federal reserve bulletin september 1937

FEDERAL RESERVEBULLETIN

SEPTEMBER 1937

Reduction in Discount RatesBanking Developments in First Half of 1937Objectives of Monetary PolicyAcceptance PracticeStatistics of Bank Suspensions

BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

CONSTITUTION AVENUE AT 20TH STREET

WASHINGTON

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

TABLE OF CONTENTS

PAGE

Review of the month—Reduction in discount rates—Banking developments in the first half of 1937 819-826Objectives of monetary policy 827National summary of business conditions 829-830Summary of financial and business statistics 832Law 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 833Matured bonds and coupons as cash items in process of collection in computing reserves 833Appointment of alternates for members of trust investment committee of national bank 834

New Federal Reserve building _• 835-838Acceptance practice 839-850Condition of all member banks on June 20, 1937 (from Member Bank Call Report No. 73) _. . . _ 851-852French financial measures . _. _: 853Annual report of the Central Bank of the Argentine Republic. _ _ . _ _ _. . ._. _ 854-865Bank suspensions, 1921-1936 866-910Financial, industrial, and commercial statistics, United States:

Member bank reserves, Reserve bank credit, and related items 912Federal Reserve bank statistics 913-917Reserve position of member banks; deposits in larger and smaller centers 918Money in circulation 919Gold stock and gold movements; bank suspensions; bank debits r 920All banks in the United States 921All member banks 922-923Reporting member banks in leading cities 924-927Acceptances, commercial paper, and brokers' balances 928Federal Reserve bank discount rates 929Money rates and bond yields 930Security markets 931Treasury finance 932-933Governmental corporations and credit agencies; Postal Savings System 934-935Production, employment, and trade 936-944Wholesale prices 945Crop report 946

International financial statistics:Gold reserves of central banks and governments 948Gold production _. 949Gold movements 949-950Central banks 951-954Bank for International Settlements 955Commercial banks 955-956Discount rates of central banks 957Money rates 957Foreign exchange rates 958Price movements:

Wholesale prices 959Retail food prices and cost of living 960Security prices 960

Federal Reserve directoryBoard of Governors and staff; Open market Committee and staff; Federal Advisory Council 962Senior officers of Federal Reserve banks; managing directors of branches _ 963

II


FEDERAL RESERVE BULLETINVOL. 23 SEPTEMBER, 1937 No. 9

REVIEW OF THE MONTH

Beginning August 20 discount rates werereduced at several of the Federal Reserve

banks. The reductions wereReduction in f r o m 2 percent to li/> percentdiscount rates

at the Federal Reserve Banksof Atlanta, Chicago, Minneapolis, Richmond,Dallas, Boston, and St. Louis and from 11/2percent to 1 percent at the Federal ReserveBank of New York. In approving the firstof these changes the Board of Governorsissued the following statement in explana-tion of its action:

"The Board of Governors today approvedthe action of the directors of the Federal Re-serve Banks at Atlanta and Chicago in reduc-ing the discount rate from 2 percent to IY2percent, effective in the 6th and 7th FederalReserve Districts, respectively, on August21, 1937.

"The Board's approval was based upon theview that the reduction of discount rates atthis time would assist in carrying out the Sys-tem's policy of monetary ease and make Fed-eral Reserve bank credit readily available tomember banks for the accommodation ofcommerce, business and agriculture, withoutencouraging member banks to borrow outsideof their districts or to liquidate their port-folios in order to be in a position to meet theneeds of present or prospective borrowers.

"The reduction in discount rates, whichhave had little or no practical effect duringthe period when excess reserves were ab-normally large and widely distributedthroughout the System, brings the rates intocloser relation with the interest rate struc-

ture generally prevailing, and affords to mem-ber banks the benefit of rates, on advancesmade by the Federal Reserve bank, whichare in line with those available in the moneymarket. During the extended period whenexcess reserves of the banking system werebetween two and three billions of dollars, theoccasion did not arise except in rare instancesfor member banks to borrow from the Fed-eral Reserve banks, and the discount rateswere accordingly inoperative as a practicalmatter.

"As a result of the continued progress ofthe recovery movement, demands of agricul-ture, industry and commerce for bank ac-commodation have steadily increased and atthe present time are augmented by seasonalrequirements, particularly with relation tocrop movements. While excess reserves, fol-lowing the action of the Board in increasingreserve requirements, remain at an unusuallyhigh level of approximately $750,000,000 atpresent for the System as a whole, they aredistributed preponderantly among the coun-try banks and not in the money centers. Thereduction of the discount rates in the twolarge agricultural districts of Atlanta andChicago should serve to assist the memberbanks to utilize credit directly available inthese districts in order to meet banking re-quirements in connection with crop move-ments and business needs.

"It is the Board's view, therefore, that atthis time the Federal Reserve System canbest discharge its public responsibility andpromote the continuance of recovery by mak-ing it possible for member banks to obtainaccommodation from Federal Reserve banks

819


820 FEDERAL RESERVE BULLETIN SEPTEMBER 1937

Recent changes inexcess reserves

at rates which will encourage them to employtheir funds to meet the needs of agriculture,industry and commerce."

These were the first changes in basic dis-count rates at any Federal Reserve bank sinceMay 1935. As of September 2, 1937, thediscount rates in effect at the various FederalReserve banks were 1 percent at New York,IV2 percent at Boston, Cleveland, Richmond,Atlanta, Chicago, St. Louis, Minneapolis, andDallas, and 2 percent at Philadelphia, KansasCity, and San Francisco.

Excess reserves of member banks de-clined in the latter half of July and the first

few days of August fromover $950,000,000 to about$700,000,000. Subsequently

they increased somewhat and on August 25amounted to about $760,000,000. At $700,-000,000 on August 4 excess reserves werethe smallest since September 1933. Fluctu-ations in member bank reserves duringJuly and August were due largely to changesin Treasury balances at Federal Reservebanks, which increased from less than $100,-000,000 to over $300,000,000 through receiptsfrom the sale of Treasury bills in excess ofmaturities and from securities sold and loansobtained in the market by various Govern-ment credit agencies. Subsequent expendi-tures reduced Treasury balances to about$160,000,000. A seasonal increase in moneyin circulation in August and increases inforeign and other nonmember deposits at theFederal Reserve banks after the middle ofJuly absorbed over $100,000,000 of reserves.

The loss of excess reserves from the middleof July to early in August was largely con-centrated in the money market banks of NewYork and Chicago, which supplied a largepart of funds obtained by the Treasury andGovernment agencies. At New York, asshown by the chart, excess reserves fell from$230,000,000 to about $40,000,000, and atChicago from $60,000,000 to $25,000,000,

while at other reserve city banks and at coun-try banks there was a small reduction. Thesubsequent increase in reserves was con-fined to New York and Chicago banks, re-flecting not only Treasury payments in thosecenters but also movements of business fundsto them.

EXCESS RESERVES OF MEMBER BANKSBILLIONS OF DOLLARS

Notwithstanding the large loss of reservesby money market banks, no appreciable tight-

ness developed in the NewNew York York market. There was anmoney market . . . , ! - , ,

increase m interbank borrow-ing, and for a few days early in August therate on Federal Reserve funds, that is therate at which New York City banks borrowreserves from other banks, usually on aday-to-day basis, was in some cases as muchas 1/2 percent, but generally the rate for thesefunds continued at the level of 14 percent,which had prevailed for the past few months.Loans by New York banks to out-of-townbanks have recently been made at rates vary-ing from 1 percent to 2V2 percent.

Other open-market rates showed little orno change from previous levels; the averagerate on the weekly issues of 9-month Treasurybills continued at around !/£ of 1 percent, theaverage yield on 3-5 year Treasury notes de-clined to about 1% percent in July, and thaton the longer-term Treasury bonds to littleover 2^/2. percent. These were the lowestyields on Treasury obligations since early in


SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 821

March. After the first week of August therewas a decline in prices of Treasury bondswhich raised the average yield to above 2%percent in the latter part of the month, orabout the level prevailing in June and theearly part of July. Yields on Treasury notesand bills also rose somewhat.

Following a decline in the first half of July,total loans and investments of reporting mem-

ber banks in leading citiesMember bank credit j n c r e a s e d in the periodin July and August ^

from July 14 to August 4when these banks were losing reserves, butin the two subsequent weeks they again de-clined. On August 18 total loans and invest-ments of reporting banks in New York Citywere $140,000,000 less than on June 30, whilethose at other reporting banks were $150,-000,000 larger. Commercial, industrial, andagricultural loans increased by $250,000,000in the period and there was an increase ininter-bank loans, but loans to brokers anddealers in securities declined by $100,000,000and holdings of investments by $160,000,000.The decrease in investments reflected furtherdeclines of about $100,000,000 in holdings ofUnited States Government obligations atNew York City banks and of $75,000,000 inholdings of other securities, mostly at banksoutside New York. The decline in brokers'loans was mostly at New York City banks.The increase in commercial, industrial, andagricultural loans occurred principally in thecities of New York and Chicago and in theFederal Reserve districts of Boston, Cleve-land, St. Louis, Kansas City, and San Fran-cisco. The growth represented in part thepurchase by banks in these districts of a largeportion of the $60,000,000 of 9-month notessold by the Commodity Credit Corporationon August 2.

Deposits at New York City banks declinedsubstantially from the middle of June toearly in August, while those at banks in otherleading cities showed little change. OnAugust 18 adjusted demand deposits at New

York City banks were nearly $250,000,000smaller than on June 30, and about $500,-000,000 less than in March. Domestic inter-bank balances, which declined sharply in thefirst five months of the year, remained fairlystable during the summer months.

Principal bankingtdevelopments in the firsthalf of 1937, shown by the call reports of con-

dition of all member banksBanking as of June 30, 1937, com-firlfhalTof*1937 P^sed a decrease of $260,-

000,000 in total loans and in-vestments of member banks, an increase ofover $300,000,000 in reserves, and sharp de-clines in deposits of domestic banks and ofthe United States Government. Other de-posits increased slightly. In other recentyears all of these items in the condition ofbanks showed substantial increases. Aggre-gate figures for all member banks in the firsthalf of 1937 reflect diverse movements atdifferent groups of banks and of differenttypes of loans, investments, and deposits.The call-report figures indicate that countrybanks did not show declines in their invest-ments and deposits as had been previouslyshown by weekly reporting banks in leadingcities.

During the first half of this year countrybanks withdrew substantial amounts of theirbalances from city banks and used the fundsin part to meet the increase in reserve re-quirements prescribed by the Board of Gov-ernors and in larger part to increase boththeir loans and their investments. For thepurpose of meeting these withdrawals, aswell as the increased demand for loans fromtheir own customers, city banks reduced theirholdings of investments. The withdrawalsof bankers' balances and the growth of loanscontinued throughout the six-month period,but most of the decline in investments, espe-cially in holdings of United States Govern-ment obligations, was effected in the firstquarter of the year. The principal changes



in the banking situation during the first halfof 1937 are shown in the following table:

CONDITION OF MEMBER BANKS ON JUNE 30, 1937, ANDCHANGES IN FIRST HALF OF 1937

[In millions of dollars]

Con-ditionof allmem-

berbanks

June 30,1937

LoansInvestments..

Total loans and in-vestments

Balances with other banks__Required reserves ,Excess reserves

Total adjusted deposits *U. S. Government and

Postal Savings deposits,__Interbank deposits—domes-

ticForeign bank deposits

14, 28518,454

32, 739

3,2076,037

860

32,511

728

5,421629

Changes in first six months of 1937

Allmem-

berbanks

+925-1,186

-261

-859+ 1 , 405-1,079

+139

-258

-1,134+191

Cen-tral re-servecity

banks

+462-867

-405

-60+672-543

-146

+50

-542+191

Re-servecity

banks

+199-365

-166

-424+447-340

+107

-195

-516

Coun-try

banks

+262+47

+309

-375+285-195

+177

-114

- 7 5

i Total deposits less United States Government, Postal Savingsand bankers' deposits and items in process of collection.

Notwithstanding the increases in reserverequirements made during the first half ofthis year all classes of member banks con-tinued to have excess reserves. Perhaps theoutstanding change in the banking situationduring the period was that country banks,which in recent years have held unusuallylarge balances with city banks, put a con-siderable part of these funds to other uses.Prior to their withdrawal a part of the fundsobtained from these balances had been in-vested by city banks and a part had been heldby them as excess reserves with the Reservebanks. Consequently, a large part of the de-mand for funds to meet both the increase inreserve requirements and the growing de-mand for loans throughout the country hasbeen met out of balances that had been heldin the financial centers. This is in accordancewith usual developments during an upswingin business when funds previously held idleand concentrated in money market centersbegin to be in demand throughout the country.This year the withdrawal of funds fromfinancial centers had less effect on conditions

i n c r e a s e

in the money market than was the case onother similar occasions, even though the con-centration of funds was larger than usual.This was due to the fact that a large part ofthe funds was held as excess reserves, avail-able for instant withdrawal, while in earlierperiods the funds had been largely employedin stock-market loans which had to be calledor shifted to other lenders when an outflowset in.

There was a further marked increase inloans at member banks in the first half of

1937. The growth in thedemand for bank credit onthe part of commercial, in-

dustrial, and agricultural borrowers, whichbegan in most of the larger cities in the firstquarter of 1936 and continued through the

MEMBER BANK LOANS

CALL REPORT DATES,OCT.3,1928 - JUNE 30,1937

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

13

12

11

10

9

8

7

6

5

4

3

2

1

01929 1930 1931 1932 1933 1934 1935 1936 1937

remainder of that year, became more generalin the first half of 1937, when there was alarge demand for loans at country banks aswell as at city banks. In the first half of thisyear the growth in commercial, industrial,and agricultural loans, as measured by so-

12 -

11 ^

10 -

9

8 -

7 -

6 /° \c

4 -

2 -

1 -

0

A\

w\

OANS ON SECURITIESTO CUSTOMERS

V ~

RE AL ESTATE LC

PURCHASE:PAPER

. . . . . . . .

\

OTHER LOANSTO CUSTOMERS

\

\

\ VN

ANS,

y

I i

LOANS TO BROKERSAND DEALERS ! ^ _ — -

i 1 i



called "other" loans, amounted to about$620,000,000 and, as indicated on the chart,the total amount of these loans on June 30,1937, was the largest since the summer of1932, although still much smaller than inearlier years. Of the total increase for thesix months, $250,000,000 was at central re-serve city banks in New York, $35,000,000 inChicago, $160,000,000 at reserve city banks,and $180,000,000 at country banks. The in-crease in Chicago was reduced somewhat byrepayment in the period of Commodity CreditCorporation notes, about $40,000,000 ofwhich were held by Chicago banks on Decem-ber 31, 1936. As compared with the growthin the first half of 1936, the rate of increasein commercial loans this year at New YorkCity banks was about the same, while at re-serve city banks it was considerably less, andat country banks it was about twice as large.

At reserve city banks, as shown by thefollowing table, most of the increase in com-mercial loans occurred in the northeasterndistricts of Boston, Philadelphia, and Cleve-land and in the San Francisco district. In-creases in the San Francisco and Clevelanddistricts followed substantial growth in 1936.

"OTHER" LOANS OUTSTANDING AT RESERVE CITY ANDCOUNTRY MEMBER BANKS JUNE 30, 1937, ANDCHANGES IN FIRST HALF OF 1937 x


BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City__.DallasSan Francisco .

Total 2_-

Reserve city banks

June 30,1937

2476120225299170176142108170140621

2,389I

Changesince

Dec. 31,1936

+34+2

+30+31+3+4+6- 2- 1

+14- 9

+47

+158

Country banks

June 30,1937

20936523016417812917110094144147131

2,062

Changesince

Dec. 31,1936

+36+28+5

+14+9+6

+ 18+9

+15+15+22+3

+181

1 Includes all loans other than loans to banks, loans on securities andon real estate, and holdings of acceptances and open-market commer-cial paper.

2 "Other loans" for central reserve city banks not shown in this tableamounted to $1,776,000,000 in New York, and $437,000,000 in Chicagoon June 30, 1937, showing increases of $249,000,000 and $35,000,000 re-spectively.

At reserve city banks in the New York,Chicago, Atlanta, and St. Louis districts,where there had been substantial increasesin 1936, only a moderate growth or a slightdecline in commercial loans was reported inthe first half of this year.

At country banks, commercial, industrial,and agricultural loans have increased thisyear in every district. The largest percentageincreases were in the districts of Boston,Minneapolis, and Dallas, and the smallest inthe Philadelphia and San Francisco districts.

Although most of the increase in loans atmember banks in the first half of 1937 wasin loans to business customers, other types ofloans also increased, as shown by the chart.Loans to brokers and dealers in securitiesrose by $125,000,000, real estate loans by$100,000,000, loans on securities to customersby $45,000,000, and holdings of open-marketpaper by $20,000,000. The additional loansto brokers and dealers were extended by NewYork City banks and brought the total of suchloans to the highest level since 1931. Asshown in a previous section of this review,however, there has been some decrease inthese loans since the end of June. Nearly allof the increase in real estate loans took placeat reserve city and country banks. Thesebanks also added to their holdings of open-market paper, while such holdings at NewYork City banks declined. Loans on securi-ties to customers increased somewhat in NewYork but continued to decline elsewhere.

Holdings of United States Government se-curities by member banks showed a consider-

able decline for the firsthalf of this year. Most ofthe reduction occurred dur-ing the first quarter, which

included the period of sharp decline in thebond market. During the second quarter,as shown on the following chart, memberbank holdings of direct obligations of theUnited States Government increased slightly,while their holdings of guaranteed obliga-

jtions showed a further small decline. Total

Shifts in holdingsof Governmentsecurities



holdings of all member banks continued to belarger than on any report date prior to June1936. New York City banks, which decreasedtheir holdings by $550,000,000 in the latterhalf of 1936 and by $380,000,000 in the firstquarter of 1937, showed a further decline of$200,000,000 in the second quarter of thisyear, and, as brought out in an earlier sec-tion of this review, the decline continued inJuly and August. Following substantial de-clines in their holdings in the first threemonths of the year, Chicago banks had net

MEMBER BANK INVESTMENTSCALL REPORT DATES.OCT3, 1928" JUNE 30,1937


13

12

11

10

13

12 -

11 -

10 -

9 -

o

7 -

6 -

5 -

A

3 -

2 -

1 -

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—. <*

[U.

DIRECT

r

3. G0V1OBLIGE

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OTHERSECl

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JRIT1ESme

STATE AND LOCALGOVY SECURITIES

IU.S. GOV'TGUAR.OBLIG. y

A

^—

FOREIGN SECURITIES *"|* - ^ . . . . J .

rj

Vu

•^.

1929 1930 1931 1932 1933 1934 1935 1936 1937

additions of $50,000,000 in the second quar-ter and the holdings of reserve city bankswere practically unchanged. For the sixmonths each of these two groups of banksshowed declines of about $200,000,000.Country banks increased their holdings mostin the second quarter, showing a total increaseof $140,000,000 for the six months.

The table below shows the amounts ofUnited States Government direct and fullyguaranteed obligations held by the variousclasses of member banks and the Federal Re-

serve banks on June 30, 1937, the total ofsuch obligations outstanding on that date,exclusive of various issues not publicly of-fered, and changes in bank holdings and inamounts outstanding by types of issues dur-ing the first half of 1937. The table showsthat at New York City banks there were sub-stantial reductions during the six months inholdings of all types of issues—bonds, notes,and bills. The decline in bonds was almostexclusively in issues maturing after 1949,holdings of which had been increased in thelatter half of 1936. The decrease at Chicagowas almost wholly accounted for by a reduc-tion in holdings of Treasury bills in connec-tion with transactions around April 1, thedate of assessment of the Illinois personalproperty tax. Reserve city banks, which re-duced their holdings of both long-term bondsand notes, purchased more bills. The in-crease in country bank holdings was mainlyin Treasury notes, and they also added some-what to their small holdings of Treasury bills.

GOVERNMENT SECURITY HOLDINGS J U N E 30, 1937, ANDCHANGES IN FIRST HALF OF 1937


Classes of holders

Central reserve citybanks:

New YorkChicago. . . .

Reserve city banksCountry banks

All memberbanks. _

Federal Reserve banksTotal obligations out-

standing, excludingvarious special is-sues ! ..

Totalhold-ings

June 30,1937

3. 6301.0014)9023, 155

12, 6892, 526

38, 399

Changes in first six months of 1937

Total

-578-200-221+143

-856+96

+1, 240

Direct obligations

Bonds

-255-22

-108+ 14

-371+242

+809

Notes

-133-10

-126+103

-166-170

+328

Bills

-174-168+75+36

-232+24

+100

Fullyguar-

anteedobliga-tions

— 16

- 6 2- 1 0

- 8 7

+3

1 Total includes all fully guaranteed obligations and all interest-bearing direct obligations, except Postal Savings bonds, adjusted servicebonds, and various other special issues. It includes United StatesSavings bonds, which are held in only small amounts by banks.

The changes in the distribution of memberbank holdings by types of issues are partlyexplained by the Treasury financing opera-tions in March and June. Refunding opera-


1937 FEDERAL RESERVE BULLETIN 825

tions on March 15, whereby Treasury notesmaturing April 15 were exchanged for long-term bonds, accounted for some of the declineduring the first quarter of the year in notesheld by member banks, although it appearsthat banks also sold notes from their port-folios during this period. On June 15 theTreasury issued $850,000,000 of new notes,the bulk of which originally was allotted tobanks. The increase in country bank hold-ings of notes probably occurred at this time.Reserve city and Chicago banks also showedsubstantial increases in their note holdingsduring the second quarter of the year. Noteholdings of New York City banks, however,increased only $40,000,000 in the quarter;they purchased substantial amounts of thenew issue on June 15 but sold a large part ofthem before the June 30 call date. For thesix months as a whole holdings of Treasurynotes by member banks declined, althoughthe total of such notes outstanding increased.

Comparison of the increase in the amountof United States Government direct and guar-anteed obligations outstanding with the de-cline in bank holdings indicates that about$2,000,000,000 of Government securities weretaken by nonmember banks and other pur-chasers in the first half of this year. Lifeinsurance companies were important buyers,and on the basis of incomplete reports, itwould appear that about $500,000,000 of Gov-ernment securities were added to their port-folios in the half year. Some industrial cor-porations also purchased more Governmentsecurities, particularly notes and bills, in thesecond quarter of the year, and there wassome conversion of foreign short-term bal-ances into Treasury bills. The Treasury pur-chased nearly $200,000,000 of Governmentsecurities in the open market for Governmentagencies and various trust accounts. About$300,000,000 of United States Savings bondswere sold during the first six months of 1937.Since the amount of these bonds that can bebought by any single purchaser in a year islimited to $10,000, the bulk of them are held

holdings of othersecurities

by individuals, rather than by banks andother large institutional investors.

Whereas during the first quarter of theyear member banks reduced their holdings of

United States GovernmentDecline in obligations, in the second

quarter they liquidated aconsiderable amount of

other securities. This decline amounted toabout $350,000,000 and was participated inby all classes of member banks, except centralreserve city banks in Chicago. The chartshows that member bank holdings of Stateand local government securities, which hadincreased rather continuously since 1931, fellsharply in the second quarter of 1937, whileholdings of domestic corporate obligations,following substantial increases in 1936, w7erereduced in both the first and second quartersof the year. The amount of foreign securi-ties held by member banks was reducedslightly.

In the first half of 1937 there was a de-crease of $1,100,000,000 in interbank de-

posits in connection with theChanges in increase in reserve requirements

eposits^ decline of $250,000,000 in

adjusted demand deposits. As shown by thechart, the decline in the latter was negligiblecompared with the growth of over $9,500,-000,000 in these deposits from the middle of1933 to the end of last year, and they arestill much larger than at any time prior tolast December. United States Governmentdeposits at member banks also declined by$250,000,000 in the first half of 1937. Timedeposits, which had increased at a moderaterate in recent years, expanded further by$385,000,000 and there was also a growth of$190,000,000 in deposits of foreign banks,chiefly in New York City. When bal-ances of domestic banks are excluded andadjustment is made for items in process ofcollection, a slight increase is shown in de-posits at member banks for the first sixmonths of the year.

A large part of the decline in adjusted de-



mand deposits was at New York City banks,where only a part of the decrease was offsetby an increase in time deposits. At reserve

DEPOSITS AT MEMBER BANKSCALL REPORT DATES, DEC.31,1928" JUNE 30,1937


24

22

20

18

16

14

12

10

8

6

4

24

22

20

18

16

14

12

10

8

6

2

0

^—-*I .

BA/FOF

N

\

\

DEMAND DEPOSITS / "

S ^

\ -

/

V—

y

HME DEPOSIT

BALANCES OFDOMESTIC BANKS^.X*

ANCES r i F

EIGN B/^NKS/^

• — k 1 u.ftB

//

Interbank)• ^ —

DVT ANDL^POSTAL SAVINGS DEPOSITS

1929 1930 1931 1932 1933 1934 1935 1936 1937

city banks and country banks increases intime deposits were larger than the decreasesin adjusted demand deposits. Much of thedecrease in demand deposits resulted fromthe purchase by depositors of securities heldby banks, and it reflects, therefore, to someextent the investment by depositors of fundsthat might otherwise have been held idle.

One of the principal banking developmentsin the first half of 1937 was the sharp decline

in the volume of domesticWithdrawals of bankers' balances. Asbankers balances _ .

shown by the accompany-ing chart, balances held by member banks fortheir correspondents had expanded rapidly in1934, 1935, and 1936. Most of these balanceswere held on behalf of other member banks,but that there was also a substantial increasein balances held for nonmember banks isindicated by the fact that balances of

domestic banks held by member banksshowed an increase in the three years ofover $3,300,000,000, while their balanceswith domestic banks increased by about$2,000,000,000.

In the first half of 1937 bankers' balanceswere reduced to the level of the latter part of1935. Notwithstanding the withdrawals,which amounted to about $1,100,000,000, thevolume of member bank deposits due to do-mestic banks was still in excess of $5,400,-000,000 in the middle of 1937, compared withabout $3,500,000,000 held in 1928 and 1929.

The recent decrease in bankers' balances,like the previous increase, was to a large ex-tent a cumulative process. A large part ofthese balances represent the redeposit bybanks with their correspondents of balancesplaced with them by other banks. As a con-sequence, funds withdrawn by banks fromtheir correspondents were to a great extentobtained by these correspondents by drawingupon their own balances at other banks. NewYork City banks, however, do not maintainany considerable balances with other banksand when funds are withdrawn from thesebanks, they have to draw down their reserves,liquidate assets, or borrow. They resorted toall three of these courses of action during thefirst half of 1937.

For the six months taken as a whole,country banks reduced their balances withother banks by about $380,000,000, New YorkCity banks showed a decline in bankers' de-posits of nearly $500,000,000, and banks inother cities lost somewhat more in bankers'deposits than they withdrew from their ownbalances with correspondents. It appearsthat nonmember banks may have withdrawnas much as $250,000,000 of balances frommember banks.

Credit advanced by brokers to finance thepurchasing or carrying of securities, as meas-

ured by the customers' debitbalances of stock exchange

firms with margin accounts, declined in Mayand June by about $70,000,000, after increas-

Security loans



ing by $270,000,000 in the preceding eightmonths to a peak for recent years of $1,560,-000,000. There was little change in July.Loans on securities by reporting memberbanks to others than banks and brokersshowed small changes over this period.Notwithstanding the recent decline in cus-tomers' debit balances, borrowings by stockexchange firms, which had increased by$250,000,000 from the end of August 1936to the end of April, had shown but a smalldecline by the end of July. The failure toreduce borrowings as advances to customers

declined reflected a decrease in customers'credit balances. These balances declined by$125,000,000 from the end of January to theend of July, following a corresponding in-crease in the preceding five months of rap-idly advancing stock prices.

Appointment of Class C Director atFederal Reserve Bank

On August 20, 1937, Mr. Thomas B. Mc-Cabe was appointed as Class C director ofthe Federal Reserve Bank of Philadelphiafor the unexpired portion of the three yearterm ending December 31, 1939.

OBJECTIVES OF MONETARY POLICY

On August 2, 1937, the Board of Governorssent to the Chairman of the Senate Com-mittee on Agriculture and Forestry the fol-lowing statement in response to his requestfor an expression of the Board's views withregard to a measure pending before the Com-mittee :

From time to time the Board of Governorsof the Federal Reserve System is asked forits opinion of bills pending in Congress thatwould establish a central monetary authorityand direct it, as a primary objective, toachieve and maintain a specified domesticprice level. In these bills it is generally as-sumed that the stated objective may be at-tained exclusively through monetary control,and responsibility for accomplishing the endsought is, therefore, placed upon the mone-tary authority.

The Board assumes that, while price sta-bilization is stated as the objective of suchproposals, the authors regard stability ofprices merely as a means toward a more im-portant end, namely, the lessening of boomsand depressions and the increase in the na-tional output and well-being, in the belief thatthrough the maintenance of a stable pricelevel the broader objective will be achieved.

The Board is in full agreement with theultimate objective of the proposals to pro-mote economic stability, which means themaintenance of as full employment of laborand of the productive capacity of the countryas can be continuously sustained. The Board,with the broader powers conferred upon itby the Banking Act of 1935, performs essen-tial functions necessary to the achievementof this objective.

As to the adequacy and efficacy of themeans provided by the proposals to achievethis objective, the conclusions reached by theBoard are briefly stated in the following dis-cussion.

Price stabilization not an adequate objec-tive.—That wide fluctuations in the price levelare disastrous is beyond question and deter-mined efforts should be made to prevent suchfluctuations as would endanger economic sta-bility. The Board is convinced, however, thatthe broader objective of maximum sustain-able utilization of the Nation's resources can-not be achieved by attempting to maintain afixed level of prices, and that, therefore, pricestability should not be the sole or principalobjective of monetary policy.

Stabilization of individual prices by mone-tary means is not proposed, nor would it befeasible. Proposals for price stability neces-sarily refer to some index or average ofprices. There is no general agreement on thequestion of what constitutes a satisfactoryprice index for this purpose, although thegeneral wholesale commodity price index isoften suggested.

No matter what price index may be adoptedas a guide, unstable economic conditions maydevelop, as they did in the 1920's, while theprice level remains stable; business activitycan change in one direction or the other andacquire considerable momentum before thechanges are reflected in the index of prices.There are situations in which changes in theprice level would work toward maintenanceof stability; declining prices resulting fromtechnological improvements, for example,may contribute to stability by increasing con-sumption. There are other situations when



the restoration and maintenance of relativelyfull employment may be possible only with anadvance in prices. Correspondence betweenprice stability and economic stability is notsufficiently close, therefore, to make it desir-able to restrict the objective of monetarypolicy to price stability.

The inadequacy of price stability as a guideto policy may be illustrated by a situationwhen the index rises owing to an advance inagricultural prices. Such a rise might resultfrom a crop failure in the United States, orfrom a short world crop while the harvest inthis country was bountiful and full employ-ment prevailed. If the maintenance of a fixedprice level were the sole guide to monetarypolicy, a restraining policy would be indi-cated in both cases, although in the formercase such a policy might result in a generalbusiness decline, while in the latter case itmight or might not be justified, depending onother circumstances.

Inasmuch as the management of the coun-try's monetary system is not an exact science,since it involves forecasting and dealing withmany uncertainties, it is essential in deter-mining an objective to leave scope for judg-ment and discretion.

Monetary contribution to economic sta-bility.—Monetary authorities may contributeto economic stability by exerting an influenceto maintain a flow of funds conducive to asfull a use of the country's productive re-sources as can be continuously sustained andto keep the banking machinery of the coun-try in sound condition. The Board recog-nizes that even an adequate supply of moneywill not perform its functions adequately ifthe banking structure through which it mustoperate is in an unsound condition, and thata sound banking structure cannot be sus-tained if the supply of money is insufficient,and a deflation is under way. The FederalReserve System, therefore, must work towardeconomic stability through its influence bothon the flow of money and on the soundness ofbanking conditions. The Board is aware ofthe limitations on the effectiveness of this in-fluence which arise from the multiplicity oflaws and jurisdictions as well as from the

divided responsibility for supervision underwhich the banks of this country function.

Monetary control alone cannot accomplisheconomic stability.—An attempt to makeeither price stability or the broader objectiveof economic stability the particular concernof the Federal Reserve System, without rec-ognizing the fact that the attainment of theobjective would require the cooperation ofother agencies of the Government, is imprac-tical.

The Federal Reserve System can regulatewithin limits the supply of money but thereare other factors affecting prices and busi-ness activity fully as powerful as the moneysupply. Many of these factors are non-mone-tary and cannot be controlled by monetaryaction. Their effect on business activity mayexpress itself in an increased or decreasedrate of use, or turnover, of the existing sup-ply of money as well as in a change iji thesupply itself. The influence that the FederalReserve System can exercise over the interestrate has an important bearing on businessactivity, but it may be entirely offset by otherfactors.

It is essential to recognize the limitationson the effectiveness of monetary policy.Monetary factors are only one of the groupsof forces affecting business activity.

Conclusion.—To sum up, the Board believesthat economic stability rather than price sta-bility should be the general objective of pub-lic policy. It is convinced that this objectivecannot be achieved by monetary policy alone,but that the goal should be sought throughcoordination of monetary and other majorpolicies of the Government which influencebusiness activity, including particularly poli-cies with respect to taxation, expenditures,lending, foreign trade, agriculture and labor.

It should be the declared objective of theGovernment of the United States to maintaineconomic stability, and it should be the recog-nized duty of the Board of Governors of theFederal Reserve System to use all its powersto contribute to a concerted effort by allagencies of the Government toward the at-tainment of this objective.



NATIONAL SUMMARY OF BUSINESS CONDITIONS[Compiled August 25 and released for publication August 27]

Total volume of industrial production anddistribution of commodities to consumersshowed little change from June to July, whenallowance is made for the usual summer de-clines.

Production and employment.—The Board'sseasonally adjusted index of industrial pro-duction was 114 percent of the 1923-1925average in July, the same as in June and 4points lower than in March, April, and May.At steel mills, where output in June had beencurtailed by strikes, activity increased con-siderably in the early part of July and wasmaintained at the higher level between themiddle of July and the third week of August.Lumber production also increased in July,

INDUSTRIAL PRODUCTIONPER CENT

140

130

120

110

100

90

80

70

60

50

A\\\

\

V4-V

1

JJ130

120

110

100

90

80

70

60

50

1929 1930 1931 1932 1933 1934 1935 1936 1937

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

while output of plate glass showed a substan-tial decrease. Automobile assemblies de-clined seasonally. Output of nondurable man-ufactures decreased considerably, owinglargely to a marked decline in activity at cot-ton and woolen textile mills. Meat packingalso declined, while flour milling and sugarrefining increased. At mines, output of an-thracite was reduced in July, while output ofmost other minerals showed little change.

Construction contracts awarded, as re-ported by the F. W. Dodge Corporation, weremaintained in July at the level reached in

June. Nonresidential construction expandedfurther, reflecting principally a large volumeof awards for iron and steel plants andfor railroad projects. Residential buildingshowed a seasonal decline.

Factory employment increased somewhatfrom the middle of June to the middle of July,when a decline is usual, and factory payrollsdecreased less than seasonally. The largestincreases in employment were in the steel in-

FACTORY EMPLOYMENTPERCENT120

110

100

90

80

70

60

50

\

\

\ rj

/vf V

y110

100

90

80

70

60

50

1929 1930 1931 1932 1933 1934 1935 1936 1937

Monthly index of number employed at factories, adjusted forseasonal variation, 1923-1925 average =: 100.

dustry and in the food industries, particularlyat canning factories. Other manufacturingindustries as a group showed somewhat lessthan the usual seasonal decline.

Agriculture.—A cotton crop of 15,593,000bales, representing an increase of 3,200,000bales over last season, was forecast by theDepartment of Agriculture on the basis ofAugust 1 conditions. Official estimates indi-cate that other major crops will be consider-ably larger than last season and about equalto the average for 1928-1932. Preliminaryestimates by the Department of Agricultureindicate that cash farm income, includingGovernment payments, will total $9,000,000,-000 for the calendar year 1937, an increaseof 14 percent over 1936.

Distribution.—Distribution of commoditiesto consumers in July continued at the level ofother recent months, when allowance is made



for the usual summer decline. Sales at de-partment stores and variety stores showedslightly less than the seasonal decrease inJuly, while mail order sales declined some-what more than seasonally. Freight-carloadings increased, reflecting in part largershipments of grains and forest products.

Commodity prices.—From the middle ofJuly to the third week of August prices ofgrains and cotton declined substantially,while livestock and meats showed a furtherincrease. Automobile prices were raised by

WHOLESALE PRICESPER CENT120

110

100

90

80

?0

60 f

110

100

90

80

70

60

1929 1930 1931 1932 1933 1934 1935 1936 1937

Index compiled by United States Bureau of Labor Statistics,1926 = 100. By months, 1929 to 1931 ; by weeks, Jan. 2, 1932,to Aug. 14, 1937.

most producers, carpet prices advanced, andthere were increases in several industrial rawmaterials, including hides, zinc, lead, andsteel scrap. Cotton goods and rubber de-clined somewhat.

Bank credit.—From the middle of July toAugust 4, excess reserves of member bankswere sharply reduced from $960,000,000 to5700,000,000, but subsequently they increasedto $780,000,000 on August 18. These changesin member bank reserves reflected princi-pally fluctuations in the volume of Treasurydeposits at Federal Reserve banks, togetherwith a seasonal increase in money in circu-lation. Excess reserves at New York Citybanks declined from $230,000,000 to about$40,000,000 and subsequently increased to$130,000,000.

Total loans and investments of reportingmember banks increased somewhat duringthe four weeks ending August 18, reflectingprincipally an increase of $150,000,000 incommercial loans offset in part by a furtherdecline in holdings of United States Govern-

M EMBER BANK LOANS AND INVESTMENTSBILLIONS OF DOLLARS BILLIONS OF DOLLARS

'34 1935 '34 1935 1936 1937

Wednesday figures for reporting member banks in 101 leadingcities, Sept. 5, 1934, to Aug. 18, 1937. Loans on real estate andloans to banks excluded.

ment obligations, principally at New YorkCity banks. The growth in commercial loansoccurred both in New York City and in othercities and included the purchase by banks ofa large portion of the $60,000,000 of 9-monthnotes sold by the Commodity Credit Corpora-tion on August 2.

United States Government deposits at re-porting banks increased during the period,reflecting purchases by banks of Treasurybills on a book-credit basis. Bankers' bal-ances and other demand deposits showed fur-ther declines at New York City banks.

Money rates.—Rates on Treasury bills de-clined slightly after the middle of July, andopen-market yields on Treasury notes andbonds also declined until early in August, butlater there was a rise in yields. In the latterpart of August discount rates were reducedfrom 2 percent to I1/-* percent at the FederalReserve banks of Atlanta, Chicago, and Min-neapolis. The 2 percent rates had been ineffect since early in 1935.



MEMBER BANK RESERVES AND RELATED ITEMSBILLIONS OF DOLLARS

13

12

11

10

8

6

WEDNESDAY FIGURES BILL10NS0F DOLLARS

13

12

11

10

- 8

3

2

1

\ ^

i

Aii

......,•«....„

GOLD

MO

JTREASl

/

STOCK f

MEY IN CIRCU

RY CASH

I RESERVE BANK: (CREDIT

i "IKEASUKY DEPOSITS• l **

LATION ^

r

1932 1933 1S34 1935 1936 1937

3

2

1

0

MEMBER BANKRESERVE BALANCES

EXCESS RESERVESyy/.

REQUIRED RESERVES

1932 1933 1934 1935 1936 1937

Latest figures for August 18. See table on page 912.



SUMMARY OF FINANCIAL AND BUSINESS STATISTICS

1937

July June May

1936

July June May

Annual averages

1936 1935 1934 1933 1932 1929

RESERVE BANK CREDIT, MEMBER BANK RESERVES,AND RELATED ITEMS

Reserve bank credit—totalBills discountedBills boughtU. S. Government securities

Monetary gold stockTreasury currency _Money in circulation __ _Treasury cash _.Treasury deposits with F. R. banksNonmember deposits and other accountsMember bank reserve balances:

TotalExcess

REPORTING MEMBER BANKS

Total loans and investments.Loans to brokers and dealers in securitiesLoans on securities to others (except banks)1

All other loansU. S. Government obligations:

DirectFully guaranteed -_.

Other securitiesReserve with Federal Reserve banks *Cash in vault _„Balances with domestic banks _.Demand deposits—adjustedTime deposits (excluding interbank^—Deposits of domestic banks4

Borrowings --

MONEY RATES AND BOND YIELDS

Commercial paperStock exchange call loansU. S. Treasury bills —U. S. Treasury bonds, long termCorporate high grade bonds (Moody's Aaa)

CAPITAL ISSUES

All issues—totalNewRefunding

Domestic corporate issue:NewRefunding

-total-

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

All commoditiesFarm productsFoodsOther commodities

Retail food prices (1923-25=100)

BUSINESS INDEXES

Industrial productionManufactures.Minerals.._

Construction—totalResidentialAll other

Factory employmentFactory payrolls (unadjusted)..Freight-car loadings. _Department store sales •_.

MERCHANDISE EXPORTS AND IMPORTS

Averages of daily figures; in millions of dollars

574133

526404555475532137543

845876

2, 578155

2, 52612, 1892,5486, 4353, 322131549

6,878876

2, 577165

2, 52611,9012,5466, 4263, 069

85511

6, 932927

2,47433

2, 43010,6292. 4976, 2032, 454545536

5, 8612, 907

2,47863

2, 43010,5142,4926,0622,579793567

5, 4842, 593

2, 47654

2,43010, 3242, 4955,9182,574559606

5, 6382,800

2,48164

2,43010, 5782,5036,1012,474446551

5,9892,512

2,47575

2,4319,0592,4785,5852,791128507

5,0012,469

2, 5023625

2.4327; 5122,3815,4032,798

81438

3,6761,564

2, 42928383

2,0524,0592,2715,57628855497

2,343528

2,07752171

1,4613,9522,0965,32823639407

2,114256

Averages of Wednesday figures: in millions of dollars

22, 3301,3932.0066,298

8, 3551,1603, 1185, 332315

1, 76115, 3005, 2335,028

25

22, 2011,3262,0286,169

8,3201, 1633,1955. 350338

1,79015, 4205, 1945,138

20

22, 4841,1712, 0725, 131

22, 3731, 3122, 0965,1279, 2021,3033, 3334,389387

2, 29014, 5635, 0375, 503

3

21, 8321,1852, 0785,092

8, 8771, 2863.3144,577378

2,28314, 3715, 0515,477

22,0641,1812,0555, 226

1,2503,2724,799383

2,35814, 6194,9995,810

5

19, 997c9fi02,1S14,907

7,989928

c 3,0524,024

3262,112

12, 7294,8S34,938

18, 672981

2,5454,965

6,856"325

«3.0002, 875

2711,688

(2)4, 9373,814

17, 505777

3,1575,222

5,228

3,1211,822

2401,322

(2)4,9462,822

115

19, 080618

4,2266,578

4,413

3,2451,673

2141,250

(2)5,6662,772

228

Averages of weekly figures; percent per annum

1.001. 00

.492. 593. 26

Amounts per month: in millions of dollars

344250931398257

Index numbers

118

Index numbers, adjusted for seasonal variation, 1928-26=100

P114

Pill

M5^86

P103

Amounts per month; in millions of dollars

Exports, including re-exports..General imports

P265 290285

180195

186191

201192

205202

190171

178138

140121

134110

1, 459952241208

3,9962,0154,476

20722

406

2,35843

1.001.00.582.643.28

1.001.00.652.673.33

.751.00.14

2. 503.23

.751.00.232.503.24

.75

.93

.182.503.27

.75

.91

.142.473.24

.76

.56

.142.703.60

1.021.00.263.104.00

1.721.16.523.314.49

2.732.05.883.655.01

560359200418269149

2611501111657887

33910423629470225

734218516528152376

42011230830538267

51816435438299282

39212127018934155

18011664411526

896029321318

14610046542727

114

87898586.86

116

8790848687

109

8181818084

106

7978807984

101

7975787980

111

8181828082

78

8079847880

72

7565717874

63

6651617166

49

6548617068

1141141146142771011037893

1181181165644661021058093

10810910159447193807691

10410510052366590817387

10110110246325790817287

10510510455377092827588

90909137215086716479

79788632124883636275

76758225113772495867

64637128134066465569

22, 599«2,208•5,4489,231

2,865

2,8471,725248

1,142(2)6,7882,787674

5.857.61

3.604.73

959841118781667115

190

9510510092105

11911911511787142105109107111

437367

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.


SEPTEMBER 1937 FEDEEAL RESERVE BULLETIN 833

LAW DEPARTMENTRegulation M Relating to Foreign Branches of Na-

tional Banks and Corporations Organized underSection 25 (a) of Federal Reserve Act.

The Board of Governors has issued, effec-tive August 14, 1937, its Regulation M relat-ing to foreign branches of national banks andof corporations organized under the pro-visions of section 25 (a) of the Federal Re-serve Act. The text of the new regulation kset forth below.

REGULATION M

Effective August 14, 1937

Foreign Branches of National Banks and of Corpo-rations Organized under the Provisions of Sec-

tion 25(a) of the Federal Reserve Act

This regulation is issued pursuant to the provi-sions of section 25 and section 25 (a) of the FederalReserve Act, as amended.

Whenever a national bank, pursuant to the provi-sions of section 25 of the Federal Reserve Act, asamended, or a corporation organized under section25(a) of the Federal Reserve Act, as amended, hasestablished a branch or agency in any place in anyforeign country, and there exists in such place adisturbed condition which, in the opinion of the of-ficer in charge of such branch or agency at the time,endangers the lives of its employees or the propertyof such branch or agency at such place, or for anyother reason beyond the control of the branch oragency and which relates to such disturbed condi-tion renders it impracticable for such branch oragency to continue to function, he may, after everyeffort has been made to render the greatest possibleservice to the depositors of the branch or agency,suspend the operations of such branch or agency inwhole or in part until the reason for such suspen-sion has ceased to exist and until, in the judgmentof such officer in charge, the branch or agency maysafely be reopened and its operations resumed; butin the meantime in so far as possible every effortshall be made to render service to the depositors ofthe branch or agency. In all cases of such suspen-sion and resumption of operations the facts shallbe reported as soon as possible by such officer incharge of such branch or agency to the head officeof such national bank or corporation which shallimmediately transmit a copy of such report to theFederal Reserve bank of the District in which suchhead office is located.

Reserve Requirements of Foreign Ranking Corpora-tions.

Effective September 1, 1937, the Board ofGovernors has amended the first sentence ofthe third paragraph of section XIV of Regu-lation K entitled "Banking CorporationsAuthorized to do Foreign Banking Business

Under the Terms of Section 25 (a) of theFederal Reserve Act" to read as follows:

"Against all demand deposits and time depositsreceived by the Corporation in the United States areserve shall be maintained in the percentages re-quired to be maintained by member banks of theFederal Reserve System located in central reservecities, provided that in no event shall such reservebe less than 10 per cent of the aggregate amountof all demand deposits and time deposits receivedin the United States."

The Board of Governors has also taken thenecessary steps to require all foreign bankingcorporations operating under the supervisionof the Board pursuant to the provisions ofsection 25 of the Federal Reserve Act to main-tain reserves against deposits received in theUnited States in the percentages required tobe maintained by member banks located incentral reserve cities.

The above action was taken in order thatall foreign banking corporations operatingunder the supervision of the Board pursuantto the provisions of either section 25 or sec-tion 25 (a) of the Federal Reserve Act mightbe placed on substantially the same basis withrespect to reserve requirements.

Matured Bonds and Coupons as Cash Items in Processof Collection in Computing Reserves

The Board of Governors has recently con-sidered the question whether member banksin a certain city may, in computing requiredreserve balances, deduct from their gross de-mand deposits matured bonds and couponspayable in such city which have been receivedby them and which are still in the processof collection. This involved the questionwhether such matured bonds and couponsmay be considered as "cash items in processof collection" within the meaning of section1 (g) of Regulation D so as to be deductiblefrom gross demand deposits under section2(b) of the regulation.

It was understood that banks of the city inquestion customarily give immediate depositcredit, or one day deferred deposit credit, formatured bonds and coupons payable in suchcity whether received over-the-counter orthrough the mails from their depositors andbank correspondents; that such items arecustomarily received from correspondentbanks in cash letters; that, after such cash



letters have been proved, the matured bondsand coupons therein are sorted accordingto paying agents (and thereafter accordingto issues and denominations) preparatory topresentation; that where the paying agentsare members of the clearing house associa-tion of the city the coupons are clearedthrough the clearing house, but the maturedbonds are presented over-the-counter; that,where the paying agents are not members ofthe association, both the matured bonds andcoupons are presented over-the-counter; that,in the case of items cleared through the clear-ing house, the presenting bank receives a duebill on the day of clearing which due bill iscleared on the following day in the checkclearings; that, in the case of items presentedover-the-counter to the paying agent, a clear-ing house check is received the same day inpayment for the items, which check is clearedthe next day; and that the due bills given forthe coupons presented through the clearinghouse and the clearing house checks given forthe bonds and coupons presented over-the-counter are themselves deductible from grossdemand deposits. It was also understoodthat no question was presented with regardto maturing bonds and coupons.

The Board stated that, after consideringthis matter in the light of the facts statedabove, it was of the opinion that maturedbonds and coupons, to the extent that theyare treated and handled by member banks ascash items substantially in accord with thepractice described, may properly be includedby such banks in "such other items in processof collection, payable immediately upon pres-entation in the United States, as are cus-tomarily cleared or collected by banks ascash items'', within the meaning of sectionl(g) (3) of Regulation D, and deducted bysuch banks from the amount of their grossdemand deposits in computing their requiredreserves.

Appointment of Alternates for Members of Trust In-vestment Committee of National Bank.

The Board recently considered an inquiryfrom a national bank regarding the appoint-

ment of alternates for members of the bank'strust investment committee functioningunder section 6(c) of the Board's Regula-tion F. The bank proposed that its board ofdirectors appoint an alternate for each mem-ber of the committee, each alternate to serveonly when the regular member was absentfrom the bank or was unable, because of thedemands of other official business upon histime, to attend the meetings of the committee.It appeared that the principal difficultyprompting the proposal arose out of absencesof members of the committee during the vaca-tion season.

The Board stated that the provision of theregulation referred to contemplates a com-mittee the members of which shall have acontinuity of responsibility for the dischargeof the duties of the committee. However, theBoard recognized that it might be proper toappoint alternates to serve in the place of theregular members of the committee in certaincircumstances without loss of the desiredcontinuity of action by the committee andstated that, while it was not prepared to laydown any general rule as to all circumstancesunder which alternates might properly servein place of regular members of the committee,it would have no objection to alternates ap-pointed by the board of directors serving inplace of regular members who were absentfrom the bank on account of vacations, illnessor other good and sufficient reasons. TheBoard added that it believed that, wheneveran alternate served in the place of a regularmember of the committee, the minutes of thecommittee should show the reason for suchservice in place of the regular member.

The Board also suggested, however, thatthe bank's difficulties might be eliminatedthrough the enlargement of the number ofregular members of the trust investment com-mittee, it being assumed, of course, that anyaction by the committee would represent theaction of at least a quorum of the committeeas described in the ruling published in theMay, 1937, issue of the FEDERAL RESERVEBULLETIN at page 391.



NEW FEDERAL RESERVE BUILDINGOn August 9, 1937, the Board of Governors

of the Federal Reserve System moved into itsnew building which has been under construc-tion since early last year. The followingbrief description of the Board's new home inWashington was prepared and released to thepress:

Location.—Facing south on ConstitutionAvenue, the building of the Board of Gov-ernors of the Federal Reserve System occu-pies the square extending north betweenTwentieth and Twenty-first Streets to CStreet. When the present temporary struc-tures known as the Navy and MunitionsBuildings on the south side of ConstitutionAvenue are removed, the Board's buildingwill command an unobstructed view of theMall and West Potomac Park with the Re-flecting Pool and the Lincoln Memorial in theimmediate foreground and with the PotomacRiver, the Memorial Bridge and the Virginiashore just beyond.

The building forms a part of a group alongthe north side of Constitution Avenue com-posed of the buildings of the Pan-AmericanUnion, the Public Health Service, the FederalReserve, the National Academy of Sciencesand the American Pharmaceutical Associa-tion.

Selection of Site.—Since its organizationin 1914 the Federal Reserve Board has occu-pied quarters provided for it in the TreasuryBuilding and rented space in various privatelyowned office buildings. On June 19, 1934,Congress authorized the Federal ReserveBoard to acquire a building site in the Dis-trict of Columbia and to construct a buildingsuitable and adequate in its judgment for itspurposes. A careful survey resulted in theselection of the present site which was ap-proved by the National Capital Park andPlanning Commission, by the Secretary ofthe Interior, who recommended it to thePresident, and by the President. Title wastransferred to the Board by the Secretary ofthe Treasury on January 22, 1935, the pur-chase price paid by the Board being $754,583.Included in this acquisition is the vacantblock lying immediately north of the buildingbetween Twentieth and Twenty-first Streetson C Street and a passageway under C Streethas been constructed to connect the two prop-erties.

Competition for Selection of Architect.—The Board engaged Everett V. Meeks, Dean

of the School of Fine Arts in Yale University,as its professional adviser in preparing a pro-gram for a competition to enable the Boardto select an architect for the building, underthe supervision of the Chairman of theBoard's Building Committee, Adolph C.Miller. The program was approved by theCommission of Fine Arts, the National Capi-tal Park and Planning Commission and theAmerican Institute of Architects. Duringformulation of the program the Board hadthe benefit of the advice and assistance of theNational Park Service of the Department ofthe Interior. Invitations to participate in thecompetition were sent to nine of the leadingarchitects of the United States, after consul-tation with the Chairman of the Commissionof Fine Arts, and a jury to pass upon the de-signs submitted was selected, composed ofthree prominent architects, John W. Cross ofNew York City, William Emerson of Boston,and John Mead Howells of New York City,together with Frederic A. Delano, Chairmanof the National Capital Park and PlanningCommission, and Mr. Miller. Upon submis-sion of the competitive designs the drawingsof Paul P. Cret, of Philadelphia, were givenfirst place by unanimous choice of the juryand this decision was approved by the Fed-eral Reserve Board. Dr. Cret also had beenthe designer of the buildings of the Pan-American Union and the Folger ShakespeareLibrary.

Character of Building.—The conditionsunder which the site on Constitution Avenuewas acquired provided that the design andmaterial of the exterior of the building shouldbe subject to the approval of the Commissionof Fine Arts and that the location of thebuilding in relation to the adjoining streetsshould be as determined by the National Capi-tal Park and Planning Commission.

The Commission of Fine Arts prescribedthat "the material of the exterior of the build-ing is to be of white marble to conform to theother buildings along this portion of Consti-tution Avenue," and gave its views as to thegeneral architectural character of the build-ing. "The nature of the functions performedby the Federal Reserve Board" in the opinionof the Commission "dictates an architecturalconcept of dignity and permanence."

The program for the competition of thearchitects also declared the following generalprinciples:



"The proximity of the building to the LincolnMemorial and other nearby permanent structuresalready erected on Constitution Avenue or to beerected by the Government in the West Rectanglesuggests that the exterior design of the building forthe Federal Reserve Board should be in harmonywith its environment.

"It is, however, thought desirable that the aesthe-tic appeal of the exterior design should be madethrough dignity of conception, purity of line, pro-portion and scale rather than through stressing ofmerely decorative or monumental features. Forthis reason it is further suggested that the use ofcolumns, pediments and other similar forms may beomitted and should be restricted to a minimum con-sistent with the character of the building as de-scribed.

"It is the Commission's view that 'the Federal Re-serve Board building must be in general accord withthe governmental buildings in Washington—it mustseem at home in the city.' "

The studies prepared by Dr. Cret, follow-ing his selection as architect, were approvedby the National Capital Park and PlanningCommission and by the Commission of FineArts.

Construction of Building.—Plans and speci-fications drawn as a basis for letting a con-tract for the construction of the buildingwere approved by the Federal Reserve Boardon January 8, 1936. Invitations to bid wereissued immediately to contracting firms ex-perienced in the field of construction of Gov-ernmental buildings and, following the sub-mission of bids, the contract was awarded tothe lowest bidder, the George A. Fuller Com-pany, for $3,484,000. A separate contracthad been awarded for the demolition of theexisting temporary building on the property,for which the Board received $18,358.

The relation of the net usable area to cubiccontents of the building is unusually high.The cost per cubic foot, exclusive of land-scaping, was about 89 cents.

Construction was begun in February, 1936.In the preparation for construction the Boardhad the assistance and cooperation not onlyof the Commission of Fine Arts and of theNational Capital Park and Planning Commis-sion, but also of the National Park Service ofthe Interior Department, of the ProcurementDivision of the Treasury Department, and ofthe Architect of the Capitol.

A member of Dr. Cret's firm, William H.Livingston, was his principal collaborator inthe design and construction of the building.Associated with them were Moody andHutchison, mechanical engineers, and Wil-liam H. Gravell, structural engineer. The

Board engaged Fred M. Kramer as its Super-intendent of Construction.

Exterior of Building.—The mass of thebuilding was designed with a view of harmo-nizing in a general way with the building ofthe Academy of Sciences to the west and thatof the Public Health Service to the east.Through the use of a similar cornice line thethree buildings form a single compositiondominated by the central portico of the Fed-eral Reserve Building. The dimensions ofthe building proper are 344 feet east-westand 242 feet north-south. The plan is H-shaped, with its principal architecturalfacade on Constitution Avenue and the en-trance for general use on C Street.

The facades have the simplicity of treat-ment of American architecture contemporarywith the creation of the City of Washington,which has been called the Architecture of theRepublic or Federal Architecture. Both ex-teriors and interiors rely on harmony of pro-portion rather than on ornamentation.

The entrance on Constitution Avenue ismarked by a simple architectural motif ofpiers surmounted by an American eagle inwhite marble, of which Sidney Waugh wasthe sculptor.

The entrance on C Street is marked by twopylons, which support figures in bas relief,symbolizing the United States on one side andthe Federal Reserve System on the other.These figures were designed by John Gregory.

The exterior of the building is of Georgiawhite marble. In contrast with the simplewhite marble wall surface is the design of thebronze windows, with spandrels of polishedSwedish granite, on which bronze plaques aremounted. In the courts the spandrels areAlberene stone. The bronze balconies onTwentieth and Twenty-first Streets are espe-cially interesting as they reproduce the rail-ing of an old Philadelphia residence of theearly part of the nineteenth century.

Landscape.—A special treatment of the ap-proach from Constitution Avenue was madepossible by the fact that the building is setback approximately two hundred feet fromConstitution Avenue. This permitted an in-teresting composition of terraces and stepsleading to the main entrance. These terracesare flanked on each side by a formal garden,the central motif of which is a fountain ofblack Coopersburg granite surrounded bypebble mosaic and marble borders.



The courts on the east and west sides,which give access to the ground floor of thebuilding, are formal in character with plant-ing designed to focus attention on wall foun-tains which face the bronze entrance gates.The masks forming part of the decorativecomposition for the fountains in both the eastand west courtyards were designed by WalkerHancock. In the wall over the mask in theeast courtyard there is inscribed the follow-ing quotation from Bacon:

"But be the worke-men what they may be, let usspeake of the Worke; That is; The true Greatnesseof Kingdomes and Estates; and the Meanes thereof."

More than twenty varieties of plant materialshave been placed in the Constitution Avenuegardens and courtyards.

The landscaping was designed by Dr. Cretand approved by the National Capital Parkand Planning Commission and by the Com-mission of Fine Arts. The planting mate-rials were selected by William H. Frederick,of the office of the Architect of the Capitol.

Interior Design.—The Constitution Avenueentrance opens into a lobby, the east wall ofwhich contains a portrait relief of PresidentWilson, modeled by Herbert Adams. The in-scription refers to President Wilson as the"Founder of the Federal Reserve System"and contains the following quotation fromhis first inaugural address:

"We shall deal with our economic system as it isand as it may be modified, not as it might be if wehad a clean sheet of paper to write upon; and stepby step we shall make it what it should be."

The lobby walls are faced with KansasLesina stone and the plaster ceiling is dec-orated with motifs of Greek coins and a reliefof Cybele. In the center of the marble flooris a bronze plaque reproducing the seal of theBoard of Governors.

While the building faces on ConstitutionAvenue, it is expected that the C Street en-trance will be used more generally. A cor-ridor extends from the Constitution Avenueentrance through the central portion of thebuilding to the C Street entrance. A groupof passenger elevators is located near the CStreet entrance, while single elevators arelocated near the Constitution Avenue lobby.

A monumental staircase in the central por-tion of the building leads from the first to thesecond floor. The steps, walls and architec-tural treatment of the stairs in this portionof the building are of travertine, while the

floors are of American marbles, with mosaicborders on the second floor. The ceiling iscomposed of glass, with the coat-of-arms ofthe United States in bronze and molded glassas the focal point of interest above the monu-mental stairs. The ceilings of the surround-ing corridors on the second floor are deco-rated with emblems of the twelve Federalreserve banks. Over each of twelve doorwaysopening from these corridors—six on thewest side and six on the east side—are thenames of the cities in which the Federal re-serve banks are located and the designationsof their districts. One of the interesting fea-tures of this portion of the building is thewrought iron work of Samuel Yellin.

From the upper landing of these stairs thesection set apart for the members of theBoard of Governors and their immediatestaffs on the second floor of the ConstitutionAvenue wing is entered through an ellipticalanteroom, adjoining which is a receptionroom. This portion of the building, entirelyseparate from other sections of the building,accommodates the private offices of the Chair-man and other members of the Board, theBoard room, the Board's conference roomand the Board's library. In the floor of thecorridor at the main entrance to the Boardroom is a bronze seal of the Board of Gov-ernors.

The Board room, 56 x 32 feet, the main en-trance to which is in front of the ellipticalanteroom, has a monumental fireplace, ofTavernelle Fleuri marble, at the west end. Abronze relief, set into the marble, symbolizesstability and productivity. In the wall abovethe mantel is a reproduction of the coat-of-arms of the United States. On the east wallof the room is a Federal Reserve map of theUnited States, painted by Ezra Winter. Thefloor is Fontainebleu pattern parquet, withborder of Belgian St. Anne Petit Melangemarble. The bases of the walls and the door-ways are of Tavernelle Fleuri marble. Thewalls and ceilings are of painted plaster.Bronze frames hung upon the walls containstatistical charts.

The furniture, furnishings and lighting fix-tures of this section of the building wereselected by the Board's architect with a viewto maintaining a harmonious relation withthe character and period of the architecturaldesign. In this and other parts of the build-ing marbles of various colors and textures,of which there are twenty-eight in the in-



terior portions, have been used with an eyeto harmony of color scheme between paintedplaster work, woods used in doors and walls,and furnishings of rooms.

Staff Offices.—The Secretary's offices, theLegal Division, with its library, the Board'sFiscal Agent, and the Building Manager arelocated on the first floor. A central filingsystem in the north central portions of thefirst and second floors serves all parts of theBoard's organization. In the C Street wingof the second floor are the offices of theBoard's Division of Examinations and Divi-sion of Security Loans.

The third floor is occupied by the Board'sDivision of Bank Operations and the Divisionof Research and Statistics, with its library.

The fourth floor covers only the middlebranch of the H form of the building and in-cludes a cafeteria, dining rooms, first aid andrest rooms. A flagstone terrace over the west

wing of the third floor is reached from thecafeteria.

The ground floor contains service facilities,including a garage, mechanical equipment,mail and telegraph offices, telephone ex-change, duplicating sections and repair shops,together with spaces for various storage pur-poses.

Mechanical Equipment.—The building isair-conditioned throughout with an automaticthermostatic control system designed to per-mit flexible operation. Steam is obtainedfrom the central power plant of the Govern-ment, no power being manufactured withinthe building.

Well-lighted offices, acoustic treatment ofthe ceilings, convenient locations of stairs,elevators of the latest automatic type, andcareful planning combine to make the build-ing efficient for administrative purposes.



ACCEPTANCE PRACTICE

The material published below summarizes a report of the Federal Reserve Committee on acceptancepractice made to the Board of Governors of the Federal Reserve System and to the Conference of Presidentsof Federal Reserve Banks.

In view of the experience of Americanbanks with their acceptance credits in Ger-many and several other European countries,the Conference of Governors of Federal Re-serve Banks, at the suggestion of the FederalReserve Board, appointed in the spring of1932 a committee to review American ac-ceptance practice.

The committee was made up of operatingofficers of the Reserve banks and consisted atfirst of Mr. E. R. Kenzel, chairman, Mr. IraClerk, and Mr. C. R. McKay, Deputy Gov-ernors respectively of the Federal ReserveBanks of New York, San Francisco, and Chi-cago. It was determined by the Federal Re-serve Board that its representation on theCommittee should be through its senior staff,and Mr. W. W. Riefler of the Division of Re-search and Statistics of the Federal ReserveBoard was detailed to assist in the formula-tion of procedure and analyzing the informa-tion obtained. Mr. Riefler was succeeded inthe assignment by Mr. G. W. Blattner of thesame division.

At the time the material collected by theCommittee was being organized for this re-port, the untimely death of its chairman, Mr.Kenzel, occurred and Mr. W. Randolph Bur-gess, Deputy Governor of the Federal Re-serve Bank of New York was appointed tohis place. The report was also submitted toand comments were received from the othermembers of the sub-committee of the Sys-tem's General Committee on Bankers' Ac-ceptances: Mr. W. W. Paddock, first vice-president of the Federal Reserve Bank ofBoston, and Mr. F. J. Zurlinden, first vice-president of the Federal Reserve Bank ofCleveland.

In the collection of data all the Reservebanks and all of the important acceptingbanks in this country, members as well asnonmembers of the Reserve System, partici-pated ; and in the analysis of these data andthe preparation of the report the Committeewas aided by the officers and staff of the Re-serve Board and a number of the Reservebanks.

The work of the Committee extended overa period of nearly four years, and a final re-port was made to the Board of Governors ofthe Federal Reserve System and the Confer-

ence of Presidents of Federal Reserve Banksin late 1936.

The more important parts of the report arehere quoted or summarized for the informa-tion of accepting institutions and others in-terested in the subject.

In general, the plan for approaching theproblem of acceptance practice, that is thesoundness of the business conducted by ac-ceptors, entailed requesting each organiza-tion which had been an important acceptor inthe past decade for detailed information withrespect to every credit "on which the bank'scustomer failed promptly to meet obligationto place the accepting bank in possession offunds to pay the acceptance." Seven differ-ent styles of schedules were contrived, one foreach of the following classes of credits:

I. Import creditII. Export credit

III. Domestic shipment creditIV. Credit covering shipments between foreign

countriesV. Domestic storage credit

VI. Foreign storage creditVII. Dollar exchange credit

These seven classifications, in which ac-ceptances are naturally grouped on the basisof the style of underlying transaction, weresuggested by the development of the law andregulations and are recognized in the mainby the statistics currently compiled by theAmerican Acceptance Council. The Council,however, in reporting acceptances outstand-ing from time to time includes in one group-ing shipment between or storage in foreigncountries.

In addition to making inquiry into the ex-perience relating to individual credits, ac-cepting banks were asked for expressions ofopinion as to desired changes in the law andregulations or practices.

Assembly of Replies to Questionnaires.—Although the replies of the accepting bankswere assembled in the main during the earlypart of 1933, there were delays associatedwith the strenuous duties of all sorts de-manded of bankers during the months fol-lowing the banking holiday. Furthermore,it was desired to include as complete a studyof experience with the so-called standstillagreements of Germany and other countries



as was possible. This delay served an addi-tional useful purpose since it permitted thecompletion of the study of a number of im-portant cases, final settlement of which wasstill in suspense at the time the original ques-tionnaires were submitted.

Replies to Questionnaires.—The variousFederal Reserve banks requested for theCommittee reports on questionnaires from170 accepting institutions, distributed amongFederal Reserve districts as follows:District District1. Boston 17 7. Chicago 112. New York 41 8. St. Louis 63. Philadelphia . . . . 9 9. Minneapolis . . . . 54. Cleveland 13 10. Kansas City . . . 135. Richmond 14 11. Dallas 86. Atlanta 15 12. San Francisco . . 18

All districts 170

Responses were received from 156 banks inall, although 116 banks did not fill out anyquestionnaires since they had encountered nounfavorable experience. One or more un-satisfactory credits were reported by each of40 institutions, 31 being member banks.Actual losses were reported by only 24 banks.In all, 188 cases of credits upon which somedifficulty was experienced were reported.These cases of unsatisfactory experience wer<rdistributed among Federal Reserve districtsaccording to the location of the accepting in-stitution as follows:District District1. Boston 18 7. Chicago 272. New York 135 8. St. Louis 03. Philadelphia 1 9. Minneapolis . . . . 04. Cleveland 1 10. Kansas City . . . 05. Richmond 0 11. Dallas 06. Atlanta 0 12. San Francisco . . 6

All districts 188

Reporting Institutions.—Among the 156institutions which responded to the Commit-tee's questionnaires were practically all ofthose which the American Acceptance Coun-cil reports as accounting for upwards of 90percent of the current acceptance business.There were, however, many important ac-ceptors in earlier years, whose names nolonger appear on the list. In nearly all in-stances such institutions were merged withothers and the consolidated institution con-tinues to be a leading acceptor and one whichresponded fo> the Committee's questionnaire.The Committee took steps to discover whetherexisting acceptors accounted for the unfavor-able experience suffered by institutions ab-sorbed by them. While every instance of anunsatisfactory credit experienced by a

merged institution was not reported to theCommittee, investigations indicate that mostof the important ones were. The Committeefeels that the returns in hand are as completein this respect for all practical purposes asthey need be and that the inclusion of suchexperiences as may have been omitted wouldmerely emphasize the facts revealed by theresponses received.

