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Federal Reserve Bulletin March 1937

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Federal Reserve Bulletin March 1937 FEDERAL RESERVE BULLETIN MARCH 1937 Banking Developments in 1936 State Laws Relating to Bank Reserves Condition of All Member Banks BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS PAGE Review of the month—Banking developments in 1936 173-181 National summary of business conditions 182-183 Summary of financial and business statistics 185 Law Department: Supplement to Regulation D—Increasing reserve requirements 186 Definition of interest in Regulation Q 186 Use of obligations of the United States as collateral for Federal Reserve notes 187 Provisions of State laws relating to bank reserves 188-219 Condition of all member banks on Dec. 31, 1936 (from Member Bank Call Report No. 71) 220-221 Report of the Federal Deposit Insurance Corporation 222-224 Annual report of the Bank of Belgium 225-228 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 230 Federal Reserve bank statistics 231-235 Reserve position of member banks; deposits in larger and smaller centers . 236 Money in circulation 237 Gold stock and gold movements 238 All banks in the United States 239 All member banks 240-241 Reporting member banks in leading cities 242-245 Bank suspensions; bank debits; Postal Savings System 246 Acceptances, commercial paper, and brokers' balances 247 Federal Reserve bank discount rates 248 Money rates and bond yields 249 Security markets 250 Treasury finance 251 Governmental corporations and credit agencies 252-253 Production, employment, and trade 254-263 Wholesale prices 264 International financial statistics: Gold reserves of central banks and governments 266 Gold production 267 Gold movements 267-268 Central banks 269-272 Bank for International Settlements 272 Commercial banks ^_ 273 Discount rates of central banks •_. 274 Money rates 274 Foreign exchange rates 275 Price movements: Wholesale prices 276 Retail food prices and cost of living 277 Security prices 277 Federal Reserve directory: Board of Governors and staff; Open market Committee and staff; Federal Advisory Council 280 Senior officers of Federal R eserve banks; managing directors of branches 281 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 23 MARCH 1937 No. 3 REVIEW OF THE MONTH Reports of condition of all member banks for the end of 1936 have just become avail- In the first two months of 1937 total loans able. They show that the and investments at weekly reporting member 1936 outstanding developments banks in leading cities de- for the year were a con- Recem banking clined, reflecting largely the siderable growth, for the first time since 1929, developments of commercial borrowing from banks, the ces- further sale of United States sation of the prolonged growth in the banks' Government obligations by New York City holdings of United States Government obli- banks and a decline in commercial loans. gations, and a further large increase in de- The decline in commercial loans in January posits. By the end of the year the total of amounted to $190,000,000, or about the bank deposits and currency outside banks amount of the increase in December, which was larger than at any previous time. Re- had reflected to some extent borrowing by serves held by member banks were further corporations to pay dividends before the end increased through a continued inflow of gold of the year because of the tax on undistrib- from abroad. Notwithstanding an increase uted earnings of corporations. Some of the in the amount of required reserves caused by decrease in January was due to repayment of expansion of bank deposits and by action of Commodity Credit Corporation notes bought the Board of Governors last summer in rais- by banks last July. In the three weeks end- ing reserve requirements, member bank re- ing February 17, there was a slight increase serves at the end of the year were still $2,000,- in commercial loans at banks outside New 000,000 in excess of legal requirements. A York City. Loans to brokers and dealers in large part of this excess will be absorbed by securities declined in January following a the further increase in requirements which seasonal increase at the end of the year. was ordered by the Board on January 30, one- Adjusted demand deposits at reporting half to become effective on March 1 and one- member banks showed little change, notwith- half on May 1. standing the decline in loans and investments. Total loans and investments of member This was due primarily to the effects of the banks continued to increase in 1936 and were seasonal return of currency from circulation larger at the end of the year than at any time and of Treasury expenditures from accumu- since September 1931. At New York City lated balances. The return flow of currency banks total loans and investments declined in also resulted in an increase in excess reserves the last half of the year, reflecting a reduc- of member banks. All of the increase in re- tion in holdings of United States Government serves was at banks in New York City, which obligations at these banks for the first time in recently have gained funds from other parts many years, this decrease being offset only in of the country through their own security part by a substantial increase in loans. Banks sales and through commercial and financial in other reserve cities increased both loans transactions of bank customers. 173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 174 FEDERAL RESERVE BULLETIN ]VI ARCH 1937 and investments throughout the year. Coun- equalled or exceeded the extension of new try banks showed a larger increase in total loans. Writ]mg off of doubtful loans, which loans and investments than in any other year had been wi<lespread during the depression, since 1927, reflecting substantial increases in also continueid at many banks until recently. holdings of securities and of commercial An additiona1 factor was the increased supply paper purchased in the open market, andof funds ma de available through large-scale some increase in real estate loans, while their borrowing aiid spending by the Federal Gov- other loans to customers continued small. It ernment, the proceeds of which found their appears that in 1936 banks in larger cities way into the accounts of individuals and showed a considerable growth in commercial firms, enablirlg them to repay debts and reliev- lending, while country banks, having an ex-ing them of rtthe necessity of borrowing from ceptionally large volume of idle funds, uti- banks for the purpose of financing business lized a part of them in increasing their hold- expansion. ings of investments. Detailed information from the call reports LOANS AND INVESTMENTS OF MEMBER BANKS of member banks as of December 31, 1936, is BILLIONS OF DOLLARS JUNE 30 THROUGH 19Z8; CALL DATES THEREAFTER ) BILLIONS OF DOLLARS 14 14 published in tables on pages 220-221. Connmerc alLoans Financial returns of the operation of mem- 12 \ *A 12 ber banks improved in 1936, reflecting the \ ( / / 10 10 improvement in business and agricultural s curity Loons \ V / / conditions, the rise of commodity prices and / 8 • 1. \ \ of security and real estate values, and the A ' i curitieS 4 *— Other Se betterment in the general financial standing 6 Z 6 of individuals and business firms. For the •' 1 ties 4 4 — first half of 1936, the most recent period for -•• •~--r 1 -•"" R»al Estate Loans \ — which figures are available, recoveries on 2 2 .—^— -^- loans and investments and profits on securi- —- ties sold exceeded reported losses on loans 0 0 and investments for the first time in many 1922 1924 1926 1928 1930 1932 1934 1936 Figures for commercial loans, security loans, and real estate loans years. Money rates continued at a low level partly estimated 1921-1928. and, notwithstanding the growth in volume of loans and investments, gross returns on Growth in commercial loans to customers these assets showed little increase. in 1936 was almost entirely at banks in the Resumption on a substantial scale of bor- larger cities throughout the country. The rowing from banks for commercial purposes following table shows for that year the in- began early in March 1936. crease in so-called "other" loans to customers loans386 ^ ^^ Fr°m the middle Of 1933 Un" at central reserve city banks in New York til that time, as shown on and Chicago, at other reserve city banks in the chart, commercial loans of member banks the various Federal Reserve districts, and at had been less than half of the pre-depression country banks. These loans include all loans volume. That these loans did not increase other than loans on securities, loans to banks, earlier in the recovery period was the result loans on real estate, acceptances, and com- of several factors. The first impact on themercial paper bought. They cover, therefore, banks of the betterment in business and agri- loans for commercial, agricultural, and in- cultural conditions was a repayment of loans dustrial purposes, as well as instalment loans, by borrowers whose financial position had personal loans, etc., not secured by stocks or improved, so that for a time repayments bonds or by real estate. In addition to these Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MARCH 1937 FEDERAL RESERVE BULLETIN 175 loans, holdings of acceptances and of com- tion to loans to customers, reserve city banks mercial paper bought in the open market also reported a small increase in their holdings of reflect commercial borrowing. acceptances, but at New York City banks holdings of acceptances, including their own "OTHER" LOANS TO CUSTOMERS BY MEMBER BANKS acceptances held by reporting banks, declined by about $70,000,000.
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