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
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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
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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
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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
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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
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822 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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
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SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 823
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
[In millions of dollars]
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
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824 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
13
12
11
10
13
12 -
11 -
10 -
9 -
o
7 -
6 -
5 -
A
3 -
2 -
1 -
0
—. <*
[U.
DIRECT
r
3. G0V1OBLIGE
r
OTHERSECl
TIONS fJD0ME5
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
[In millions of dollars]
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-
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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-
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826 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
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
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SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 827
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
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828 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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.
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SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 829
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
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830 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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.
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SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 831
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.
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832 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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.
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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
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834 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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.
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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:
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"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.
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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-
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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.
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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
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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
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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
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842 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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-
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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
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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-
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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
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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
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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
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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.
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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
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850 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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
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SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 851
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.
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852 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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
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SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 853
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
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854 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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-
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SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 855
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,
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856 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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.
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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.
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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
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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
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860 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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-
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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
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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
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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
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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-
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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
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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:
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SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 867
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
868 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
TABLE 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS,AND YEARS
ALL BANKS»
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 869
TABLE 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS,AND YEARS—Continued
NATIONAL BANKS
Geographic division and State
United States—total
New England—total
Maine - __New Hampshire. „Vermont - - -_. _ __"M. assachusettsRhode Island. _ .Connecticut
Middle Atlantic—total
New York -New JerseyPennsylvania -
East North Central—total __
OhioIndianaIllinois
Wisconsin
West North Central—total
MinnesotaIowa -MissouriNorth Dakota __ _ _ . .South DakotaNebraskaKansas
South Atlantic—total
Delaware -M ar viandDist. of ColumbiaVirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida
East South Central—total
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
-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
870 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
TABLE 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS,AND YEARS—ContinuedSTATE MEMBER BANKS
Geographic division and State
United States—total
New England—total __ _ _ __ _
Maine _ - -- --New Hampshire _Vermont __ - -Massachusetts _ _Rhode Island _ _ __ __ __Connecticut __ _ __ _
Middle Atlantic—total __ _ __ _
New YorkNew Jersey - _ - _ - _ _Pennsylvania -
East North Central—total
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-- - . __ - - -
West South Central—total
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 871
TABLE 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKSAND YEARS—Continued
NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS
Geographic division and State
United States—total
New England—total . _ —
Maine _ - - --- -NewT HampshireVermont __ -_ _MassachusettsRhode IslandConnecticut
Middle Atlantic—total
New YorkNew Jersey - - -Pennsylvania _
East N o r t h Centra l—tota l
Ohio _ _ _ _ _ _ _IndianaIllinois -. . . .Michigan -Wisconsin
West North Central—total
Minnesota ._ _.IowaMissouri .North DakotaSouth Dakota __ __Nebraska _ _ _, - -Kansas
South Atlantic—total
DelawareMarylandDist. of Columbia._ .Virginia _ . .West Virginia __North CarolinaSouth Carolina._GeorgiaFlorida - _ -
East South Central—total
Kentucky __ _TennesseeAlabama._ _ __ -Mississippi __ . . ___ _. _
West South Central—total
ArkansasLouisiana __. . .__Oklahoma _ _ _Texas-
Mountain—total _ . _ __
Montana._ _ __Idaho - . . __WyomingColorado _New MexicoArizona , -UtahNevada
Pacific—total
WashingtonOregon . . _ __ _ __ . .California
Number of bank suspensions
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
872 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
TABLE 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS,AND YEARS—Continued
PRIVATE BANKS
Geographic division and State l
United States—total.
New England—total . _ .
Connecticut
Middle Atlantic—total
New YorkPennsylvania - _ _-.
East North Central—total
Ohio - - -IndianaMichigan
West North Central—total
IowaMissouriSouth Dakota . . -Kansas
South Atlantic—total--
IVlar viandVirginiaGeorgia - -Florida
East South Central—total-- _ .. . . .