Bills in Difficulty, 1920-1932.—The ques-tionnaires returned by acceptors indicatedan aggregate of $38,300,000 of bills acceptedduring 1920-1932 "on which the bank's cus-tomer failed promptly to meet the obligationto place the accepting bank in possession offunds to pay the acceptance." Acceptancesassociated with standstill agreements werenot included, as accepting institutions hadbeen told that "it is not desired, however, thatthese reports be filled out for credits wherethe only difficulty was a slight delay in receiptof remittance or for credits the maturities ofwhich have been prolonged solely because ofstandstill or other similar country-wide re-strictions."

No acceptance was reported as having beenin difficulty prior to 1920.

Indicated Losses, 1920-1932.—In connec-tion with the aggregate of the $38,300,000of bills with respect to which the bank cus-tomer failed promptly to meet the full obli-gation, collections through August 1935 hadamounted to $23,300,000; an aggregate of$4,700,000 was still in suspense; and losseshad been written off to the extent of $10,-300,000. These figures, of course, do not in-clude losses incurred by American acceptorsin connection with bills included in standstillarrangements with central European coun-tries. This experience will be referred toseparately in the latter part of this report.

The volume of losses of $10,300,000 doesnot appear large when compared with theaggregate acceptance business done duringthe years 1920-1932, which has been esti-mated at $50,000,000,000. The indicatedlosses, therefore, have been slightly over.02 of 1 percent of the total acceptance busi-ness done during the years 1920-1932; lossesplus amounts still in suspense, less than .04 of1 percent. Commission received by the ac-cepting banks for their undertakings, aggre-gated at least $125,000,000 on the basis of acharge of *4 of 1 percent for 90 day credits.

Since the primary purpose of this surveywas to ascertain from actual experience what



change if any should be made in existing law,regulations, or practice in order to correctany evident weakness which may exist in thebusiness of extending acceptance credits, anaccurate analysis should be based on thetypes of transactions which led to difficultyor loss rather than on the dollar amounts in-volved. Obviously in following the lattercourse a single transaction involving a verysubstantial sum might appear to outweighseveral other types of transactions aggregat-ing a smaller dollar value. Accordingly theformer method would appear to be the betterbasis for analysis. Unfortunately, however,the replies from reporting banks show onlythose transactions which resulted in difficultyor loss and there is no way of ascertainingthe actual number of transactions of corre-sponding type which were consummated sat-isfactorily. As a consequence this surveycan indicate only the relationship of the in-dividual types of unsatisfactory credit to thetotal number of cases involving difficulty orloss.

Large Individual Losses.—Although therewere 186 cases of credits in some kind of diffi-culty from 1920-1932, 92 cases contributedthe total losses of $10,300,000. The numberof cases involved is shown by classes ofcredits in Table 1.TABLE 1.—NUMBER OF CASES OF ACCEPTANCE CREDITS

INVOLVING DIFFICULTIES AND LOSSES BY CLASS OFCREDIT 1920-1932

Class of Credit

ImportExportDomestic shipmentDomestic storageShipment between foreign countriesForeign storage

Dollar exchange

Total

Number of creditsin difficulty

Total Involvinglosses

The extent to which the aggregate losseswere contributed by a few large cases is strik-ing. For example, losses of $1,221,000 asso-ciated with acceptances executed under im-port credits during the years 1925-1932 grewout of 25 cases in all, but 4 cases contributed$827,000 of losses.

In connection with acceptances executedduring 1925-1932 involving shipments be-tween foreign countries, $3,101,000 of losses

were recorded, associated with 24 cases, but4 cases contributed losses of $1,953,000.These 8 large cases may be briefly describedto serve the purpose of illustrating typicalsituations:

Amount$225, 432. 02

Dateaccepted

1928

IMPORT CREDITS

5,000,000.00 1932-1933

ExperiencesLoss $181, 865. 33.Balance paid.Loss $250.000.

RemarksCustomer went bankrupt.

Covers period from 1925-Collected $4,688,000 1933. Irregular use ofSuspense $62,000 credit by taker in the(Latter being re- early days resulted in aduced by regular loss to the bank, whichpayments and be- continued to carry thelieved to be safe.) account in an effort to

reduce the deficit, butprice decline in 1932 forceda write-off of $250,000.

830,035.66 Sept.-Nov. $155,000 written off Drop in market value ofmerchandise, and of se-curities pledged as col-lateral.

1930 as a loss.Collected $673,000Suspense $2,000

593,564.54 1928 Loss of $241, 670. 58. Takers of credit got intoBalance paid. difficulties, making it

necessary for bank to takeover the manufacture andsales of merchandise.Liens placed by others onsome of the merchandiseforced liquidation, there-by enhancing bank's loss.

SHIPMENTS BETWEEN FOREIGN COUNTRIES

503, 500.00 May 1926 $302, 925. 36 loss. Customer failed.Balance paid.

913,655.17 Aug. 1931 Loss $439,000. Customer failed.Balance still in sus-pense; receiving re-coveries.

1, 659, 308. 82 April 1932 Loss $900,000. Evidence of mis-represen-Balance still in sus- tation.pense.

468, 211. 86 1931 Collected $52,784.09 Evidence of mis-represen-Loss 312,195. 93 tation.Suspense 103,231.84

Table 2 shows the distribution of difficultyand losses among seven classes of acceptancecredits.TABLE 2.—AGGREGATES OF BILLS ACCEPTED IN 1920-1932

IN DIFFICULTY, BY CLASS OF CREDIT—SUBSEQUENTCOLLECTIONS, LOSSES, AND ITEMS IN SUSPENSETHROUGH AUGUST 1935

Type of credit

ImportExportDomestic shipmentDomestic storage

Shipment between foreigncountries

Foreign storage

Dollar exchange

Total

Totalin diffi-culty

Subse-quent col-lections

Losseswritten

off

Insus-

pense

(000 Omitted)

$16, 4933,692

2033,620

9,4573,817

1,058

38, 340

$112

2

830103

151541

3,2132,517

23,

962

317

$4,

3,1,

10,

056908

50810

326147

44

341

$607681

2269

2,918153

52

4,682

On the basis of the figures shown in Table2, it would appear that experience has beenleast satisfactory among import credits. The



aggregate of bills in difficulty in this classwas larger than in the case of any other andlosses written off were larger. By these teststransactions involving shipments betweenforeign countries afforded the next most un-satisfactory experience. In this form thefigures are inconclusive, however, since theamount of difficulty encountered in each classof credit needs to be related to the aggregatebusiness done in the category during thoseyears. An effort to do this is the subject ofsome subsequent paragraphs.

It is possible that actual losses suffered byacceptors may be higher than would appearfrom those reported, as a substantial part ofthe $4,700,000 now being held in suspense hasbeen outstanding for at least three years.Conservative accounting might well havewritten off some of this aggregate as a lossbefore now, although reports indicate that asubstantial portion of this suspense will prob-ably be recovered eventually.

Losses by Years.—Acceptance difficultiesleading to losses were greatest in years ofbusiness recession and price decline, such as1920, 1921, 1924, 1931, and 1932. It will berecalled that this survey did not include anybusiness originating after 1932. Table 3shows the losses by the years when the rela-tive bills were accepted.TABLE 3.—LOSSES WRITTEN OFF ON BILLS ACCEPTED IN

EACH YEAR 1920-1932 BY CLASS OF ACCEPTANCECREDIT

Year

Im-port

Ex-port

Do-mes-

t icship-ment

Do-mes-

ticstor-age

Ship-ments

be-tween

for-eigncoun-tries

For-eignstor-age

Dol-larex-

changeTotal

Date not fur-nished

1920192119221923192419251926192719281929193019311932

All years

$2001,843

792

1012

46588

31180

250

4, 056

$

90

133

10150

12

20493

908

$

50

50

(000 omitted

$414177

37

510074

3

810

$225

303

3028

1, 834906

3, 325

)

$393

475

261

18

1,147

$

44

44

$8182,257

786

962

373423482218433

2,4281,156

10,341

Experience, 1925-1932.—In several re-spects there is a natural division of accept-ance experience as between the years endingwith 1924 and those beginning with the year

1925. A large increase in the acceptancebusiness as a whole began after 1924, and ac-ceptance practice at some points was im-proved as a result of lessons learned fromunsatisfactory experiences of earlier years.Business in some of the major classes of ac-ceptances, moreover, amounted to little priorto 1925.

The chart on page 850 shows the volumeof acceptances outstanding by classes at theend of each month for all available months.Separate figures were not published by theAmerican Acceptance Council for the twoclassifications "shipment between foreigncountries" and "storage in foreign coun-tries."

The chart brings out the fact that importcredit transactions had existed in large vol-ume prior to 1925. On the other hand, trans-actions involving shipments between or stor-age in foreign countries were negligible insize in 1925 and 1926, began to increaserapidly in 1927, and by the latter part of 1929exceeded import credit transactions. Accept-ances outstanding in the class of foreignstorage and shipment at the end of the year1930 amounted to more than $550,000,000,while import acceptances outstanding werebut slightly more than $200,000,000. Therapid increase following 1927 in acceptancesoutstanding to finance shipments between orstorage in foreign countries reflects in partrevision by the Federal Reserve Board of itsrulings to permit the acceptance of bills inTABLE 4.—AGGREGATE OF BILLS ACCEPTED IN 1925-1932

IN DIFFICULTY BY CLASS OF CREDITS—SUBSEQUENTCOLLECTIONS, LOSSES AND ITEMS IN SUSPENSE THROUGHAUGUST 1935

Class of credit

ImportExport

Domestic shipmentDomestic storage

Shipment between foreigncountries

Foreign storage

Dollar exchange

Total

Totalin diffi-culty

Subse-quent col-

lections

Losseswritten

off

Insus-

pense

(000 omitted)

$8, 8892, 694

2031,840

8,8722,933

674

26,105

$7,1111,305

1511,412

2,8532,501

622

15, 955

$1. 221708

50182

3,101279

5,541

$557681

2246

2,918153

52

export transactions after the goods had actu-ally arrived at their destination. This broad-ening of ruling followed some recession intrade in 1924 and in 1927, and was particu-



larly designed to assist in furthering our ex-ports of cotton and other raw products.

Table 4 shows by class of credits the experi-ence with respect to difficulties on bills ac-cepted in the years 1925-1932.

The table brings out the fact that whenacceptance experience after 1924 is viewedseparately the unsatisfactory experience inthe import credit classification based solelyon dollar amounts involved no longer over-shadows that in some other classes. Totalacceptances in difficulty in the import creditclass amounted to $8,889,000 on which lossesof $1,221,000 were written off while $557,000of bills were still in suspense. Among creditsinvolving shipments between foreign coun-tries, total acceptances in difficulty amountedto $8,872,000 on which losses of $3,101,000were written off while $2,918,000 of billswere in suspense.

Difficulties Compared with Volume Out-standing.—The bare aggregates of difficultiesgive no indication of their relative signifi-cance in the various classes, but should berelated to the volume of acceptances whichhave been negotiated in the various classesduring the period.

The volume of acceptances in the variousclasses executed in each year during 1925-1932 has been estimated by multiplying the*average outstandings by 4 since the accept-ance business turns over roughly every 90days. The following tabulation shows theestimated volume of acceptances negotiated.TABLE 5.—ESTIMATED VOLUME OF ACCEPTANCES NE-

GOTIATED DURING 1925-1932 BY CLASS OF CREDITS

Class of !Credit i 1926 1928 1930 1932 Total

1.1231,025

ImportExportDomestic

shipmentDomestic

storage - -

Shipmentbetweenand stor-a g e i nforeigncountries

Dollar ex-change.-.

Total..I 2,786

(Millions of dollars)

1, 186941

991 78

425 344

2, 763

1,2041,189

524

291

101

3, 393

1, 2831,572

72

559

115

4, 293

1, 3551,688

71

604

1,249

224

5,191

1,1051,668

100

825

1, 956

229

5,883

1,286

115

902

1,732

21'

5,014

405705

66

848

1,048

62

3,134

8,42310, 074

685

5, 031

7, 155

1,089

32, 457

When the aggregate losses suffered byclasses of bills drawn during the period 1925-1932 are compared with the volume of ac-

ceptances negotiated, it would appear thatrelative losses were more significant amongcredits involving shipment between and stor-age in foreign countries than in the otherclasses. Losses plus items still in suspensewere four times as much as those among im-port credits as shown in Table 6. As previ-ously noted these figures do not includecredits covered by standstill agreementswhich will be referred to later. Too muchweight should not be given to this comparisonbased on dollar amounts, as the credits basedon shipments between and storage in foreigncountries on which losses were taken happento include a number of large transactions.(See Table 1.)

Table 6 shows the difficulties per $100 ofbills negotiated during 1925-1932.TABLE 6.—AGGREGATE OF BILLS ACCEPTED IN 1925-1932

IN DIFFICULTY PER $100 OF ESTIMATED TOTAL OFBILLS ACCEPTED IN 1925-1932 BY CLASSES OF CREDITS

Class of Credit

Import.Export.

Domestic shipment-Domestic storage

Shipment between foreigncountries and storage inforeign countries

Dollar exchange.

All classes

Totalin

difficulty

$0.106.027

.029

.037

.062

.426

Losseswritten

off

1.014.007

.007

.003

.047

Insuspense

$0.007.007

. 005

.043

.005

Lossesplus

suspense

$0.021.014

.007

.008

.09

.005

.145

It would appear from the analysis made bythe Committee that in some of the acceptancebusiness acceptors have not shown a high de-gree of vigilance in assuring themselves thattheir business was carrying a minimumamount of risk. For example, there werelosses of $3,326,000 suffered in credits involv-ing shipments between foreign countries.With respect to practically all of the bills theacceptor was unable to furnish informationas to what disposition was made of the goodsagainst which the credit was drawn. Withrespect to a quarter of the aggregate, the ac-ceptors had never seen documentary evidencethat any goods had been shipped but hadrelied upon the statements of correspondentsor others.

Long Maturities, Renewals, RevolvingCredits.—In all, there were 92 credits onwhich losses were incurred. In 16 cases, theseinvolved bills with maturities in excess of 90days, while there were 20 cases of renewalbills and 22 cases of revolving credits. Thera



were cases where two or three of these condi-tions were characteristic of one particularcredit, but in all there were 49 separatecredits which were characterized by one ormore of these conditions.

Out of $10,341,000 of losses, $6,260,000were on credits which involved one or moreof these characteristics, although it is impos-sible to determine how much of this loss wasdue to these factors and howT much coinci-dental.

Goods Released on Trust Receipts.—Halfof the $4,056,000 of losses incurred on importcredits were in connection with transactionsin which the goods were released on trustreceipt. Losses in the other classes of creditswere not associated with trust receipt trans-actions.

Losses by Underlying Commodities.—Sugarcredits were responsible for $2,500,000 of the

TABLE 7.—LOSSES ON BILLS ACCEPTED IN 1920-1932 BYUNDERLYING COMMODITY AND CLASS OF CREDIT

Commodity

SugarPeanuts & pea-

nut oilCoffeeFursLumber & tim-

berTobaccoGeneral mer-

chandiseRailway equip-

ment--Skins & hidesSilkWoolCopraMetalsHardware & in-

dustrial ma-

ShellacWood oilWoolen yarn .Dried peas &

beansWheat & grain._Shoes _ __ _Packing house

productsGroceriesPaperAutos & motors.CottonBurlap _SpicesRubberOilMiscellaneous __Dollar exchange

Total

Im-port

Ex-port

Do-mes-tic

ship-ment

Do-mes-tic

stor-age

Ship-ment

be-tween

for-eigncoun-tries

For-eignstor-age

Dol-larex-

changeTotal

(000 omitted)

$1. 635

64430

149

42

260257

48242

182200

162

73

48

84

4, 056

201

224

90

88

4922

34

908

50

50

$23

3278

214

105

77

27

4637

810

535

333

92

281

172

20

1,888

3,326

$885

262

1,147

44

44

$2, 543

644568427

383304

293

281260257262242229

200182200172

16210590

887773

694948463734

1,97244

10,341

aggregate losses of $10,300,000. Credits onpeanuts and peanut oil contributed losses of$644,000 and coffee credits, $568,000. Thelosses on sugar occurred largely in connec-tion with import credits, though a sizeableloss occurred in foreign storage transactions.There were important losses in transactionsinvolving shipment between or storage inforeign countries in credits on sugar, coffee,lumber, and tobacco, in importance in theorder mentioned.

Losses by underlying commodities andclass of transaction are shown in some detailin Table 7.

Losses and Banking Judgment.—Of the ag-gregate losses revealed by the analysis madeby the Committee a large proportion was in-curred by a few institutions, five accountingfor 64 percent and ten for 83 percent of alllosses. It is true that these institutions wereamong the largest acceptors, but many otherlarge acceptors reported much smaller losses.It is a fact worthy of note that the reasonassigned as to why the acceptor was forced toabsorb a loss was in so many cases a reflectionof faulty banking judgment, or of a possiblelack of proper vigilance. Table 8 brings outthe fact that a large proportion of the re-corded losses was associated with failure ofthe borrower, or price declines, or conditionTABLE 8.—REASONS ASSIGNED FOR AMOUNTS OF LOSSES

INCURRED ON BILLS ACCEPTED DURING 1920-1932 BYCLASS OF CREDIT

Cause of Loss

Customer failecLPrice declineCondition of

tradeFraud and mis-

representationAll other

Total

Im-port

Ex-port

Do-mes-tic

ship-ment

Do-mes-tic

stor-age

Ship-ment

be-tween

for-eigncoun-tries

For-eignstor-age

Dol-larex-

change

Total

(000 omitted)

$1, 5701, 729

41

52664

4,056

$262

459187

908

$

50

50

$104459

59

14246

810

$1,070

75

1,387794

3,326

$18

654475

1,147

$.44

44

$3,0242,232

175

2, 6942,216

10, 341

in the trade, or fraud. These are mattersthat it would be difficult to guard against byprovisions in the Board's regulations dealingwith acceptances.

American Acceptance Credits Under Stand-still Agreements.—So far, :his report hasbeen confined to a survey of the experience ofAmerican banks in connection with accept-



ance credits executed between the years 1920and 1932 inclusive and supplies a reasonablycomplete analysis of such unsatisfactorycases as have occurred in the acceptance busi-ness as it has grown up under existing stat-utes and regulations. It has omitted anystudy of the so-called standstill agreements:arrangements which applied to short termcredits, and which were established betweenforeign creditor banks and their customersin certain countries whose governments, be-cause of economic conditions, adopted restric-tive regulations controlling the conduct andsettlement of foreign trade accounts.

The purpose of such agreements, generallyspeaking, has been two-fold: to preventwholesale withdrawal of foreign capitalwhich wrould be ruinous to the exchange valueof the currency and to overseas trade, and toenable creditors over a period to liquidatetheir commitments in as orderly a mannerand at as little sacrifice as possible.

The problem created by these agreementsis in many respects quite outside the field ofordinary acceptance experience. Therefore,it was not possible to apply the same type ofanalysis to standstill credits as was used inthe case of non-standstill credits. It seemsappropriate to include in this report, how-ever, a summary as to two points, the lossessustained by accepting banks, and the char-acter of the paper drawn under credits madesubject to standstill agreements.

Losses Incurred in Standstill Liquidation.—It should be borne in mind that the agree-ments arose not from the inability of thedebtors to meet their obligations in their owncurrencies but from their inability to maketransfers of funds through the normal chan-nel of the international exchanges. This isconfirmed by most of our accepting banks, asillustrated by the comment of one of the in-stitutions whose experience is included in thissurvey. The bank in question, after referringto the prolongation of credits by the variousstandstill arrangements with central Euro-pean countries and exchange controls whichhave stopped payment for goods in gold, goeson to state that they have many customerswho, although possessed of ample resources,are prevented by government decrees fromconverting these resources to make possiblepayment of contracted obligations. Further-more, the great majority of credits extendedby American banks under the most importantstandstill agreement, that with Germany,

have been extended to German banks, andpublic policy has not permitted any of thelatter to suspend payments. Hence losseswhich creditors have incurred in connectionwith acceptance credits subject to standstillagreements have not arisen from fault in theindividual credit but have been due almostwholly to the discount incident to the conver-sion of foreign currencies into dollar ex-change under existing governmental controls.

Since this discount has ranged from about15% to 51%, the loss to accepting banks hasbeen substantial. In the case of Germany,for example, American banks in liquidatingsome $246,000,000 of acceptance credits up toDecember 1935 may have lost something be-tween $32,000,000 and $45,000,000 in dispos-ing of registered mark balances. Further-more there have been losses in liquidatingAustrian and Hungarian commitments al-though absence of available data does notpermit of an estimate of the amount of theselosses. Complete figures of loss in connec-tion with standstill credits would loom largebeside the $10,000,000 loss shown in otherparts of this report on all other Americanacceptance business of some $50,000,000,000.Under the circumstances outlined above, how-ever, losses under the standstill are of a quitedifferent type from those incident to the ordi-nary practice of the acceptance business.

Character of Acceptances Subject to Stand-still Agreements.—The second important con-sideration in reviewing standstill experienceis the character of the paper drawn underexisting credits. There can be no doubt thata substantial volume of such drawings par-took at one time or another of the nature offinance paper and was not supported by ac-tual commercial or industrial transactionswhich would provide self-liquidation for thebills which our banks were called upon toaccept.

The Committee has examined the availablefigures and has asked the opinion of compe-tent bankers with respect to the extent ofany laxness in practice and the circumstancesunder which it occurred. The only figureswhich are available on the subject relate tothe period after the standstill agreements hadgone into effect. Reports of 100 Americanbanks, as of October 31, 1931, indicate thatof $288,000,000 of acceptances outstanding onthat date under the German Standstill Agree-ment, 39% were accompanied by proof ofeligibility such as shipping documents or



other evidence; 31%, although unaccom-panied by documentary evidence, were never-theless presumably capable of classificationas eligible; and 30 % were definitely not self -liquidating and offered no evidence as to thenature of the underlying transaction. In-formal inquiries among twenty-five of themost important accepting banks indicate thatat the end of 1935 about three-quarters ofthe bills outstanding at that time could beclassified as eligible under the regulations ofthe Board of Governors of the Federal Re-serve System.

German authorities, as well as many ac-cepting banks, maintain that until recessionin foreign trade set in and commodity pricesbegan to fall, the great majority of bills pre-sented for acceptance represented actual self-liquidating business transactions. There is.however, considerable testimony that evenbefore the standstill agreement had gone intoeffect some American acceptors had been attimes lax in depending on general statementsmade to them by foreign banks and not re-quiring more; detailed information regardingthe transactions underlying the bills ac-cepted. Such practice has been at times de-fended on the ground that it is similar to thepractice of London bankers who have gen-erally placed more reliance upon names thanop ascertaining that the underlying transac-tion back of each bill was by nature self-liquidating. There is no way of knowing theextent of the laxity which existed in thisparticular, although belief in the market isthat it was not general. It does not appearthat laxness of this sort had any importantresponsibility for the later losses on accept-ances except to the extent possibly that amore exact scrutinv of bills might have ledto a somewhat smaller volume of credit ex-tension and so to a smaller volume of billscoming under the standstill agreement. Theprobability is, however, that more precisetechnical requirements would not greatlyhave restricted the volume of bills drawn.The total volume of bills was in keeping withthe general tendency of the time toward ex-cessive credits of all sorts to the centralEuropean countries.

It is clear that an important change in thecharacter of bills took place at the time thestandstill agreements went into effect. Withthe decrease in volume of transactions whichcould give rise to eligible bills, many foreigncustomers of accepting banks found it in-

creasingly difficult to provide eligible paper,although they were still in need of workingcapital. Under the standstill agreement, theGermans agreed to provide eligible paper asfar as possible and the right is reserved,when it is not possible, to carry the resultingdebt in the form of a cash advance or over-draft, of course at a higher rate of interest.The majority of accepting banks have sotreated bills which were not definitely self-liquidating. Indeed, to a large extent theyhave kept their German bills off the marketentirely.

Although the large amount of finance paperwhich admittedly existed can scarcely bereconciled with the ideals of the best bankingpractice, losses incurred by American ac-ceptors due to this cause have been negligible,since, as stated above, the majority of Amer-ican credits were extended to German bankswhich as a matter of public policy have notbeen allowed to fail.

By far the greater part of American ac-ceptance credits subject to standstill agree-ments have been extended to German bankswhich in turn made them available to theircommercial and industrial customers. Con-sequently, there have been numerous sub-stitutions of one debtor for another as wellas changes in the types of transactions under-lying the bills presented for acceptance. Inaddition, not infrequently original accept-ances have become overdrafts and subse-quently been replaced by bills which againhave become overdrafts so that except inrelatively few cases there has been no realcontinuity of individual credits. For thesereasons it does not appear possible to applythe same methods of analysis to individualacceptances as were used in the earlier partof this report.

Acceptors' Recommendations for Changesin Rules of Procedure.—Of the 156 bankswhich responded to the questionnaires onlyabout 20 made definite recommendations asto changes in the law or regulations relativeto acceptances. The recommendations maybe classified: (a) for more restrictive re-quirements; (b) for liberalizations.

More Restrictive Requirements.—In con-nection with more restrictive requirements,the largest number of suggestions were madewith respect to shipments between foreigncountries and the smallest number with re-spect to import credits. A brief summary



of the more important of these suggestions isgiven by class of credit as follows:

Import Credits:When goods released on trust receipt, latter

should not remain outstanding after transactioncompleted.Export Credits:

Restrict financing with respect to secondary dis-tribution to such merchandise as remains in orig-inal form.

Documentary evidence desirable when acceptancedrawn by another bank and secured by exportbills.

Actual documents should be in hands of ac-ceptor from date of acceptance.Domestic Shipment Credits:

When goods released on trust receipt, lattershould not remain outstanding after transactioncompleted.

On six months' drafts, tenor should be re-stricted to that of eligibility for rediscount.Credits Covering Shipments between Foreign

Countries:Acceptor should see satisfactory evidence of

shipment.Foreign correspondent should furnish full in-

formation with respect to purpose, customer, andself-liquidation.

Basis of transaction should be more clearly de-fined.

Same requirements as for domestic shipmentshould apply.

Require letter of guarantee from actual takerof credit.Domestic Storage Credits:

Emphasize independence of warehouse fromcredit taker.

On six months' bills, tenor should be restrictedto those eligible for rediscount.

Require accepting bank to secure sworn state-ment from warehouse. Restrict business to li-censed warehouses only.

Require licensed grader's certificate."Specifically, we wish to call attention to the

fact that Article B of Regulation A recites thatthe Federal Reserve Bank may discount bills cov-ering the storage of readily marketable staples,provided the bill is secured at the time of ac-ceptance and that under certain conditions aTrust Receipt may be taken. Article A of Regu-lation C recites that member banks may acceptsuch bills, but it is not indicated that a TrustReceipt may be taken. It would, therefore, ap-pear that a member bank could accept a bill hav-ing warehouse receipts in its possession at thetime of acceptance and might release the securityfree, provided it remained within the 10% of cap-ital and surplus limit. Such a bill, however, wouldappear to be ineligible for discount under Regula-tion A."

Foreign Storage Credits:Acceptor should see satisfactory evidence of

storage.Require letter of guarantee from actual taker

of credit.

Dollar Exchange Credits:Restrict to amounts which may be covered in

due course by export documentary bills.General:

Limit acceptance business to transactions whereevidence of shipment presented.

Maturity of acceptance should coincide withusual credit period. Add to Article B, SectionXI: "Where the details of the underlying com-mercial transaction are not otherwise evidenced,the acceptor shall obtain a statement of its essen-tial details."

Actual bills of lading should pass through bank.

It will be noted from the foregoing that thegreatest unanimity as to suggestions relativeto any one phase of acceptance practice isevident in the category of credits coveringshipments between and storage of goods inforeign countries.

Many of the suggestions appear to be soobviously matters of ordinary credit judg-ment and plain common sense that it wouldseem scarcely necessary to embody them informal rules and regulations.

Suggestions for Liberalizations.—Proposalsfor liberalizing the law and regulations weremade with respect to two classes of credits:domestic shipment and domestic storage. Re-moval of the 50 per cent limitation with re-spect to domestic acceptances was suggestedby several acceptors. Broadening the list ofcommodities eligible for domestic storagecredits was also mentioned. With respect tocredits growing out of domestic shipment,it was recommended that the requirement asto documents conveying security title beliberalized.

A significant point of view was expressedby several acceptors, one of which stated:

"We realize that at the inception of the accept-ance business in this country a certain degree ofregulation was required in order that this new formof credit should not be directed into improper chan-nels, but it is now pertinent to inquire whether theincreased understanding of the nature and objec-tive of this facility does not merit a complete re-vision of these requirements.

"This is particularly true of transactions for do-mestic account. We feel that too often the merefact that a transaction measures up to the stand-ards established by the Federal Reserve Bank indefining eligibility has swayed the judgment of theaccepting bank as to its soundness as a bankingproposition. Obviously, eligibility is no criterionfor judging credits, but it is apparently an undeni-able influence due possibly to the emphasis that theFederal Reserve Bank rulings place on the matterof eligibility. We feel the time must come whenthe Federal Reserve Bank should place its chiefreliance on the judgment and standing of the ac-cepting bank, and use that more as a standard for



purchasing or discounting bankers acceptances',rather than the fact that the bill offered compliesto the letter of certain regulations. Other acceptingmarkets have effectively controlled their acceptancebusiness in this manner without the restrictions ofwell meant, but inelastic regulations."

CONCLUSIONSThe statistical analysis pursued by the

Committee confirms the impression hereto-fore prevailing in most quarters that thepreponderant part of the acceptance businessof American banks as it has grown up underthe guidance of the regulations of the Boardhas been satisfactory. There is no recordedinstance of an investor in bankers accept-ances having lost a dollar of principal andno bank has closed or suspended paymentsbecause of difficulties arising from its ac-ceptance business. The analysis has shownthat losses which have been suffered byAmerican institutions because of their ac-ceptance commitments have been for the mostpart associated with the types of eventualitieswhich should be forestalled more by thejudgment, prudence, and vigilance of bank-ers than by official regulations. Of the$10,300,000 of losses suffered by acceptorin the years 1920-1932, not including thelosses growing out of standstill business,about 80 per cent were associated with suchmatters as: failure of the customer, pricedeclines, conditions of the trade, and fraud

It seems to the Committee, however, thaithis record does not justify an attitude ofcomplacence on the part of the Federal Re-serve System in its general responsibility f 01the rules and regulations under which Amer-ican acceptance business is done. The Com-mittee holds the view that the bankers' ac-ceptance should be the prime commercialcredit instrument, and that acceptances whichcome into the market should be based ontransactions as nearly riskless and above sus-picion as possible. On such a premise, anyloss in the field should be the occasion ofregret and of effort to foreclose its recurrence.

The statistics indicate that, even omittingstandstill credits which are a separate prob-lem, the greatest amounts of unsatisfactoryexperience were encountered in the fields ofshipment between and storage in foreigncountries, and import transactions.

There is, however, considerable ground forbelieving that American banks did not uni-formly adhere to the ideals of acceptancepractice in their central European business.In the light both of this study and the ex-

perience with standstill bills, many acceptorshave expressed the belief that the regulationsshould be tightened to raise the standard ofacceptance practices in the field of shipmentbetween and storage in foreign countries.With respect to such transactions several rec-ommendations made by acceptors looked inthe direction of requiring that the acceptingbank be in possession of full information asto the financial responsibility of the recipientof the credit and the self-liquidating natureof the transaction, and that a more adequatecontrol over the goods by the agent of theaccepting institution should prevail until thecredit be liquidated. This point of view wasparticularly well expressed by one importantaccepting bank:

"When the use of the acceptance facility wasinitially fostered and laws and regulations formu-lated, every effort was made to prevent the accept-ance of purely finance bills, and provisions weremade for exhibition of documents evidencing re-lated actual self-liquidating transactions as thebasis for acceptance financing. Later the regula-tions were modified and the broadest latitude per-mitted member banks in determining eligibility.This greater freedom resulted in certain abuses, im-proper practices and the creation of bills not evenremotely associated with transactions which wouldliquidate within the life of the bill. Instances ofthis nature have been submitted to the standstillcommittees with which you are familar. While thebroad powers granted acceptors are highly ad-vantageous and desirable, we suggest the possibilitythat the creation of such bills should be determinedby more definite regulations as to the type and ex-tent of evidence which should be required by pros-pective acceptors as to actual contracts of sales tobe financed or actual movements of goods beforebills are accepted as eligible."

The evidence the Committee has assembledindicates there is room for some improve-ment of practice along the lines of the fore-going quotation, especially with respect tobills covering shipment between and storagein foreign countries. The Committee hasraised three questions with respect to thisproblem:

1. Whether the general field of accept-ance activities should be narrowed,

2. Whether some additional and morespecific regulations should be issuedon this point,

3. Whether reliance should be placedmainly upon the gradual develop-ment of sound traditions of practiceon the part of accepting banks.

These three questions will be discussed inorder.



1. In the early stages of this project, thequestion was raised in the Committee as towhether "American banks are justified ingranting acceptances to accommodate worldtrade other than incidental to facilitating theneeds of American customers directly en-gaged in exporting or importing goods be-tween the United States and a foreign coun-try." This challenge involves, of course, thequestion of the "necessity for permittingbanks to grant acceptance credits to finance(a) movement of goods between two foreigncountries each foreign to the United States;(b) storage of readily marketable staples inforeign countries whether or not underlyingcommodities were produced in the UnitedStates."

The fact that acceptance activities havebeen authorized and practiced extensively ina field in the past creates a strong presump-tion against prohibiting them in the future.If American accepting institutions can finda profitable and reasonably safe field of ac-tivity in financing foreign shipment and stor-age transactions, no sufficient reason forforeclosing the opportunity seems apparentto the Committee. From the point of viewof the balance of payments of the UnitedStates the outstanding commitments of Amer-ican investors in acceptances drawn to financetransactions involving shipment between andstorage in foreign countries have the sameeffect as an equal volume of any other typeof short-term lending. Out of the contactsand good-will incident to acceptance activi-ties in this field grow other satisfactory busi-ness for American banks and their cus-tomers.

More than this, if reference is made toBritish acceptance practice, it is found thatthe extension of American activity into thefield of purely foreign transactions has goodprecedent. The best information indicatesthat a large proportion of the acceptanceliabilities of important British banks relatesto transactions in which neither the buyernor the seller of the merchandise is a residentof the British Isles, or of a British dominionfor that matter. It is to be presumed thatin the future the money market in this coun-try will be called upon to fulfill many of thefunctions of a world money market and theregulations governing acceptance practiceshould, as far as it may safely be done, pro-vide sufficient latitude for the proper fulfill-ment of that function.

2. As previously noted several of thosereplying to the Committee's questionnairehave suggested the modification of FederalReserve Board regulations to include definitespecification of the type and extent of evi-dence which should be required by prospectiveacceptors as to the actual contract of sales tobe financed or actual movements of goodsbefore bills are accepted as eligible. Thepresent regulations as they relate to thefinancing of transactions arising out of theimportation or exportation of goods aredrawn in broad terms and make no specificrequirements as to the character of evidenceaccepting banks must obtain. The conditionsunder which transactions of this sort takeplace are so varied that it would be difficultif not impossible to draw a regulation whichwould lay down minutely requirements as toevidence without making compliance impos-sible in many sorts of transactions. Forexample, in many cases of shipments of goodsbetween foreign countries it would be impos-sible for the accepting bank to obtain ship-ping documents at the time of the acceptance.It does, however, seem possible that the regu-lations should contain a general requirementthat with respect to credits covering exportand import transactions and shipments be-tween foreign countries, the accepting bankis expected to obtain satisfactory evidence,documentary or otherwise, as to the precisenature of the transactions underlying thecredit extended. Such a general requirementin the regulation serves notice on acceptingbanks as to what may be regarded as soundacceptance practice, and provides a basis forthe examination of individual credits whichmay be made later by bank examiners or theFederal Reserve banks.

3. While as noted above the Committee re-ceived a number of suggestions for changesin regulations, the Committee was constantlyimpressed with the number of comments tothe effect that sound acceptance practice de-pended upon credit judgment and the develop-ment of sound traditions. This point of viewwas well expressed by the officer of one ofthe large accepting banks in the followinglanguage:

"I cannot help but take this opportunity of re-iterating * * * that primarily acceptances are aninstrument of credit and their value is based on thesoundness of our judgment of the credit risk in-volved. It is my impression that the eligibility pro-visions have a tendency' opposite to their originalintention. To the inexperienced I believe they en-dow transactions which can be classified under the



regulations as eligible with a primary assumptionof soundness. A credit risk, of course, does not de-pend upon the nature of any single transaction butmany other factors enter into the credit risk in-dependent of the transaction itself."

RECOMMENDATIONS

1. It is recommended that the acceptanceprivilege be not withdrawn from any of theseven important fields.

2. It is recommended that further liberal-izations in regulations of the Board of Gov-ernors be not made at this time.

3. It is recommended that a footnote beadded to subparagraph (1) of Section XI ofRegulation A reading as follows:

While it is not a requirement of the eligibility ofbills referred to in clause (1) of Section XI of thisregulation that documents covering the shipment ofgoods be attached to the bills at the time of ac-ceptance, it will be presumed by Federal Reservebanks in discounting such bills that the acceptingbanks have obtained satisfactory evidence as to thetransactions underlying such bills.

4. It is recommended that continued em-phasis be placed on the procedure of check-upthrough examinations. In keeping with this

proposal the Reserve Board on January 29,1935, addressed letters to the Federal ReserveAgents and the Comptroller of the Currencyrequesting that when examinations of mem-bers of the Federal Reserve System werebeing made attention be paid to whether theacceptance business of the respective bankwas being conducted in conformance with thelaw and regulations of the Board.

5. It is also recommended that the FederalReserve banks, in addition to their usualscrutiny of bills from the standpoint of eligi-bility and acceptability, make at frequent in-tervals a more extended investigation of billswhich are purchased or offered for purchasein order to ascertain whether the acceptancesare conforming with sound acceptance prac-tice.

It must be recognized that in the longrun sound acceptance practice depends mostlargely on sound credit judgment on the partof the accepting bank, and the principal re-liance for improvement in practice must beplaced upon the gradual process of the season-ing of judgment of acceptors and the develop-ment of sound traditions.

MILLIONS OF DOLLARS

600

BANKERS ACCEPTANCES OUTSTANDING BY TYPE OF TRANSACTION

( End of month figures ) MILLIONS OF DOLLARS

600

200

4 0 0

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



ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES,JUNE 30, 1932, TO JUNE 30, 1937

[Amounts in thousands of dollars]

ASSETS

Loans (including overdrafts)United States Government direct obligationsSecurities fully guaranteed by United States Government.Other securitiesTotal loans and investmentsCustomers' liability on account of acceptancesBanking house, furniture, and fixturesOther real estate ownedReserve with Federal Reserve banksCash in vaultBalances with private banks and American branches of

foreign banksDemand balances with banks in New York CityDemand balances with other domestic banksTime balances with other domestic banksBalances with banks in foreign countriesDue from own foreign branchesCash items in process of collectionCash items not in process of collectionRedemption fund and due from United States Treasurer .Acceptances of other banks and bills sold with endorse-

mentSecurities borrowedOther assets

Total assets.

LIABILITIES

Demand deposits—TotalIndividuals, partnerships, and corporationsUnited States GovernmentStates, counties, and municipalitiesBanks in United StatesBanks in foreign countriesCertified and officers' checks, cash letters of credit and

travelers' checks, etcTime deposits—Total

Individuals, partnerships, and corporations:Evidenced by savings pass booksCertificates of depositOpen accounts •.Christmas savings and similar accounts

Postal savingsStates, counties, and municipalitiesBanks in United StatesBanks in foreign countries

Total depositsSecured by pledge of loans and/or investmentsNot secured by pledge of loans and/or investments.._

Due to own foreign branchesNational bank notes outstandingAgreements to repurchase securities soldBills payable and rediscountsAcceptances of other banks and bills sold with endorsementAcceptances executed for customersAcceptances executed by other banks for reporting banks. _Securities borrowedInterest, taxes, and other expenses accrued and unpaid, __Dividends declared but not yet payable and amounts set

aside for undeclared dividends and for accrued intereston capital notes and debentures

Other liabilitiesCapital notes and debenturesC apital stockSurplusUndivided profits—netReserves for contingenciesRetirement fund for preferred stock and capital notes and

debentures

Total liabilities (including capital account) .

Net demand depositsDemand deposits—adjusted6

Number of banks

1932June 30

16,587,1855, 627,854

5, 785, 76438,000.803

458,9521,166, 263233.014

1,997, 656478, 224

()590, 880

1,139, 890(2)101,07091, 549

1, 337,13832, 548

55,02211, 664

216, 388

35,911, 061

17,199, 78011,890,163

387,4631,313, 5692, 870,029

172, 383

566,17310, 636, 021

7,491,2681, 349, 514

| 772,363609, 746336,92969, 5256, 676

27, 835, 801(5)

28,186648, 90662, 983

815,12355, 022

483, 0646,91211, 664109,927

()192, 553

2, 440, 4672, 366, 239

510, 696343, 518

35,911, 061

14, 481, 99812, 432, 767

1933 iJune 30

12,858,0996,887,123

5,041,14924, 786,371

424, 263982,036227.074

2,235,179404, 502

()826, 636

1,181, 582(2)108,070106,041

1, 485, 34337, 261

6,654227,820

33, 046, 780

17,583, 06711,830,246

806, 2971,087, 3293,056, 527

145, 750

656,9188, 980,860

6,127.4121,037, 7473 578,812

58, 656788, 492299,65989,084

26, 563, 927()

23, 529727,11014,244

191, 2287,948

434, 9977,3026, 65467,111

(*')165, 648

2, 220, 3301, 847, 462373,258396, 032

33, 046, 780

14,156, 30412,089,150

5, 606

1934June 30

12, 522.9809,136, 684276,144

5, 239,03127,174, 839

252,916997, 817286, 348

3, 819, 410472, 643

(1,116, 6551,549,622

94,009140, 680

91, 9261, 056, 779

36, 2491.9202,524

290, 474

37,384, 811

21,201,21413,348,7241. 657, 7931, 597,8704,070, 319

154, 842

371,6669, 811,153

7,168,239930,705• 604, 845

59,449585,027332,674122,0788,136

31, 012,3673,824,13727,188.230

694, 7905,314

34, 8401,920

266, 64611,3522, 524

70, 759

()179,375154, 839

2,497, 3431,690, 560387, 228374, 257

697

37, 384, 811

17,066, 51914, 261, 481

6, 375

1935June 29

11,927,9669, 871,1261, 558, 3815,427,145

28, 784, 618157,751998, 645339,086

4, 933, 277537,010

()1,379, 8561,905, 547110,70071, 24410, 958

1,183,37311, 842

6,042918

293, 777

40, 724, 644

24, 743, 78316,206, 243

778, 7162,090. 6084, 978, 426273,179

416,61110,194, 344

7,985, 646868, 780542,60764, 733306,603285,076135, 7505,149

34, 938,1273,083, 595

31, 854, 532

4,241222, 045

7, 4098,8676,042

160, 21914, 350

91869, 889

36, 276142, 635117,332

2, 565, 9871, 647,024436, 365

343,528

3, 389

40, 724, 64421,045,20617, 530. 089

6, 410

1936June 30

12,541.84511,721,4751,950,4576,045,03332,258,810

156, 954994, 921379, 457

5, 607,119713,421

34, 4631, 607, 9912,184, 747116,31151,6982,502

2,147,49311,027

10,340555

256.178

46, 533, 987

29,918, 69119,321,9981,036, 5752, 320.4535,985,886464,642

789,13710, 786, 873

8, 565, 632843, 255613,01377, 295152, 234377,998151,2486,198

40, 705, 5643,432, 822

37, 272, 742

101,159

13, 6975, 850

10, 340151,15527,066

55580,105

43,999• 159,130

106, 8442,460, 3531, 806, 516

520, 283

331, 310

10,061

46,533,98723,985, 75720, 284.095

6,400

1937March 31

13,699,29410, 856, 3511, 861, 3366,108,022

32, 525, 003202,067981, 712

6, 613, 340662,310

27,3141, 263,0802, 049, 439

105,53952, 6413,787

1,973,6219,857

11,0871,065

215, 834

47,066,564

29, 950,16020,084, 779

414, 7222. 564, 3035. 751. 796

457; 911

676, 64911,164,318

9,105,389758, 293712, 38063,08297, 371268, 739152, 7666,298

41,114, 4782, 817, 942

38, 296, 536

84,142

5,87317, 74011,087

200, 86425, 2251, 065

98, 510

33, 216149, 68971,057

2, 383, 2091,952, 805580, 907325,125

11,572

47, 066, 564

24, 668, 33821,352,110

6, 367

1937June 30

14,284,87510, 870, 4041, 818, 5305, 764, 75232,738,561

187,143980,375353,714

6, 896,663629,305

25,3711,201,5141,898,657

81,43251,9774,592

2, 200,82911,114

16,312345

190. 709

47, 468, 613

30,142, 89820, 272, 432

628,1252, 577, 4455, 298,023615, 278

751, 59511,347,148

9, 244, 567757,618724,10491, 59399. 736292; 280123, 20814,042

41, 490, 0462,994, 886

38, 495,160

143, 498

1,19716,19416,312

185, 65026,149

34587, 381

44,099118,94762, 453

2, 381, 7961,971,464587,495319, 648

15,939

47, 468, 613

24, 844, 88621, 400, 662

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.



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

ASSETS

Loans (including overdrafts)United States Government direct obligationsSecurities fully guaranteed by United States GovernmentOther securities- ..Total loans and investmentsCustomers' liability on account of acceptancesBanking house, furniture, and fixturesOther real estate ownedReserve with Federal Reserve banksCash in vaultBalances with private banks and American branches of

foreign banksDemand balances with banks in New York CityDemand balances with other domestic banksTime balances with other domestic banksBalances with banks in foreign countriesDue from own foreign branchesCash items in process of collectionCash items not in process of collectionAcceptances of other banks and bills sold with endorsementSecurities borrowedOther assets

Total assets.

LIABILITIES

Demand deposits—Total >.Individuals, partnerships, and corporationsUnited States GovernmentStates, counties, and municipalitiesBanks in United StatesBanks in foreign countriesCertified and officers' checks, cash letters of credit and

travelers' checks, etcTime deposits—Total

Individuals, partnerships, and corporations:Evidenced by savings pass booksCertificates of depositOpen accountsChristmas savings and similar accounts

Postal savingsStates, counties, and municipalitiesBanks in United StatesBanks in foreign countries

Total depositsSecured by pledge of loans and/or investmentsNot secured by pledge of loans and/or investments. _.

Due to own foreign branchesAgreements to repurchase securities soldBills payable and rediscountsAcceptances of other banks and bills sold with endorsementAcceptances executed for customersAcceptances executed by other banks for reporting banks..Securities borrowedInterest, taxes, and other expenses accrued and unpaid. _.Dividends declared but not yet payable and amounts set

aside for undeclared dividends and for accrued intereston capital notes and debentures

Other liabilitiesCapital notes and debenturesCapital stockSurplusUndivided profits—netReserves for contingenciesRetirement fund for preferred stock and capital notes and

debentures .

Total liabilities (including capital account)

Net demand depositsDemand deposits—adjustedNumber of banks

Allmemberbanks

14,284,87510, 870. 4041,818,5305, 764, 752

32,738, 561187.143980, 375353,714

6, 896, 663629,305

25, 3711, 201, 5141, 898, 657

81,43251,9774. 592

2, 200, 82911,11416,312

345190. 709

47, 468. 613

30,142.89820, 272. 432

628, 1252, 577, 4455, 298. 023615, 259

751,61411, 347,148

9, 244, 567757, 618724, 10491,59399, 736

292, 280123,20814, 042

41. 490, 0462,994, 886

38, 495,160

143, 4981,19716.19416, 312

185, 65026,149

34587, 381

44, 099118,94762, 453

2,381,7961, 971, 464

587, 495319, 648

15,939

47, 468, 613

24, 844, 88621, 400, 662

6,357

Allnationalmember

banks

8. 796, 4776, 891, 7831,314,6403, 890, 571

20, 893, 47196, 409

633, 923162,353

4.152,889440, 696

15, 399893, 883

1, 486, 96164, 86126, 539

4, 5921, 284,067

8,2078, 265

229107,281

30,280, 025

18, 843. 90212, 412, 525

376,9771,968,9843, 415. 382

266. 661

403, 3737, 871, 654

6, 492, 725586, 839305, 715

61, 06287, 945

229, 678102, 321

5, 369

26, 715, 5562, 239, 386

24, 476,170

98, 743676

8, 5308, 265

99, 76213,616

22951,170

27, 69650, 205

1, 578, 3561,071,102

389, 035155,065

12,019

30,280. 025

15,180,77513, 500, 815

5, 293

AllState

memberbanks

5, 488, 3983,978, 621

503, 8901,874,181

11, 845, 09090,734

346, 452191,361

2, 743. 774188, 609

9.972307,631411.696

16,57125, 438

916, 7622,9078,047

11683, 428

17,188. 588

11.298, 9967, 859,907

251,148608, 461

1,882,641348, 598

348, 2413, 475, 494

2,751,842170,779418,389

30, 53111.79162. 60220, 8878,673

14, 774, 490755, 500

14,018, 990

44, 755521

7, 6648, 047

85, 88812, 533

11636,211

16, 40368, 74262, 453

803, 440900, 362198,460164, 583

3,920

17,188,588

9,664,1117,899,847

1,064

Central reserve citymember banks

New York

4 276 0863,176.276

454. 0111.099,5429,005. 915

135.694230.39431.518

2, 749. 27360, 335

1,96254. 73947, 958

3831,781

995, 800663

14, 292

58, 861

13, 419,223

Chicago

674,615906, 646

94, 334293, 829

1,969, 4243,164

22, 3106,627

595, 53527, 399

2,972121,15130, 808

1,1351,709

130,453332278

24, 502

2, 937, 799

10. 623. 6026, 933, 745

305, 536368. 442

2. 014. 200574, 827

426. 852797, 052

355, 51035, 535

370. 9964,981

17,445261

12,324

11, 420, 654585, 263

10, 835, 391

143,4

3,12114. 292

138, 94114, 857

23, 761

16,01146, 085

574563,540797, 426143, 47992, 935

49

13, 419, 223

9, 525,1056, 733, 239

37

2,222, 8741, 409, 313

41,207207,798536,120

6, 208

22, 228451, 626

391,25526, 66430, 3393,299

2, 674, 500219,631

2, 454, 869

200278

2,3981,118

9, 767

2,3842, 654

225126, 350

64, 73519, 65133, 515

24

2,937, 799

1, 940, 6351, 508, 886

13

Reservecity

memberbanks

4,993. 6944, 267, 241

635, 2271, 732, 661

11, 628, 82345. 397340,039134,711

2, 214, 579212,051

17,439584, 855759.91829, 68815, 9534,592

805, 4875,8011, 491

10, 520, 5356, 840,023211,988933, 864

2, 338, 67132, 589

163, 4004, 474, 754

3, 675, 850172,328262, 48729, 35335, 381189, 601108, 0361,718

14, 995,2891,310,936

13, 684, 353

444831

1,49142, 5509,277

34, 764

16,18240,41128,552

767, 639592, 293206, 551122, 772

5, 584

16, 864, 630

8. 370, 7447,131, 800

337

Count rymember

banks

4, 340, 4802, 520, 241

634, 9582, 638, 720

10,134, 3992, 888

387, 632180,858

1, 337, 276329, 520

2,998440, 769

1,059,97350, 5712,534

269,0894,318

251345

43, 540

14,246, 961

6, 775, 8875,089, 351

69, 3941, 067, 341

409, 0321,635

139,1345, 623, 716

4,821,952523,09160, 28253, 96064, 35585, 21514, 861

12, 399, 603879, 056

11,520,547

75312,042

251.1, 761

897345

19,089

9,52229, 79733,102

924, 267517,010217,814

70, 426

10, 282

14, 246, 9615,008, 4026,026, 737

5, 970



FRENCH FINANCIAL MEASURES—GOLD REVALUATION AND ESTABLISHMENT OFREGULATORY FUND FOR GOVERNMENT SECURITIES

A decree of July 22, 1937, and a Conven-tion of July 21 between the Bank of Franceand the Treasury provide for revaluation ofthe gold reserves of the Bank of France forthe second time since September 1936, andfor allocation of the resulting increment toa fund for regulating the market for Govern-ment securities. These measures are givenin translation below. Other financial meas-ures, taken at the end of June, were pub-lished in the BULLETIN for August 1937,page 720.

FUND FOR THE SUPPORT OF RENTES AND LONG- ANDMEDIUM-TERM TREASURY OBLIGATIONS, AND CON-VENTION WITH THE BANK OF FRANCE

The President of the French Republic,By virtue of the law of June 30, 1937,1 granting the

Government powers with a view to insuring financialrecovery;

On the report of the President of the Council andthe Minister of Finance;

The Council of Ministers concurring,Decrees:

ARTICLE 1. There is established, with a view toregulating the market for rentes, a supporting fundauthorized to buy and sell on the market (bourse)perpetual or redeemable rente certificates and long-or medium-term Treasury obligations.

ART. 2. The supporting fund shall be managed bythe Caisse Autonome d'Amortissement for accountand on the responsibility of the Treasury. Condi-tions governing its operation shall be fixed by orderof the Minister of Finance after consultation with theadministrative council of the Caisse Autonomed'Amortissement.

ART. 3. The operations of the fund may be termi-nated by a decree issued on proposal of the Ministerof Finance, the Council of Ministers concurring.

In this case the rente certificates held by the fundshall be cancelled at once. The cash balance, if any,shall be applied to the repayment of the advancesgranted to the Treasury by the Bank of France inexecution of the conventions of June 18, 1936,2 andJune 30, 1937.1 ,

ART. 4. The convention between the Minister ofFinance and the Governor of the Bank of France,concluded July 21, 1937, is approved.

ART. 5. The present decree shall be submitted tothe Chambers for ratification in conformity with thelaw of June 30, 1937.

ART. 6. The President of the Council and the Min-ister of Finance are charged with the execution ofthe present decree.

Done at Paris, July 22, 1937.ALBERT LEBRUN.

By the President of the Republic:The President of the Council,

CAMILLE CHAUTEMPS.

The Minister of Finance,GEORGES BONNET.

CONVENTION BETWEEN THE MINISTER OF FINANCEAND THE GOVERNOR OF THE BANK OF FRANCE

Between the undersigned, M. Georges Bonnet, Min-ister of Finance, acting on behalf of the State,

And M. Pierre Fournier, Governor of the Bank ofFrance, duly authorized by resolution of the generalcouncil of the Bank of France under date of July 21,1937,

It has been agreed as follows:ARTICLE 1. The Bank shall proceed to the revalua-

tion of its gold and foreign exchange holdings underthe conditions set forth in article 1 of the conventionof September 25, 1936,3 but on the basis of a weightof 43 milligrams of gold 0.900 fine per franc.

ART. 2. The increment resulting from this revalua-tion shall be allocated to the supporting fund forrentes established by article 1 of the decree-law ap-proving this convention.

ART. 3. When the operations of the supportingfund for rentes are suspended as provided for inarticle 3 of the decree-law approving this convention,the available cash balance, if any, shall be applied tothe repayment of the advances granted to the Treas-ury by the Bank of France in execution of the con-ventions of June 18, 1936, and June 30, 1937.

ART. 4. Moreover, the proceeds resulting fromliquidation of the exchange stabilization fund men-tioned in article 3 of the convention of September 25,1936, shall be applied in the same way up to theinitial amount of the supporting fund for rentes lessthe cash holdings mentioned in the preceding article.

Executed in duplicate at Paris, July 21, 1937.Read and approved: Read and approved:

GEORGES BONNET. PIERRE FOURNIER.1 See BULLETIN for August 1937, p. 720.2 See BULLETIN for July 1936, p. 536.3 See BULLETIN for November 1936, p. 88



ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC

The annual report of the Central Bank ofthe Argentine Republic for the second finan-cial period, covering the year ending Decem-ber 31, 1936, was approved by the Board ofDirectors of the Bank at the meeting held onFebruary 24, 1937. Sections of the officialEnglish text are given herewith:1

THE REGULATORY FUNCTIONS OF THE CENTRALBANK

A new phase of recovery.—By the end of1935 the National Government had reachedthe final stages of its programme of bankingreform and reconstruction, initiated a fewmonths before with the creation of the Cen-tral Bank.

The crisis had seriously undermined thecredit structure, gravely endangering thewhole banking system because of the largeamount of deposits involved. The danger hasbeen averted and the position of the banks isnow completely satisfactory in so far as con-cerns their liquidity. This situation marksthe end of a long series of measures, someemergency in nature and some fundamental,with which this country has perseveringlycombated a long depression.

The results obtained have fully rewardedthe effort and Argentina now reaps the fullestbenefit from the improvement in the interna-tional economic situation. The era of crisisis ended, but problems connected with thereturn of prosperity immediately begin toarise. Freed from the burden of a long de-pression, the driving forces of the nationaleconomy are once again commencing to ex-tend with the confidence of prosperous times.Fortunately this is founded on economic re-ality from which it is not prudent to straytoo far. In this respect the country has hadan instructive experience. In periods wheneconomic activity is on an upward trend anexaggerated optimism frequently breeds thegerms of future misfortunes. Consequentlyit is necessary to proceed with caution andhave ever in mind that after acute crises muchremains to be cleared away and reconstructed.

Upward trends are generally limited in1 The report, available in the official English translation pub-

lished by the Bank, contains in addition sections dealing withprofits for the year, shares and votes of the shareholding banks,etc., together with statistical tables and charts. For the first re-port of the Bank, see BULLETIN for July 1936.

Amounts in Argentine currency throughout the report are inpaper pesos. In December 1936. the average exchange rate of thepaper peso in New York was $0.32718.

duration. Therefore the opportunities whichthey offer for remedying the consequences ofpast evils and for accumulating reserves fortimes of stress, for which it is wise to be pre-pared, should not be missed.

Balance of payments surplus.—The Cen-tral Bank has also played its part in the solu-tion of the problems arising from the returnof prosperity. It is customary to considerthat, in institutions of this nature, the rightto issue notes is of fundamental importance.Circumstances have decreed, nevertheless,that this Bank should initiate its regulatoryfunctions of the circulating media by the ab-sorption of the market's liquid funds and notby the creation of fresh resources. The firstreport alluded to this point and explainedhow the issue of Certificates of Participationin the Consolidated Treasury Bonds had ab-sorbed the remainder of the profit derivedfrom the gold revaluation. During the pastyear this absorption was continued on a largerscale so that the abundance of funds shouldnot cause a plethora of money.

We are experiencing those very conditionswhich the Law has in view when it citesamongst the fundamental objects of the Cen-tral Bank that of "accumulating sufficientreserves to moderate the consequences of thefluctuation in exports and in investment offoreign capital on currency, credit and com-mercial activity, in order that the value ofthe currency may be maintained."

Exports and the influx of foreign capitalare the direct cause of this country's veryfavourable balance of payments, which per-mits the continued increase of the reservesnecessary to support the currency when thatbalance is adverse to the country.

The year 1936 adds another favourablebalance of payments to those of the two pre-ceding periods. In 1934, after two years ofadverse balances in the current items accord-ing to the estimate in the table below, comesthe first surplus of 123,000,000 pesos, fol-lowed by 157.000,000 pesos in 1935. In 1936the surplus is much greater, the favorablebalance of trade reaching 656,000,000 pesosagainst the 551,000,000 pesos of the precedingyear. Investments of both short and longterm capital from abroad are more marked,especially in the latter months of the year.Thus the influx of foreign exchange gatherspace, analogous in its significance and in itsconsequences to the import of gold character-



istic of similar periods in the monetary his-tory of the country.

The late crisis has shown the serious in-conveniences of floating funds because oftheir sensitiveness and the magnitude oftheir movements. The banking system mustbe in a condition to deal with them with aminimum of disturbance.

However, in our case the main problemdoes not reside in this but in the remarkableeffect of these foreign investments, even longterm investments, on the banking system.The abundance of funds which they cause,generally leads to an immoderate expansion

BALANCE OF PAYMENTS FOR THE YEARS 1932 TO 1935

Items

1. Current creditsMerchandise exports 1Influx or repatriation of capital.

Sundry*

2. Current debitsMerchandise imports.Public debt servicePublic expenditure abroad.Service on private capital-.Private remittances

3. Balance (1-2)

4. Extraordinary items:Credits

Export of goldUnblocking loans

DebitsCancellation of public debtPayment of commercial debt arrearsWithdrawal or efflux of capital

5. Net balance, covered by changes inforeign exchange balances

1932 1933 1934 1935

(In millions of pesos)

1,3541, 305

1534

1,396

18916

27085

- 4 2

- 9 9

1,1901, 141

1534

1,408897176

1625069

-218

398

29828

28

+52

1,8111,618

15043

1,6881,110

21221

27075

+123

1234 61

62126

7254

+120

1,9241,726

15048

1,7671. 175

19426

28587

+157

52

+124

i Figures of the National Statistical Department with an addition of1.3% to include F.O.B. values. In 1934 and 1935 figures have been con-

2 Balance of sundry credit and debit items including: port dues, ex-porters' profits, film rights and newspapers' cable services.

3 At the end of 1933 the Government exported gold for a value of 44,-000,000 pesos, which was included in 1934, since it was connected withpublic debt conversion operations effected in 1934, and not with the nor-mal balance of payments.

4 Including the 44,000,000 pesos referred to in the previous note.

of credit and leaves the banks exposed toviolent fluctuations, for the expansion bringsabout an increase in imports and financialservices and if, as sometimes happens, theinflux of foreign capital ceases, an adversebalance of payments has then to be met.

Consolidated Treasury Bonds as a meansof absorption of funds.—The considerationsin the preamble of the Central Bank Lawdwell particularly on this subject and pointout the advantages of absorbing short termfunds as they expand, by the sale to the

banks of Certificates of Participation in Con-solidated Treasury Bonds.

Pursuing this policy the Central Bank,closely following the actual conditions of themoney market, decided to apply the meanscreated by the law to its utmost limit. Thecommercial banks, under pressure of the in-crease in their cash holding, applied at thefortnightly offerings of Certificates for agreater amount than that offered, as will beseen in the table lower down.

For this reason the Central Bank, whenaccepting tenders on July 15, 1936, decidedto increase the placing of the Certificates upto a total of 349,000,000 pesos, and a shorttime later to 399,000,000 pesos, which was thetotal nominal amount of Consolidated Bondsheld by the Bank since the first amortizationof 1,000,000 pesos effected by the NationalGovernment on June 1 last.

On taking this decision the Central Bankwished merely to retire fresh funds as they

PLACING OF CERTIFICATES OF PARTICIPATION INCONSOLIDATED BONDS DURING 1933

Date ofissue of

Certificate?

Jan. 9 2

Tan.15Feb.17Mar. 2_._-_.Mar. 17April 2April 17- —April 24 2.M a v 2Mav 16June 2June 5 2

June 17June 19 2.__Julv 2July 17Aug. 1Aug. 17Sept. 2Sept. 17_._.Oct. 2Oct. 17Nov. 2Nov. 17Dec. 2Dec. 17-_._

Nominal value

Off-ered

122. 45025,00025, 20040.00037. 35060,000

62. 450108,20025, 200

39,50018, 20041,60072, 05060, 450

111,65060, 30067, 45066, 850

102, 95073, 95084,15034, 500

100,150

Sub-scribed

Al-lotted

Certificatesin circulation

Nomi-nal

value

(In thousands of pesos)

148,74557,80038,24070,90060,835

114,250

138, 43f108, 20066, 400

86. 60025, 50068. 60092, 900

100, 950120,40055, 50076, 30084. 750

122,600114,800121, 10066, 600

124,900

?•> 00097, 45025,00025. 20040,00037, 35060,000

50061,950

100,00025, 2002fl, 00021,30018,20029, 55072,05048,80075, 80034,15050,15035, 60079, 00065, 60084, 15034, 500

100, 150

203, 650250,000224, 800250,000212,650250,000187,550188,050250,000325,000325,000345,000326, 800345, 000336,950349, 000337, 350313,150322, 850331,700317,750325, 050340, 650349, 000349,000

3399,000

Mar-ket

value

922,182272, 750242, 824267,857223. 208260,315186,362186,858248. 450322,998323,017342, 897324, 845342, 940334, 980347, 025335, 485311,517321, 187330, 009316,153323, 413338,915347, 209347. 213396. 971

Interest OP amountallotted i

Maxi-mum

Mini-mum

(%)

2 752.752.672.582.582.612.372.342.332.522.232.082.001.992.232. 192.212.152. 142.102.002. 102. 042.042.042. 00

2 752.752.512.542.432.412.372.292.202.132. 072.082. 001.99

.7676

.74

.76

.86

.98

.96

.94

.88

.80

.921.88

Aver-age

2 752.752. 562.582.552.572.372.312.262.362.202.082.001.992.021.981.871.952.002.021.992.012.002.011.981.99

» For a term of 90 days approximately.2 Direct sales.3 On December 31, 1935 Certificates in circulation amounted to

178,650,000 pesos nominal value and 194,907,150 pesos market value.

accumulated in the banks, but without en-couraging them to invest in certificates thewhole of the excess of their cash reservesover the minimum legal requirement. Aswas pointed out in the last Annual Report,



this minimum is the percentage below whichthe cash holding of banks may not fall with-out provoking their liquidation, unless theyobtain the Central Bank's consent to an emer-gency programme for the replacement of theminimum cash reserve. It is advisabletherefore that the banks should keep farfrom that extreme and increase loans andadvances only when the normal level of theircash reserves is above that which wisdomadvises. Thus, after the allotment whichtook place in the first fortnight of July, theCentral Bank decided that the banks whichdid not keep at least 25% of their short termand 12.5% of their long term liabilities incash, would not be allowed to tender. Thesepercentages, according to the figures for De-cember 31 last, represent 17.8% of the totalliabilities, whereas the legal minimum re-quires only 11.4%.

Tenders procedure.—Since the second fort-night in February 1936, tenders for Certifi-cates of Participation have been made inaccordance with the new regulations ap-proved by the Board on January 20 of thesame year.

In accordance with the provisional pro-cedure followed previously, certificates wereoffered to the banks in amounts and at pricesalready fixed, and if subscription exceededthe amounts offered, the certificates were al-lotted in proportion to the respective bank'sexcess cash reserve over the legal minimum.

The interest on these certificates was paidat each maturity after deduction of a com-mission of 1 per mille per annum payable bythe banks. These latter could sell them tothe Central Bank at any time before theirdue date, but with a deduction of interestcorresponding to double the time still to run.

A few months' experience determined theBank to change this procedure, substitutingthat of allocation to the best bidder, whichamongst other advantages allows oscillationsof the money market to be closely followed.Tenders are called for twice monthly andprices are based on a nominal value of 100,repayable at par on the due date. The Cen-tral Bank allots the amount on offer to thehighest bidders, that is to say at the lowestrate of interest, and reserves itself the rightto refuse all or any of the applications, asalso to accept them on dates other than thoselaid down and at prices higher than thoseaccepted at the last tender.

The Certificates of Participation may bediscounted at any time with the CentralBank at the minimum rate for rediscountsof bills bearing two signatures.

Other means of absorption of funds.—The399,000,000 pesos of certificates placed at theend of 1936 are higher by 204,100,000 pesosthan at the corresponding date last year.1At the same time foreign exchange, boughtfrom the banks by the Central Bank and con-verted partially into gold, increased from anequivalent of 129,300,000 pesos in the balancesheet as at December 31, 1935 to 303,200,000pesos on the same day in 1936, an increase of173,900,000 pesos.

This comparison leads to the conclusionthat the funds released to the market by thepurchase of foreign exchange by the CentralBank were absorbed by it by means of thesale of certificates. This is correct but in-complete as an explanation of the full facts.It must be remembered that, to the holdingsof gold and foreign exchange of the CentralBank, must be added those of the ForeignExchange Fund, to which Article 4 of theOrganization Law refers, and the manage-ment of which is also entrusted to the Bank.

The purchase of this foreign exchange fromthe banks naturally raises the same problemas in the previous instance and it has a simi-lar solution. Funds are withdrawn varyingwith the amount added to the market andare derived from that part of the profits onexchange operations which is devoted to thepurchase of foreign exchange, or from thesale of Government bonds (including the bal-ance of the "unblocking loans") and by thediscount of Treasury bills, which are used forthe same purpose.

Of the foreign exchange thus acquired forthe Fund, the National Government decided,on November 25 last, to set aside .the sum of39,300,000 dollars for an initial redemptionof the dollar loans.2

This policy of repatriation of external debt,besides responding to a national aspiration,has a significance which it is necessary todefine. In the first place, superfluous fundswhich originate from the influx of foreigncapital, are definitely withdrawn. In the sec-ond place, the increase in services correspond-ing to that fresh capital is compensated by

1 On December 31, 1935, the market value of the certificates inthe hands of the banks was 194,907,150 pesos and their nominalvalue 178,650,000 pesos.

2 Later, on January 22, another 39,800,000 dollars were set asidefor a second redemption, with which the amount thus applied israised to 79,100,000 dollars.



the decrease in the debt service of the loan?repatriated, with the advantage that whilethese latter services had to be met in foreignthe former are effected in the national currency; both these points are important. Asa new country, Argentina still offers a widefield for investment of capital, both nationaland foreign. In previous times financialservices increased and the resources availablefrom exports of products which the creditorcountries required on an ever larger scaleexpanded correspondingly. Circumstancesare now different and exports encounter diffi-culties even in traditional markets. It isessential therefore, to follow the trend ofthese events closely if the country's financialcharges are to bear a reasonable relationshipto its capacity for making payments abroad.

