1936 (see BULLETIN for January 1937, p. 15), gold revalued at rate of 31.21 milligrams fine gold per crown; resulting increment converted into foreign exchange and carried partly in that item and partly in other assets. 3 Figures not yet available.

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CENTRAL BANKS—Continued [Figures as of last report date of month]

1937 1936 1937 1936 Central bank Central bank July June May July July June May July

Bank of Java—Cont. Bank of Portugal—Cont. Otbpr as*>pts 115 117 51 Non-reserve exchange 164 117 Notp circulation 194 191 156 Loans and discounts 315 354 DeDosits 76 81 28 Government debt.. 1,043 1,045 OtrW liabilities 26 25 23 Other assets 1,326 1,056 Bank of Latvia (millions of lats) * Note circulation 2,006 2,088 Gold * 77 77 77 46 Other sight liabilities 1,216 975 Foreign exchange reserve 40 41 42 8 Other liabilities 1,109 915 Loans and discounts 119 122 122 118 National Bank of Rumania« (mil- Other assets 47 47 47 55 lions of lei): Note circulation 47 47 46 34 Gold* _ 15,863 15,842 11,088 Deposits 204 209 212 162 Special exchange accounts 5,754 5,785 2,786 32 Other liabilities 31 31 31 Loans and discount 8 s 6,053 6,281 5,702 Bank of Lithuania (millions of litu): Special loans 2,069 2,075 2,440 Gold 77 77 77 62 Government debt 11,040 10,955 11, 327 Foreicrn exchange 6 6 6 13 Other assets 8,387 9,798 8,212 Loans and discounts 93 94 92 71 Note circulation 26,142 26,158 22,442 Other assets 40 35 34 29 Demand deposits 12,499 12,991 8,486 Note circulation 110 108 108 105 Other liabilities 10, 526 11, 588 10, 627 Deposits 83 81 78 48 South African Reserve Bank Other liabilities 22 22' 22 22 (thousands of pounds): Netherlands Bank (millions of guil- Gold _ 24,409 25, 628 22,930 ders) : Foreign bills 6,2.8,5 5,615 8,281 Gold 1,266 1 246 1 130 642 Other bills and loans 139 37 1,519 Silver (including subsidiary coin) 19 19 19 21 Other assets 13,408 14,771 14,092 Foreign bills 2 2 2 2 Note circulation 15 416 16,852 15, 515 Discounts 15 18 19 35 Deposits 25,990 26, 325 27, 972 Loans 171 178 183 124 Other liabilities 2,835 2,874 3,335 Other assets 63 64 63 60 Bank of Sweden (millions of Note circulation._ _ 822 821 836 748 kronor): "Dpn/mit^ GnvprirmPTit 106 75 64 37 Gold 534 534 533 510 Other 563 590 473 58 Foreign assets 981 962 923 525 Other liabilities 44 42 44 41 Discounts. 13 13 12 11 Reserve Bank of New Zealand Loans 29 28 26 34 (thousands of pounds): Domestic securities 6 6 6 33 Gold 2,802 2,802 2,802 Other assets 340 351 374 232 Sterling exchange reserve 21, 543 22,327 22,129 Note circulation 863 872 837 780 Advances: To State or State un- Demand deposits.. 880 851 853 468 dertakings 4,954 4,873 Other liabilities 160 170 186 97 Investments 2,906 2,906 2,035 Swiss National Bank (millions of Other assets 193 179 457 francs): Note circulation 12 631 12 975 10 178 Gold6 '2 594 2 624 2 624 1,441 Demand deposits 18,180 18,489 15, 651 Foreign exchange 96 71 22 8 Other liabilities 1,588 1,624 1,595 Discounts _ _ 23 23 26 144 Bank of Norway (millions of Loans 28 31 30 71 kroner): Other assets 606 615 608 79 Gold 189 195 195 195 Note circulation 1,412 1,409 1,374 1,292 Foreign assets 153 129 124 90 Other sight liabilities 1.299 1,320 1,301 353 Total domestic credits and Other liabilities .... 637 636 635 98 securities 224 236 239 257 Central Bank of the Republic of Discounts _ 157 161 199 Turkey (thousands of pounds) : Loans (2) 24 25 19 Gold . . . 36 710 36 710 36 709 30,211 Securities. . _ _ _ 56 53 39 Foreign exchange—Free 5 46 66 375 Other assets (2) 8 14 19 In clearing acccounts 35, 599 40, 952 41, 694 9,692 Note circulation 424 415 403 382 Loans and discounts 48, 522 43, 806 37, 477 31, 912 Demand deposits—Government- 43 37 62 80 Securities 187,199 186,430 186, 748 184,941 Other 49 56 47 38 Other assets 29 977 31 451 26 982 21,161 Other liabilities 58 60 61 Note circulation . 173,252 173, 252 173, 327 162, 684 Central Reserve Bank of Peru Deposits _ _ _ 41, 436 42 190 36 277 48,006 (thousands of soles): Other liabilities 123,325 123, 953 120,072 67, 602 Gold and foreign exchange 53, 047 49,056 46, 679 Bank of the Republic of Uruguay Discounts 35,152 36, 958 38,249 (thousands of pesos): Government loans 45,164 45, 206 46, 689 Issue department: Other assets 10,154 9,261 8,625 Gold and silver 41, 601 41 601 41,091 Note circulation 96,016 96, 790 93, 497 Note circulation 89, 874 89, 973 75,413 Deposits 30.108 27,904 33, 726 Banking department: Other liabilities 17,394 15, 787 13,021 Cash reserves 21,141 23 031 46, 632 Bank of Poland (millions of zlotys): Loans and discounts 77, 246 75, 927 82, 540 Gold. . 427 423 412 366 Other assets _ 82,979 83, 481 56, 234 Foreign exchange 30 32 41 8 Deposits 95, 633 91 981 103,739 Loans and discounts 604 598 580 818 Other liabilities 85 733 90 457 81 667 Securities _ _ . _ _ . 136 135 135 109 National Bank of the Kingdom of Other assets 446 464 475 390 Yugoslavia (millions of dinars): Note circulation 1,019 989 975 998 Gold 1 686 1 678 1 669 1 531 Other sight liabilities 230 256 268 175 Foreign exchange 723 880 764 448 Other liabilities 393 406 399 517 Loans and discounts 1,581 1,630 1,712 1 602 Bank of Portugal (millions of Government debt 2,251 2,250 2,250 2,261 escudos): Other assets _ 2 366 2 001 1 944 1 363 Gold 914 910 Note circulation 5,687 5,474 5,433 4,957 Other reserves (net) 569 495 Other sight liabilities 2,177 2,216 2,176 1,484 Other liabilities 743 750 731 764

1 By law of September 28, 1936, Latvian currency was linked to sterling at rate of 25.22 lats to the pound compared with previous market rate of about 15 lats to the pound. * Figures not yet available. 3 Figures for June 30, 1937, substituted for June 26 figures given in August BULLETIN. 4 By royal decree of Nov. 6, 1936, gold revalued at rate of 153,333.33 lei per kilogram of fine gold (see BULLETIN for January 1937, p. 15). 6 Agricultural and urban loans in process of liquidation. 6 Gold revalued after September 30, 1936, at rate of 215 milligrams of fine gold per franc.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 955

BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs *]

1936 Assets Liabilities July 31 June 30 July 31 July 31 June 30 July 31

Gold in bars 9,844 25, 223 29, 870 Demand deposits (gold) 8,816 8,265 24, 057 Cash on hand and on current account with banks _ _ 28, 553 21,141 13,145 Short-term deposits (various curren- Demand funds at interest. 34, 631 36, 436 21, 928 cies) : Central banks for own account: Rediscountable bills and acceptances Demand 46, 967 48, 450 25, 862 (at cost): Time—Not exceeding 3 months. 169. 575 167,960 119,072 Commercial bills and bankers' ac- Time—Between 3 and 6 months. 12,938 12, 846 ceptances 133,201 136,066 121,472 Treasury bills 138,076 140,555 203,020 Total _...... _ 229, 481 229, 256 144, 934

Total.. 271, 276 276, 621 324, 492 Central banks for account of others: Demand 4, 248 2,906 6,055 Time funds at interest—Not exceeding Other depositors: 3 months 34,487 26, 276 38, 699 Demand 503 511 136 Between 3 and 6 months 11,529 12, 807 Time—Not exceeding 3 months. 1,010 28 606 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account.. _. 153, 219 152,790 154,529 Treasury bills.. 10, 369 9,327 22, 759 German Government deposit 76, 609 76, 395 77, 264 Sundry investments 85,927 105, 855 32,281 French Government guaranty fund 34,907 41. 550 61, 930 Between 3 and 6 months: French Government deposit (Saar). 1,145 1,362 2,031 Treasury bills. _ _ 44, 946 38,197 24,432 Sundry investments 66,165 78, 743 62, 849 Total 265, 880 272,097 295, 754 Over 6 months: Treasury bills 58, 289 65, 820 43,125 Capital paid in. 125, 000 125, 000 125, 000 Sundry investments 37, 503 4,664 34,096 Reserves: Legal reserve fund ._ 4,238 4,238 3, 784 Total.. •303,199 302,606 219, 542 Dividend reserve fund_. 6,315 6, 315 6,092 General reserve fund 12, 631 12,631 12,183 Other assets: Profits allocated for distribution on Guaranty of central banks on bills July 1, 1937.— _ 7, 926 sold. 1,095 1,317 1,385 Other liabilities: Sundry items.. _ 522 1,429 6,622 Guaranty on commercial bills sold.. 1,368 1,383 1,386 Sundry items _ 35, 649 33, 299 35, 695 Total assets.. 695,137 703, 855 655, 682 Total liabilities.. 695,137 703, 855 655, 682

' See BULLETIN for December 1936, p. 1025. COMMERCIAL BANKS [Figures are as of end of month, except those for United Kingdom, which are averages of weekly figures]

Assets Liabilities United Kingdom Money at Deposits Cash call and Bills dis- Securi- Loans to Other Other (Figures in millions of pounds sterling) reserves short counted ties custom- assets liabilitie: notice ers Total Demand^ Time'

10 London clearing banks

1930—December. 208 144 322 285 933 240 1,876 992 847 254 1931—December. 184 119 246 297 905 222 1,737 868 846 237 1932—December. 207 127 408 472 778 208 1, 983 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December. 216 151 255 594 759 247 1,971 1,044 910 251 1935—December. 221 159 322 605 784 231 2,091 1,140 924 231 1936—December 236 187 316 630 864 238 2,238 1,288 1,012 232

11 London clearing banks2

1936—April 227 161 268 637 868 233 2,154 1,145 974 240 May 220 159 309 640 870 227 2,185 1,166 992 239 June _. 225 158 329 642 878 237 2,229 1,215 995 240 July 225 158 349 639 884 227 2,244 1,223 986 237 August 233 163 345 641 877 226 2,246 1,212 991 240 September.. 229 166 344 648 882 226 2,257 1,228 1,000 238 October 227 164 351 655 892 231 2,280 1,238 999 239 November.. 233 181 329 656 895 238 2,287 1,241 1,006 243 December.. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—January... 238 179 345 669 885 239 2,307 1,254 1,005 247 February.. 230 167 307 671 909 243 2,274 1,217 997 252 March 226 170 248 667 939 254 2,244 1,200 1,003 259 April 230 177 241 661 951 256 2,252 1,194 1,008 263 May 233 168 244 657 957 259 2,255 1,203 1,006 263 June _ 241 171 259 654 969 261 2,293 1,253 1,022 261 July 235 163 282 647 975 251 2,293 259

1 Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. 2 District Bank included beginning in 1936. NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pages 639.-640

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COMMERCIAL BANKS—Continued [Figures as of end of month]

Assets Liabilities France Deposits Own (4 large banks. Figures in millions of Cash Due from Bills dis- Other accept- Other francs) banks counted Loans liabilities assets Total Demand Time ances

1930—December. 2,419 4,675 20,448 10,743 2,361 36,681 35,284 1,397 921 4,357 1931—December. 11,311 2,168 18, 441 9,274 2,130 38,245 37,023 1,222 576 4,503 1932—December. 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—December. 5,870 1,416 19, 848 8,309 1,827 32, 635 31, 773 862 273 4,362 1934—December. 5,836 1,421 18,304 8,159 1,717 30,943 30,039 904 193 4,301 1935—December. 3,739 2,484 16,141 8,025 1,900 27, 553 26,859 694 337 4,399 1936—May 3,513 3,032 16,014 7,542 1,333 27,199 26,523 676 424 3,812 June 3,494 2,768 14,972 7,328 1,385 25, 655 25,022 633 394 3,897 July 3,206 2,410 15,410 7,215 1,445 25,334 24,761 573 359 3,994 August 3,097 2,326 15, 445 7,031 1,451 24,979 24,451 528 335 4,035 September. 3,083 2,757 14,876 7,398 1,457 25,137 24, 613 524 368 4,066 October. __ 3,186 2,766 17, 070 7,452 1,727 27, 549 27,028 521 408 4,244 November 3,173 2,839 17, 298 7,625 1,824 28,015 27, 467 548 454 4,290 December. 3,100 2,975 17, 582 7,631 1,957 28, 484 27,955 529 473 4,289 1937—January... 2,852 3,589 18,289 7,949 1,340 29, 831 29, 304 527 561 3,626 February.. 2,798 3,770 17,825 8,056 1,397 29,644 29,061 583 602 3,600 March 5,237 3, 596 16, 701 8, 357 1,448 31,008 30, 465 543 600 3,732 April 2,891 3, 579 16,043 8,116 1,481 27,703 27,164 539 583 3,825 May.. 3.014 3, 666 16, 479 7,996 1,446 28, 242 27, 682 560 542 3,817

Assets Liabilities Germany * Credits Due Deposits Other (5 large Berlin banks. Figures in mil- Cash from Bills dis- Securi- Other obtained reserves counted Loans ties liabili- lions of reichsmarks) banks assets Demand Time from ties Total banks

1930—November .. 191 1,483 2,453 7,416 482 9,091 3,857 5,233 1,986 1.828 1931—November.. 173 817 1,431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November. _ 143 583 1,631 4,570 938 991 6,161 2,958 3,203 1,146 1,550 1933—November.. 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 1,481 1934—November.. 115 393 2,037 3,331 874 983 5,816 2,731 3,085 485 1,432 1935—November. . 139 316 2,162 2,884 1,027 983 5,376 2,435 2,941 1,449 1936—May 141 300 2,406 2,884 980 873 5,621 2,622 2,999 1.327 June 175 295 2,435 2,858 1,008 839 5,712 2,688 3,023 622 1,276 July 146 263 2,363 2,843 1,037 824 5,557 2,595 2,962 613 1,306 August 138 274 2,329 2,826 1,047 816 5,533 2, 529 3,005 605 1.291 September.. 180 287 2,360 2,779 1,066 847 5,621 2,575 3,045 575 1.323 October 130 273 2, 569 2,735 1,075 858 5,712 2,644 3,068 586 1,342 November _ 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 1937—January... 154 303 2,895 2,679 1, 020 837 5,973 2,923 3,050 557 1, 357 February... 130 301 2,966 2,673 1,022 822 6,029 2,760 3,270 578 1,307 March 201 315 2,908 2,732 1,014 813 6,135 2,942 3,194 559 1,288 April 132 297 3,204 2, 666 949 805 6, 213 2,926 3,287 551 1,289 May 139 288 3,171 2, 637 1,039 807 6, 246 2,979 3,267 543 1,291 June 180 296 3. 091 2, 636 1, 037 778 6, 204 2, 969 3, 236 563 1, 251

Assets Liabilities

Security Deposits payable in Can- Entirely in Canada ada excluding interbank Canada loans abroad deposits Note Other (10 chartered banks. Figures in mil- and net Securi- Other Other circula- liabili- lions of Canadian dollars) due ties assets tion ties Cash Security loans from Total Demand reserves loans and dis- foreign Time counts banks

1930—December. 207 205 1,275 171 604 602 133 2,115 1,426 816 1931—December. 201 135 1, 253 146 694 510 129 2,058 698 1,360 752 1932—December. 211 103 1,104 155 778 439 115 1,916 538 1,378 760 1933—December. 197 100 1, 036 134 861 432 121 1,920 563 1, 357 725 1934—December. 228 103 977 155 967 449 124 2,035 628 1,407 718 1935—December. 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936—May _. 225 87 828 131 1,345 446 116 2. 193 666 1.527 753 June 230 91 777 113 1,368 502 115 2.207 702 1.505 757 July 227 91 768 110 1,357 481 113 2,174 680 1,494 748 August 225 91 776 157 1,355 487 115 2,175 672 1, 503 800 September. 226 105 807 146 1,380 494 111 2.263 762 1,501 785 October 232 109 816 146 1,363 491 112 2,261 751 1,510 784 November 264 116 800 179 1,316 485 109 2.269 722 1, 547 783 December. 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937—January 247 119 796 173 1.412 468 103 2,330 782 1,549 781 February.. 239 119 805 214 1,422 483 108 2,369 805 1,564 804 March 242 124 814 161 1, 427 516 105 2,370 786 1, 584 810 April 246 121 835 141 1,440 511 106 2,383 799 1, 583 805 May 240 117 852 139 1,438 491 103 2, 372 799 1,574 802 June 238 116 853 128 1,442 520 107 2.379 1,570 811

1 Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice. (See BULLETIN for June 1935, p. 389). NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390.

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DISCOUNT RATES OF CENTRAL BANKS (Percent per annuml

Central bank of— Rate Rate Central Date Central Date Aug. Aug. Date effective United Ger- Nether- Switzer- bank of— effective bank of— effective Italy 26 26 Kingdom France many lands land

In effect Jan. 1, 1936 2 6 4 5 2M 5 Albania 6 April 1, 1937 Italy 4H May 18, 1936 Jan 2 1936 C c Jan 10 4 Argentina. '6% Mar. 1, 1936 Japan 3 29 Apr. 7, 1936 Jan 16 3 Austria... , July 10, 1935 Java _... 3 Jan. 14, 1937 Feb 4 Belgium 2 May 16, 1935 Latvia 5 Nov. 1, 1936 Feb 7 Bolivia 6 July 5, 1932 Lithuania. __ 5H July 1, 1936 Mar 28 5 British India 3 Nov. 28, 1935 Netherlands. 2 Dec. 3,1936 May 7 6 Bulgaria 6 Aug. 15, 1935 New Zea- Canada 23^2 Mar. 11, 1935 land 2 June 29, 1936 May 18 c c May 30 Chile 3—43^2 Dec. 16, 1936 Norway 4 Dec. 7, 1936 June 4 Colombia... 4 July 19, 1933 Peru 6 May 20, 1932 June 24 5 Czechoslo- Poland. 5 Oct. 26, 1933 June 25 4 vakia 3 Jan. 1, 1936 Portugal 4 Aug. 11, 1937 June 26 4 Danzig 4 Jan. 2, 1937 Rumania 43^ Dec. 15, 1931 June 30 Q1/ Denmark.. 4 Nov. 19,1936 South Africa 33^ May 15, 1933 July 7 3 Ecuador 4 Nov. 30, 1932 Spain 5 July 15, 1935 July 10 3 El Salvador. 4 Aug. 23, 1935 Sweden 23*12 Dec. 1, 1933 Sept 9 2 Estonia 4U Oct. 1, 1935 Switzerland. Nov. 26, 1936 Sept 25 5 Finland 4 Dec. 3, 1934 Turkey 53^ Mar. 2, 1933 Oct 2 3 France 4 Aug. 4, 1937 UnitediKing- Oct 9 23A,' Germany 4 Sept. 22, 1932 dom 2 June 30, 1932 Oct 16 2 Greece 6 Jan. 4, 1937 U S. S. R.._ 8 Mar. 22, 1927 Oct. 20 ___ Hungary. . 4 Aug. 29, 1935 Yugoslavia. 5 Feb. 1. 1935 Nov. 26__. Dec. 3 2 --? c Jan 28 1937 4 Corrected. June 15 6 Changes since July 31: -France—Aug. 4, down from 0 to 4 percent; July 7 5 Portugal—Aug. 11, down from 4V-2 to 4 percent. Aug. 4 4 In effect Aug. 26, 1937 2 4 4 4K 2 IK MONEY RATES IN FOREIGN COUNTRIES [Percent per annum]

Netherlands (Amster- United Kingdom (London) Germany (Berlin) dam)

Month Bankers' Treasury Bankers' Private Day-to-day Money for Private Money for acceptances, bills, 3 allowance discount Day-to-day money 1 month money discount 1 month 3 months months on deposits rate rate

1936—July 2.88 2.73 2.96 2.04 .73 August 2.88 2.84 3.01 1.37 .20 September 3.00 2.89 3.01 1.33 October 2.94 2.82 2.82 2.03 !. 51 November. 3.00 2.84 2.79 1.00 .55 December. 3.00 2.88 3.05 .82

1937—January. „. 3.00 2.88 2.54 .63 1.01 February.. 3.00 2.86 2.47 .39 1.00 March 3.00 2.86 3.10 .38 1.00 April 2.90 2.71 2.55 .38 1.00 May 2.88 2.63 2.69 .31 1.00 June 2.88 2.63 2.78 P. 19 July 2.88 2.65 3.00 .19 .92

Sweden Switzer Belgium France Italy land Hungary (Stock- Japan (Tokyo) (Brussels) (Paris) (Milan) holm) Month

Private Private Private Private Loans up Call Prime Day-to-day Discounted discount discount discount discount commer- to 3 money rate rate rate rate cial paper money months bills overnight

1936—July 2 25 1 38 3.30 4.50 4.75 2.53 August 2.25 1.38 3.00 4.50 4.75 2.69 September 1 98 1 38 3.38 4 50 4.75 2.81 October... 1.69 1.29 2.52 4.50 -6H 4.75 2.92 1.46 1.00 1.96 4.50 4.75 2.86 November $y December. 1.25 1.00 1.99 4. .50 2% 4.75 2.74

1937—January.... 1.25 1.00 2.22 4.50 4 -ey2 2% 4.75 2.63 February- 1.18 1.00 4.01 4.50 4 -63^ 2H 4.75 2.67 March 1.00 1.00 4.06 4.50 4 -6H 2H 4.75 2.83 y2y2 April 1.00 1.00 4.00 4.50 4 -%}4 4.75 2.86 May 1.00 1.00 3.93 4.50 2^-41/2 4.75 2.69 4 -§y2 June 1.00 1.00 5.02 5.00 2^4^ 4.75 2.80

p Preliminary. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736, and May 1930, p. 318

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FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]

Aus- Austria Bel- Brazil ( milreis) British Bul- Colom- Argen- Canada Chile China Cuha Year or month tina tralia (schil- gium India garia bia ling) (belga) Free (rupee) (lev) (dollar) (peso) (yuan) (peso) (peso) (pound) Official (peso) market

1929 95.127 480.83 14.058 13.912 11. 8078 36. 202 .7216 99.247 12.0601 41.901 96 551 99.965 1930 83. 505 458. 60 14.089 13.952 10. 7136 36.067 .7209 99. 842 12.0785 29.917 96.493 99.952 1931 66. 738 351. 50 14.023 13.929 7.0290 33.690 .7163 96.353 12.0669 22.437 96. 570 99.930 1932 58.443 279.93 13.960 13.914 7.1223 26.347 .7193 88.090 7.9079 21. 736 95. 275 99.941 1933 72. 801 337.07 15. 448 17.900 7.9630 31. 816 1 0039 91 959 7.6787 28 598 81 697 99.946 1934 33. 579 400.95 18. 793 23.287 8. 4268 37.879 1.2852 101.006 10.1452 34.094 61. 780 99.936 1935 32. 659 388. 86 18. 831 18. 424 8.2947 36. 964 1 2951 99. 493 5.0833 36 571 56 011 99.920 1936 ,. _ 33.137 395.94 18. 792 16.917 8. 5681 5.8788 37. 523 1. 2958 99.913 5.1240 29. 751 57.083 99.909 1936—July 33. 489 400.15 18.848 16. 899 8. 5349 37.889 1. 2913 99.900 6.1243 29.967 56.900 99.900 August 33. 503 400.34 18.838 16. 862 8. 5222 5.8367 37. 931 1. 2988 99.978 5.1725 30.048 56.900 99.904 September 33. 611 401.06 18.845 16.893 8. 6445 5. 8901 38.017 1.2978 100.017 5.1691 29.940 56. 505 99.901 October 32.667 390. 33 18. 732 16. 835 8. 7011 5. 8452 36. 991 1.2848 100. 022 5.1727 29.331 56. 501 99.924 November 32.583 389. 54 18.687 16.907 8. 6662 5. 8631 36.913 1.2795 100.120 5.1688 29.466 57.097 99.916 December 32. 718 390.99 18. 692 16. 901 8. 6981 5. 9525 37.088 1. 2779 100. 062 5.1719 29. 525 57. 390 99.916 1937—January ._ __ 32. 718 390.98 18. 682 16. 860 8. 7080 6.0812 37.094 1. 2873 99. 960 5.1726 29. 654 57.390 99. 917 February 32. 627 389. 93 18. 677 16. 861 8. 7053 6.1076 36. 973 1.2903 99. 964 5. 1731 29. 600 57. 234 99. 917 March 32. 570 389. 26 18. 677 16. 847 8. 7021 6.1069 36. 888 1. 2884 100.051 5.1726 29. 664 57.008 99. 917 April 32. 774 391. 78 18. 687 16.860 8. 7105 6. 2538 37.120 1. 2875 100.120 5.1725 29. 714 56.956 99. 918 May 32. 928 393. 70 18.719 16. 868 8. 7192 6. 4164 37. 280 1. 2839 100.149 5.1725 29. 798 56. 967 99. 917 June 32. 898 393. 25 18. 714 16. 866 8. 7179 6. 5543 37. 245 1. 2830 99.944 5.1738 29. 653 57.006 99.919 July „ 33.107 395. 70 18. 775 16. 835 8. 7266 6. 6335 37.483 1. 2825 99. 858 5.1767 29.494 56.992 99. 916

Ger- Czecho- Den- Greece Hong Hun- Egypt Finland France many Italy Japan Nether- slovakia mark (drach- Kong gary Mexico Year or month (reichs- lands (koruna) (krone) (pound) (markka) (franc) ma) (dollar) (pengo) (lira) (yen) (peso) mark) (florin)

1929 _- 2.9609 26.680 498.07 2. 5160 3.9161 23. 809 1. 2934 47.167 17. 441 5. 2334 46.100 i18.183 40.162 1930 2.9640 26. 765 498. 60 2. 5169 3.9249 23.854 1.2959 33.853 17.494 5. 2374 49.390 L17.133 40 225 1931 _—_ 2.9619 25. 058 465.11 2. 3875 3.9200 23. 630 1.2926 24. 331 17.452 5.2063 48.851 J5.492 40.230 1932 2.9618 18.832 359. 54 1. 5547 3.9276 23.749 .8320 23.460 17.446 5.1253 28.111 51.850 40 295 1933 3.8232 19.071 434. 39 1.8708 5.0313 30. 518 .7233 29.452 22.360 6. 7094 25. 646 28.103 51.721 1934 4.2424 22.500 516.85 2.2277 6. 5688 39. 375 .9402 38. 716 29. 575 8. 5617 29.715 27.742 67.383 1935 4.1642 21. 883 502.60 2.1627 6. 6013 40. 258 .9386 48. 217 29. 602 8. 2471 28.707 27. 778 67. 715 1936 4.0078 22.189 509.68 2.1903 6.1141 40. 297 .9289 31. 711 29. 558 7. 2916 29.022 27. 760 64.481 1936— July - - 4.1497 22. 419 514.95 2. 2106 6. 6202 40. 321 .9400 32.040 29. 492 7.8845 29.326 27. 765 68.078 August. 4.1318 22. 434 515. 32 2.2118 6. 5853 40. 221 .9387 31.152 19.777 7.8673 29.404 27.753 67.904 September 4.1319 22.480 516. 76 2. 2173 6.3409 40.083 .9347 31.104 19. 772 7. 8514 29.414 27.753 66. 250 October 3. 6474 21. 866 502. 24 2.1578 4. 6662 40.196 .8965 30.359 19. 774 5. 5299 28.609 27. 747 53. 632 November 3.5380 21.818 501.17 2.1531 4. 6472 40. 223 .8935 30.462 19.776 5.2603 28.559 27.750 53.991 December 3. 5200 21.907 503. 20 2.1611 4. 6675 40. 230 .8973 30. 540 19. 778 5. 2609 28.512 27.750 54. 566 1937—j anuary 3.4922 21.908 503.17 2.1607 4. 6672 40. 225 .8984 30. 566 19.776 5. 2610 28.537 27. 750 54. 752 February 3. 4883 21.847 501.78 2.1579 4. 6555 40. 226 .8965 30.403 19. 782 5.2608 28. 529 27.750 54. 686 M arch 3. 4879 21. 807 500.87 2.1531 4. 5945 40. 215 .8951 30. 355 19. 779 5. 2608 28. 494 27.750 54. 702 April 3.4862 21.945 504.07 2.1656 4. 4963 40.206 .9003 30. 509 19. 785 5. 2607 28.635 27. 751 54. 757 May 3.4853 22.051 506. 49 2.1784 4. 4768 40.171 .9052 30. 600 19. 781 5. 2606 28. 780 27. 750 54. 936 June _ ,. __ 3.4841 22.031 506.05 2.1792 i 4. 4399 40.071 .9043 30.349 19. 771 5. 2607 28. 711 27. 751 54.976 July 3.4854 22.173 509. 30 2.1918 3. 8048 40.196 .9088 30.343 19. 770 5.2600 28.882 27, 751 55.091

>traits United New Portu- Ruma- Swe- Switz- Uru- Norway Poland South Spain !•settle- Turkey King- Yugo- Zealand gal nia Africa den erland guay slavia Year or month ! ments dom (pound) (krone) (zloty) (escudo) (leu) pound) peseta) (krona) (franc) pound) dollar) (pound) (peso) (dinar)

1929 483. 21 26.683 11.194 4. 4714 .5961 483. 27 14. 683 56.012 26. 784 19 279 48. 411 485. 69 98.629 1. 7591 1930 468. 22 26. 760 11. 205 4.4940 .5953 483.79 11. 667 55.964 26.854 19 38?, 47.061 486.21 85.865 1 7681 1931 415. 29 25.055 11.197 4. 2435 .5946 480. 76 9.545 52.445 25. 254 19. 401 47.181 453.50 55 357 1 7680 1932 320.19 18.004 11.182 3.1960 .5968 476. 56 8.044 40.397 18. 471 19. 405 47.285 350.61 47.064 1. 6411 1933 340.00 21.429 14. 414 3. 9165 .7795 414. 98 10. 719 49. 232 22.032 ?4 836 60.440 423.68 60.336 1 7607 1934 ._ 402.46 25. 316 18.846 4.6089 1.0006 498. 29 13.615 59.005 25.982 366 79.047 503.93 79.956 2.2719 1935 391. 26 24. 627 18.882 4. 4575 .9277 484. 66 13. 678 57.173 25. 271 32. 497 80. 312 490.18 80.251 2 2837 1936 398.92 24.974 18.875 4. 5130 .7382 °491. 65 12. 314 58.258 25. 626 30.189 80. C157 497.09 79 874 2 2965 1936—July 403. 26 25.233 18. 915 4. 5568 .7279 497.07 13. 714 58. 873 25. 893 32. 7?4 80. 355 502.25 79.820 2 2985 August 403.42 25.249 18.827 4. 5558 .7317 497.19 13. 643 58.916 25.910 32. 599 80.272 502.59 79. 719 2.2926 September 403. 97 25. 304 18. 824 4. 5586 .7315 497. 99 12. 347 59.095 25. 965 31. 418 80.145 503. 63 79.679 2. 2912 October 393. 25 24.608 18.828 4.4475 .7309 484. 32 8.954 57. 446 25. 253 22.993 79.834 489. 84 79.857 2. 2956 November 392.36 24. 555 18.825 4.4373 .7289 483.43 8.798 57.314 25.196 22.984 79.883 488.80 80.045 2.2990 December 393. 87 24. 656 18. 853 4. 4514 .7285 485. 33 7.727 57. 644 25.300 22.985 80.162 490.78 80.000 2.3003 1937—January 393. 82 24.658 18.924 4.4487 .7273 485. 40 7.099 57. 549 25. 301 22.936 80.156 490.75 78.926 2.3022 February 392. 92 24. 589 18. 929 4. 4457 .7275 484. 24 6.736 57.404 25. 232 22. 829 79. 700 489. 39 78.856 2. 3059 March 392. 32 24. 544 18.939 4. 4411 .7284 483. 81 6.149 57.194 25.186 22. 792 79. 953 488. 51 78. 753 2 3057 April 394. 76 24. 699 18.959 4. 4599 .7286 486. 89 5.711 57. 640 25. 339 22. 824 80. 246 491. 63 78. 626 2.3056 May 396. 61 24.819 18.934 4. 4723 .7290 489.17 5.348 57. 929 25. 465 22 870 80. 134 493.99 78 65S 2 3060 June 396. 21 24. 797 18. 928 4. 4689 .7279 488. 68 5.215 57. 836 25. 444 22.879 79. 897 493. 55 79 143 2 3056 July 398. 74 24. 957 18.915 4. 4958 .7286 491.95 5.062 58. 240 25. 607 22. 920 80. 537 496. 72 79.373 2. 3072

i Quotations nominal June 29-30, 1937. c Corrected. 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.

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PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers]

United United Japan Nether- Switzer- Canada France Germany Italy (October lands land Year or month States Kingdom (1926-30= (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) (July 1914 100) =100)

1926 100 100 695 134 237 106 144 1927 95 98 642 138 225 103 142 1928 97 96 645 140 100 226 102 145 1929 95 96 627 137 95 220 100 141 1930 86 87 100 554 125 85 181 90 126 1931 73 72 88 502 111 75 153 76 110 1932 65 67 86 427 97 70 161 65 96 1933 _ 66 67 86 398 93 63 180 63 91 1934 75 72 88 376 98 62 178 63 90 1935 80 72 89 338 102 68 186 62 90 1936 81 75 94 411 104 76 197 64 96

1936—June _ 79 72 93 378 104 76 194 62 92 July- 81 74 94 391 104 75 197 62 93 August 82 76 95 403 105 76 197 63 93 September _ 82 76 96 420 104 77 201 63 97 October 82 77 98 471 104 77 200 68 103 November _ 82 77 98 492 104 78 204 70 105 December 84 80 101 519 105 79 215 71 107 1937—January . _ 86 81 103 538 105 82 233 73 108 February 86 83 104 533 106 83 230 74 111 March ' 88 86 107 550 106 85 240 76 113 April _ 88 86 109 552 106 86 248 77 113 May 87 85 111 550 106 88 241 77 113 June 87 85 111 557 106 90 238 76 112 July . 88 88 112 582 106 239 78

WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom France (1913 = 100) Germany (1913 = 100) United States (1926=100) (1930=100) Indus- Year or month Other Indus- Farm Indus- Agricul- trial raw Indus- Farm Foods commod- Foods trial and food trial tural Provi- and semi- trial fin- products ities products products products products sions finished ished products products

1926 100 100 100 581 793 129 132 130 150 1927 99 97 94 599 678 138 129 132 147 1928 106 101 93 584 697 134 133 134 159 1929 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 , 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 .. 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 105 86 94 121 1936—June-- 78 80 79 89 94 394 364 106 85 93 121 July. 81 81 80 90 96 405 378 106 85 93 121 August 84 83 80 94 96 425 384 106 85 94 121 September 84 83 80 95 97 449 396 105 86 94 122 October 84 83 80 98 97 487 457 104 86 95 122 November 85 84 81 97 99 500 484 103 86 95 123 December 89 86 82 99 102 522 516 104 91 96 123

1937—January . _- 91 87 83 99 105 532 543 103 93 97 123 February 91 87 84 99 107 516 548 103 94 97 123 March 94 88 86 101 111 528 570 104 95 98 124 April 92 86 87 102 113 522 577 104 95 97 124 Mav 90 84 86 102 115 520 576 104 98 97 124 June 89 85 86 102 115 532 579 105 98 97 124 July 89 86 86 103 116 549 610 106 98 96 125

Sources.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, October 1935, p. 678, March 1937, p. 276, and April 1937, p. 372.

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PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers]

Switz- Switz- United Eng- France Ger- Nether- er- United Eng- France Ger- Nether- er- Year or States^ land July many lands land Year or States land Jan.- many lands land month 1923- July 1914=100 1913- 1911- July month 1923- July June 1913- 1911- July 1925=100 1914=100 1914=100 1913=100 1914=100 1925=100 1914=100 1914=100 1914=100 1913=100 1914=100

1926 109 161 554 146 161 160 1926 103 170 505 142 168 162 1927 105 156 557 153 163 158 1927 102 164 514 148 168 160 1928 103 157 549 153 166 157 1928 100 166 519 152 169 161 1929 105 154 611 156 162 156 1929 99 164 556 154 168 161 1930 100 145 614 146 150 152 1930 97 158 581 148 161 158 1931 82 131 611 131 136 141 1931 89 148 569 136 151 150 1932 68 126 536 116 119 125 1932 80 144 526 121 141 138 1933 66 120 491 113 120 117 1933 76 140 520 118 139 131 1934 74 122 481 118 124 115 1934 78 141 516 121 140 129 1935 80 125 423 120 114 143 136 128 118 1935 81 483 123 C O 1936 82 130 470 122 120 120 1936 82 147 507 125 130 1936—June.,. 84 126 458 123 119 120 1936—June... 144 497 125 130 84 129 446 124 120 July .. 82 146 125 130 Aug 84 129 460 124 120 Aug. 146 125 130 Sept.— 84 131 483 122 121 121 Sept.... 82 147 504 124 132 130 83 132 504 122 124 123 Oct 148 124 134 132 Nov 83 136 520 121 124 123 Nov. 151 124 134 132 Dec 83 136 534 121 122 123 Dec... 82 151 540 124 133 132 1937 Jan. 85 136 562 121 124 126 1937 Jan 151 125 134 133 Feb 85 135 577 122 122 129 Feb. 151 125 134 136 Mar.... 85 135 577 122 123 129 Mar 84 151 581 125 134 136 Apr 86 135 580 122 125 129 Apr. 151 125 136 137 May.— 87 136 584 122 126 129 May 152 125 136 136 June 86 136 576 123 129 131 June ... 85 152 606 125 138 137 July.. _ 86 140 580 125 July 155 126

1 From August 1933 to July 14, 1936, Bureau of Labor Statistics published biweekly indexes. Figures given are for date nearest 15th of month. 2 Revised index as from March 1936 (see BULLETIN for April, 1937, p. 373). Sources.—See BULLETIN for April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified]

Bonds Common stocks (1926= 100) Year or month United England Germany Nether- States (December France (average lands 3 Nether- (average (1913=100) United lands price)1 1921=100) price) (1929=100) States England France Germany (1930=100)

Number of issues __ 60 87 36 139 8 420 278 300 329 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1927 100.7 110.7 71.7 118 3 107.0 123.2 145.0 1928 100 8 112 3 80 8 85 5 149 9 115 9 178 1 136 1 1929 _ . _ 98.0 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122.8 1930 99.3 111 8 95.8 83 3 104.3 149 8 102.6 187.6 100.2 100.0 1931 90.9 108.4 96.9 283.4 104.1 94.7 78.9 132.2 '78.0 70.0 1932 69.5 113.2 88.6 2 67.1 94.8 48.6 67.9 105.2 »50.3 46.0 1933 73.4 119 7 81.3 82 5 105 3 63 0 78.6 99.6 61.7 52.0 1934 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55.0 1935 88.6 129.9 83.5 95.3 107.8 78 3 86.3 79.7 82.9 55.0 1936 97.5 131.2 76.3 95.8 109.1 111.1 97.0 77.2 91.6 66.0 1936—June 96.2 130.6 73.8 95.8 100.2 105.6 94.0 66.1 93.2 60.3 July 97.1 131.0 73.2 95.9 106.0 109.2 94.7 59.2 94.6 61.9 August 97.7 131.6 73.2 96.1 108.5 113.0 97.3 58.8 93.4 62.2 September... 98.6 132.1 75.2 96.1 109.9 114.1 98.2 65.7 91.8 63.5 October 99.6 132.9 80.8 96.2 117.5 118.7 102.1 83.7 97.2 78.9 November- 99.8 132.0 78.8 96.3 120.0 124.2 103.2 89.7 97.8 88.6 December.._ 99.9 130.9 78.4 96.4 120.3 123.1 103.5 94.8 96.7 91.2 1937—January 100.3 129.7 77.5 96.7 121.9 126.4 104.2 114.6 97.8 101.5 February 100.0 125.5 75.1 97.4 121.2 129.5 103.8 113.3 99.2 109.0 March 98.5 124.3 74.6 97.7 121.6 129.9 102.7 112.0 100.3 113.7 April 96.6 125 3 72 6 98 5 124 5 101 0 96 6 101 5 110.1 May 96.2 125.0 72.3 98 8 116.3 99.3 94.8 102.6 105 5 June ... 95.0 123.9 74.6 98.9 113.6 97.0 94.0 103.5 103.4 July 95.3 123. 3 75.0 99.0 117.8 96.8 90.6 105.1 107.7

tistics Co. June Index for 1931 represents average of months January Sources.—See BULLETIN for February 1932, p. 121, June 1935, p. 394, April 1937, p. 373, and July 1937, p. 698.

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961

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MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman JOSEPH A. BRODERICK JOHN K. MCKEK M.S. SZYMCZAK CHESTER C. DAVIS

CHARLES S. HAMLIN, Special Counsel LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULQER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) .THOMAS M. STEELE GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) W. W. ALDRICH JOSEPH A. BRODERICK District No. 3 (PHILADELPHIA) .. HOWARD A. LOEB, CHESTER C. DAVIS Vice-Preside n t WM. A. DAY District No. 4 (CLEVELAND) L. B. WILLIAMS WM. MCC. MARTIN District No. 5 (RICHMOND) .... CHARLES M. GOHEN JOHN K. MCKEB B. A. MCKINNEY District No. 6 (ATLANTA) EDWARD BALL RONALD RANSOM District No. 7 (CHICAGO) EDWARD E. BROWN JOHN S. SINCLAIR District No. 8 (ST. LOUIS) WALTER W. SMITH, M. S. SZYMCZAK President District No. 9 (MINNEAPOLIS) JOHN CROSBY

CHESTER MORRILL, Secretary District No. 10 (KANSAS CITY) W. T. KEMPER WALTER WYATT, General Counsel District No. 11 (DALLAS) R. E. HARDING J. P. DREIBELBIS, Assistant General Counsel District No. 12 (SAN FRANCISCO) PAUL S. DICK E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist W. RANDOLPH BURGESS, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary

962

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Federal Reserve Chairman and Federal Bank of— Reserve Agent President First Vice President Vice Presidents

Boston F. H. Curtiss R. A. Young W. W. Paddock.. W. Willett 2 New York Owen D. Young* G. L. Harrison__ _ Allan Sproul W. R. Burgess L. R. Rounds W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke C. H. Coe Philadelphia R. L. Austin J. S. Sinclair F. J. Drinnen C. A. Mclllaenny » W. J. Davis E. C. Hill Cleveland E. S. Burke, Jr. M. J. Fleming F. J. Zurlinden H. F. Strater W. H. Fletcher W. F. Taylor * Richmond Robert Lassiter. Hugh Leach... J. S. Walden, Jr. R. H. Broaddus J. G. Fry G. H. Keesee * Atlanta W. H. Kettig Oscar Newton R. S. Parker H. F. Conniff L M. Clark W. S. McLarin, Jr « R. E. Wood1 G. J. Schaller H. P. Preston W. H. Snyder » C. S. Young J. H. Dillard St. Louis W. T. Nardin W. McC. Martin 0. M. Attebery. J. S. Wood. J. G. McConkey CM. Stewarts Minneapolis W. B. Geery _ J. N. Peyton.. _. 0. S. Powell Harry Yaeger H. I. Ziemer.a E. W. Swanson Kansas City J. J. Thomas.. G. H. Hamilton 0. A. Worthington A. M. McAdams J. W. Helm.3 Dallas C C Walsh B A McKinney R. R. Gilbert R B Coleman « W. J. Evans San Francisco A. 0. Stewart W. A. Day _ Ira Clerk. S. G. Sargent W A/T TTQIO C. E. Earhart •

1 Deputy chairman. * Cashier. » Also cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director

New York: Minneapolis: Buffalo branch R. M. O'Hara Helena branch _ R. E. Towle Cleveland: Kansas City: Cincinnati branch B. J. Lazar Denver branch J. E. Olson Pittsburgh branch. G. H. Wagner Oklahoma City branch C. E. Daniel Richmond: Omaha branch L. H. Earhart Baltimore branch W. R. Milford Dallas: Charlotte branch _ W. T. Clements El Paso branch J. L. Hermann Atlanta: Houston branch W. D. Gentry Birmingham branch P. L. T. Beavers San Antonio branch M. Crump Jacksonville branch _ G. S. Vardeman, Jr. San Francisco: Nashville branch J. B. Fort, Jr. TiOS Angeles branch. W. N. Ambrose New Orleans branch Marcus Walker Portland branch R. B. West Chicago: Salt Lake City branch _ W. L. Partner Detroit branch R. H. Buss Seattle branch C. R. Shaw St. Louis: Spokane branch D. L. Davis Little Rock branch.. A. F. Bailey Louisville branch J. T. Moore Memphis branch W. H. Glasgow

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••••• BOUNDARIES OF FEDERAL RESERVE DISTRICTS «»- BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATED CITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY

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