Alabama . - -
West South Central—total
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
Number of bank suspensions
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 2.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS
ALL BANKSi
[In thousands of dollarsj
Geographic division and State
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 2.- -DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEAES—Continued
NATIONAL BANKS
[In thousands of dollars]
00
Geographic division and State
United States—total
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 2.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—ContinuedSTATE MEMBER BANKS
[In thousands of dollars]
Geographic division and State 1
United States—total
New England totallyiaineM assachusettsRhode IslandConnecticut
TVfirlflle Atlantic totalNew YorkNew JerseyPennsylvania
East North Central—totalOhioIndianaIllinoisMichiganWisconsin
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 2.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued
NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS[In thousands of dollars]
00
Geographic division and State
United States—total
MiaineNew HampshireVermontMassachusettsRhode IslandConnecticut
IVIiflclle Atlantic—totalNew YorkNew JerseyPennsylvania
East North Central—totalOhioIndianaIllinoisMichiganWisconsin
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 2.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—ContinuedPRIVATE BANKS
[In thousands of dollars]
Geographic division and State >
United States—total -
]V*«w Fnsland total
Connecticut
Middle Atlantic —tota;
New YorkPennsylvania
East North Central—total
OhioIndianaMichigan
West North Central—total
IowaMissouriSouth DakotaKansas
South Atlantic total
VirginiaGeorgiaFlorida
East South Central—total
Alabama
West South Central—total
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 3.—LOANS AND INVESTMENTS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS
ALL BANKS*
[In thousands of dollars]
00
00
Geographic division and State
United States—total
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
Pacific—totalWashingtonOregonCalifornia
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 3.—LOANS AND INVESTMENTS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued
NATIONAL BANKS[In thousands of dollars]
Geographic division and State
United States—total
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 3.—LOANS AND INVESTMENTS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued
STATE MEMBER BANKS[Tn thousands of dollars]
0000O
Geographic division and State1
United States—total
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
1 Geographic division and State listed only in cases where suspensions occurred.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 3.—LOANS AND INVESTMENTS 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]
Geographic division and State
United States—total _
.Vliddle Atlantic—total
Pennsylvania
East North Central—total _-OhioIndiana -Illinois
Wisconsin
W^st North Central—total
TownMissouri - - -_ .___North DakotaSouth Dakota
Kansas
South Atlantic—total
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
Pacific—totalWashingtonOregonCalifornia
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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]
1 Geographic division and State listed only in cases where suspensions occurred.
0000
Geographic division and Statel
United States—total
New England—total __
Connecticut _. . _ _
Middle Atlantic—total
New YorkPennsylvania . _ _ - _-
East North Central—total
O h i o _-_ __IndianaMichigan ._ .
West North Central—total
Iowa__ . -
South Dakota _Kansas _ - _ __
South Atlantic—total. _
Virginia _-Georgia..Florida
East South Central—total
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 883
TABLE 4.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED 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
Geographic division and State
United States—total
New England—total
MaineNew HampshireVermontMMassachusettsRhode IslandConnecticut
Middle Atlantic—totalNew YorkNew JerseyPennsylvania
East North Central—total -
OhioIndianaIllinoisM ichiganWisconsin
West North Central—total
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
WashingtonOregonCalifornia
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
884 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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
Geographic division and State
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
Numberof activebanks on
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 885
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
STATE MEMBER BANKS
Geographic division and State
United States—total
New England—total
Maine . . __ _ _ . .New Hampshi re . .Vermont _M assachusettsRhode IslandConnecticut . _ _ . .
Middle Atlantic—total .__ _
New York _New Jersey _ . .Pennsylvania -
East North Central—total _.
OhioIndianaIllinoisMichiganWisconsin.. -
West North Central—total
MinnesotaIowa.MissouriNorth Dakota _South DakotaJNeDrasKa _ __ . .Kansas
South Atlantic—total
Delaware .MarylandDistrict of ColumbiaVirginiaWest Virginia -North Carolina...South CarolinaGeorgia.- - _Florida . .- .
East South Central—total _
Kentucky -TennesseeAlabamaMississippi - _
West South Central—total
Arkansas _ . _ . _ _ _ _LouisianaOklahoma _Texas -
Mountain—total _
MontanaIdaho
Colorado ._ --New Mexico . .ArizonaUtahNevada . . . .