In alluding above to the resources used inthe purchase of exchange destined for theForeign Exchange Fund, reference was madeto the placing of National Treasury bills.Authorization to place up to a total of 100.-000,000 pesos was granted by decree datedNovember 24, 1938, after the desirability ofincreasing the capacity of absorption of fundshad been pointed out to the Government.The bills thus negotiated reached the figureof 67,500,000 pesos on December 31 last, andhad as a counter entry an equivalent amountof gold, so that, as is obvious, the amount ofthe National Treasury's floating debt re-mained unchanged. These bills are quite in-dependent of those used by the Treasury tomeet its own requirements, nor is the intereston them borne by that department. TheMinistry of Finance's resolution of December9 last, established, in fact, an additional commission of 5 per mille on purchases and of4^4 per mille on sales of exchange madethrough the official market, the proceeds ofwhich are to be employed to meet the pay-ment of interest on the amounts invested inthe Durchase of gold and foreign exchange.

This has proved to be an effective measurein the short period of its application andwithout doubt will continue to be so whilethe balance of the country's internationalpayments continues to be favourable. In anycase it will be an experience of the greatestvalue for the future monetary policy of theCentral Bank.

General banking situation.—We havereached the point when the incidence of theforegoing measures on the general bankingsituation may be briefly examined. In the

first place it should be remembered that whenthe banks buy more foreign exchange thanthey sell, they encourage the expansion ofdeposits correspondingly. This mainly ex-plains the expansion of 312,500,000 pesosshown in the deposits 1 between the end ofthe years 1935 and 1936. It is similarlyknown that cash holdings of the banks in-crease when this excess of foreign exchangeis sold to the Central Bank. Nevertheless,the figures for December last reveal a de-crease of 55,400,000 pesos as compared withthe cash holdings at the end of 1935, which,as was mentioned in the previous report, hadbeen greatly strengthened since the carryingout of the banking reconstruction programme.The main explanation of the foregoing liesprecisely in the withdrawal of the banks' sur-plus funds by the negotiation of Certificatesof Participation and Treasury bills by theCentral Bank.

These variations in the banking deposits*and cash holdings are reflected, as is natural,in the decrease in the percentage of cashholdings to deposits. In spite of it, the ratiois still maintained well above the minimumlegal requirements, as can be judged by thetable below:

BANK DEPOSITS AND TOTAL CASH HOLDINGS

December 31

19351936 __ . _ _

Deposits

(In millior

3, 356. 73, 669. 2

Cash

* of pesos)

827.5772.1

% cash to deposits

ActualLegal

minimum

24.7 11.121.0 11.3

The outstanding factor in the reductionof cash holdings has now been mentioned.It is, nevertheless, not the only one, since thebanks have also employed part of the addi-tional funds, derived from the purchase oftheir foreign exchange by the Central Bank,in increasing loans and advances to the pub-lic. The respective figure rises from 2,454,-000,000 pesos on December 31, 1935, to2,585,300,000 pesos on the corresponding dayin 1938, that is, an increase of 131,300,000pesos (5.4%).

It is satisfactory to record that loans andinvestments have not increased more rapidly,since there is no need to launch an additional

1 The banks included in these statistics hold approximately 94%of the deposits of all inst i tut ions coming under the legal enact-ments of minimum cash holdings.



quantity of money on the market, thus inflat-ing credit. Banks have a great responsibilitytowards the public in this respect. It would bemost prejudicial to the healthy developmentof business, and to the credit institutionsthemselves, to force money on the market,thus inducing speculative or artificial trans-actions. This argument holds all the moreif money is lent to the public by the banksat a lower rate of interest than that chargedto them, depriving them of that part of theannual profits which should be destined toreasonable amortizations and reserves.

Monetary circulation.—When the banksincrease their loans and investments in themarket as mentioned above, they also increasethe amount of paper money held by the pub-lic. For this purpose the banks draw ontheir deposits in the Central Bank, which, asis known, form part of their cash holdings.The Central Bank thus increased its ownnote issue by 112.100,000 pesos between theend of the years 1935 and 1936 and also putinto circulation in the ssme period, an addi-tional quantity of subsidiary currency with-drawn from its own holdings, that is withoutaltering the limit of 211.800.000 pesos whichhas been maintained from the very beginningof the bank's activities. What has just beenexpressed above is demonstrated in the fol-lowing table:DISTRIBUTION OF THE NOTE AND SUBSIDIARY CUR-

RENCY ISSUE HELD BY THE PUBLIC AND BY BANKS

December 31

19351936

CentralBanknotes

981.81,093.9

Issued

Subsid-iary cur-rency 2

o196.1207.6

Total

rn millions

1,177.91,301.5

Distribution i

In handsof thepublic

of pesos)

820.3913.8

In banks

357. 6387.7

1 Figures subject to readjustment due chiefly to the inclusion of newentities and the elimination of cheques included in cash holdings of thebanks. Notes "in banks" include 72,700,000 pesos in 1935 and 88,700,000pesos in 1936, deposited by banks in the interior in branches of the Bankof the Argentine Nation for account of their minimum cash holdingswith the Central Bank.

2 Excluding subsidiary currency in the treasury of the Central Bankand out of circulation.

There are therefore in the hands of thepublic, 93,500,000 pesos more than a yearago, which together with the increase of223,500,000 pesos in deposits allows a greaternumber of transactions, natural to the pres-ent phase of the country's trade cycle, to beeffected.

The increase in the note issue of the CentralBank has not weakened the backing of the

currency. On the contrary, it has risen from137.9% on December 31, 1935, to 139.7% onhe corresponding date in the period under

review, since the holdings of gold and foreignixchange have increased more than the note

issue. The percentage guarantee with re-pect to the total sight liabilities of the Cen-

tral Bank has improved likewise from 80.1to 92.8%, due as much to the reason justpointed out as to the decrease of other liabili-ties (National Government and bank depositsin the Central Bank), as is shown in the fol-lowing table:

GUARANTEE OF NOTES IN CIRCULATION AND SIGHTLIABILITIES OF THE CENTRAL BANK

De-cem-ber 31

19351936

Sight liabilities

Notes

981.81, 093. 9

Otherliabilities

In million^

708.1552. 2

Total

* of pesos)

1. 689. 91, 846.1

Totalgold andforeign

exchange1

1, 353. 71, 527. 7

% guarantee of

Notes

(9137. 9139. 7

Allliabilities

80.192.8

Including gold in the country, gold and foreign exchange held abroad,but excluding the amounts held for the Foreign Exchange Fund.

The proportion of 92.8% is unusually highand is not affected by the gold and foreignexchange holdings of the Foreign ExchangeFund which are not taken into these calcula-tions.

The country possesses, therefore, a strongreserve, which, as is expressed in the pre-amble of the Central Bank Law, will lessenthe shock of sudden fluctuations in the bal-ance of international payments.

Course of the exchange market.—On thepreceding pages the consequence of the influxof gold and foreign exchange on the internalmonetary situation has been examined. Theeffects on the exchange market yet remainto be considered. As a preliminary let it beexplained that at the beginning of 1936,there was a prospect of a considerable deficitin the balance of payments, taking into ac-count the level of world prices, the volume ofthe country's production of wheat and linseed,and the improbability of exporting the wholeof the available surplus of maize. So muchwas this the case, that once the seasonalabundance of exchange was over, there weresymptoms of tension which definitely showedthemselves during the last weeks of May andthe month of June; the Central Bank had toapply part of its accumulated foreign ex-change in order to meet the excess of demand



over supply in the official market withoutaffecting the rate for the pound sterling.

These circumstances induced a restrictionin the sale of exchange in the free market,which -had reached in 1935 a total of 78,000,-000 pesos. It is not strange, therefore, thatin the first week of July last an average of18.68 pesos to the pound sterling was recordedon the free market, lower than a year before,but higher than that of 18.01 to which thepound had dropped in the preceding months.In this respect the following figures may beconsidered:

TELEGRAPHIC TRANSFER QUOTATIONS OF STERLING

(Selling rate at close)

Period

JanuaryFebruary.-.MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

Average 16.99

Official market

1935 1936

Free market

1935 1936

(Monthly averages in pesos)

17.0116. 9316.9116.9116. 9517.0017.0217.0317.0317.0217.0217.02

17. 0217.0317.0217.0217. 0217.0417.0817. 0717.0017.0017.0016.28

16.96

19.4818.9918.9018.9218.9418.7118. 6518. 5218.2418.0418.1218.09

18. 63

18.2518.0918. 0618. 0118.0218. 1618.4118.0317. 7617. 6217.6216.42

17.87

In the second half of the year the rise ingrain and wool prices and the increased worlddemand for maize materially changed thesituation. First the psychological influenceof this increase, and then its material conse-quences, led to an abundance of foreign ex-change offerings in the official market, andwere the cause of a persistent weakening ofthe pound sterling in the free market. Thisweakness was influenced not only by currentofferings of exchange in the market arisingfrom exports, from the investment of foreigncapital and from the return of national capitalwhich had migrated in the time of crisis, butalso by the influx of foreign funds whichcame to the country only temporarily.

The National Government, after consider-ing these movements, on which the Centra]Bank kept them continually informed, de-cided to alter the level of the peso in theofficial market. As from December 10 lastthe official selling rate for the pound sterling

which had been quoted until then at 17 pesos,was lowered to 16 pesos with the consequentreduction of exchange profits. The free mar-ket reacted simultaneously, and the rate fellcorrespondingly to within less than 1% ofthat reached by the official market.

On taking this decision the National Gov-ernment, whose indications the Bank mustfollow so long as the freedom of the exchangemarket is not reestablished (Article 14 of theOrganisation Law), once more showed its de-termination to simplify the control systemgradually until the return of the money mar-ket to normal conditions.

THE CENTRAL BANK AS FINANCIAL AGENT OF THENATIONAL GOVERNMENT

Conversion of Province of Mendoza Bondstransferred to the Nation.—The Bank's serv-ices in the bond market as financial agent ofthe National Government, which in 1935 wereof small consequence for reasons given in thelast Report, attained singular importance in1936, especially during the second half of theyear.

With the conclusion of operations of thebanking syndicate formed for the placing ofbonds before the creation of the Central Bank,the National Government entrusted to thislatter the conversion of the Province of Men-doza internal debt, which had been trans-ferred to the Nation in the form of issuesbearing 6%, 7% and 8% interest.

The Executive Power, by decree dated June17, 1936, in accordance with the authorisa-tion conferred by law 12,237, called for re-payment at par all the issues which had beentransferred, offering holders reinvestment inCredito Argentino Interno 41/2% 1936 bonds.

On making a study of the terms which itwould offer to holders of Province of Men-doza bonds for exchange into the new CreditoArgentino Interno 4V£ % 1936 series, the Gov-ernment decided to accord holders acceptingthe exchange a premium of one point overthe Stock Exchange quotation of the similarCredito Argentino Interno 4*/>% 1935 bonds.

The quotation of the Credito ArgentinoInterno 4i/>% 1935 issue, on June 16, 1936,stood at 91.20% that is 90.45% net, after de-duction of interest accrued. In consequence,Credito Argentino Interno 414% 1936 wasvalued at a net price of 89.45 which worked



out at 111.80 pesos nominal value of CreditoArgentino Interno 4!/2% 1936 for every 100pesos nominal value in bonds of the Provinceof Mendoza excluding accrued interest.

The total nominal value of the Province ofMendoza issues thus redeemed amounts to46,132,800 pesos, of which 43,727,600 pesoscorrespond to conversions; for the remaining2,405,200 pesos (5.21% of the whole) reim-bursement in cash was requested.

Against the 43,727,600 pesos presented forexchange, Credito Argentino Interno .4^%1936 bonds for a nominal value of 48,768,206pesos were delivered in accordance with theaforementioned rate of 89.45%, as well as119,251 pesos in cash against fractions under100 pesos nominal value repaid at par. Forthe purpose of obtaining this money a further130,629 pesos nominal value of Credito 4i/2%1936 bonds nominal value were placed at an<average price of 91.29% net.

To raise the amount of 2,405,200 pesos re-quired to meet bonds presented for repaymentat par, it was necessary to sell 4 ^ % 1936bonds on the market for a total of 2,634,681pesos nominal value at an average price of91.29% net.

To summarise, the 46,132,800 pesos nomi-nal value Mendoza Bonds, free of accruedinterest, were replaced by-or converted into51,533,516 pesos nominal value of 4V2% 1936bonds at an average price of 89.52% net, .ascan be seen from the table below:

CONVERSION OF PROVINCE OF MENDOZA BONDS

Method of redemption

ExchangeRepayment

Total

Provinceof

Mendozabonds

nominalvalue

43, 727, 6002, 405, 200

46,132, 800

Credito Argentino Interno 4K%1936 Bonds

Nominalvalue

(In pesos)

48, 898, 8352, 634, 681

51, 533, 516

Marketvalue

43, 727, 6002, 405, 200

46,132, 800

Netprice

89.4?91. 29

89. 5?

To arrive at the definite cost of the con-version operation, it is necessary to take int<account on the one hand, the profit on the saleof 4V£ % 1936 bonds which had to be acquiredduring the process of the operation, and onthe other, the expenses of the conversion.

The 414% 1936 bonds purchased amountto 5,043,700 pesos nominal value, with a mar-

ket value of 4,519,857 pesos, that is, an aver-age price of 89.61%. Of these bonds partwas received in exchange for Mendoza bondsbought on the Stock Exchange and the re-mainder corresponds to direct purchases of

1/2% 1936 bonds, also effected on the StockExchange to sustain the market. The figuresare given below (excluding interest accrued).

PURCHASES AND SALES OF 4 ^ % 1936 BONDS INCONNECTION WITH THE CONVERSION

[Actual value in pesos]

Origin

For exchange into Mendoza bondsDirect market operations...

Totals

Purchases(Costprice)

3, 584,058935, 799

4, 519, 857

Sales(Price

realised)

3, 635. 597942, 899

4, 578, 496

Profiton sales

51, 5397,100

58,639

The net profit on the sale of these bondseffected later, without computing interestearned, comes to 58,639 pesos.

Expenses under various items totalled134,461 pesos; after deducting profits a nettotal expense of 75,822 pesos remains repre-senting 0.15% of the nominal value of the4i/>% 1936 bonds issued.

The final result, therefore, was the follow-ing: the 414% 1936 bonds were placed, asshown in the first table, at an average priceof 89.52% which, after deduction of the ex-penses indicated above, gives a net price of89.37%. The quotation of the 4Va% 1935series on June 17, the day on which the con-version was initiated, was 90.52 %. The plac-ing was thus effected at a price of 1.15%below the market quotation.

To appreciate the narrow spread at whichthis operation was effected by the CentralBank for the Government it is sufficient toremember that previous issues had been madewith the following margins:

C. A. I. 4K% 1934, issue m$n. 50,000,000., margin 3.00 pointsC. A. I. 4 ^ % 1934, issue m$n. 25,000,000., margin 2. 50 pointsC. A. I. \]A% 1935, issue m$n. 50.000,000., margin 2.00 pointsC. A. I. i}4% 1935, issue m$n. 50,000,000., margin 2. 53 points

In the last three issues the price to thepublic was 10 to 30 cents below the currentmarket quotation.

Placing of Government bonds on the StockExchange.—After this operation, the Bankregularly undertook the sale of Governmentbonds on the Stock Exchange following theinstructions of the Government and in ac-



cordance with the market's capacity of ab-sorption. The nominal value of bonds thussold amounted to 152,100,000 and their mar-ket value to 140,000,000 pesos. Adding tothis the sales effected by the Bank directlyto the various Pension Boards and Autono-mous Departments, for a nominal value of31,800,000 pesos and a market value of 30,-800,000 pesos, the total sold amounts to183,900,000 pesos nominal value, and 170,-800,000 pesos market value. The detail ofnational bonds sold and their average pricesis given below.

VALUE AND AVERAGE PRICE OF NATIONAL BONDS SOLDFOR ACCOUNT OF THE NATIONAL GOVERNMENT IN19361

Securities

Empr. Patr. 5%5%4 ^ % 19344K% 19364% 1936Various

Totals..

Sales onthe StockExchange

Nom-inal

value

(Thou-sands ofpesos)1,10521,42017,69678, 39031,551

1,333

151,495

Priceex-

coupon

(Pesos)

98. 06298.14392. 44992. 32986. 60690.092

Direct salesand bytender

Nom-inal

value

(Thou-sands ofpesos)

25, 974

"~5~450"

1,000

32, 424

Priceex-

coupon

(Pesos)

92.139

9l"830"

Total sales

Nom-inal

value

(Thou-sands ofpesos)1,105

47, 39417, 69683,84031,5512,333

183,919

Priceex-

coupon

(Pesos)

98. 06298.03992. 44992. 31786. 606

i Excluding bonds delivered in the conversion of Mendoza issuestransferred to the Nation.

For the better control of the bond marketthe Bank, financial agent of the Governmentin these operations, had an intervention fundin which the total movement in 1936 cameto 33,000,000 pesos.

This fund was not created with the aim ofsecuring or maintaining artificial prices forGovernment securities, but to moderateabrupt oscillations of the market by purchas-ing bonds when weakness sets in, selling themagain when the market is firm.

The constant upward tendency in the quota-tion of securities, which can be noted in thefollowing table, has naturally contributed tofacilitate the task of selling.

The advantages in certain circumstances,of the sale of bonds through a banking syndi-cate managed by the Central Bank, have notbeen forgotten. Article 10 of the decree reg-ulating the Central Bank Law authorised thimethod of placing which will permit, whenthe opportunity arises, the effective coopera-tion of banking and financial institutions.

MONTHLY AVERAGE QUOTATIONS FOR SPOT OPERA-TIONS IN THE PRINCIPAL NATIONAL BOND ISSUESON THE BUENOS AIRES STOCK EXCHANGE

[In m$n. excluding coupon]

Year 1936

JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..October... _.November..December..

Average..

Cre"dito Argentino Interno Bonds

96. 42597. 46597. 75098. 63098.50098.05597.90598.34098.04098. 44098. 91098. 740

98.165

1934

88. 44090.83090. 72090.88091. 66591. 49591. 27092.05092. 28091.89092. 29093. 710

91. 930

1935

87. 58590.35590. 03090. 30090. 54090.41090.34591. 68592.01591. 66591.97593.710

90. 455

1936

90.18591. 52091. 98091.57591.86093.315

92. 330

4%,1936

87. 250

87. 250

i Including Empre'stito Patriotico 5%, 1st. Series.

Placing of Treasury bills.—The CentralBank in like capacity of financial agent hadin its charge the monthly tenderings forNational Treasury bills, the figures for whichare given in the corresponding table, and theplacing of bills or bonds for a total of 46,-700,000 pesos nominal value on behalf ofautonomous departments and of provinces asadvances on account of their proportion ofthe unified internal revenue taxes and in-come tax.

PLACING OF TREASURY BILLS FOR ACCOUNT OF THENATIONAL GOVERNMENT IN 1936

Date of issue

January 10February 10March 10April 8May 9June 10July 10August 10Sept. 10October 10Nov. 10Dec. 10

Treasury bills

Offered Sub-scribed

Al-lotted

Billsin cir-cula-tion

(In thousands of pesos)

15,00020,00030,00035,00010,00014,00039,00022,00018,00034,00022,00026, 250

39, 40046, 00036, 00042,10018,30026, 00050,60034, 20031,10049, 50047,00019,300

15,00017,10017,00035, 00010,00014,00039,00022,00018,00022,00022,00018,800

42,15039,40026, 20041,90041, 90047,00047,00056, 80061', 00049,00049,00041, 550 2

Average rate ofinterest on amount

allotted

30days

2.502.442.392.232.182.132.102.012.052.001.942.08

60days

(%)

2. 88"2.50

2 252^382.001.902.182.122.09

90days

3.002.882.772,882.542.302.642.392.412.282.202.39

1 Approximate maturities.2 On December 31, 1935, Bills in circulation amounted to 37,650,000

pesos.

Services in connection with the publicdebt.—Besides the transfer to the Nation ofthe Mendoza debt and following the instruc-tions of the National Government, the Bank



dealt with debt of the Provinces of Tucuman,Salta, San Juan, La Rioja and Jujuy. Thesettlement of debt of the Provinces of Saltaand Jujuy included the repayment in cash ofbonds which actually circulated as provincialcurrency.

The issue of this money in both provinces,apart from being expressly forbidden by law,has once again demonstrated the serious diffi-culties which it causes. In the case of theProvince of Jujuy, for example, the pro-vincial issues under the law of November 8,1932, circulated without any great difficultyuntil, in accordance with the well known andwell proved law that bad money drives outthe good, the national currency was beingwithdrawn from the local banks and replacedby provincial notes. Fortunately redemptionby the National Government averted thedangers of this situation.

The Bank has also attended to the dutiesinherent in the servicing of the internal andexternal debt. As detailed particulars rela-tive to the latter were kept only by the fiscalor paying agents abroad, the Bank, with theagreement of the National Government, de-cided to undertake the recording and fullcontrol of the external issues in the methodfollowed by the old Credito Publico Nacional,whose functions had also been transferred tothe Central Bank.

Exchange operations.—In the matter ofexchange, the activities of the Bank as finan-cial agent of the Government have been con-nected with those parts of the Exchange Con-trol mechanism which were transferred tothe Bank during the first financial period asmentioned in the Report for that year.

As was then stated, the Central Bank doesnot intervene in the granting of exchangepermits, which is the function of the corre-sponding department in the Ministry of Fi-nance, but merely in their execution throughduly authorised banks.

The Bank does not deal directly with thepublic in these operations. Its task consistsin purchasing or selling foreign exchange tothe banks for purposes of regulation, and inrelation to the operations of the Foreign Ex-change Fund. It also remits the services ofthe external public debt and various officialpayments. The considerable volume of allthese operations is reflected in the accountsof the Bank with its correspondents abroad,which in 1936 reached an equivalent of3,277,000,000 pesos.

Worthy of note, for its magnitude in thisrespect, is the transfer of 39,300,000 dollarswhich had to be deposited in New York onNovember 28 last, for the first loan redemp-tion. The Bank of England and the FederalReserve System, who intervened in this trans-fer, were given the necessary notice.

As in the previous period, the execution ofthe payment agreement with Germany hasalso been entrusted to this Bank. Operationshave progressed satisfactorily, although theusual administrative difficulties of compen-sation systems have been encountered. Thenew agreement signed on December 29 ismore advantageous than the previous ones,as it has been possible to adjust the volumeof exports to Germany to the sales of ex-change made against imports of Germangoods into Argentina.

Lastly, amongst the tasks entrusted to theBank as financial agent of the Government,mention should likewise be made of its inter-vention in the carrying out of the unblockingagreement with Italy, signed on February 11of last year. In accordance with its pro-visions 10,200,000 lire originating in Argen-tine exports were set free. These lire weretaken over by the National Government andthe corresponding pesos paid to the exporters.The lire were used gradually in the paymentof the services of the unblocking loan ar-ranged with that country on November 30,1934.

THE APPLICATION OF THE BANKING LAW

Bank liquidations.—The present reporthas already clearly outlined the manner inwhich the Bank has fulfilled its tasks ofmonetary regulation and as financial agentof the National Government, conferred on itby law. There remains to be explained thefunction, likewise entrusted to it, of applying"the regulations for banking inspection ex-amination and management laid down in theBanking Law/'

With this object in view special attentionhas been given to the organisation of bankinginspection and to recruiting the necessarystaff possessing competence, discretion andadaptability.

This work has developed in the measurethat the formation of the staff has permitted.

In the first place it was necessary to solveurgent problems, such as the liquidation ofthe Banco Escandinavo Argentino and of theBanco Italo Espafiol de Mendoza in addition



to that of the Banco Argentino de Fomentoinitiated during the previous year. None ofthese institutions could comply with the pro-visions of minimum cash holding and otherconditions prescribed by the Banking Law,nor was it possible, given the defects fromwhich they suffered, to contrive a plan whichwould remedy their situation.

The Central Bank ordered the liquidationof the Banco Escandinavo on January 16,1938. The Bank Mobilization Institute (In-stituto Movilizador de Inversiones Bancarias)immediately decided to provide a sum largeenough to repay privileged savings deposits,or say up to an amount of 5,000 pesos in everyaccount, taking over the legal rights of thedepositors.

The Banco Escandinavo constitutes atypical example of the disastrous conse-quences caused by immobilizing depositors'money in disproportionately large invest-ments or in financing affiliates or concernsclosely linked with the bank, as can also beseen in previous cases. Article 4 of the Bank-ing Law attempts to prevent operations ofthis kind, incompatible with the liquidity orthe security which should characterise bank-ing assets.

The liquidation of the Banco Italo EspafiolArgentino de Mendoza was decided on March6,1936. This bank also had been imprudentlymanaged in spite of experience from theerrors of its predecessors.

After an objective examination of the rec-ord of these three institutions prior to liqui-dation by the Central Bank, it can be easilyunderstood why the Regulatory Decree of theBanking Law has specially pointed out to theCentral Bank the necessity of reporting onthe standing and reputation of those askingpermission to set up new banking institutions.

Bank inspections.—During the year theclose study of banks not holding shares in theCentral Bank has continued. These, accord-ing to law, must ask for authority to continueoperations. With this object twelve generalinspections have been conducted, of whichfive were in the Federal Capital and seven inthe interior of the country.

Apart from these cases, it was resolved tomake general or special inspections, thusstarting a programme which in time will beextended to all banks continually and sys-tematically. Of these inspections six weremade in the capital and nine in the interior.

Further, to ensure the return of depositsand other credits on behalf of third parties,three inspections of concerns which have vol-untarily entered into liquidation have beeneffected.

Minimum cash holdings.—The regulationswith regard to minimum cash holdings areobserved satisfactorily. As has been saidelsewhere, actual cash holdings of the banksare far above the minimum legal require-ments as is shown in the following table. Thefailure to comply with the pertinent regula-tions has only occurred in a reduced numberof cases of small importance.

LIABILITIES, CASH HOLDINGS AND SURPLUS OVER THELEGAL MINIMUM DURING 1936

[Average daily balances in thousands of pesos]

Month

Jan. „ .FebMar_.April..May...June__.July..Aug._.Sept._.Oct .. .Nov...Dec....

Ave _

Liabilities

Sight

!, 184, 266 3, 626,351!, 200,964 3, 656,1432,217,940 3,

Term

1, 442, 085 2,1,455,179 2,1,462,614 2,1,491,032 2,201,376 3;1,494,205 2,184,291 3,1,490,257 2,186,424 3,1,487,058 2, 202,602 3,1,516,064 2,244,696 3,1,499,026 2, 216,800 3.1, 518, 753 2, 213, 7871,562,017 2,218,274 3;1,644,130 2,226,244 3,870,

1, 505, 202 2, 208,139 3, 713, 341

Total

!, 680, 554;, 692,408!, 678,496i, 676, 681I, 689,660:, 760,7601,715,8263,732, 540"I, 780, 291—1,374

Cashholdings

Amount

846,266 23.2 442,811845,671 23.881,870 23.848, 268 23.795, 224 21.758,315 20.744, 581756,168 20.726,012752,190 20.784,169 20.834,369 21.

20.

Surplus over legalmin imum

Sur-plus

2,020 440,7911, 592 436,765

797, 759 21. 4 381, 279 1,007 380,272

De-ficit

438,357 1471,756 1, 339 470; 417

0 435,441 I ~'~6 382, 736 1, 327 38l|6 345, 5912 330,8641 334, 5245 309, 3632 332,526~ 357, 5236 393,853

Netsur-plus

1, 848 433, 593,327 381,409628 344,963489 330,375493 334,031522 308,841485 332,041720 356,803619 393,234

In accordance with the powers conferredon it by Article 3 of the Banking Law, theCentral Bank has refused to permit the dis-tribution of dividends by those banks whichdo not prove to be in a position to complywith the minimum cash holding regulations.

Liquidation programme.—It has not beenthought advisable to make individual de-cisions with respect to the programme forthe liquidation of real estate, shares, deben-tures and participations to which referenceis made in Article 4 of the Banking Law. Ithas been deemed preferable to await the com-pletion of the enquiry into the general situa-tion of the establishments involved and thento evolve a solution or procedure which, asfar as possible, can be generally applied.

In every case the Bank has taken into ac-count the existing situation and endeavouredto find a solution causing least disturbance.

Interest rate adjustment.—Such was thecase in the fixing of interest rates. When, on



February 5 last year, the Bank decided on31/2% as the rate for rediscounts, it estab-lished that the corresponding maximum rateof interest payable on savings and currentaccount deposits, namely 2V->% and i/2% re-spectively, should become effective as fromMarch 1, 1936.

It was necessary to consider fifteen specialand exceptional cases of small banks, whichdue to the peculiarity of their situation, re-quired a certain lapse of time to adapt them-selves to the new conditions. By the end of1936 only three banks were in this transitorystage.

The Banking Law does not base the timedeposit interest rate on the Central Bank'srediscount rate. It had been considered con-venient to leave to the banks a certain elas-ticity in this matter, trusting that, due to thespecial nature of these transactions, the rateswould maintain a certain relationship withthe market. Nevertheless the occurrence ofmarked discrepancies induced the Bank toadopt special measures. From June 30 last,the undertaking not to pay more than 21

/4</r

and 3% on time deposits at 90 and 180 daysrespectively was included in the conditionslaid down for subscription to Certificates ofParticipation in National Treasury Bonds.

Petitions for new banks.—It is not unfittingto end the review contained in this chapterby mentioning an event of special significanceas an expression of banking policy. TheCentral Bank, in accordance with the Bank-ing Law and its Regulatory Decree, had toadvise the National Government in two caseson petitions to initiate new banking busi-nesses. On both occasions, the Bank, besidesgiving the opinion demanded by each par-ticular case, stated to the Government, byunanimous resolution of the Board, that inits judgment the opening of new banks wasnot convenient, since the capacity of the exist-ing ones already surpassed genuine creditrequirements. The Minister of Finance rati-fied this opinion categorically in the reportof his Department for the year 1935. TheState has had to utilize large resources aris-ing from the revaluation of the gold to makebanking deposits secure. Experience in thisand other countries shows that when a bankin difficulties suspends payment it may affectthe whole banking system if lack of confi-dence extends to depositors in the remaininginstitutions. The preamble of the BankingLaw points out the substantial difference be-

tween banking and other commercial enter-prises not only because of the above featurebut also due to the delicate monetary respon-sibility which the banks assume when theycreate means of payment by extending credit.The extreme caution which will have to beexercised in this matter is thus justified.

THE FINANCIAL PERIOD

Work of organisation.—During its secondfinancial period the Central Bank has beenable to begin the organisation of the CreditDepartment, which still remained to be done,and to profit from the lessons of a year's prac-tical experience by improving other prelimi-nary departmental organisation. As therewas no urgency for the new Department itwas thought convenient to concentrate activi-ties on other essential tasks.

The banks, in effect, do not require creditfrom the Central Bank which, on the contrary,is busy with the task of absorbing funds asalready described. Thus the RediscountCommittee, formed on January 11,1936, withthe cooperation of representatives of produc-tion and of commerce, has had to deal withonly one operation, of small importance andshort duration.

Modification of currency notes.—Concen-tration on the foregoing problems has not ledto overlooking the necessity of solving thatof changing the currency notes. There iscertainly no urgency on legal grounds, sincethe exchange of notes enjoined by the Or-ganisation Law has been begun within thetime prescribed, by the alteration of the head-ing of the old notes, both in the subsidiaryand Central Bank issues. Nevertheless theBank has been diligent in trying to arrive ata satisfactory solution, since the type of notein use does not fulfil the demands now re-quired by the principal countries of the world,which include that of reducing the possibilityof forgery to a minimum. The investigationmade by the Bank, in conjunction with theNational Mint (Casa de Moneda), points tothe suitability of the process of steel engrav-ing because of the security it offers as againstthe simple printing now in use, apart fromobvious aesthetic reasons. Steel engravingwas employed previously in the country inissues made between the years 1875 and 1900.It is undoubtedly a slower and more costlyprocess, and this will not be lost sight ofbefore a final decision is taken. Further-



more, the cost cannot fail to increase with themore frequent renewal of the notes of lowerdenominations. The condition of these notesin circulation in the interior of the countryleaves much to be desired and one of the ob-jects of the Bank is to remedy this deficiencyin so far as it may be possible.

These reforms require a considerable capi-tal investment in buildings and machinery,and with this in view the Bank has startedthe formation of an adequate fund as will beseen elsewhere.

An interesting proposal of the NationalMint (Casa de Moneda) is also being studiedfor the issue of coins of 0.50 centavos and1 peso, in pure nickel and silver quaternaryalloy respectively, to be used as well as thesubsidiary notes after the modification of thelaws which at present govern the currency.

Increase in reserve funds.—With new allo-cations, the General Reserve Fund will cometo 2,575,987 pesos, according to the followingtable.

CENTRAL BANK RESERVES

[In pesos]

Period

1935__.1936

Totals

1

1

General

20%

737, 958200,035

937,993

Reserve Fund

10%

258.135389, 859

647, 994

Total

996,0931,589,894

2, 585, 987

Specialreserves

600.0001,500,000

2,100,000

Grandtotal

1.596,0933,089, 894

4, 685.. 987

The Special Reserves will reach 2,100,000pesos, since the 1,500,000 pesos set aside thisyear as Contingency Reserve are added to the600,000 pesos constituted last year for en-largement of premises, for installation ex-penses and contingencies.

From the figures given above it will be evi-dent that the purpose of the Bank is to writeoff entirely those assets which are not directlyproductive and to constitute strong reserves,in view of the profits obtained in the firsttwo financial periods. In this way there re-main large resources for investment in Na-tional Government bonds, as is authorised inArticle 34 of the Central Bank Law. Thepaid up capital is 19,308,750 pesos and theReserves made during the two periods, 4,-685,987 pesos. This forms a total of 23.-994,737 pesos in capital and reserves, of which18,909,279 pesos have been invested in Na-tional Government bonds. Comparison ofthis figure with that of the capital and re-serves, taking into account the reduction of1,000,000 pesos nominal value in ConsolidatedTreasury Bonds, gives a result of 6,085,458pesos available for new investments. Withthis policy of depreciation and the formationand investment of reserves, the Bank in-creases its intrinsic capacity for makingprofits, at the same time protecting itselfagainst the varying fortunes of the market,as is the object of the law, and strengtheningits 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]

Assets

Gold at homeGold abroad and foreign exchangeSubsidiary currency.-Shareholding banks, shares subscription ac-

countsNon-interest bearing Government bondsConsolidated Treasury bondsNational securities, Article 34, Law 12, 155Bank premisesOther assets

Total assets..

Dec. 31,1936

1, 224, 418303.247

4,215

15118,884399, 000

18,9091,3304,088

2, 074,105

Dec. 31,1935

1,224.418129; 27415,653

5,008118,884221, 35014,1241,295

65

1. 730, 071

Liabilities

Notes in circulationBank depositsNational Government depositsOther depositsCapitalGeneral reserve fundSpecial reserve for contingencies and enlarge-

ment of bank premisesCertificates of participations in Consolidated

Treasury bondsDifference in the quotation of Consolidated

Treasury bondsBank premises amortization accountProfit and loss accountOther liabilities

Total liabilities.

Dec. 31,1936

1.093,928' 426,002120,772

4,85120,000

996

600

399,000

1.3306,000

626

2,074,105

Dec. 31,1935

981. 755482, 399219,186

5,70420,000

16, 257240

3, 690841

1,730,071



BANK SUSPENSIONS, 1921-1936During the years 1921-1936, 14,943 bank

suspensions occurred in the United States.The tabulations that follow analyze thesesuspensions in detail, showing among otherthings the number, deposits, and loans andinvestments of suspended banks by geo-graphic divisions, States, months, years, sizeand class of bank, and size of town.

Definition of bank suspension.—Bank sus-pensions comprise all banks closed to thepublic, either temporarily or permanently bysupervisory authorities or by the banks'boards of directors on account of financialdifficulties, whether on a so-called moratoriumbasis or otherwise, unless the closing wasunder a special bank holiday declared by civilauthorities. If a bank closed under a specialholiday declared by civil authorities and re-mained closed only during such holiday orpart thereof, it has not been counted as abank suspension. Banks which, without ac-tually closing, obtained agreements from de-positors to waive a portion of their depositsor to defer the withdrawal of a portion oftheir deposits have not been classed as sus-pensions. Banks which were reopened ortaken over by other institutions after sus-pension have been included as suspensions.The figures for 1933 include all banks notgranted licenses following the banking holi-day in March 1933 which were subsequentlyplaced in liquidation or receivership (includ-ing unlicensed banks absorbed or succeededby other banks), and all other unlicensedbanks which were not granted licenses toreopen by June 30, 1933.

Deposits, loans and investments, and cap-ital stock.—Except in the case of unlicensedbanks included in the statistics of bank sus-pensions for 1933, deposits, loans and invest-ments, and capital stock of national and Statemember banks are as of dates of suspension,and in the case of nonmember banks thefigures are as of dates of suspension or latestavailable call dates prior thereto. Depositsof unlicensed national banks included in thefigures shown for 1933 are as of dates ofconservatorship; in the case of unlicensedState member banks the figures are as ofJune 30, 1933, or the nearest call date priorto liquidation or receivership; and in the caseof unlicensed nonmember banks the figures

are based on the latest data available at thetime the banks were reported as having beenplaced in liquidation or receivership or, inthe case of those later reopened, as of thedates they were granted licenses to reopen.Loans and investments and capital stock ofthe unlicensed banks included in the figuresshown for 1933 are as of December 31, 1932,or the nearest available prior call dates.

Mutual savings banks.—During 1921-1936,12 mutual savings banks with deposits of$30,474,000 suspended. Data with respect tothe suspension of these banks are shown inTable 14. They have been excluded from allother tables.

Bank suspensions in 1933.—The figuresfor 1933 comprise banks suspended beforethe banking holiday, licensed banks suspendedor placed on a restricted basis following thebanking holiday, unlicensed banks placed inliquidation or receivership, and all other un-licensed banks which were not grantedlicenses to reopen by June 30, 1933. At theclose of the banking holiday (March 15,1933) 1,400 national banks with deposits (onDecember 31, 1932) of $1,942,574,000, and225 State member banks with deposits of$925,777,000 had not been licensed to reopen.On April 12, 1933, the first date following thebanking holiday for which correspondingdata are available with respect to nonmemberbanks, there were 1,108 unlicensed nationalbanks with deposits of $1,818,541,000, 152unlicensed State member banks with deposits,of $842,982,000, and 2,938 unlicensed non-member banks with deposits of $1,317,607,-000. By the end of June 1933 supervisoryauthorities had completed their examinationof all or nearly all the banks not grantedlicenses immediately following the bankingholiday and had authorized such of the banksto reopen as could then qualify for licenses.On June 30, 1933, there remained 985 un-licensed national banks with deposits of $1,-028,347,000, 114 unlicensed State memberbanks with deposits of $239,268,000, and 1,983unlicensed nonmember banks with deposits of$1,063,984,000 to be rehabilitated and re-opened or to be placed in liquidation or re-ceivership. All such banks (not licensed byJune 30, 1933) are treated as suspensions.Following is a summary classification of sus-pensions in 1933:



BANK SUSPENSIONS IN 1933

TotalNational

banksState

memberbanks

Non-member

Statebanks

Privatebanks

N U M B E R OF B A N K S

Banks suspended January 1 to March 4Banks placed in receivership during the banking holiday (March 6 to March 15)Licensed banks suspended March 16 to December 31Banks not licensed following the banking holiday and later placed in liquidation or re-

ceivership (March 16, 1933 to December 31, 1935)Banks granted licenses (July 1, 1933 to December 31, 1936)Banks neither granted licenses to reopen nor placed in liquidation or receivership by Dec-

ember 31, 1936

Total

Banks suspended January 1 to March 4_._:Banks placed in receivership during the banking holiday (March 6 to March 15)Licensed banks suspended March 16 to December 31Banks not licensed following the banking holiday and later placed in liquidation or re-

ceivership (March 16, 1933"to December"31, 1936)Banks granted licenses (July 1, 1933 to December 31, 1936)Banks neither granted licenses to reopen nor placed in liquidation or receivership by De-

cember 31, 1936

40839

179

2,1221,242

10

4, 000

865.161

1, 101

2212

7472

3

* 174

30234158

1, 1131,002

7

2, 616

20210

707

109

D E P O S I T S (in thousands of dollars)

198,41715,080

145,072

2,519,958716,423

Total.. 3, 596, 698

71,8021,381

17,322

1. 361, 607158,437

1,610,549

672,86,

, 633109

., 927

260988

482

;, 399

102, 11512, 732124, 920

477,954470, 482

1,266

1,189,469

2, 867858903

8,137516

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.



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

ALL BANKS»

Geographic division and State

United States—total

New England—total

MaineNew Hampshire. - _-Vermont - - -Massachusetts - -Rhode Island.Connecticut - - -

Middle Atlantic—total

New YorkNew JerseyPennsylvania

East North Central—total

Ohio -Indiana - -Illinois --M"ichiffanWisconsin -- --

West North Central—total

MinnesotaIowa ' -MissouriNorth DakotaSouth Dakota - - - - -_NebraskaKansas -

South Atlantic—total-- --_

Dpi a wareMarylandDist of ColumbiaVirginiaWest Virginia __ .North Carolina - ._ .South Carolina - -Georgia - - -Florida

East South Central—total

TCpntuckvTennessee - - -\labamaMississippi _

West South Central—total

ArkansasLouisianaOklahomaTexas

Mountain—total

IVIontanaIdahoWvominsColorado - - -New Mexico -ArizonaUtah - - -Nevada

Pacific—total

Washington _ __OregonCalifornia - -

1921

505

2

1

1

9

5

4

n3698

138

18241637

32911

105

4

51

149

65

13

tO C

O G

O

5

106

5112763

85

2322

12777

21

12

CO

CO

1922

366

1

1

5

122

18

8442

106

15121113112420

58

2

518

1620

6

14

21

11

82

36

3934

65

318485531

17

566

1923

646

3

1

11

8

4

4

31

5743

12

297

46352299441734

63

3

1826124

11

432

2

83

65

5319

138

77109

181482

12

552

1924

775

2

2

8

6

2

37

34

128

10

406

55834375

1132116

75

42

n2530

3

24

56

103

84

72

5025

122

457

339

2332

17

1232

1925

618

2

1

1

8

8

33

1975

11

315

50864432632119

100

1

34

164134

1

22

6754

70

42039

56

1683

151031

12

6

CO

CO

1926

976

6

6

68

87

192311

530

93134

5859

1152546

215

42

1245

10943

31

7134

84

16102137

30

843

14

1

12

255

Number of

1927

669

1

1

9

2

7

91

162529

615

306

65704637272536

104

45

14242631

33

81726

84

174

2835

19

2

24112

22

4126

1928

498

3

12

4

3

1

59

112418

6

252

46513238

75226

105

1

58

222735

17

415

44

1435

22

9

19

3

21

5

23

suspensions

1929

659

11

515

84

102430

911

302

3134233713

15212

160

11

101418173465

35

112148

43

12

"'"2110

12

13151

1

12

714

1930

1,350

11

22

7

30

83

19

282

2587

1252124

415

2287

10359554643

223

3

201093273139

152

30293459

200

134102234

25

111

5

53

12

327

1931

2,293

33^

22

19

10

230

5538

137

610

11596

23811348

717

101208122

6673

10938

263

20

375763343517

150

27313656

174

577

2486

62

11103

211592

54

221418

1932

1,453

9

3

6

60

108

42

457

2668

2098767

445

611478014235169

109

144q6

31182511

96

38281812

94

13143235

96

824

224

1

1416

87

282633

1933

4,000

83

336

1820

15

396

10770

219

1,337

197208245321366

1.144

122416255

4427

20377

326

37014434968311830

152

39433832

295

79598473

118

21163

5974

2

149

623849

1934

57

12

282

25

314215

12

1

7

31

5

2

12

1

1

1

1

1

1

1935

34

3

21

9

11115

9

5

13

5

1

13

1

1

6

33

1

1

1936

44

1

1

1

1

8

17

21

i14

13

2

8

24

2

5

2

3

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



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

NATIONAL BANKS



New England—total

Maine - __New Hampshire. „Vermont - - -_. _ __"M. assachusettsRhode Island. _ .Connecticut


New York -New JerseyPennsylvania -

East North Central—total __

OhioIndianaIllinois

Wisconsin


MinnesotaIowa -MissouriNorth Dakota __ _ _ . .South DakotaNebraskaKansas

South Atlantic—total

Delaware -M ar viandDist. of ColumbiaVirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida


Kentucky -- -TL ennessee\IabamaMississippi

West South Central—total _ __

Arkansas - -LouisianaOklahoma - _. _.'Pexas

IVlountain—total __ -

MiontanaIdaho -WyomingColoradoNew MexicoArizona - __ .UtahNevada _ _ _

Pacific—total

WashingtonOregonCalifornia

1921

52

2

1

1

1

1

11

3

224

2

1

1

1

1

13

310

17

7

7

111

5

122

1922

49

3

12

1

1

7

2

221

4

2

11

1

1

14

1184

16

91

13

2

3

3

1923

90

1

1

4

3

1

28

411

14521

4

1

2

1

2

1

1

20

173

28

1752

22

3

21

1924

122

1

1

2

1

1

4

1

3

46

84

• 91483

4

1

21

3

12

15

96

42

13493

12

1

5

5

1925

118

3

3

2

1

1

52

1516

17

121

18

14571

1

1

15

96

22

94

2

5

212

1926

123

1

1

9

224

1

74

1431

2111231

5

1

3

1

4

121

18

3

87

7

21

4

5

2

3

Number of

1927

91

6

6

9

23211

44

1221

14231

7

122

2

16

2

86

3

12

6

24

1928

57

1

1

10

234

1

24

3615234

14

1

13531

6

24

1

1

1

1

suspensions

1929

64

1

1

8

2141

22

1818

31

21

11143

11

3

21

4

1

12

3

11

1

2

1

1

1930

161

1

1

8

116

30

34

2021

38

11368343

28

25

10434

16

33

3

34

1316

14

3

2

1

3

1

2

1931

409

6

1

5

82

241642

85

198

37147

84

132112131384

53

3

61814543

24

4488

40

8

230

17

34

j111

18

648

1932

276

2

I

1

33

85

20

69

21246

54

62

q24g3639

24

11

22

382

20

103

1

21

11y

10

18

36

Q

1

2

27

58

14

1933

1,101

50

175

1414

282

8453

145

301

5844

1075438

170

276713107

2521

96

1244

172110694

48

2014113

63

88

1532

40

53

263111

51

181122

1934

1

1

1

1935

4

1

1

1

1

1

1

1

1

1936

1

1

1

-



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



New England—total __ _ _ __ _

Maine _ - -- --New Hampshire _Vermont __ - -Massachusetts _ _Rhode Island _ _ __ __ __Connecticut __ _ __ _

Middle Atlantic—total __ _ __ _

New YorkNew Jersey - _ - _ - _ _Pennsylvania -


Ohio -- -- -Indiana - -_ - -Illinois - _Michigan __ -_ -Wisconsin -_ __

West North Central—total. __

M i n n e s o t a __ _ _ _ _ _ _ _Iowa -Missouri _ -North DakotaSouth Dakota _ __ - _Nebraska __ _ _ __ _K a n s a s _ _ _ _ _ _ _ _

South Atlantic—total __ _ __ __

Delaware __ -Maryland _ _ - -Dist. of ColumbiaVirginia - - - - -West VirginiaNorth Carolina _ _ _ _ _ _ _ _ _South Carolina -Georgia _ __ _ _ - _ _Florida _ _ _ _ _ .

East South Central—total _ -- _

Kentucky - - -Tennessee. ___ - - - - - --Alabama _ _ _Mississippi-- - . __ - - -


Arkansas _ _ __ . -Louisiana _ __Oklahoma _ _ - -Texas _ __ _ _ _

Mountain—total

Montana. __ _ _I d a h o _ _ - -W y o m i n g _ _ _ _ - ___C o l o r a d o . _ _ _ _ _ _ _ . - .New Mexico. _ _ _ _ _ __ _Arizona. .__ _ - . . . .Utah .Nevada

Pacific—total

Washington _. . _ __ -__OregonCalifornia _ _ .._

Number of bank suspensions

1921

19

3

11

1

1

1

1

1

4

4

8

24

1

1

2

11

1922

13

1

1

1

1

2

2

9

44

1

1923

2

1

1

8

141

2

2

2

3

1

11

17

112

2

2

1924

38

1

1

15

291

3

8

1

1

1

3

11

1

9

4

2

3

1

1

1925

28

2

2

8

61

1

5

14

1

1

5

14

6

42

1

1

1926

35

1

1

18

1152

7

7

1

1

6

21

3

2

2

1927

31

6

312

7

51

1

6

411

2

11

2

1

1

5

13

1

3

3

1928

16

3

2

1

7

7

4

112

1

1

1

1

1929

17

3

21

4

22

7

1

42

1

1

1

1

1

1

1930

27

2

11

5

113

4

21

1

5

131

5

13

4

3

1

1

1

1

1

1931

107

1

1

18

846

45

1525

23

5

131

11

4

24

2

11

15

6

9

4

2

2

6

231

1932

55

1

1

2

_.

1

22

1111

6

31

2

2

2

4

.

3

5

11

3

4

2

2

9

54

1933

174

6

1

311

14

356

75

1256

502

26

16

18

1

10

2

221

21

3

111

16

6316

6

41

1

18

9

2

1934 1935 1936

1



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

NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS



New England—total . _ —

Maine _ - - --- -NewT HampshireVermont __ -_ _MassachusettsRhode IslandConnecticut


New YorkNew Jersey - - -Pennsylvania _

East N o r t h Centra l—tota l

Ohio _ _ _ _ _ _ _IndianaIllinois -. . . .Michigan -Wisconsin


Minnesota ._ _.IowaMissouri .North DakotaSouth Dakota __ __Nebraska _ _ _, - -Kansas


DelawareMarylandDist. of Columbia._ .Virginia _ . .West Virginia __North CarolinaSouth Carolina._GeorgiaFlorida - _ -


Kentucky __ _TennesseeAlabama._ _ __ -Mississippi __ . . ___ _. _


ArkansasLouisiana __. . .__Oklahoma _ _ _Texas-

Mountain—total _ . _ __

Montana._ _ __Idaho - . . __WyomingColorado _New MexicoArizona , -UtahNevada

Pacific—total

WashingtonOregon . . _ __ _ __ . .California


1921

390

2

1

1

5

2

3

13

139

120

18161535

12411

97

2

41

149

616

11

3314

69

5112429

59

1311

11566

14

1031

1922

281

12

5412

96

157

11119

2320

51

517

15176

13

21

10

55

25

3117

40

1834725

1

14

563

1923

501

2

1

1

4

4

21

154

11

254

41232085371533

57

2

1626

4

9

3312

52

55

357

93

4937

18106

9

531

1924

578

1

1

25

34

11

7

331

45594066951313

62

32

1122213

20

5573

61

61

4113

67

243

226831

11

632

1925

433

2

1

1

3

3

24

1562

10

238

35474225502019

72

23

123520

20

6734

40

74

1019

28

3238831

6

411

1926

766

1

1

34

54

15

10

422

78745448

1012245

199

32

12429842

26

71225

56

119

1323

23

633

10

1

5

32

1927

514

1

1

1

1

71

920253

14

243

53324433252234

83

44

12181728

31

81616

61

134

2024

10

214111

13

4

2

1928

406

1

1

44

1913

5

212

43323133

44920

86

Y45

162232

17

7415

35

1433

15

7

1

3

21

4

22

1929

547

7

214

64

81926

110

273

2821222913

14911

117

11

81316131352

31

112117

37

11

206

9

2141

1

9

513

1930

1,104

7

12

4

13

319

221

1973

1024

23

356

21559651514240

188

1

185

83222534

131

26262653

159

1189

1616

21

91

4

52

8

125

1931

1,697

24

21

13

8

118

201880

451

7181

1966241

604

871601095360

10134

197

15

303549272714

124

23262748

108

427

2237

41

843

14

462

30

1479

1932

1,085

6

1

5

25

22

21

344

2147

1526163

367

521117111164660

83

3474

2615159

72

27259

11

64

11122318

73

4162

1816

1214

51

181419

1933

2,616

27

15143

4

95

181265

885

113130132184326

925

943202243420

17756

220

24410242657257

25

100

19282528

212

65486831

72

12123

334341

80

352025

1934

43

11

281

14

6215

11

1

7

3

5

2

12

1

1

1

1

1935

30

2

2

8

1115

8

5

3

4

13

1

1

6

33

1

1

1936

42

1

I

1

1

7

16

20

114

2

2

8

24

2

5

2

a



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

PRIVATE BANKS

Geographic division and State l

United States—total.

New England—total . _ .

Connecticut


New YorkPennsylvania - _ _-.


Ohio - - -IndianaMichigan


IowaMissouriSouth Dakota . . -Kansas

South Atlantic—total--

IVlar viandVirginiaGeorgia - -Florida

East South Central—total-- _ .. . . .

Alabama . - -


Arkansas _ _ _Texas

M o u n t a i n — t o t a l _._ _ . _

MontanaWyoming

1921

44

2

2

12

228

4

4

5

9

9

1

-

20

20

1

1

1922

23

1

1

2

2

4

13

3

3

2

2

11

11

1923

23

4

4

4

1

2

7

7

-

8

8

1924

37

1

1

5

5

7

7

14

1121

1

1

5

5

4

4

1925

39

2

2

5

23

17

17

5

113

10

10


1926

52

4

4

24

11

22

16

14

2

4

4

4

4

1927

33

2

2

5

9

1

2

1212

8

8

5

14

1

1

1928

19

2

9

3

3

2

2

9

6

12

1

1

2

2

1929

31

3

3

9

45

3

3

15

114

1

1

1930

58

3

3

7

34

26

29

15

17

17

2

2

-

3

3

1931

80

2

2

12

39

29

105

14

24

24

2

2

-

11

110

1932

37

22

39

10

10

9

1

4

4

1

1

1933

10D

5

23

76

142933

23

23

1

1

4

4

1934

13

1

1

11

38

1

1

1935 1935

1

1

1

- -

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


TABLE 2.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS

ALL BANKSi

[In thousands of dollarsj


United States—total ___ __

1VT &ss&chus6ttsTthodp Tsland

Middle Atlantic—total . .New York

Pennsylvania

East North Central—totalOhioIndianaIllinoisMichiganWisconsin

West North Central—totalMinnesotaIowaMissouriNorth DakotaSouth DakotaNebraskaKansas

South Atlantic—totalDelawareM ar viandDistrict of ColumbiaVirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida

East South Central—totalKentucky _Tennessee\labamaMississippi

West South Central—totalArkansasLouisianaOklahomaTexas _. . . . _

MontanaIdahoWvomingColoradoNew MexicoArizona .UtahNevada __

Pacific—totalWashingtonOregon. ._ ___California

1921

172,188

15 481

13,317

2 164

17, 09613,920

3,176

11,477513800

5, 5944, 570

30,5374,7426, 4662, 5365, 362

6977, 7452, 989

19, 585

665

917535

1,8363 3118, 9953,326

4,390437

1,472814

1, 667

30, 746771

1,3977, 953

20, 625

21, 841•6, 5597. 377

598964

1,1544,312

877

21,03516,9492, 4571, 629

1922

91,182

2,021273555

1,193

6, 763

5, 0621,218

246237

24, 82(52, 9701,6375, 1582, 2422, 5455, 6564, 618

14, 044

766

624539

2,8744 9453, 2921,004

1,814342220

1,252

19,9431 1271, 253

11, 6945,869

14,0446, 7331,018

3421,386

9491,8621, 672

82

7,727961

4,7392,027

1923

149,601

1 884459

2931 132

5,2382

5, 236

11. 8774. 3551.6753, 585

7431, 519

62, 4687,7618,9106, 616

13,41011,9383,030

10, 803

11,127

886

3.3193 194

7213, 007

2,2071, 292

617127171

17,4811 781

53511,0584,107

35,57319, 6182, 6071, 5134, 6894,3092,276

561

1,746824495427

1924

210,151

1 684

1 684

2,7461,774

972

7, 477553653

3,877624

1,770

121,13920, 65934, 9659, 9749, 498

36, 4874, 8764,680

9, 547

1,172247

1,8673 1202, 814

327

4,460918

2,041927574

20,147912137

8, 62410, 474

39, 58611, 723

1, 98613,1961,8069,1141,366

395

3.3652,341

470554

K25

167, 555

1,461

1,381

80

10. 754

10,754

6, 634163

1,4212, 439

3352, 276

82, 96715,68632.910

6, 3793,915

15,5105, 7522. 815

19, 307

3381,5993,1988, 5765, 201

395

3,923505

1.787398

1,233

19. 3962 891

5127, 1558,838

20. 3782, 4492, 588

2669. 0622, 7503, 099

164

2.7351,678

442615

1926

260,378

1, 805

1, 805

16, 5673, 8841, 0665, 4053, 8582, 354

139, 09023,19053, 28713, 5518, 365

27, 6986, 8696, 130

68,111

901184

2,51213, 26918, 04633,199

9,0801, 7475, 304

3851,644

16,1513 7142 0982,7897, 550

3, 592519618213

2,168

74

5 982221

1 3f>44, 397

1927

199, 329

783783

9.640438

9, 202

34, 5226, 368

12, 43711,1741, 7492,794

65, 40513,63222, 317

5, 6585, 4004, 7028, 2895, 407

46, 948

2132, 1545,4787, 061I, 623

30,419

10,1161,5473, 1063, 2192,244

17,2493, 592

6287, 0455, 984

3, 077138

1, 962164318

6078

357

11, 5894,2253, 4653, 899

1928

142, 386

1, 513

1,273240

1,4001,357

43

17, 5385, 1435, 9944,885

1,516

48.4509, 475

13,5353, 9055, 5041, 9409, 6264, 465

47. 931533

1,8971,7381,8527, 394

15,42419, 093

7.0181, 9683,419

611, 570

12,7583,428

5691,1457, 616

1,84815

303

764

620146

3,S30805

3, 125

1929

230,643

26, 55812,6305. 8008,128

35, 5343, 4797, 991

16. 8722, 2634,929

56, 6047.8238, 9892, 8673,8841,622

29, 5701,849

72,172243947

1,3966. 5756.9344,7982,455

48, 824

8,630631

2,0014, 2641, 734

8,1122, 110

4. 4521, 550

6, 655176

1,281420

1,17694

3, 508

16, 3789. 8522, 0744,452

1930

837, 036

23, 953

1,6554,708

17,590

248, 832183,680

2, 99362,159

142. 62630,03135. 93261, 2836, 4808, 894

88,3653,034

30, 9LI17. 9495,057

10, 95310, 37510, 086

130, 766

4, 658

5, 81610, 27656, 1787. 4555, 637

40, 748

121, 08862, 45528, 5479, 216

20, 870

63, 05241,471

5, 3654. 435

11,781

7, 6142, 236

46

857

3, 2451,230

10, 8001, 082

1649, 554

1931

l,6S0.232

117.0382. 2541,002

95, 408

18, 374

436, 71692, 80173,128

270,787

627, 412260, 439

63,890175, 978102,84124, 264

180, 08125,31386, 22222, 8998, 170

12,97128,1376, 369

138,587

25, 775

16,79237, 83229,7919,9478,5159, 935

57,97018, 1325, 5836, 759

27, 496

69, 26311,7444, 7123,404

49, 403

19, 9091,1362, 2901,0313,234

7522, 9688,326

172

33,25610, 4299, 460

13, 367

1932

706,188

63, 285

20, 400

42, 885

80. 62215.31614,36950, 937

227, 5148,293

37. 216126, 87836, 35818,769

124, 00111,86975, 71013,9031,0665,1836,8849,386

62, 639792

5, 5203, 497

879922

14, 12928, 976

3, 9473, 977

23, 04010,4934, 8065,7971,944

23,123925

5, 4328,2408,526

49, 9981,364

11,620878

2,84483

5 8629,816

17, 531

51, 96623, 7648,032

20,170

1933

3,596,698

195,72993,981

7, 07123, 43359, 6312 4919,122

607, 364161,384117 869328,111

1, 670.350493, 027110,261158, 274787. 801120,987

318,48623,921

115,882117,113

9,8974,402

31,16016,111

354, 264585

152 65243,28136, 52934,06144, 58427 142

7,1238,307

74,53518, 65329, 34211,59114,949

228,66828 947

164, 79915. 75319,169

32, 9S35, 6583,102

29312 7877,067

9342, 251

901

114, 30929, 23013,19371, 886

1934

36, 937

30, 3457, 059

22 1141,172

3, 870722

2, 03734948

714

1,73173

1,311

27572

872

467

169236

6868

11

11

4040

1935

10, 015

5,194

6494, 545

1.722261

182959

1,355

1,302

882

194226

734

313

136285

3636

844

559285

183

183

1936

11,306

1, 050

1,050

1,120

1 120

4, 0241,8752,149

2,559

1551,547

46641

170

435128154

153

2,118

1,406

712

wejF

00

CO

1 Exclusive of mutual savings banks.


TABLE 2.- -DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEAES—Continued

NATIONAL BANKS

[In thousands of dollars]

00



New England——totalMaine -New HampshireVermontMassachusetts _ _ _ -_Rhode IslandConnecticut

M iddle Atlantic—totalNew YorkNew JerseyPennsylvania

East North Central—totalOhioIndiana -IllinoisMichigan _ _ _ __Wisconsin

West North Central—totalMinnesotaIowaMissouriNorth DakotaSouth DakotaNebraska -Kansas

South Atlantic—totalDelawareMaryland _ _District of ColumbiaVirginia _ _West VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida

East South Central—totalKentucky _. _ _TennesseeAlabamaMississippi

West South Central—totalArkansasLouisianaOklahomaTexas

JVIountain—totalMontanaIdahoWyoming _ _ _ _ _ColoradoNew MexicoArizona.- _ _ _Utah ._Nevada ,_ _ _

Pacific—totalWashingtonOregonCalifornia

1921

20, 777

1,110043

467

51

51

3,411

631

354384

2,042

349

228

121

182

182

8,141

2,2205,921

5,4211, 3133,384

187159378

2,112403438

1,271

1922

20,197

828273555

1,016

1,016

1,983

277

445560701

3,996

766

1,8671,363

161

161

5,08847641

3,4751,096

5,8182,649

2S0

635653

1 601

1,307

1,307

1923

34,244

293

293

4,1584,081

77

7,5601,203

99150

3,0361,774

613685

2,142

494

1,614

34

791745

46

8,958

6,9302,028

9,8026,1971,741

272

714878

540

301239

1924

64, 890

1,684

1,684

1,101801

300

1,728

599

1,129

22, 9854,5563,887

2,3087, 5183,1771,459

1,875

964

355556

600

154446

11, 217

3,3017,916

22, 5464,1661,3858,8821,2866,548

279

1,1541,154

1925

55,574

3,601

3,601

525

129

396

24,1558,8458,512

2551,4724,474

597

6,598

4411,0232,5282,211

395

200

200

7,369

5,1572,212

11, 5591,4861,272

7,6071,194

1,567952193422

1926

43,908

586

586

3,2141,653

529780

252

29, 0856,046

14, 278274

3,0784,1081,020

281

1,895

594

812

489

907

58125175

4,654911

1,3352,408

98510689

790

2,672221

2,451

1927

45, 547

8,131

8,1315,2762,1071,803

483708175

18,1524, 5248,218

2511,691

5332, 660

275

5,097

2842,641

349

1,823

3,650215

2,0541,381

1,35224

1,328

3, S89

2,0431,846

1928

36, 483

1,273

1,273

3,8031,103

5981,312

790

11,3452,4742,825

5512,691

7001,230

874

15, 804533

2731,1531,336

11,904605

1,609

5641,045

137

137

2,512

2,512

1929

41, 614

1,229

1, 229

4,002947328

2,436291

6,237197

3,300354

1,191

689506

16, 796

207845

1,5662,234

60711,337

824

696128

1,357364

207786

1,577176985

416

9,5928,838

754

1930

170, 446

862

862

5,926458676

4,792

21, 3645, 4211,816

12,4091,558

160

23,534493

13,9571,0451,172

978966

4,923

34,600

5125, 703

11,3663, 1761,105

12, 738

58, 37738, 37913,1952,8.13,982

20,1516,3621 8882,1219, 780

252170

82

5,380924

4,456

1931

439,171

39, 824

402

39, 422

151, 11122, 46126, 728

101,922

105, 40426,02710,81446, 53415,9636,066

27,7124,5246,0615,4861,4992,8865,6511,605

43, 724

3,016

7,71313,65913,0911,3081,5133,424

25, 9308, 6212,1271, faO4

13, 188

25, 5773,026

23322, 318

4,027425

1,255

1,09975240294

15,8624,5731,4199,870

1932

214,150

4,031

1,334

2, 697

44, 90412,01610, 68022, 208

65, 4061,678

11,36646, 7962,6342,932

29, 9222, 302

18,3144, 324

2431,027

4083,304

18, 067792839

339411

9, 9673,239

9861,494

9,4124,1861,6163,155

455

8,82585

6804,2193, 941

15,124716

7, 408

1, OtO

354

5, 556

18,3593, 9553,731

10, 673

1933

1, 610, 549

85, 44240, 0235,373

16 69123, 355

398,158122, 26165, 772

210,125

778, 22150, 88255, 93173, 666

569, 30928, 433

85, 8898,671

23, 55931, 7805,9021,9347, 3366,707

107, 53011J9

19, 67428, 51910,89416,0609,035

17, 9942,1682. 987

45, 59713 79124, 3813,8273, 518

24,8851,6846,8437,3489, 010

18, 2791,4471,620

9,0854, 712

311386718

66, 54819, 5616, 909

40,078

1934

40

4040

1935

5,313

4,545

4,545

261261

194

194

313

313

i

1936

507

507

507

<

ttr1


TABLE 2.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—ContinuedSTATE MEMBER BANKS


Geographic division and State 1


New England totallyiaineM assachusettsRhode IslandConnecticut

TVfirlflle Atlantic totalNew YorkNew JerseyPennsylvania


West North Central—total - -MinnesotaIowaMissouriSouth DakotaNebraskaKansas

South Atlantic—totalMarylandVirginiaWest Virginia . .North CarolinaSouth CarolinaGeorgiaFlorida

East South Central—total --KentuckyTennesseeAlabama .Mississippi

West South Central—total--ArkansasLouisiana . . __- -OklahomaTexas. -_ _ . _ . .

Mountain—-total -Montana _ _ _ _ ___ _Idaho. ._ .WyomingNew Mexico._ _ .Utah. . . .

P a c i f i c — t o t a lWash ing tonOregonCalifornia- . , . . _ _ _ _

1921

17, 363

2.149

950408

731

405

405

646

646

2, 039

2,039

1,396352880

9074

10, 72810, 508

220

1922

7,113

3,136

3,136

23

23

2,219

2, 219

1,7351,230

434

71

1923

12, 559

1,198

455

743

2, 503190989662662

298

298

1,6341,363

18784

6,9265,031

585

749561

1924

13645

419

419

6,509576

3,285242

2,406

993

299694

94

94

954520101

333

4,4892, 595

6231,271

187187

1925

9, 883

155

155

5,829

5, 60537

187

1,360

1101,250

78

78

1,649

611,588

620445175

192

192

1926

23, 466

219

219

19, 028648

16,1222,258

1,116

1,116

494

494

2,314940131

1,243

295

295

1927

17, 942

3,3881, 428

2161,744

3,408

2, 968199

241

4,141

2, 69685

1, 360

3,200

223,178

2,477648

1,829

852114505

233

476

476

1928

10, 247

1,2731,034

239

2,519

2,519

6,142

432379

5,331

147

147

166

166

1929

16, 459

1,700

903797

2,1711,201

970

11, 972

708

52110,743

135

135

206

206

275275

1930

202, 399

161, 279161,000

279

10, 496532321

9, 643

798

330163305

1,638

534745359

15, 72214, 209

521, 461

11, 66511,640

25

718

718

8383

1931

293,957

3,299

3,299

69,72844, 35112,81212, 565

157, 76190, 00310, 82316,98439, 951

31, 704496

30,0511,157

7,150

1,5153, 673

5011,461

469

113356

15,0932,348

12, 745

1,236

762

474

7,517391

6, 916210

1932

55,153

10, 258

10, 258

1,309

797512

26,318

18, 9557,363

6,497

5,561455

481

839

839

3,6322,347

1,285

1,090126531

433

1,036

173

863

4,1742,5211,653

1933

783, 399

37, 7812,728

31,3752,4911,187

50,2865, 834

31, 51412, 938

448,569357,162

10,8995,054

74, 615839

34, 482118

2,60631, 646

112

59, 47336, 45117 625

3892,381

2,048579

1,341

208507626

142, 54418,851

123,133115445

1,7131,085

357

271

7,2103,3192, 6331 258

1934 1935 1936

dFF

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


TABLE 2.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued

NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS[In thousands of dollars]

00



MiaineNew HampshireVermontMassachusettsRhode IslandConnecticut

IVIiflclle Atlantic—totalNew YorkNew JerseyPennsylvania


West North Central—totalMinnesotaIowaMissouri -_ _North DakotaSouth Dakota .. _- __NebraskaKansas

South Atlantic—totalDelawareMarylandDistrict of ColumbiaVirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgia - - -Florida

East South Central—totalKen tucky . . __..__ - _ _ .TennesseeAlabamaMississippi

West South Central—totalArkansasLouisiana - _ _ - - _ - - .OklahomaTexas _ ._

MontanaIdaho . , __ .WyomingColoradoNew MexicoArizonaUtahNevada

Pacific—total -WashingtonOregonCalifornia

1921

125,159

15, 481

13, 317

2 16415, 32712, 618

2,7096,039

180315

5,594

24, 5274,7424,4352,0385, 008

3134,9722,989

18, 603

665

689535

1,8363,3118, 4493,1183,562

4371,472

1681,485

18, 711771

1,3975, 733

10, 8iO11, 6844,5343,113

598111905

3,934803

8,1956, 0381, 799

358

1922

61, 964

2,527

8261,218

246237

22, 5232, 9701,0105,1581,7971,9854, 9554,6189,995

624539

1,0073,5823,2391,0041,653

342220

1,09112, 355

6511, 2128, 2192, 2736,4912,854

304342751296

1,832

826,420

9614, 739

720

1923

101,025

1,591459

1,132

5, 236

5, 2366,267

2221,0183,585

1,44251, 4106,3686,8275,804

10,3749,5022,417

10,1188,687

392

1,7053,194

3893,0071,416

54761781

1716,367

418535

3,9411,473

18, 8458,390

2811,2414,6892, 8461,398

1,206824194188

1924

123, 888

672

6725,125

553653

3,278

641

87, 62715, 52724, 4349, 5407,190

26,0161,6993,2216,582

208247

1, 8672, 466

• 1,467327

3,766918

1,887387574

7,69939236

5, 3231,948

10, 3932,804

eoi3,691

5201, 2951,366

116

2,0241,0 JO

470554

1925

94, 547

1,461

1,381

80

4,600

4, 6005,482

163894

2, 310235

1,88050, 0666,841

15, 8766, 0872,443

10, 8495,1552, 815

11,261

3081,1582, 1755,9381,682

3,645505

1,787120

1,2338,8572,891

5121,9373,5178,199

5181, 141

2661, 4551,5563, 099

164

97672657

193

1926

183,517

515

5159,2082,007

4744,625

2,10287, 93116,49620, 39111,0195,287

23, 0405, 8495,849

64, 870

307184

2, 51212, 45716, 70032, 7107,6791,7474,723

1341,0757,6421,8631,9671,4542, 4082,607

413529213

1,378

74

3,015

1,0691,946

1927

131,503

783783

1,071

1,07125, 2072, 455

10, 2878, 947

8992,619

41, 4589,1088,7445,2083,7094,1695,6294,891

37,134

2131,8702 8374, 016

96227, 2366,9161,5473,084

412,244

10, 8592,665

6284, 9912,575

851

129142318

6078

124

7,2244, 225

9462,053

1928

92, 710

43

4312, 3443,0055,2783,334

726

33, 7787 0017,8633,3542,813

8938,3963,458

25, 970

1,8971, 465

6995, 6263,126

13, 1577,0181,9683,419

611, 570

10, 5943,428

569581

6,0161,545

15

764

620146

1,418805613

1929

164,858

19, 8797, 1805, 8006,899

28, 7632,5327,046

14, 436617

4, 13247,3296,4253,8522,5132,6931,622

28, 8811, 343

43, 078243947

1,1895, 7304, 6602,5641,001

23, 7447,671

631. 2,001

3,4331, 6066.5491,746

4,245558

5,078

29642076094

3, 5086,511

7392 0743, 698

1930

448, 989

18, 616

7934,708

13, 11580, 56421, 2232,038

57, 303106, 07323,76232, 63139, 231

1,7158,734

59,2042, 541

11,79516, 7413,8859,6709,4095,163

94, 528

4,656

5, 3044, 573

44, 8123,7453 787

27,65146, 9899,867

15, 3526,343

15, 42731, 03423, 4693 4772, 3141,7746,6442. 066

46

775

3,245512

5,33775

1645,098

1931

935, 947

73, 4152 254

600

52, 687

17,874208, 73125, 34533, 588

149, 798360, 529143, 20341, 838

112, 46044,83018,198

123, 78120, 29343, 22616, 2566, 671

10,08522, 4864,764

87, 713

22, 759

7,56420, 50016 7008,1385 5416,511

31, 5719,5113,3434,409

14,30825, 6846, 2334 7123,171

11, 56814, 646

711273

1 0312 135

2,5667,758

1729,8775,4651 1253,287

1932

429, 079

48, 996

8,808

40,18834, 409

3, 3002, 892

28, 217132,192

6,40623, 77861,12725, 04415, 83785,2889, 567

49,9899,124

8233, 7085, 9956,082

43, 733

4,6813,497

540511

4,16225, 7372, 1222,4839,9963, 9603,1901,3571,489

11, 527714

4 2214,0212,571

33, 505315

4 039878

1, 75483

5,5088,953

11,97529, 43317, 2882,6489,497

1933

1,189, 469

72, 50651 2301, 6986, 7424, 901

7,935157, 40232, 33420, 583

104,485435, 66782, 87940, 64379, 554

140,87691, 715

194, 42215,13286,02453, 6873, 9952, 468

23,7129, 404

187, 261386

96, 52714,7628,010

17,61233,1689, 1482, 9074,741

27, 4694,8624, 7537,129

10, 72561,1908, 412

34, 8238,2909, 665

13, 0013,1261,125

2933,7022 355

6231, 594

18340,5516,3503 651

30, 550

1934

35, 456

30, 2357, 059

22, 1141,0622,611

1,500349

48714

1,65973

1,311

275

872

467

169236

6868

11

11

1935

4,702

649

649

1,461

182959

1, 3551,108

882

226421

136285

3636

844

559285

183

183

1938

10, 728

1, 050

1 0501,120

1, 120

3, 9531,8752,078

2, 052

1551,547

46134

170

435128154

1532,118

1,406

712

Wdt 1


TABLE 2.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—ContinuedPRIVATE BANKS


Geographic division and State >

United States—total -

]V*«w Fnsland total

Connecticut

Middle Atlantic —tota;

New YorkPennsylvania


OhioIndianaMichigan


IowaMissouriSouth DakotaKansas

South Atlantic total

VirginiaGeorgiaFlorida


Alabama


ArkansasTexas

Mountain—total _ -

MontanaWyoming

1921

8,889

659

659

5,337

333434

4,570

450

450

228

20208

1, 855

1,855

360

360

1922

1,908

1,193

1,193

84

84

320

320

30

30

281

281

1923

1,773

2

2

254

52202

995

995

522

522

1924

7,728

973

973

205

205

4,018

3, 359192467

97

97

277

277

2,158

2,158

1925

7,551

2,553

2, 553

472

372100

2,917

2,917

88

3058

1,521

1, 521

1926

9,397

704

704

3,926

22463

3, 039

3,046

2, 496

550

230

230

1,491

1, 491

1927

4,337

438

438

651

378131142

2,387

2,387

576

576

263

64199

22

22

1928

2,946

240

240

1,357

3,357

118

118

808

328

347133

15

15

408

408

1929

7,712

5,450

5,450

1,069

617452

867

867

326

326

1930

15, 262

4,475

4,475

1,063

99964

4, 693

3161,1643,213

4,829

4,829

202

202

1931

21,157

500

500

7,146

6446,502

3, 718

1,206415

2,097

6,884

6,884

...

2,909

1372,772

1932

7,806

3,598

2092, 0721,317

2,294

1,846

448

1,581

1 581

333

333

1933

13,281

1,518

955563

7,893

2,1042,7883, 001

3,693

3,693

128

128

49

49

1934

1,441

110

110

1,259

722537

72

72

1935

•

1936

71

71

71

CO

bd

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

00


TABLE 3.—LOANS AND INVESTMENTS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS

ALL BANKS*


00

00



New England—totalMaine _ _ _New Hampshire. ___ __VermontMassachusetts __ _ _Rhode Island _ _Connecticut

Middle Atlantic—totalNew YorkNew JerseyPennsylvania

East North Central—totalOhioInd iana _ _ _ _ _IllinoisMichiganWisconsin . . .

West North Central—totalMinnesotaIowaMissouri _ _ _ _North DakotaSouth Dakota _ _NebraskaKansas

South Atlantic—totalDelawareMary l and _ _ _ _ _ _District of ColumbiaVirginia _ _West VirginiaNor th Carolina - _South CarolinaGeorgia _ _ _ _Florida

East South Central—totalK e n t u c k y _ _ _ _ _ _ _ _ __ _TennesseeAlabama __ _ _ _ _ _ _Mississippi

West South Central—totalArkansas. _ _ . __ _ _ _ _LouisianaOklahoma __ _ _ _ _ _Texas

JVI ountain—totalMontanaIdahoWyomingColoradoNew MexicoArizonaUtahNevada


1921

208, 709

16, 705

14, 370

2,335

11, 4327,832

3, 600

8,030635957

6,043395

39,2375,9847,8183, 4028,1561, 0069,6153, 256

29, 066

976

1,252423

2, 5535, 591

14, 7673,504

7,397388

1,9511,3453,713

38, 3441, 2992,1259,448

25, 472

31, 4787,911

12, 8951,0681,3162,1454,6961,447

27, 02021, 1113,8332,076

1922

118,889

1,206401805

7,933

5,7941,412

413314

30, 8283, 5532,6885,1113,1463, 4626. 8995,969

20, 532

952

635572

3,9158. 6384,6941,126

2,826512341

1,973

25, 0791,6712,030

14, 5836, 795

20, 6118,9701,808

7351,6781,4862, 3553, 457

122

9,8741,3815, 4913,002

1923

185, 898

1,697507

2948C6

5,126

5,126

13, 4105,2761,8273, 350

9142,043

78,2859,690

11,3806,986

19, 23414,8374,044

12,114

17, 263

699

3, 5887,3012,0483, 627

2, 8731.3391,009

333192

21, 2692,513

69713, 5254, 534

43, 67422, 2714,5351,6644,3786,7543,180

892

2,301912915474

1924

257,976

1,837

1 897

2,3051 293

1,012

8,678717762

4, 453700

2,046

143, 49122, 50840,48312,31413,61743, 2995,8635,407

16, 571

1,678306

2, 7664.7376, 739

345

5,810972

2, 7001,507

631

23, 4601,335

49410, 51211,119

51, 62916, 3453,261

14,3922,375

13,1951, 632

429

4,1352,976

481678

1925

186, 467

1,642

1,475

167

11,190

11,190

7,472166

1,7582,619

240,2,689

90, 33016.65136, 983

7,1234,714

16, 7875,0952,977

25, 928

4061,1584,114

11, 1608, 461

629

4, 957558

2,227637

1, 535

19,1603,378

5397,4177,826

22, 7282,7953, 505

2619,2753,6283, 104

160

3,0601,744

631685

1926

271,194

1,875

1,875

15, 3404,2691,4826,243

8612,485

142, 98222, 40355, 52815.4209,484

27, 5595, 4617,127

72, 772

1,034217

3,12815,34821,91731, 128

9,8131,9345,129

5852,165

17, 7004, 7743, 6832,7596,484

4,282611671288

2,598

114

6,430332

1,2724,826

1927

214, 798

728728

10, 587338

10,249

36, 5487,166

12, 65112,110

1,8692,752

68, 64214,03224,1606,6385, 6834,9597, 1296,041

54, 280

2132, 5156,0728,4142,071

34, 995

10, 4441, 7002,9263,2122, 606

19, 8744,4521,0737,4346,915

2,906156

1,71221136266

105294

10, 7894,2903,3993,100

1928

146, 556

2,231

1,535696

1,1391,052

87

19, 0595,4786,3495, 702

I, 530

46, 5039, 767

13, 5344, 6205, 7251,9575,7745,126

53, 633679

2, 4842, 3832, 5428,352

16, 39720, 796

7,0572, 1163,188

701, 685

11, 2573,510

6301,1815, 936

1,78624

331

590

676165

3,891756

3,135

1929

240, 363

22, 7748.0405. 7418,993

39, 7264,0928,734

19, 3752,2645, 261

52, 2068,0318,0033,1394,3371,561

24, 9522,183

82, 919257

1,225

1,4797, 5558,4725,2963, 363

55, 272

10,906627

2, 3666, 0081, 905

8,2382,558

4, 4141, 266

6,457162

1,329471

1, 259103

3, 133

17,1379,9272,2124,998

1930

970, 555

28,100

2,1525,314

20, 634

308, 302238,829

3,30266,171

157,13531,43339,47168, 7907,6769, 765

92,9263,082

30, 26620, 552

6,16411,04210, 49911,321

148, 748

5,084

7,13610. 96067,019

7,9926, 777

43, 780

143, 42271,35032, 89811,83327, 341

72, 56948, 508

5,9064,748

13, 407

8,0792,317

59

937

3,3731,393

11, 2741,054

19510,025

1931

1, 983, 799

128, 8812,5731,083

105, 714

19,511

542, 036111,52079, 660

350, 856

731, 034293, 359

65, 107217,089127,08828, 391

217, 73226, 319

101, 87226, 45110,57014, 67830, 525

7,317

157, 486

28, 891

20, 64543,78833,64312,6608,5139, 346

73,25222,381

7,12412, 05331, 694

77, 51415, 1725, 5384, 085

52, 719

22, 4131,4522, 5121,2493,759

8593,1289,275

179

33, 45111,8658,936

12, 650

1932

918, 243

91, 042

38, 226

52,816

111, 47220, 36726, 95664,149

298, 83910, 36142, 344

179,56141, 40025,173

160,19413, 943

103,36615, 645

1,3646,7108,399

10, 767

73, 050903

7,0203,5281,2541, 206

22, 80425, 2976, 1564,877

34, 45313, 8357,033

10, 7502, 835

27, 5631,4326, 6828,700

10, 749

59, 9621,717

13, 486982

3,708103

6, 93410, 96422,068

61, 66826, 35210,17925,137

1933

4, 297, 410

243, 629124,114

7,79327 98667, 926

2,61813, 192

817, 562209, 272168, 777439,513

1, 881,325546, 546144,933191,320838,115160,411

364, 74829,023

129,181132,546

11,0556,030

38, 63818, 275

456, 949779

199,58050, 76049,89142,14254,80137,83411,1699,993

105,16923, 62348, 79816, 12016,628

248, 32828,191

176,65117,21326, 273

40, 7966, 9883, 863

27217,0457,710

9152,9881,015

138,90438, 67216,20884,024

1934

35, 696

29, 0546,185

21,5751, 294

4,000533

2, 265306

53843

1, 63279

1,223

24090

848

469

119260

7575

12

12

7575

1935

9,080

4,385

7123,673

1,841284

2914760

1,321

1,185

743

246196

698

365

25308

3434

937

585352

1936

10,172

982

982

608

608

3, 5391, 6311, 908

2, 342

1001,392

68620

162

564149216

199

2,137

1,281

856

1 Exclusive of mutual savings banks.

1

wdtr1

3


TABLE 3.—LOANS AND INVESTMENTS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued

NATIONAL BANKS[In thousands of dollars]



IVtainoNew Hampshire

Tfchodp Island.

IVfirlfllf* Atlantic total

PennsylvaniaKast North Central—total

OhioIndianaIllinoisMichiganWisconsin

Wo«f North Central—totalMinnesotaIowaMissouriNorth DakotaSouth DakotaNebraskaKansas

South Atlantic—totalDelawareIVIar viandDistrict of ColumbiaVirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida

East South Central—totalKpntuokvTennessee\labamaMississippi

West South Central—total' \rkansas

OklahomaTexas

IVIountain—totalMontanaIdahoWyomingColoradoNew MexicoArizonaUtahNevada

Pacific—totalWashingtonOregon 'California

1921

31,898

979385

594

148

148

5 081

1,345

553573

2, 590

669

327

342

764

764

11, 550

2 8098,741

9,2871,9326,122

229522482

3,440435

1,4061,599

1922

31, 484

1, 206401805

1,713

1,713

3,600

721

670988

1,221

5,251

952

2,3001,999

296

296

7, 815822

815 0841,828

9,4843,998

388

795990

3,313

2,119

2,119

1923

45, 219

294

294

5,1175,003

114

10,1821, 754

202201

4,0342,402

755834

2,158

444

1,517

197

865674

191

10,371

7,8652,506

15,2998, 9062,738

354

1,9551,346

933

648285

1924

81, 432

1,837

1, 897

1,130739

391

2, 058

764

1,294

27, 0144,9473,789

3,1988,9714,2791,830

3,462

1,350

6441,463

1,005

206799

13, 029

4,3178,712

30,3056, 7062,5649,3801,7699,554

332

1,5321, 532

1925

64, 453

3,878

3,878

723

207

516

27, 2899, 457

10, 395211

1,5484,846

832

9,561

5231,3582,8874, 164

629

251

251

8,031

5,2092,882

12, 8841,7842,119

7,6171,364

1,7761,097

251428

1926

49, 964

653

653

3,9291, 736

7971,176

220

32,5515,573

17,066663

3,2424,3961,150

461

2, 332

675

1,182

475

1,225

785365

75

4,9661,219

1,2952,452

1,19693

101

1,002

3,112332

2,780

1927

41), 611

9,130

9,130

6,1242,4482,050

682766178

20.1544,6029,414

3811,690

5483,078

441

4,920

3722,343

375

1,830

4,580230

2,3731, 977

1,16149

1,112

3,542

1,7521,790

1928

38, 826

1,535

1, 535

4,2711,194

6331,718

726

11, 6252,4792,701

7672,608

6541, 2501,166

16, 913679

2431, 6341,781

11,953623

1,685

6411,044

175

175

2,622

2,622

1929

45,148

1,283

1,283

4,6131,020

3822,924

287

6, 387213

3,188385

1, 287

797517

18, 497

2671,0251,9272,546

82411,908

1,654

1,420234

1,407495

182730

1,644162

1,006

476

9,6638,862

801

1930

185, 014

1,138

1,138

5, 842474722

4,646

24, 3506,1862, 186

14, 1101, 675

193

24, 656567

13,9151, 3831,4501,0081, 3834,950

37, 963

5135,780

13 ,8083,3491,328

13,185

62, 46638, 38013, 6843, 7336, 669

22, 5787,3191, 9522,183

11,124

391238

153

5,630846

4,784

1931

523,158

45,272

436

44, 835

181, 74723, 40028, 851

129, 496

125, 52828, 63311,08158,81719, 2537,744

34, 7835,0307,3746,6152,5213,9347,3531,956

51,170

4,012

9,06216,71014, 5501,7521,8653, 219

33, 0099,2412,9143, 945

16, 909

30,1843, 603

32226, 259

4,986559

1,591

1,334859470173

16, 4795,7401,3389,401

1932

307, 316

6,797

2, 247

4,550

66, 09315,16122, 28328, 649

94, 7722, 469

14, 48870,3283,2234, 264

40, 0963,167

24,6155, 642

3181, 524

7654, 065

29, 455908990

529594

17,3514,8102,2482, 025

14, 3855,5932, 6415,554

597

10, 600125864

4,0215,590

21, 3711,0538,760

1 401

424

9,733

23, 7474,6505,085

14,012

1933

1, 946, 749

96,10645,112

5,70419, 63825, 652

528,688161 883

91, 265275, 540

851, 91762, 44179, 10288, 732

584, 58037, 062

116, 68911,50029,15646, 287

7,0053,005

10,7129,024

142, 685217

22, 82834, 69315, 65520, 49214, 69825, 9743,8094,319

70, 81217, 47242, 829

5, 7924,719

33, 0512, 506

11,4507,983

11,112

23,2432,1241, 697

12, 3935,205

314690820

83, 55826, 246

9,11348,199

1934

75

7575

1935

4,568

3 673

3 673

284284

246

246

365

365

1936

473

473

473 g

d

00

CD



STATE MEMBER BANKS[Tn thousands of dollars]

0000O

Geographic division and State1


New England.—total. __Maine.MassachusettsRhode Island __Connecticut.-. _ _ _

Middle Atlantic—total.-.New York _ _New Jersey.- - - -. _.Pennsylvania

East North Central—totalOhioIndiana. __ . _ _ __.IllinoisMichiganWisconsin _. .__

West North Central—totalMinnesotaIowTa - - - -Missouri _ _ .South DakotaNebraska -Kansas . . ._

South Atlantic—totalMaryland .Virginia..West Virginia..North Carolina. .South Carolina. .._ _Georgia - -Florida - .

East South Central—total --.Kentucky _Tennessee _ _ _Alabama..-Mississippi

West South Central—totalArkansas _. .Louisiana. „ __OklahomaTexas

IV! ountain—totalMontana -Idaho -_ _ .WyomingN e w M e x i c o ___ _ -U t a h

Pacific—totalWashingtonOregon _ _California

1921

2,613

1, 000772

841

714

714

1,009

1,009

2,703

2,703

2,711175

1,888

413235

12, 98512,463

522

1922

7,551

2,919

2,919

103

103

2,255

2, 255

2,2741, 243

887

144

1923

16,801

1,476

562

914

3, 758239

1,671911937

1,143

1,143

2,2461,737

384125

8,1784,7261,516

1,044892

1924

19, 554

483

483

8,908789

4,093428

3,598

2,795

5042, 291

191

191

1,578839381

358

5, 3502,984

8491,517

249249

1925

12,273

194

194

7,187

6,86484

239

1,839

2211,618

178

178

1,611

721, 539

930588342

334

334

1926

24,308

241

241

18,2i7589

15, 0752,583

2,010

2,010

701

70 r

2,7911,163

209

1,419

318

318

1927

19, 547

3,7571,614

3031,840

3,560

3,118201

241

4,779

3,060172

1,547

3,198

563,142

2,939809

2,130

758107463

188

556

556

1928

10,333

1,2821,026

256

2,570

2,570

6,217

384418

5,415

168

168

156

156

1929

20, 683

1,877

985892

2,4031,424

979

15, 787

884

91613, 987

242

242

114

114

260260

1930

265, 758

213, 735213, 403

332

12, 404576377

11,451

766

346161259

1,848

580853415

21, 55119,317

812,153

14, 48014, 442

38

837

837

137137

1931

342, 562

3,845

3,845

88, 92258,37814,06516, 479

180, 728106, 797

12, 36818,35143, 212

37, 476565

35, 2821,629

6,813

1,4213,865

650877

768

276492

15, 5493,936

11,613

1,532

553

979

6,929448

6,254227

1932

78,198

17, 6i>2

17,692

1,998

1,121877

34, 099

24, 9329,167

8,749

7, 659437

653

1,331

1,331

6,5383, 202

3,336

1,347148536

663

1,157

302

855

5,2873,2562,031

1933

910, 723

41^6352 686

34, 8852, 6181,436

78,5616 5(il

51,13120, 869

505, 831384,398

14 6096, 649

99, 0051,170

32, 479207

3,15328, 951

168

96, 40864 84922, 283

4934,073

4,092618

1,987

225756

1,006

142, 59014,915

127, 054123488

2,0951 248

360

487

9,1474,5483,0701,529

1934 1935 1936

H3







United States—total _

.Vliddle Atlantic—total

Pennsylvania

East North Central—total _-OhioIndiana -Illinois

Wisconsin

W^st North Central—total

TownMissouri - - -_ .___North DakotaSouth Dakota

Kansas


T")i<tript of CJolurnhiaVirginiaWpst VirginiaNorth CJarolinR.South Carolina

"Florida

East South Central—totalKentucky _ _

"VlississioDi

West South Central—total\rkansasLouisianaOklahomaTexas

A'lontanaIdaho\V vominsColoradoNew IV_rexicoArizonaUtahNevada


1921

149, 812

16 705

14 370

2, 335

9,9946 988

3,006

€,654201410

6, 043

31,3635,9845,1732, 6307, 603

4336,1843,256

37, 465

976

925423

2,5535, 591

13, 6993,298

5,634388

1, 951336

2,949

22,3511,2992,1256, 639

12, 28S

19 1615,4854,8851,0681,0871,2104,2141, 212

10,5958, 2131,905

477

1922

79, 048

3,200

1,0611,412

413314

26, 8883, 5531,6275,1112,4762,4745, 6785,969

15,130

635572

1,6156,6394,5431,126

2,530512341

1,677

14, 692849

1, 9499,4992,395

8 8533, 729

533735883496

2, 355

122

7,7551, 3815,491

883

1923

132,289

1,403507

896

5,126

5,126

6, 573229

1, 0653, 350

1,929

63, 3757, 6978,5375, 874

15, 20011,4983,289

11, 280

13,962

255

2,0717,301

7083,627

3,008665

1,009142192

8,277776697

5,2761,528

20 1978,639

2811,3104,3783,7551,834

1,368912267189

1924

149, 305

621

621

5,920717762

3, 689

752

103, 34116, 77229, 07211,62910, 41930, 288

1,5843,577

10,198

328306

2,7663,5892,864

345

4,614972

2,494517631

8,639496113

6,1951,835

13 6184,299

6974,163

6062,1241,632

97

2,3541,195

481678

1925

104, 717

1,642

1,475

167

4,985

4,985

6,174166

1,1832,412

2402,173

53, 8127,194

17,6826,8283, 166

11,7024, 2632.977

14, 463

375635

2,7568,0522,645

4,528558

2,227208

1,535

9,3493,378

5392,1363,196

8 914423

1,044261

1,6582,2643,104

160

95064746

257

1926

192, 502

555

555

10,3572,309

6165, 067

2,265

89, 66516, 24121, 32512,1746, 242

22, 7064,3116, 666

68,184

359217

3,12814,16619, 66130, 653

7,8871,9344,344

2201,389

9,8682,3923,4741, 4642,538

3,086518570288

1,596

114

3,000

9542,046

1927

141, 462

728728

1,119

1,119

26, 0592, 699

10, 1459.5881,0532,574

42, 5039, 4309, 2036,0563, 9934,4114,0515, 359

43,902

2132,1433, 7294,9791,220

31,618

7,2461,7002,870

702,606

12,2553,3431,0735,0612,778

959

13718336266

105106

6,6914, 2901,0911,310

1928

94, 643

87

87

13, 4053,2585, 6153,728

804

31, 4787,2887, 9863, 8533,117

8934,5243,817

30, 488

2,4842,140

9086,1874,011

14, 758

7,0572,1163,186

701,685

9,4043,510

630540

4,724

1,45524

590

676165

1,269756513

1929

173, 858

21, 43)18,0405,7417,710

32,1673.0727,672

16, 451603

4,369

43,2016,3943,6212,7543,0501,561

24,1551,666

48,245257

1,225

1,2126,5305, 6612,7501,233

29, 377

9,010627

2,3664,3461,671

6,7172,063

4,232422

4,813

323471783103

3,133

7,214805

2,2124,197

1930

503, 726

20, 710

1, 0145,314

14,382

88, 42324, 7172,248

61, 458

115,68824, 26735, 73543, 2292,8859,572

63, 9332,515

11, 43419,0084,7149,7759,1166,371

108, 937

5,084

6,6235,180

53,2114,0634,596

30,180

59, 40513, 65319, 2148,019

18, 519

35,37326, 747

3, 9542,5652,006

6 8512,079

59

784

3,373556

5,50771

1955,241

1931

1, 097, 574

79, 4422, 573

647

57,033

19,189

264, 93127, 77536, 744

200,412

421.199156,98441,219

139, 92162,42820, 647

139,05120, 72452, 79418, 2078,049

10,74423,172

5, 361

99, 503

24, 879

10,16223, 21319,09310, 2585,7716,127

39, 47513,1403, 9347,616

14, 785

28, 0357,4235,5383, 763

11,311

15, 895893368

1,2492,425

2, 6588,123

179

10, 0435,6771,3443,022

1932

525, 955

66, 553

18, 287

48, 266

43, 3815, 2063,552

34, 623

166, 6147,712

25, 90784, 30127, 78520, 909

109, 66810, 77669, 9019, 5661,0464, 6966,9816.702

43,364

6,0303, 528

725612

5,45320, 4872,5772,852

13, 5305,0404,3921,8602,238

14, 0321,1595,2824,6792,912

37 279509

4,424982

2, 307103

6,51010,10912, 335

32, 63418, 4463,063

11,125

1933

1, 426, 395

105,89876, 3162,0898,3487 389

11,756

208, 45539 64326, 381

142, 431

515,55897, 55448,08795, 939

151 799122, 179

212,11517, 31693, 40757, 3084,0503,025

27, 7589,251

217, 856562

111,90316,06711,95321,15736,03011,8603,2685, 056

32,2206,1515,7449,422

10, 903

72, 63610, 77038,1379,107

14, 622

15,4583,6181, 806

2724,6522,505

6011,811

195

46,1997,8784,025

34, 296

1934

34, 361

28, 9726 185

21, 5751,212

2, 912

1,710306

53843

1,54279

1,223

240

848

469

119260

7575

12

12

1935

4,512

712

712

1, 557

2914760

1. 321

939

743

196

333

25308

3434

937

585352

1936

9,631

983

982

608

3,4611, 6311,830

1,86.)

1001, 392

68147

162

564149216

199

3,137

1,281

856

i

0000


TABLE 3.—LOANS AND INVESTMENTS OP BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued

PRIVATE BANKSfin thousands of dollars]


0000

Geographic division and Statel


New England—total __

Connecticut _. . _ _


New YorkPennsylvania . _ _ - _-


O h i o _-_ __IndianaMichigan ._ .


Iowa__ . -

South Dakota _Kansas _ - _ __

South Atlantic—total. _

Virginia _-Georgia..Florida


Alabama-. _ - _

West South Central—total _ _

ArkansasTexas. _ _ _ _ __

Mountain—total

MontanaWyoming ___

1921

4,264

459

459

1,228

434399395

300

300

218

12206

1,740

1,740

319

319

1922

806

101

101

340

340

48

48

317

317

1923

1,589

244

44200

970

970

375

375

1924

7,685

551

554

217

217

4,228

3, 529257442

116

116

214

214

2,356

2 356

1925

5,024

2, 327

2,327

381

381

2,042

2,042

65

3134

209

209

1926

4,420

667

667

913

22469

620

2,519

2,032

457

246

246

75

75

1927

4,178

338

338

608

405153

50

2,425

2,425

679

679

100

7030

28

28

1928

2,694

696

696

1, 052

1,052

101

101

830

277

410143

15

15

1929

1,674

1,069

6S0389

215

215

390

390

1930

16, 057

6,252

6,252

302

23567

4,693

4041 1733,116

4,571

4,571

239

239

1931

20,505

322

322

6,436

1, 9674, 469

3,579

945439

2,195

6, 422

6,422

3, 748

2103 536

1932

6,774

3, 354

1801,9491,225

1,681

1, 191

490

1,584

1,584

155

155

1933

13, 543

1,858

1, 185673

8, 019

2, 1533 1352,731

3,465

3,465

150

150

51

51

1934

1,260

82

82

1,088

533555

90

90

1935

.

1936

_ 78

!

78

78

i

_ . __ j

11

1

[

6

>tr1M

<

we£-.ft



TABLE 4.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVEBANKS AT OR NEAR THE BEGINNING OF THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, ANDCLASSES OF BANKS

ALL BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS



New England—total

MaineNew HampshireVermontMMassachusettsRhode IslandConnecticut

Middle Atlantic—totalNew YorkNew JerseyPennsylvania

East North Central—total -

OhioIndianaIllinoisM ichiganWisconsin


MinnesotaIowaMissouriNorth DakotaSouth Dakota . —NebraskaKansas

South Atlantic —total

DelawareMarylandDistrict of ColumbiaVirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgia

Florida

East South Central—total-

KentuckyTennesseeAlabamaMississippi

West South Central—totalArkansasLouisianaOklahomaTexas

Mountain—total

MontanaIdahoWyomingColoradoNew MexicoArizonaUtahNevada

Pacific—total


Numberof activebanks onJune 30,

JQ9Q

28,885

729

1188088

27133

139

2,593

817366

1,410

5,374

991879

1,883653968

8,992

1,5081,7121,647

898688

1,1961,343

3,169

39236

45500338578453722258

1,814

585546347336

3,256

482267959

1,548

1,573

42322215839612287

13233

1,385

390275720

1921-1936

Numberof sus-

pensions

14, 344

142

379

2046

426

748

181133434

2,938

387520952486593

5,255

7261,238

879611572779450

1,871

69818

155156374337436291

759

181201165212

1,367

368137430432

831

25012269

19770495123

433

170124139

Suspen-sions per

100active

banks onJune 30,

1920

49.7

19.5

31.411.322.717.012.118.7

28.8

22.236.330.8

54.7

39.159.250.674.461.3

58.4

48.172.353.468.083.165.133.5

59.0

15.441.540.031.046.264.774.460. 4

112.8

41.8

30. 936.847.663.1

42.0

76.351.344.827.9

52.8

59.155.043.749.757.456.338.669.7

31.3

43.645.019. 3

1921-1929

Numberof sus-

pensions

5,411

10

21

232

41

73

31

375

51100132

1478

2,567

419452293427392366218

944

25

4334

119225322194

200

43664051

614

8645

264219

530

1997161886128193

130

554431

Suspen-sions per

100active

banks onJune 30,

1920

18.7

1.4

1.71.3

.79.11.4

1.6

.9

.82.2

7.0

5.111.47.02.18.1

28.5

27.826.417.847.657.030.616.2

29.8

5.12.1

8.610.120.649.744.675.2

11.0

7.412.111.515.2

18.9

17.816.927.514.1

33.7

47.032.038.622.250.032.214.49.1

9.4

14.116.04.3

Numberof activebanks on

Jan. 1,1930

23, 631

691

997183

25423

161

2,969

935533

1,501

5,261

954859

1,764737947

6,223

1,0291,2521,278

410386803

1,065

2,306

4721540

457293416205405228

1,706

568483348307

2, 559

410225616

1,308

931

19513785

2735646

10435

985

334232419

1930-1933

Numberof sus-

pensions

8,812

131

358

2044

123

692

172119401

2,533

334407817470505

2,647

306785560183177409227

917

49318

10912225511010997

549

134131125159

741

28290

162207

300

5051

8109

9213220

302

11580

107

Suspen-sions per

100active

banks onJan. 1,

1930

37.3

19.0

35.411.324.117.34.3

14.3

23.3

18.422.326.7

48.1

35.047.446.363.853.3

42.5

29.762.743.844.645.950.921.3

39.8

8.543.345.023.941.661.353.726.942.5

32.2

23.627.135.951.8

29.0

68.840.026.315.8

32.2

25.637.2

9.439.916.145.730.857.1

30.7

34.434.525.5



TABLE 4.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVEBANKS AT OR NEAR THE BEGINNING OF THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, ANDCLASSES OF BANKS—Continued

NATIONAL BANKS


United States—total _ . _

New England—total._ ._ __ . _ _ _

MaineNew Hampshire _ _ _VermontMassachusetts - -Rhode IslandConnecticut - . .

Middle Atlantic—total . . .

New York __New Jersey - _Pennsylvania -

East North Central—total _.

OhioIndiana . --- -Illinois -_. - - - .Michigan - - -Wisconsin - -_. _

West North Central—total...

Minnesota - _._Iowa .Missouri. . _ . -_ -___North Dakota, - .___._ _ . .South Dakota _ _ . . _ .Nebraska _ . . _ _K a n s a s -• -

South Atlantic—total _ _ _

Delaware ._ -- _ -MarylandDistrict of Columbia __Virginia . . _ - -West Virginia... - _ . , _ .North Carolina . . . . _ „South Carolina . . . -Georgia _Florida . . . .

East South Central—total... _

Kentucky __Tennessee.. ._ _. .Alabama _ _ _Mississippi --

West South Central—total .

Arkansas . . . _Louisiana _. -Oklahoma . . _Texas _

Mountain—total. __ _ .

Montana __. _______ _ _ .Idaho .WyomingColorado _ . . _ _New Mexico . .Arizona . . _UtahNevada... ._ _._ . . .

Pacific—total

Washing ton _ _ _ _ _ _ _ _ _OregonCalifornia _ _ ___ _ ,

N u m b e rof activebanks onJune 30,

1920

8,024

409

635549

1591766

1.554

491212851

1,367

370254480112151

1,579

331358136181136188249

728

199215

16512287829353

363

13498

10130

1,025

8338

348556

519

1458147

14147202810

480

8790

303

1921-1936

Numberof sus-

pensions

2,719

62

176

1521

12

424

12077

227

534

9479

2267758

664

107217

4696816948

281

330

4335052404029

123

38264019

279

371197

134

218

7339115724

653

134

413162

Suspen-sions per

100active

banks onJune 30,

1920

33. 9

15.2

27.010.930. 613.25.93.0

27.3

24.436.326.7

39.1

25.431.147.168.838.4

42.1

32.360.633.853. 059.636.719.3

38.6

15.832.626.720.041.059.848.843.054.7

33.9

28.426.539.663.3

27.2

44.628.927.924.1

42.0

50.348.123.440.451.130.017.930.0

27.9

47.134.420.5

1921-1929

Numberof sus-pensions

766

3

111

18

32

13

48

111116

28

308

5792

762512811

79

12

54

13221616

15

1284

121

71

6548

139

5926111720

33

35

118

16

Suspen-sions per

100active

banks onJune 30,

1920

9.5

.7

.65.91.5

1.2

. 6

.91.5

3.5

3.04.33.3

"1.85.3

19.5

17. 225.75. 1

34.337.514.94.4

10.9

5.32. 2

3.03.3

14. 926.817.230.2

4.1

.72.07.9

13.3

11.8

8.42.6

18.78.6

26.8

40.732.123.412. 142.615.010.7

7.3

12.68.95.3


Jan. 1,1930

7,403

379

535646

1521062

1,710

559300851

1,305

317219482130157

1,264

26625113012292

157246

629

178012

159115

66477657

379

13899

10735

1,007

7234

292609

326

674325

12027142010

404

10594

205

1930-1933

Numberof sus-

pensions

1,947

59

176

1520

1

405

11775

213

485

8268

2107550

354

50125

3934294037

201

228

4274639182413

108

37243215

158

30103286

78

1313

404323

99

302346

Suspen-sions per

100active

banks onJan. l,

1930

26.3

15.6

32.110.732.613.2

1.6

23.7

20.925. 025.0

37.2

25.931. 143.657.731.8

28.0

18.849.830.027.931.525.515.0

32.0

11.835.033.317. 040.059.138.331.622.828.5

26.824.229.942.9

15.7

41.729.411.014.1

23.9

19.430.2

33.314.821.410.030.0

24.5

28.624.522. 4




STATE MEMBER BANKS



New England—total

Maine . . __ _ _ . .New Hampshi re . .Vermont _M assachusettsRhode IslandConnecticut . _ _ . .

Middle Atlantic—total .__ _

New York _New Jersey _ . .Pennsylvania -

East North Central—total _.

OhioIndianaIllinoisMichiganWisconsin.. -


MinnesotaIowa.MissouriNorth Dakota _South DakotaJNeDrasKa _ __ . .Kansas


Delaware .MarylandDistrict of ColumbiaVirginiaWest Virginia -North Carolina...South CarolinaGeorgia.- - _Florida . .- .

East South Central—total _

Kentucky -TennesseeAlabamaMississippi - _


Arkansas _ . _ . _ _ _ _LouisianaOklahoma _Texas -

Mountain—total _

MontanaIdaho

Colorado ._ --New Mexico . .ArizonaUtahNevada . . . .

Pacific—total

Washington _ . . __Oregon_ . . __ _California


1920

1,374

37

2

2735

186

974247

370

812378

15335

191

2586344

14199

103

471

148

1016349

38

1112141

208

271421

146

133

4341

1384

33

108

512235

1921-1936

Numberof sus-

pensions

592

8

1

511

36

121113

166

331328893

111

86328

741

69

2

362

10397

21

23

115

67

2163

37

70

30212

6

11

44

20213

Suspen-sions per

100activebanks

on June30, 1920

43.1

21.6

50.0

18.533.320.0

19.4

12.426.227.7

44.9

40.756.535.958.28.6

58.1

32.073.382.4

50.021.111.1

67.0

28.6

21.475.020.062.5

114.777.8

55.3

18.225.078.6

500.0

32.2

77.842.914.325.3

52.6

69.851.2

200.0

75.0

33.3

40.7

39.295.58.6

1921-1929

Numberof sus-pensions

229

19

55351

70

6497

611

41

17

285

7

151

27

522

18

55

26162

6

5

10

37

Suspen-sions per

100active

banks onJune 30,

1920

16.7

5.1

6.221.73.83.32.9

36.6

24.057.020.6

42.95.3

11.1

39.8

10.043.882.455.6

18.4

8.335.7

100.0

13.0

18.514.39.5

12.3

41.4

60.539.0

200.0

75.0

15.2

9.3

5.931.8


Jan. 1,1930

1,119

37

21

2545

268

1076497

306

711562

14315

125

104057

936

94

35

131668

394

27

75

123

112

2282

80

71

21173323

22

79

412612

1930-1933

Numberof sus-

pensions

363

8

1

511

36

121113

147

288

25842

41

21421

13

28

2

3613

112

14

2264

40

1641

19

15

45

6

34

17143

Suspen-sions per

100active

banks onJan. 1,

1930

32.4

21.6

50.0

20.025.020.0

13.4

11.217.213.4

48.0

39.453.340.358.713.3

32.8

20.035.036.8

11.1100.0

29.8

40.0

23.137.516.737.528.250.0

51.9

28.640.050.0

133.3

35.7

72.750.050.023.8

21.1

19.029.4

27.3

43.0

41.553.825.0






United States—total.

New England—total.-

MaineNew Hampshire-VermontMassachusettsRhode IslandConnecticut

Middle Atlantic—total-

New YorkNew JerseyPennsylvania-

East North Central—total-

OhioIndianaIllinoisMichigan. _Wisconsin.

West North Central—total.

MinnesotaIowaMissouriNorth Dakota.South Dakota.-NebraskaKansas

South Atlantic—total-

DelawareMarylandDistrict of Columbia..VirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida

East South Central—total-

Kentucky. _-Tennessee.--AlabamaMississippi.

West South Central—total.

Arkansas. _Louisiana.-Oklahoma.Texas

Mountain—total.

MontanaIdahoWyomingColoradoNew Mexico..ArizonaUtahNevada

Pacific—total. _

Washington-OregonCalifornia

1921-1936 1921-1929


1920

19, 487

283

532539851368

853

229112512

3,637

540602

1,325388782.

7,222

1,1521,2681,477

713538989

1,085

2,338

1613729

321208481355595196

1,413

440436232305

2,023

372215590846

921

235100110252

67637123

797

252163382

STumberof sus-

pensions

11, 033

72

1935

202

23

288

4945

194

2,238

260428698320532

4,480

611958805515484706401

1,521

36614

119100320287357255

615

141172114188

1,021

310120330261

543

1476256

14040433520

255

1097274

Suspen-sions per

100activebanks

on June30, 1920

56.6

25.4

35.812.012.823.515. 433^8

33.8

21.440.237.9

61.5

48.171.152.782.568.0

62.0

53.075.654.572.290.071.437.0

65.1

18.848.248 337.148.166.580.860.0

130.1

43.5

32.039.449.161.6

50.5

83.355.855.930.9

59.0

62.662.050.955.659.768.349.387.0

32.0

43.344.219.4

STumberof sus-pensions

4,416

7

21

121

23

41

18

308

3584

1137

69

2,189

356311279365335337206

824

13

3830

105196278173

178

42632746

466

7442

197153

336

114294871352511

3

85

412915

Suspen-sions per

100active

banks onJune 30,

1920

22.7

2.5

3.84.0

1.215. 4

L 5

2.7

1.7.9

3.5

8.5

6.514.08.51.88.8

30.3

30.924.518.951.262.334.119.0

35.2

6.32.2

11.814.421.855.246.788.3

12.6

9.514.411.615.1

23.0

19.919.533.418.1

36.5

48.529.043.628.252.239.715.513.0

10.7

16.317.8

3.9

dumberof activebanks on

Jan. 1,1930

15,109

275

441437779

94

991

269169553

3,650

566625

1,220464775

4,834

753961

1,091288285643813

1,583

2713028

285162344150290167

1,300

423379229269

1,440

316183322619

534

1077757

15027296225

502

188112202

dumberof sus-

pensions

6,502

64

1725

19

21

251

4333

175

1,901

224331582311453

2,252

254646500149147366190

688

263147970

215897482

427

9510587

140

543

23676

129102

207

3333

869

5182417

169

684358

Suspen-ions per

100active

3anks onJan. 1,

1930

43.0

23.3

38.614.313.524.7

22.3

25.3

16.019.531.6

52.1

39.653.047.767.058.5

46.6

33.767.245.851.751.656.923.4

43.5

7.448.550.027.743.262.559.325.549.132.8

22.527.738.052.0

37.7

74.741.540.116.5

38.8

30.842.914.046.018.562.138.768.0

33.7

36.238.428.7

1930-1933


S E P T E M B E R 1937 FEDERAL RESERVE BULLETIN 887

TABLE 5.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVEBANKS IN OPERATION DURING THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSESOF BANKS


Geographic divisionand State


New England—total . .

MaineNew HampshireVermontMassachusetts . _ _Rhode IslandConnecticut -


New YorkNew JerseyPennsylvania

East North Central—total.._

OhioIndianaIllinoisMichiganWisconsin


Minnesota _ _IowaMissouriNorth Dakota.. __ _South DakotaNebraska. .Kansas


Delaware __ __ .MarylandDistrict of ColumbiaVirginiaWest Virginia-Nor th CarolinaSouth CarolinaGeorgiaFlorida

East South Central—total...

Kentucky... _ -TennesseeAlabamaMississippi . . .

West South Central—total...

ArkansasLouisianaOklahomaTexas _

Mountain—total.

Montana-Idaho - . -WyomingColoradoNew M e x i c o . . . ___ . _ArizonaUtah _N e v a d a . . .

Pacific—total .

WashingtonOregonCalifornia,-- . __ _

1921-1936

Averagenumber

of activebanks1921-1936 i

23, 292

659

986982

24325

142

2,714

865451

1, 398

4,800

907799

1,579644871

6,505

1,1121,2401,268

499429866

1, 091

2,411

4421240

441284416267465242

1,620

545475310290

2,567

383220667

1,297

984

22414296

28068479928

1,032

317220495

Num-ber of

suspen-sions

14, 344

142

379

20464

26

748

181133434

2, 938

387520952486593

5,255

7261,238

879611572779450

1,871

69818

155156374337436291

759

181201165212

1,367

368137430432

831

25012269

19770495123

433

170124139

Suspen-sionsper

hundredactivebanks

61.6

21.5

37.813.024.418.916.018.3

27.6

20.929.531.0

61.2

42.765.160. 375.568.1

80.8

65. 399.869.3

122.4133.3to. o

41.2

77.613.646.245.035.154.989.9

126.293.8

120.2

46.9

33.242.353.273.1

53.3

96. 162.364.533.3

84.5

111.685.971.970.4

102.9104. 351.582.1

42.0

53.656.428.1

Annualrate of

suspen-sions perhundred

activebanks

3.9

1.3

2.4.8

1.51.21.01.1

1.7

1.31.81.9

3.8

2.74. 13.84.74.3

5.1

4.16.24.3

8.35.62.6

4.9

.92.92.82.23.45.67.95.97.5

2.9

2.12.63.34.6

3.3

6.03.94.02.1

5.3

7.05.44.54.46.46.53.25.1

2.6

3.43.51.8

1921-1929

Averagenumber

of activebanks1921-1929 i

27, 362

696

1117084

25628

147

2, 891

896457

1,538

5,515

1,009937

1,878715976

8,038

1,3431,5451,553

683557

1,0901, 267

2,912

4222947

493336529363579294

1,829

599545352333

3, 013

471252805

1,485

1,209

2851731153378563

11635

1,259

368267624

Num-ber of

suspen-sions

5,411

10

21

232

41

73

31

375

511001321478

2,567

419452293427392366218

944

25

4334

119225322194

200

43664051

614

8645

264219

530

1997161886128193

130

554431

Suspen-sionsper

hundredactivebanks

19.8

1.4

1.81.4

.810.71.4

1.4

.8

2^0

6.8

5.110.77.02.08.0

31.9

31.229.318.962. 570.433.617.2

32.4

4.82.2

8.710.122.562.055.666.0

10.9

7.212.111.415.3

20.4

18.317.932.814.7

43.8

69.841.053.026.171.844.416.48.6

10.3

14.916.55.0

Annualrate of

suspen-sions perhundred

activebanks

2.2

.2

.2

.2

.11.2

.2

.2

.1

.1

.2

.8

.61.2.8.2.9

3.5

3.53.32.16.97.83.71.9

3.6

. 5

1.01.12.56.96.27.3

1.2

.81.31.31.7

2.3

2.02.03.61.6

4.9

7.84.65.92.98.04.91.81.0

1.1

1.71.8.6

1930-1933

Averagenumberof active

banks1930-1933 i

20,520

647

896980

23923

147

2,705

877486

1, 342

4, 524

853720

1,431644876

5,279

9121,0341,075

301305694958

1,954

4720138

410249318152345194

1,475

513423285254

2,231

312207548

1,164

825

16812579

24353369229

880

296202382

Num-ber of

suspen-sions

8, 812

131

358

2044

123

692

172119401

2, 533

334407817470505

2,647

306785560183177409227

917

49318

10912225511010997

549

134131125159

741

28290

162207

300

50518

1099

213220

302

11580

107

Suspen-sionsper

hundredactivebanks

42.9

20.2

39.311.625.018.44.3

15.6

25. 6

19.624.529.9

56.0

39.256.557.173. 05 <. 6

50.1

33.675.952. 160.858.058.923.7

46.9

8.546.347.426.649.080.272.431.650. 0

37. 2

26.131.043.962.6

33.3

90.443.529.617.8

36.4

29.840.810. 144.917.058.334.869. 0

34.3

38.939.628.0

Annualrate ofsuspen-sions perhundredactivebanks

10.7

5.1

9.82.96.34.61. 13.9

6.4

4.96.17.5

14.0

9.814.114.318.314.4

12.5

8.419.013.015.214.514.75.9

11.7

2.111.611.96.7

12.320.118.17.9

12.5

9.3

6.57.8

11.015.7

8.3

22.610.97.44.5

9.1

7.510.22.5

11.24.3

14.68.7

17.3

8.6

9.79.97.0

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



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

NATIONAL BANKS



banks1921-1936 1

1921-1936

Num-ber of

suspen-sions

Suspen-sionsper

hundredactivebanks


Averagenumberaf active

banks1921-1929 1

1921-1929

Num-ber of

suspen-sions

Suspen-sionsper

hundredactivebanks


1930-1933


banks1930-1933 1

Num-ber of

suspen-sions

Suspen-sionsper

hundredactivebanks


United States—total-

New England—total..

MaineNew Hampshire.VermontMassachusetts .__Rhode IslandConnecticut

Middle Atlantic—total-

New YorkNew Jersey.__Pennsylvania.

East North Central—total..-

OhioIndianaIllinoisMichigan..Wisconsin..

West North Central—total—

Minnesota.IowaMissouriNorth Dakota-South Dakota...NebraskaKansas r .

South Atlantic—total..

Delaware...MarylandDistrict of Columbia..VirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgia ...Florida

East South Central—total. __

Kentucky—Tennessee-AlabamaMississippi-

West South Central—total. _

Arkansas-Louisiana..Oklahoma-Texas

Mountain—total..

MontanaIdahoWyomingColoradoNew Mexico.ArizonaUtahNevada

Pacific—total-

Washington..OregonCalifornia

7,181

376

5254461501361

1,592

816

1,216

319206435114142

1,285

27925612012998162241

629

17781216010867537856

346

126

7132320557

355

795132118321519

402

9785220

2,719 37.9 2.4 8,009 766 9.6

62 16.5 1.0 397

1.1

.1

6,704 1,947

364 59

176152112

424

12077227

534

94792267758

664

1072174696816948

281

3304335052404029

123

38264019

279

371197134

218

7339115724653

134

32.711.132.614.07.73.3

26.6

2.0.72.0.9.5.2

1.7

5955471571564

1,655

.66.71.6

1.1

4854451471060

1,614

17

405

23.329.627.8

43.9

1.51.91.7

2.7

530259866

1,377

1.5

3.5

529284801

1,146

11775213

485

29.538.352.067.540.8

51.7

1.82.43.34.22.6

3.2

357244495125156

1,487

3.14.53.21.65.1

20.7 2.3

186411116144

1,145

82682107550

354

38.484.838.374.482.742.619.9

44.7

2.45.32.44.75.22.71.2

2.8

316326134163116172260

720

18.028.25.238.044.016.34.2

11.0

2.03.1.64.24.91.8.5

1.2

2482061149884160235

552

501253934294037

201

17.638.533.320.646.377.675.551.351.8

1.12.42.11.32.94.94.73.23.2

2.2

18861417412382749059

380

5.62.3 .3

2.93.315.929.717.827.1

.3

.41.83.32.03.0

.4

1673121499952326752

332

2284274639182413

108

30.227.742.161.3

28.5

1.91.72.6

1.8

13810310534 4

121

.71.97.611.8

11.0

1.3

1.2

123 37243215

158

52.134.430.324.1

61.4

3.32.21.91.5

8434381599

425

716548

139

8.32.917.18.0

.31.9

3.6

5730261540

295 78

92.476.534.448.375.040.026.333.3

33.3

5.84.82.23.04.72.51.62.1

2.1

100653713537182211

470

59.040.029.712.654.116.713.6

6.64.43.31.46.01.91.5

583725110271217

35 7.4 .8 99

42.336.528.2

2.62.31.8

10896266

10.28.36.0

1.1.9.7

9686186

29.0

16.2

35.411.133.313.6

1.7

25.1

22.126.426.6

42.3

28.436.651.164.734.7

30.9

20.260.734.234.734.525.015.7

36.4

12.538.433.318.146.575.056.335.825.0

32.5

30.127.035.251.7

17.8

52.633.312.315.9

26.4

22.435.1

36.414.825.011.833.3

26.9

31.326.724.7

7.3

8.92.88.33.4

.4

6.3

5.56.66.7

10.6

7.19.212.816.28.7

7.7

5.115.28.68.78.66.33.9

9.1

3.19.68.34.511.618.814.19.06.3

8.1

7.56.88.812.9

4.5

13.28.33.14.0

6.6

5.6

9.13.76.33.08.3

6.7

7.86.76.2

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



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

STATE MEMBER BANKS



New England—total

Maine -- -New Hampshire. _ _ ..Vermont __ _ _-Massachusetts __ _-Rhode Island __ _ .._ __ _Connecticut


New York - __New Jersey -- - -Pennsylvania __

East North Central—total _..

Ohio -TndianaIllinois - _ - _ _MMrhiuanWisconsin

West North Central—total....

Minnesota -Iowa -MissouriNorth DakotaSouth DakotaNpbr&skaKansas __ __

S o u t h At lant i c—tota l ._ __. _

Delaware. _ _ _MarylandDistrict of Columbia,Virginia -West VirginiaNorth CarolinaSouth Carolina _ _GeorgiaFlorida

East South Central—total_._.

KentuckyTennesseeAlabama., __Mississippi

West South Central—total _

Arkansas.LouisianaOklahomaTexas

Mountain—total _ _ _ __

M o n t a n a . _ _ _ _ _IdahoW y o m i n g , . __ . _ _ .Colorado.- _New Mexico._ _ ._ArizonaUtah - -Nevada

Pacific—total


1921-1936

Averagnumberof activ

banks1921-1936 1

1, 239

38

41

2634

237

1025679

316

741571

13422

166

186J533

1498

118

461

15159

11498

38

89

174

146

2395

109

90

29224433

25

90

402525

Num-ber of

suspensions

592

8

1

511

36

121113

166

331328893

111

86328

741

69

2

362

1039

21

23

115

67

2163

37

70

30212

6

11

44

20213

Suspen-sionsper

hundredactivebanks

47.8

21.0

25.0

19 233.325.0

15.2

11.819 616.5

52.5

44.686.739. 466. 413.6

66.9

44.4103. 352.8

50.044.412.5

58.5

33 3

20.040 022. 290. 979. 687.5

55. 3

25 033. 364. 7

125.0

45.9

91.366. 760. 033.9

77.8

103. 495. 550. 0

200. 0

44.0

48.9

50. 084. 012.0

Annualrate ofsuspen-sions perhundrecactivebanks

3.0

1.3

1.6

1.22.11.6

1.0

.71 21.0

3.3

2.85.42.54.2.9

4.2

2.86.53.3

3.12.8.8

3.7

2 1

1.32 51.45.75.05. 5

3.5

1 62.14.07.8

2.9

5.74.23.82. 1

4.9

6.56.03. 1

12.5

2.8

3.1

3.15.3.8

1921-1929


banks1921-1929 1

1,464

39

31

2744

236

1015679

376

852083

16028

202

2588533

14127

142

461

131511166511

46

91220

5

198

31138

146

110

38293344

29

115

473335

Num-ber of

suspensions

229

19

55351

70

649

7

611

41

17

285

7

1. 5

]

27

522

18

55

26162

6

5

10

37

Suspen-sionsper

hundrecactivebanks

15.6

5.1

5.925.03.63.13.6

34.7

24.055 713. 2

42.98.3

14 3

28.9

9.143.843. 145.5

15. 2

8.325. 020.0

13.6

16.115.425. 012.3

50. 0

68.455.2

• 66. 7

150 0

17.2

8.7

6.421.2

Annualrate ofsuspen-sions pehundrecactivebanks

1.7

.6

.72.8.4.3.4

3.9

2.76 21.5

4.8.9

1 6

3.2

1.04.94.85. 1

1.7

.92.82.2

1 5

1.81.72.81.4

5.6

7.66.17 4

16 7

1.9

1.0

2.4

1930-1933

Averagnumberof activ

banks1930-1933 1

957

33

21

2°44

2.3

976185

251

571148

12114

108

72956

83

78

4

111455

304

21

492

94

1762

69

63

18144322

20

66

352011

Num-ber of

suspensions

363

8

1

511

36

12

13

147

288

25842

41

21421

13

28

2

3613

112

14

2264

40

1641

19

15

45

6

31

17143

Suspen-sionsper

hundrecactivebanks

37.9

24.2

50 0

22 725 025.0

14.8

12 418 015.3

58.6

49.172.752.169.414.3

38.0

28.648 337.5

12.5100.0

35.9

40 0

27 342 920.060.036.750.0

66.7

33 350.066.7

200.0

42.6

94.166.750.027.5

23.8

22.235.7

30.0

51.5

48.670.027.3


9.5

6.1

12 5

5 76 36.3

3.7

3 14 53.8

14.7

12.318.213.017.43. 6

9.5

7.212 19.4

3.125.0

9.0

10 0

6 810 75.0

15.09.2

12.5

16.7

8 312.516.750.0

10.7

23.516.712.56.9

6.0

5.68.9

7.5

12.9

12.217.56.8




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



United States—total-

New England—total .

MaineNew Hampshire .. _Vermont._ __ - _MassachusettsRhode Island ___ _Connecticut


New YorkNew JerseyPennsylvania ._ .- .

East North Central—total, _

Ohio - -Indiana - _ _ _ .. _ ......IllinoisMichiganWisconsin


Minnesota.- -IowaMissouri _. .__ _ .._North DakotaSouth Dakota_-NebraskaKansas _ _.. -


Delaware .Maryland .--.District of ColumbiaVirginiaWest Virginia _ _North CarolinaSouth Carolina.GeorgiaFlorida

East South Central—total __

Kentucky _TennesseeAlabama. __ _. -Mississippi

West South Central—total..

Arkansas .__ _ _ . ....LouisianaOklahoma. -Texas - _...

Mountain—total-. _, . . . . .

MontanaIdaho .. . .WyomingColor ado.New Mexico _ _ .ArizonaUtah .Nevada

Pacific—total

Washington .OregonCalifornia

Averagenumberf activebanks1921-1936'

14, 872

245

421436679

885

247135503

3, 268

514578

1,073396707

5,054

815923

1,095367317695842

1,664

2312827

266161340203338178

1,236

411372198255

1,441

289179342631

1166960

15833295519

540

180110250

1921-1936

N u m -ber of

suspen-sions

11, 033

72

1935

202

23

288

4945

194

2,238

260428698320532

4,480

611958805515484706401

1. 521

36614

119100320287357255

615

141172114188

1,021

310120330261

543

1476256

14040433520

255

1097274

Suspen-sionsper

hundredactivebanks

74.2

29.4

45.221.413.929. 922.229. 9

32.5

19.833. 338.6

68.5

50.674.065.180.875.2

88.6

75. 0103.873. 5

140. 3152. 7101.647.6

91.4

13. 051.651.944.762. 194.1

141.4105.6143. 3

49.8

34.346.257.673.7

70.9

107. 367.096. 541.4

100.7

126.789. 993. 388.6

121.2148. 363. 6

105. 3

47 2

60. 665.529. 6

Annualrate ofsuspen-sions perlundredactivebanks

4.6

1.8

2.81.3.9

1.91.41.9

2.0

1.22.12.4

4.3

3.24.64.15.14.7

5. 5

4.76 54.68.89.56.43.0

5.7

.83.23.22.83.95.98.86.69.0

3.1

2. 12.93.64.6

4.4

6.74.26.02.6

6.3

7.95.65.85.57.69.34.06.6

3.0

3.84.11.9

Averagenumber)f activebanks1921-1929 1

17, 889

260

491437729

79

1,000

265142593

3,762

567673

1,300430792

6,349

1,0021 1311, 366

517427906

1,000

2,050

2013732

306198436273424224

1,403

452430227294

1,717

356205416740

674

1477975

19944416524

674

213138323

1921-1929

Num-ber of

suspen-sions

4,416

7

21

121

23

41

18

308

3584

113

69

2,189

356311279365335337206

824

13

3830

105196278173

178

42632746

466

7442

197153

336

1142948713525113

85

412915

Suspen-sionsper

lundredactivebanks

24.7

2.7

4. 17. 1

1.422.2

1.3

2.3

1.5. 7

8.2

6.212.58.71.68.7

34.5

35. 527 520.470. 678.537. 220.6

40.2

5.02.2

12.415.224.171.865. 677.2

12.7

9.314.711.915.6

27.1

20.820.547.420.7

49.9

77.636.764.035.779. 561. 016.912.5

12.6

19.221.04.6

Annualrate of

suspen-sions perhundredactivebanks

2.7

. 3

.5

.8

.22 5.1

.3

.2

. 1

.3

.9

.71.41.0.2

1.0

3.8

3.93 12.37.88.74. 12.3

4.5

.6

.2

1.41.72.78.07.38.6

1.4

1.01.61.31.7

3.0

2.32.35.32.3

5.5

8.64.17.14.08.86.81.91.4

1.4

2.12.3.5

1930-1933

Averagenumberf activebanks1930-1933 1

12, 859

250

391435709

83

848

251141456

3,127

507523972407718

4,026

657799905203213531718

1, 324

2712326

250136261115248138

1,122

384330185223

1,249

238171285555

467

927450

13024225520

446

16596

185

N u m -ber of

suspen-sions

6, 502

64

1725

19

21

251

4333

175

1,901

224331582311453

2, 252

254646500149147366190

688

263147970

215897482

427

9510587

140

543

23676

129102

207

33338

695

182417

169

684358

Suspen-sionsper

hundredactivebanks

50.6

25.6

43.614.314.327.1

25.3

29.6

17.123.438.4

60.8

44.263.359.976.463.1

55.9

38.780.955.273.469.068.926.5

52.0

7.451.253.831.651.582.477.429.859.4

38.1

24.731.847.062.8

43.5

99.244.445.318.4

44.3

35.944.616.053.120.881.843.685.0

37.9

41.244.831.4

Annualrate ofsuspen-sions perlundredactivebanks

12.7

6.4

10.93.63.66.8

6.3

7.4

4.35.99.6

15.2

11.115.815.019.115.8

14.0

9.720.213.818.417.317.26.6

13.0

1.912.813.57.9

12.920.619.47.5

14.9

9.5

6.28.0

11.815.7

id. 9

24.811.111.34.6

11.1

9.011.24.0

13.35.2

20.510.921.3

9.5

10.311.27.9



T A B L E 6 . — N U M B E R OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY SIZE OF LOANS AND INVESTMENTS,

CLASSES OF BANKS, AND Y E A R S

ALL BANKS»


Size group-loans and investments

(000 omitted)

Under $150..150to249_...250 to 499—.

500 to 9991,000 to 1,999..2,000 to 4,999-.

5,000 to 9,999—10,000 to 49,999-50,000 and over..Not available.—

Total-

Total,1921-1936

5, 5302,7343,036

1,809878508

15192

9196

14, 943

1921

19093

106

502710

22

25

505

1922

13169

17

366

1923

277145124

5621

16

646

1924

319148173

7934

11

775

1925

243130134

66236

16

618

1926

4072,29190

8923

8

1927

296125141

622212

11

9

669

1928

23710093

3719

5

304108123

692412

31

15

659

544250

1406138

10919

1, 350

69940,2474

327183123

4423

117

2,293

1932

543251292

18010255

1710

3

1, 453

1933

1,262667781

613322214

6546723

4, 000

1934

32410

423

2

57

1935

2154

2

f

1

34

1936

2585

42

44

Loans and investments of suspended banks2 (in thousands of dollars)

Under $150150 to 249250 to 499 - _

500 to 999- _1,000 to 1,9992,000 to 4,999.

5,000 to 9,99910,000 to 49,99950,000 and over. _

Total

470, 439530, 396

1, 068, 100

1, 260, 7471, 223, 1401, 529, 251

1,010,0721,712,2391, 251. 421

10, 055, 805

16, 52618,11436, 361

36, 49137, 28624, 877

12,22126,833

208, 709

11,63913,40334,059

21,88519, 52818, 375

118,889

24.81628,43042, 823

37,10230, 41622,311

185, 898

26,75828, 98759, 713

54, 81445, 33619, 664

22, 704

257, 976

20,05525, 23245, 588

44, 83134, 12016, 641

186, 467

34,46744, 34967, 307

61,37431,08821, 030

11,579

271. 194

23, 22823, 80648,049

42, 83128, 20132, 977

5. 58510, 121

214, 798

18, 36819, 33333,147

25, 21426, 40615, 340

8, 748

146,556

24, 74220, 67242, 727

47, 05232, 77336,414

22, 26113, 722

240, 363

45, 37849,166102, 582

95, 45183, 299117,971

65, 209198,096213,403

970, 555

63, 78678, 921167, 962

230, 809260, 086376, 402

305, 515441, 89258, 426

1,983.799

47, 74549, 104101, 659

122, 895139,136176, 998

110,452170, 254

918, 243

107, 217127, 694279, 661

433, 444450, 316637,035

431,130851, 321979, 592

4, 297, 410

2,397774

3,357

2,4412, 5169, 543

14,668

35, 696

1, 760976

1,330

1,341

3, 673

9,080

1,5571,4351,775

2,7722, 633

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.

H

>F

adFF

00

r


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


Size g r o u p -loans and investments

(000 omitted)

Under $150150 to 249250 to 499

500 to 9991,000 to 1,9992,000 to 4,999

5,000 to 9,99910,000 to 49,99950,000 and over

Total

Under $150150 to 249250 to 499

500 to 9991,000 to 1,9992,000 to 4,999

5,000 to 9,99910,000 to 49,99950,000 and over

Total

Total,1921-1936

278424742

606367205

65293

2, 719

1921 1922 1923

90

1924

122

1925

118

1926

123

1927 1928

57

1929

64

1930

161

1931

409

1932

1131

112

276

1933

87133259

28916710S

34222

1,101

1934

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

30,15984,083

266, 420

428,881512, 229607, 588

440, 998486, 960548,070

3, 405, 388

9661,7345,983

5,66110, 4007,154

31,898

5861,0826,583

7,9669,7215,546

31,484

1,9134,145

10,069

7,96714, 2426,883

45, 219

8704,283

13,915

19, 44523, 7877,292

11, 840

81,432

1,0014,357

16,092

17,38415, 53410,085

64,453

2,2775,746

15, 413

14, 98311, 545

49,964

1,3582,990

13, 841

9,9437,1398,755

5,585

49, 611

2422,7577,844

6,21410, 8842,137

8,748

38,826

7102,9788,194

5,91515, 8502,639

8,862

45,148

2,2887,680

14,079

18, 47920, 95445,338

25, 52950, 667

185,014

4,18112, 81335, 412

66,88278, 289

128, 020

81, 26357,87258, 426

523,158

4,0877,259

24, 633

40,35559, 46070, 641

72, 08528, 796

307,316

9,60520,01393, 240

207,687234,424309, 425

227, 086349, 625489, 644

1,946, 749

1935 1936

75

246649

3,673

4,568

473

473

tei

w

1




STATE MEMBER BANKS



(000 omitted)

Under $150150 to 249250 to 499

500 to 9991,000 to 1,9992,000 to 4,999

5,000 to 9,99910,000 to 49,99950,000 and over

Total

Total,1921-1936

7978

134

1266749

27266

592

1921

334

44

1

19

1922

12

1

2

13

1923

55

10

93

32

1924

55

11

125

38

1925

973

63

28

1926

58

12

6

3

1

35

1927

684

42

31

1928

56

311

16

1929

326

41

1

17

1930

539

411

121

27

1931

81118

201316

1110

107

1932

63

15

1576

21

55

1933

171734

352518

12115

174

1934 1935 1936

Under $150150 to 249250 to 499

500 to 9991 000 to 1 9992 000 to 4 999

5,000 to 9,99910 000 to 49 99950,000 and over_. _

Total _ _ _

8 05015, 92747,836

87, 11193, 999

159, 709

171, 636463. 467703,351

1, 751,086

236659

1,269

2,8195,259

12, 463

22, 735

831197790

683

5,050

7,551

Loans and investments of suspended bank

5461,0944,242

6,1774,742

16,801

4041,0773,624

7,9676,482

19, 554 /

9181,415

915

4,0914,934

12,273

5201,7194,341

4,520

6,634

6,574

24,308

5401,5321,374

4,7126,1175,272

19,547

5 (in thousands of dollars)

9461,958

2,0741,1804, 235

10,393

309623

1,838

3,1481,043

13, 722

20,683

467642

3,219

2, 5841,3134,826-

6,20433,100

213,403

285, 758

9282,0636,311

14,26518, 44552,682

74, 923172,945

342, 562

630662

5,089

9,7539,225

20,552

14, 59517,692

78,198

1,7213,298

12, 866

24, 28835, 25960,458

69, 340213, 545489, 948

910, 723

wd

00COCO






Size group—loans and investments

(000 omitted)

Under $150.150 to 249250 to 499 .

500 to 999 . . - . . .1 000 to 1,9992,000 to 4,999

5 000 to 9,99910,000 to 49,99950 000 and overNot available. . .. _

Total

Total,1921-1936

4, 9302, 1642,090

1,055436251

5937

11

11,033

1921

1727779

37157

21

390

1922

1146177

1973

281

1923

25311982

3485

501

1924

291119116

3884

2

578

1925

2119582

3672

433

1926

365189132

60145

1

766

1927

26210093

40126

1

514

1928

2268063

2311

3

406

1929

2818995

571211

2

547

1930

492199232

1064322

55

1,104

1931

624314342

20311365

2210

4

1,697

1932

479207204

1055227

47

1,085

1933

1,096499478

28713088

1913

6

2,616

1934

1949

423

2

43

1935

2142

1

30

1936

2484

42

42


Under $150150 to 249250 to 499

500 to 9991,000 to 1,9992,000 to 4,999

5,000 to 9,99910,000 to 49,99950,000 and over

Total

413,533417,149728, 926

729, 220606, 854753, 848

397, 438761,812

4,808,780

14,91214, 70726, 950

27, 30221,62717, 723

12, 22114, 370

149,812

9,90811,97226, 346

13,2369,8077,779

79,048

22, 22822, 99127, 852

22, 35811,43215,428

122, 289

24,43323,06640, 593

26, 55511,42212,372

10, 864

149, 305

17,41518,42127, 644

23, 35611,3256, 556

104, 717

30, 47936,03745, 747

41, 29519, 54314, 396

5,005

192,502

20,29218, 90031,058

27,19614, 94518,950

10,121

141, 462

17, 67215, 46522, 450

15, 74614,3428,968

94, 643

22, 73816, 69032, 387

37, 98915,88033, 775

13, 399

172, 858

40, 32039,10882, 893

73. 38858, 23861,974

33,476114, 329

503, 726

56,27861, 601

120, 766

143,038162,060193,427

149,329211,075

1, 097, 574

41,18240,34069, 525

71.11470, 45185, 805

23, 772123,766

525, 955

91,06894, 912

169,682

200,093180,633267, 152

134, 704288,151

1, 426, 395

1,369774

3,050

2,4412.5169; 543

14, 668

34, 361

1,760730681

1,341

4,512

1,4791,4351,302

2,7722,633

9,621

00CD

i

wdr

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



CLASSES OF BANKS, AND YEARS—ContinuedPRIVATE BANKS


Size group—loans and investments

(000 omitted)

Under $150150 to 249_250 to 499 1

500 to 9991,000 to 1,9992,000 to 4,999

5,000 to 9,99910,000 to 49,99950,000 and overNot available.. ...

Total

Total,1921-1936

2436870

2283

185

599

1921

657

25

44

1922

411

17

23

1923

312

1

16

23

1924

1435

13

11

37

1925

1353

2

16

39

1926

1445

1

28

52

1927

1625

1

9

33

1928

81

2

6

19

1929

1321

15

31

1930

279

222

9

58

1931

281315

911

13

80

1932

2246

2

3

37

1933

621810

2

17

109

1934

12

1

13

1935 1936

1

1

Under $150150 to 249250 to 499. .

500 to 9991,000 to 1,9992,000 to 4,999

5,000 to 9,999 . .10,000 to 49,999 .50,000 and over

Total .

18,69713, 23724, 918

15, 53510,0588,106

90,551

4121,0142,159

679

4, 264

314152340

806

Loans and investments of suspended banks

129200660

600

1,589

1,051561

1,581

8473,645

7, OS?,

7211,039

937

2. 327

5,024

1. 191847

1,806

576

4, 420

1,038384

1,776

980

4,178

i (in thousands of dollars)

454165895

1.180

2,694

985381308

1, 674

2, 3031,7362,391

1,0002,7945,833

16,057

2, 3992,4445,473

6.6241,2922,273

20, 505

1,846843

2, 412

1, 673

6,774

4,8233.4713,873

1,376

13, 543

953

307

1,260

78

78

tr1

i3

dFF

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

00



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


(000 omitted)

Under $150150 to 249250 to 499

500 to 9991,000 to 1,999 _2,000 to 4,999

5,000 to 9,99910,000 to 49,99950,000 and over

TotaL

ALL BANKS,

Numberof activebanks,

June 30,1920

6,5485,1146,977

4,9912,7331,573

508369

72

28, 885

OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS i

Number of bank suspensions per 100 active banks

Total1921-1936

80 752.142.5

35 831.832 1

29.724.912.5

49.7

1921

2.81.71.4

1.01.0

6

.4

.5

1.6

1922

1.91.31.4

6. 54

1.2

1923

4 22.81.7

1 l. 8

4

2.2

1924

4.72.82.4

1 61.1

4

8

2.6

1925

3.52.41.9

1.3.8

4

2.0

1926

6 04 42.7

1.8.8

5

.4

3.2

1927

4.32 41.9

1 2.8.8

.2

.3

2.2

1928

3.51 91.3

.7

.7

.3

. 2

1.7

1929

4.42 11.7

1.4.9.8

.6

.3

2.2

1930

7.94 74.0

2.82.22 3

2.02.41.4

4.5

1931

10.27 66.6

6.46.77.8

8.76.21.4

7.7

1932

8.04 84.1

3.63.73.5

3.32.7

4.9

1933

18.312 711.1

12.211.813 6

12.812.59.7

13.5

1934

. 31

.1

. l

. 1

.2

.4

.2

1935

. 31

. 1

. 1

. 1

1936

. 4

. 2

.1

.1

. 1

. 1

NATIONAL BANKS

Under $150_.150 to 249.._.250 to 499....

500 to 9991,000 to 1,999.2,000 to 4,999 .

5,000 to 9,999._..10,000 to 49,999..50,000 and over..

Total

345759

2,029

2,1761,423

811

26018437

8,024

80.655.936.6

27.825.825.3

25.015.88.1

33.9

2.61.1

.6

1.7 4.62.61.5

1.1

2.62.82.0

1.31.3.4

1.5

2.93.02.3

. 5

1.5

6.73.72.0

1.5

3.52.01.9

.6

.4

.5

1.1

1.81.1

.4

.5

.1

2.02.01.0

.4

.8

.1

5.85.12.0

1.31.11.6

1.51.1

2.0

11.38.44.9

4.43.95.1

4.21.62.7

5.1

10.44.93.3

2.73.02.7

4.21.1

3.4

25.217.512.8

13.311.713.3

13.112.05.4

13.7

.3

c2)

STATE BANKS (MEMBER AND NONMEMBER) i

Under $150_.150 to 249—.250 to 499—.

500 to 9991,000 to 1,999.2,000 to 4,999.

5,000 to 9,999.__.10,000 to 49,999..50,000 and over-

Total

6,2034,3554,948

2,8151,310762

24818535

20, 861

80.851.544.9

42.038.439.4

34.734.117.1

55.7

2.81.81.7

1.51.5

1.1

2.0

2.01.41.6

.7

.5

.7

4.22.81.9

1.5.8.7

2.6

4.82.92.6

1.81.0.5

3.0

3.52.31.7

1.5.8.3

6.04.52.9

2.31.11.0

.8

3.8

4.32.52.0

1.71.21.0

3.62.01.4

2.0

4.62.12.0

2.21.01.4

. 5

2.7

8.04.64.9

3.93.43.0

2.43.82.9

5.4

10.27.57.3

7.99.610.6

13.310.8

8.6

7.84.84.4

4.34.54.3

2.44.3

5.5

17.911.810.3

11.411.813.9

12.513.014.3

13.4

.3

.1(2)

.1

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.



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


Size g roup-Capital stock (par value)

Under $25,00025,000 .

25,001 to 49,999 . .50,00050,001 to 99,999 . , .

100,000100,001 to 199,999200,000 to 499,999

500,000 to 999,9991,000,000 to 4,999,999.5,000,000 and overNot available

Total

Total1921-1936

4,6613,441

1,3942,178

628

1,081407723

175111

9135

14, 943

1921

194107

366221

341315

13

19

505

1922

12790

414412

178

15

12

366

1923

295151

477418

266

16

13

646

1924

321190

599331

471214

2

6

775

1925

236140

438843

37

OS

QO

4

618

1926

395233

10213037

426

11

4

16

976

1927

246167

659328

371114

1

7

669

1928

195107

398115

3879

2

5

498

1929

231151

659921

451317

36

8

659

1930

474293

14217247

983457

131019

1,350

1931

546512

220357100

18894

180

4932

15

2,293

1932

392345

14022965

994597

2911

1

1,453

1933

945932

385648182

364145253

69498

20

4,000

1934

2813

131

414

2

57

1935

175

35

2

2

34

1936

195

6

7

331

44

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

Under $25,000..25,000

25,001 to 49,999_.50,00050,001 to 99,999..

100,000100,001 to 199,999..200,000 to 499,999_.

500,000 to 999,9991,000,000 to 4,999,999.5,000,000 and over . . , .

Total..

65,37886,025

47, 526108,90043,780

108,10056,957

180,803

103,178172,073114,846

1,087, 566

2,7142,675

1,2093,1001,443

3,4001,9173,325

3,000

23, 732

1,7362,250

1,4122,200812

1,7001,1003,350

3,775

1,6353,7001,258

2,600891

3,525

14, 560 21,367

4,2734,750

2,0134,6502,149

4,7001,7473,150

1,000

3,1313,500

1,4724,4002,996

3,7001,3254,230

5,5085,825

3,5416,5002,546

4,200788

2,474

2,100

28,432 24, 754 33,482 25,371

3,245

4,175

2,2084,6501,916

3,7001,4773,500

500

2,8182,675

1,3414,0501,095

3,8001,0302,100

1,000

3,775

2,1754,9501,435

4,5001,8643, 800

1,5006,225

19,909 33, 432

6,7197,325

4,8358,6003,217

9,8004,904

14,745

7,05019,34625, 250

111,791

7,99212,800

7,49117,8507,045

18, 80013,13846,041

29,92346,885

207,965

5,6358, 625

4, 78311,4504,510

9,9006,242

24,005

16,80016, 500

13, 51023, 300

13,08032,40012, 818

36,40019,98964, 537

41, 236 1,12080,117

108,450 426,983 3,822

391325

3015060

400125

1,221

243125

100250

200

"600

1,518

272125

201

"480

300420200

N A T I O N A L B A N K S


$25 00025,001 to 49,99950 000

50 001 to 99,999100 000100 001 to 199 999

200 000 to 499,999500 000 to 999,9991,000,000 to 4,999,999 _ . .5 000,000 and over

Total _. -

752198687

196395140

25164342

2,719

242

13

25

CO

C

O

52

165

12

244

6

49

419

21

491

5

90

431130

11172

71

122

415

29

16124

11

118

452036

912

1

123

316

27

1384

11

91

153

20

572

41

57

156

20

694

3

1

64

561529

10273

1272

161

10234

101

205930

45117

409

642557

184117

40113

276

25756

291

8018565

11232212

1,101

1

1

111

1

4

1

1

Capital stock of suspended banks (in thousands of dollars)

$25,000 -25 001 to 49,99950,000

50 001 to 99,999100 000100 001 to 199,999

200,000 to 499,999500,000 to 999,9991 000 000 to 4 999,9995,000,000 and over

Total

18,8007,014

34,350

13,68839,50019,876

62,78536,37556,80035,000

324,188

60064

650

150500425

600

2,989

400175600

135400575

1,250

3,535

1,025305

1,050

290900153

1,100

4,823

1,075385

1,500

7501,700

300

1,450500

7,660

1,025185

1,450

1,1051, 200

575

2,450

7,990

1,125717

1,800

6531,200

200

5,695

775210

1,350

905800575

300500

5,415

375110

1,000

390700275

800500

4,150

375210

1,000

430900580

600

"i,"666

5,095

1,400545

1,450

6602,700

450

3,6203,8505,000

19, 675

2,5501,2005,050

1, 3725,9004,255

11, 2356,375

11,410

49,347

1,600885

2,850

1,2504,1002,450

10,1756,4504,800

34, 560

6,4251,993

14, 550

5,59818, 5009,138

28, 70518, 20034, 59035,000

172, 699

25

25

253050

300

405

125

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.



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


Size group—Capital stock (par value)

Under $25,000 _25,00025,001 to 49,999

50,00050,001 to 99,999100,000 _ - -

100,001 to 199,999200,000 to 499,999500,000 to 999,999 __ _

1,000,000 to 4,999,9995,000,000 and over

Total _.

Total1921-1936

212164

1094089

267031

346

592

1921

33

5CM

CO

H

1

1

19

1922

45

1_

2

13

1923

102

1222

13

32

1924

104

918

42

38

1925

111

1

535

2

28

1926

167

66

1]

35

1927

133

4

6

14

31

1928

32

425

16

1929

42

324

1

1

17

1930

82

415

3

31

27

1931

911

179

12

71710

15

107

1932

116

85

10

256

2

55

1933

2916

30

22

93014

125

174

1934 1935 1936

Capi ta l stock of suspended b a n k s l (in thousands of dollars)

Unde r $25,000 ._25,00025,001 to 49,999

50,00050,001 to 99,999100,000

100.001 to 199,999200.000 to 499,999500,000 to 999,999

1,000,000 to 4,999,9995,000,000 and over

Total

333,0252,237

5,4502,8798,900

3,52917,85019,025

50, 72574, 846

188, 499

75100

250149300

160200

1,000

2,234

100171

50

100

400

821

25065

600145200

125725

2,110

250150

45060

800

560400

2,670

15275

35

250225500

650

1,950

18150255

350426600

200500

2, 499

325105

200

600

1441,100

2,474

7565

200135500

975

10070

150135400

125

1,000

1,980

20075

20060

500

800

3, 75025, 250

30, 835

225400

850689

1,200

9754,5256,075

19, 475

34, 414

275210

400310

1,000

2501, 4003, 200

3,100

10,145

725536

1,500545

2,200

1,1907, 4509,250

22,40049, 596

95, 392

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

Under $25,00025,000

25,001 to 49,999 __50,00050 001 to 99,999

100,000100 001 to 199,999200,000 to 499,999 . . .

500,000 to 999,9991,000,000 to 4,999,9995,000,000 and overNot available

Total

4,3392,514

1,1061,353

382

581239394

7943

12

11,033

17977

294417

229

10

12

390

12069

302910

1247

281

28899

364110

1548

501

302133

425318

1865

1

578

21185

355223

1854

433

378172

718321

2468

3

766

225120

556115

2369

514

18986

31568

2645

1

406

210131

577513

328

14

34

547

441223

12313536

653140

55

1,104

503397

171234

68

11357

116

2810

1,697

366267

10716141

482651

126

1,085

876635

31032294

15670

111

2316

12

2,616

1611

131

414

2

43

174

24

2

"""I

30

185

6

7

321

42

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

Under $25,000_.25,000

25,001 to 49,999..50,00050,001 to 99,999..

100,000100,001 to 199,999_.200,000 to 499,999..

500,000 to 999,9991,000,000 to 4,999,999.5,000,000 and over.—

Total..

61,56762,850

37,36967,65026,503

58,10033,29697,813

47, 27864, 548

5,000

561, 974

2,5301,925

9752,2001,144

2,2001,3322,225

9492,000

17,480

1, 6431,725

1,0361,450677

1,200525

1,700

9,956

3,905

2,475

1,2652,050715

1,500613

1,700

14, 223

4,0543,325

1,4012, 6501,264

1,800887

1,300

17,181

2,8512,125

1,1732, 6001,591

1,800750925

5,3464,300

2,4334,1501, 386

2,400788

1,774

1, 600

13,815 24,177

3,0163,000

1,8633,0501,011

2,300758

2,100

17,098

2, 7462,150

1,0612,800570

2,600600

1,300

2,9543,275

1,8953,750870

3,2001,1593,200

1,5004,225

14,327 26,028

6,3215,575

4,1526,7502,497

6,5004,4549,775

2,70010, 596

59,320

7,4189,925

5,75111, 7004,783

11, 3007,908

29, 631

17,47316,000

121,889

5,3306,675

3,6188,0502,870

4,8003,542

12,080

7,1508,600

62, 715

12, 70515,875

10, 44516,1006,585

15, 6009,r~

28,382

13, 786 1,12023,127

5,000

248

3015060

400125

1,221

157,165 3,629 1,113

243100

70200

200

"300

257125

201

"480

300295200

1,858

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



TABLE 8.—NUMBER OF BANK SUSPENSIONS AND CAPITAL1 OF SUSPENDED BANKS, 1921-1936, BY SIZE OF CAPITAL,


PRIVATE BANKSNumber of bank suspensions

Size group—Capital 1

Under $25,00025,000 .

25,001 to 49,99950,00050,001 to 99,999

100,000100,001 to 199,999...200,000 to 499,999

500,000 to 999,9991,000,000 to 4,999,9995,000,000 and overNot available

Total

Total1921-1936

32054

262910

16

8

1

133

599

1921

153

2

4

1

19

44

1922

71

12

12

23

1923

1

2

13

23

1924

194

211

4

6

37

1925

243

221

2

1

4

39

1926

1610

441

1

16

52

1927

213

11

7

33

1928

63

31

1

5

19

1929

211

_

8

31

1930

336

24

1

2

1

9

58

1931

434

453

4

2

15

80

1932

263

231

1

1

37

1933

6911

3

1

11

18

109

1934

121

13

1935 1936

1

1

Capital of suspended banks 2 (in thousands of dollars)

Under $25,00025,000

25 001 to 49 99950,00050 001 to 99 999

100 000100,001 to 199 999200,000 to 499,999

500,000 to 999,9991 000 000 to 4 999 9995,000,000 and over

Total _

3,7781,350

9061,450710

1,600256

2,355

500

212, 905

18475

70

400

300

1,029

9325

30100

248

7825

108

211

219100

775075

400

921

26575

7910075

200

205

999

144250

13620081

300

1,111

22975

3050

384

7275

10550

155

457

25425

50

329

398150

63200

100

550

500

1,961

574100

140250201

400

650

2,315

30575

7015080

350

1,030

805275

10625090

100101

1, 727

14325

168

15

15

1 Represents amounts shown as "permanent capital" or "capital" in State banking department reports, bankers' directories, etc., and doesnot 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.



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

Size g roup-Capital stock(par value)

Under $25,00025,000_ —

25,001 to 49,999 _.50,00050,001 to 99,999 _

100,000100,001 to 199,999200,000 to 499,999

500,000 to 999,9991,000,000 to 4,999,999__5,000,000 and over

Total

ALL BANKS, OTHER THAN PRIVATE AND MUTUAL


June 30,1920

8,2406,399

2,3954,5041,222

2,829869

1,587

40638747

28, 885

SAVINGS ]BANKSi


Total1921-1936

52.752.9

57.147.750.6

37.646.645.1

42.928.719.1

49.7

1921

2.21.6

1.41.41.7

1.11.5.9

.2

.8

1.6

1922

1.51.4

1.7.9

1.0

.6

.9

.9

1.2

1923

3.52.3

2.01.61.3

.9

.71.0

2.2

1924

3.72.9

2.42.02.5

1.51.4.9

. 5

2.6

1925

2.62.1

1.71.93.4

1.21.01.1

2.0

1926

4.63.5

4.12.82.9

1.5.7.6

1.0

3.2

1927

2.72.6

2.72.02.3

1.31.3.9

.2

2.2

1928

2.31.6

1.51.81.2

1.3.7.6

. 5

1.7

1929

2.52.3

2.72.21.7

1.61.51.1

.71.6

2.2

1930

5.44.5

5.83.73.8

3.43.93.5

3.02.62 1

4.5

1931

6.17.9

9.07.87.9

6.510.811.2

12.18.3

7.7

1932

4.45.3

5.85.05.2

3.55.26.0

7.12.8

4.9

1933

10.614.4

15.914.314.8

12.816.615.9

17.012.717.0

13.5

1934

.2

.2

(2)

!i

.i

.i

.3

.5

.2

1935

.2

.1

.1

.1

.1

- - - - - -

. 1

1936

.2

.1

.3

.6

.1

.3

.1

. 1

NATIONAL BANKS

$25,000 _

25,001 to 49,99950,00050,001 to 99,999 _ - .

100,000100,001 to 199,999200,000 to 499,999

500,000 to 999,9991,000,000 to 4,999,999__5,000,000 and over

Total

2,149

4561,959

495

1,425365758

20918028

8,024

35.0

43.435.139.6

27.738.433.1

30.618.97.1

33.9

1.1

.4

.7

.4

.4

.8

.4

.6

.7

1.1.6.4

.31.1

.8

.6

1.9

2.01.1.8

.6

.3

.7

1.1

2.0

2.41.52.2

1.2. 5.9

.5

1.5

1.9

.41.53.2

.81.11.5

1.5

2.1

4.41.81.8

.8

. 1

1.5

1.4

1.31.42.6

.61.1.1

.5

1.1

.7

.71.01.0

.5

. 5

.5

.5

.7

. 7

1.31.01.2

.61.1

.4

.6

g

2.6

3.31.52.0

1.9.8

1.6

3.31.1

2 0

4.7

7.55.24.0

4.18.25.9

5.33.9

5.1

3.0

5.52.93.6

2.94.75.3

5.31.7

3.4

12.0

12.314.916.2

13 017.814.8

15.311.77.1

13.7

. 21

1

m

. 3

m

Under $25,000. _ _25,000

25,001 to 49,999 __50,00050,001 to 99,999 __

100,000100,001 to 199,999200,000 to 499,999

500,000 to 999,999..1,000,000 to 4,999,999__5,000,000 and over

Total

8,2404,250

1,9392,545

727

1,404504829

197207

19

20, 861

52.762.0

60.357.458.0

47.752.656.0

55.837.236.8

55.7

STATE

2.21.9

1.71.92.6

1.82.01.3

.51.4

2.0

1.51.7

1.81.21.4

.9

.81.1

1.4

BANKS (MEMBER AND NONMEMBER)

3.52.6

2.02.11.7

1.21.01.3

2.6

3.73.4

2.42.42.6

1.92.0.8

.5

3.0

2.62.3

1.92.23.6

1.61.0.7

2.2

4.64.2

4.03.53.7

2.11.21.1

2.0

3.8

2.73.1

3.02.62.1

2.11.41.6

2.6

2.32.1

1.72.41.4

2.2.8.6

.5

2.0

2.53.2

3.03.1

• 2.1

2.61.81.7

1.52.4

2.7

5.45.4

6.45.55.1

5.06.25.2

2.53.95 3

5.4

6.19.6

9.49.9

10.6

8.912.716.0

19.312.1

8.6

4.46.5

5.86.66.3

4.15.66.8

9.13.9

5.5

10.615.6

16.813.813.9

12.715.717.0

18.813.531 6

13.4

.2

.3

.1

.1

.1

.3

.2

.5

1.0

.2

.2

.1

.1

.2

.1- - - - - -

. 1

.2

.1

.3

1.0

.2

.4

.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.


T A B L E 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


Population of city

Under 500 - „_500 to 9991,000 to 2,499

2,500 to 4,9995,000 to 9,99910,000 to 24,999

25,000 to 49,99950,000 to 99,999 _.100,000 and over

Total

Total1921-1936

4,9292,9322,904

1,321814715

287276765

14,943

1921

1899982

362530

21329

505

1922

1356077

311611

71118

366

1923

312118115

332314

65

20

646

1924

316161136

663128

136

18

775

1925

218125129

693024

44

15

618

1926

372218208

703224

91033

976

1927

259148126

611734

66

12

669

1928

19897

106

312517

65

13

498

1929

235139137

493524

88

24

659

1930

431272273

1246555

253768

1,350

1931

665401426

213140134

6754

193

2,293

1932

444255281

1499283

282497

1,453

1933

1,098816787

380276232

10688

217

4,000

1934

248

10

232

26

57

1935

1267

123

21

34

1936

2194

62

11

44


g

dIT1Under 500

500 to 9991,000 to 2,499..__

2,500 to 4,999—5,000 to 9,999—_10,000 to 24,999-

25,000 to 49,999-50,000 to 99,999-100,000 and over

Total

620,089649,014

1,022, 304

762,684740,854

1,011,214

620,341906,041

3, 723, 264

10,055, 805

25, 59218,86224,886

15, 76618,99036,135

2,50010,40755, 571

208,709

19,33212,97223,392

11,7358,8037,444

9,30410,66115,246

118,889

43, 70926,81337,685

11,90819,86912,946

3,58612,97916,403

185,898

39,86936, 54351, 738

33, 58622,45925,183

17,0417,72923,828

257,976

25, 77824,64541, 576

29,26016,09628,681

6,3972,75411,280

186,467

42,05847,61766,445

36,97217,14313,083

9,48010, 52127,875

271,194

27,65131,06842, 209

37,34316,01037, 592

7,7385,7149,473

214, 798

19, 94016,00132, 504

13,69416,71519,906

6,20010,72510,871

146, 556

24, 79421,67339,883

25,44436, 78630,911

8,9877,80344,082

240,363

46, 42553,63783,839

62,88954,17367,464

40,82390, 785470,520

970,555 1,983,799

53, 52548, 38895,054

77,01271,054128, 755

72, 86989,965281,621

918,243

150,086209,175320, 865

269, 422312, 253377, 669

283,555455, 500

1,918, 885

4,297,410

2,7871,2201,806

6844,0484,358

10,911

35, 696

1,0261,417784

762271

4,558

1,7211,1661,278

3,4671,910

22608

10,172

1 Exclusive of mutual savings banks2 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.


TABLE 10.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY POPULATION OF TOWNS AND CITIES,


N A T I O N A L B A N K S


Population of city

Under 500500 to 999 ________1,000 to 2,499

2,500 to 4,9995,000 to 9,99910,000 to 24,999 -

25,000 to 49,999 -50,000 to 99,999.100,000 and over

Total

Total1921-1936

279485750

425301240

8149

109

2,719

1921

61216

65

52

1922

107

16

552

211

49

1923

211531

1054

211

90

1924

162632

23109

312

122

1925

82444

2368

2

3

118

1926

212745

2261

1

123

1927

132332

1544

91

1928

84

24

863

31

57

1929

81224

793

1

64

1930

204036

231512

465

161

1931

4065

108

604739

189

23

409

1932

213663

503634

105

21

276

1933

86192277

173147113

352553

1,101

1934

1

1

1935

21

1

4

1936

1

1

Under 500500 to 9991 000 to 2,499

2,500 to 4,9995,000 to 9,99910,000 to 24,999

25,000 to 49,99950,000 to 99,999100,000 and over

Total

63,321146, 271341, 437

317,417357, 667453, 673

260, 829249, 821

1,214,952

3, 405, 388

9003,4657,281

3,1606, 682

10,410

31,898

1,9272,9678,385

3,0803,5772,127

4,1761,9993,246

31, 484

Loan

4,0663,470

11,729

4,8509, 6125,247

2,3802,1381,727

45,219

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

3,3457,666

16,600

14,00111,13014, 249

5, 675764

8,002

81,432

1,3036, 903

18, 557

12,1174,051

11, 852

4,051

5,619

64, 453

4,3628,315

14, 681

14,8775,671

683

1,375

49, 964

2, 5866,263

14, 943

15,1006,4314,288

49, 611

1,570917

8,691

3, 6366,1905,604

3,4708,748

38, 826

1,1473,000

10,090

5,36618,1266,424

995

45,148

3,7019,102

14, 262

13,05117, 88424, 266

14,00432, 36156, 383

185,014

9,31418,63749, 834

43, 62652, 39669, 946

62,93922, 307

194,159

523,158

3,3527,054

26, 502

33,81333, 26372,143

37,01419,06675,109

307, 316

25, 67367, 863

139,163

150, 740182, 654222, 761

124, 750162, 438870, 707

1, 946, 749

75

75

649246

3,673

4,568

473

473




STATE MEMBER BANKS


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

Population of city

Under 500500 to 9991,000 to 2,499

2,500 to 4,9995 000 to 9,99910,000 to 24,999

25,000 to 49,99950,000 to 99,999100,000 and over

Total

Total1921-1936

7791

120

834555

272569

592

1921

51

21

41

19

1922

CO

CO

2

3

1

1

13

1923

711

141

1

32

1924

966

1024

1

38

1925

843

633

1

28

1926

94

11

432

2

35

1927

6112

6

3

111

31

1928

434

2

2

1

16

1929

324

5

2

1

17

1930

32

10

311

214

27

1931

67

19

201113

65

20

107

1932

38

12

85

10

315

55

1933

112935

151413

121332

174

1934 1935 1936

U n d e r 500500 to 9991,000 to 2,499

2 500 to 4 9995,000 to 9,99910,000 to 24,999

25,000 to 49,99950 000 to 99 999100,000 and over

Total

18, 52425, 22353, 874

57 97536, 88985, 885

89, 297186 647

1,196, 772

1,751,086

1,8001,076

269

1, 5851,978

3 56412, 463

22, 735

417576807

701

2, 919

2,131

7, 551

2, 6932,4475, 533

5543,0731,590

911

16,801

1,8602,3002,836

6,4441,7513, 330

1, 033

19, 554

1, 235596

1, 544

2,4421, 5043,173

1,779

12.273

2, 698831

3,339

3,7691, 6053,130

8,936

24, 308

9782, 469

859

5,512

2, 727

1,7303 1422,130

19,547

8811,2921,871

550

1,564

4, 235

10, 393

852176

1,023

3,366

1, 544

13, 722

20, 683

427369

3,079

1 378'490

1,313

6,53613, 783

238, 383

265, 758

2,0941,2629,202

14,31810, 73426, 862

22, 34463, 715

192,031

342, 562

7691,8336,053

3,9292,391

14,214

11, 9043,914

33,191

78, 198

1,8209, 996

17, 459

15,01213,75624, 460

41,05298, 529

688, 639

910, 723

i3W

oCO






Population of city

Under 500500 to 9991 000 to 2,499

2 500 to 4,9995,000 to 9,999 ._ _ .10 000 to 24,999

25 000 to 49,99950 000 to 99,999100,000 and over

Total

Total1921-1936

4,2962,2251,954

795452414

174191532

11,033

1921

1627258

301522

1822

390

1922

1134556

22108

41013

281

1923

27892

67

20139

4315

501

1924

28011896

321813

849

578

1925

18490

78

371812

149

433

1926

319175143

432320

61027

766

1927

21910492

3913

27

5510

514

1928

17885

77

211811

349

406

1929

210113105

372619

7822

547

1930

384220

221

954942

182649

1,104

1931

592308282

1328082

4337141

1,697

1932

395207201

895039

151871

1,085

1933

935576461

190112106

5949128

2,616

1934

1578

132

25

43

1935

1246

1

to t

o

2

1

30

1936

2093

62

11

42


g

wd

Under 500500 to 9991,000 to 2,499

2,500 to 4,999.—5,000 to 9,99910,000 to 24,999..

25,000 to 49,999,.50,000 to 99,999-100,000 and over

Total

514,872459, 432608,468

382,346344,468470, 520

268, 825464, 740

1, 295,109

4, 808, 780

21,78913,66716, 693

12,60610,04423, 747

2,5006,637

42,129

149,812

16, 7399,212

13, 860

7,9545,2265,317

2,2098,662

79,048

36, 28520,67620,053

6,2147,1846,109

1,20610,84113,721

122, 289

34,32124,94331,108

11,841'9, 5646,641

9,0136,956

14,918

149,305

21, 90116,38421,120

14,46910, 54113,647

5672,7543,334

104, 717

34,10737,09547, 249

18,0919,8679,195

8,10510, 52118, 272

192, 502

21,81520,76826,407

16, 3939,579

30, 577

6,0082,5727,343

141, 462

17,14813, 68621,532

9,50810,44212, 649

2,7301,9774,971

94, 643

22,05517,99328,340

16,71218,66022,943

7,9927,803

30,360

172,858

39, 53542, 33665, 593

46, 86535, 79941, 885

20, 21342, 618

168, 882

503,726

80,19073,13492,979

74, 79660,729

119, 721

66, 57890, 686

438, 761

1,097,574

47,16338, 24360,079

38, 57035,24542,398

23,95166,985

173,321

525,955

117,001128, 255160,673

103, 553115, 359130,448

117,753194, 533358,820

1,426, 395

2,1541,1061,439

5454,0484,358

10,9119,800

34,361

1,026768538

762271885

262

4,512

1,6431,166

805

3,4671,910

9,621

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




PRIVATE BANKSNumber of bank suspensions

Population of city

Under 500 . ___500 to 9991,000 to 2,499 _ _

2,500 to 4,9995,000 to 9,99910,000 to 24,999

25,000 to 49,99950,000 to 99,999..._ _100,000 and over

Total

Total1921-1936

27713180

18166

51155

599

1921

1610

3

116

44

1922

953

111

3

23

1923

646

21

13

23

1924

11112

112

117

37

1925

18

4

331

CO

39

1926

23129

1

1

2

4

52

1927

2110

1

1

33

1928

851

11

3

19

1929

14124

1

31

1930

24106

3

14

10

58

1931

272117

12

39

80

1932

2545

21

37

1933

661914

23

14

109

1934

812

1

1

13

1935 1936

1

1


Under 500. .500 to 9991,000 to 2,499. .

2,500 to 4,999 .5,000 to 9,99910,000 to 24,999 „

25,000 to 49,999... _50,000 to 99,999100,000 and over

Total

23, 37218,08818, 525

4,9461,8301,136

1,3904,833

16,431

90, 551

1,103654643

679

206979

4,264

249217340

806

665.220370

290

44

1,589

3431,6341,194

1,30014

963

1, 3209

908

7,685

1,339762355

232

9

2,327

5,024

8911, 3761,176

235

75

667

4,420

2, 2721,568

338

4,178

341106410

8389

1,665

2,694

740504430

1,674

2,7621,830

905

1 595

702,0236,872

16,057

4,1984,7846,345

415

2, 5952,168

20, 505

2,2411,2582,420

700155

6,774

5,5923,0613,570

117484

719

13, 543

558114367

139

82

1,260

78

78

aw

i—i

3

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

COO



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


Populationof city

Under 500 _ _.500 to 9991,000 to 2,499

2,500 to 4,9995,000 to 9,99910,000 to 24,999

25,000 to 49,99950,000 to 99,999100,000 and over

Total


June 30,1920

8,2665,1475,680

3,0282,0111,733

739644

1,637

28,885


Total1921-1936

56.354.449.7

43.039.740.9

38.241.143.4

49.7

1921

2. 11.71.3

1.21.11.7

11.91.4

1.6

1922

1.51. 11.3

1.0.7.6

91.7.9

1.2

1923

3.72.21.9

1.01.1.8

8.6

1.0

2.2

1924

3.72.92.4

2. 11.51.5

1 6.8. 7

2.6

1925

2.42.32.2

2.21.31.3

5.6

2 0

1926

4.24.03.5

2.31.61.3

91.61.8

3 2

1927

2.92.72.2

2.0.8

2.0

8.9. 7

2 2

1928

2.31.81.8

1.01.2.9

8.8.6

1 7

1929

2.72.52.3

1.61.71.4

1 l1.21.4

2 2

1930

4.95.14.7

4.03.23.2

3 25.13.5

4 5

1931

7.77.47.2

7.06.97.7

9 17.9

11.2

7 7

1932

5.14.94.9

4.94.54.8

3 83.75.9

4 9

1933

12.515.513.6

12.513.613.4

14 313.513.0

13 5

1934

.2

. 1

.1

0). 1.1

.3

.3

2

1935

.1

.1

.1

0).2

. 3

. 1

1

1936

.2

.2

0).2.1

.2

.1

1

NATIONAL BANKS

Under 500500 to 9991,000 to 2,499

2 500 to 4 9995,000 to 9,99910,000 to 24,999

25,000 to 49,99950,000 to 99,999100,000 and over

Total

6691,1642,131

1,338927803

308230454

8,024

41 741.735.2

31 832.529 9

26.321.324.0

33.9

91.0.8

4.59

.6

1 5.6.8

4.52

6.4.2

.6

3 11.31.5

7.55

6.4.2

1.1

2 42.21.5

1 71.11 1

1 0.4.4

1.5

1 22.12.1

1 7.6

1 0

6

.7

1.5

3 12.32.1

1 6.61

3

1.5

1 92.01.5

1 l.45

1.1

1 2.3

1.1

6.64

1 0.4

.7

1 21.01.1

51.0

4

3

.8

3 03.41.7

1 71.61 5

1 32.61.1

2.0

6 05.65.1

4.55.14 9

5 83.95.1

5.1

3 13.13.0

3.73.94 2

3 22.24.6

3.4

12 916.513.0

12.915.914 1

11 410.911.7

13.7

1

0)

20)

1

0)

0)

0)

STATE BANKS (MEMBER AND NONMEMBER)

Under 500500 to 999. _ . _ _1,000 to 2,499

2,500 to 4,9995,000 to 9,999 ._ -10,000 to 24,999

25,000 to 49,99950,000 to 99,999 . . . .100,000 and over___ __

Total . _

7,5973,9833,549

1,6901,084

930

431414

1,183

20,861

57.658.158.4

52.045.850.4

46.652.250.8

55.7

2.21.91.7

1.81.62.5

.22.91.9

2.0

1.51.21.6

1.5.9.9

1.22.41.2

1.4

3.82.52.2

1.21.61.1

.9

. 71.4

2.6

3.83.12.9

2.51.81.8

2. 11.0.8

3.0

2.52.42.3

2.51.91.6

.51.0.8

2.2

4.34.54.3

2.82.42.4

1.42.42.5

3.8

3.02.92.6

2.71.23.2

1.41.4.9

2.6

2.42.22.3

1.41.71.4

.71.0.8

2.0

to t

oC

O O

O

3. 1

2.52.42.3

1.61.91.9

2.7

5.15.66.5

5.84.64.6

4.66.54.5

5.4

7.97.98.5

9.08.4

10.2

11.410. 113.6

S.6

5.25.46.0

5.75. 15.3

4.24.66.4

5.5

12.515.214.0

12.111.612.8

16.515.013.5

13.4to

to

.2

.1

.3

.2

. 5

.4

. 2

.2

. 1

.2

. 1

.2

.2

. 5

. 1

. 1

. 1

.4

.2

. 2

. 1

. 2

1 Less than .1.



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

ALL BANKS i

Month

January - -FebruaryMarch

AprilMayJune - -

JulyAugust-. -_ __ _-September

OctoberNovember _ _December _ . _ _

Total-

Total,1921-1936

1,620951

4,163

686693795

743616757

1,1851,2051,529

14, 943


1921

632945

424021

303629

576350

505

1922

574230

322919

122419

263442

366

1923

353646

312930

485253

71102113

646

1924

1529069

728052

453534

404858

775

1925

1006242

455537

271928

537773

618

1926

715153

576681

1424942

87154123

976

1927

1358075

484640

352636

514255

669

1928

564864

473029,

242020

417742

498

1929

587052

406679

671837

417061

659

1930

908780

905967

646767

71256352

1,350

1931

1987686

6491

167

93158305

522175358

2,293

1932

34211945

7482

151

1328567

10293

161

1,453

1933

236150

2 3,460

301211

1222CO

t-» 00

29

4,000

1934

2364

515

321

322

57

1935

3

3

424

513

135

34

1936

159

552

423

215

44

NATIONAL BANKS

JanuaryFebruary _ _March

AprilMayJune

JulyAugustSeptember _ -

OctoberNovemberDecember _ ._ _ __ __

Total

252171

1,120

83100131

829497

198167224

2, 719

724

541

242

77

52

610

1

332

232

737

49

465

546

576

1916

90

272014

1087

652

896

122

24156

12103

334

101018

118

'785

59

13

486

152518

123

181411

5107

242

756

91

767

551

143

288

57

4136

369

723

416

64

9188

52

10

987

102649

161

201518

172426

162946

1003563

409

7424

7

61444

201712

201919

276

4420

21,028

211

3

1

1

1,101

1

1

1

1

1

1

4

1

1

STATE MEMBER BANKS

J anuaryFebruaryMarch

MayJune _ . .

JulyAugustSeptember

OctoberNovember . _ _ _December

Total

7839

175

20

to

to

162131

475067

592

211

11

211

423

19

1

3

1

1

223

13

315

31

21

376

32

1263

1

1

11

15

38

821

242

11

313

28

421

113

1--

5

610

35

825

431

14

21

31

143

1

1

1__

112

16

I-1 tO

tO

111

21

141

17

411

2

1

12

78

27

551

32

10

21216

258

18

107

Os

co

564

424

65

55

157

2 150

1

1

174


JanuaryFebruaryMarch

AprilMavJune _

July - -AugustSeptember

OctoberNovemberDecember

Total . .

1,223702

2,733

542534599

609470599

892951

1, 179

11,033

482333

323118

232724

435236

390

493124

272411

71916

152830

281

262833

231920

384346

597591

501

1095548

597040

352632

283343

578

614133

303330

231422

376247

433

583947

505160

1354034

5810589

766

1056257

343229

332129

373441

514

443851

382426

211514

386730

406

525231

355767

581532

356350

547

726869

805353

465252

57220282

1,104

1645263

4161

126

68110231

384130267

1,697

2488633

5460

100

1056351

8168

136

1,085

164118

2 2,198

281110

72110

148

27

2,616

2041

214

221

321

43

2

3

423

412

135

30

159

552

413

214

42

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



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

PRIVATE BANKS

Month

JanuaryFebruaryMarch__- __

April _.MavJune

JulyAugust __ -. _

OctoberNovemberDecember

Total .

Total,1921-1936

6739

135

413838

363130

483759

599

1921

637

541

342

324

44

1922

11

to t

o

to

5

221

212

23

1923

21

.O

CO

C

O

3

311

21

23

1924

494

224

33

312

37

1925

742

182

111

345

39

1926

22

155

211

9186

52


1927

422

513

1

528

33

1928

4

MW

C

O

1

112

12

19

1929

314

122

2

124

31

1930

5

2

343

966

43

13

58

1931

944

345

77

12

132

10

80

1932

735

923

33

1

1

37

1933

135

184

211

2

1

109

1934

323

3

1

1

13

1935 1936

1

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 theparagraph on "Bank suspensions in 1933" on page 866.



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

ALL BANKS *


MonthTotal

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

JanuaryFebruary . __March. _

AprilMayJune

July _.AugustSeptember . .

OctoberNovember . .December. . .

Total

678,035348, 479

3,479, 643

226, 586252,021530, 738

306,925329,089352,724

628,187472, 253907, 205

22, 563 12, 84322,247 1708415,078 11

7,25011,21316, 813

10,3267,5114,552

13, 67515,94725,013

6,9237,8682,917

2,4484,8472,852

4,456

9^847

5,6396,495

13, 674

8,5097,117

11,079

12, 60715, 6758,737

14,67721,43023,962

47, 94823, 82714, 238

16,83728, 6788,337

16,3157,091

9,97011,43919, 491

26,68215,9419,967

14,84616, 25710,063

6,1582,287

14,16720, 23921,609

13,99811,6829,640

13, 52614, 41729,496

44,8359,89.2

12,924

16, 79741,49641, 675

30, 66926,10332,801

12,71813, 26910,382

12,26917, 7199,284

13, 87710, 250

12,02118,02216,877

9,1116,776

10,963

8,0735,5468, 5d4

8,0.8027, 69510,718

18,49024, 1119,221

10,42715, 56925,412

60,8016,7249,666

26, 52332,43323,172

31,87619, 38357,850

29,7562,2,78721, 568

75,712 218,86734,17934,320

41, 68343, 210

51, 71410,874 23,276,368

133,057 31,8351,261296

62,182

31,61334, 370

190, 480 132,661

12,49622,15,470 372;

19. 679"1,331

:, 138256 179,331

40,745180,028233, 505

471,38067, 939

277,051

48,74329,51313, 508

20,09243,31970, 914

18, 83132, 72521,927

10, 72818, 9236,885

5,6852,4706,917

1,341236788

120237144

268228183

464

390204

1,223

661180

4,806

17296681

951,198

825

705729347

2,340129470

2,87149

1,548

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

JanuaryFebruary . _.March

AprilMayJune

JulyAugustSeptember _ -

OctoberNovember_.December. __

Total

186,30491,103

1,568,083

50, 65857, 394

118,833

64, 38668, 828

102, 816

150, 010161, 465183, 617

2,803, 500

2,9861,595

769

1,6162, 461

71

2281,140

668

4,1572,6012,485

2,4443,742

476

3231,5291,540

1,394

2,1041,6593,791

20, 777 20,197

5301,5953,881

1,3972,907

1,8124,5841,550

2,4646,4196,236

34,244

13, 2948,6965,646

4,1749,2693,210

7,9162,556

2,8113,3583,631

64,890

8,8554,5913,126

6,0676,2262,342

6492,624

5,8934,5578,948

55, 574

2,12,776518

1,1793,2484,171

1,1952,0243,473

5,18411,0666,465

7,3745,496

3,6016, 2251,752

2,3478,342469

2,1051,1201,347

45, 547

2,3443,5032,124

2,0062,2661,631

2302,3392,777

40512, 7104,148

36,483

10,0473,9551,978

1,4334,0743,686

8,639316

1,303

4,071364

1,748

41, 614

3,43414, 4637,261

2,9691,317

15, 495

11,0712,7801,465

3,37563, 34843,468

170,446

14, 5695,822

10, 899

19, 49812,32031, 368

7,04531, 62979, 446

111,08828, r-87,448

439,171

63,48217,1274,484

2,6346,263

42, 555

17, 72211,075

6,20926, 22413,395

55,93815, 864

21,521,425

4,:799

7,911

3,300

879

144

214,150 1, 610, 549

40

40

313

194

261

4,545

5,313

507

607

STATE MEMBER BANKS

JanuaryFebruary..-March

April..May_.June..

JulyAugustSeptember. -

OctoberNovember _ _December.._

Total

54, 59836,538771, 233

19, 75514, 37663, 282

17, 61755, 79136, 586

124,17153,277

216, 361

1, 463, 585

78095074

10, 508

2,31332187

785311955

17, 363

6,041

392333146

7,113

1,129

782

2,478265

310511

1,3892,5152,691

12, 559

5,2563,660

387

156

22

101247

94882

2,840

13, 645

3,07829237

6942,843

155

78540

358720

1,C

9, 883

1,323409221

2,463748

1,229

189

458

1,2344,978

10, 214

23, 466

4,599760

2,142

1,777875

3,178

225764

1,9301, 692

17, 942

8165,6851,262

178

260

239

432451323

10, 247

481381117

23672244

10,820

708

4,56352516

313

"359

532179

2981, 91.8

797

16, 459 202, 399

7,2157,901

108

2,2645,055

39, 434

1,80552, 66030,272

117, 2594,216

25, 768

293, 951;

10,873

8,427

11,8871, 2377,589

1, 769798

1,725

3, 3587,490

55,153

14,3947,239

2 759,839

67

783, 399


JanuaryFebruary. __March

AprilMayJune

JulyAugustSeptember..

OctoberNovember..December. _.

Total

428, 281206, 755

1,123, 802

149,470174,075338, 529

216, 990198,109208,029

343, Q16249, 413497, 072

4,133, 541

18, 367 10, 30812, 5645,227

16,192

12, 452 j

5,3647,9196, 234

7, 6406,1093,447

8, 24411, 84621, 345

125,159 61, 964

6,5005,9241,308

1,4453,1332,544

1,9605,2775,774

3,9403,7739,235

7,6403,1777,507

9,63310, 5807,187

IQ, 82212, 49615,035

29,1718,7417,732

11,94318,9774,758

7,3952,8475,651

6,6566,99713,020

101,025 123, 888

13, 7249,9066,262

7,3804,8527,491

4,4621,4746,116

7,73613, 99711,147

94, 547

9,5268,3148,901

9,7849,620

23, 702

42,8777,8138,931

8,14821, 76924,132

183, 517

20, 42817, 77724, 973

6,3425,7785,292

9,9229,1527,901

9,1266,5978,215

131, 503

8,3628,834

13, 269

6,5024,4689,057

6,8573,1614,416

7,24314, 5346,007

92, 710

7,96219, 5136,565

10, 60916, 374

41, 3425,7007,503

7,82819, 72912, 769

17, 91217, 91815, 085

26, 98017, 76039, 979

17, 46617, 78419,116

16,05383, 925

159,011

164,858 448,989

52, 266 143, 06318,02422, 882

19,18025,455

118, 628

29,46493,894

121,495

236, 93235, 466

162,261

935, 947 429,079

24,8394,776

16,15126, 44182,091

28, 45017,1208,803

13, 77913, 73749,829

61, 240 3138,032

2 985, 050

14, 54231, 92614,016

7,21718, 8674,044

5,3332,4706,732

1,189,469 35, 456

,1371,130

104

1,103236716

237144

268228

73

780

"464

390204

1,029

400180261

17296681

825

705729347

2,34058

470

2, 87149

1,041

4, 702 10, 728

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



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

PRIVATE BANKS


Month

January. __ _FebruaryMarch...

April ._MayJune

JulyAugust .September

OctoberNovember. _December. __

Total

Total1921-1936

8,85214, 08316, 525

6,7036,176

10,094

7,9296,3615,293

10, 9908,098

10,155

111, 259

1921

4303,5101,783

270365

145230250

4891,189

228

8,889

192(2

77884

100415

30

45320

136

1,908

1923

40345

69

65400

852

2

1,773

1924

2272,730

473

564432347

9031,441

409202

7,728

1925

1,0251,152

542

7052,336

75

8659

180965426

7,551

1926

450183

100801394

5745562

2,2313,683

864

9,397

1927

273192190

998391160

150

716841426

4,337

1928

499

222

4254215

74746

710

240

2,946

1929

262561

7214

5,108

860

299245156

7,712

1930

614

310

1,614306

2,017

1,2191,691

808

251755

5, 677

15, 262

1931

1,6622,432

431

741380

1,050

2,4311,8452,292

6,101218

1,574

21,157

1932

1,4491,3211,614

941429426

802520

104

200

7,806

1933

1,4851,047

i 10 054

21156

102

208

118

13, 281

1934

698131192

238

72

110

1,441

1935 1936

71

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 bankssuspended March 16-31: nonmember State banks $19,773,000 and private banks $208,000. See, in this connection, the paragraph on "Bank suspen-sions in 1933" on page 866.

TABLE 14.—MUTUAL SAVINGS BANKS SUSPENDED 1921-1936

Yearof sus-

pension

1922192819301930193119321932

State

MaineMarylandMassachusetts.New Hampshire _ _ _Wisconsin. __Massachusetts __ __Minnesota

Numberof sus-

pensions

1111111

Popula-tion of

city

5,083796, 296

6,95585,70039, 251

103,90814,038

DepositsLoansand in-

vestments

(In thousandsof dollars)

1,861194

4,86711,400

4375,392

160

1, 945124

3,64512,155

4076,703

156

Yearof sus-

pension

19321933193319331933

State

MassachusettsMarylandIndianaWisconsinWisconsin __

Total

Numberof sus-

pensions

11111

12

Popula-tion of

city

6,955804,874104,19339,251

578,249

DepositsLoansand in-

vestments

(In thousandsof dollars)

3,886187

1,657318115

30, 474

4,230272

4,000333180

34,150


FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES

911



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

Date

Reserve bank credit outstanding

Billsdis-

countedBills

bought

U. S.Gov-ern-

mentsecuri-

ties

OtherReserve

bankcredit1

Total

Mone-tarygoldstock

Treas-urycur-

rencyout-

stand-ing

Moneyin cir-cula-tion

Treas-urycashhold-ings

Treasurydeposits

withFederalReservebanks

Non-mem-ber de-posits

OtherFed-eral

Reserveac-

counts

Member bankreserve balances

TotalExcess(esti-

mated)

End of month figures:1936—June 30

July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

1937—Jan. 31Feb. 27Mar. 31Apr. 30May 31June 30July 31

Wednesday figures:1936—Sept. 2

Sept. 9Sept. 16Sept. 23Sept. 30

Oct. 7Oct. 14Oct. 21Oct. 28

Nov. 4_Nov. 10Nov. 18Nov. 25

Dec. 2Dec. 9_Dec. 16Dec. 23Dec. 30

1937—Feb. 3Feb. 10Feb. 17Feb. 24

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

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

May 5 _May 12May 19May 26

June 2 _June 9June 16June 23June 30

July 7—.July 14...July 21. . .July 28 . .

Aug. 4___Aug. 11_.Aug. 18..

2,4302,4302,4302,4302,4302,4302,4302,4302,4302,4302, 5252, 5262,5262,526

2,4302,4302,4302,4302,430

2,4302,4302,4302,430

2,4302,4302,4302,430

2,4302,4302,4302,4302,430

2,4302,4302,4302,430

2, 4302,4302,4302,4302,430

2,4592,4872,4872,526

2,5262,5262,5262,526

2,5262,5262,5262,5262,526

2,5262,5262, 5262,526

2, 5262, 5262,526

2141543330

31432323

7292518

28294210046

28424122

1716122212

23272529

3029199

2326381922

35402216

172618

2,4732,4622,4712,4732,4762,4532,5002,4972,4652,4582. 5652,5852,5622,574

2,4632,4822,4952,4732,473

2,4722,4852,4632,462

2,4482,4702,4642,457

2,4672,4682,4832,5422,484

2,4632,4772,4782,460

2,4572,4542,4502,4632,458

2,4932,5282,5232,571

2,5772,5762,5652,557

2,5732,5732,5832,5622,562

2,5782,5852,5642,560

2,5612,5722,565

10, 60810, 64810, 71610, 84511,04511,18411,25811,35811,43611,57411,79911,99012,31812,446

10, 71710, 73610, 76210, 78610, 845

10,97111,00311,00811,031

11,05811,10511,12711,162

11,18811, 20611, 22211, 22911,251

11,36411,38711,40311,425

11, 44311,48411,51511,54111, 574

11,59211, 69711, 73711, 782

11,83811,88211,90711, 977

12,02712,11812, 22012, 27012,318

12,37612,42312, 40412,433

12, 46212,49712, 527

2,4982,4962,5002,5122,5162. 5212, 5322,5322,5362,5412, 5432,5472, 5502,572

2,5022,5082,5072,5092,512

2,5092,5122,5142,514

2,5152,5162,5202,520

2,5222,5252,5322,5312,530

2,5312,5312,5302,532

2,5352,5372,5382,5372,541

2,5392,5412,5402,541

2,5472,5452,5472,546

2,5482,5472,5482,5502,550

2,5522,5512,5532,574

2,5722,5732,577

6,2416,1626,2276, 2676,3516, 4666,5436,3496,3996,3776>4266, 4626,4476,460

6,2256,2766,2556, 2396,267

6,3056,3166,3116,302

6,3786,3936,3756,429

6,4666,4976,5526,6806,550

6,3486,3606,3516,372

6,4076,3766,3856,3756,377

6,3876,3836,3886,381

6,4266,4056,3996,399

6,4876,4356,4156,3946,447

6,5246,4576,4366,424

6,4686,4826,500

2,4972,4322,4042,4582,3882,3642,3762, 5202,6082,7532,9673,1443,4453,586

2,3752,3652,3712,3992,458

2,4402,4212,4032,390

2,3922,3662,3782,370

2,3532,3722,3462,3422,368

2,5292,5632, 5752,602

2,6202,6722,6972,7232,753

2,7742,8762,9142,956

3,0133, 0563,0793,140

3,1823,2543,3483,3963,445

3,5113,5503,5273,576

3,6053,6403,672

6904471042537778244195194311887393233

10755418388253

19613588100

95555079

11093173251231

176132162180

21618687279311

27511211995

97106117

1158525015193

10190184228309253156

262306287234205201259281288236288272285301

280271251255234

271249227220

200191197206

212229227256274

286310300302

280238243326236

247236245270

237250261

255279267324285

285275258305

320327340

257253256262262261261260253258257255260258

255288263

263261264263

262262260261

260278265266270

261259256255

253254261260258

258258259258

257257256256

256255263263

258258258258

258259258

5, 6336,0056,4106, 3576, 7536,7886,6066,7816,6956, 6396, 8816,9156,9006,753

6,4416,4716,2066,2256,357

6,4796,6176,6936,732

6, 6936,8256,8516,795

6,7756,7316,6746,5076,572

6,7586,7716,7686,705

6,6606,7496,8306, 5786,639

6,6846,9016,8776,934

6,8826,9436,9186,944

6, 8546,9296,8086,8546,900

6,8276,9286, 8586,776

6,6366,6816,744

2,7173,0291,9501,8402,1752,2361,9842,1522,0781,3981, 594918865791

1,9581,9971,7141,7431,840

1,9542,0722,1272,158

2,1382,2602,2762,210

2,2052,1572,0461,8811,946

2,1502,1842,1862,097

1,3101,3801,4491,2691,398

1,4421,6271,5871,643

887936907

860931752814865

875964874813

704740782

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 inAnnual Report for 1935 (table 2) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent monthsand years are shown in the table on p. 832.



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

Wednesday figures

1937

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

End of month

1937

July June

1936

July

ASSETS

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

Redemption fund—F. R. notesOther cash _

Total reserves

Bills discounted:For member banksFor nonmember banks, etc

Total bills discounted

Bills bought:Payable in dollars _Payable in foreign currencies

Total bills boughtIndustrial advances—

U. S. Government securities:Bonds _Treasury notesTreasury bills

Total Government securities

Other Reserve bank credit

Total Reserve bank credit outstanding.

LIABILITIES

F. R. notes in actual circulation

Deposits:Member bank—reserve accountU. S. Treasurer—general accountForeign bankOther deposits

Total deposits

Ratio of total reserves to deposit and F. R. noteliabilities combined (per cent)

8,831,946 8,832, 398 8, 833, 39910,122 10,784 9,784

303,051 306,903 312, 308

8, 833, 899 8, 833,905 8,9,936

323, 6579,976

318,928

I, 835,4079,549

307, 824

8,835,406 8,833,900 8,835,907 8,197, 52710,399 9,284 10,471 12,663

277,661 317,081 312,309 292,661

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

18, 286•2

16, 6952

15,4021

15,2161

12,1711

15, 0451

13,0171

14, 9891

3,941

18,288 16, 697 15,403 15, 217 12,172 15,046 13,018 14, 990 9,929 3,950

33,070

33,069

43,074

1273,074

2063,074

5133,083 3,083

33,074

7183,083 3,092

3,07321,007

3,07221,043

3,07821,082

3,20121, 596

3,28021, 665

3, 59621, 759

3,21, 783

3,07721,163

3,80122,152

3,09229,073

732, 5081,157, 713635. 969

732, 5081,157, 713635, 969

732, 5081,157, 713635, 969

732, 5081,162, 713630, 969

732, 5081,162,713630, 969

732, 5081,16V

627, 969713 1

732, 508L, 165,713627,969

732, 5081,160,'

632, 969

732, 508,170,713622, 969

324, 7211,496, 719608,787

2, 526,190 2, 526,190 2, 526,190 2, 526,190 2, 526,-3,206 ' "~ ' ""'4,598 - 4 , 394

,526,- 6 , 364

i, 190491

2, 526,190 2, 526,190 2, 526,190 2, 526,190 2,430, 227" '" — -4,81818, 499 13,161

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

4, 238, 391 4, 228,043 4, 222,016 4,193, 413 4,197, 871 4, 213,898 4, 252,4174, 220, 663 4,206,477 3, 978, 394

6,743, 874 6,155, 689199,602140, 513

681,124252, 690193,493133, 626

, 635, 764308,778195,093124,926

6, 775, 505 6,858, 300 6, 927, 951227, 818 183, 743 90, 232185,042 161, 864 159,009120,372 95,966 115,621

6,826, 707 6, 753, 495 6,900, 288 6,005,108100,937 233,084 92,813 446,908172,325 183,496 157,400 60,292112,381 117,980 127,671 245,519

7, 239, 678 7, 260, 933 7, 264, 5617,308, 7377, 299,873 7, 292,813 7, 212, 350 7, 288,055 7, 278,172 6, 757,827

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 SECURITIESHELD BY FEDERAL RESERVE BANKS


Total Within15 days

16 to 30days

31 to 60days

61 to 90days

91 daysto 6

months

6months

to1 year

1 yearto

2 years

2 yearsto

5 yearsOver

5 years

Bills discounted:July 28._ -Aug. 4Aug. 11Aug. 18

Bills bought in open market:July 28Aug. 4Aug. 11Aug. 18

Industrial advances:July 28Aug. 4Aug. 11Aug. 18

U. S. Government securities:July 28Aug. 4.Aug. 11Aug. 18

15,21715,40316, 69718, 288

3,2013,0783,0723,073

21, 59621,08221,04321,007

2, 526,1902, 526,1902, 526,1902, 526,190

12,30412, 55414, 23716,083

262238

,149657636783

43, 37529,44720, 246

511447426397

27117717890

94251534

27,44718, 24630, 546104,170

774915829920

173

1, 555

656861672691

142, 926140, 359138, 83465, 661

945666

2,5492,5492,567

142

792524446445

57, 73657,82156,47258, 034

817821259219

2,0502,0652,2512,214

222,616305, 753306, 787309,058

2.9723,4463,2263,238

494,785418, 584422,052426, 969

5,4645,7095,7105,712

236,997236, 997236,997236, 997

8,4197,5697,5687,498

623,368623,368623, 368623, 368

681, 687681, 687681,687681, 687



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

ASSETS

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

July 28Aug. 4Aug. 11Aug. 18

Redemption fund—Federal Reservenotes:


Other cash:July 28Aug. 4Aug. 11Aug. 18

Total reserves:July 28Aug. 4Aug. 11Aug. 18

Bills discounted:Secured by U. S. Government

obligations direct or fully guar-anteed:


Other bills discounted:July 28Aug. 4Aug. 11Aug. 18

Total bills discounted:July 28Aug. 4Aug. 11Aug. 18

Bills bought in open market:July 28Aug. 4Aug. 11Aug. 18

Industrial advances:July 28Aug. 4Aug. 11Aug. 18

U. S. Government securities:Bonds:


Treasury notes:July 28Aug. 4Aug. 11Aug. 18

Treasury bills:July 28Aug. 4Aug. 11Aug. 18

Total U. S. Government securities:July 28Aug. 4Aug. 11Aug. 18

Total

8, 833,8988, 833, 3998, 832, 3988,831,946

9, 9369, 784

10, 78410, 122

323, 65'312, 308306,903303, 051

9,167, 4929,155.4919,150,0859,145,119

10,31610,02611,67413,755

4,9015,3775,0234, 533

15, 2115, 40316, 69J

18, 288

3,2013,0783,0""3, 073

21, 59621, 08221, 04321,007

732,508732, 508732, 508732, 508

1,162,7131,157,7131,157,7131,157,713

630,969635, 969635, 969635, 969

2,526,1902, 526,1902, 526,1902, 526,190

Bos-ton

t38, 316 3, 372, 267155, 804 3, 267, 606 509,447,103 "•"439, 432 3, 278,

482456456413

38, 22337, 76036,00033, 632

3, 451, 403020 3,345,629559 3, 344, 619

3, 357, 474

477,021494, •483,473, 477

630455

1,9253,370

102414135

732496

1,9663,405

224224224224

2,9572, 94"2,9472,955

53, 38553, 38553, 38553, 385

84, 739

84,' 37584, ~~

45, 98546, 34946, 34946, 349

184,109184,109184,109184,109

NewYork

3, 264,940' —1, 462

499, 436), 616

513, 289509, 842

1, 068950

1, 9501, 743

78, 06877, 07377, 72977, 269

4,7584,4925,2155,514

2,342,8742, 8052, 489

7,1057, 3668, 0208,003

1,1301,0891,1,086

5,8605,4995,4955, 486

210, 233210, 233210, 233210, 233

333, 705332, 270332, 270332, 270

181,091182, 526182, 526182, 526

725, 021;725,029 213,',

Phila-del-phia

652604604506

22,19124, 05022, 91623,186

522,279534, 270536,809533, 534

1,089921774690

50505050

1.139971824740

319319319318

3,8993,8493,8413 ," "

61, 86161, 86161,86161, 861

98,18997, 76?97, 76797, 767

53, 28653, 70853, 70853, 708

213, 336~"3, 336

725,029 213, 336725, 029 213, 336

Cleve-land

700, 266719,819710, 351713,023

896848848762

19,76816, 78914, 78517,270

274,283, 776i287, *""282, 086

297, 449;7, 456 303, 461

305,715300, 990

720, 93073'725, 984731,055

632662456441

34464646

666708502

293293293293

833833830

71, 30971,30971, 30971,309

113,189112,702112,702112,702

61, 42461,91161,91161,911

245, 922245, 922245, 922245, 922

Rich-mond

230, 328232, 634

,7, 229 235, 080234,811

706920920922

21,85618.76517,56617, <

559680695

239270300325

1,117829980

1,020

123120120120

1,9931, 9851,9841,96!

38, 57538,5738, 57538, 575

61, 23160, 96860, 96860, 968

33,22833,49133, 49133, 491

133,034133,034133,034133, 034

At-lanta

1,3481, 3141,3141,253

13, 43513,95513,03813, 515

245,111247, 903249, 432149, 579

6241, 113724

1,2861,108701588

1, 9102,2211,4251,450

10810810'107

192191188187

Chicago

1,709,485,731,935,732,085, 729,196

509464464374

47,13144, 63045, 47642,008

1,757, 125 288,9981,777.0291, 778, 0251,771,5'

32,18432, 18432,18432,184

51,08,50, 86,50, 86,5C, 86,

27, 72:27, 94:27, 94:27, 94:

110,991110,991110,991110,991

271, 671275, 151275, 474272, 452 195,

291,291,237

;, 166•8 288,

107286840

384384384384

870816816814

80, 72680, 72680, 72680, 726

128,136127, 585127,585127, 585

69, 53670, 08:70,08770,087

278, 398278, 398278,398278, 398

St.Louis

194,745 283.198, 3'198,024

i, 241

1,1241, 1121,1121,090

16,20314, 87314,65114,624

202,136 205,135

204, 695202, 000

174179244301

8212"1259;

256306369396

86868686

314311304298

32, 29832, 29832, 26832, 298

51, 26651, 04651,04651, 046

27, 82128,04128,04128,041

111, 385111,385111,385111,385

Min-neap-olis

170 28'i3, 775', 902

296, 364297,132

658652652640

7,1576,1136,0196,119

560 300, 678304,914 203!312,802314,104

44594393345

595'

103651450401

60606060

763756747745

23, 82823, 82823, 82823, 828

37, 82337,37, 66037, 660

20, 52520, 68820, 68820, 688

82,17682,17682,17682,176

Kan-sasCity

310301301285

16, 59316, 71116,13716, 687

109133115128

14169194176

87

612600600602

35, 99235, 99235, 99235, 992

57,13256, 88656, 88656, 886

31, 00331, 24931,24931, 249

124,12'124,127124,127124,127

Dallas

79, 21089, 232.83, 056 689^.84,877

679, 513681, 554

i,403695, 392

421413413400

13,81213, 69813, 69713, 746

93,443"l, 343

97,16699,023

734402434849

45853655660;

1, 192938990

1, 456

988;87

1, 2211,2081,2011,194

28, 60128, 60128, 60128, 601

45, 39745, 20245, 20245, 202

24, 63624,83124, 83124, 831

98, 63498, 634

SanFran-cisco

1. 7621,7501, 7501,734

29,22027, 89128, 88927, 013

10, 495711,195720,042'24,139

642613710600

103107199114

745720909714

280221221221

2, 0722,0872,0872,087

63, 51663, 51663, 51663, 516

100,821100, 387100, 387100, 387

54, 71255,14655,14655,146

219,049219, 049

98; 634 219,049634 219,049



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


TotalBos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta Chicago St.

Louis

Min-neap-olis

Kan-sas

CityDallas

SanFran-cisco

ASSETS—Continued

Total bills and securities:July 28Aug. 4Aug. 11Aug. 18

Due from foreign banks:July 28Aug. 4Aug. 11Aug. 18

Federal Reserve notes of other banks:July 28Aug. 4Aug. 11Aug. 18

Uncollected items:July 28Aug. 4Aug. 11Aug. 18

Bank premises:July 28Aug. 4Aug. 11Aug. 18

All other assets:July 28Aug. 4 _.Aug. 11Aug. 18

Total assets:July 28Aug. 4Aug. 11Aug. 18

LIABILITIES

Federal Reserve notes in actual cir-culation:


Deposits:Member bank—reserve account:


U.S. Treasurer—general accountJuly 28Aug. 4Aug. 11Aug. 18

Foreign bank:July 28Aug. 4Aug. 11Aug. 18

Other deposits:July 28Aug. 4Aug. 11Aug. 18

Total deposits:July 28 .Aug. 4Aug. 11Aug. 18-—

Deferred availability items:July 28Aug. 4Aug. 11Aug. 18

2, 566, 2042, 565, 7532, 567,0022, 568, 558

222222227227

32, 39628,19825,68625,444

582, 875601, 649582, 630643,160

45, 57245, 50045, 50245, 501

44, 76942,69243, 52043,966

12,439,53012, 439, 50r12.414,65212, 471, 975

4,193,4134, 222.0164, 228,0434,238,391

6, 775, 5056, 635, 7646, 681,1246, 743, 874

227, 818308, 778252, 690155,689

185, 042195,093193,493199, 602

120,372124,926133, 626140,513

7,308,7377, 264, 5617, 260, 9337, 239, 678

589,461606, 265578, 259646, 593

!,022187, 776189, 24690, 693

16161616

3563653735'

61,04959, 97363.11564, 852

3,0293,0243,0243,024

2. 6992, 6092,6562,695

739,124738,983739, 628739,604

86869191

12, 2657,4935,4015,1

142,414146,330137,841157, 630

10.05310, 03810.03810,038

12,71312,18612, 48512,443

218,693218,475218, 320218, 241

22222222

945977961

46, 23351,52644,02153, 368

4,8784,8784,8784,878

5,5914,9965,0815,121

247, 724247. 756247, 550247, 532

20202020

1,4931,8401,6131, 205

59,12757, 71956, 50461, 945

6,2936,2806. 2806, 280

4,7794,6284, 6764, 754

36, 26735, 968.36,11836,136

2, 3501,9321,3991,330

47, 49849,34348, 73254, 986

2,7462,7462,7462,746

2,7962,6902,7602,756

113,201113,511112,711112,735

1,8061,8051, 5841,710

17, 84721, 39019, 79121, 283

2,2132,2122,2122,212

1,7231,6571, 6841,716

279, 759279, 626279, 666279, 636

26262626

3, 6874,0042,5903,009

80, 69580,84578,03688, 733

4, 6514,6404,6404,640

4,1683,"""4,0624,135

12,04112,08812,14412,165

4444

1,9331,6622, 4162,300

24, 64026,41725, 62226,815

2, 3652,3612, 3612, 360

1,6911, 6501,6781,709

83,102 124, 980 10183, 64383, 433 125,008 100,83, 382 124,

, 145 222, 146100, 867 222,077

1,912^992 101,371

222, 266222; 071

3333

1,1131,1791,8191,

16,41217,61117,87918, 474

495492493493

580544562590

66

1,4421, 5391,627

34, 47738, 58136, 68836, 929

3,2043,1903,1903,190

1,:1, 9151/

549529392353

22, 55322, 57524, 28627,421

1,2561, 2501, 2511, 251

1,7231,6901,7091,743

16161616

4,4134,9055,4955,613

29, 93029, 33930,11530, 724

3,3893,3893,3893,389

3,3073,1883,2523,307

732,192 4, 368,058 798,747, 783741, "--T35, 336

4, 260,:, 250,4, 282,

040,366 489,115 381,909745 815,112 i; 055, 699 496,149 ~~~,

, 042, 627 497, 479 387, 422373 816,125 1,052,791

685 1

103 810,108 1

2,130,111486 2,150,138 435,318

..„ ,422 2,147,045 435,462953 389, 243 2,151, 757 433, 519

435, 462 310, 884

...,_.._ .,._. 320,675 973,696310, 607 475,099 330, 260 974,109

431, 672 306, 265 466, 786

308,140 483, 311481, 236 325, 722 984, 575483 311 331168 989 259

, 7 ,331,168 989, 259

286,025287, 241286, 529286,734

921, 741934,036930, 674939,160

315,265314,693315,214315,310

434,857433, 710 192i440, 513435,815 194!

189,506'"1,915194,360

" ':, 840

066 2,338, 301350,340,021335, 288

6,4909,848

11,6967,426

13, 48314,19814,19814,198

3,1402,8903, 2573,192

361,414377,002369,172360,

!, 800,2, 836,2, 87:

•8,013 371,924993 378, 418373 375. 643

878, 992 373, 087

462,08'465, 736456, 961462, 980 216,

206, 535216,346213,459"""1,136

104 3,

116,369132,42790,15639, 950

67,02370,80869, 20975, 318

55,00759,14868, 46376,042

3,186,4123, 063, 3763,064, 2013,070, 302

60, 76659, 59362, 32064, 496

139,501142,963134.730152, 390

3,3976, 76513,40713,811

18,10019,06119,06119,061

9,7649,6569,6409,283

403,185413,900417,751415, 242

46, 41453,21943, 76"52,198

12, 20427,10120,43721,165

16,99217,89417, 89417,

20,89220, 74020, 72720, 712

19, 76712,81915.0597,

7,9428, 3648, 3638,363

3,31.p

3,3773,3713,251

512,1'531, 471516,019 240.522, 751

237, 559240, 906

I, 252235, 693

61,47158, 71354, 26162, 395

47,19947, 50847,99953, 566

168, 497171, 364170,905170,206

169,745169, 446171,724171, 293

3, 6945, 0023, ""4,

6,4646,8086,80:

2,9503,0922,8032,843

182,853184, 348184, 820185,027

17, 84220,13819,01121, 328

971,105971, 474971 "'"975', 105

179, 265180, 336

762 179,839180,104 137

136, 474137, 679137, 679 167,

, 990

164,796166,930"',448

167, 273

91,92, 55392, 37f

432 334,450339,085

i, 741'9 340,'92', 680 343,174

983, 991967,933971, 504986, 936

24, 83'60, 46356,08930,289

21, 42422, 56222, 56222, 562

2, 2691,7091,5691,253

200, 590195,095 136,586 243,198,009195, 536

134, 676 244,4071,237

135, 98:131,245 256,024

175, 428 539,175, 968 535,

253; 630 173, 651175,357

940554; 162561,000

3,4619, 6707,7925, 836

5,5415,8355,8355,83E

6,1386,2426, 5936,453

2,8732,9464,2234,195

4,2484,4744,4734,473

2,3902,5692,34'2,250

7,9,1897,7776,73:

5, 3565,6405,6415,641

74499145

8, 25712, 30212, 30711,027

5,3565,6405,6415,641

4,0594,7594,3374,026

18, 77120, 24610, 2613,226

13,11313, 80913, 80913, 809

10,35410,00010, 42011,063

;, 521 215, 7307 216, 842

1,032,1,052,6671,051, 724 218, 2291,041,040

81, 39£81,33578, 61490, 791

213,660

26,16427,64626, 87229, 240

144,187 257,146,57147,030 267,

,555258,810"""\ 147

142,163 268, 547

;, 100 582,046) 579, 995

193,1198, 669 .' .195, 936 588, 652196,051

16, 26516,99316. 81118, 645

34, 42239,4136,71037, 547

25, 09628,00526, 34531,407

589,098

32,92630,73930,81932, 590



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


Total Bos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond lanta Chicago St.

LouisMin-neap-olis

Kan-sas

CityDallas

SanFran-cisco

LIABILITIES—continued

Capital paid in:July 28Aug. 4Aug. 11Aug. 18

Surplus (section 7):July 28Aug. 4 _.Aug. ll.__Aug. 18

Surplus (section 13b):July28._Aug. 4 . . . . . _Aug. 11Aug. 18 _

Reserve for contingencies:July 28 _._ -Aug. 4 _Aug. 11Aug. 18 _ . ._

All other liabilities:July 28Aug. 4 . . . . _ ._ . .Aug. 11. . .Aug. 18... _ _ - . . .

Total liabilities:July 28 - . . .Aug. 4 . . .Aug. 11Aug. 18

Contingent liability on bills pur-chased for foreign correspondents:


Commitments to make industrialadvances:


132, 407132, 442132, 530132, 533

145, 854145, 854145,854145, 854

27,49027,49027,49027, 490

35, 87135, 87335, 87135,838

6,2975,0045,6725,598

9,3829,3699,3649,365

9,826

2,8742,8742,8742,874

1,5701,5701, 5701,570

335308334367

51,09551,09151,09051,074

51,47451,47451,47451, 474

7,7447,7447,7447,744

9,1179,1179,1179,117

974944

1,0731,112

12,25412, 25912,25912, 257

13,36213,36213, 36213, 362

4,3254,3254,3254,325

3,0003,0003,0003,000

354430431

12,91912.92112.92212,92914, 32314, 32314,32314, 323

1,0071,0071,0071,007

3,1213,1213,1213,121

493433461450

4,8614,8624,8654,873

4,84,84,84,8

3,4223,4223,4223,422

1,4961,4971,4971,497

203170215193

4,3444,3424,3474,350

5,6165,6165,6165,616

754754754754

I,1

1,6901,691313233279271

12,76712,77012, 85112,856

21,50421,50421,50421, 504

1,4161,4161,4161,416

7,8057,8057,f7,777

1,5981,1671,3691,268

3,8343,8343,8373,839

4,6554,6554,6554,655

545545545545

1,1991,1991,1991,199

280261286277

2,8902,8912,8932,892

3,1163,1163,1163,116

1,0031,0031,0031,003

2,0482,0482,0482,041

282302304290

4,0354,0444,0504,048

3,6133,6133,6133,613

1,1421,1421,1421,142

941941941941

282206185200

3,8793.8793,8793,873

3,8513,8513,8513,851

1,2621,2621,2621,262

1,8471,8471,8461,847

208194224197

10,14710,18010,17310,177

9,6459,6459,6459,645

1,9961,9961, 9961,996

2,0372,0372,0372,037

449432512542

12,439, 530 732,192 4, 368,058 798, 68512, 439, 505 747, 783 4, 260, 745 815,11212,414,652 741,989 4,250,103 810,108 l', 042', 62712,471, 975 735,336 4, 282, 373 816,125

1,040, 366 489,115 381,909 2,130, 111431, 672 306, 265 466, 786 320,675 973,696i; 055; 699 496', 149 388| 486 2,150; 138 435, 318 310, 607 475,099 330, 260 974,109.._ 481,236 325,722 984,575

331,168 989,2591,052, 791497,479 387,422 2,147,045 435,462 310,884498,953 389,243 2,151, 757 433, 519 308,140 m,

3, 2122,9172,7802,478

15, 72615, 36615, 30415,249

240223203181

2,0031,9831,9711,962

1,111965

1,003

5,4625, 3995,3685,349

322299272243

162161164152

303281256228

1,303

937937

141131120106

1,9481,9471,9411,938

1151079787

315314314314

381354323287

1,0451,0391,0391,039

;, 311

95

125122122122

95

302302302302

234217197176

2.9873,0963,0833,071



INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERALRESERVE ACT, JUNE 24, 1936, TO AUGUST 25, 1937

[Amounts in thousands of dollars]

Date (last Wednesday ofeach month)

Applicationsreceived to date,

net

1936—July 29..Aug. 26.Sept. 30.Oct. 28..Nov. 25.Dec. 30.

1937—Jan. 27..Feb. 24Mar. 31Apr. 28.May 26June 30July 28_Aug. 25.

331,659333, 930336,119336, 763339,903342, 699342, 999343, 904346, 911348,342349,288351, 420352,024352, 666

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

Number

2,4132,4372,4632,4772,4832,5002,5062,5172,5432,5632,5772,5872, 5902,598

143,978145, 939147,191148,237148, 317149,204149, 527149,711150, 561152, 724153, 720154,960155,023155,514

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

Total

Number Amount

2,1982,2182,2432,2592,2662,2802,2872,2972,3232,3362,3532,3612, 3672,373

134,233135,421137,251138, 731138, 938139,829140,213140,515141, 545144, 564145,228145, 758145,887146,457

FederalReservebank

advancesout-

standing

30, 21729, 26528,88527,03826, 72025, 53324, 78124,20823,05423,90423,19623,01422, 46221,752

FederalReservebank

commit-mentsout-

standing

Approvedbut not

com-pleted1

23,71123, 35523,30722, 79022,04020,95920,23819, 52318,61117,52817,18816, 33115, 72615,179

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

Expired,repaid,or with-drawn by

appli-cant,etc.

64, 34266,30469,21772, 91575,04577,90380,50082,16385, 215

89, 26897,66899, 271

101,139

Financ-ing insti-

tutionpartici-pations

out-standing2

7,5347,3297,2767,4447,4147,2086,9976,9126,7677,2817,1147,2757,3307,236

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]

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

July 28 . . . . .Aug. 4Aug. 11Aug. 18

Held by Federal Reserve bank:July 28Aug. 4_Aug. 11Aug. 18

In actual circulation:1


Collateral held by agent as security fornotes issued to bank:

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


Eligible paper:July 28Aug. 4Aug. 11.Aug. 18 •__

U. S. Government securities:July 28...Aug. 4. _Aug. 11Aug. 18. _.

Total collateral:July 28Aug. 4 ..._Aug. 11Aug. 18

4, 523, 643 328,4, 532, 3574, 544, 445 329,4, 554, 501

4,193,413 286,4, 222,016 287!4, 228,043 28614, 238, 391

Total

330, 230310,341316, 402316,110

14, 53114, 57916,11717, 907

20,00020,00020,00020,000

4,615,163 336,7324,616,711 336, '""4, 629, 749 337,4, 631, 539 339,

Bos-ton

1,376328,535"""1,351329, 799

42, 35141, 29442, 82243,065

>,025,241i, 529i, 734

732496

1,9663,405

336,496,966),405

NewYork

1, 026,880 333,097 461, 452 199, 5241,028,126 335,119 460, 780 202,8661,031, 388 332, 507 484, 299 205,1301,036, 700 332, 654 464,473 205, 252

105,13994,090100, 71497, 540

921, 741 315, 265 434, 857

939,160

168,497036 314, 693 433, 710 192, 915 171, 364

170,905170,206

674 315, 214 440,513315, 310 435, 815

4, 580, 632 336,0004,582,132 336,000 , ,4, 593, 632 336,000 1,040,000 337,000 467, 500 205,000 1714, 593, 632 336,000 ' "" "

6,4896,7317,6437,783

Phila-del-phia

17,83220,42617, 29317,344

1,040,000 335,000 465, 500 2011,040,000 337,000*., 040,1,040,000 337; 000 467; 500 205,000

1,090922774690

1, 046, 4891.046, 7311.047, 643 337, 774 468,002 2Qb,1,047, 783 337, 690 467, 987 "

Cleve-land

26,59527,07023, 78628,658

708502487

336, 090 466,166 202,120337,922 463, 708 203,829

Rich-mond

10,0189,951

10, 77010,412

189,506

194, 360194, 840

1,120829980

1,019

206,019

At-lanta

186,!187,936189,312188, 348

18,31116, 57218,40718,142

168,000168,000171,000171,000

1,8712,1811,3851,410

20,00020,00020,00020,000

189, 871190,181192, 385192,410

Chi-cago

188,031188,077

998, 606 188,074188,894

996, 224998,109

1, 000,142

25,11926,63526, 84425,037

971,105971,474971, 762975,105

1,020,0001,020,0001,020,0001,020,000

107

40

St.Louis

8,7667,7418,2358,790

179,265180,336179, 839180,104

190.632190; 632190,632190,632

202207270

190, 834' "1 ,839

1,902190, 958

1, 020,1071,020,028 190,1,020,068 190^02 145,1,020,040

Min-neap-olis

142,828 176,143,123142.438142, 908

6,3545,4444,7594,.918

136,474137,679137, 679137, 990

145,000145,000 1

145,000

94651450401

145,094145, 651\ 450

145, 401

Kan-sasCity

1,004174, 925177,66017

11,2087,99510, 21210, 807

164, 796166, 930167.448167,273

178,00078,000

145,000 180,000180,000

155169194176

178,155,178,169180,194180,176

Dallas

695 384, 724916 383, 845040 385, 640643 387, 608

8, 2638,3637,6616,963

432 334, 450553 339, 085379 340, 741680 343,174

1,204938976

1, 456

103, 704103,103,4'103,

SanFran-cisco

50,27444, 76044,89944,434

102, 500 399,000102, 500 399,000'"" 500 399,000

500 399,000

801719909714

399,801438 399, 719

399, 909956 399, 714

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



RESERVE POSITION OF MEMBER BANKS,JULY 1937

[Averages of daily figures. In millions of dollars]

Classes of banksand districts

All member banks. _

Central reserve city banks:New YorkChicago

Reserve city banks:Boston districtNew York districtPhiladelphia district _.Cleveland districtRichmond districtAtlanta district.Chicago districtSt. Louis districtMinneapolis district,..Kansas City district—Dallas districtSan Francisco district-

Total

Country banks:Boston district. __New York districtPhiladelphia district. _Cleveland districtRichmond districtAtlanta district __Chicago district. _St. Louis districtMinneapolis d i s t r i c t -Kansas Citv district—Dallas districtSan Francisco district.

Total

Grossde-

mandde-

posits

29,366

9, 9492,189

956206

1,1061, 428

.597543

1,152684346971584

1,907

10, 481

7931, 213

592591466420779333298456470336

6,747

Netde-

mandde-

posits 1

24, 579

9, 2431, 930

866172931

1,195469415888548268681415

1,563

8,411

642977465441334295572241206280304238

4,994

Timede-

posits

11, 369

833445

11613924171020716349617292

159111

1, 865

4,470

5781,389

85763833020962721927315691

253

5,620

Reserves withFederal Reserve

banks

Re-quired

5,969

2,453529

18043

20128210693

20712059

14690

425

1,950

1242201161006754

1184745494848

1,036

Held

6, 845

2, 652581

19745

23932712810224014871

173104478

2,252

1472861461358467

1666063727359

1,360

Ex-cess

876

19952

162

3845229

332812271554

301

236629351713491318242510

324

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

NOTE.—See table at foot of page 929, for percentages of deposits re-quired to be held as reserves.

MEMBER BANK RESERVE BALANCES,BY CLASSES OF BANKS

[Averages of daily figures. In millions of dollars]

Total reserves held:1936—May

JuneJulyAug. 1-15Aug. 16-31 2SeptemberOctoberNovemberDecember

1937—JanuaryFebruaryMarch 2

AprilMay 2JuneJuly

Week ending (Friday):July 2July 9July 16July 23July 30

Excess reserves:1936—May

JuneJulyAug. 1-15Aug. 16-31 2

SeptemberOctoberNovemberDecember

1937—JanuaryFebruaryMarch 2AprilMay 2

JuneJuly

"Week ending (Friday):July 2July 9July 16July 23July 30

Allmem-

berbanks*

5, 6385,4845, 8616,0636,2916, 3456, 5946,7856,6656,7166,7476, 7046,8246, 9326,8786,845

6, 9036, 8256,9006,8736, 805

2,8002, 5932,9073,1051, 8521,8522,0432,2192,0462,093

r 2, 1521,3711,552

927876876

879865929908842

Central reservecity banks

NewYork

2,3842,1832, 2792, 5022, 5032, 4622, 5742, 6952, 6622, 7192,8122, 6522, 7392,6842, 6692, 652

2,7422, 6252,6742,6762, 639

1,134908

1,0041,226600535639751697767868401530203176199

231168221229199

Chi-cago

636682653572580619637651605568546533563589603581

589586591573573

37741436929016019520522117514712854

101517052

6162624343

Re-servecity

banks

1,6571,6641,8861,8992. 0052,0462,1532,1852,1572,1582,1282,2032,2012,2722,2302,252

2,2352,2472,2672,2662,240

778775961970601624696724675662651488490316289301

289305315313284

Coun-try

banks1

961954

1,0421, 0901,2041,2181,2301,2541,2411,2711,2611,3151,3211,3861, 3771,360

1,3361,3681, 3681,3591,352

511496575619490498502523498518505428431357341324

298330331323316

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

2 Reserve requirements increased Aug. 16, 1936, March 1, 1937, andMay 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]

Federal Reserve district

Boston. __ _ .New York __ _ _ __ _PhiladelphiaCleveland-. . _RichmondAtlanta- .Chicago. .St. LouisMinneapolisKansas CityDallasSan Francisco. __ .

Total

All member banks

Gross demand

July

1,74911,3681,6982,0191, 063

9644,1211,017

6441,4281,0542, 243

29,366

June

1,73811,5491,6922,0231,077

9854,1251,002

6421,3451,0372, 237

29,452

Time

July

6942,3611,0981,348

537372

1, 568390365315202

2,118

11,369

June

6942,3231,0941,341

539372

1,555385364316202

2,114

11,299

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

Gross demand

July

1, 626i 1,139

1,4741,791

894823

i 1, 629820467

1,092792

2,115

114, 660

June

1,619i 1,173

1,4721,795

906835

i 1,618807463

1,027777

2,108

114, 601

Time

July

567.1 1, 043

6571,063

351291

i 864287178200161

2,022

1 7, 683

June

565i 1, 040

6561,059

354292

i 856282178201161

2,017

i 7, 662

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

Gross demand

July

123280224228169141303197178335262128

2, 568

June

119270220228171150302195178317260129

2,541

Time

July

12748544128518681

2591031871154196

2,407

June

12848043828218580

2571021861154197

2,391

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


SEPTEMBER 1937 FEDERAL RESERVE BULLETIN

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

919

End of month

1936—JuneJulvAugustSeptember . ...OctoberNovember _ _December

1937—J anuarv. _PebruaryM archAprilM a yJune . . . . . . . _ _ .- .Ju lv

1Total

6,2416,1626, 2276, 2676, 3516, 4666, 543

6, 3496, 3996 3776, 4266 4626, 4476, 460

Goldcertifi-cates

1011009998979695

94929190898887

Silverdollars

35353637373738

3737

37383838

Silvercertifi-cates

955958986998

1.0201,0511,057

1,0121,0221 0221.0391 0621.0781. 088

Treas-ury

notesof 1890

1111111

Subsid-iary

silver

316318321326329334337

329329333335338341341

Minorcoin

135136337138139141142

140140141142143144144

UnitedStatesnotes

278

278278

289289

2762*8287291289281286

FederalReserve

notes

4,0023. 9373. 9784,0114,0764,1564, 233

4,1184. 1554,1394,1714 1894. 1694.175

FederalReserve

banknotes

504847464544

42414040383837

Na-tionalbanknotes

366352342332324316307

3(x;294287281275269263

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]

End of month

1936—JuneJulyAugustSeptember.October...November.December.

1937—January...February..MarchAprilMayJune.July

Totalin cir-cula-tion1

6,2416,1626, 2276, 2676, 3516, 4666,543

6, 3496,3996,3776, 4266,4626,4476.460

Coin

486490494501505513517

506506511514518523523

Paper currency 2

$1

463460471477484492499

472475476482489487488

$2

33323233333335

33333333333433

$5

850844863868882SOO906

8648748698838C3885894

$10

1,4681,4591,4821,4881,5161,5481,563

1,5001,5191,5191,5421,5581,5391. 550

$20

1, 4661,4311,4361,4371,4601,4861,501

1,4581,4641,4511,4681,4661, 4581, 454

$50 and over

Total

1,4791,4491,4521,4671,4781,5011,530

1, 5251, 5381,5201,5071, £071, 5261. 520

$50

398383381383385390399

393395386381380384381

$100

683667P67673679690707

702706696687689699697

$500

127127128130132132135

135135136137136138137

$1,000

245247250253255258265

269273275277278283283

$5,000

7766

8999887

$10,000

18191921192318

18191817171415

Un-assort-

ed 2

1023

* 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[Held by Treasury and Federal Reserve banks and in circulation,

millions of dollars]In

SHIPMENTS AND RECEIPTS OF UNITEDSTATES PAPER CURRENCY

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

End of month

1936—June.JulyAugustSeptember.OctoberNovember..December..

1987—January .._.February __MarchAprilMayJune.July

Total

2,4982,4962,5002,5122,5152,5212,532

2,5322,5362, 5412, 5432,5472,5502, 572

Silverdollars

andsilverbul-lion*

1,2551,2641,2771,2941,3031,3101,323

1,3321,3431,3551,3651, 3751,3821,409

Sub-sid-iary

silver

332335338341346351356

356356357357358359361

Minorcoin

UnitedStatesnotes

139140142143145146147

148149149150150151151

347347347347347347347

347347347347347347347

Fed-eralRe-

servebanknotes

Na-tionalbanknotes

372358348339329322314

305298291284278272266

Year or month

19321933193419351936

1936—JulyAugustSeptember.October....November.December.

1937—January __.February .MarchAprilMayJuneJuly

Ship-ments toEurope

567554345

10,62834, 774

900981

3,9492,0135,960

2,0924,279

9681,434

9097, 000

809

Receiptsfrom

Europe

83,83891,05940, 58719,96626, 216

2,3482,0781,1315,4221,536745

2,1973, 2653,7283,0231,8651,9722. 586

Netship-ments

8,558

2,818

4,4247,724

1,014

5,028

Netreceipts

83, 27190, 50540,2429,338

1,1,

,448097

3,409

2,1,

105

760589956

1,777

1 Includes silver held against silver certificates amounting to $1,322,000,-000 on July 31, 1937, and $1,159,000,000 on July 31, 1936.

For description and back figures see BULLETIN for January 1932,pp. 7-9.



ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK


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

Year or month

1934.

1935—OctoberNovember,.December _.

Year..

1936—JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December-

Year..

1937—January...February.MarchAprilMay..JuneJuly

Gold stock atend of year

or month

Total Inactiveaccount

8,238

9,6939,92010,125

10,125

10,18210,16710,18410, 22510, 40210, 60810, 64810, 71610,84511,04511,18411,258

11, 258

11,35811,43611,57411, 79911,99012, 31812,446

16.5

26.5

126. 5204.7342.5568. 0759.1

1,086. 8lr214.1

Increasein

totalgoldstock

4,202. 5

1,887.2

1,133. 9

325.2226.7205.2

57.2- 1 5 . 5

17.241.0

176.7206.639.268.4

129.0199.7139.673.3

1,132. 5

100.178.2

137.9225.6191.1327.8127.3

Netgold

import

315.3210.6190.0

1,739.0

45.6- 1 6 . 6

5.528.1

170.0277. 8

15.467.5

171.8218.8

75.857.0

1,116.6

121.3120.3154.3215.8155.4262.0175.4

Netreleasefromear-

markFrom or to—

82. e

- 1 . 9.6

1.3

.2

- 1 . 7- 9 . 5

1.0- . 2

- 3 . 2- 2 4 . 8

2.3- 1 1 . 9- 2 8 . 8- 1 1 . 3

3.0- . 7

-85. £

- 4 8 . 3- 8 . 0

- . 47.2

26.2-15 .9- 3 5 . 5

Belgium __FranceGermanyNetherlands-SwitzerlandUnion of Soviet

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

United Kingdom..CanadaCentral America...MexicoArgentinaChileColombiaEcuadorPeruUruguayVenezuelaAustraliaBritish IndiaChina and Hong

KongDutch East Indies.JapanPhilippine Islands.All other countries2.

Total..

1937

July

Im-ports

22, 5561,138

3,1772,390

76, 4377,470

3435,507

3372

155280

633, 7964,355

265

44, 4592,410

483

175, 624

Ex-ports

June

Im-ports

5,22811,059

1, 39236, 235

156,95920, 946

605730

2,3592,177

164444

192,1673,966

237

15,3162,064

38

262,103

Ex-ports

16

81

January-July

Im-ports

45,00726, 245

5, 94054, 452

504783,07271,5302,35325, 366

6,18311,9391,0301, 673

32918,95834, 098

1,339

92,04314,9877,897

1,204.951

Ex-ports

7045

Back figures— See Annual Report for 1935 (table 32).

BANK SUSPENSIONS1

Number of banks suspended:1934193519361937, Jan.-July .

Deposits of suspended banks(in thousands of dollars):3

19341935_—_ .1936 _ . . .1937, Jan.-July. _

Total,all

banks

57344434

36,93710,01511, 3067,636

Memberbanks

Na-tional

1411

405,313

5071,466

State

Non-memberbanks

In-sured2

8224028

1,9123,763

10, 2075,735

Notinsured

48835

34,985939592435

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 34and 35).

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

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

2 Federal deposit insurance became operative January 1, 1934.3 Deposits of member banks and insured non-member banks suspended

are as of dates of suspension, and deposits of non-insured non-memberbanks are based on the latest data available at the time the suspen-sions were reported.

Back figures.-Bee Annual Report for 1935 (table 69).

New York CityOutside New York City

Federal Reserve districts:Boston - -New York __ _.PhiladelphiaCleveland _ . _RichmondAtlantaChicago .- - -St LouisMinneapolis .Kansas CitvDallasSan Francisco

Total - - -

No. ofcenters

1140

117

10137

1521

59

151018

141

1937

July

16, 75120,152

1,99517, 5251,6802,184

740876

5,2091,012

6751,375

7472,885

36,903

June

16,43420,019

1,97217,3301,8012,152

727865

5,2251,043

6361,184

7102,808

36,453

1936

July

16,19918, 617

2,00116,874

1,5921,964

683768

4,881923670

1,185616

2,658

34,816




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 banksand such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the periodJune 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports tothe Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Cur-rency. For comparative figures of private banks included in the figures from- June 1934 to December 1935, see Federal Reserve Bulletin forDecember 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures areavailable.

NUMBER OF BANKS

Call date

1932—Dec. 31

1933—June 30 'Oct. 25 2

Dec. 30

1934—Mar 5 2

June 30Oct 17 2

Dec. 31

1935—Mar. 4June 29Nov. 1Dec. 31

1936—Mar. 4June 30Dec. 31

1937—Mar. 31.

Total

18,390

14,519

15,011

15,835

16, 039

16,02415, 99415,90415,837

15, 80815, 75215, 628

15,569

Member banks

Total

6,816

5,6065,8186,011

6, 2066, 3756,4336,442

6,4226,4106,4006,387

6,3776,4006, 376

6, 367

Na-tional

6,011

4,8975,0525,154

5, 2885, 4175,4615,462

5,4465,4255,4035,386

5,3755, 3685,325

5,305

State

805

709766857

918958972980

976985997

1,001

1,0021,0321,051

1,062

Nonmemberbanks

Mutualsavingsbanks

594

576

579

578

579

579571571570

569566565

565

Othernon-

mem-ber

banks

10,980

8,337

8,421

8,882

9,018

9,0239,0138,9338,880

8, 8628,7868,687

8,637

For footnotes see table below.

DEPOSITS, EXCLUSIVE OF INTERBANKDEPOSITS


Call date

1932—Dec. 31. .

1933—June 30i-_Oct. 252

Dec. 30—

1934—Mar 5 2June 30.Oct 172

Dec. 3 1 . . .

1935—Mar. 4____June 29.Nov. 1 . . .Dec. 3 1 —

1936—Mar. 4. . .June 30 .Dec. 3 1 —

1937—Mar. 3 1 . . .

Allbanks

41,643

37,998

38, 505

41, 870

44, 770

44, 45545, 76647, 52248, 964

48, 71651,33553, 701

52, 577

Member banks 3

Total

24,803

23,33823, 45323,771

25, 29326, 61527, 48428, 943

28, 58929,49631,07232,159

31, 77434,09835, 893

34, 746

Na-tional

16,101

14,77215,07015, 386

16, 20317,09717, 69318, 519

18, 50219,03120,12820, 886

20, 60521, 98623,107

22, 355

State

8,702

8, 5668,3838,385

9,0909,5189,791

10, 424

10,08710, 46510,94411, 273

11,16912,11212, 786

12,390

Nonmember banks

Mutualsavingsbanks

10,022

9,713

9,708

9,780

9,828

9,8379,9209,9369,963

9,97210,06010,143

10,157

Othernonmem-ber banks

6,818

4,946

5,026

5,475

6,000

6,0296,3506,5136,842

6,9707,1767,666

7,674

For footnotes see table below.

LOANS AND INVESTMENTS[In millions of dollars]

Call date

1932—Dec. 31 _

1933—June 30 !_Oct. 25 2Dec. 30—

1934—Mar. 5 2

June 30 . . . _Oct. 17 2

Dec. 31

1935—Mar 4June 29Nov. 1Dec. 31

1936—Mar. 4June 30Dec. 31 . - -

1937—Mar. 31

All banks

Total

44,946

40,076

40, 319

42, 502

43,458

43, 74744,41645,00845, 717

46,11548,45849, 524

49,138

Loans

26,063

22, 203

21,977

21, 278

20,473

20, 39420,27220,14020,329

20, 26720, 67921, 449

21, 790

Invest-ments

18,883

17,872

18, 342

21, 224

22,984

23, 35324,14524,86825, 388

25,84727, 77828,075

27, 348

Member banks

Total

27,469

24, 78624,95325, 220

26, 54827,17527, 55928,150

28, 27128,78529,30129, 985

30,28832, 25933,000

32, 525

Loans

15,204

12,85813,05912,833

12,70612, 52312, 29312,028

11,95311,92811,84112,175

12,09912, 54213, 360

13,699

Invest-ments

12,265

11,92811,89412, 386

13, 84214,65215,26716,122

16, 31816,85717,46017, 810

18,18919, 71719, 640

18,826

Nonmember banks

Mutual savings banks

Total

10,182

10,044

9, 985

9,904

9,782

9,7759,8529,8549,804

9,7959,961

10,060

10,096

Loans

6,079

5,941

5,906

5,648

5, 491

5,4785,3415,3025,210

5,2025,1055,027

5,026

Invest-ments

4,103

4,103

4,079

4,256

4,291

4,2974,5114,5524,594

4, 5924,8565,034

5,070

Other nonmember banks

Total

7,295

5,246

5,115

5,423

5,526

5,7015,7795,8535,927

6,0326,2386,464

6,518

Loans

4,780

3,404

3,238

3,108

2, 955

2,9633,0032,9972,944

2,9663,0323,062

3,065

Invest-ments

2,515

1,841

1,877

2,315

2,571

2,7382,7772,8562,983

3,0663,2063,402

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 nonmemberbanks.

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).



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

Call date

TOTAL—ALL MEM-BER BANKS

1029—Dec. 311933—June 30 21934—Dec. 31.___1935—June 29.__.

Dec. 311936—Mar. 4

June 30Dec. 31

1937—Mar. 31__._June 30

NEW YORK CITY 3

1929—Dec. 311933—June 30 21934—Dec. 311935—June 29

Dec. 311936—Mar. 4

June 30Dec. 31

1937—Mar. 31June 30

CITY OF CHICAGO 3

1929—Dec. 311933—June 30 21934—Dec. 311935—June 29

Dec. 311936—Mar. 4

June 30Dec. 31

1937—Mar. 31June 30

RESERVE CITYBANKS

1929—Dec. 311933—June 30 21934—Dec. 311935—June 29

Dec. 311936—Mar. 4

June 30Dec. 31

1937—Mar. 31June 30

COUNTRY BANKS

1929—Dec. 311933—June 30 21934—Dec. 311935—June 29

Dec. 311936—Mar. 4

June 30Dec. 31

1937—Mar. 31June 30

Totalloansand

invest-ments

35, 93424, 78628,15028, 78529, 98530, 28832, 25933, 00032, 52532, 739

8,7747,1337,7618,3038,4188,8029, 5569,2809,1019,006

1, 7571,2871,5811,5921,8681,9461,9512,1001, 8681,969

12, 0298,49210, 02810,15110, 78010, 65511,30611, 79511,61111, 629

13, 3757,8738,7808,7398,9198,8859,4469,8259, 94510,134

Loans to customers (except banks)

Total

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

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

1, 330589435458455456513613629651

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

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

Tobro-kersout-sideNewYorkCity

803165187192196211266266258258

240482933283259505250

42563908796101115123114114

Toothers

onsecuri-

ties

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

2,1451,044820783793792813753790824

533251170163149148145140155145

2,7751,3401,1241, 0531, 0571,0271,0441,0481,0391,032

2,2311,117996932894865861843833828

Realestateloans

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

169157139138140148146144142149

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

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

Re-port-ing

banks'own

accept-ances

11,192232135169156117131128113

Other-wisese-

curedand

unse-cured

154.8574, 7084,8345,0064, 9605,3556, 0416, 2206, 663

2,595120164821079965656965

5 5

9371,0241,0851,0961,1121, 2381,5271,6001,776

237202236249251284402407437

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

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

Loansto

banks

7143301551199882818599115

3221626348422928425162

258995543343131232934

Open-market loans

Purchased paper

Ac-cept-ancespay-

able mUnitedStates

212291256201181164144161170131

12822421018315814112313611998

92729

4123323

42361310191816173725

334533324

124

Billspay-able

abroad

80253117292518182215

4610167

16138

1061

5751112111

24697

10975

107

5122211255

Com-mer-cial

paperbought

29187232247272280278324386377

10238108112120120113131154145

1632792116135145152178216211

ns

Loansto

bro-kers inNewYork-City i

1

111111

1

1111,11,

660788843975047089079144159278

202720662930018043028095105219

111326

1111111

23945

10525213034363844

2081050187

1416131615

Total

9, 78411, 92816,12216, 85717, 81018.18919, 7171.9, 64018,82618,454

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

309610

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

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

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

Investments

U.S. Govern-ment obliga-

tions

Direct

3,8636,8879,9069,871

10, 50110, 56411,72111, 63910, 85610, 870

1,1122, 5513.2463, 4623, 4253, 6024, 1963,7393, 3563,176

116384743766

1,0611,1311,0141,107

853907

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

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

Fullyguar-anteed

1111111

!

989558768880950906861819

278348401505567470473454

7887888992949494

279"571656656651697669635

355553623630640645626635

Othersecuri-

ties

5, 9215, 0415. 2275.4275, 5415. 7456. 0456.0956,1085, 765

9791, 1581. 0781,1741.1591.2481, 2651,2171,3111,100

193226229254243250312266273294

1,5761,5281,6281,7031,7011,7611,8631,8771,8051,733

3,1722,1292,2932, 2962,4392, 4862,6052,7342,7192, 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).


S E I T E U B K K 1937 FEDERAL RESERVE BULLETIN 923

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

Call date

TOTAL—ALL MEM-BER BANKS

1929—Dec. 311933—June 30 s1934—Dec. 311935—June 29

Dec. 311936—Mar. 4

June 30Dec. 31

1937—Mar. 31June 30

NEW YORK CITY 8

1929—Dec. 311933—June 30 51934—Dec. 311935—June 29

Dec. 311936—Mar. 4

June 30Dec. 31

1937—Mar. 31June 30

CITY OF CHICAGO 6

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

Dec. 311936—Mar. 4

June 30Dec. 31

1937—Mar. 31June 30

RESERVE CITY BANK:


Dec. 311936—Mar. 4

June 30Dec. 31

1937—Mar. 31June 30

COUNTRY BANKS


Dec. 311936—Mar. 4

June 30Dec. 31

1937—Mar. 31June 30

Re-serveswithFed-eralRe-

servebanks

2,3742,2354,0824,9335, 5735, 7845,6076, 5726, 6136, 897

8461, 5761,9352, 5412,4932,1062, 6582, 7192,749

169232415675511480749558482596

751705

1,2681,4031,5941,7941,7632,1082,1082, 215

627452822920927

1,017989

1,2471,3041,337

Cashin

vault

558405609537665624713697662629

156122207213256264289285264212

321203275236305268322319321330

Bal-anceswithdo-

mes-tic

banks1

2,1682,0083,1493, 3963,7763,9703,9444,0663,4453,207

179101103133111108114133123105

13320320724920919519518893156

9471,0021,5431,6071,7791,9101,9071,8161,5451,392

7021, 2961, 4061,6761,7571,7271,9291,6841,554

Cashitemsreport-ed as

inproc-

essof col-

lec-tion 2

3, 8961,4851,9031,1832, 2551,7182,1472,5331,9742,201

2, 406874

1, 069447

1,133829982

1, 087853

15861907313596147159114130

1,041401537471752607763971764805

291149207192235187256316242269

Demand deposits

Interbank

Do-mes-tic

banks

3,5173, 0574,5694,9785, 6966,1485,9866,4025, 7525, 298

1,1981,2551, 7981,9832,3382,5272,3902,4932,1712,014

310259445504522594

596536

1,6041,3151,9842,1452, 4222,5942,5512, 8262,5462, 339

405228342347415433410483440409

For-eign

banks

544145147273444394465432458615

464127126248410363428393419575

Unit-ed

StatesGov-ern-

ment

143806

1,636779844600

1,037882415628

20332792369224140215225129306

4646209881102729641

76312620299385285513407132212

3911617890137932071785769

Pub-lic

funds

1,3351,0871,7992, 0912,1392,1732,3202,3292, 5642,577

12896229354323260357285314368

4287182198208217221191203208

423349585674707733733843935

742555804865901965

1,0081,0111,1131,067

Certi-fiedandoffi-cers'

checkscash

lettersof

credit3

1,681657838417882779789881677752

1,180461540149524496489457354427

300108169140204151152230155163

16972106104127106121167130139

Indi-vid-uals,part-ner-

ships,cor-

pora-tions,etc.

17, 52611, 83014,95116,20618,03517,92719, 32220, 97020,08520,272

5,8474,6765, 3705,9246,4796, 4716, 8917, 2747,237

1,041870

1,0731,2081,3011,2431,4441,495I, 0011, 409

5, 5473, 7084,9195,3146, 0015, 9616, 4197,0236, 8336, 840

5, 0912, 5763,5893,7614,2544,2524, 5675,1775,0135, 089

De-manddepos-its ad-justed4

16,64712,08915,68617,53018, 80119,16120, 28421,64721, 35221,401

4,7504,3585,0695, 9796,1936, 3986,7566,9297,0516, 733

957912

1,1891,3571,4011, 3901,5461,5541,1281,509

5, 2293,7645,1365,6566,1616,2386,5417,1267,1597,132

5,7113,0544,2924,5385,0475,1365, 4406,0396,0126,027

Do-mes-tic

banks

9589134136151152151153153123

Time deposits

Interbank

19

3059117119134135135137137108

For-eign

banks

15417555666

14

13317444545

12

Pos-tal

sav-ings

12278845230721816715210497100

1811056273

41388186118797265353435

612852101621369587696464

Publie

funds

300294285361344378296269292

371208206203266251288203176190

13386

Indi-vid-uals,part-ner-

ships,cor-

pora-tions,etc.

12,2677,8039,0209, 4629, 6809, 78410,09910,42910,63910,818

1.112671591567591586601679758767

332358381469413407444449440452

4,4332,9413,4943,6703,7963,8533,9604,0264,0644,140

6, 3903,8334,5544, 7564,8794,9385,0945, 2755,3775,459

Bor-row-ings

8791911396

116

151816

1798

1213

29216

36716713

31112

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 onhand 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).



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

Date or month

TOTAL—101 CITIES

1936—July1937—January

FebruaryMarchAprilMayJuneJuly

1937—June 9June 16June 23.June 30July 7July 14July 21July 28August 4August 11August 18

NEW YORK CITY


FebruaryMarchApriLMayJuneJuly

1937—June 9_June 16June 23June 30July 7. . .July 14July 21July 28August 4August 11August 18

OUTSIDE NEW YORKCITY


FebruaryMarchApril \May __JuneJuly

1937—June 9June 16.June 23June 30July 7July 14..._ _July 21July 28 _August 4August 11.August 18

Totalloansand

invest-ments

22,48422, 73422,60022, 61022, 28022, 20122,33022, 219

22, 21422, 57322,41422,29022,21722,16322, 21322,28322, 37822, 33122, 303

8,860

8,5438,6518,3858.3358,4918,375

8,4748,6068,5138,4708,4178,3258,3598,3998,4288,3238,330

13,62414,12814,05713, 95913,89513,86613, 83913,844

13,74013, 96713,90113,82013,80013, 83813, 85413,88413,95014,00813,973

Loans l

Total

8,374

9,3999,5239,6979,743

9,6479, 7419,7669,7609,7349,7149,7409,7849,9089,9179,933

3,2463,5323,5213,7083,7253,8043,9693,975

3,9214,0114,0324,0264,0003,9593,9643,9784,0313,9964,021

5,1285,4665,4615,5785,6745,7195,7285,768

5,7265,7305,7345,7345,7345,7555,7765,8065,8775,9215,912

Tobrokers

anddealersin se-

curities1

1,1711,2281,2171,3181,276

21, 3281,3931, 375

1,3691,3701,4441,4471,4251,3561,3571,3631,3871,3561,350

9701,0241,0171,1111,085

21,1331,1841,159

1,1681,1691,2171,2271,2071,1471,1421,1411,1751,1431,136

201204200207191

U95209216

201201227220218209215222212213214

Onsecuri-ties toothers

(exceptbanks)1

2,0722,0072,0212,0302,046

2 2,0612,0062,001

2,0002,0102,0112,0161,9992,0032,0012,0032,0002,0012,003

745709731733734

2 733758754

753758761766756759751752738739740

1,3271,2981,2901,2971,312

a 1,3281,2481,247

1,2471,2521,2501,2501,2431,2441,2501,2511,2621,2621,263

Tobanks

5859728678120131124

12316714298111106129150164137139

2628435548768885

811261006173669111012499103

Realestateloans

1,1451,1531,1501,1521,1551,1601,1671,164

1,1661,1661,1711,1691,1681,1611,1621,1631,1621,1651,165

133130129128128129132134

131131134133134134135134134135135

1,0121,0231,0211,0241,0271,0311,0351,030

1,0351,0351,0371,0361,0341,0271,0271,0291,0281,0301,030

Openmar-ket

paper1

3153793994113962 382

481475465467464463459464462470

131146136133114

2 103163161

162163164166164162159160160162163

1842332632782822 279311302

319312301301300301300304302308305

Otherloans1

3,6134,1724,1234,2894,448

2 4,4774,5264,516

4,5084,5534,5334,5634,5674,6254,6324,6414,7334,7884,808

1,2411,4951,4651,5481,616

2 1,6321,6441,682

1,6261,6641,6561,6731,6661,6911,6861,6811,7001,7181,744

2,3722,6772,6582,7412,8322 2,8452,8822,934

2,882

2,8772,8902,9012,9342,9462,9603,0333,0703,064

Investments

Total

14,11013, 73613, 61813,32412,88112, 67812, 63312,476

12, 56712,83212,64812, 53012,48312,44912, 47312,49912, 47012,41412, 370

5, 6145,0745,0224,9434,6604,5314,5224,400

4,5534,5954,4814,4444,4174,3664,3954,4214,3974,3274,309

8,4968,662

8,3818,2218,1478,1118,076

8,0148,2378,1678,0868,0668,0838,0788,0788,0738,0878,061

U. S. Govern-ment obliga-

tions

Direct

9,4849,2639,1188,8028,4478,3208,3558,268

8,2588, 5568,3748,3018,2978,2548,2408,2838,2428,2098,231

3,9463,5553,4553,3193,1003,0243,0592,986

3,0623,1413,0233,0103,0062,9682,9663,0042,9782,9212,937

5,5385, 7085,6635,4835,3475,2965,2965,282

5,1965,4155, 3515,2915,2915,2865,2745,2795,2645,2885,294

Fullyguar-anteed

1,2781,2301,2121,2061,1811,1631,1601,170

1,1661,1651,1601,1521,1411,1541,1951,1881,1901,1761,139

522452453452442435437441

441440438437429427458451446432403

756778759754739728723729

725725722715712727737737744744736

Othersecuri-

ties

3,3483,2433,2883,3163,2533,1953,1183,038

3,1433,1113,1143,0773,0453,0413,0383,0283,0383,0293,000

1,1461,0671,1141,1721,1181,0721,026973

1,0501,0141,020997982971971966973974

2,2022,1762,1742,1442,1352,1232,0922,065

2,0932,0972,094

2,0632,0702,0672,0622,0652,0552,031

Re-servewithFed-eralRe-

servebanks

4,7105,2925,3265,2055,3405,3505,3325,291

5,3675,2805,3355,4005,2785,3525,3025,2315,0895,1225,194

2,1782,5652,6702,5062,5622,4922,5062,486

2,4982,4782,5092,6032,4622,5142,5082,4582,3112,3422,388

2,5322,7272,6562,6992,7782,8582,8262,805

2,8692,8022,8262,7972,8162,8382,7942,7732,7782,7802,806

Cashin

vault

386401387359346338315312

337299308303314325300311287303292

334345334310293284262261

251259249262270252260238251243

Bal-anceswith

domes-tic

banks

2,4932,3072,2521,9981,9671,7901,7611,771

1,7511,7741,7341,7831,7431,8011,7851,7531,6911,6801, 709

8081808174706668

6269646768686768676665

2,4132,2262,1721,9171,8931,7201,6951,703

1,6891,7051,6701,7161,6751,7331,7181,6851,6241,6141,644

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

2Average of figures for May 5 and 12 only (see note above).


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]

Date or month

Cashitems

report-ed as

in proc-ess ofcollec-tion 1

Otherassets

Totalassets

Totalliabil-ities

Demand deposits

Interbank

Domes-tic

banksForeignbanks

UnitedStates

Govern-ment

Certi-fied

checks,etc.

Other

De-mand

its—ad-justed*

Time deposits

Interbank

Do-mesticbanks

For-eign

banks

Other

Bor-row-ings

Otherliabil-ities

Capi-tal ac-count

TOTAL—101 CITIES


FebruaryMarchAprilMay _-JuneJuly

1937—June 9June 16__ _.June 23June 30July 7July 14.._July 21July 28August 4August 11August 18

NEW YORK CITY


FebruaryMarchAprilMay —.Jun«»July

1937—June 9June 16June 23June 30 ___.July 7July 14July 21July 28August 4August 11August 18

OUTSIDE N E W YORK

CITY


FebruaryMarchAprilMayJuneJuly

1937—June 9June 16June 23 __.June 30July 7 . . _ .July 14 . _ . .July 21July 28August 4August 11August 18

1,552,548,573

L,602,503,450,569,497

,301727

,385,871,568,560,449,411,307,352,311

745714767774649622716658

567762602949739642616635541529516

807834806828854828853839

734965783922829918833776766823795

1,3231,3491,3601,3561,3381,3381,3251,277

1,3381,3061,3381,3021,2821,2871,2761, 2651,2621,2651,270

493490485477482474455

481469471467460460456446445449451

857856870871861856851822

857837867835822827820819817816819

32.94833,63133,49833,13032,77432,46732, 63232, 367

32, 30832,95932,51432.94932,40232,48832,32532, 25432,01432,05332, 079

12,38112, 51512,60312,54612, 20012,05512, 30612,093

12,13312,43212, 20812,61012,19812,06412,05412,05711,84111,76111, 799

20, 56721,11620,89520, 58420, 57420, 41220,32620, 274

20,17520, 52720,30620,33920,20420,42420, 27120,19720,17320, 29220, 280

5,9045,9535,8545,5465,4245,0324,9274,984

4,9394,9424,8024,9135,0375,0034,9774,9214,9264,8834,918

2,4772,4212,3922,2332,1491,9261,9111,940

1,8961,9051,8631,9571,9851,9271,9291,9181,8971,8581,870

3,4273,5323,4623,3133,2753,1063,0163,044

3,0433,0372,9392,9563,0523,0763,0483,0033,0293,0253,048

427413410428473528579606

567580599602622612607582582571562

391378375392436490540563

527541559564579570566538539529517

611409369312201378447

103547549547477451429430

532

19218113813110550179233

289289248235224224239258284

637430271238207151199214

258260258229216205206224240248

545525573573460441489

454496434596543460459458430382

361336398388279274311307

291318258400365280289296264218208

184189175185181167178173

163178176196178180170162166164160

15, 76016,53916, 57116,45916,32516,42916,38016,001

16, 35316, 47316,24016, 46215,88016,13116,00815,98615,75415,88415, 873

6,6046,7836,8256,878

6,7306,7296,404

6,7776,7076,5966,7926,3856,4236,3986,4126,2556,2796,306

9,1569,7569,7469,5819,6369,6999,6519,597

9,5769,7669,6449,6709,4959,7089,6109, 5749,4999,6059,567

14,75215,51615, 57215,42915,28315, 42015,30014,984

15, 50615,24215, 28915,18714,85515,03115,01815,03314,87714,91414, 930

6,2216,4046,4576,4926,3196,3826,3246,054

6,5016,2636,2526,2436,0116,0616,0716,0735,9785,9685,998

8,5319,1129,1158,9378,9649,0388,976

9,0058,9799,0378,9448,8448,9708,9478,960

133132134133120106101101

1009910510310310210099979696

8,9468,932

133132134133120106101101

100991051031031021009997

5,0075,0525,0945,1425,1455,1945,2335,254

5,2335,2335,2335,2355,2495,2505,2515,2685,2445,2295,227

556601631680671697723746

724726722718742741743759732719720

4,4514,4514,4634,4624,4744,4974,5104,508

4,5094,5074,5114,5174,5074,5094,5084,5094,5124,5104,507

851837

925915906

928915904879

862862853842

367343367369395394404400

413405404400402401401396388375374

484494513525530521502463

515510500479467459461466465467464

3,4883,5633,5683,5783,5813,5933,6023,597

3,6033,6043,5973,5983,5983,5963,5973,5973,6033,6083,609

429467474472472475477475

477477475478475474475474482483483

2,0592,0962,0942,1062,1092,1182,1252,122

2,1262,1272,1222,1202,1232,1222,1222,1232,1212.1252.126

i Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amountof 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 cashitems 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 theDivision of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82).



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


ASSETS

Loans and investments-total:

July 28Aug. 4 ,_Aug 11Aug. 18 . .

Loans—total:Julv 28 . _Aug. 4Aug. 11Aug. 18 .

Commercial, industrial, andagricultural loans:

On securities:July 28 .Aug. 4Aug 11Aug. 18

Otherwise secured andunsecured:

Julv 28Aug. 4Aug 11Aug. 18 .

Open market paper:July 28Aug. 4 --- - . -_Aug 11Aug. 18 - -

Loans to brokers and dealers:July 28Aug. 4Aug 11Aug. 18 -

Other loans for purchasing orcarrying securities:

July 28Aug 4Aug 11 _Aug 18

Real estate loans:July 28Aug 4 -\ug 11Aug 18 - -

Loans to banks:July 28Aug 4 - - - -Aug 11Aug 18

Other loans:On securities:

Julv 28Aug 4Aug. 11 — -Aug 18

Otherwise secured andunsecured:

Julv 28Aug. 4

A.ug 18U. S. Government direct

obligations:July 28 - ---Aug 4

/Uig 18Obligations "fully guaranteed

by U. S. Government:July 28Aug 4 - _Aug 11Aug 18

Total

22, 28322, 37822, 33122, 303

9,7849,9089, 9179, 933

581584586587

3,8443,9153,9623,993

464462470468

1, 3631,3871,3561,350

701702701697

1,1631,1621,1651,165

150164137139

721714714719

797818826815

8,283r8, 2428, 2098, 231

1,188i , 1901,1761,139

Federal Reserve District

Bos-ton

1,3191,3171,3241,325

704706713716

39393939

274276284288

97949593

42424142

36373737

85858585

5555

65676767

61616060

449443445444

24242322

NewYork

9,2819,3039, 2019,204

4, 4264,4744, 4424, 464

253251252254

1,6071,6161,6351,662

176176178177

1,1621,1881,1571,150

353353352349

242242243243

11012599

103

273261262263

250262264263

3,2263,1983,1393,155

493489477448

Phila-del-phia

1,1801,1831,1851,179

466471474474

44444444

163165169171

27252526

26282827

38383838

60606060

2332

48494948

58595858

331330330327

9910010099

Cleve-land

1,8861,8991,9091,912

700711714714

43434344

231244247245

18191919

22222222

38383838

178178178178

4333

121121121122

451 43

4343

857854865868

61656160

Rich-mond

630634639638

239239241242

14141414

91919292

10101112

4444

20201919

29292929

3332

30303030

38383940

290294297297

34343432

Atlan-ta

542545545546

263264263262

11111110

121122121121

5444

7

77

16161616

27262727

6766

25252525

45464646

171172173174

31323234

Chica-go

3, 0613,0873,1073,085

1,0081,0371.0451, 031

49505049

561582585581

52535454

63606161

91929292

82828282

6666

46474647

58656959

1,4401,4291,4421,442

1811 8 6188187

St.Louis

664672672671

295305307308

50545455

123130131131

11111111

6666

13131313

46454646

9888

12121212

25262626

216219218217

51474646

Min-neap-olis

392393395397

168170172174

9999

76777981

7787

2222

9999

6666

9999

50515051

167167167167

13. 12

1212

Kan-sas

City

720729730729

282289291290

19191919

157162163163

25262627

4444

15151514

19202020

1111

14141414

28282928

266265264267

47484846

Dallas

494500503500

223227229227

13131313

126129130130

3443

3333

16151515

21212121

2111

8999

31323332

191194194194

29283029

SanFran-cisco

2,1142,1162,1212,117

1,0101,0151,0261,031

37373837

314321326328

33333535

22212122

56565757

368368368368

2222

70707073

108107109109

679677675679

125125125124

City

NewYork

8,3998, 4288 3238,330

3.9784,0313,9964,021

240238239241

1. 4961, 5031 5201,547

160160162163

1,1411,1751,1431,136

272271269

134134135135

11012499

103

240228229230

185197198197

3,0042 9782,9212,937

451446432403

Chica-go

2,0012,0162 0332, 007

692715722706

31323332

425444445440

29293030

55525353

76757575

14141414

n

22

24252424

36424636

917907920917

1001009999

p Revised.



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


ASSETS—continued

Other securities:July 28Ausr. 4Aug. 11Aug. 18

Reserve with Federal He-serve bank:


Cash in vault:July 28Alia1. 4Aug. 11Aug. 18

Balances with domesticbanks:


Other assets:July 28Aug. 4Aue. 11Aug. 18

LIABILITIES

Demand deposits—adjusted:July 28 '.Aug. 4Aug. 11Aug. 18

Time deposits:July 28Aug. 4Aug. 11Aug. 18

U. S. Government deposits:July 28Aue. 4Aug. 11Aug. 18

interbank deposits, domesticJuly 28Aug. 4Aug. UAug. 18

Interbank deposits, foreign:July 28Aug. 4Aug. 11Aug. 18

Borrowings:July 28Aue. 4Aug. 11Aue. 18

Other liabilities:July 28Aug. 4Aug. 11Aug. 18

Capital account:July 28Aug. 4Aue. 11Aug. 18

Total

3,0283,0383, 0293,000

5, 2315,0895.1225,194

311287303292

1,7531,6911,6801, 709

1,2651, 2621,2651,270

15,03314,87714,91414,930

5, 268r5, 2445, 2295,227

430463498532

5, 0205, 0234, 9795, 014

601601589579

32434239

862853842838

3, 5973, 6033, 6083, 609

Federal Reserve District

Bos-ton

142

143143

254246241

33313232

965970964961

280280279278

353536

208212209205

12111111

113

30292828

236235236236

NewYork

1,1361,1421,1431,137

2, 5762, 4362, 4632,513

67656865

140141138134

517517521523

6,6016, 5066, 4976,522

1,1591,1321,1201,123

231246265291

1,9881,9701, 9261,939

555557545532

31363530

408400387386

1, 6081,6151.6161,616

Phila-del-phia

284282281279

239243239238

16151616

132125116120

831825819818

285283281280

18181818

269274272272

555

20191919

227228228228

Cleve-land

268269269270

337340333337

39363736

164163160170

106106106106

1,1041,1081,1011,118

722727729731

15151515

328331334334

1111

17171717

345345345345

Rich-nond

122130129131

19171817

118109105108

37414241

424424431426

200200199199

11111111

177182179185

Atlan-ta

101104106107

1211

10098102104

393939

340339342337

180180180183

12111214

166170172172

1122

13

Chica-go

432435432425

793

776793

63575958

326300302293

94939394

2,2902,2602,2742, 267

865866867862

45576973

746736737732

22202019

361362362362

St.Louis

102101101100

138132135132

12101110

402393400397

184184184184

235237233231

Min-neap-olis

273272274266

121121121122

2222

107109112113

1111

Kan-sasCity

125127127126

167me176177

14111312

205193189201

23232323

496484501506

144144144144

788

389393385389

Dallas

110112108109

10101110

149140142150

26262627

401393390392

121121122120

10161818

172173176180

11

SanFran-cisco

300299295283

315328337

20192020

182185194203

211207207209

906903921920

1,0071,0061,0031,001

37373737

235236244262

17161617

315318321320

329326328329

City

NewYork

966973974969

2,4582,3112,3422,388

51495249

68676665

446445449451

6,0735,9785,9685,998

759732719720

224239258284

1.9181.8971.8581, 870

553

543530

Chica-

292294292285

580561563582

29272726

147137136139

62626262

1, 5211, 5081, 5141, 520

453454453448

32425555

548532534528

396388375374

1,4741,4821,4831,483

18171717

240241241241

• Revised.



COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES

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

End of month

1936—MayJune .JulyAugustSeptemberOctoberNovember __December

1937—JanuaryFebruaryMarchAprilMay-June.July

Com-mer-cial

paperout-

stand-ingi

184169188205197199191215

244268290285

C287285325

Totalout-

stand-ing

331316316308315330349373

387401396395386364352

Dollar acceptances outstanding

By holders

Held

Total

297276278279276296309315

325340316318295273265

by acceptingbanks

Ownbills

155129131140139150157151

154160150147137130144

Billsbought

142147147139137147152164

171180166171159143121

Held by FederalReserve banks

Forown ac-count

131

For ac-count offoreigncorre-spond-

ents

1243

Heldby

others

3440372939344057

62618076868783

By classes

Basedon

portsinto

U . S.

110107105104107110112126

141158160167168157143

Basedon ex-portsfromU.S.

8174686364677786

83858483817771

Dollarex-

change

12222212

2221112

Based on goodsstored in or shippedbetween points in

U.S.

5549576066758383

84797668625565

Foreigncoun-tries

8285847976777676

77777676757471

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 OFSTOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS

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

End of month

Debit balances

Customers1

debitbalances

(net) i

Debitbalances in

partners'investmentand trading

accounts

Debitbalances in

firminvestmentand trading

accounts

Cash onhand

and inbanks

Credit balances

Moneybor-

rowed 2

Customers'credit balances*

Free Other(net)

Other credit balances

Inpartners'invest-

ment andtrading

accounts

Infirm

invest-ment and

tradingaccounts

Incapital

accounts(net)

1935—SeptemberDecember..

1936—MarchJuneJulyAugustSeptember-OctoberNovember-December..

1937—JanuaryFebruary.._MarchAprilMayJuneJuly

1,0981,258

1,3511,2671,2951,2871,3171,3331,3641,3951,4331,4821,5491,5591, 5031,4891,493

119135

168164158142141151150164162188175163149161157

182179

181219221213227235260249243230223227209214206

771

995985981967995

1,0481,0281,0841,1721,2151,1881,2171,213

257286

3032762872832893183463423723663463142842662f>5

79

92

1101031181161151111019296

396410

429420422423423428435424428418419417408397397

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 bor-rowed from other lenders (not including member firms of national securities exchanges).

NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methodsby which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last columnis not to be taken as representing the actual net capital of the reporting firms.



FEDERAL RESERVE BANK DISCOUNT RATES[Percent per annum]

Federal Reserve Bank

BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. .Kansas City..DallasSan Francisco

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

eral Reserve Acti

RateAug. 31

221214W

In effectbeginning—

Feb. 8,Aug. 27,Jan. 17,May 11,Aug. 27,Aug. 21,Aug. 21,Jan. 3,Aug. 24,May 10,Aug. 31,Feb. 16,

193419371935193519371937193719351937193519371934

Pre-viousrate

Wi2H2222

VA22H2

Advances under sec.10(b) of the Federal

Reserve Act

RateAug. 31

In effectbeginning-

Sept.Oct.Nov.Oct.Sept.Aug,Aug.Oct.Aug.Aug.Aug.Sept.

20, 193510, 19352, 193519, 193523, 193521, 193721, 19373, 1935

24, 193726, 193531, 193720, 1935

Advances secured bydirect obligations ofthe United States(last paragraph of

sec. 13 of the FederalReserve Act)

RateAug. 31

4344VA

444

In effectbeginning—

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

20, 19338, 1934

20, 193311, 193519, 193417, 193416, 193321, 193515, 193310, 193512, 193419, 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

Buying rates at the Federal Reserve Bank of New York[Percent per annum]

Maturi ty

1-15 d a y s 1 . . .16-30 days . . . .31-45 days.._.46-60 days . . . .61-90 days91-120 days...121-180 days..

Rate ineffect onAug. 31

In effect be-ginning—

Oct. 20, 1933.do..do. ._do_..do. ,.do. ,do .

Previousrate

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

NOTE.—Minimum rates on prime bankers' acceptances payable indollars; higher rates may be charged for other classes of bills.


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

the Board of Governors under provisions of Regulation Q.

[Percent per annum]

Savings depositsPostal Savings depositsOther time deposits pay-

able in:6 months or more90 davs to 6 monthsLess than 90 days

Nov

Jan.

. 1,to31,

1933

1935

33

333

Feb

Dec.

1,to31,

1935

1935

2 4

2U2 ' ,2 4

In effectbeginning

Jan. 1, 1936

°42'2

O l .,

o1

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

RATES ON INDUSTRIAL ADVANCESRates in effect Aug. 31, 1937, on advances and commitments under Sec.

13(b) of the Federal Reserve Act as amended June 19, 1934.[Percent per annum except as otherwise specified]

Federal Reserve Bank

BostonNew York..._Philadelphia. _Cleveland

RichmondAtlantaChicagoSt. Louis

Minneapolis. .Kansas City__DallasSan Francisco

Advancesdirect to

industrialor com-

mercial or-ganizations

3VS-64-64-6

4.4-6

66

5-6

64-65-65-6

Advances to financ-ing institutions—

On por-tion forwhichinstitu-tion is

obligated

333

34

4-65

1 243,4

4}-2-544

3-4

On re-mainingportion

344-5

4

4-65

5-6

45-64-5

Commit-ments

to makeadvances

1-2H-2

1-24

1-2

14-2

1 Authorized rate 1 percent above prevailing discount rate.2 Same as to borrower but not less than 4 percent.3 Flat charge.Back figures—See Annual Report for 1935 (table 40).

MEMBER BANK RESERVE REQUIREMENTS[Percent of deposits]

Classes of depositsand banks

On net demand deposits;iCentral reserve cityReserve city...Country

On time deposits:All member banks..

June 21,1917-

Aug. 15,1936

13107

3

Aug. 16,1936-

Feb. 28,1937

19H15104

Mar. 1,1937-

Apr. 30,1937

22H

ny*

May 11937,

and after

262014

6

1 See footnote to table on page 918 for explanation of method of comput-ing net demand deposits.



MONEY RATES AND BOND YIELDSOPEN-MARKET RATES IN NEW YORK CITY

[Percent per annuml

Year,month or

date

1934 average._.1935 average. _.1936 average- .

1936—JuneJuly .AugSeptOct.NovDec

1937—Jan. __Feb.Mar. . _AprMayJuneJuly

Week ending:June 12June 19June 26July 3July 10July 1 7 . . . .July 24Julv 3 1 . . . .Aug. 7Aug. 14Aug. 21

Prevailing rate on—

•1 rimecom-

mercialpaper,4 to 6

months

1.02

3,

3,

Z/

3,:

h

;

yy_~[

1111

1111111111

1

Primebank-

ers'accept-ances,

90days

251315

3 . ;6

V-6-K'•' / i 6

5 / i 6 ~ 9 / l 69 / ! 6

7 /'6 l/27, 6

l/2

'l4

7 /-, 5

7 ''167 / l 6

! / 1 67 /16

'/167 ie7 167 / 1 6

Stock-ex-

changetime

loans,90

days

.90

.561. 16

'K>%1 Vd,j 1^

•IKIKIK

IKIKIKIKIKIKIK

IKIKIKIKIKIKIKIKIKIKIK

Average rate on—

Stock ex-change call

loa

New

1.00.56.91

1.00I 00I 001.001 001.001 00

1.001.001.001.001.001.001.00

1.001.001.001.001.001.001.001.001.001. 001.00

ns

Re-newal

1.00.56.91

1.00i . O O

1.001.001 001.001,00

1.001. 001.001.001.001.001. 00

1.001.001.001.001 . 0 0 •

1.001.001.001. 001. 001. 00

u. s.Treas-ury 273-dav billsotteredwithinperiod

1 .26* . 14

.14

. *3'. 14.18. 16. 13. 10.21

.36

.38

.58

.70

.65

.58

.49

.57

.58

.62

.49

.51

.50

.49

.47

.48

.46

.52

Aver-age

yield on" U. S.Treas-

ury3-5 yearnotes

2. 111.281.11

1. r21.171.121.091.12

.991.04

1.181.221.421.591.481.541. 44

1.521.561.571.551.501.451.411.381.381.391.44

1 91-day and 182-day bills.»182-day and 273-day bills.Back figures.—See Annual Report for 1935 (tables 42 and 43).

RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES

[Weighted averages of prevailing rates; percent per annum]

New York City:JanuaryFebruary __.MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Year8 other northern and

eastern cities:JanuaryFebruaryMarchApril.May _.JuneJulyAugustSeptemberOctoberNovemberDecember

Year27 southern and

western cities:January.. _FebruaryMarch... ___AprilMay _.JuneJuly-.. __AugustSeptemberOctoberNovemberDecember

Year

1929 1930 1931 1932 1933 1934 1935 1936 1937

5.745.735.815.855.885.935.886.056.066.085.865.74

5.88

5.875.865.916.006.096.026.086.116.246.256.125.94

6.04

5.945.966.046.076.106.166.176.226.276.296.296.20

5.645.355.224.914.744.594.484.414.294.4.174.16

4.e

5.85.665.475.225.135.064.814.794.744.75

5.07

6.126.055.985.865.755.5.635.585.555.545.505.43

4.244.314.204.174.114.134.053.9'3.934.274.674.64

4.22

4.614.634.624.574.554.494.484.474.484.624.874.91

4.61

5.505.435.405.5.265.345.305.285.325.385.535.56

4.714.714.724.4.554.614.424.454.304.354.124.22

4.49

5.075.135.145.105.145.135.055.125.034.964.4.88

5.05

5.615.615.645.635.645.625.635.685.635.565.555.60

4.124.114.884.334.244.103.933.973.793.763.523.48

4.02

4.894.845.395.094.994.974.824.684.654.514.544.59

4.83

5.605.565.665.685.665.625.545.535.555.505.425.43

6.14 5.72 5.39 5.62 5.56 5.17 4.69 4.35

3.583.433.313.393.423.303.303.333.263.283.223.18

3.33

4.654.494.524.524.394.304.154.124.114.134.083.98

4.29

5.405.395.405.345.285.195.075.055.045.054.934.92

2.832.902.642.612.692.662.612.672.722.722.772.61

2.70

4.4.024.053.3.3.783.873.793.753.753.633.67

3.86

4.954.844.854.4.794.764.584.634.514.554.514.55

2.642.562.612.542.512.442.442.422.402.462.432.43

2.49

3.623.633.6C3.473.453.513.613.473.453.503.473.46

3.52

4.474.514.444.4C4.4.394.354.254.294.234.244.14

2.502.412.502.532.442.342.362.41

3.363.433.343.363.453.323.323.29

4.164.154.154.214.174.184.194.18

BOND YIELDS1

[Percent per annum]

Year, month, or dateU.S.Treas-ury i

Munic-ipal

(high-grade) 3

Corporate *

TotalBy ratings

Aaa Aa Baa

By groups

Indus-trial

Rail-road

Publicutility

Number of issues..

1934 average1935 average1936 average1936—July

AugustSeptember..OctoberNovember..December...

1937—JanuaryFebruary.. . .MarchAprilMayJuneJulyJuly 2 8 -Aug. 4__.Aug. 11..Aug. 18..

120 30 30 30 30 40

3.102.702.472.502.432.412.422.292.272.292.312.502.742.672. 642.59

2. 552.542. 552.58

3.953.162.682.702.682.622.582.452.312.382.572.722.842.762.672. 632. 622. 602.592.56

4.964.463.87

3.903.85 I3.79 !3.75 I3.71 i3.673.66 ,'3.753.87 :3.98 '3.92 I3.933.91 I3.90 ;3. 903. 903.92 i

4.003.603.24

3.233.213.183.183.153. 103. 093.223.32 !3.42 i3.33 I3.2s !3. 26 i3.243.223.223. 27

4.443.953.473.483.443.413.383.313.283.303.413.503.583.493.453.443.433. 423.413.45

5.084.554.024.053.993.943.903.853.783.763.853.984.053.993.993.97

3. 963. 963.953.97

6.325.754.774.844.744.624.544.524.534.504.544.694.864.874.974.97

4. 985. 015. 004.99

4.524.023.503.523.483.443.423.383.373.363.463.553.653.553.513. 50

3.483. 463.443.48

40

4.964.954.244.314.224.094.024.003.963.954.044.174.294.274.294.314.334. 384.374.40

40

5.404.43

3.853.833.803.743.693.683.763.903.993.953.973. 923.893.883.883.87

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).


S E P T E M B E R 3 9 3 7 FEDERAL RESERVE BULLETIN 931

BOND PRICES 1

Year, month, or date

Number of issues-.

1934 average1935 average1936 average -

1936-JulyAugustSeptemberOctoberNovemberDecember

1937—J ami aryFebruaryMarchAprilMay _._JuneJuly


U. S.Treas-

103.5106.0107. 0

106.107.107106.108.108.107.107.105.102.103.103.104.

104.4104.5104.4104. 1

Munic-ipal

(high-grade)3

97. 3109. 4117.8

117. 4117.8118.8119.5122.1124.8123. 5119.711.6. 9114.8116.3117.9118.6

118.8119. 1119.3119. 9

Corporate3

Total

84. 588. 697. 5

97. 197.798. 699. 699. 899. 9

100. 3100. 098.596. 696. 295.095. 3

95. 395. 295. 295. 0

Indus-trial

8 1 . 98 8 . 29 2 . 2

9 1 . 19 1 . 69 2 . 29 3 . 19 4 . 29 4 . 59 4 . 89 4 . 79 3 . 59 2 . 09 1 . 99 1 . 29 1 . 4

9 1 . 49 1 . 99 2 . 09 2 . 0

R a i l -roal

8 3 . 87 9 . 49 4 . 7

9 4 . 29 5 . 89 7 . 99 9 . 79 9 . 29 9 . 6

100. 6100. 2

9 8 . 39 5 . 39 5 . 09 3 . 29 3 . 2

9 2 . 89 1 . 69 1 . 49 1 . 5

U t i l i t v

8 7 . 89 8 . 2

1 0 5 . 4

1 0 1 . 01 0 5 . 71 0 5 . 81 0 6 . 01 0 6 . 01 0 5 . 61 0 5 . 71 0 5 . 11 0 3 . 61 0 2 . 41 0 1 . 81 0 0 . 61 0 1 . 2

1 0 1 . 81 0 1 . 91 0 2 . 01 0 1 . 6

1 Monthly data are averages of daily figures except for municipal bondswhich are averages of Wednesday figures.

2 Average prices of all outstanding bonds due or callable after 8 years,based on quotations from Treasury Department.

3 Prices derived from average yields, as computed by Standard Sta-tistics Co.

Back figures.—See Annual Report for 1935 (table 73); for U. S. Treas-ury bonds, see BULLETIN for May 1936, p. 317.

STOCK MARKET

Y e a r , m o n t h , o rd a t e

N u m b e r o f i s s u e s . . . .

1 9 3 4 a v e r a g e . .1 9 3 5 a v e r a g e . .1 9 3 6 a v e r a g e . .

1 9 3 6 — J u l yA u g u s tS e p t e m b e r _O c t o b e rN o v e m b e r .December. _

1937—J anuaryFebruary.. _MarchAprilMayJuneJuly

July 28._.A u L \ 4 . . .A u g . 1 1 _.A u g . 1 8 . .

Pre-ferred2

1 2 0 . 71 3 3 . 81 3 8 . 9

1 3 9 . 11 3 9 . 31 3 9 . 01 3 8 . 31 3 9 . 01 4 0 . 11 4 1 . 81 4 1 . 21 3 8 . 01 3 6 . 01 3 5 . 41 3 5 . 21 3 5 . 7

1 3 6 . 41 3 6 . 61 3 7 . 11 3 7 . 5

S t o c k p r i c e s 1

C o m m o n ( i n d e x , 1 9 2 6 = 1 0 ; ) )

T o t a l

7 81 1 1

1 0 91 1 31 1 41 1 91 2 41 2 31 2 61 3 01 3 01 2 51 1 61 1 41 1 8

1 2 01 2 21 2 21 2 1

Indus-trial

348

819 1

1 2 7

124128130136144143147152153147137134139

142144145144

road l ^

6971

104

106109108109109111114111106101949196

1 0 09 99 89 7

V o l -u m e o f

t r a d -

}. 2041.4111.824

1.4381. I o51. 3*51.913

2, 0952 6A72. 5642.1331.4?>'-i

859697917

S I I7>>870S

1 Standard Statistics Co. Monthly data are averages of Wednesdayfigures.

2 Average prices of industrial high-grade, derived from yields.3 Average daily volume of trading in stocks on the New York Stock

Exchange, in thousands of shares. Weekly figures are averages for theweek ending Saturday.

Back figures.—For stock prices, see Annual Report for 1935 (table 73).

CAPITAL ISSUES[In millions of dollars]

Year ormonth

1 9 2 71 9 2 8 _.1 9 2 9 . _1 9 3 01 9 3 11 9 3 21 9 3 31 9 3 41 9 3 51 9 3 6

1 9 3 6 — J u l y . . . .A u g . _ _ .Sept.OctNovD e c -

1937—JanFeb..._Mar. . . .AprM a y . . .June ._.July.. . .

Total(newand

r e -f u n d -

i n g )

9 , 7 7 49 , 8 9 8

1 1 , 5 1 37 , 6 1 94 , 0 3 81 , 7 5 11 , 0 6 32 , 1 6 04 , 6 9 96 , 2 1 4

339297409464372726603497382272261560344

Total(do-

mesticandfor-

e i g n )

7 , 5 5 58 , 0 4 0

1 0 , 0 9 16 , 9 0 93 , 0 8 91 , 1 9 4

7201 , 3 8 61 , 4 5 71 , 9 7 2

104217178186158266241168185152150359250

Total

6 , 2 1 96 , 7 8 99 , 4 2 06 , 0 0 42 , 8 6 01 , 1 6 5

7081 , 3 8 61 , 4 0 91 , 9 4 9

103217177173158266241168185152150359250

Stateandmu-n i c i -

p a l

1 , 4 7 51 , 3 7 91 , 4 1 81 , 4 3 41 , 2 3 5

762483803855735

3346

103784948

146344767439079

TOT new capital

Domestic

Fed-eral

a g e n -c i e s *

8764

087757764

40515022

0000000400

290

89

Corporate

T o t a l

4 , 6 5 75 , 3 4 68 , 0 0 24 , 4 8 31 , 5 5 1

325161178404

1 , 1 9 2

70171

7595

109218

951301388578

26982

Bondsand

n o t e s

3 , 1 8 32 , 3 8 52 , 0 7 82 , 9 8 01 , 2 3 9

30540

144334839

39146486097

1006474994547

18739

Stocks

1 , 4 7 42 , 9 6 15 , 9 2 41 , 5 0 3

31120

1203569

352

3125263512

11831563940318243

F o r -e i g n 1

1 , 3 3 71 , 2 5 1

671905229

29120

4823

101

13000000000

Total(do-

mesticandfor-

e i g n )

2 , 2 1 81 , 8 5 81 , 4 2 2

709949557343774

3 , 2 4 24 , 2 4 2

23680

231278214459362329197121111200

93

Total

1 , 9 7 81 , 6 2 01 , 3 8 7

527893498283765

3 , 2 1 64 , 1 2 3

23680

231278199459289255197101111200

93

Stateandmu-n i c i -

p a l

35361353218737

136365382

91156

51649599

12138

218

T O T r e f u n d i n g

D o m e s t i c

F e d -e r a l

a g e n -c i e s '

9300

o519326

317987353

2801

283

2621

41

163029

Total

1 , 8 5 01 , 5 8 41 , 3 7 4

474821319219312

1 , 8 6 43 , 3 8 7

22562

1752721554082042251818787

14957

Corporate

Bondsand

notes

1 , 5 8 61 , 0 5 4

542451789315187312

1 , 7 8 23 , 1 8 7

22255

156249145395

871401626966

13920

Stocks

264530833

2332

432o

81200

36

19221013

116841918211137

For-eign1

241238

35182

565960

926

119

0000

150

73740

20000

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.



TREASURY FINANCEUNITED STATES GOVERNMENT DEBT

VOLUME AND KIND OF DIRECT OBLIGATIONS

(On basis of daily statements of United States Treasury. In millions of dollars)

End of month

1932—June1933—June1934—June .1935—June1936—June

1936_ JulyAugustSeptember.. .OctoberNovember . .December . . . . . . . .

1937—JanuarvFebruary.. _. _.MarchApril . .MavJune .July

Totalgrossdebt

19,48722, 53927,05328. 70133, 779

33, 44433, 38033.83333, 83333, 79434. 40734, 50234, 60134, 72834, 94135, 21336,42536, 716

Totalinterestbearing

19 16122,15826, 48027 64532,989

32, 67932, 62433,08833,08333.08833, 70033, 82133, 92634,06434, 29534, 59135,80036,113

Total

618, 816621, 782• 26,006

26, 91031,297

31,32131, 32931, 83031, 85531,87732, 49732. 58232,61732, 72232, 88433,10733, 73433,918

Pre-war

75375375375379

79797979797979797979797979

:[nterest-bearing

Publicly offered

Bonds

Treas-ury2

13,46013,41715, 67914,01917., 168

17,16817,16818,14918,14918,14919. 45219, 45219, 45219,93619. 93619,93619,93619,936

U. S.Savings

62316

340366399424447475509567722752775800833

Notes

1.2614,5486,653

10,02311,381

11,38111, 36310, 84910,84910, 84910, 28910,28910. 2679,7839,7649,764

10,61710,617

Bills

616954

1,4042,0532,354

2, 3532. 3532, 3532,3542. 3532,2032,2532,2532, 2032, 3532, 5532,3032,453

Ad-justedserviceissues3

10592

118156

1,071

689622583552526504489475461451445926915

Socialse-

curityissues'

19

253034384764

119204322407489579649

Allothers

240284356580601

645643641639637635632630559552550560632

Noninterest-bearing

Ma-tureddebt

606654

231169

160164163178143153137139136126110119103

Other

266315518825620

605593582571563554544536528520512506499

1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System2 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 cer-

tificates 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 DIRECTOBLIGATIONS, JULY 31, 1937


Date matur ing

1937—Before Oct 1Oct. 1-Dec. 31

1938—Jan. 1-Mar. 31. .Apr. 1-June 30July 1-Sept 30Oct 1-Dec 31

193919401941194219431945194619471948 . .19491951195219531954195519561959...19601961

Total

Total

1,618801

1,383818596

3,1882,8542,219

426898

1,5881, 868

2 1,9951,036

8191 2231,2501,7862, 663

755489982

2,61150

33,918

Bonds*

834

8981,5881,868

2 1, 9951,036

8191 2231,2501,7862, 663

755489982

2,61150

20, 848

Notes

817

732618596

3,1882,8541,385

426

10, 617

Bills

801801651200

2,453

1 Issues classified as of date of final maturity; most issues callable atearlier dates; most of the U . S . Savings bonds are redeemable at optionof holder.

2 Includes unclassified U. S. Savings bonds.

FULLY GUARANTEED OBLIGATIONS, BY AGENCIES i


End of month

1933—December.1934—June

December.1935—June...•_...

December.1936—June

JulyAugust,...SeptemberOctober...NovemberDecember.

1937—January.._February..MarchAprilMayJuneJuly

Total

180681

3,0634,1234,4944,718

4.7244, 6694,6674,6674, 6624, 6624,6624,6624,662'4, 660r4, 660'4, 6654,703

FederalFarm

MortgageCorpora-

tion

312980

1,2261, 3871,422

1,4221,4221, 4221,4221,4221,4221,4221,4221,4221,4221,4221,4221.420

HomeOwners'

LoanCorpora-

tion2

1341,8342,6472, 8553,044

3.0502,9952,9932,993

2,9882,9882,9882,988

r2, 9872,987

r2,9872,987

Recon-structionFinanceCorpora-

tions

180235249250252252

252252252252252252252252251250-250••255295.

r Revised.1 Principal amount of obligations guaranteed as to interest and princi-

pal. The total also includes guaranteed debentures of the Federal Hous-ing Administrator, amounting to $99,926 on July 31, 1937.

2 Excludes obligations guaranteed as to interest only.3 Excludes obligations held by U. S. Treasury and reflected in the

public debt. Figure for December 1933 includes notes given in purchase,of gold which were retired in February 1934.



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

Period

Fiscal year ending:June 1932June 1933June 1934June 1935June 1936June 1937

1936—JulyAugustSeptember. _OctoberNovember, _December...

1937—JanuaryFebruary.. .MarchAprilMayJuneJuly

General and special accounts

Receipts

Total

2,0062,0803,1163,8004,1165,294

294343499272233517284275

1,012363335868409

In-cometaxes

1,057746818

1,0991,4272,158

3932

2882733

2864358

7005747

54757

Socialsecur-

itytaxes

(253

Otherinter-nal

reve-nue 2

504858

1,8232,1792,0862,187

201264161186148175168148190166170212221

Allother 3

445

523603

Expenditures *

Total

4,7414,6816,7456,8028,4778,001

412551668681535656631553754708552

1,300659

General

Inter-est ondebt

599689

821749

1026

144748

1401420

159689

19412

Na-tional

de-fenseandVet-

erans'Adm.4

1,4921,431986

1,0891,3401,436

121120118121114118116112

1 121129119128128

Allother

1,5351,163

9381,3151,3101,994

119138130168153150159176225230169179197

Re-cov-eryandrelief

12582

2,7463.3663,3413,079

302269264297272294230214252243211232198

Re-volv-ing

funds(net)5

7681,1951,247

1419 78

9 244

9 2169 11

216

9 14947

679 139 46

9 79 227

92

Trans-fers totrustaccts.etc6

221121

7171

1,814

7.710

9431

4545454545

540125

Excessof re-ceipts(+)or

ex-pendi-tures

)

-2, 735-2,602-3, 630-3,002-4.361-2, 707

-118-208-169-409-303-138-348-279+257-345-217-432-249

Trustac-

counts,etc7

excessof re-ceipts(+)or

ex-pendi-tures

- 5- 5

+835+613+123-67

+2- 5 5

(8)- 1 5- 1 7+26+72

-98+8- 3

+20+44

Increase or de-crease during

period

Generalfund

balance

- 5 5+445

+ 1 , 720-741+840-128

-451-327+284-424-358+500-180-187+287-124+52

+800+85

Gross.debt

+2,686..+3,052"+4,514+ 1,648.+5,078.+2,646

- 3 3 5 ,- 6 3

+452-(8)

- 3 8 ;+613+95+99

+127+212'+272'

+ 1.212-+291

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]

End of month

1932—June1933—June1934 June1935—June

1936—JanuaryFebruary.. _MarchAprilMav _. ._JuneJuly .August _.SeptemberOctober .November .December

1937—JanuarvFebruaryMarch. _ _ _AprilMay .JuneJulv

Total

417862

2,5821,841

2,0041,7672,8662,4422,3582,6822,2301,9042,1881,7641,4061, 906

1,7261, 5391,8261. 7021,7542, 5532,639

In-activegold

26

127205343568758

1,0871,213

Incre-ment

on gold

811700

141141140141141140141140140141141141

141141141141141141141

Seign-iorage

140

283294302306308316319323329332333337

340344348350354356369

Work-ing

balance

417862

1,7711,001

1,5801,3322,4231,9951,9102,2251,7711,4411,7191, 291

9311,401

1,118819995642501970915



GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JUNE 30, 1937[Based on compilation by U. S

ASSETS

Loans and preferred stock:Loans to financial institutionsPreferred stock, etcHome mortgage loans _Farm mortgage loansOther agricultural loansW\ other loans

Total loans and preferredstock

CashUnited States direct obligationsObligations of Government credit

agencies:Fullv guaranteed by U. S._Other 2

Production credit association classA stock - -

Accounts and other receivablesAll other assets

Total assets other than inter-agency 2

LIABILITIES

Bonds, notes, and debentures:Guaranteed bv United StatesOther2

Other liabilities (including reserves)

Total liabilities other thaninteragency2. _

Excess of assets over liabilities, ex-cluding interagency transactions._

Privately owned interests -

U. S. Government interests.__

. Treasury Department from

Financed wholly

Recon-structionFinanceCorpo-ration

312582

1844

1,7392

10

36

1, 795

255

49

304

1,491

1, 491

Com-modityCreditCorpo-ration

124

124(l)

0)(0

124

1

1

123

123

reports received from organizations concerned

from Government funds

PublicWorksAdmin-

istra-tion

125

125

20

146

146

146

Agricul-turalcredit

institu-tions

23

2385

1425

76

0)

153

5

5

148

148

Other

1(i)

156310

4666432

2

33266

863

346

49

814

8.14

. In millions of dollars]

Financed pa r t ly from Governmentfunds

Farmmort-gage

institu-tions

2,906

2, 9067644

0)

179160

3, 365

1 4222 1,116

180

2,719

646178

469

Otherfarmcredit

institu-tions

252

25222

100

691

41

449

1817

188

2613

259

Homemort-gage

institu-tions

1673 183

2 556

2,906106

12

10

313 389

3, 455

3 01226

144

3,182

27336

237

Other

8

0)

811

348

102

315

486

( i )

89

89

398139

258

Total

June 30,1937

488765

2, 5562, 906

5561, 279

8, 550288551

19628

76287859

10,835

4 6891, 326

520

6, 536

4,299355

3, 943

M a v 3 1 ,1937

478760

2, 5912,910

5521,246

8. 537283545

19629

76285790

10. 742

4 6691,324

505

6. 498

4.244355

3. 8S9

June 30,1936

556799

2.9452,954

6581.199

9.111279486

21128

75264577

11.030

4 7191,392

349

6, 460

4. 570347

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. 31,1936

Jan. 31,1937

Feb. 28,1937

Mar. 31,1937

Apr. 30,1937

May 31,1937

June 30,1937

July 31,1937

Loans to financial institutionsLoans on preferred stock of banks and insurance companies..Preferred stock, capital notes, and debenturesAgricultural loansLoans to railroads (including receivers)Loans for self-liquidating projectsLoans to industrial and commercial businessesLoans to drainage, levee, and irrigation districts.Other loansSecurities purchased from Public Works Administration

Total loans and investments, other than interagency.-.

Loans to Federal land banksLoans to Commodity Credit CorporationCapital stock of Commodity Credit CorporationCapital stock of, and loans to K. F. C. Mortgage CoPreferred stock of Export-Import, banksCapital stock of, and loans to other agencies

374, 63045, 579691,0471, 456

350,841176,25655,12060,1032, 796

128, 921

313,33541, 796630, 2721,327

345, 502200,18163,07965,1641,943

113,076

304, 81541, 465607, 7771,405

345,447206,72163, 83866, 5531,949

108, 714

295, 65441,379596, 9981,461

340,367208,49663, 49367, 7442,050

121, 622

286, 61141,132591, 7841,468

345,084215,04467, 72970,8322,169

«114, 012

277, 34940, 677

587, 6681,402

344, 823218, 589

69, 52471, 2532,312

c 120, 404

c 271, 85840,483581, 9001,349

354, 320221,90770, 54972, 4242, 533

«119. 585

i 271, 0092 40,027576, 6721, 236

351,936225,40771.18174, 6052. 562

87, 320

1, 886, 749

32, 95992, 36897,00030, 21817,000

1, 775, 677

22,784135,02497,00038, 67020,000

100

1, 748, 684

22,191129,32097, 00039,23320,0001,398

1,739,265

14,51779, 68897,00043, 76920,0002.598

<• 1, 735, 864

14,:55, 48597,00044. 34020,0006,000

1,734,001

13, 93450, 37197,00045,99420,0007,400

1, 736, 909

13, 75747, 39397,00048, 28620,00010,000

1, 701, 954

13, 58661. 23897.00051, 30220, 00011,898

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.



FARM CREDIT ADMINISTRATIONLOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS

fin thousands of dollars]

End of month

1933—December..1934—December..1935—December..1936—July..

AugustSeptember-OctoberNovember..December. _

1937—JanuaryFebruary...MarchAprilMayJuneJuly

Farm mortgage loansb y -

Federalland banks

1,232, 7071,915,7922,071,9252,064, 7592, 067,1062,067, 7112,067, 6472, 065, 7192,064,1582,061,4722,060, 2332,057,9302, 055,3972, 053, 5582,052,3192, 050, 522

LandBank

CommiS'sioner

70,738616,825794, 726829, 464831, 892833,906835,187836,194836,779836,062835, 509833,821832, 881831, 705830,577828,771

Federal intermediatecredit bank loans toand discounts for—

Regionalagri-

culturalcredit cor-porations,productioncredit as-

sociations,and banksfor cooper-

atives *

73,26399,675

104,706146, 243144, 423138, 653135, 791131,644129, 872125,825130,139144, 250153, 795159, 073164,977170,110

Otherfinancinginstitu-tions,except

coopera-tives

55,67247,16255,05054,88450,09943,94641, 27741,01740,08041,06142,36744, 04245,131

« 47, 33748,167

Produc-tion credit

associa-tions

2760,85294,096

140, 982135, 603122,004110, 775105, 441105, 212106,081114,551131, 905143, 902152. 466

c 160, 051163. 553

Regionalagricul-

tural cred-it corpo-rations

144,63687,10243,40034,61033,04231, 21628, 66426,49125, 28824,45424, 24923,89223, 58823,45322,91422.069

Emer-gency

crop anddrought

loans

89,811110,186172,489174,207172,863171, 320

166, 291164,887163,868163, 250174, 709187,185189, 686189,141187, 353

Loans to cooperatives b y -

Federalinter-

mediatecreditbanks

15,21133,9692,731225314405758

1,3361,6411,4861,3591,3051,2491,070635

1,126

Banks forcooper-atives,

includingCentralBank

18,69727,85150,01343,01844, 34556,26771,15072, 50069, 64764,41160, 35656, 73649, 31445,00045,03252, 405

Agricul-tural

Market-ing Actrevolv-

ing fund

157, 752

44, 43344,43144,02548,58351,34856,21653, 75454,32252, 35951,81048,52247, 73246,85445, 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 thethree 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 BOARDLOANS OUTSTANDING, BY INSTITUTIONS

[Loans in thousands of dollars)

End of month

1933—December..1934—December..1935—December..

1938—JulyAugustSeptemberOctoberNovemberDecember

1937—JanuaryFebruaryMarchAprilMayJuneJuly

Home mortgage loans by—

HomeOwners'

Loan Cor-poration i

32, 394, 0382, 897,162

2, 921, 2942, 898,0432, 870, 4802, 834, 6102,801, 8272, 765, 0982, 729, 2742, 698, 6112,661,5422. 625, 4932,591,1152, 556, 4012,524, 129

Federal savings andloan associations

Number ofassociations

Total

59639

1,023

1,1651,1751,1831,1921,2061,2121,2281, 2401,2491,2571, 2701, 2861,293

Re-port-

455881

1,0251,0761,0761,0801,0801,0651,1431,1571,1681,1681,1661. 1811.181

Loansre-

por ted

69, 734315. 683

465, 682497,852512, 744532,064544,130544,107576, 299611,212630, 680652, 557679,949703, 996722, 442

Federalhomeloanbank

loans tomemberinstitu-tions 2

122,101125, 218129, 767134, 941137. 261145; 401143, 745141, 205142,720146,149153,491167,057169, 571

r Revised.1 In addition to loans the HOLC held on July 31, 1937, $709,000,000 in

other assets, consisting principally of investments in the Federal Savingsand Loan Insurance Corporation and in various savings and loan asso-ciations, real estate and other property, and accrued interest receivable.

2 Includes loans to Federal savings and loan associations, all of whichare members, and a negligible amount to others than member institutions.

3 Includes accrued interest.

POSTAL SAVINGS SYSTEM


End of month

1933—June. .1934— June _1935—June

1936—May .June _Ju ly . .AugustSeptemberOctoberNovemberDecember

1937—JanuaryFebruaryMarchApril .MayJuneJulv..

Depos-itors'bal-

ances1

1, 1871.1981,205

1,2141, 2321,2441,2491,2511, 255I, 2571, 2601, 2661,2701,2721, 2701, 268

"1 268Pi, 271

Assets

Total

1,2071,2251,236

1,2481, 2651,2791,2831,2851,2901,2931.2961,3031,3071,3101,3071, 306

i

Cashin de-posi-tory

banks

977695385

211203172166162158145145136133132134134

U. S. Governmentsecurities

Total

131453777

940967972972982

1 0111,0291,0581,0601,0611,0971,1001, 100

Di-rectobli-ga-

tions

131418630

773800805805815844862891893894930933933

Guar-an-

teedobli-ga-

tions

35147

167167167167167167167167167167167167167

Cash,re-

servefundsetc.*

997774

9795

13514514112111993

10711381737')

p Preliminary.1 Outstanding principal, represented by certificates of deposit. Does-

not include accrued interest nor outstanding savings stamps.2 Includes working cash with postmasters, 5-percent reserve fund and

miscellaneous working funds with the Treasurer of the United States,accrued interest on bond investments, and accounts due from late post-masters.

Back figures.—See BULLETIN for August 1933, p. 502



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

Yearand

month

191919201921192219231924192519261927192819291930193119321933193419351936

1934

June.. .JulyAugSeptOct...Nov.....Dec

Jan _FebMarApril....MayJuneJulyAugSeptOct.NovDec

1936

Jan.FebMarApril....MayJuneJulyAugSeptOctNovDec

1937

JanFeb....Mar.....April....MayJuneJuly

Industrial production**

Total

Ad-justed

84767371747586

9090888685878688919596101

9794931011011C4108108109110114121

114116118118118114"114

Unad-justed

8387678510195104108106111119968164767990105

84737373757478

889191898786838790979896

659596104105104105106107111115114

112117122122122115P112

Manufac-tures

Ad-justed

83747269727485

9088878684858789929597101

969293100101105109110110111115121

115116117118118114P115

Unad-justed

8487678610194105108106112119958063757890105

84717170737376

879191918784838789969895

959397105105105105106107110115114

113118122125123114

pill

M inerals

Ad-justed

87848082818190

9597978890998583879393102

1041119710610210010199102105112117

109115128115116114

pill

Unad-justed

778970741059699108107106115998471828691104

86848387878485

9293907988978586931019697

1001079095101101102104110115115111

105111118105117117

P114

Construction contracts awarded (value)2

Total

Ad-justed

26272729313131

272826272730353843486068

626247474652596259575866

636256535661

pfi81

Unad-justed

63635679849412212912913511792632825323755

31302830292825

222426303235394044455354

504547535660656560545153

515456616872P75

Residential

Ad-justed

12121011121112

121416182124252425252626

252526303236444647434045

454745444442P45

Unad-justed

4430446881951241211171268750371311122137

13121011121110

101316222526252425252522

212228353839454647413938

374247515247,45

All other

Ad-justed

38394044464847

3939353332364350586688103

927563605765717569697283

777564616677

Unad-justed

799065888694120135139142142125844037485070

46444345434136

323334383943505459627680

756362677078828170656265

636463688192

P"

Factory em-ployment*

Ad-justed

85838378818182

848586868584858686878889

898788899090939394949699

99100101102102101

Unad-justed

107108829010496100101999910591776672838692

85838480828082

828586868583848688898988

878788899090919496979798

9799101102102101,102

Fac-torypayrolls*

Unad-justed

9811877821039610110410210210989674649637182

66616359626164

657072726967677174767678

747478798181808484899195

9196101105105103

Freight-carloadings**

Ad-justed

64626160595960

636665626164596364686868

707166717273767675778283

80828384807880

Unad-justed

849178851009810310710410410792745558626475

64626267656057

596263596063596471756964

656864687173777784868477

73768079807982

Departmentstore sales*(value)

Ad-justed

73737674747577

767779757479807781788283

818384848787918688909492

93959393939394

Unad-justed

789487889899103106107108111102926967757988

705160798283135

5961717976765561868691145

6366

77858984636894100105161

72769089959065

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 ofBULLETIN for December 1936. For current indexes of groups and separate industries see pp. 939-940. Underlying figures are for pay-roll periodending 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.



INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)[Index numbers of the Board of Governors; adjusted for seasonal variation.

Industry

Manufactures—Total

IRON AND STEELPig iron . _. . __Steel ingots

TEXTILESCotton consumption .Wool

ConsumptionMachinery activity 1...Carpet and rug loom activity*.

Silk deliveries

FOOD PRODUCTSSlaughtering and meat packing...

HogsCattle.CalvesSheep

Wheat flourSugar meltings

PAPER AND PRINTING:Newsprint productionNewsprint consumption

TRANSPORTATION EQUIPMENT:Automobiles.Locomotives

LEATHER AND PRODUCTSTanning

Cattle hide leathersCalf and kip leathersGoat and kid leathers

Boots and shoes .

CEMENT AND GLASS:CementGlass, plate . .

NONFERROUS METALS:Tin deliveries *ZincLead

FUELS, MANUFACTURED:Petroleum refining .

Gasoline1

KeroseneFuel oil* . . .Lubricating oil *

Coke, byproduct

RUBBER TIRES AND TUBES 'Tires, pneumatic J .Inner tubes *_ . .

TOBACCO PRODUCTSCigarsCigarettes

Minerals—Total

Bituminous coalAnthracitePetroleum, crude . . . _Iron oreZincLead ._ . .Silver

1936

June

105

11289

115

1071111031209566

101

888564

1131191339489

62137

1189

103918488

113110

75218

11210369

181233

98117108123

13013590

14770

209

100

7472

14680

10369

103

July

109

11990

121

1161251061259866

108

929272

11613013510177

60131

1249

114949377

117127

75220

12810471

183236

96117110121

12412990

15476

216

101

7969

14481

10471

101

Aug.

110

12093

123

11912511513610177

118

919670

1281411389271

61136

1118

115959770

113129

77226

1079960

186241

91119111126

11912392

14773

208

99

7651

14987996088

Sept.

110

11996

121

1201271081219789

130

9010079

125144143

7770

61140

1076

112909168

109127

81236

999760

189246

90119111128

122125

96

15775

223

102

8258

146939760

111

Oct.

I l l

12798

130

11411910510910495

121

9310594

1151291528268

62140

935

11293

10065

103125

87242

10510171

191249

90124110129

11812194

14674

202

105

8652

15298

10171

119

Nov.

115

13799

141

12112311812811892

125

981091001151221698383

67150

1058

11610411179

112124

91164

9710074

188241

92124114130

12613092

15075

209

112

9569

152110100

7499

Dec.

121

143104147

13914414016013494

134

9910085

11712516087

115

64141

12210

13410811198

111151

9189

1059880

191242102132116136

12312891

18383

265

117

9773

161

9880

113

1923-25 average = 100]

1937

Jan.

115

139107142

12412912112613092

118

898765

1111301758798

63142

1208

13610811190

119154

8677

1258076

189236117135111137

12312891

16583

234

109

8356

164

807699

Feb.

116

129107131

126132129132137104112

878666

1081221518989

62145

12011

13410610892

114152

85244

1318370

194245106130126136

13313899

16878

242

115

9850

168

837094

Mar.

117

126108128

129136128139125101114

928969

11313613989

108

64144

12122

13210310685

115150

93229

14410775

190242108126120138

13213799

15383

212

128

11281

173

1077593

Apr.

118

130109132

12413011912811896

120

989375

11313014295

123

62144

13030

13110710794

121146

87241

13811085

195249103123131141

133138100

15882

220

115

7297

174

11085

103

M a y

118

134114136

12313012113212093

109

83765499

1241459098

62147

13525

r133109

111'82133

1 4 8

78223

11511676

200253112130131143

13213794

15574

221

116

8063

17615911676

101

June

114

119107121

12613611912911894

115

807749

1111341459369

61145

13023

1181019981

128129

74260

11211570

202256114133129134

12312884

15073

212

114

8074

17212211570

107

July

P115

140121141

PUO125

P100P96

97

81704499

12913910191

64

129

P 1 1 8

P129

206

10011282

16478

233

Pil l

P48P173

12111282

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, wrappingpaper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in processof revision.



INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)[Index numbers of the Board of Governors; without seasonal adjustment. J

Industry

Manufactures—Total

IRON AND STEEL _Pig ironSteel ingots

TEXTILESCotton consumptionWool

Consumption _Machinery activityCarpet and rug loom activity.

Silk deliveries

FOOD PRODUCTSSlaughtering and meat packing

HogsCattleCalves _.Sheep _

Wheat flourSugar meltings

PAPER AND PRINTING:Newsprint production _ _Newsprint consumption

TRANSPORTATION EQUIPMENT:AutomobilesLocomotives _ -

LEATHER AND PRODUCTS .Tanning

Cattle hide leathers. _ _Calf and kip leathersGoat and kid leathers

Boots and shoes

CEMENT AND GLASS:CementGlass, plate -

NONFERROUS METALS:Tin deliveriesZincLead

FUELS, MANUFACTURED:Petroleum refining _ _ _ _

GasolineKeroseneFuel oilLubricating oil

Coke, byproduct

RUBBER TIRES AND TUBESTires, pneumaticInner tubes

TOBACCO PRODUCTS _ _ ._-CigarsCigarettes

Minerals—Total

Bituminous coalAnthracitePetroleum, crude - _Iron oreZincLead .Silver

1936

June

105

11288

115

10110697

108956690

878465

10612413183

106

64135

1349

99908386

113105

93196

1129870

181233

91117108121

13013590

16176

230

101

6662

1491579870

101

July

105

11085

113

10711499

1119866

103

908764

1151261359894

59117

1289

113949090

109125

91198

1289768

182236

90117110118

12412990

16780

238

102

7257

147164976885

Aug.

106

11889

121

11211211012610177

123

878553

1261301399979

59121

829

128969585

111148

100226

1079258

186241

86119111122

11912392

15876

225

104

7551

152177925888

Sept.

107

11793

120

1201231111279789

136

909459

1381381659175

60137

426

130959478

114153

101236

999357

189246

92119111125

12212596

17386

245

110

8758

1501789357

106

Oct.

110

12398

126

11712211112010495

121

9510480

1341351679265

62149

655

12398

10277

107140

99242

1059873

192249

95124110129

11812194

15791

212

115

9467

1531679873

118

Nov.

115

127100130

12512812514011892

129

1041211101331241679065

66160

1279

11210210975

111118

90164

9710077

189241100124114133

12613092

15390

207

115

10671

15093

10077

106

Dec.

114

125102128

13213314116113494

119

1011171111221191578466

64145

14711

11410510884

120119

7189

10510081

192242111132116138

12312891

14962

217

111

10372

156

10081

114

923-25 average = 100]

1937

Jan.

113

134105136

13013512313013092

135

9110087

1121211768564

64137

1207

12610411275

113140

5277

1258577

189236119135111138

12312891

15664

230

105

9361

158

8577

100

Feb.

118

135109138

134141135144137104120

86857395

1141428688

62143

12011

13611011685

119153

51244

1318972

194245108130126140

13313899

15367

220

111

10354

165

8972

102

Mar.

122

142114145

132143129141125101110

91846999

13712683

127

63149

14022

13610310776

117157

67241

14411377

190242104126120142

13213799

14676

201

118

11267

171

11377

102

Apr.

125

144115146

12714011712411896

119

94836799

14113387

143

63154

15827

12810510785

120143

85265

13811484

195249102123131142

133138100

14577

200

105

61101174

11484

104

M a y

123

146116149

12313411612212093

108

82745296

14014285

109

63151

16324

r122103105•78124

134

92234

11511775

r200253108130131142

13213794

15776

224

117

7063

1772381177598

June

114

119105121

11913011311611894

102

787650

1041391428282

63144

14722

1131009779

128122

91234

11211172

201256106133129132

12312884

16480

234

117

7265

175240111

105

July

pil l

130115132

P102114

P 8 9

P7192

81673998

125139

111

132

,118

186

10010479

17882

256

v~l^39

?17724510479

•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, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.


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]

Industry and group

TotalDurable goodsNondurable goods..

IRON, STEEL PRODUCTSBlast furnaces, steel works..Bolts, nuts, washers, rivets.Cast-iron pipeCutlery, edge toolsForgings___iHardwarePlumbers' suppliesSteam, hot-water heating-..StovesStructural, ornamentalTin cans, tinwareTools"Wirework

MACHINERYAgricultural implementsCash registers, etcElectrical machineryEngines, turbines, etcFoundry, machine-shop products.Machine toolsRadios, phonographsTextile machineryTypewriters

TRANSPORTATION EQUIPMENT.. .AircraftAutomobilesCars, electric, steam railroad-LocomotivesShipbuilding

RAILROAD REPAIR SHOPS..Electric railroadSteam railroad

NONFERROUS METALS, PRODUCTS.AluminumBrass, bronze, copperClocks, watchesJewelryLighting equipmentSilverware, plated wareSmelting, refiningStamped, enameled ware

LUMBER PRODUCTSFurnitureLumber, millwork..Lumber, sawmills..

STONE, CLAY, GLASS PRODUCTS..Brick, tile, terra cottaCementGlassMarble, granite, slatePottery

TEXTILES, PRODUCTSA. Fabrics

Carpets, rugsCotton goodsCotton small waresDyeing, finishing textiles.Hats, fur-feltKnit goodsSilk, rayon goodsWoolen, worsted goods....

B. Wearin g apparelClothi rig, men'sClothing, women'sCorsets, allied garments._.Men's furnishingsMillineryShirts, collars

1936

June

90.483.897.6

90.89975627659778465103679980148

103.912611290124901162097087

102.25641125334

58.26258

10910010678766178139

64.2764950

63.04554964173

98.191.8839094116931127880110.31071448613054111

July

92.885.6100.4

93.510376647862798269103709881146

105.3117114921199212021071102

105.16031165236101

57.46257

97.811610210784755979136

65.6794851

65.747551014276

102.695.5839596117911187983116.61091598714160115

Aug.

93.485.7101.8

95.3106766479607285691077210186143

105.3101100921159311920973114

100.96131095635102

58.76258

101.111610611388796678141

65.1815149

66.447591024374

104.998.18599101117851218181117.01061678813860118

Sept.

93.886.6101.6

96.8108776580607585711047310186149

106.896116971159512318675120

100.86311095638102

59.16259

102.511210911287846779143

65.8825250

66.14761994277

102.696.892

114811217877113.61041578813357116

Oct.

94.488.2101.2

98.4109796682618485701077310089164

108.41021191001179612517675132

105.06451136141102

60.16360

105.2115110114

7078153

66.2815350

67.247641034276

101.795.59297101115821177978113.41051558913055117

Nov.

102. 9

99.610981678464918671107739893175

110.4951201031229712717175135

112.36461236442

60.66360

106.711811111591947078154

66.2845449

66.34865964275

104.497.39398104117871167984118.41111639113453119

Dec.

98.692.7104.9

101.011084688768959072111709795188

114.010312110612510012918876139

118.76981336244

61.76362

110.711811511791997180166

67.9865551

69.051681014276

106.8100.19999106121891197992119 81151609213551124

1937

Jan.

92.4105.4

102.311387

9476

11473

10398

179

116.010912310412810213620179145

110.2740120624995

62.36362

109.612112012090757280163

5750

54

4377

108.3101. 7101101107120901238193120.91141599314057132

Feb.

99.793.9105.8

103.7112

87709690781177510599176

118.911312710913410413619681148

113.07721236654100

61.96362

111.7121122120

7379159

68.1875750

72.655681094377

107.3100.7101102102117891237985119.81111619114157129

Mar.

100.996.3105. 9

106.4116907187

958011676104101187

121.112513111113710614119083153

117.37831277154106

62.26462

113.2119122122901047381161

71.4885854

72.654701094378

107.0101.199103102116881228088117.91101569014158129

Apr.

101.697.4106.2

108.01189372877399978211378105101186

123.713013111514010814718985154

118.67981287055106

62.46462

114.3121126124901007485158

71.4905853

71.854661084378

107.9103. 8101105103119861228594115.01131468814054124

M a y

102.298.4106. 2

108.712094728973

8211377107103183

125.613613411814711015015587154

122.28071337155104

62.46362

115.4123124125951007388160

71.7915654

71.352621104479

107. 6103. 21021069611984121

115.31161448913853119

June

101.497. 8105. 3

100. 71068269867896918011.878107102181

129.414313612014611315319087159

122.67941347057104

63. 76364

115.0132123124959673891,59

72.392505470.450621094282

105. 4101.3102104100114901188687112.01091429014154118

July

103.3100. 4106. 5

108.31208868907796898111079109103176

131.114513712115011415421287156

126.27841397160102

6465

115.4138121116101938294156

72. 7905656

70.3ol611104279

106. 4102. 099105103118861228484114.01091489114851121



FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONALVARIATION)—Continued

[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average = 100]

Industry and group

LEATHER PRODUCTSBoots, shoesLeather

FOOD PRODUCTSBakingBeveragesButterCanning, preservingConfectioneryFlourIce creamSlaughtering, meat packingSugar, beetSugar refining, cane

TOBACCO MANUFACTURESTobacco, snuffCigars, cigarettes

P A P E R , PRINTINGBoxes, paperPaper, pulpBook, job printingNewspaper, periodical printing..

CHEMICALS, PETROLEUM PRODUCTS.A. O ther than petroleum

ChemicalsCottonseed oil, cake, mealDruggists' preparationsExplosivesFertilizersPaints, varnishesRayon, allied productsSoap

B. Petroleum refining

R U B B E R PRODUCTSRubber boots, shoesRubber goods, otherRubber tires, inner tubes

1936

June July Aug.

89.08994

110.312718386

147777472868880

60.35661

100.094

10990

103

113.2112.211762

1058486

12435097

117

88.873

12379

90.39194

112.412919686

140787772929278

61.25662

9510891

101

115.7114.612161

1058887

12635895

120

91.478

12482

90.99196

113.212919585

14182767092

10979

61.966

101.197

10993

102

115.4114.912253

1028987

127360103117

93.975

12487

91.49198

113.312919682

14878747292

11176

61.75662

102.799

11094

105

118.5118.112678

1019186

129360106120

95.875

12689

Oct. Nov. Dec.

92.092

112.713118782

14676746991

11874

61.157

103 110011194

105

117.9117.412971

1009085

129354103119

7513092

94.995

113.413219782

13580737096

11467

62.45763

103 610011295

104

118.1117.412977

1029380

127357100121

99.474

133

98.8100

115.013219784

147817472959370

62.056

104.010311394

104

118.6118.312975

1059187

130355100120

102.276

138

1937

Jan. Feb. Mar. Apr. May June July

99.110197

114.813320386

148837571934464

62.05663

104.010311494

103

120.120.913385

1059487

131364102120

102.375

14095

98.110097

116.713520288

157817573918978

61.85762

105.510411696

104

121.6121.813380

1099286

133363110121

101.73

14094

97.49997

117.013620588

152807573939577

61.75662

107.410611898

105

122.5122.713567

1119088

135370111122

96.082

14280

96.597

100

116.113419986

154797773919884

61.15662

107.510611997

105

124.4124.813677

1139594

136378107123

95.882

14479

96.096

100

114.813520388

144787676909078

61.25662

108.010612098

106

126.0126.113877

1129398

134392103125

101.781

145

96.197

114.713520690

143777577899075

60.25861

108.210612198

106

127.5128.013772

11497

110134408103125

100.076

144

95.69795

119. 0-136209

91166817876919079

61.3,5762

106. 8,10411996

104

127.8,128. 3,13863

11197

104136416105126

8513987

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.



FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUTSEASONAL ADJUSTMENT)

[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]

Industry and group

TotalDurable goodsNondurable goods.

Factory employment

1836

June Julv

IKON, STEEL P R O D U C T S . . .j Blast furnaces, steel works . .

Bolts, nuts, washers, r ivets .Cast-iron pipeCutlery, edge toolsForgingsHardwarePlumbers' suppliesSteam, hot-water hea t ing . . .Stoves -Structural, ornamentalTin cans, tinwareToolsWirework

MACHINERYAgricultural implementsCash registers, etcElectrical machineryEngines, turbines, etcFoundry, machine-shop products-Machine toolsRadios, phonographs.Textile machineryTypewriters

TRANSPORTATION E Q U I P M E N T —AircraftAutomobilesCars, electric, steam railroad-LocomotivesShipbuilding

RAILROAD R E P A I R S H O P S .Electric railroadSteam railroad

XONFERROUS METALS, PRODUCTS..Aluminum.Brass, bronze, copperClocks, watchesJewelryLighting equipmentSilverware, plated wareSmelting, refiningStamped, enameled ware

LUMBER PRODUCTSFurnitureLumber, millwork.Lumber, sawmills-

STONE, CLAY, GLASS PRODUCTS,.Brick, tile, terra cottaCementGlassMarble, granite, slatePottery

TEXTILES, PRODUCTSA. Fabrics

Carpets, rugsCotton goodsCotton small waresDyeing, finishing textiles.Hats, fur-feltKnit goodsSilk, rayon goodsWoolen, worsted goods.__

B. Wearing apparelClothing, men's . .Clothing, women'sCorsets, allied garments..Men's furnishingsMillineryShirts, collars

90.184.795.9

91.4100756476597785651046810180148

103.612411290127901162007084

105.35931165735

58.56258

95.510710010473766278139

64.8745052

66.44962994371

96.290.3838991111871127279107. 61041408612651111

91.284.698.2

93.0103766673597785661017110281146

104. 011011492120911181947199

101.9621111543799

56.9625794.511110010376735478135

65. 6775052

67.05063994570

96.391.7839291109881127580104. 61071298512444110

1937

Mar.

101.196.4106.1

106. 811790698973100968011374100102187

121.213213111114010714316385153

121.07911327054107

62.26462

114.6124124122891047481165

69.8

5752

70.349641104081

111.2103. 8102105109123911248390125. 51161709314867130

Apr.

102.198.6105.9

108.912093719074100958211576102102186

124.313813111514411014715887154

125. 48141367557109

63. 36463

115.5124128123881017485162

70.6875853

73.053671114382

109.9103.7103106108123881238289121.81151629214761127

May

102.399.9104.8

110.112294728974

8211777105103183

126.114013411814911215014088154

128. 38231407859107

63.66364

115.5126126123891007488163

71.6875755

74.455691124582

107.3102.210210698

11983

1227988

116.511215391

14256

120

June

101.198.8103.5

101.41068271867397938011979109102181

129.214113612015011315318287154

126. 48341387760103

64.06364

113.913012212289967489159

72.9895856

74.055701124480

103.499.710210397110841187986109. 31071379013751118

July

101.799.2

104.3

107.612088708572939377

10881

114102176

129.513613712115111215319586152

122.58081347463100

64.26464

111.513211911291907492155

72.7875756

71.654691084572

100.298.09910296111831168081102.71071198813038115

Factory pay rolls

1936

June

81.179.083.9

84.6957546674878635587609880134

95.8131107831128411015562

509107542298

6260

79.994849252694663125

55.8594445

55.83956913752

76.875.26676828875104566276.6798682973595

July

80.275.985.6

81.8937446614672565477619876122

92.810810683103811081436390

92.64961005124

56.06256

77.496839451633962116

54.5604243

55.33958883750

77.377.16879828979104606374.381817791

1937

Mar.

101.1100.0102.6

112.6127108568472117807910272104111180

125.516214011213911215312790153

123. 67031327941116

65.8

111.8130128120691096875163

64.6

5348

66.143631153474

103.297.5103101109113901277179110.41061389812365122

Apr.

104.9106.4102.9

124.5146116628676114788510679108116184

133.918014812115311915912796157

128.67391368945123

67. 46868

114.213113312268107

164

68.3795652

71.149691203972

100.2100.310210810811566128718395.7961139611649115

May

105.2107. 5102.3

124.7146113628774117778310779112114189

134.918414912415711916210995155

134.17391449047119

67.16667

113. 1135127122691027085166

68.2775553

72.049711194175

96.298.01011079610669125688188.9901069210639102

June

102.9104.6100.8

110.41239360867297767610682117115189

137.218314712615612016515694151

127.87511359151115

68.76769

111. 513612511970956985162

72.3795857

71.449751193870

91.393.8100101929674119687982.587928510437102

July

101.2101.9100.2

114.21339454796410872718582121108172

133.116514612415411515916689146

125.56881348651110

63. 46763

105.413511611169876786149

67.2735553

66.246721093959

85.7

97919581112687274.7867479972497


942 FEDERAL RESERVE BULLETIX SEPTEMBER 1937

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONALADJUSTMENT)—Continued

[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]

Industry and group

LEATHER PRODUCTSBoots, shoesLeather

FOOD PRODUCTSBakingBeveragesButterCanning, preservingConfectioneryFlourIce creamSlaughtering, meat packingSugar, beetSugar refining, cane

TOBACCO MANUFACTURESTobacco, snuffCigars, cigarettes

PAPER, PRINTINGBoxes, paperPaper, pulpBook, job printingNewspaper, periodical printing

CHEMICALS, PETROLEUM PRODUCTS...A. Other than petroleum

ChemicalsCottonseed oil, cake, mealDruggists' preparationsExplosivesFertilizersPaints, varnishesRayon, allied productsSoap

B. Petroleum refiningRUBBER PRODUCTS

Rubber boots, shoesRubber goods, otherRubber tires, inner tubes

Factory employment

1936

June

86.88693

107 912819991126697284864980

60.25561

98.89110988103

110.3108.51193810083591293369611889.86912283

July

91.49294

116.912922092174677888915380

60.65561

98.59210889100

112.7110.51234110086591263479312290.87212184

1937

Mar.

100.810399

105. 71341938290797465913976

60.85761

107.110411898106

124.9126.0134691129013613537311112196.78014481

Apr.

98.399100

107.713319784111747469884484

60.25661

107.210411997106

126.6127. 7136591129215213837810812296.77614781

May

95.19599

107.913520789100717482894778

59.95660

107.710412097106

124.5124.61384810891105140384103124103.67614794

June

93.89498

112.613722496123697491894975

60.15661

106.910312195105

123.9123.4139441099576139391103126101.27314293

July

96.79995

124.413723497205697893905281

60.65561

105.510211994103

124.4123.714042105957013740310312798.97813690

Factory pay rolls

1936

June

64.658SO

98.911522171103606773815067

50.15649

89.286957897

105.4103.3113299984551212779511289.05711190

July

74.27090

107 011626672138567680875369

51.05850

86.686937792

106.4103. 81153310184521142889211587.15510689

1937

Mar.

92.489107

104.11242116490767059924581

52.46651

104.110711794103

128.1128.8140591219812813335012312699.87214690

Apr.

87.782111

108.212322066113717264995081

52.36651

104.810812093104

136.4136.215150120108151142365116137100.36815191

May

81.674110

111.613023771109697376995172

53.66652

105.910612295105

136.7136.215342118103116145382114138109.273154103

June

80.773108

115 813426177124687482995568

55.76954

104.91C412491104

137. 4135.71543912110379143392115143103.87014598

July

86.182104

127.9135284782406480851005680

55.96755

101.210011989100

136.3134.3153361121037613939411514399.17413294

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



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.]

Month

JanuaryFebruary . . __MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Year

Total

1936

214.8140.4198.8234.6216.1232.7294.7275 3234.3225.8208.2199.7

2 675 3

1937

242.8188.3231. 2269.7244.1

r317.8321.6

Residential

1936

37.431.255.267.270.373.672.0

100 580.779 768.465.5

801 6

1937

78.463.090.2

108.083.993.181.0

Factories

1936

9 013.418.425.512.910.219.115 018.818 414.123.1

198.0

1937

37.012.622.230.118.536.858.5

Commercial

1936

15 512.617.324.318.821.928.622 020.122 023.023.2

249 1

1937

21.622.330.028.525.724.529.1

Public worksand public

utilities

1936

86 946.662.373.463.680.0

126.694 484.567 073 961.3

920 4

1937

68.559.652.565.766.799.9

102.5

Educational

1936

39 521.119.023.220.718.323.312 39.2

13 413.113.0

226.1

1937

19 611.310.014.022.237.415.8

All other

1936

26. 515.526.621.129.828.725.131 121.025 315.713.6

280 0

1937

17 819.426.423 427.0

'26.134.7

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.]

Month

JanuaryFebruaryMarch _ __AprilMay. - -JuneJuly .AugustSeptemberOctoberNovemberDecember

Year

Total

1932

8589

11212214611312913412810710581

1,351

1933

8353605777

10283

106120145162207

1, 256

1934

18697

17813113412712012011013511293

1,543

1935

10075

123124127148159169167201188264

1,845

1936

215140199235216233295275234226208200

2,675

1937

243188231270244318322

Publicly financed1

1932

393445619364858180617352

768

1933

392725182429204771

100126156

683

1934

15765

126787273526969797461

975

1935

563868534764679297

114118196

1,007

1936

1497996

10594

116153153116101

8982

1,334

1937

11269667493

137131

Privately financed1

1932

455567615449445347463229

583

1933

442635395374635949453651

573

1934

293152536354675141573832

568

1935

453755718084937670877068

837

1936

6662

103130122116141122119125119117

1,341

1937

130119165

195152180191

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

CONSTRUCTION CONTRACTS AWARDED, BYDISTRICTS

[Figures for 37 States east of the Rocky Mountains, as reported by theF . W. Dodge Corporation. Value of contracts in thousands of dollars.]


BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas

Total (11 districts)

1937

July

15, 92277. 48812,09354,77727. 63633, 98352, 68617,0548, 761

10, 33110,871

321, 603

20,22670, 51316, 53834,92339, 99421, 29955,49218,31013, 55915,27911,959

318,092

1936

July

20, 28361, 72617,76428,04021, 49233,31249, 20726,14411,78313,08211,902

294,735

COMMERCIAL FAILURES, BY DISTRICTS

[Figures reported by Dun & Bradstreet. Amounts in thousands ofdollars.]

Federal Reservedistrict

BostonNew York._PhiladelphiaCleveland __Richmond. _ _Atlanta _ _ChicagoSt. LouisMinneapolisKansas City.DallasSan Francisco

Total

Number

1937

July

521943347272599177

231678

618

June

6620334493721902221381772

670

1936

July

7120238534024722421251257

639

Liabilities

1937

July

1,2012,195

645700180310

1,20613386

25587

768

7,766

June

8892,270

770731442279

1,458249207297105494

8,191

1936

July

7504,228

47258070323782420512618563

1,531

9, 904


944 FEDERAL RESERVE BULLETIN" SEPTEMBER 1937

MERCHANDISE EXPORTS AND IMPORTS


Month

JanuaryFebruary _.March

April .MayJune

JulyAugust __September

OctoberNovemberDecember... _

Year

Merchandise exports l

3933

121102108

105114120

144131160

193184193

1,875

1934

172163191

179160171

162172191

206195171

2,133

1935

176163185

164165170

173172199

221270223

2,283

1936

199182195

193201186

180179221

265226230

2,456

1937

222233257

269290

P265

1933

968495

88107122

143155147

151129134

1,450

Merchandise imports *

1934

136133158

147155136

127120132

130151132

1,655

1935

167152177

171171157

177169162

189169187

2,047

1936

187193199

203192191

195193216

213196245

2,422

1937

240278307

287285

P286

1933

251813

177

- 2

1- 2 3

13

425659

225

Excess of exports

1934

373033

336

34

345260

774438

478

1935

9118

—6—5

13

—33

37

3210037

235

1936

11- 1 1- 4

- 1 09

- 5

—15- 1 4

5

5230

- 1 5

34

1937

- 1 8- 4 5- 5 1

- 1 85

P - 2 1

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

[Index numbers; 1923-25 average=100]

TotalCoalCoke-Grain and grain products. _Livestock _Forest productsOre _Miscellaneous. _Merchandise l

Total -CoalCokeGrain and grain products _ _Livestock _Forest productsOre .MiscellaneousMerchandise 1__. _

1936

July Mar.

Adjusted

767787854747738266

838792684251

1149469

Without

776573

1174147

1398466

809296623452299069

Apr .

1937

M a y June July

for seasonal variation

8481

102704349

2499169

807788644453

1339069

787689744152

1138767

8076

104813757

1078868

seasonal adjustment

796886633951

1029470

806685583955

1879369

796582723355

1929068

826488

1113257

2039067

1 In less-than-carload lots.NOTE.—For description and back data see pages 522-529 of BULLETIN

for June 1937. Based on daily average loadings. Basic data compiledby Association of American Railroads. Total index compiled by com-bining indexes for classes with weights derived from revenue data ofthe Interstate Commerce Commission.

DEPARTMENT STORES—SALES, STOCKS

[Index numbers based on value figures; 1923-25 average=100]

Month

JanuaryFebruaryMarch

April __.May —JuneJuly _Augustft$ptQTpt)QT

OctoberNnvftmherDecember

Year

][ndex of sales *

Adjustedfor seasonal

variation

1936

818384

848787

918688

909492

1937

939593

. 939393

94

Withoutseasonal

adjustment

1936

636677

858984

636894

100105161

88

1937

727690

899590

65

Index of stocks (end ofmonth)

Adjustedfor seasonal

variation

1936

666665

656664

646768

697171

1937

747676

767675

74

Withoutseasonal

adjustment

1936

586267

686762

596571

768067

67

1937

667278

797873

69

* Based on daily average sales—with allowance for changes frommonth to month in number of Saturdays and in number of Sundays andholidays. Adjustment for seasonal variation makes allowance in Marchand April for the effects upon sales of changes in the date of Easter.

Back figures.—Department store sales, see p. 631 of BULLETIN forAugust 1936; department store stocks, see pp. 254-255 of BULLETIN forApril 1935.



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

Year, month, or week

Allcom-modi-ties

Farmprod-ucts

Foods

Other commodities

TotalHides and

leatherproducts

Textileproducts

Fuel andlighting

materials

Metalsand metalproducts

Buildingmaterials

Chemi-cals and

drugs

House-furnish-

ing goods

Miscel-laneous

19291930 _._.19311932 _ . .1933193419351936

1936-JuneJulyAugustSeptemberOctobers -November.December.

1937—January.—February. _MarchAprilMayJuneJuly

Week e n d i n g -Apr. 10__Apr. 17._Apr. 24..May 1—.May 8.. .May 15_.May 22..May 29..June 5-._June 12. _June 19—June 26—July 3—.July 10..July 17 -July 24 . .July 3 1 . .Aug. 7—Aug. 14..

95.386.473.064.865.974.980.080.8

79.280.581.681.681.582.484.2

85.986.387.888.087.487.287.9

87.987.687.587.487.386.987.487.487.186.786.586.787.287.787.887.587.587.487.5

104.988.364.848.251.465.378.880.9

78.181.383.884.084.085.188.5

91.391.494.192.289.888.589.3

93.592.492.791.591.089.391.291.089.388.087.488.489.790.591.188.487.786.987.5

90.574.661.060.570.583.782.1

79.981.483.183.382.683.985.5

87.187 087.585.584.284.786.2

86.185.385.085.284.784.285.184.984.884.584.084.485.386.886.186.086.586.386.5

91.685.275.070.271.278.477.979.6

78.879.579.779.680.181.082.2

83.484.185.586.586.386.186.3

86.386.586.256.386.386.386.386.386.286.085.985.985.986.186.286.386.286.086.0

109.1100.086.172.980.986.689.695.4

93.893.493.694.695.697.099.7

101.7102.7104.2106. 3106.7106. 4106.7

106.8107.2106.7106.8107.7107.6107.1107.0107.6107.6107.2106.8106.6106.4107.6107.6108.4109.1108.6

90.480.366.354.964.872.970.971.6

69.770.fi70.970.971.673.576.3

77.577.578.379.578.778.278.3

78.678.778.678.678.378.278.177.977.677.477.377.477.477.977.777.977.677.476.9

83.078.567.570.366.373.373.576.2

76.176.276.376.176.876.876.5

76.676.876.276.877.277.578.1

77.177.577.677.978.278.278.278.278.278.178.178.278.178.378.478.678.878.978.9

100.592.184.580.279.886.986.487.0

86.286.987.186.886.987.989.6

90.991.796.096.595.895.996.1

95.895.195.194.895.095.095.195.195.195.195.195.195.395.395.495.495.495.5

95.489.979.271.477.086.285.386.7

85.886.786.987.187.387.789.5

91.393.395.996.797.296.9

96.996.997.297.097.097.096.996.996.9

96.796.796.7

94.289.179.373.572.675.980.580.4

78.079.479.881.782.282.585.3

87.787.887.586.984.583.683.9

87.086.685.685.284.483.983.583.683.383.483.583.083.183.083.483.883.682.482.0

94.392.784.975.175.881.580.681.7

81.481.281.481.782.082.383.2

86.587.988.489.089.389.589.7

90.390.390.490.890.890.890.890.991.091.091.091.091.091.391.691.692.792.892.7

82.677.769.864.462.669.768.370.5

69.771.071.571.371.573.474.5

78.277379.581.180.579.479.0

80.181.080.980.680.480.480.580.280.079.479.278.678.878.979.279.278.277.477.4

Subgroups

FARM PRODUCTS:GrainsLivestock and poultryO ther farm products

FOODS:Dairy productsCereal productsFruits and vegetablesMeatsOther foods

HIDES AND LEATHER PRODUCTS:ShoesHides and skinsLeatherOther leather products

TEXTILE PRODUCTS:ClothingCotton goodsKnit goods..Silk and rayonWoolen and worsted goods.._.Other textile products

F U E L AND LIGHTING MATERIALS:AnthraciteBituminous coalCokeElectricityGasPetroleum products

1936

July

82.078.2

83.884.479.784.973.4

99.387.883.095.4

80.778.759.330.782.0

78.596.093.783.487.958.1

Apr. May June July

119.293.683.4

78.589.883.594.977.0

103.8121. 4100.7102.3

95.165.933.893.568.8

72.498.6

102.877.180.759.8

113.995.979.0

73.188.784.195.975.2

106.1117.7100.6102.3

87.292.665.732.593.3

74.298.5

105.178.883.0

105.798.377.4

72.090.484.598.074.3

107.5114.698.8

102.3

89.189.764.632.593.267.5

74.598.5

105.079.584.261.5

105.2105.075.1

76.492.371.2

106. 074.6

107.4116.2

,7102.7

90.186.864.833.994.469.3

76.698.6

104.9

61.8

1936

SubgroupsJuly

METALS AND M E T A L PRODUCTS:Agricultural implementsIron and steelMotor vehiclesNonferrous metalsPlumbing and heating

BUILDING MATERIALS:Brick and tileCementLumberPaint and paint materialsPlumbing and heatingStructural steelOther building materials

CHEMICALS AND DRUGS:ChemicalsDrugs and PharmaceuticalsFertilizer materialsMixed fertilizers

HOUSEFURNISHING GOODS:FurnishingsFurniture

MISCELLANEOUS:Auto tires and tubesCattle feedPaper and pulpRubber, crude .Other miscellaneous

94.287.692.970.476.5

89.295.583.780.476.597.190.2

85.973.065.268.7

85.177.2

47.5.07.980.634.380.8

1937

Apr. May June July

92.199.693.797.078.7

94.995.5

103.083.978.7

114.999.9

94.282.970.772.0

92.185.8

56.4146.893.949.385.3

93.899.693.791.778.7

95.095.5

103.083.778.7

114.9101.3

91.179.270.672.2

92.586.1

56.4139.994.644.685.5

94.199.793.791.978.7

95.095.5

102.283.678.7

114.9101.1

90.178.070.572.3

92.5

56.4116.995.041.085.8

94.299.893.792.778.7

95.495.5

101.383.978.7

114.9101.0

89.978.271.374.2

92.6

56.4116.594.239.685.7

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



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]


BostonNew YorkPhiladelphia . _ _ClevelandRichmond _ . . - - . _ . _ _.\ tlantaChicago - - _ _ _ . _ _ _ - _ . .St LouisMinneapolis _ ____ _ _.Kansas CityDallas _ _ - - . - _ - . _ -San Francisco

Total


Boston __ _ _ _ . _New YorkPhiladelphia.. _ . _ClevelandRichmond __ _AtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total

Cotton

Produc-tion1936

Bales

1,4462 996

i 3, 404

3523, 587

614

12, 399

EstimateAug. 1,

1937

Bales

1,6323 392

2 3.736

8585,154

821

15,593

Oats

Produc-tion1936

Bushels6, 900

19, 81915,10450, 26815,28610, 496

366,02738, 026

129,90782, 42924,57730,261

789,100

EstimateAug. 1,

1937

Bushels7,068

23,12616, 67452,99218,45212,910

514,93350, 401

257,947117,17931,65427, 292

1,130, 628

Corn

Produc-tion1936

Bushels7. 754

23,77948.733

155, 673126, 279149 800548, 775202, 726107,34170,86280,623

6, 982

1, 529, 327

Est imateAug. 1,

1937

Bushels7, 759

27.43753, 686

194,015138,826176 319

1,043,338359, 706248,322311,633

90, 3867,321

2, 658, 748

Tame hay

Produc-tion1936

Tons3,1034,4431,7883,8162,5322, 524

14, 0544.4477,4056,1531,194

11,850

63, 309

Est imateAug. 1,

1937

Tons3,4825, 8492,3394,9003,4723,003

15, 7025, 982

10,0957,0081, 397

11,675

74, 904

Winter wheat

Produc-tion1936

Bushels

6, 49617. 55545, 60525, 331

5 93862,17760, 6308,249

206,12519. 34861, 559

519, 013

Est imateAug. 1,

1937

Bushels

9, 28520,67353, 59029. 0547 369

79, 42479,78014. 550

288 83442,81162, 775

688,145

Tobacco

Produc-tion1936

Pounds27, 748

1,00833, 65080, 888

658, 341152,515

18, 880176,784

1,3611,908

1,153,083

Est imateAug. 1,

1937

Pounds31. 329

1.36930,840

122, 789772, 320156,134

24, 473272, 255

1,8833, 623

1,417,015

Spring wheat

Produc-tion1936

Bushels119105175193

2,212176

48, 4067 479

9348, 490

107, 448

EstimateAug. 1,

1937

Bushels88

126190184

1. 833131

132.37010 945

10556, 302

202, 274

White potatoes

Produc-tion1936

Bushels53, 49331 13925,63121, 22219, 6909,921

47, 4428, 333

27, 36929,1703 620

52, 967

329, 997

Est imateAug. 1,

1937

Bushels60, 38633 89326. 35220, 84528. 82214, 29958, 60312. 87046. 60433,3694 248

62, 316

402, 537

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


INTERNATIONAL FINANCIAL STATISTICS

947



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

End of month

1934—December.1935—December.1936—April

MayJuneJuly __AugustSeptember-October . . .November-December .

1937—January.__February..MarchAprilMayJuneJuly

End of month


MayJune _JulyAugust ._.September.October .__November-December .

1937—January ._.February. .MarchAprilMayJune _July

End of month


MayJuneJuly..AugustSeptemberOctober...NovemberDecember.

1937—January...February..MarchAprilMay.June

Total1

(52coun-tries)

21,05121. 583

21,41221,30621, 34321, 68221, 80921,71921,77821,98022, 60222, 63222, 77222, 96123, 21523, 580

^23, 900

UnitedStates

8,23810,125

10, 22510, 40210,60810,64810, 71610,84511,04511,18411, 25811,35811,43611, 57411,79911,99012, 31812, 446

Can-ada

134189

187188187187189191186188188190191194199193187

^185

Eu-rope(26

coun-tries)

11,0109,517

9,2548,9668,8069,0999,1458,9198,7748,8299,3079.2259, 2689,2959, 302

P9, 464z>9, 466?9,158

LatinAmer-

ica(11

coun-tries)

601645

642641634635642638658656708697698723743767

P785

Asiaand

Ocean-ia (8coun-tries)

805816

836841840845849857847852858865870858879875863

Africa(5

coun-tries)

263291

268268268269269269269270283297310317295291

?281

Europe

UnitedKing-dom

1,5841,648

1,6701,7011,7821,9772,0172,0492,04S2,0492,5842,5842,584

»2,5842,5842,6472, 68S2, 68£

LFrance

5.4454,395

4,1063,7813,5803,6433,6143,3223,1943,1942,9952,8462,8462,8462,8462,8462, 7222,422

Ger-many

3233

28282929282526272727272728282828

Italy 2

518270

212211210209209208208208208208208208208208208208

Bel-gium

590611

581610638633632631621630632625626619607609625617

Nether-lands

573438

483465404437457456388388490558598626670769848862

Switzerland

Na-tionalBank

624454

495485460471489508583624655657657657635635635628

B.I.S.

48

81112101212131311131215111783

Europe—Continued

Austria

4546

464646464646464646

46464646464646

Bul-garia

1919

192020202020202020

21212121222222

Czecho-slo-

vakia

112112

113113113113109108

919191

919191919091SO

Den-mark

6054

545454545454545454

54535353535353

Greece

4034

323533312827262626

26272727262324

Hun-gary

2323

232323232323232525

25252525

2525

Latin America

Ar-gen-tina

403444

438438435436441437455452501

487489519536565581

Brazil

817

192021212223232425

2526262728

P28

Chile

2929

292929292929292929

2929292929

*>29

Co-lom-bia

1916

171616171717171819

202218181416

Peru

1920

201919202020202020

2020202121

*>21

Uru-guay

8274

747468686868686869

696666666666

5othercoun-tries

415 45

454545454545454545

4545444545

M5

Nor-way

6184848489899198989898

98989898888886

Poland

9684

727170697071717275

75767778788081

Portu-gal

6868

686868686868686868

6868686868

P68P68

Ruma-nia

104109

111111112112112113113113114

114115115115116116

P116

Spain

740735

726718718718

4 718718718718718

718718718718718718718

Asia and Oceania

Brit-ish

India

275275

275275275275275275275275275

275275275274274274

China

710151713131519678

910.121619

P19

Japan

394425

435439442447450453456459463

466469456459452443

Java

7704

616160605960606060

606060747474

NewZea-land

2523

232323232323232323

232323232323

Tur-key

2224

242424242424242426

282929292929

2othercoun-tries

66

333333334

33333

P3

Swe-den

159185

209220231231232238239239240

240241241241242242243

Yugo-slavia

5343

454546464646474848

49494950505050

6 othercoun-tries

6063

676870717378797982

82828282

P 8 279

P78

Africa

Egyp

5555

555555555555555555

555555555555

South1 Africa

184212

180189189189189189189191203

217230237215211201

3othercoun-tries

2424

242424252525252525

2525252525

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 andMarch 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 isnot included in above figures since this is first occasion on which amount has been reported. For detailed statement of statistics included in abovetable see BULLETINS to which reference is made in note at foot of page.

* No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date is given for August 1936 and carried forward forsubsequent months.

* 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; andAugust 1936, p. 667.


SEPTEMBER UI3" FEDERAL RESERVE BULLETIN 949

GOLD PRODUCTION[ID thousands of dollars]

Year or month

Estimatedworld

produc-tion

Production reported monthly

Total

Africa

SouthAfrica

Eho-desia

WestAfrica

BelgianCongo

North and South America

Canada United Mexico Colom-bia Chile

Far East

Austra-lia Japan British

India

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

1929..1930..1931..1932..1933..

397,153432,119460, 651498,164525,071

359, 347373,154394,399421,656420, 093

215,242221, 526224, 863238, 931227, 673

11,60711,47611,19312, 00013,335

4,2974,9955,5245, 9926,623

2, 3902, 6993,2243,6423,631

39. 86243; 45455, 68762, 93360,968

45. 83547,12349, 524£0. 62652, 842

13,46313,81312.86612; 07013,169

2.8233; 2814,0165,1326,165

683428442788

3,009

8,7129,55312,13414, 56316, 790

6,9278,0218,1098,1988,968

$l**16-5/21 grains of gold 9/10 fine; t. e., an ounce of fine gold=$35

1933..1934..1935..1936..

1936—MarchAprilMayJuneJulyAugustSeptember.OctoberNovember _December..

1937—JanuaryFebruary . .MarchAprilMayJune

888, 997958,033

1,040,2171,166, 529

86, 51686, 45692,00098,006107,816107,096108,314113,237105, 50696, 52691,82687,240

P94,080P92, 762Pi00,678P105, 751

711, 260723, 530771,827855, 753

68, 28568,02569,56871,17575,78473,86575,08376,80672,67573, 69573, 23568, 408P74,049P72, 491P75, 606*>75, 400

385, 474366,795377,090396, 768

• 32, 70931, 99132, 82633, 08633, 84633, 83033,81634,19933,04233,85834,35232,33034, 38134, 30834, 010

^34, 265

22. 57824', 26425,47728,053

2,3592,4102,4132,3842,3542,4252,3632,2922,2702,2622,3152,1092,4162,3912,4082,339

11,21412,15313, 62516, 295

1,3261,2581,2891,2851,3521,4121,4441,4931,5061,5441,6711, 5631,6051,6691, 559

PI, 668

6,1486,5497,1597,386

544543547585676675696691634631586579634638681

P681

103,224104,023114,971130, 550

10, 46910, 47410, 79711,08311,18311,50411, 57911, 69311,17411, 55511, 49910,85311,42011,31711, 90412,071

89, 467108,191126, 325152, 509

11,14911, 24212,07412,07715,17113, 75614, 40915, 95013, 36913,10611, 48310,17112, 53111,13114, 24813,036

22. 29723,13523,85826, 465

1,6272,6072,0752,5702,6321,8182, 3461,9432,2911,6472,8542,227

P2, 470P2, 100Pl, 680P2, 100

1(),43812,04511,51713, 633

1,0401,122L, 0861,0651,235L,0981,2361,109L, 0351,1131,3321,1171,2851,2691, 2341, 246

5.0948; 3509,2519,018

1,147499552611776

1,029467784758708935769620881P881P881

28.42830; 44731,11739,793

2,8823,1273,0453,4763,6023,4223,5153,5963,4674,1703,1583,7143,5503.7253,8974,033

15,18316, 35420,04323,684

2,0651,8081.8851,9941,9771,9162,2462,0752,1622,1182,0652,0772,1562,1062,122

P2, 122

7,5086,7856,8156,7826,919

11,71511,22311,39411, 599

944979958981981

984899982956982957

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. Forannual figures of world production back to 1873 see Annual Report of Director of the Mint for 1936, pp. 108-109. Figures for Canada beginningJanuary 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]

Year or month

United States

Totalnet

importsor net

exports()

Net imports from or net exports (—) to:

UnitedKing-dom

France Bel-gium

Neth-er-

lands

Switz-er-

landCan-ada

Mex-ico

Colom-bia

Philip-pine

IslandsAus-tralia Japan British

India

Allothercoun-tries

1934 119351936

1936—JulyAugustSeptemberOctoberNovemberDecember

1937—J anuaryFebruaryMarchAprilMayJune. .July

1,131,9941,739,0191,116, 584

499,870315, 727174,093

260, 223934, 243573, 671

8,9023

3,351

94, 348227,18571,006

12, 402968

7,51195,17172, 648

30, 27013, 66739, 966

16,94410,89911,911

12,03815, 33521, 513

1,0293,498

23, 280

76,82075, 26877,892

32, 31647, 05439, 745

15, 37967,493171,824218,81275, 83656,970

121,325120, 326154,332215,811155, 362262,022175,417

- 95,8378,20472,15444, 66532,998

73, 95075, 238121, 451175,165103,822156,94376,432

2717,880136, 67195,013

20

10, 8641,138

76596

1,37511,0591,138

7992,545

2

10, 691

1,46325, 745

524

1,1315,399

27114

1,086

3,281

6,5068,155

5,22822, 556

1,3923,17

1,16636, 2352, 390

88211, 6646,338

12, 22210, 6604,709

5,86510, 6614,9257, 22514, 43420,9467,428

15, 289634530368462

1,9459,1533,2421,9732,800

6655,348

2,10611

2,1014

34,2615,4962,177

2

2, 425716

2,4052,1571,6282,273

2,1232,1091,9442,2312,1062,0642,410

8561,7472,8311,8693,781

1,6172,9103,4672,3882,6132,1673,796

5, 6969, 97816, 59315, 31644, 459

5,65410, 6886,9615,7826,18210,108

6,0287,0774,0174,8573,7973,9664,355

2, 5663,6613,6932,5302,2892,193

1,4633,8707, 2961,7371,1603,8661,925

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.



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

Year ormonth

United Kingdom

Totalnet im-portsor net

exports()


UnitedStates France Ger- Bel-

giumNether-lands U.S.S.R. Austra-

lia

SouthAfrica,Rho-desia,WestAfrica

BritishIndia

Allothercoun-tries

British India

Totalnet

importsor net

exports

Goldpro-duc-tionin

India

He-serves

inIndia»

Change in:

Privatehold-

ings inIndia*

1934 ___.193519361

1936—Jan.__.Feb...Mar__.Apr...May..June...July...Aug...Sept...Oct....Nov__.Dec...

1937—Jan....Feb ...M a r . . .Apr __.May _.J u n e . .J u l y . . .

716, 269369,747

1,170,023

-497,166-435, 502-276, 813

348,190142,137756, 204

121,017- 4 , 72623, 295

-13,585-17,476-15,133

32,57510, 796

-21,130931

41, 79037, 98126, 723

335,253404, 295488, 814

206,711181, 627128, 420

141,48449, 68459, 643

-230,720-161,872-121, 342

11, 22211,39311,599

173

41, 97438, 64947,66677,13774, 59C69, 447195, 06fi281, 401151,8147,61f83,168100, 50f.

-25,523122, 29C78,48412.036

-48,31?22,95:127,952

-12,0591,1363,440

- 9 , 465-12,611-26,802-4,384-16,120-14,096-72, 441-49,224-63,914

-73, 568-75,615-104,399-149,444-101,710-128,380-79,498

3, 202- 3 , 2536,73812,71026,93627, 060142, 535240, 868108, 666

-38372, 506118, 655

22,*453163, 919124,12111,281-27'

79, 545112,113

7817392

4,2951,8753,9031,9131, 76,0863,964-163-624

-22015350'

-1,055-1,7868,39816, 348

943399

-1,383-17,602

-536-747-8046,369

-1,039377

-1,130

414452

i,58:104

- 1 , 545- 7 ,- 9 , 207

-591~ 7 , 569-13,354- 1 , 4091,761606

-2,421-2,907-1,0292,458

1,0211,756965927452997

-208

5,628

22, 52098, 5108,43014, 02714,153

U2,0372,5743,3292,1671,6102,5312,0892. 0841,9842,3042,126

2,5041,9682,7272,1222,3531, 552705

39,85226, 45431,03355,10853,80245,14743,12234, 55236, 51745, 32336, 23041, 683

16,90324,11326, 59344,19837,10646, 93357,861

11,03511, 68610, 8969,413

13,28910,8609,657

15,0116,5817,853

14, 8967,243

3,9538,7055,7602,8488,3682,7826,129

-1,5267, 9516,1474, 5404,9727, 5992,8616,922

63619,8954,7""

-5,368

-4,611-3,156— 1, "

2,545287

5,0189,555

-13,809

- 7 ,-10 , 556-11,392-10,355-15,03?- 7 , 983- 8 , 273

- 1 1 , 576- 9 , 347- 5 , 506

-8,447-3,161- 3 , 494-6,068- 4 , 933

P- 1,848

971920968944979958981981966982966983

984899982956

-219,671-150,472'•-109, 743

-12,838- 8 , 926

- 9 , 612-10,413-9,397

-14,051-7,002- 7 , 307

-10 , 594- 8 , 381- 4 , 523

-7 ,463-2,262- 2 , 512-5 ,112-3,951

P - 8 6 6

Year or month

1934_.1935..1936 _

1936—JanFebMarApril ___MayJuneJulyAugSeptOct.NovDec

1937—Jan.._Feb.__Mar__.A p r . . .M a y . .June_.Julyp..

Germany

Totalnet

importsorn<exports

-90,92042,9691,868

17,42627,024

5881,7782, 956

22, 222


UnitedKing-dom

-109,3865,180

-22,784

-2,584-1,307-258

-1,201-6301,1303,2481,580

- 3 , 514- 3 , 521

4264,763

-7135

-59-4,277-3,935-1,720-1,898—1,661-6, 076-3, 954

259572

216-117

9531,927

-16,435

France

-42,90713,225

-2,121

-2,441-2,029

- 1 913

2224

- 2

2,346

15, 35611,442

1224

Nether-lands

Switz-erland

-28,1147,394

20,188

- 3 5801

-1423,0773,2562,8213,1213,2652,496

44873

1,006

901012

- 1 3- 9 9- 2 1

1639,8883,239

3 89,3243 7, 281-390

612720237623

2,06130267

65822

5614, 228

3243

999586

Allothercoun-tries

-140-59-37-28

4-38-5537

-203015

1, 7091,4811,047794127

6 6, 356

Switzerland

Totalnet

importsor netexports

-46,065-230, 788

121, 788

2,4626,571

21, 41322, 57013,3865,188-3212,829

33,60614,8482,210

- 2 , 874

-135-17,034

575-1,506- 4 , 479

-49,417-6,175


UnitedStates

-12,784647

-9,127

32—4-7

-57519

-3,676-4,916

-6,675-6,247

-26-1,174-36, 242-1,144

UnitedKing-dom

-45,955-64, 858-2,205

-195-518-841-131

-4,298-1,704

820-113

-6 , 396

2,8922,291

5,2272,436-463

-1,966-1,987-4,351

France

-29,235-181,725

39,305

Bel-gium

18,397-13,94014,531

471,8211,724

- 8-2351,166-254-2868,1771,723

659

732852653192

1,107521

-457

Italy

19,43125, 54251,299

9,4969,612

21, 5376,9701,4492,952

- 2 0- 2 0

-64162

- 6 5- 3 3

-100

Neth-er-

lands

2,580342

4,600

-1371,37756729132

2,113-121-21487579720

-575-566

55

274-2,516

Allothercoun-tries

1,500-6,79523,378

34- 1 6

1,9174 8,413

415,7949

-1 ,9115942

-112- 3

-848

1,866s-13,507

819584611

-879-229

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 anri $15,433,000 in Mav 1926.id $15,433,000 in May 1936.

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



CENTRAL BANKS

Bank of England

(Figures in millions ofpounds sterling)

IQOQ Dec 251930—Dec. 311931—Dec 301932—Dec. 281933—Dec 271934—Dec. 261935—Dec 251936—May 27

JllD8 24July 29Aug. 26 _Sept 30Oct 28Nov. 25Dec. 30 -_

1937—Jan. 27 _ . .Feb. 24Mar. 31Apr 28May 26June 30Jujiv 28

Gold (inissue

depart-ment)1

145 8147.6120.7119.8190 7192.3200 1206 4216 3239.9244.8248.7248 7248.7313.7

313.7313.7313. 7313 7321. 3326.4326.4

Assets of banking department

Cash reserves

Coin

2. 6.6.8

1.0.5.6. 9

1.01.01.11.11.0.7. 6

.4

. 71.01.0.9.9

1.1

Notes

26 338.831.623.658.747.135.540.341.551.461.359.365.963.146.3

61.458.639.844.846.038.028. 1

Dis-countsand ad-vances

22 349.027.318.516.87.68.56 77.67.19.28.66.66.8

17.5

8.04.97.15.54.96.35.8

Securi-ties

84 9104.7133.0120.1101.498.294.7

104.7116.1115.5102.6100.799 798.6

155.6

97.4105.3123.4119.7119.7164. 3135. 2

Notecircula-

tion

379 6368.8364.2371.2392.0405. 2424.5426.1434.8448.6443. 4449.4442.7445.6467.4

452.3455.1473.8468 8475. 2488.4498. 3

Liabi

Bankers'

71.0132.4126.4102.4101.289.172.178.390.875.2

100.960.786.597.6

150.6

98.4100.462.387.691.4

140.5104. 3

ities of banking department

Deposits

Public

8 86.67.78.9

22.29.9

12.119.820.042.317.249.727.612.112.1

12.113.052.226.224.910.810.5

Other

35 836.240.333.836.536.437.136.737.439.437.840.941.441.739.2

38.437.938.539.637.540.237.3

Otherliabili-

ties

17 918.018.018.018.018.018.017.817 918. 118.218.317 717.818.0

18.118 218.317 717.818 018. 1

Bank of France

(Figures in millions of francs)

1929—Dec. 27. _1930—Dec. 26..1931—Dec. 30.1932—Dec. 30.1933—Dec. 29.1934—Dec. 28 .1935—Dec. 27 .1936—May 29.

June 26..July 3 1 -Aug- 28..Sept. 25.Oct. 30__Nov. 27..Dec. 30_.

1937—Jan. 29...Feb. 26..Mar. 26..Apr. 30 _May 27..June 24..July 29 ,.

Gold2

41,66853, 578

83,01777,09882,12466,29657,02253,99954,94254,51150. Ill64 35964,35960, 359

57, 35957, 35957, 35957, 35957, 35954. 85955, 677

For-eignex-

change

25,94226,17921,1114,4841,158963

1,3281,4261,2971,2701,2501,2451,4711,4661,460

1,4351,3231,1941,1121,0531,058951

Domestic bills

Spe-cial3

27547925

1,379

1,6201,5241,5141,4701,4371, 260991

Other

8,6248,4297,3893,4384,7393,9719,71219,3817,7506,0417,0637,4847,3328,0568,465

8,5538, 9908,4407,6398,3779,35610,197

Ad-vances

toGov-ern-

ment

14.33314,33314,33315, 90312, 30312, 29817, 698

19, 77219, 77220,06619,99119, 98021, 380

123, 887

Loans o n -

Short-term

Govern-ment se-curities

573796

1,0481,461809838668702715

1,168873225965385776958

Othersecuri-

ties

2,5212,9012,7302,5152,9213,2113,2533,3813,4413,5553,4543,5533,4473,4643,583

3,7013,5943 6983,9183,7774,0134,064

Negotia-ble se-curities

5,6125,3047,1576,8026,1225,8375,8005,7085,7085,7085,6405,6405,6405,6405,640

5,6405,6405,6405,6425,6425, 6415,641

Otherassets

5,6036,6098, 5459,1968,2518,2887,8798,1348 015

8,1259,6438,2048,0298,344

8,2098,2358,5439, 2568,1588,1108,467

Liabilities

Notecircula-

tion

68, 57176,43685, 72585, 02882, 61383,41281,15084, 70585,10685,89284, 32483. 75087,19886.65189, 342

87, 68887, 06285,74687,06385, 74585, 98589, 307

Deposits

Govern-

11,73712,624

2,3112,3223,7182,8621.8501,3051,5941, 5231,6793,973

2,089

1,9552,3151,9774,3613,1542,2092,563

Other

7.85011, 69822,18320,07213,41415,3598,7166,9096,6286,2547,0376,6609,24713,05813, 655

15, 28015,38616,40413,40814, 76615, 71015,812

Otherliabili-

ties

1.8122,2411,9892,0411,9401,9072,1132,3832,6522,2672,3012.3563.5533,1602,567

2,5342,5472,5522,5182,5022,5493,152

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 directionof the British Treasury under Section 2, paragraph (2), of the Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), areduction 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. FromAugust 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 BritishTreasury 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 estab-lished 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 resultingincrement 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.



CENTRAL BANKS—Continued

Reichsbank

(Figures in millions ofreichsmarks)

1929—Dec. 31 .1930—Dec. 31 .1931—Dec. 31.1932—Dec. 31.1933—Dec. 30.1934—Dec. 31.1935—Dec. 31_1936—May 30

June 30_July 31.Aug. 31_Sept. 30.Oct. 31 .Nov. 30.Dec. 31.

1937—Jan. 30..Feb. 27.Mar. 31.Apr. 30.May 31.June 30.July 31..

Assets

Reserves

Gold

2,2832,216

984806386

7982707272696365

68

69

Foreignexchange

404469172114

955

55

Treasurybills

241206981

4945533798907451555762

23351029546129

Otherbills (andchecks)

2,6082,3664,1442, 8063,1774,0214,4984, 0064,6994,6234,6934,8754,8884,8525,448

4,8354,7775,1015,1245,0015,2625,316

Securityloans

251256245176183146846U56676559796774

651025152505552

Securities

Eligibleas notecover

259445349219220220220219219219221

223222167106104104104

Other

92102161398322319315319311310

305303303

302302312310310300299

Otherassets

656638

1,0651,114735827853648704711

685770765

9591,0591,021896947878860

Liabilities

Notecircula-

tion

5,0444.7784,7763,5603,6453,9014,2854,4304,3894,4714,5404,6574,7134,6744,980

4,7994,8164,9384,9794,9024,9925,112

Deposits

755652755540640984

1,032729960787729744689753

1,012

707785970794804880732

Otherliabili-

ties

736822

1,3381,313

8361,001

923807816840853875897911953

973

816835862892

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

Central bank[Figures as of last report

date of month]

National Bank of Albania (thou-sands of francs):

GoldForeign assets _Loans and discountsOther assets _.Note circulation.Other sight liabilitiesOther liabilities _

Central Bank of the ArgentineRepublic (millions of pesos) :

Gold at homeGold abroad and foreign ex-

changeNegotiable Government bonds...Other assetsNote circulationDeposits—Member bank

GovernmentOther

Other liabilitiesCommonweal th Bank of Aus-

tralia (thousands of pounds):Issue department:

Gold and English sterling...Securities

Banking department:Coin, bullion, and cashLondon balancesLoans and discountsSecuritiesDeposits

Note circulationAustrian National Bank (millions

of schillings):GoldForeign exchange (non-reserve) _.Loans and discountsGovernment debtsOther assets _Note circulationDepositsOther liabilities

National Bank of Belgium (mil-lions of belgas):

GoldDiscounts, domestic and foreign..LoansOther assets

1937

July

243116194620167915251174

3, 6421,376

36301

June

7,55422,6973,7484,02611, 22814,93811,858

1,224

34440160

1,165437120

16,01238, 559

1,09038, 87411,89638,03286, 78447, 039

243100191620145896245159

3,6881, 391

33309

May

7,55423,4713, 3324,25511, 27515, 64911,690

1,224

26,232157

1,137363135633

16,01238, 559

1,10933,10013, 95338, 03283, 36647, 039

24398193620143882259157

3,5911,341

35310

1936

July

7,55623,9583,6044,29611,35616,10411,953

1,224

10550162993315186939

16,00439,059

1,31420,64611,75236,27666, 68147, 039

24399220624176952232178

3,7361,413

77315

Central bank[Figures as of last report

date of month]

National Bank of Belgium—Cont.Note circulationDemand deposits—Treasury

OtherOther liabilities

Central Bank of Bolivia (thousandsof bolivianos):

Gold at home and abroad1

Foreign exchange __.Loans and discountsSecurities—Government

OtherOther assetsNote circulationDeposits...Other liabilities

Bank of Brazil (millions of milreis) :CashCorrespondents abroadLoans and discountsNote circulationDeposits

National Bank of Bulgaria (mil-lions of leva):

GoldForeign exchange reserve (net ) . . .Other foreign exchangeLoans and discountsGovernment debtOther assetsNote circulationDepositsOther liabilities

Bank of Canada (thousands of Ca-nadian dollars):

GoldSterling and United States ex-

changeCanadian Gov't . securities:

2 years or lessOver 2 years

Other securitiesOther assetsNote circulationDeposits—Chartered banks

Dominion GovernmentOther

Other liabilities

1937

July June May

4,44021562872

1, 801

3901,1423,5231, 0092, 5433,1272,195

179, 525

19, 747

36,21294,9019, 996

11.69138,920

182, 56716, 882

64813,056

4,41816576672

1,797

4151,1093, 5231,0382,3943, 2982,189

181, 543

18,113

35, 94398. 26910, 0187,402

133,142189,83614, 590

50113, 219

4,38011770872

52, 006110,53715, 725

413, 2474,73515,582

246, 698259, 705105, 430

302494

2, 375

3,127

1, 766

4771,0313, 5511,0152, 4303,1712,239

187, 454

14, 613

47,165100,816

',010131,113190,60421, 541

92312, 878

4,4623297572

23,77117,0289, 526

415, 7092, 73815, 546176, 749236,52271,047

196-363

3,01510

3,481

1,607-143444

1, 2662, 6711,1372,3042,0732, 605

.79, 564

13,150

30, 62481, 252

8,774.00,041.85, 88419, 316

2747,850

i Gold abroad revalued in December 1936



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

Central bank

Central Bank of Chile (millions ofpesos):

Gold and foreign exchange in re-serve

Loans and discountsGovernment debtNote circulationDeposits

Central Bank of China1 (millions ofyuan):

GoldSilver

Due from domestic banksLoans and discountsSecuritiesOther assetsNote circulationDepositsOther liabilities

Bank of the Republic of Colombia(thousands of pesos):

GoldForeign exchangeLoans and discountsGovernment loans and securitiesOther assetsNote circulationDepositsOther liabilities

National Bank of Czechoslovakia(millions of koruny):

GoldsForeign exchangeDiscountsLoansGovprrnnpnt, dpbtOther assetsNote circulationDemand depositsOther liabilities _.

Bank of Danzig (thousands ofgulden):

GoldForeign exchange of the reserve-Other foreign exchangeLoans and discountsOther assetsNote circulation..Demand depositsOther liabilities

National Bank of Denmark (mil-lions of kroner):

GoldForeign exchangeDiscountsLoans—To Government agencies

OtherSecuritiesOther assets. _ _ _ »Note circulationDepositsOther liabilities

Central Bank of Ecuador (thou-sands of sucres):

GoldForeign exchangeLoans and discountsNote circulationDeposits

National Bank of Egypt1 (thou-sands of pounds) :

GoldForeign exchangeLoans and discountsBritish, Egyptian, and other

Government securitiesOther assetsNote circulationDeposits—Government

Other. .Other liabilities

1937

July

2, 576348

1,0411, 2262 015

9686,037

2961,842

28,1101,229

55116, 2453,812

34, 62111,13519,193

1188

282371095267

38678

155

June

144133795699309

27, 43517,17214,33345,99226,97753,80738 01440,090

2,579382

1,1761,0282 015

9606,158

2111,771

28,1181,0531 670

15, 8154,139

32, 96112,12019,015

1188

282501155365

38795

154

35, 93629,06042 63563,09951,524

6 5452,4233, 226

36,7539,145

19, 85610,01119, 6378,587

May

143150799711323

64279255171414168

80374904154

24,88020 45712, 58145, 83225,81151, 72839 95837,875

2, 578444967897

2 017980

5,789402

1, 692

(3)

(3)

(3)

(3)

(3 )

(3)

1189

30202137

5366

38483

147

35, 34425, 70940,47862,05640, 758

6 5452,2363,291

37, 4468,964

20,1119, 604

20,4078,361

1936

July

143124702613274

45269

43133414185

53303709131

29,0534,1736,177

46,26025, 61145,92530, 31835,031

2,69821

618916

2 035849

5,426626

1,084

20,7954,3865 161

14,6834,042

31,34-55,550

19, 740

1183123

2091146593

373123157

33, 5554,273

25,85648,44814, 974

6,5451,8683,052

37, 2274,831

18, 6446,071

20,4148,393

Central bank

Central Reserve Bank of El Salva-dor (thousands of colones):

GoldForeign exchangeLoans and discountsGovernment debt and securities-Other assetsNote circulation.__ _DepositsOther liabilities

Bank of Estonia (thousands ofkrooni):

Gold - .Foreign exchange (net)Loans and discountsOther assetsNote circulationDemand deposits...Other liabilities

Bank of Finland (millions of mark-kaa):

GoldForeign assetsLoans and discountsDomestic securitiesOther assets . . . .Note circulationDeposits—Treasury __


Bank of Greece (millions of drach-mas) :

Gold and foreign exchange (net)..Loans and discounts _.Government obligationsOther assetsNote circulationDeposits. .Other liabilities

National Bank of Hungary (mil-lions of pengos):

Gold . .Foreign exchange reserveDiscountsLoans—To Treasury ._

OtherOther assets .Note circulationDemand depositsCertificates of indebtednessOther liabilities

Reserve Bank of India (millionsof rupees):

Issue department:Gold at home and abroadSterling securitiesIndian Gov't securities ._ _Rupee coinNote circulation .

Banking department:Notes of issue department.. .Balances abroad _. _InvestmentsOther assets _. .DepositsOther liabilities

Bank of Japan (millions of yen):GoldDiscountsLoans—Government

OtherGovernment bonds . .Other assetsNote circulationDeposits—Government

Other _.Other liabilities. .

Bank of Java (millions of guilders):Gold -Foreign bills. . . . .Loans and discounts

1937

July

6402,2881,036

386429

1,841241991

1,705

3,1473, 8554,1002,3976 3305,0252,145

8456

39811217

24546015693

205

488562245109780202

1,58027174

462

June

13,1616,900

2006,1762,732

16,3478,7144,106

34,19217, 53425, 40522, 72742, 90140, 77216,183

6932,1701,114

329416

1,859268864

1,731

3,1773, 9514,1002,2656 4474,9152,131

8454

40010712

24743718093

195

444803274563

1,860

225228

747

428106

52448923164

854221

1,57135288

373

1095

67

M a y

13,1436,870

2606,1972,816

17,0238,0594,203

34,18715,22924, 62522,02443,90136,90115, 263

«8122,0231,135

324382

1,900396671

1,709

3,2483,6144,1042,3596 3294,9282,067

8451

40510712

23842118793

197

444803274551

1,903

169245

707

385105

535509218112713174

1, 50233984

338

1095

68

1936

July

13,0231,241

3386,7481,372

13, 8315,3703,521

34,1534,187

18, 49621,40740,04926,50011, 695

5571,359

*' 954393344

1,460104602

1,441

2,6435,6994,1721,5895 3966,4942,213

7924

4769112

12839611196

207

444673234665

1,606

4103158

8397110

52852815464

477237

1,306292109281

882

66

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 incre-

ment converted into foreign exchange and carried partly in that item and partly in other assets.3 Figures not yet available.



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

Central bank

Bank of Java—Cont.Otbpr as*>ptsNotp circulationDeDositsOtrW liabilities

Bank of Latvia (millions of lats) *Gold *Foreign exchange reserveLoans and discountsOther assetsNote circulationDepositsOther liabilities

Bank of Lithuania (millions of litu):GoldForeicrn exchangeLoans and discountsOther assetsNote circulationDepositsOther liabilities

Netherlands Bank (millions of guil-ders) :

GoldSilver (including subsidiary coin)Foreign billsDiscountsLoansOther assetsNote circulation._ _"Dpn/mit^ GnvprirmPTit


Reserve Bank of New Zealand(thousands of pounds):

GoldSterling exchange reserveAdvances: To State or State un-

dertakingsInvestmentsOther assetsNote circulationDemand depositsOther liabilities

Bank of Norway (millions ofkroner):

GoldForeign assetsTotal domestic credits and

securitiesDiscounts _LoansSecurities. . _ _ _

Other assetsNote circulationDemand deposits—Government-


Central Reserve Bank of Peru(thousands of soles):

Gold and foreign exchangeDiscountsGovernment loansOther assetsNote circulationDepositsOther liabilities

Bank of Poland (millions of zlotys):Gold. .Foreign exchangeLoans and discountsSecurities _ _ . _ _ .Other assetsNote circulationOther sight liabilitiesOther liabilities

Bank of Portugal (millions ofescudos):

GoldOther reserves (net)

1937

July

7740

1194747

20432

776

9340

1108322

1,26619

215

17163

822106563

44

189153

224

(2)

(2)4244349

42730

604136446

1,019230393

June

1151947626

7741

1224747

20931

776

9435

1088122 '

1 24619

218

17864

82175

59042

2,80221, 543

4,9542,906

19312 63118,1801,588

195129

2361572456

8415375658

53, 04735,15245,16410,15496,01630.10817,394

42332

598135464989256406

May

1171918125

7742

1224746

21231

776

9234

1087822

1 13019

219

18363

83664

47344

2,80222,327

4,8732,906

17912 97518,4891,624

195124

239161

255314

403624760

49,05636, 95845, 2069,261

96, 79027,90415, 787

41241

580135475975268399

914569

1936

July

511562823

468

1185534

16231

62137129

1054822

64221

235

12460

748375841

2,80222,129

2,035457

10 17815, 6511,595

19590

257199

193919

382803861

46, 67938,24946, 6898,625

93, 49733, 72613,021

3668

818109390998175517

910495

Central bank

Bank of Portugal—Cont.Non-reserve exchangeLoans and discountsGovernment deb t . .Other assetsNote circulationOther sight liabilitiesOther liabilities

National Bank of Rumania« (mil-lions of lei):

Gold* _Special exchange accountsLoans and discountsSpecial loans 8

Government debtOther assetsNote circulationDemand depositsOther liabilities

South African Reserve Bank(thousands of pounds):

Gold _Foreign billsOther bills and loansOther assetsNote circulationDepositsOther liabilities

Bank of Sweden (millions ofkronor):

GoldForeign assetsDiscounts.LoansDomestic securitiesOther assetsNote circulationDemand deposits..Other liabilities

Swiss National Bank (millions offrancs):

Gold6

Foreign exchangeDiscounts _ _LoansOther assetsNote circulationOther sight liabilitiesOther liabilities . . . .

Central Bank of the Republic ofTurkey (thousands of pounds) :

Gold . . .Foreign exchange—Free

In clearing acccountsLoans and discountsSecuritiesOther assetsNote circulation .Deposits _ _ _Other liabilities

Bank of the Republic of Uruguay(thousands of pesos):

Issue department:Gold and silverNote circulation

Banking department:Cash reservesLoans and discountsOther assets _DepositsOther liabilities

National Bank of the Kingdom ofYugoslavia (millions of dinars):

GoldForeign exchangeLoans and discountsGovernment debtOther assets _Note circulationOther sight liabilitiesOther liabilities

1937

July

534981

13296

340863880160

'2 594962328

6061,4121.299

637

36 7105

35, 59948, 522

187,19929 977

173,25241, 436

123,325

1 686723

1,5812,2512 3665,6872,177

743

June

15,8635,7546,0532,069

11,0408,387

26,14212,49910, 526

24,4096,2.8,5

13913,40815 41625,9902,835

534962

13286

351872851170

2 624712331

6151,4091,320

636

36 71046

40, 95243, 806

186,43031 451

173, 25242 190

123, 953

41, 60189, 874

21,14177, 24682,97995, 63385 733

1 678880

1,6302,2502 0015,4742,216

750

M a y

164315

1,0431,3262,0061,2161,109

15,8425,7856,2812,075

10,9559,798

26,15812,99111, 588

25, 6285,615

3714,77116,85226, 3252,874

533923

12266

374837853186

2 624222630

6081,3741,301

635

36 70966

41, 69437, 477

186, 74826 982

173, 32736 277

120,072

41 60189, 973

23 03175, 92783, 48191 98190 457

1 669764

1,7122,2501 9445,4332,176

731

1936

July

117354

1,0451,0562,088

975915

11,0882,7865,7022,440

11, 3278,212

22,4428,486

10, 627

22,9308,2811,519

14,09215, 51527, 9723,335

510525

113433

23278046897

1,4418

1447179

1,292353

98

30,211375

9,69231, 912

184,94121,161

162, 68448,00667, 602

41,09175,413

46, 63282, 54056, 234

103,73981 667

1 531448

1 6022,2611 3634,9571,484

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 rateof 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.



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

Assets

Gold in barsCash on hand and on current account

with banks _ _Demand funds at interest.

Rediscountable bills and acceptances(at cost):

Commercial bills and bankers' ac-ceptances

Treasury bills

Total..

Time funds at interest—Not exceeding3 months

Between 3 and 6 months

Sundry bills and investments:Maturing within 3 months:

Treasury bills..Sundry investments

Between 3 and 6 months:Treasury bills. _ _Sundry investments

Over 6 months:Treasury billsSundry investments

Total..

Other assets:Guaranty of central banks on bills

sold.Sundry items.. _

Total assets..

July 31 June 30

9,844

28, 55334, 631

133,201138,076

271, 276

34,48711,529

10, 36985,927

44, 94666,165

58, 28937, 503

•303,199

1,095522

695,137

25, 223

21,14136, 436

136,066140,555

276, 621

26, 27612, 807

9,327105, 855

38,19778, 743

65, 8204,664

302,606

1,3171,429

703, 855

1936

July 31

29, 870

13,14521, 928

121,472203,020

324, 492

38, 699

22, 75932,281

24,43262, 849

43,12534,096

219, 542

1,3856,622

655, 682

Liabilities

Demand deposits (gold)

Short-term deposits (various curren-cies) :

Central banks for own account:DemandTime—Not exceeding 3 months.Time—Between 3 and 6 months.

Total _ . . . . . ._

Central banks for account of others:Demand

Other depositors:DemandTime—Not exceeding 3 months.

Long-term deposits:Annuity trust account.. _.German Government depositFrench Government guaranty fundFrench Government deposit (Saar).

Total

Capital paid in.Reserves:

Legal reserve fund ._Dividend reserve fund_.General reserve fundProfits allocated for distribution on

July 1, 1937.— _Other liabilities:

Guaranty on commercial bills sold..Sundry items _

Total liabilities..

July 31 June 30

8,816

46, 967169. 57512,938

229, 481

4, 248

5031,010

153, 21976, 60934,907

1,145

265, 880

125, 000

4,2386,315

12, 631

1,36835, 649

695,137

8,265

48, 450167,960

12, 846

229, 256

2,906

51128

152,79076, 39541. 550

1,362

272,097

125, 000

4,2386, 315

12,631

7, 926

1,38333, 299

703, 855

July 31

24, 057

25, 862119,072

144, 934

6,055

136606

154,52977, 26461, 930

2,031

295, 754

125, 000

3, 7846,092

12,183

1,38635, 695

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]

United Kingdom

(Figures in millions of pounds sterling)

Assets

Cashreserves

Money atcall and

shortnotice

Bills dis-counted

Securi-ties

Loans tocustom-

ersOtherassets

Liabilities

Deposits

Total Demand^ Time'

Otherliabilitie:

1930—December.1931—December.1932—December.1933—December.1934—December.1935—December.1936—December

1936—AprilMayJune _.JulyAugustSeptember..OctoberNovember..December..

1937—January...February..MarchAprilMayJune _July

208184207213216221236

144119127119151159187

10 London clearing banks

322246408311255322316

285297472565594605630

933905778740759784864

240222208237247231238

1,8761,7371, 9831,9411,9712,0912,238

992868991

1,0151,0441,1401,288

847846963900910924

1,012

254237216244251231232

11 London clearing banks2

227220225225233229227233244

238230226230233241235

161159158158163166164181195

179167170177168171163

268309329349345344351329322

345307248241244259282

637640642639641648655656660

669671667661657654647

868870878884877882892895890

885909939951957969975

233227237227226226231238249

239243254256259261251

2,1542,1852,2292,2442,2462,2572,2802,2872,315

2,3072,2742,2442,2522,2552,2932,293

1,1451,1661,2151,2231,2121,2281,2381,2411,288

1,2541,2171,2001,1941,2031,253

974992995986991

1,000999

1,0061,012

1,005997

1,0031,0081,0061,022

240239240237240238239243245

247252259263263261259

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



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

France

(4 large banks. Figures in millions offrancs)

1930—December.1931—December.1932—December.1933—December.1934—December.1935—December.1936—May

JuneJulyAugustSeptember.October. __NovemberDecember.

1937—January...February..MarchAprilMay. .

Assets

Cash

2,41911,3119,0075,8705,8363,7393,5133,4943,2063,0973,0833,1863,1733,1002,8522,7985,2372,8913.014

Due frombanks

4,6752,1681,7661,4161,4212,4843,0322,7682,4102,3262,7572,7662,8392,9753,5893,7703, 5963, 5793, 666

Bills dis-counted

20,44818, 44122,01419, 84818,30416,14116,01414,97215,41015, 44514,87617, 07017, 29817, 58218,28917,82516, 70116,04316, 479

Loans

10,7439,2747,8508,3098,1598,0257,5427,3287,2157,0317,3987,4527,6257,6317,9498,0568, 3578,1167,996

Otherassets

2,3612,1301,7491,8271,7171,9001,3331,3851,4451,4511,4571,7271,8241,9571,3401,3971,4481,4811,446

Liabilities

Deposits

Total Demand Time

36,68138,24537,75932, 63530,94327, 55327,19925, 65525,33424,97925,13727, 54928,01528, 48429, 83129,64431,00827,70328, 242

35,28437,02336,49131, 77330,03926,85926,52325,02224,76124,45124, 61327,02827, 46727,95529, 30429,06130, 46527,16427, 682

1,3971,2221,268862904694676633573528524521548529527583543539560

Ownaccept-ances

921576295273193337424394359335368408454473561602600583542

Otherliabilities

4,3574,5034,3314,3624,3014,3993,8123,8973,9944,0354,0664,2444,2904,2893,6263,6003,7323,8253,817

Germany *(5 large Berlin banks. Figures in mil-

lions of reichsmarks)

Assets

Cashreserves

1930—November . .1931—November..1932—November. _1933—November..1934—November..1935—November. .1936—May

JuneJulyAugustSeptember..OctoberNovember _

1937—January...February...MarchAprilMayJune

191173143131115139141175146138180130137154130201132139180

Duefrombanks

1,483817583471393316300295263274287273269303301315297288296

Bills dis-counted

2,4531,4311,6311,7022,0372,1622,4062,4352,3632,3292,3602, 5692,5672,8952,9662,9083,2043,1713. 091

Loans

7,4165,3774,5703,7313,3312,8842,8842,8582,8432,8262,7792,7352,7292,6792,6732,7322, 6662, 6372, 636

Securi-ties

482807938860874

1,027980

1,0081,0371,0471,0661,0751,1121, 0201,0221,014

9491,0391, 037

Otherassets

1,127991

1,003983983873839824816847858851837822813805807778

Liabilities

Deposits

Total

9,0916,0626,1615,7545,8165,3765,6215,7125,5575,5335,6215,7125,7515,9736,0296,1356, 2136, 2466, 204

Demand

3,8573,2522,9582,6242,7312,4352,6222,6882,5952, 5292,5752,6442,6612,9232,7602,9422,9262,9792, 969

Time

5,2332,8103,2033,1303,0852,9412,9993,0232,9623,0053,0453,0683,0903,0503,2703,1943,2873,2673, 236

Creditsobtained

frombanks

1,9861,3281,146

661485

622613605575586579557578559551543563

Otherliabili-

ties

1.8282,3411,5501,4811,4321,4491.3271,2761,3061.2911.3231,3421,3341, 3571,3071,2881,2891,2911, 251

Canada(10 chartered banks. Figures in mil-

lions of Canadian dollars)

1930—December.1931—December.1932—December.1933—December.1934—December.1935—December.1936—May _.

JuneJulyAugustSeptember.OctoberNovemberDecember.

1937—JanuaryFebruary..MarchAprilMayJune

Assets Liabilities

Entirely in Canada

Cashreserves

207201211197228228225230227225226232264240247239242246240238

Securityloans

2051351031001038387919191

105109116114119119124121117116

Otherloans

and dis-counts

1,2751, 2531,1041, 036

977945828777768776807816800791796805814835852853

Securityloans

abroadand net

duefrom

foreignbanks

171146155134155141131113110157146146179161173214161141139128

Securi-ties

604694778861967

1,1551,3451,3681,3571,3551,3801,3631,3161,3841.4121,4221, 4271,4401,4381,442

Otherassets

Notecircula-

tion

602510439432449485446502481487494491485507468483516511491520

133129115121124111116115113115111112109103103108105106103107

Deposits payable in Can-ada excluding interbank

deposits

Total

2,1152,0581,9161,9202,0352,1802. 1932.2072,1742,1752.2632,2612.2692,3032,3302,3692,3702,3832, 3722.379

Demand

698538563628694666702680672762751722755782805786799799

Time

1,4261,3601,3781, 3571,4071,4861.5271.5051,4941, 5031,5011,5101, 5471,5481,5491,5641, 5841, 5831,5741,570

Otherliabili-

ties

816752760725718745753757748800785784783790781804810805802811

1 Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six largeBerlin 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.



DISCOUNT RATES OF CENTRAL BANKS(Percent per annuml

Date effective

In effect Jan. 1, 1936Jan 2 1936Jan 10Jan 16Feb 4Feb 7Mar 28May 7May 18May 30June 4June 24June 25June 26June 30July 7July 10Sept 9Sept 25Oct 2Oct 9Oct 16Oct. 20 ___Nov. 26__.Dec. 3Jan 28 1937June 15July 7Aug. 4In effect Aug. 26, 1937

Central bank of—

UnitedKingdom

2

2

France

654

56

5

4

3

5323A,'2

46544

Ger-many

4

4

Italy

5

4K

Nether-lands

3

4

Q 1 /

3

2

2

Switzer-land

2M

2

- -?

IK

Centralbank of—

AlbaniaArgentina.Austria... ,BelgiumBoliviaBritish IndiaBulgariaCanadaChileColombia...Czechoslo-

vakiaDanzigDenmark..EcuadorEl Salvador.EstoniaFinlandFranceGermanyGreeceHungary. .

RateAug.

26

6'6%

263623^2

c3—43^24

344444U44464

Dateeffective

April 1, 1937Mar. 1, 1936July 10, 1935May 16, 1935July 5, 1932Nov. 28, 1935Aug. 15, 1935Mar. 11, 1935

c Dec. 16, 1936July 19, 1933

Jan. 1, 1936Jan. 2, 1937Nov. 19,1936Nov. 30, 1932Aug. 23, 1935Oct. 1, 1935Dec. 3, 1934Aug. 4, 1937Sept. 22, 1932Jan. 4, 1937Aug. 29, 1935

Centralbank of—

ItalyJapanJava _...LatviaLithuania. __Netherlands.New Zea-

landNorwayPeruPoland.PortugalRumaniaSouth AfricaSpainSwedenSwitzerland.TurkeyUnitediKing-

domU S. S. R.._Yugoslavia.

c Corrected.Changes since July 31: -France—Aug. 4, down

Portugal—Aug. 11, down from 4V-2 to 4 percent.

RateAug.

26

4HC3 29

355H2

2465443^33^523*12

53^

285

from 0

Dateeffective

May 18, 1936c Apr. 7, 1936Jan. 14, 1937Nov. 1, 1936July 1, 1936Dec. 3,1936

June 29, 1936Dec. 7, 1936May 20, 1932Oct. 26, 1933Aug. 11, 1937Dec. 15, 1931May 15, 1933July 15, 1935Dec. 1, 1933Nov. 26, 1936Mar. 2, 1933

June 30, 1932Mar. 22, 1927Feb. 1. 1935

to 4 percent;

MONEY RATES IN FOREIGN COUNTRIES[Percent per annum]

MonthBankers'

acceptances,3 months

United Kingdom (London)

Treasurybills, 3months

Day-to-daymoney

Bankers'allowanceon deposits

Germany (Berlin)Netherlands (Amster-

dam)

Privatediscount

rate

Money for1 month

Day-to-daymoney

Privatediscount

rate

Money for1 month

1936—JulyAugustSeptemberOctoberNovember.December.

1937—January. „ .February . .MarchAprilMayJuneJuly

2.882.883.002.943.003.00

3.003.003.002.902.882.882.88

2.732.842.892.822.842.88

2.882.862.862.712.632.632.65

2.963.013.012.822.793.05

2.542.473.102.552.692.783.00

2.041.371.332.031.00.82

.63

.39

.38

.38

.31P. 19.19

.73

.20

!. 51.55

1.011.001.001.001.00

.92

Month

Switzerland

Belgium(Brussels)

France(Paris)

Italy(Milan)

HungarySweden(Stock-holm)

Japan (Tokyo)

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Primecommer-cial paper

Day-to-daymoney

Loans upto 3

months

Discountedbills

Callmoney

overnight

1936—JulyAugustSeptemberOctober...NovemberDecember.

1937—January....February-MarchAprilMayJune

2 252.251 981.691.461.25

1.251.181.001.001.001.00

1 381.381 381.291.001.00

1.001.001.001.001.001.00

3.303.003.382.521.961.99

2.224.014.064.003.935.02

4.504.504 504.504.504. .50

4.504.504.504.504.505.00

-6H

$y

4 -ey2

4 -63^4 - 6 H4 -%}44 -§y2

2%

2%2H2H y2y2

2^-41/22^4^

4.754.754.754.754.754.75

4.754.754.754.754.754.75

2.532.692.812.922.862.74

2.632.672.832.862.692.80

p Preliminary.

N O T E . — F o r explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736, andMay 1930, p. 318



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

Year or month

19291930193119321933193419351936 , . _1936—July

AugustSeptemberOctoberNovemberDecember

1937—January ._ __FebruaryMarchAprilMayJuneJuly „

Year or month

1929 _-19301931 _ — _193219331934193519361936— July - -

August.SeptemberOctoberNovemberDecember

1937—j anuaryFebruaryM archAprilMayJune _ , . __July

Year or month

192919301931193219331934 ._193519361936—July

AugustSeptemberOctoberNovemberDecember

1937—JanuaryFebruaryMarchAprilMayJuneJuly

Argen-tina

(peso)

95.12783. 50566. 73858.44372. 80133. 57932. 65933.13733. 48933. 50333. 61132.66732.58332. 718

32. 71832. 62732. 57032. 77432. 92832. 89833.107

Czecho-slovakia(koruna)

2.96092.96402.96192.96183.82324.24244.16424.00784.14974.13184.13193. 64743.53803. 5200

3.49223. 48833. 48793.48623.48533.48413.4854

N e wZealand(pound)

483. 21468. 22415. 29320.19340.00402.46391. 26398.92403. 26403.42403. 97393. 25392.36393. 87

393. 82392. 92392. 32394. 76396. 61396. 21398. 74

Aus-tralia

(pound)

480.83458. 60351. 50279.93337.07400.95388. 86395.94400.15400.34401.06390. 33389. 54390.99

390.98389. 93389. 26391. 78393. 70393. 25395. 70

D e n -mark(krone)

26.68026. 76525. 05818.83219.07122.50021. 88322.18922. 41922. 43422.48021. 86621.81821.907

21.90821.84721. 80721.94522.05122.03122.173

Norway(krone)

26.68326. 76025.05518.00421.42925. 31624. 62724.97425.23325.24925. 30424.60824. 55524. 656

24.65824. 58924. 54424. 69924.81924. 79724. 957

Austria(schil-ling)

14.05814.08914.02313.96015. 44818. 79318. 83118. 79218.84818.83818.84518. 73218.68718. 692

18. 68218. 67718. 67718. 68718.71918. 71418. 775

Egypt(pound)

498.07498. 60465.11359. 54434. 39516.85502.60509.68514.95515. 32516. 76502. 24501.17503. 20

503.17501.78500.87504.07506. 49506.05509. 30

Poland(zloty)

11.19411. 20511.19711.18214. 41418.84618.88218.87518. 91518.82718. 82418.82818.82518. 853

18.92418. 92918.93918.95918.93418. 92818.915

Bel-g ium(belga)

13.91213.95213.92913.91417.90023.28718. 42416.91716. 89916. 86216.89316. 83516.90716. 901

16. 86016. 86116. 84716.86016. 86816. 86616. 835

Finland(markka)

2. 51602. 51692. 38751. 55471.87082.22772.16272.19032. 21062.21182. 21732.15782.15312.1611

2.16072.15792.15312.16562.17842.17922.1918

Portu-gal

(escudo)

4. 47144.49404. 24353.19603. 91654.60894. 45754. 51304. 55684. 55584. 55864.44754.43734. 4514

4.44874. 44574. 44114. 45994. 47234. 46894. 4958

Brazil (

Official

11. 807810. 71367.02907.12237.96308. 42688.29478. 56818. 53498. 52228. 64458. 70118. 66628. 6981

8. 70808. 70538. 70218. 71058. 71928. 71798. 7266

France(franc)

3.91613.92493.92003.92765.03136. 56886. 60136.11416. 62026. 58536.34094. 66624. 64724. 6675

4. 66724. 65554. 59454. 49634. 4768

i 4. 43993. 8048

Ruma-nia

! (leu)

.5961

.5953

.5946

.5968

.77951.0006.9277.7382.7279.7317.7315.7309.7289.7285

.7273

.7275

.7284

.7286

.7290

.7279

.7286

milreis)

Freemarket

5.8788

5.83675. 89015. 84525. 86315. 9525

6.08126.10766.10696. 25386. 41646. 55436. 6335

Ger-m a n y(reichs-mark)

23. 80923.85423. 63023.74930. 51839. 37540. 25840. 29740. 32140. 22140.08340.19640. 22340. 230

40. 22540. 22640. 21540.20640.17140.07140.196

SouthAfricapound)

483. 27483.79480. 76476. 56414. 98498. 29484. 66

°491. 65497.07497.19497. 99484. 32483.43485. 33

485. 40484. 24483. 81486. 89489.17488. 68491.95

BritishIndia

(rupee)

36. 20236.06733.69026.34731. 81637.87936. 96437. 52337.88937. 93138.01736. 99136.91337.088

37.09436. 97336. 88837.12037. 28037. 24537.483

Greece(drach-

ma)

1. 29341.29591.2926.8320.7233.9402.9386.9289.9400.9387.9347.8965.8935.8973

.8984

.8965

.8951

.9003

.9052

.9043

.9088

Spain !•peseta)

14. 68311. 6679.5458.044

10. 71913.61513. 67812. 31413. 71413. 64312. 3478.9548.7987.727

7.0996.7366.1495.7115.3485.2155.062

Bul-garia(lev)

.7216

.7209

.7163

.71931 00391.28521 29511. 29581. 29131. 29881.29781.28481.27951. 2779

1. 28731.29031. 28841. 28751. 28391. 28301. 2825

HongKong

(dollar)

47.16733.85324. 33123.46029.45238. 71648. 21731. 71132.04031.15231.10430.35930.46230. 540

30. 56630.40330. 35530. 50930. 60030.34930.343

>traitssettle-mentsdollar)

56.01255.96452.44540.39749. 23259.00557.17358.25858. 87358.91659.09557. 44657.31457. 644

57. 54957.40457.19457. 64057. 92957. 83658. 240

Canada(dollar)

99.24799. 84296.35388.09091 959

101.00699. 49399.91399.90099.978

100.017100. 022100.120100. 062

99. 96099. 964

100.051100.120100.14999.94499. 858

H u n -gary

(pengo)

17. 44117.49417.45217.44622.36029. 57529. 60229. 55829. 49219.77719. 77219. 77419.77619. 778

19.77619. 78219. 77919. 78519. 78119. 77119. 770

Swe-den

(krona)

26. 78426.85425. 25418. 47122.03225.98225. 27125. 62625. 89325.91025. 96525. 25325.19625.300

25. 30125. 23225.18625. 33925. 46525. 44425. 607

Chile(peso)

12.060112.078512.06697.90797.6787

10.14525.08335.12406.12435.17255.16915.17275.16885.1719

5.17265. 17315.17265.17255.17255.17385.1767

Italy(lira)

5. 23345. 23745.20635.12536. 70948. 56178. 24717. 29167.88457.86737. 85145. 52995.26035. 2609

5. 26105.26085. 26085. 26075. 26065. 26075.2600

Switz-erland(franc)

191919.

27938?,401

19. 405?4

32.

836366497

30.18932. 7?432. 59931. 41822.99322.98422.985

22.93622. 82922. 79222. 82422 87022.87922. 920

China(yuan)

41.90129.91722.43721. 73628 59834.09436 57129. 75129.96730.04829.94029.33129.46629. 525

29. 65429. 60029. 66429. 71429. 79829. 65329.494

Japan(yen)

46.10049.39048.85128.11125. 64629.71528.70729.02229.32629.40429.41428.60928.55928.512

28.53728. 52928. 49428.63528. 78028. 71128.882

Turkeypound)

48. 41147.06147.18147.28560.44079.04780. 31280. C15780. 35580.27280.14579.83479.88380.162

80.15679. 70079. 95380. 24680. 13479. 89780. 537

Colom-bia

(peso)

96 55196.49396. 57095. 27581 69761. 78056 01157.08356.90056.90056. 50556. 50157.09757. 390

57.39057. 23457.00856.95656. 96757.00656.992

Mexico(peso)

i

L

UnitedKing-d o m

(pound)

485. 69486.21453.50350.61423.68503.93490.18497.09502.25502.59503. 63489. 84488.80490.78

490.75489. 39488. 51491. 63493.99493. 55496. 72

18.18317.133J5.49251.85028.10327.74227. 77827. 76027. 76527.75327.75327. 74727.75027.750

27. 75027.75027.75027. 75127. 75027. 75127, 751

Uru-guay(peso)

98.62985.86555 35747.06460.33679.95680.25179 87479.82079. 71979.67979.85780.04580.000

78.92678.85678. 75378. 62678 65S79 14379.373

Cuha(peso)

99.96599.95299.93099.94199.94699.93699.92099.90999.90099.90499.90199.92499.91699.916

99. 91799. 91799. 91799. 91899. 91799.91999. 916

Nether-lands(florin)

40.16240 22540.23040 29551.72167.38367. 71564.48168.07867.90466. 25053. 63253.99154. 566

54. 75254. 68654. 70254. 75754. 93654.97655.091

Yugo-slavia(dinar)

1. 75911 76811 76801. 64111 76072.27192 28372 29652 29852.29262. 29122. 29562.29902.3003

2.30222. 30592 30572.30562 30602 30562. 3072

i Quotations nominal June 29-30, 1937. c Corrected.N O T E . — F o r additional information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the

basis of quotation, see note in BULLETIN for April 1937, p . 371.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year or month

19261927192819291930193119321933 _193419351936

1936—June _July-AugustSeptember _OctoberNovember _December

1937—January . _FebruaryMarch 'April _MayJuneJuly .

UnitedStates

(1926=100)

10095979586736566758081

79818282828284

86868888878788

Canada(1926=100)

10098969687726767727275

72747676777780

81838686858588

UnitedKingdom(1930=100)

100888686888994

939495969898

101

103104107109111111112

France(1913=100)

695642645627554502427398376338411

378391403420471492519

538533550552550557582

Germany(1913=100)

134138140137125111979398

102104

104104105104104104105

105106106106106106106

Italy(1928=100)

1009585757063626876

76757677777879

828385868890

Japan(October

1900=100)

237225226220181153161180178186197

194197197201200204215

233230240248241238239

Nether-lands

(1926-30=100)

10610310210090766563636264

62626363687071

73747677777678

Switzer-land

(July 1914=100)

1441421451411261109691909096

92939397

103105107

108111113113113112

WHOLESALE PRICES—GROUPS OF COMMODITIES[Indexes for groups included in total index above]

Year or month

1926192719281929193019311932 ,19331934 . .19351936

1936—June--July.AugustSeptemberOctoberNovemberDecember

1937—January . _-FebruaryMarchAprilMavJuneJuly

United States (1926=100)

Farmproducts

10099

10610588654851657981

78818484848589

91919492908989

Foods

10097

10110091756161718482

80818383838486

87878886848586

Othercommod-

ities

10094939285757071787880

79808080808182

83848687868686

United Kingdom(1930=100)

Foods

100898883858792

89909495989799

9999

101102102102103

Indus-trial

products

100878587909096

949696979799

102

105107111113115115116

France (1913 = 100)

Farmand foodproducts

581599584579526542482420393327426

394405425449487500522

532516528522520532549

Indus-trial

products

793678697669579464380380361348397

364378384396457484516

543548570577576579610

G e r m a n y (1913 = 100)

Agricul-tural

products

129138134130113104918796

102105

106106106105104103104

103103104104104105106

Provi-sions

132129133125113968675768486

85858586868691

93949595989898

Indus-trial rawand semi-finishedproducts

1301321341321201038988919294

93939494959596

97979897979796

Indus-trial fin-

ishedproducts

150147159157150136118113116119121

121121121122122123123

123123124124124124125

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.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—ContinuedRETAIL FOOD PRICES

[Index numbers]

Year ormonth

19261927192819291930193119321933193419351936

1936—June.,.

AugSept.—

NovDec

1937 Jan.FebMar....AprMay.—JuneJuly.. _

UnitedStates^

1923-1925=100

109105103105100826866748082

84848484838383

85858586878686

Eng-landJuly

1914=100

161156157154145131126120122125130

126129129131132136136

136135135135136136140

FranceJuly

1914=100

554557549611614611536491481423470

458446460483504520534

562577577580584576580

G e r -m a n y1913-

1914=100

146153153156146131116113118120122

123124124122122121121

121122122122122123125

Nether-lands1911-

1913=100

161163166162150136119120124118120

119

121124124122

124122123125126129

Switz-er-

landJuly

1914=100

160158157156152141125117115114120

120120120121123123123

126129129129129131

COST OF LIVING[Index numbers]

Year ormonth

19261927192819291930193119321933193419351936

1936—June...July . .Aug.Sept....OctNov.D e c . . .

1937 JanFeb.MarApr.MayJune . . .July

UnitedStates

1923-1925=100

1031021009997898076788182

82

82

82

84

85

Eng-landJuly

1914=100

170164166164158148144140141143147

144146146147148151151

151151151151152152155

FranceJan.-June

1914=100

505514519556581569526520516483507

497

504

540

581

606

Ger-m a n y

1913-1914=100

142148152154148136121118121123125

125125125124124124124

125125125125125125126

Nether-lands1911-

1913=100

168168169168161151141139140136

CO

C

O

132134134133

134134134136136138

Switz-er-

landJuly

1914=100

162160161161158150138131129128130

130130130130132132132

133136136137136137

1 From August 1933 to July 14, 1936, Bureau of Labor Statistics published biweekly indexes.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]

Figures given are for date nearest 15th of month.

Year or month

Number of issues __

1926192719281929 _ . _1930193119321933193419351936

1936—JuneJulyAugustSeptember...OctoberNovember-December.._

1937—JanuaryFebruaryMarchAprilMayJune . . .July

Bonds

UnitedStates

(averageprice)1

60

97.6100.7100 898.099.390.969.573.484.588.697.5

96.297.197.798.699.699.899.9

100.3100.098.596.696.295.095.3

England(December1921=100)

87

110.0110.7112 3110.2111 8108.4113.2119 7127.5129.9131.2

130.6131.0131.6132.1132.9132.0130.9

129.7125.5124.3125 3125.0123.9123. 3

France(1913=100)

36

57.471.780 885.195.896.988.681.382.183.576.3

73.873.273.275.280.878.878.4

77.575.174.672 672.374.675.0

Germany(averageprice)

139

85 581.483 3

283.42 67.1

82 590.795.395.8

95.895.996.196.196.296.396.4

96.797.497.798 598 898.999.0

Nether-lands 3

(1929=100)

8

100.0104.3104.194.8

105 3113.4107.8109.1

100.2106.0108.5109.9117.5120.0120.3

121.9121.2121.6

Common stocks

UnitedStates

420

100.0118 3149 9190.3149 894.748.663 072.478 3

111.1

105.6109.2113.0114.1118.7124.2123.1

126.4129.5129.9124 5116.3113.6117.8

(1926

England

278

100.0107.0115 9119.5102.678.967.978.685.786.397.0

94.094.797.398.2

102.1103.2103.5

104.2103.8102.7101 099.397.096.8

= 100)

France

300

100.0123.2178 1217.6187.6132.2105.299.683.379.777.2

66.159.258.865.783.789.794.8

114.6113.3112.096 694.894.090.6

Germany

329

100.0145.0136 1122.8100.2'78.0»50.3

61.771.182.991.6

93.294.693.491.897.297.896.7

97.899.2

100.3101 5102.6103.5105.1

Nether-lands

(1930=100)

100

100.070.046.052.055.055.066.0

60.361.962.263.578.988.691.2

101.5109.0113.7110.1105 5103.4107.7

June

Sources.—See BULLETIN for February 1932, p. 121, June 1935, p. 394, April 1937, p . 373, and July 1937, p. 698.

tistics Co.Index for 1931 represents average of months January


FEDERAL RESERVE DIRECTORY

961


BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

JOSEPH A. BRODERICK

M.S. SZYMCZAK

MARRINER S. ECCLES, Chairman

RONALD RANSOM, Vice Chairman

JOHN K. MCKEK

CHESTER C. DAVIS

CHARLES S. HAMLIN, Special CounselLAWRENCE CLAYTON, Assistant to the ChairmanELLIOTT THURSTON, Special Assistant to the ChairmanCHESTER MORRILL, Secretary

LISTON P. BETHEA, Assistant SecretaryS. R. CARPENTER, Assistant SecretaryJ. C. NOELL, Assistant Secretary

WALTER WYATT, General CounselJ. P. DREIBELBIS, Assistant General CounselGEORGE B. VEST, Assistant General CounselB. MAGRUDER WINGFIELD, Assistant General Counsel

LEO H. PAULQER, Chief, Division of ExaminationsR. F. LEONARD, Assistant Chief, Division of ExaminationsC. E. CAGLE, Assistant Chief, Division of Examinations

E. A. GOLDENWEISER, Director, Division of Research and StatisticsWOODLIEF THOMAS, Assistant Director, Division of Research and StatisticsLAUCHLIN CURRIE, Assistant Director, Division of Research and StatisticsGEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics

EDWARD L. SMEAD, Chief, Division of Bank OperationsJ. R. VAN FOSSEN, Assistant Chief, Division of Bank OperationsJ. E. HORBETT, Assistant Chief, Division of Bank Operations

CARL E. PARRY, Chief, Division of Security LoansPHILIP E. BRADLEY, Assistant Chief, Division of Security Loans

0. E. FOULK, Fiscal AgentJOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL OPEN MARKET COMMITTEE

MARRINER S. ECCLES, Chairman

GEORGE L. HARRISON, Vice ChairmanJOSEPH A. BRODERICKCHESTER C. DAVISW M . A. DAYW M . MCC. MARTINJOHN K. MCKEBB. A. MCKINNEY

RONALD RANSOMJOHN S. SINCLAIR

M. S. SZYMCZAK

CHESTER MORRILL, SecretaryWALTER WYATT, General CounselJ. P. DREIBELBIS, Assistant General CounselE. A. GOLDENWEISER, EconomistJOHN H. WILLIAMS, Associate EconomistW. RANDOLPH BURGESS, Manager of System Open

Market Account

FEDERAL ADVISORY

District No. 1 (BOSTON)

District No. 2 (NEW YORK)

District No. 3 (PHILADELPHIA) . .

District No. 4 (CLEVELAND)

District No. 5 (RICHMOND) . . . .

District No. 6 (ATLANTA)

District No. 7 (CHICAGO)

District No. 8 (ST. LOUIS)

District No. 9 (MINNEAPOLIS)

District No. 10 (KANSAS CITY)

District No. 11 (DALLAS)

District No. 12 (SAN FRANCISCO)

COUNCIL

.THOMAS M. STEELE

W. W. ALDRICH

HOWARD A. LOEB,Vice-Preside n t

L. B. WILLIAMS

CHARLES M. GOHEN

EDWARD BALL

EDWARD E. BROWN

WALTER W. SMITH,President

JOHN CROSBY

W. T. KEMPER

R. E. HARDING

PAUL S. DICK

WALTER LICHTENSTEIN, Secretary

962


SENIOR OFFICERS OF FEDERAL RESERVE BANKS

Federal ReserveBank of—

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

St. Louis

Minneapolis

Kansas City

Dallas

San Francisco

Chairman and FederalReserve Agent

F. H. Curtiss

Owen D. Young*

R. L. Austin

E. S. Burke, Jr.

Robert Lassiter.

W. H. Kettig

R. E. Wood1

W. T. Nardin

W. B. Geery _

J. J. Thomas..

C C Walsh

A. 0. Stewart

President

R. A. Young

G. L. Harrison__ _

J. S. Sinclair

M. J. Fleming

Hugh Leach...

Oscar Newton

G. J. Schaller

W. McC. Martin

J. N. Peyton.. _.

G. H. Hamilton

B A McKinney

W. A. Day _

First Vice President

W. W. Paddock..

Allan Sproul

F. J. Drinnen

F. J. Zurlinden

J. S. Walden, Jr.

R. S. Parker

H. P. Preston

0. M. Attebery.

0. S. Powell

0. A. Worthington

R. R. Gilbert

Ira Clerk.

Vice Presidents

W. Willett 2

W. R. BurgessL. R. RoundsW. S. LoganJ. H. WilliamsR. M. GidneyL. W. KnokeC. H. Coe

C. A. Mclllaenny »W. J. DavisE. C. Hill

H. F. StraterW. H. FletcherW. F. Taylor *

R. H. BroaddusJ. G. FryG. H. Keesee *

H. F. ConniffL M. ClarkW. S. McLarin, Jr «

W. H. Snyder »C. S. YoungJ. H. Dillard

J. S. Wood.J. G. McConkeyC M . Stewarts

Harry YaegerH. I. Ziemer.aE. W. Swanson

A. M. McAdamsJ. W. Helm.3

R B Coleman «W. J. Evans

S. G. SargentW A/T TTQIOC. E. Earhart •

1 Deputy chairman. * Cashier. » Also cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo branch

Cleveland:Cincinnati branchPittsburgh branch.

Richmond:Baltimore branchCharlotte branch _

Atlanta:Birmingham branchJacksonville branch _Nashville branchNew Orleans branch

Chicago:Detroit branch

St. Louis:Little Rock branch..Louisville branchMemphis branch

Managing director

R. M. O'Hara

B. J. LazarG. H. Wagner

W. R. MilfordW. T. Clements

P. L. T. BeaversG. S. Vardeman, Jr.J. B. Fort, Jr.Marcus Walker

R. H. Buss

A. F. BaileyJ. T. MooreW. H. Glasgow

Federal Reserve Bank of—

Minneapolis:Helena branch _

Kansas City:Denver branchOklahoma City branchOmaha branch

Dallas:El Paso branchHouston branchSan Antonio branch

San Francisco:TiOS Angeles branch.Portland branchSalt Lake City branch _Seattle branchSpokane branch

Managing director

R. E. Towle

J. E. OlsonC. E. DanielL. H. Earhart

J. L. HermannW. D. GentryM. Crump

W. N. AmbroseR. B. WestW. L. PartnerC. R. ShawD. L. Davis

SUBSCRIPTION PRICE OF BULLETIN

The FEDERAL RESERVE BULLETIN is the Board's medium of communication with memberbanks of the Federal Reserve System and is the only official organ or periodical publication ofthe Board. The BULLETIN will be sent to all member banks without charge. To others thesubscription price, which covers the cost of paper and printing, is $2. Single copies will be soldat 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;single copies, 25 cents.

963


FEDERAL RESERVE DISTRICTS

• • • • • BOUNDARIES OF FEDERAL RESERVE DISTRICTS« » - BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY

LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATEDCITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES

SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY


federal reserve bulletin september 1937

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