Pacific—total
Washington _ . . __Oregon_ . . __ _California
Numberof activebanks onJune 30,
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
Numberof activebanks on
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
886 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
TABLE 4.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVEBANKS AT OR NEAR THE BEGINNING OF THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, ANDCLASSES OF BANKS—Continued
NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS
Geographic division and State
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
Numberof activebanks onJune 30,
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
ALL BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS
Geographic divisionand State
United States—total
New England—total . .
MaineNew HampshireVermontMassachusetts . _ _Rhode IslandConnecticut -
Middle Atlantic—total
New YorkNew JerseyPennsylvania
East North Central—total.._
OhioIndianaIllinoisMichiganWisconsin
West North Central—total...
Minnesota _ _IowaMissouriNorth Dakota.. __ _South DakotaNebraska. .Kansas
South Atlantic—total
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
888 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
TABLE 5.—NTJMBEK OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVEBANKS IN OPERATION DURING THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSESOF BANKS—Continued.
NATIONAL BANKS
Geographic divisionand State
Averagenumberof active
banks1921-1936 1
1921-1936
Num-ber of
suspen-sions
Suspen-sionsper
hundredactivebanks
Annualrate ofsuspen-sions perhundredactivebanks
Averagenumberaf active
banks1921-1929 1
1921-1929
Num-ber of
suspen-sions
Suspen-sionsper
hundredactivebanks
Annualrate ofsuspen-sions perhundredactivebanks
1930-1933
Averagenumberof active
banks1930-1933 1
Num-ber of
suspen-sions
Suspen-sionsper
hundredactivebanks
Annualrate ofsuspen-sions perhundredactivebanks
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 889
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
Geographic divisionand State
United States—total
New England—total
Maine -- -New Hampshire. _ _ ..Vermont __ _ _-Massachusetts __ _-Rhode Island __ _ .._ __ _Connecticut
Middle Atlantic—total
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
WashingtonOregonCalifornia
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
Averagenumberof active
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
Annualrate ofsuspen-sions perhundredactivebanks
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
i Based on the number of banks in operation at the beginning of each year of the period.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
890 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
TABLE 5.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVEBANKS IN OPERATION DURING THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSESOF BANKS—Continued
NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS
Geographic divisionand State
United States—total-
New England—total .
MaineNew Hampshire .. _Vermont._ __ - _MassachusettsRhode Island ___ _Connecticut
Middle Atlantic—total
New YorkNew JerseyPennsylvania ._ .- .
East North Central—total, _
Ohio - -Indiana - _ _ _ .. _ ......IllinoisMichiganWisconsin
West North Central—total...
Minnesota.- -IowaMissouri _. .__ _ .._North DakotaSouth Dakota_-NebraskaKansas _ _.. -
South Atlantic—total
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
i Based on the number of banks in operation at the beginning of each year of the period.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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»
Number of bank suspensions
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
00
to
TABLE 6.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY SIZE OF LOANS AND INVESTMENTS,
CLASSES OF BANKS, AND YEARS—Continued
NATIONAL BANKS
Number of bank suspensions
Size 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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 6.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY SIZE OF LOANS AND INVESTMENTS,
CLASSES OF BANKS, AND YEARS—Continued
STATE MEMBER BANKS
Number of bank suspensions
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
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 6.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY SIZE OF LOANS AND INVESTMENTS,
CLASSES OF BANKS, AND YEARS—Continued
NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS
Number of bank suspensions
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
Loans and investments of suspended banks1 (in thousands of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 6.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY SIZE OF LOANS AND INVESTMENTS,
CLASSES OF BANKS, AND YEARS—ContinuedPRIVATE BANKS
Number of bank suspensions
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
896 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
TABLE 7.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936 PER HUNDRED ACTIVE BANKS ON JUNE 30, 1920, BY
SIZE OF LOANS AND INVESTMENTS, CLASSES OF BANKS, AND YEARS
Size g r o u p -loans and investments
(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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 897
TABLE 8.—NUMBER OF BANK SUSPENSIONS AND CAPITAL STOCK OF SUSPENDED BANKS, 1921-1936, BY SIZE OF CAPITAL
STOCK, CLASSES OF BANKS, AND YEARS
ALL BANKS i
Number of bank suspensions
Size 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
Number of bank suspensions
$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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
898 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
TABLE 8.—NUMBER OF BANK SUSPENSIONS AND CAPITAL STOCK OF SUSPENDED BANKS, 1921-1936, BY SIZE OF CAPITAL
STOCK, CLASSES OF BANKS, AND YEARS—Continued
STATE MEMBER BANKS
Number of bank suspensions
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 899
TABLE 8.—NUMBER OF BANK SUSPENSIONS AND CAPITAL1 OF SUSPENDED BANKS, 1921-1936, BY SIZE OF CAPITAL,
CLASSES OF BANKS, AND YEARS—Continued
PRIVATE 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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
900 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
TABLE 9.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936 PER HUNDRED ACTIVE BANKS ON JUNE 30, 1920, BY
SIZE OF CAPITAL STOCK, CLASSES OF BANKS, AND YEARS
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
Numberof activebanks,
June 30,1920
8,2406,399
2,3954,5041,222
2,829869
1,587
40638747
28, 885
SAVINGS ]BANKSi
Number of bank suspensions per 100 active banks
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Number 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
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
Loans and investments of suspended banks2 (in thousands of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 10.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY POPULATION OF TOWNS AND CITIES,
CLASSES OF BANKS, AND YEARS—Continued
N A T I O N A L B A N K S
Number of bank suspensions
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 10.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY POPULATION OF TOWNS AND CITIES,
CLASSES OF BANKS, AND YEARS—Continued
STATE MEMBER BANKS
Number of bank suspensions
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 10.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY POPULATION OF TOWNS AND CITIES,
CLASSES OF BANKS, AND YEARS—Continued
NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS
Number of bank suspensions
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
Loans and investments of suspended banks1 (in thousands of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 10.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY POPULATION OF TOWNS AND CITIES,
CLASSES OF BANKS, AND YEARS—Continued
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
Loans and investments of suspended banks1 (in thousands of dollars)
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
906 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
TABLE 11.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936 PER HUNDRED ACTIVE BANKS ON JUNE 30, 1920, BYPOPULATION OF TOWNS AND CITIES, CLASSES OF BANKS, AND YEARS
ALL BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS
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
Numberof activebanks,
June 30,1920
8,2665,1475,680
3,0282,0111,733
739644
1,637
28,885
Number of bank suspensions per 100 active banks
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 907
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
Number of bank suspensions
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
NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
908 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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
Number of bank suspensions
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 909
TABLE 13.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY MONTHS AND CLASSES OF BANKS
ALL BANKS *
[In thousands of dollars]
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
NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
910 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
TABLE 13.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY MONTHS AND CLASSES OF BANKS—Continued
PRIVATE BANKS
[In thousands of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES
911
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
912 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 913
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
[In thousands of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
914 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS[In thousands of dollars]
ASSETS
Gold certificates on hand and duefrom U.S . Treasury:
July 28Aug. 4Aug. 11Aug. 18
Redemption fund—Federal Reservenotes:
July 28Aug. 4Aug. 11Aug. 18
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:
July 28Aug. 4Aug. 11Aug. 18
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:
July 28Aug. 4Aug. 11Aug. 18
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 915
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,BY WEEKS—Continued
[In thousands of dollars]
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:
July 28Aug. 4Aug. 11Aug. 18
Deposits:Member bank—reserve account:
July 28Aug. 4Aug. 11Aug. 18
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
916 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,BY WEEKS—Continued
[In thousands of dollars]
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:
July 28Aug. 4Aug. 11Aug. 18
Commitments to make industrialadvances:
July 28Aug. 4Aug. 11Aug. 18
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 917
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE 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
July 28Aug. 4Aug. 11Aug. 18
Collateral held by agent as security fornotes issued to bank:
Gold certificates on hand and duefrom U. S. Treasury:
July 28Aug. 4Aug. 11Aug. 18
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
918 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
920 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK
[In millions of dollars]
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
Back figures.—See Annual Report for 1935 (table 68).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 921
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings 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
[In millions of dollars]
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
922 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
ALL MEMBER BANKS—LOANS AND INVESTMENTS[In millions of dollars]
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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:
1929—Dec. 311933—June 30 s1934—Dec. 311935—June 29
Dec. 311936—Mar. 4
June 30Dec. 31
1937—Mar. 31June 30
COUNTRY BANKS
1929—Dec. 311933—June 30 s1934—Dec. 311935—June 29
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
924 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES[Monthly data are averages of weekly figures. In millions of dollars]
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
1936—July1937—January
FebruaryMarchApriLMayJuneJuly
1937—June 9_June 16June 23June 30July 7. . .July 14July 21July 28August 4August 11August 18
OUTSIDE NEW YORKCITY
1936—July1937—January
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDEKAL RESERVE BULLETIN 925
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued[Monthly data are averages of weekly figures. In millions of dollars]
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
1936—July1937—January
FebruaryMarchAprilMay _-JuneJuly
1937—June 9June 16__ _.June 23June 30July 7July 14.._July 21July 28August 4August 11August 18
NEW YORK CITY
1936—July1937—January
FebruaryMarchAprilMay —.Jun«»July
1937—June 9June 16June 23June 30 ___.July 7July 14July 21July 28August 4August 11August 18
OUTSIDE N E W YORK
CITY
1936—July1937—January
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
926 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES—ContinuedASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 927
REPORTING MEMBER BANKS IN 101 LEADING CITIES—ContinuedASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
ASSETS—continued
Other securities:July 28Ausr. 4Aug. 11Aug. 18
Reserve with Federal He-serve bank:
July 28Aug. 4Aug. 11Aug. 18
Cash in vault:July 28Alia1. 4Aug. 11Aug. 18
Balances with domesticbanks:
July 28Aug. 4Aug. 11Aug. 18
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
928 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING[In millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 929
FEDERAL RESERVE BANK DISCOUNT RATES[Percent per annum]
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.
Back figures.—See Annual Report for 1935 (table 41).
MAXIMUM RATES ON TIME DEPOSITSMaximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Percent per annum]
Savings 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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
930 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
July 23Aug. 4Aug. 11Aug. 18
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
932 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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
[In millions of dollars]
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
[In millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 933
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
934 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 935
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
[In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
936 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
PRODUCTION, EMPLOYMENT, AND TRADE[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 937
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)[Index numbers of the Board of Governors; adjusted for seasonal variation.
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
938 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)[Index numbers of the Board of Governors; without seasonal adjustment. J
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEl'TEllliER 1937 FEDERAL RESERVE BULLETIN 939
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
940 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR 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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 941
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
942 FEDERAL RESERVE BULLETIX SEPTEMBER 1937
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT 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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 943
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
i Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
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.]
Federal Reserve district
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
944 FEDERAL RESERVE BULLETIN" SEPTEMBER 1937
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 945
WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index of Bureau of Labor Statistics. 1926=100]
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
946 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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]
Federal Reserve district
BostonNew YorkPhiladelphia . _ _ClevelandRichmond _ . . - - . _ . _ _.\ tlantaChicago - - _ _ _ . _ _ _ - _ . .St LouisMinneapolis _ ____ _ _.Kansas CityDallas _ _ - - . - _ - . _ -San Francisco
Total
Federal Reserve district
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL FINANCIAL STATISTICS
947
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
948 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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
1934—December.1935—December.1936—April
MayJune _JulyAugust ._.September.October .__November-December .
1937—January ._.February. .MarchAprilMayJune _July
End of month
1934—December.1935—December.1936—April
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
950 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
GOLD MOVEMENTS—Continued[In thousands of dollars at approximately $35 a fine ounce]
Year ormonth
United Kingdom
Totalnet im-portsor net
exports()
Net imports from or net exports (—) to:
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
Net imports from or net exports (—) to:
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
Net imports from or net exports (—) to:
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 951
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
952 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 953
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 __
OtherOther liabilities
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
954 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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
OtherOther liabilities
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-
OtherOther liabilities
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 955
BANK FOR INTERNATIONAL SETTLEMENTS[In thousands of Swiss gold francs *]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
956 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 957
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
958 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
FOREIGN EXCHANGE RATES[Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
Year or month
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 959
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
960 FEDERAL RESERVE BULLETIN SEPTEMBER 1937
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DIRECTORY
961
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis