Annual Report of the Federal Reserve Board, 1934

TWENTY-FIRST ANNUAL REPORT OF THE FEDERAL RESERVE BOARD COVERING OPERATIONS FOR THE YEAR 1934 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1935 For sale by the Superintendent of Documents, Washington, D. C. - - Price 25 cents (paper coyer) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD DECEMBER 31, 1934 EX-OFFICIO MEMBERS MARRINER S. ECCLES, Governor. J. J. THOMAS, Vice Governor. HENRY MORGENTHAU, Jr., CHARLES S. HAMLIN. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. J. F. T. O'CONNOR, GEORGE R. JAMES. Comptroller of the Currency. M. S. SZYMCZAK. LAWRENCE CLAYTON, LAUCHLIN CURRIE, Assistant to the Governor. Assistant Director, Division of Re- CHESTER MORRILL, Secretary. search and Statistics. J. C. NOELL, Assistant Secretary. WOODLIEF THOMAS, Assistant Director, Division of Re- LISTON P. BETHEA, Assistant Secretary. search and Statistics. S. R. CARPENTER, Assistant Secretary. E. L. SMEAD, WALTER WYATT, General Counsel. Chief, Division of Bank Operations. GEORGE B. VEST, Assistant Counsel. J. R. VAN FOSSEN, LEO H. PAULGER, Assistant Chief, Division of Bank Chief, Division of Examinations. Operations. FRANK J. DRINNEN, CARL E. PARRY, Federal Reserve Examiner. Chief, Division of Security Loans. E. A. GOLDENWEISER, O. E. FOULK, Fiscal Agent. Director, Division of Research and JOSEPHINE E. LALLY, Statistics. Deputy Fiscal Agent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

C O N T E N TS TEXT OF REPORT Page Introduction 1 Gold and silver in 1934 5 Altered reserve situation in 1934 12 Member bank credit 17 Progress of banking reconstruction 24 Business conditions 28 Industrial advances by Federal Reserve banks 33 Securities Exchange Act of 1934 35 Earnings and expenses of Federal Reserve banks 39 Building operations of Federal Reserve banks and Federal Reserve Board__ 42 Branches and agencies of Federal Reserve banks 43 Federal Reserve interdistrict collection system 44 Changes in membership 45 Amendments to the law relating to the Federal Reserve System 45 Additions to and changes in Federal Reserve Board's regulations 52 Extension of the period for advances to member banks 53 Credit agreements with foreign central banks 53 Bank examinations 54 Trust powers of national banks 56 Reductions in capital stock of member banks 56 Administration of sections 8 and 8A of the Clayton Antitrust Act 57 Administration of section 32 of the Banking Act of 1933 57 Affiliates of member banks 58 Private banks 60 Meetings of Federal Open Market Committee 62 Meetings of the Federal Advisory Council 62 Organization, staff, and expenditures 62 in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLES FEDERAL RESERVE BANK CREDIT RESEIUE BANK CREDIT AND RELATED ITEMS: Page No. 1. Annual averages, 1918-34 67 No. 2. Monthly averages, 1930-34 68 No. 3. Weekly averages, 1933-34 69-70 No. 4. By weeks (Wednesday series), 1928-34 71-77 No. 5. End of month series, 1917-34 78-81 No. 6. Call dates, 1920-34 82 RESERVE BANK CREDIT: No. 7. Annual averages, 1915-34 83 % No. 8. By months, 1932 34 83 T No. 9. Deposits, total gold reserves and other cash, Federal Reserve note circulation, and cash ratio, by months, 1932—34 84 No. 10. Bills discounted for member banks—holdings of each Federal Reserve bank, by months 85 No. 11. Industrial advances and commitments to make industrial advances, by Federal Reserve districts 85 No. 12. Applications for industrial advances and commitments to make industrial advances, cumulative, by weeks 86 No. 13. Reserve balances of member banks in each district, by months 86 No. 14. Bills discounted for member banks in each State, by months. 87 No. 15. Federal Reserve banks—assets and liabilities (in detail), Dec. 31, 1934 88-89 No. 16. Assets and liabilities of Federal Reserve banks (in detail) at the end of each month 90-91 No. 17. Condition of each Federal Reserve bank at end of 1933 and 1934 92-95 No. 18. Number of member banks discounting paper at Federal Reserve banks, by months, 1914-34 96 No. 19. Number of member banks discounting paper at Federal Reserve banks, by Federal Reserve districts, 1926-34 96 No. 20. Number of member banks discounting paper at Federal Reserve banks, by States, 1926-34 97 No. 21. Bills discounted by Federal Reserve banks—holdings at the end of each month, by classes 98 No. 22. Bills discounted—holdings of each Federal Reserve bank on Dec. 31, 1934, by classes 99 No. 23. Bills discounted—holdings of each Federal Reserve bank on Dec. 26, 1934, by maturities 99 No. 24. Bills bought by Federal Reserve banks—holdings at the end of each month, by classes 100 No. 25. Acceptances payable in foreign currencies—holdings of Federal Reserve banks, 1924-34 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS V RESERVE BANK CREDIT—Continued. p age No. 26. Holdings of bills discounted and bills bought by Federal Reserve banks, by maturities, 1933-34 101 No. 27. Holdings of United States Government securities by Federal Reserve banks at end of each year, 1930-34, by classes 102 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS: No. 28. Volume of operations in principal departments, 1930-34 103 No. 29. Volume of operations in principal departments of each Federal Reserve bank, 1934 104 No. 30. Volume of operations of branches of Federal Reserve banks.- 105 GOLD SETTLEMENT FUND: No. 31. Summary of transactions through the fund, 1926-34 106 No. 32. Summary of transactions through the fund, by districts, 1934_ 106 FEDERAL RESERVE AGENTS' GOLD FUND: No. 33. Summary of transactions through the fund, 1926-34 107 No. 34. Summary of transactions through the fund, by districts, 1934_ 107 MEMBERSHIP IN PAR COLLECTION SYSTEM: No. 35. Number of banks on par list and not on par list, by districts and by States, on Dec. 31, 1933 and 1934 108 FEDERAL RESERVE BANK PREMISES: No. 36. Cost of bank premises of Federal Reserve banks and branches to Dec. 31, 1934 109 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS: No. 37. Earnings of Federal Reserve banks, by sources, 1914-34 110 No. 38. Total earnings, current expenses, and net earnings of each Reserve bank, and disposition made of net earnings, 1914-34 111 No. 39. Earnings and expenses of the Federal Reserve banks during 1934 112-113 No. 40. Reimbursable expenditures of the Federal Reserve banks during 1934 114 FEDERAL RESERVE NOTES: No. 41. Federal Reserve agents' accounts at the end of each month. _ 115 FEDERAL RESERVE BANK NOTES: No. 42. Federal Reserve agents' accounts at the end of each month-_ 116 GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION GOLD: No. 43. Monetary gold stock of the United States, 1914-34 119 No. 44. Analysis of changes in monetary gold stock, by months, 1921-34 120 No. 45. Gold held under earmark by Federal Reserve banks for foreign account, by months, 1926-34 120 No. 46. Gold movements to and from United States, by countries, 1931-34 121 No. 47. Gold movements to and from United States, by months, 1921-34 122 MONEY IN CIRCULATION: No. 48. United States money in circulation, by months, 1914-34 123 No. 49. Kinds of money in circulation, 1919-34 124 No. 50. Paper currency of each denomination in circulation, 1930-34. 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VI ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISCOUNT RATES AND MONEY RATES DOMESTIC MONEY RATES: Page No. 51. Federal Reserve bank discount rates 129-132 No. 52. Federal Reserve bank buying rates on acceptances—changes from Jan. 1, 1931, to Dec. 31, 1934 133 No. 53. Average rates earned by Federal Reserve banks on biUs and securities, 1930-34 133 No. 54. Open-market rates in New York City, by months, 1931-34_ 134 No. 55. Open-market rates in New York City, by weeks 135 No. 56. Money rates in New York City—prevailing rates charged customers, 1930-34 136 No. 57. Rates charged customers by banks in principal cities (weighted averages), 1922-34 137 MONEY RATES IN FOREIGN COUNTRIES: No. 58. Discount rates of foreign central banks, 1933-34 138 No. 59. Open-market rates in foreign countries, by months, 1933-34. 138 MEMBER AND NONMEMBER BANK CREDIT ALL BANKS IN THE UNITED STATES: No. 60. Number of banks, and deposits other than interbank deposits, 1914-34 140 No. 61. Loans and investments of member and nonmember banks, 1914-34 141 ALL MEMBER BANKS: No. 62. Condition of licensed banks on Dec. 31, 1934, by classes of banks 142-143 No. 63. Classification of loans, investments, and deposits of licensed member banks on Dec. 31, 1934, by classes of banks 144-145 No. 64. Principal assets and liabilities on call dates, 1920-34 146-147 No. 65. Classification of demand and time deposits on call dates, 1928-34 148-149 No. 66. Classification of member bank loans and investments on call dates, 1928-34 150-151 No. 67. Deposits subject to reserve, reserves required, reserves held, and borrowings at Federal Reserve banks, by months, 1934 152 No. 68. Net demand and time deposits, by months 153 No. 69. Net demand and time deposits of member banks in larger and smaller centers, 1933-34 154 No. 70. Licensed member banks in New York City, Chicago, and other reserve cities—deposits subject to reserve, reserves required, reserves held, and borrowings at Federal Reserve banks, by weeks, 1934 155-157 REPORTING MEMBER BANKS IN LEADING CITIES: No. 71. Principal assets and liabilities, by weeks and months (91 cities) 158-159 No. 72. New York City banks—Principal assets and liabilities, by weeks, and months 160-161 No. 73. Banks outside New York City—Principal assets and liabilities, by weeks and months 162-163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS VII BROKERS' LOANS: Page No. 74. Loans to brokers and dealers, secured by stocks and bonds, made by reporting member banks in New York City, by weeks 164 No. 75. Brokers' borrowings, 1933-34 165 BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING: No. 76. Dollar bankers' acceptances and commercial paper outstanding, 1928-34 165 No. 77. Dollar bankers' acceptances held by group of accepting banks, 1927-34 166 BANK DEBITS: No. 78. Debits to individual accounts, by banks in 141 principal cities, by months, 1925-34 166 BANK SUSPENSIONS: No. 79. Banks suspended and reopened, by years, 1921-32 167 No. 80. Number, classified according to capital stock and size of community, 1921-32 167 No. 81. Banks suspended, by districts and by States, Jan. 1-Mar. 15, 1933 168 No. 82. Licensed banks suspended, by districts and by States, in 1933 and 1934 169 No. 83. Nonlicensed banks placed in liquidation or receivership, by districts and by States, Mar. 16-Dec. 31, 1933 170 No. 84. Nonlicensed banks placed in liquidation or receivership, by districts and by States, in 1934 171 No. 85. Number of banks licensed and not licensed, by districts and by States, on Apr. 12, 1933 172 No. 86. Deposits of banks licensed and not licensed, by districts and by States, on Apr. 12, 1933 173 No. 87. Number of banks licensed and not licensed, by districts and by States, on Dec. 31, 1934 174 No. 88. Deposits of banks licensed and not licensed, by districts and by States, on Dec. 31, 1934 175 No. 89. Number and deposits of licensed and unlicensed member and nonmember banks 176 CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM: No. 90. Changes, by class of bank, in 1933 and 1934 177 EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS: No. 91. Earnings, expenses, dividends, and operating ratios, 1925-33.178-179 BUSINESS CONDITIONS CAPITAL ISSUES AND SECURITY PRICES: No. 92. Capital issues, 1919-34 183 No. 93. Security prices, 1919-34 184 No. 94. Bond yields, 1919-34 185 INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES: No. 95. Production, employment, and trade, 1919-34 186-191 No. 96. Production of manufactures, by groups, 1919-34 192 No. 97. Production of minerals, by industries, 1919-34 192 No. 98. Factory pay rolls, by groups, 1919-34 193 No. 99. Factory employment, by groups, 1919-34 194-195 No. 100. Wholesale commodity prices in the United States, by months and years, 1913-34 196 No. 101. Wholesale commodity prices in the United States, by weeks._ 197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VIII ANNUAL REPORT OF THE FEDERAL RESERVE BOARD APPENDIX Page Recommendations (and directory) of the Federal Advisory Council 201-205 Directory of the Federal Reserve Board 206 Salaries of officers and employees of the Federal Reserve Board 206-209 Receipts and disbursements of the Federal Reserve Board 210-211 Governors and directors of Federal Reserve banks 212-215 Salaries of officers and employees of Federal Reserve banks 216 State bank and trust company members of Federal Reserve System: List of members, with location, loans, investments, etc 216-232 Summary classification according to capital stock 233-235 Fiduciary powers granted to national banks 236-255 Description of Federal Reserve districts 256-261 Description of Federal Reserve branch territories 262-263 Map of Federal Reserve districts 264 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LETTER OF TRANSMITTAL FEDERAL RESERVE BOARD, Washington, June 24, 1935. The SPEAKER OF THE HOUSE OF REPRESENTATIVES. Pursuant to the requirements of section 10 of the Federal Reserve Act, I have the honor to submit the Twenty-first Annual Report, prepared by direction of the Federal Reserve Board, covering operations during the calendar year 1934. Yours respectfully, M. S. ECCLES, Governor. IX Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Outstanding developments in the monetary and banking field in 1934, the year covered by this the Twenty-first Annual Report of the Federal Reserve Board, were revaluation of gold at a rate of $35 per ounce; a large volume of gold imports; expansion of bank deposits, reflecting chiefly Government spending; and further progress in the work of rehabilitating the banking structure. As a result of large gold imports during the year, reserve balances held by member banks of the Federal Reserve System rose to a new high level. Notwithstanding an increase in reserves required as a result of the increase in deposits, balances held by member banks in excess of requirements rose to the highest level on record. Federal Reserve bank holdings of United States Government securities remained unchanged during the year, while their holdings of discounts and acceptances declined to a small figure, reflecting the abundance of reserves which enabled member banks to repay borrowings at the Reserve banks and created a market outside of the Reserve banks for all available acceptances. In line with general declines in money rates, most of the Federal Reserve banks reduced their discount rates in the early part of 1934 and again in the last few weeks of that year or the early weeks of 1935. On February 1, 1935, the rates were l)i percent at 1 Reserve bank, 2 percent at 7 banks, and 2){ percent at 4, whereas at the beginning of 1934 the established rates ranged from 2 percent to 3K percent, with 5 banks at the highest of these levels. In December the Federal Reserve Board fixed at 2% percent the maximum rate of interest that member banks may pay on time and savings deposits after January 31, 1935. This was a reduction from 3 percent, the rate in effect since November 1933. Developments in 1934 were all in the direction of easier credit conditions. The expansion in excess reserves during the year, which was caused chiefly by gold imports, was not accompanied by an increase in bill or security holdings of the Federal Reserve banks that could be sold for the purpose of absorbing the excess reserves, if that should become desirable. With this limitation on the System's power to reduce member bank reserves by the sale of assets in the open market, the System's ability to restrict credit expansion, if it should become excessive, rests chiefly on new powers conferred upon 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Z ANNUAL REPORT OF THE FEDERAL RESERVE BOARD it by recent legislation. Among these are the power in an emergency and with approval of the President to raise reserve requirements of member banks, provided in the act of May 12, 1933; authority to restrain speculative activities of member banks under different provisions of the Banking Act of 1933; and control of margin requirements on security loans by brokers and by banks, granted by the Securities Exchange Act of 1934. Duties and activities of the Board and of the Federal Reserve banks have been considerably enlarged by legislation passed during recent years, and a large part of the work of the System in 1934 arose out of this new legislation. These additional duties were imposed by the Banking Act of 1933, the Securities Exchange Act of 1934, and an act permitting direct loans for industrial purposes by Federal Reserve banks. Federal Reserve banks were authorized by an act of Congress approved June 19, 1934, to make advances within prescribed limitations for the purpose of providing working capital to established industrial and commercial enterprises. Special efforts were made by the Federal Reserve banks to discover needs for such loans and to give prompt attention to applications. By the end of the year more than $50,000,000 of applications for advances and for commitments to make advances had been approved by the Federal Reserve banks, $15,000,000 had been disbursed under these approved applications, and $10,000,000 of commitments were outstanding. The Banking Act of 1933 increased in various respects the scope of the Federal Reserve Board's authority over the activities of member banks. Under this act holding company affiliates of member banks are required to obtain from the Board permits to vote stock in member banks; as a consequence of broadening the scope of the provisions of the Clayton Act governing interlocking directorates the Board was required to pass upon a largely increased number of applications; and it was also required to pass upon interlocking directorates and correspondent relationships between member banks and dealers in securities. Many questions arising in connection with the separation of security company affiliates from banks have been referred to the Federal Reserve banks and to the Board. Examinations and other preparations were made by the Board and Federal Reserve agents, under provisions of the Banking Act of 1933, to certify State member banks for participation in the permanent plan of the Federal deposit insurance fund, but in view of the extension of the temporary deposit insurance fund for 1 year the Board was not called upon for such certifications in 1934. A number of private banks, subject to examination under the Banking Act of 1933, have elected to be examined by Federal Reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 6 The Securities and Exchange Act imposed new duties on the Federal Reserve Board in connection with the fixing of margin requirements and the regulation of loans made for the purpose of purchasing and carrying securities. In September the Board issued a regulation (regulation T) on this subject. In addition to these new activities of the Board it has had to pass upon numerous reorganizations of member banks and applications for reduction of capital stock. Reorganizations of national banks have often necessitated new applications to the Board for the performance of trust powers. Performance of fiscal agency and other duties for the United States Treasury Department and various governmental credit agencies also increased the work of the Federal Reserve banks in 1934. By the end of 1934 banks closed during the bank holiday in March 1933 had nearly all been licensed to resume operations, reorganized, or placed in the hands of receivers for liquidation. The number of active banks belonging to the Federal Reserve System increased in 1934 by 431, in consequence of the licensing of additional banks, the organization of new national banks, and the entrance of nonmember banks into the System. The reopening of banks was facilitated by purchases of preferred stock and capital notes and debentures by the Reconstruction Finance Corporation, and the Corporation also hastened the paying off of depositors of closed banks by making loans on the remaining assets of these banks. The number of suspensions of licensed banks in 1934 was smaller than for any year since 1920. During the year most of the commercial banks in the country became members of the Federal Deposit Insurance System. Under the terms of the Gold Reserve Act of 1934, on January 30 title to all gold held by the Federal Reserve banks was transferred to the United States Government at a valuation of $20.67 an ounce in exchange for an equivalent amount of gold certificates. On January 31 the President by proclamation reduced the weight of the gold dollar from 25.8 grains to 15%i grains of gold nine-tenths fine, thereby establishing the gold content of the dollar at 59.06 percent of its former weight and raising the price of gold from $20.67 to $35 a fine ounce. The resulting increase in the value of gold held by the United States, amounting to about $2,800,000,000, accrued to the Treasury. The Secretary of the Treasury announced that beginning February 1 he would be prepared until further notice to purchase gold and under certain conditions to sell gold for export at the new price. As a result of revaluation of the dollar, of the inclusion of gold purchased in previous weeks by the Government, and of large gold imports after January, the monetary gold stock of the United States increased in 1934 by $4,200,000,000. Imports of gold from abroad Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD reflected in part an excess of merchandise exports and in part a flow of capital to this country. Member bank reserve balances increased by about $1,400,000,000 during the year, of which $450,000,000 was absorbed in meeting increased reserve requirements arising from the growTth in bank deposits. Reserves in excess of legal requirements rose to nearly $1,800,000,000, an increase of about $950,000,000 during the year. Member banks employed a part of their available funds in increasing their investments, principally their holdings of United States Government securities. Holdings of open-market commercial paper and acceptances also increased somewhat, but repayment of customers' loans continued to exceed new loans made. Deposits at member banks, exclusive of interbank and United States Government deposits, increased by about $4,000,000,000 during 1934. The increase in deposits, other than bankers' deposits, was relatively larger at banks in.small towns and in the agricultural sections of the country than at banks in larger cities. Country banks, however, having no direct access to the open market, held a larger proportion of their new deposits as idle balances, while city banks invested a somewhat larger proportion of the increase in their deposits in Government securities and open-market paper. The abundance of funds seeking employment was reflected in continued declines in interest rates, which at the beginning of 1934 were already at exceptionally low levels. Open-market rates on 90day bankers' acceptances declined to one-eighth of 1 percent, and rates charged customers by banks in financial centers throughout the country declined to new low levels for the post-war period. Yields on long-term Treasury bonds declined to below 3 percent and yields on high-grade corporate bonds were at approximately the lowest levels of this century. New issues of corporate securities continued to be in small volume during 1934. Issues by States and local governments increased considerably and were substantially larger than in 1933 and somewhat larger than in 1932. Issues by the Federal Government and its agencies were larger than in any year since the war, far exceeding in amount all other new securities offered in the year. Prices of highgrade bonds advanced, while stock prices showed little change. Volume of production and trade for the year 1934 as a whole was larger than in 1933 and at the end of the year was at a higher level than at the beginning. Output of industrial products and employment in factories showed wide fluctuations during the year, although the movements were narrower than in 1933. Crop production, which had been relatively well maintained throughout the depression, showed a marked reduction in 1934 as a consequence of prolonged drought and of acreage reductions, but with higher prices, increased marketings of livestock, and Govern- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 5 ment rental and benefit payments farm income was larger than in 1933. Construction work on public projects showed a considerable increase, while private construction continued in small volume. Retail trade increased in the course of the year and was considerably larger in rural areas than in 1933. Wholesale prices of agricultural products and foods advanced sharply in 1934, as in 1933, while prices of other commodities showed little change from the level reached at the end of 1933, which was higher than at the beginning of that year. GOLD AND SILVER IN 1934 Important factors in the monetary situation in 1934 were legislative enactments and administrative measures in reference to gold and silver. Among these were the enactment of the Gold Reserve Act, the subsequent revaluation of the dollar, the passage of the Silver Purchase Act, and the acquisitions of silver under authority of this act. The provisions of the Gold Reserve Act of 1934 are summarized in a subsequent section of this report. The act was passed and approved on January 30, 1934, and on that date title to gold held by the Federal Reserve banks was transferred to the United States Government. The President's proclamation of January 31, 1934.—By virtue of the powers granted in the act approved May 12, 1933, as amended by the Gold Reserve Act of 1934, the President issued a proclamation on January 31, reducing the weight of the gold dollar from 25.8 grains to 15%i grains of gold nine-tenths fine. In the proclamation the President reserved the right, within the limits prescribed by the law, to alter or modify the weight of the gold dollar as the interest of the United States might require. On January 31 the mints were authorized by the Treasury regulations issued under the Gold Reserve Act of 1934 to purchase (a) gold recovered from natural deposits in the United States or any place subject to the jurisdiction thereof, which shall not have entered into monetary or industrial use, (6) unmelted scrap gold, and (c) gold imported into the United States after January 30, 1934. Purchases were to be made at the rate of $35 per fine troy ounce less a handling charge of }{ percent and the usual mint charges. The Secretary of the Treasury stated that whenever our exchange rates with gold standard currencies should reach the gold export point he would, until further notice, also sell gold for export to foreign central banks at the rate of $35 per fine troy ounce plus a handling charge of % percent. Most of the purchases of imported gold as well as sales of gold for export were to be made through the Federal reserve Bank of New York as fiscal agent of the United States. Increase in monetary gold stock of the United States.—Reduction in the gold content of the dollar immediately increased the value of the reported gold holdings of the Treasury by approximately $2,800,- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 000,000. At the same time the reported monetary gold stock of the country was further increased by the addition of about $200,000,000 of gold purchased by the Government in connection with its goldbuying program of previous months. At the outset these increases in the gold stock of the country were retained as an addition to the cash holdings of the Treasury and had no effect upon Federal Reserve bank or member bank reserves. During the remainder of the year, however, the Treasury transferred some of this additional gold to the Federal Reserve banks in the form of gold certificate credits, thus increasing its deposits with Federal Reserve banks. As these deposits were reduced by Treasury expenditures in the course of the year, member banks obtained additional reserve funds. In the months following revaluation there were large imports of gold, as well as substantial purchases of newly produced and other domestic gold. In the course of the year the gold stock was increased by a total amount of $4,202,000,000, comprising the increment of $2,812,000,000 resulting from revaluation, $1,217,000,000, of net imports and releases from earmark, including imports of gold purchased by the Government prior to January 31, 1934, and $174,000,000 obtained from production, Government holdings in this country not previously reported, return of coin by the public, purchases of scrap, old gold, and the like. There were substantial changes in the distribution of the monetary gold stock during the year, as shown in the table below. The Treasury turned over $2,000,000,000 of the increment resulting from reduction in the gold content of the dollar to the exchange stabilization fund and placed $812,000,000 in a special balance held separately as a part of the general fund. Subsequently, $200,000,000 of gold from the exchange stabilization fund was deposited by the Treasury with the Federal Reserve Bank of New York for use by the fund and about $8,000,000 from the $812,000,000 balance was transferred to the Federal Reserve banks under section 13b of the Federal Reserve Act, which authorized the Secretary of the Treasury to pay to the Federal Reserve banks certain amounts against advances and commitments to provide working capital for industrial and commercial concerns. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORTVOF^THE^FEDERAL RESERVE BOARD CHANGES IN DISTRIBUTION OF MONETARY GOLD STOCK, 1934 [In millions of dollars; at value of $20.67 per fine ounce on Dec. 30, 1933, and $35 per fine ounce on Dec. 31, 1934] Dec. 30, Dec. 31, Change 1933 1934 in 1934 Total monetary gold stock. 4,036 8,238 +4, 202 Federal Reserve gold and gold-certificate reserves i 3,569 5,143 +1, 574 Gold certificates in circulation. 213 130 -83 Gold coin in circulation2 _ 24 -24 Reserves held by Treasury against United States notes and Treasury notes of 1890 _ 156 156 Exchange stabilization fund 1,800 +1,800 Gold in general fund of Treasury 3 "74" 1,008 +934 Held against specific liabilities * _. 45 27 -18 Balance of increment obtained from reduction in weight of dollar a_. 804 +804 Other 29 177 +148 1 Gold and gold certificates on hand and due from United States Treasury plus redemption fund against Federal Reserve notes. 2 Excluding $287,000,000 of gold coin reported as in circulation on Jan. 31, 1934; all gold stock and money in circulation figures since 1913 have been adjusted to exclude this amount. The $24,000,000 represents the amount that returned from circulation in January 1934; all gold coin returned after Jan. 31,1934, resulted in an increase in the gold stock. 3 Does not include gold held against gold certificates outstanding or gold certificates held in certain Federal Reserve accounts with the Treasury. 4 Amount held in addition to other lawful money against liabilities requiring reserves of lawful money. *Excluding $2,000,000,000 transferred to exchange stablization fund and $8,000,)0,0f00 transferred to Federal Reserve banks under section 13b of the Federal Reserve Act. Return of gold certificates and gold coin from circulation and release of gold held in the general fund against specific liabilities provided an additional amount of $125,000,000 of gold available for use by the Treasury or for the Reserve banks' gold-certificate funds. As a result of the gold thus released, of that made available from the revaluation increment, imports, earmarked supplies, new production, and new monetary holdings of the public, Federal Reserve bank goldcertificate reserves and Treasury gold not reported as held in special balances showed a total increase of $1,722,000,000. The increase in Reserve bank gold-certificate reserves amounted to $1,574,000,000. Gold imports.—Following revaluation of the dollar and announcement of the Treasury's willingness to buy and sell gold, there was a large flow of gold to the United States. Net imports in the year amounted to $1,134,000,000 and net releases from earmark to $83,- 000,000. Of the net imports $500,000,000 came from England, $260,000,000 from France, and the rest from Holland, Canada, India, Mexico, and other countries. These imports of gold were, in considerable measure, an outcome of the definite fixation, at a lower value, of the dollar in terms of gold and foreign currencies. Definitive revaluation in January 1934 followed 9 months during which the prevailing tendency of the dollar on the exchanges was downward. The premium on foreign currencies after April 1933 was an inducement to American sales of merchandise in foreign markets and a corresponding discouragement to American purchases abroad. The tendency to increase the export 129288—35 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD surplus in the country's merchandise trade with the world, however, was not immediately apparent, for the initial decline of the dollar in the spring of 1933 was accompanied by a wave of domestic buying that involved the purchase of foreign products as well. A rapid increase of imports at that time—chiefly in the form of raw materials— reversed the country's balance of trade for the period May through September as a whole. As the buying movement subsided, however, and the stimulus to American sales abroad began to have some effect in increased shipments of American manufactures and other products, the export surplus reappeared. By November 1933 it was on a considerable scale, and in the 12 months ending October 1934 the surplus of the country's merchandise trade with the world reached a figure of $510,000,000 as compared with $180,000,000 in the preceding 12 months. The increased demand for dollars to pay for this growing surplus of merchandise exports was more than offset in the closing months of 1933 and in January 1934 by gold purchases abroad for account of the Reconstruction Finance Corporation and the Treasury. Although these purchases served to balance the international transactions of the country, they had no immediate effect on member bank reserves since the funds employed were borrowed from the market. It was not until the new gold legislation in 1934 became effective that these purchases were taken up into monetary gold stock. Under the Gold Reserve Act of 1934 and the President's proclamation of January 31 the international gold value of the dollar was fixed by administrative action somewhat below the level to which it had already fallen on the exchanges. The enlarged surplus of merchandise exports continued, and its effects were intensified to an important degree by a movement of capital to the United States. This movement was particularly great in the 2 months that followed establishment of a new gold level for the dollar. The $650,000,000 of gold acquired by the Treasury at that time reflected for the most part a return of American funds from abroad and a movement of foreign capital into dollar balances and securities. Subsequently gold continued to move into the United States, although on a much diminished scale, until August when a moderate reversal of the movement occurred. The interruption to the inward flow of gold appears to have been due in some measure to the more active silver policy adopted under the powers conferred by the Silver Purchase Act. This act is discussed in a subsequent section. Following nationalization of silver on August 9 there was a temporary tendency for capital to move abroad, and American purchases of silver in London, Shanghai, and other centers, as evidenced by shipments to this country, attained a volume of about $20,000,000 a month. For a time these factors were sufficient to carry gold out of the country; but the advent of the large surplus of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 9 merchandise exports in the fall, when Europe was receiving little from American tourists, and the development of political difficulties in certain countries of the gold bloc, led to a further substantial movement of gold to the United States in the closing months of the year. Silver imports at this time were in diminished volume, China having suspended the free operation of the silver standard in October. World gold reserves.—The increase in monetary gold stock of the United States during 1934 was not accompanied by a reduction in the aggregate of central bank reserves abroad. On the contrary, the reported gold reserves of foreign central banks and governments increased by $130,000,000, valued at $35 an ounce. Additions to central gold reserves of the United States and other countries during 1934 came largely from the following sources, expressed in terms of the dollar at its new^ valuation: The total output of the world's gold mines in 1934 had a dcllar value of $940,000,000; gold dishoarded in the Orient during the year amounted to $250,000- 000; and about $100,000,000 of domestic scrap gold from ornaments and other personal possessions and from industrial uses was sold to the United States Treasury in 1934. The combined total of scrap sold to the Treasury, gold released from oriental holdings, and world mining output thus accounts for about $1,290,000,000 of the $1,580,- 000,000 increase in reported gold reserves of central banks and governments of the world during 1934. The remainder, amounting to nearly $300,000,000, affords a rough indication of the amount of gold coming out of unreported holdings in western countries. Included in unreported holdings are those of the British exchange equalization fund. Although reported gold reserves of foreign countries as a whole increased somewhat during 1934, in a number of countries there were substantial declines. Eeserves in Germany declined $124,000,- 000; in Italy $114,000,000; in the Netherlands $54,000,000; in Belgium $53,000,000; in Switzerland $29,000,000; and in New Zealand $16,000,- 000. Reserves in Czechoslovakia increased $26,000,000; in Japan $35,000,000; in the Union of Soviet Socialist Republics $40,000,000; and in South Africa $43,000,000. By far the largest increase, however, occurred in gold reserves of the Bank of France, which, notwithstanding considerable fluctuations, were $333,000,000 larger at the end of the year than at the beginning. They were still, however, somewhat below the peak attained in December 1932. Since the outbreak of the World War the greatest increases in gold reserves have been in the United States and France. The chart shows the movements in central gold reserves of five leading financial countries during a 20-year period. It is so arranged as to value reserves since January 1934 at $35 an ounce and previously at $20.67. without destroying the continuity of the series. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD In the early years of the period gold holdings of the Federal Reserve banks were increased not only by gold imports but by the transfer of reserves from member bank vaults, and reserves of central banks in England, France, and Germany were increased by the recall of gold from monetary circulation to aid in prosecuting the war. Both the United States and the Netherlands received large amounts of gold during the war in payment for purchases of materials by the belligerents. In the early post-war period gold continued to flow to the United States, which occupied a creditor position and was the most important free market for the metal until the general return to the gold standard that began toward the end of 1924. GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS ( End of year 1913-1924, end of month thereafter ) United States i France 7 7 England 1914 1916 1918 1920 1922 1924 1926 1928 1930 1932 "1934 After de facto stabilization of the franc at the end of 1926, the gold movement for 5 years was predominantly toward France. The movement reflected the fact that France during the period of currency depreciation had experienced a continuous outflow of capital which had been balanced in her international payments by a large excess of exports over imports. When after de facto stabilization capital began to flow back to France, the Bank of France accumulated both gold and foreign exchange. The rapid increase in gold reserves of the Bank of France after England's departure from the gold standard in September 1931 reflected mainly the bank's conversion into gold of these previously acquired foreign exchange holdings in order to avoid further losses through currency depreciation abroad. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 11 increase at the same time of gold reserves in the Netherlands, Belgium, and Switzerland was in part of a similar character. Since the only important foreign exchange holdings on which central banks could freely realize were in New York, most of the gold acquired was drawn from the United States. The movements were concentrated in the fall of 1931 and the spring of 1932. From that time until the end of 1934 foreign countries added little gold to their reported holdings, while the United States gained large amounts of gold in the last half of 1932 and again in 1934. Silver Purchase Act of 1934.—Monetary silver stock of the United States increased considerably in 1934. Most of the increase took place as a result of the Silver Purchase Act. The act, which became law on June 19, declared it to be the policy of the United States that the proportion of silver to gold in metallic monetary stocks in the United States be increased with the ultimate objective of having and maintaining one-quarter of the value of such stocks in silver. To attain this objective the Secretary of the Treasury was directed to purchase silver at home or abroad at such rates and at such times and upon such terms and conditions as he might deem reasonable and most advantageous to the public interest, provided, however, that no purchase should be made at a price in excess of the monetary value of the silver (approximately $1.29 per fine ounce) and that no purchase of silver situated in the continental United States on May 1, 1934, should be made at a price in excess of 50 cents per fine ounce. The President was further given the power to order the delivery to the mints of any or all silver by whomever owned or possessed. Currency was to be exchanged for such silver to the amount of its monetary value, less such deductions for seigniorage and other charges as the President should approve, provided that in no case should the amount of currency exchanged be less than the value of silver at the time of the order as determined by the market price over a reasonable period of time. Acting under these powers the President on August 9 ordered that with certain exceptions all silver situated in the United States on that date should be delivered to the mints within 90 days in exchange for currency at the rate of approximately 50 cents per fine ounce of silver. Among the types of silver to which the order did not apply were silver held for industrial, professional, and artistic use, and silverware; as well as newly mined domestic silver not subsequently processed to a fineness of over 0.8, which could be sold to the mints at 64% cents under the President's proclamation of December 21, 1933. Through January 4, 1935, silver with a net cost value of about $56,000,000 had been turned in under the nationalization order. Other operations under the Silver Purchase Act are not reported separately, but from the time of the nationalization order to the end of the year there were Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD net imports of silver into the United States costing about $74,000,000. In addition, during 1934 silver with a net cost value of about $14,- 000,000 was acquired by the Treasury from domestic mines. Against the cost of the silver acquired from such sources and against silver held in the Treasury on June 14 with a monetary value of about $80,000,000, the Treasury issued silver certificates and a small amount of coin. Certificates outstanding increased from less than $500,000,- 000 at the beginning of the year to $700,000,000 at the end. Silver certificates and coin combined increased by $225,000,000. ALTERED RESERVE SITUATION IN 1934 Largely as a result of the inflow of gold, member bank reserve balances, which at the end of 1933 were nearly $400,000,000 larger than in 1929, were further increased by about $1,400,000,000 in 1934. At the end of the year reserve balances held by member banks totaled $4,100,000,000, the largest amount ever held, and were $1,800,000,000 in excess of requirements. Factors in growth.—The table shows the principal factors that influenced the volume of member bank reserve balances and their changes during the 4 years from the end of 1929 to the end of 1933 and also during the year 1934. The table is arranged to bring out the fact that increases in Reserve bank credit, in gold stock, and in Treasury and national bank currency outstanding have the effect of increasing the supply of funds available for bank reserves, while decreases in these items reduce this supply. Increases in money in circulation, in Treasury cash and deposits with Federal Reserve banks, in nonmember deposits at Federal Reserve banks, and in other Federal Reserve accounts, on the other hand, reduce, and decreases in these items increase, the supply of funds available for bank reserves. The chart shows weekly movements of these various items during the past 6 years. FACTORS INFLUENCING MEMBER BANK RESERVES [In millions of dollars] Dec. 31, 1929, to Dec. 30, 1933, to Dec. 30, 1933 Dec. 31, 1934 Changes Changes Changes Changes that that that that added to reduced added to reduced reserves reserves reserves Items, increases in which add to reserves: Reserve bank credit... +1,105 -225 Monetary gold stock +39 i +4, 202 Treasury and national bank currency +281 +210 Items, increases in which reduce reserves: Money in circulation +941 +18 Treasury cash and deposits with Federal Reserve banks-. +42 1 +2,863 Nomnember deposits +102 +57 Other Federal Reserve accounts -33 -119 Total.... 1,458 1,085 4,531 3,163 Net change in member bank reserve balances.. +374 +1, 367 Digitized for Fi RInAcSluEdiRng increment of $2,812,000,000 resulting from reduction in the weight of the gold dollar. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 13 The expansion of reserves during the 4 years of depression— 1930-33—occurred in the face of a net withdrawal by the public of about $900,000,000 of currency from the banks and repayment by the banks of over $500,000,000 borrowed from the Federal Reserve banks in the preceding period of activity. That member bank reserves had RESERVE BANK CREDIT AND RELATED ITEMS MILLIONS OF DOLLARS Weekly basis: Wednesday series MILLIONS OF DOLLARS 9000 9000 8000 "=•--'- 8000 7000 7000 6000 6000 5000 5000 4000 4000 3000 3000 2000 :ooo 1000 1000 1929 1930 1931 1932 1933 1934 Figures for money in circulation and gold stock do not include $287,000,000 of gold coin reported as in circulation prior to January 31,1934. nevertheless increased above the*; levels of 1929 was attributable to the open-market operations offthe Federal Reserve banks. With a view to establishing and maintaining easy money conditions, the Federal Reserve banks had increased their holdings of United States Government securities by the end of 1933 to $2,400,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD During 1934 there were no further open-market purchases of securities by the Federal Reserve banks; yet member bank reserves were increased by a larger amount than in the preceding 4 years to a level about 70 percent higher than in the years of active business before the depression. In addition, funds were created in the Treasury by operations under gold and silver legislation during the year. This growth of reserves in 1934 largely resulted from the increase in gold stock described in the previous section and, in contrast with increases in reserves in the preceding 4-year period, occurred without any expansion in the holdings of securities by the Federal Reserve banks. With the reserve funds obtained from gold imports member banks were able to pay off practically all of their remaining borrowings at the Federal Reserve banks, and banks and private lenders also absorbed all of the bankers' acceptances on the market, with the consequence that Reserve bank holdings of acceptances declined to a small volume. Member bank excess reserves.—As a result of the increase in reserve balances during 1934 excess reserves of member banks rose to new record levels. At the close of 1933 excess reserves amounted to about $850,000,000. During 1934 member bank reserve balances increased by approximately $1,400,000,000, but since reserve requirements increased $450,000,000 the actual rise in excess reserves amounted to $950,000,000, bringing the total volume of excess reserves at the end of the year to $1,800,000,000. Weekly fluctuations in the volume of excess reserves in recent years are shown on the chart. In August excess reserves at times amounted to over $1,900,000,- 000, but declined somewhat in the autumn. At the end of December EXCESS RESERVES OF MEMBER BANKS [In millions of dollars] Dec. 30, Dec. 31, 1933 1934 Increase New York City banks. _. 156 655 499 Chicago banks 194 215 22 Other reserve city banks. 275 544 269 Country banks. 201 165 All member banks. 1,781 955 reserve balances actually held by member banks were almost as large as at the peak in August, reflecting additions to the supply of reserve funds resulting from gold imports and silver purchases, which were offset by a seasonal increase in money in circulation and by an increase in Treasury holdings of cash and deposits with Federal Reserve banks. The decline in excess reserves after August resulted from an increase in required reserves, which reflected a considerable expansion in member bank deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 15 Excess reserves continued to be well distributed among the major groups of banks in the country. About $650,000,000 were held by New York City banks, $760,000,000 by banks in Chicago and other reserve cities, and $370,000,000 by country banks. The largest increase in the year—$500,000,000—occurred at New York City banks, reflecting in large part the increased holdings by banks in New York of balances for other banks. Holdings of excess reserves EXCESS RESERVES OF MEMBER BANKS MILLIONS OF DOLLARS ( Wednesday figures) MILLIONS OF DOLLARS 2000 2000 1500 1500 1000 1000 500 500 1932 1933 1934 Figures for banks outside New York City partially estimated. by class of banks, as reported on member bank condition statements as of the end of 1933 and 1934, are shown in the accompanying table. Substantial increases in excess reserves occurred at member banks in all Federal Reserve districts. The largest relative increases were in the Boston, New York, and Philadelphia districts. The smallest increases occurred in the Atlanta, Chicago, and St. Louis districts. As shown in a subsequent section of this report many of the interior banks increased their balances due from other banks during the year. Thus city banks in effect were holding some of the excess reserves of the country banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Money in circulation.—The amount of money in circulation showed little net change for 1934 as a whole, and fluctuations during the year were more in accordance with the usual seasonal pattern than at any time since the latter part of 1930. There were, however, changes in the composition of money in circulation by denominations and by kinds of money. Currency continued to return from hoarding in 1934, though in smaller volume than during the latter part of 1933, and this return flow was offset by a growing demand for currency for active use, reflecting partly an increase in wage payments and retail trade and partly a tendency to use cash rather than checks as a consequence of the tax on checks and increased service charges on checking accounts. Although there was a considerable reduction in the amount of hoarded currency in 1934, the amount of currency not in active use continued at a high level. An indication of the continued return of currency from hoarding is contained in the data for large denominations. Currency with denominations of $20 and over declined by $120,000,000 during the year. The smaller denomination currency, on the other hand, and also subsidiary silver and minor coin showed a net increase for the year. The following table shows by denominations the amount of paper currency outside of Federal Reserve banks and Treasury offices. Figures for December 31, 1934, are compared with those for October 31, 1930, just prior to the large increase in hoarded currency, as well as with those for December 30, 1933. DENOMINATIONS OF PAPER CURRENCY OUTSIDE OF FEDERAL RESERVE BANKS AND TREASURY X [In millions of dollars] Change since— Denomination De 1 c 9 . 3 4 31, Oct. 31, Dec. 30, 1930 1933 $1 423 +34 +21 $2 32 —11 $5 771 +110 +52 $10 1,288 +259 +59 $20 _ , 1,326 +272 — 16 $50 and over 1,254 +610 -106 Total 5,095 +1,274 +10 1 Includes also holdings of unassorted currency in Federal Reserve banks and Treasury amounting to $104,000,000 on Oct. 31, 1930, to $9,000,000 on Dec. 30,1933, and to $11,000,000 on Dec. 31,1934. In the 4-year period the $1 bills showed an increase of 9 percent and $5 bills showed an increase of 17 percent. The larger denominations, however, all showed increases which ranged from about 25 percent in the case of $10 and $20 notes to about 95 percent for notes in denominations of over $50. A portion of the increase in smaller denomination currency is probably attributable to a growth Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 17 in the demand for currency as a result of the lack of banking facilities in some communities, as well as to other factors causing an increase in the use of currency instead of checks. A portion also probably reflects a continuance of hoarding, and it is likely that most of the increase in currency in denominations of $20 and over reflects the hoarding influence. There was also some shift during 1934 in the kinds of currency in circulation. Reductions of about $100,000,000 each occurred in gold certificates, Federal Reserve bank notes, and national bank notes. The decline in gold certificates represented a continuation of their retirement from circulation under Treasury order, Federal Reserve bank notes were retired by the Reserve banks with the passing of the emergency which occasioned their issue, and the decline in national bank notes reflected the fact that national banks, having a large volume of excess reserves, had no incentive for incurring the expense, including the }i percent tax, of keeping their notes outstanding. The reduction in these classes of currency was partly offset by an increase of nearly $200,000,000 in silver certificates and of more than $100,000,000 of Federal Reserve notes in circulation. MEMBER BANK CREDIT On the basis of the increased reserves received in 1934, member banks further increased their investments. The increase was principally in holdings of Government securities, and the funds thus supplied, after being expended by the Government, were used either to repay bank loans or were deposited at banks. At the end of the year total deposits of all member banks were larger than at any time since the autumn of 1931, while total loans and investments were larger than at any time since the first half of 1932. The increase in loans and investments was not so large as that in deposits, owing principally to the fact that banks held a larger portion of their funds in the form of excess reserves. Country and reserve city banks also increased their balances with other banks, and the growth in interbank deposits comprised a large part of the increase in total deposits. Although city banks showed relatively larger increases in investments, country banks in rural areas reported proportionately larger increases in deposits, reflecting principally distribution of funds throughout the country by Treasury expenditures, as well as the increase in agricultural income in 1934. Loans and investments.—Changes in loans and investments of member banks during 1934 are shown in the following table and changes from the beginning of 1922 are shown on the chart. The most important of these changes were the increase of $2,650,000,000 in holdings of direct obligations of the United States Government and that of $1,000,000,000 in securities guaranteed by the United States, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 ANNUAL BEPORT OF THE FEDERAL RESERVE BOARD including those guaranteed as to principal only as well as those guaranteed as to interest and principal. The guaranteed obligations were in part purchased and in part obtained in exchange for mortgage loans. Holdings of other securities also showed some increase. The decrease in loans reflected declines in loans to banks and to other ALL MEMBER BANKS BILLIONS OF DOLLARS Call date figures BILLIONS OF DOLLARS 40 35 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 Figures taken from the condition reports of all member banks and beginning June 30,1933, include licensed banks only. Demand deposits adjusted are derived by subtracting checks and other cash items reported as on hand or in process of collection from demand deposits, including in demand deposits certified and officers' checks and cash letters of credit and travelers' checks outstanding but excluding interbank deposits and United States Government deposits. customers, while holdings of open-market commercial paper and acceptances increased. Customers7 loans made primarily for business purposes showed an increase of $230,000,000 in the third quarter of the year and a corresponding decrease in the last quarter. These changes were largely of a seasonal nature and occurred at city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL EEPOKT OF THE FEDEEAL EESEEVE BOAED 19 LOANS AND INVESTMENTS OF MEMBER BANKS [In millions of dollars] Dec. 30, Dec. 31, Change in 1933 1934 1934 Loans and investments—total 25,220 28,150 +2,930 Loans—total . _ * _ _ _ > . _> . _ . _.. 12,833 12,028 -805 Open-market loans. . - __ . __._ 1,231 1,363 +132 Loans to banks 287 155 -132 Loans to other customers 11,315 10, 509 -806 U. S. Government direct obligations- 7,254 9,906 +2,652 Securities fully guaranteed by U. S. Government-.. i 100 989 +889 Other securities 5,032 2 5, 227 +195 1 Actual holdings by banks not reported as of Dec. 30,1933, figure shown represents approximate amount of Reconstruction Finance Corporation notes outstanding, excluding notes given in purchase of gold which amounted to about $80,000,000 on Dec. 30, 1933, and were retired Feb. 1, 1934. 2 Includes $111,000,000 of securities guaranteed as to interest but not as to principal by the U. S. Government. Growth in deposits.—During 1934 total deposits at member banks showed an increase of about $6,700,000,000, to an aggregate of approximately $33,850,000,000. A substantial part of the increase during the year represented a growth in interbank balances and United States Government deposits, and in addition at the end of 1934 checks on other banks and other items in process of collection held by banks were, largely for temporary reasons, considerably larger in amount than at the end of 1933. When adjustment is made for increases in these items, the growth of customers' deposits during the year amounted to about $4,000,000,000. The aggregate of deposits thus adjusted was approximately $25,000,000,000, as compared with about $21,000,000,000 on December 30, 1933, and was larger than that for any report date since the autumn of 1931. In 1929 and 1930 the corresponding figure was close to $30,000,000,000. A small part of the increase in deposits since 1933 reflects additions to membership in the Federal Reserve System. Changes during 1934 in various types of deposits are shown in the following table. DEPOSITS AT MEMBER BANKS fin millions of dollars] Dec. 30, Dec. 31, Change in 1933 1934 1934 U. S. Government _ _-_ 967 1,635 +668 Postal Savings 778 452 -326 Interbank balances J (United States and foreign) 3,396 4,905 +1, 509 States, counties, and municipalities * 1,620 2,094 +474 Other customers: D eman d 12,109 14,951 +2,842 Time ... 7,957 9,020 +1,063 Certified and officers' checks, cash letters of credit, and travelers' checks outstanding 339 790 +451 Total deposits. 27,167 33,848 +6, 681 Adjusted deposits 2 __ 20,893 24,952 +4,059 1 Includes both demand and time deposits. 2 All deposits, other than U. S. Government, Postal Savings, and interbank deposits, minus checks and other cash items reported as on hand or in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD The largest element in the growth in deposits in 1934 was in demand deposits of customers other than banks or governments. These deposits showed an increase of $2,840,000,000, a part of which represented checks in process of collection, while time deposits of the same group of customers increased in the year by about $1,060,000,000. United States Government deposits with member banks showed an increase of nearly $670,000,000 in the year, while Postal Savings deposits were decreased by $325,000,000, reflecting the unwillingness of some banks to hold such deposits, largely because of the rate of interest required to be paid on them. Deposits of States, counties, and municipalities increased by about $470,000,000. There was an increase of $1,500,000,000 in balances due to banks, which at the end of the year aggregated nearly $4,900,000,000, the largest amount ever reported. This increase, nearly all of which occurred in balances payable on demand, occurred notwithstanding the prohibition against the payment of interest on demand deposits, and represented further accumulation of idle funds by banks. Factors in growth of deposits.—The most important factors in the increase in deposits during the year were Treasury expenditures, which were made from funds raised by the sale of securities to banks, by the deposit with the Reserve banks of gold certificates based on newly acquired gold, and by the issuance of silver certificates. The Treasury during 1934 purchased about $1,400,000,000 of gold and $200,000,000 of silver. The sale of this gold to the Treasury, which paid for it by drafts on the Reserve banks, increased member bank reserve balances. Except to the extent that gold purchases abroad by importers of the gold were paid for by drawing down balances held abroad by banks in this country, the increase in the gold stock resulted in an increase in deposits at commercial banks. In connection with the silver purchases, silver certificates were issued in an amount corresponding approximately to the purchase price of the silver bought, and these certificates were either paid into circulation directly by the Treasury or deposited with the Reserve banks. In the former case deposit of an equivalent amount of currency at member banks and by them at the Reserve banks, and in the latter case the expenditure of the Treasury balance with the Reserve banks, resulted in an increase of deposits and of reserves of member banks. In addition to deposits created by Government purchases of .]the precious metals, additional deposits resulted from sales of United States Government obligations to banks and the subsequent disbursement of the funds by the Treasury. As previously shown, member bank holdings of direct obligations of the Government increased by $2,650,000,000 during the year. Purchases of Home Owners' Loan Corporation bonds and Federal Farm Mortgage Corporation bonds by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 21 banks gave new funds to former holders, who had mostly received the bonds in exchange for outstanding mortgage loans. Deposits by classes of banks and by districts.—Although the growth in deposits at member banks during 1934 was spread throughout the country, there were differences in changes at various classes of banks, largely as a result of the Treasury in effect borrowing from banks in one locality and expending the money and thus creating deposits in other sections of the country. Deposits created in this manner, however, did not always return to the banks that purchased the securities. The following table shows increases during 1934 in deposits at member banks in New York City, in other reserve cities, and elsewhere. New York City banks showed proportionately the largest increases in total deposits, but in the adjusted customers' deposits the increase was greatest at country banks. Country banks in places with a population of under 15,000 in 21 agricultural States showed an increase of 26 percent in deposits, as compared with an increase of 17 percent at other country banks and of 21 percent at reserve city banks (including central reserve city banks in Chicago). GROWTH OF DEPOSITS AT MEMBER BANKS IN 1934, BY CLASSES OP BANKS Increase (in millions of dollars) Percent of increase Total Adjusted Total Adjusted deposits depositsl deposits deposits i All member banks . 6,681 4,059 25 19 New York City banks. _ . . . 2,228 705 31 14 Other reserve city banks _ 2,797 1,817 24 21 Country banks 1,655 1,537 20 21 1 All deposits other than United States Government, Postal Savings, and bankers' deposits, minus checks and other cash items, reported as on hand or in process of collection. Although country banks showed a larger increase in adjusted customers' deposits in 1934 than did city banks, the net decline since 1929 was much larger in the case of country banks, amounting to about 27 percent as compared with a net decline of about 7 percent for all central reserve and reserve city banks. This difference was due in part to the larger volume of failures among country banks since 1929, and some of the increase in deposits at country banks in 1934 was due to the reopening of a number of unlicensed banks which were not included in the reports for 1933. By geographical areas, the largest increases during 1934 in the adjusted customers' deposits occurred in the Chicago, Atlanta, Cleveland, Minneapolis, and Kansas City districts, while the smallest were in the New York, Boston, and Philadelphia districts. In nearly all districts country banks showed larger increases in deposits than did Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD city banks. More detailed information by localities indicates that deposits expanded most at rural banks in the Corn Belt and the eastern cotton- and tobacco-growing States. In the States most affected by drought, increases among rural banks were relatively smaller, although in most cases substantial. These regional differences in the growth of deposits reflect largely the influence of Treasury operations, .together with increased agricultural income and increased activity in certain industries during the year. The Treasury raised more funds in the larger cities than it expended in those cities, wiiile in the predominantly rural regions Treasury disbursements were considerably in excess of receipts. The excess of Treasury disbursements over receipts was in the neighborhood of $300,000,000 each in the Minneapolis, Kansas City, and San Francisco districts, and around $150,000,000 each in the St. Louis, Atlanta, and Dallas districts. In each of these districts, except Atlanta and San Francisco, this excess alone was more than sufficient to account for the increase in adjusted^ deposits. Withdrawals by the Treasury were concentrated largely in the New York district, where receipts exceeded disbursements by about $1,300,000,000. Deposits in this district, however, were increased by large gold imports received during the year. Agricultural income, even when Federal Government rental and benefit payments are excluded, was somewhat larger in 1934 than in other recent years and especially so in those agricultural regions not affected by drought. In the Chicago and Cleveland districts increased activity in the automobile, agricultural implement, and meat-packing industries was also a factor in increased deposits. Use of funds by banks.—During 1934 member banks in addition to increasing their investments, as previously shown, also increased considerably their excess reserves with Federal Reserve banks and their balances due from other banks. For individual banks both of these items represent the accumulation of idle funds. For the banking system as a whole only the volume of excess reserves represents the supply of idle banking funds, while changes in interbank balances represent merely the shifting of excess reserves among the member banks. During 1934 there was considerable shifting of this nature, and an analysis of bank statements by classes of banks and by regions indicates the manner in which funds were distributed throughout the country during the year and also the extent to which the different groups invested their available funds or held them in idle balances. The following table shows changes during 1934 in loans and investments and certain other balance sheet items by classes of banks. The extent to which available funds were put to active use or permitted to remain in inactive balances varied among the different Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 23 groups of banks. It would appear that country banks showed a relatively larger increase in deposits of local customers than did city banks, but that country banks invested a smaller portion of their additional funds and carried a larger portion in idle balances than did city banks. CONDITION OF ALL MEMBER BANKS—CHANGES DURING 1934 [In millions of dollars] Changes during 1934 All New Other member York reserve Country banks City cities i banks Loans _____ -805 -294 -313 -198 Investments _ _ _ _ +3,736 +1,060 +1, 765 +911 Total loans and investments +2,931 +766 +1,452 +713 Reserves with Federal Reserve banks: Required +449 +174 +191 +84 Excess +954 +499 +290 +165 Cash in vault +138 +39 +49 +50 Due from banks in United States +1,118 +10 +581 +527 Total reserves, cash, and due from banks +2, 660 +722 +1,111 +826 Adjusted deposits 2 +4,059 +705 +1,817 +1, 537 Balances due to other banks ______ +1, 509 +613 +790 +106 United States deposits +668 +369 +232 +67 Postal Savings deposits _ ____ -326 -51 -184 -91 1 Including both central reserve city and reserve city banks in Chicago. 1 All deposits, other than United States Government, Postal Savings, and interbank deposits, minus checks and other cash items reported as on hand or in process of collection. Country banks, which showed an increase of over $1,500,000,000 in deposits of locabcustomers and a decrease of $200,000,000 in loans, increased their investments by about $900,000,000. Their balances with other banks and cash holdings and reserves showed a total increase of over $820,000,000, of which about $80,000,000 represented an increase in required reserves. These banks had an increase in available unused balances of about $740,000,000 in the course of 1934, as compared with an increase of approximately $900,000,000 in investments. Reserve city banks, other than central reserve city banks in New York, showed increases of over $1,800,000,000 in adjusted customers' deposits and of nearly $800,000,000 in balances due to other banks and a decrease of about $300,000,000 in loans. They increased their investments bj over $1,750,000,000, while their balances due from other banks, cash holdings, and excess reserves with Federal Reserve banks showed a total increase of over $900,000,000. The ratio of funds invested to those held in idle balances was considerably larger than in the case of country banks. It should be noted, furthermore, that these banks were holding a larger amount of balances for other banks, which are subject to immediate call and therefore are ordinarily kept in 129288—35 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD readily available form. When allowance is made for this factor the balance of idle funds available to these banks increased by little more than $100,000,000 in the year. Member banks in New York City showed increases of about $700,000,000 in adjusted deposits, $600,000,000 in bankers' balances, and $350,000,000 in Government deposits, while their loans declined by nearly $300,000,000. They increased their investments by $1,060,000,000 and their cash and excess reserves by $550,000,000. The increase in balances due to banks exceeded the increase in idle funds at New York City banks. The growth in bankers' balances in New York would indicate that in the course of the year New York City banks in effect received a large part of the excess reserves of other banks. Analyzing similar figures by districts it appears that banks in the New York, Chicago, St. Louis, and San Francisco districts placed a larger portion of their available funds in investments and a smaller portion in idle balances than did banks in other districts, while banks in the Boston, Philadelphia, Kansas City, and Dallas districts accumulated relatively larger idle balances. In the majority of districts country banks showed more of a tendency to accumulate reserves and balances with other banks, while city banks invested a relatively larger portion of the increase in deposits of their customers. It would appear that the incidence of Treasury borrowing and expenditures during 1934, together with agricultural and industrial developments, was instrumental in distributing funds throughout the country. Country banks received an increase in deposits, but did not increase their purchases of Government securities by the same amount. Instead they built up balances with banks in the larger cities. These country-bank deposits received through the clearing system were added to the credit of the city banks at the Reserve banks. Most of the increase in excess reserves during 1934, therefore, although carried by city banks, was represented by balances held by these banks for their country correspondents and was at the disposal of and subject to call by country banks. PROGRESS OF BANKING RECONSTRUCTION During the year 1934 banking facilities available to the public increased considerably. About 19,000 banking offices of unrestricted institutions, including mutual savings and private banks, were in operation at the end of the year, of which 3,000 were branches. This represented an increase of 1,000 head offices and about 200 branches during the year. Active membership in the Federal Reserve System increased by 431 banks to 6,442 by the end of the year. The increase was accounted for in part by licensing of restricted banks, in part by organization of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

25 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD new banks, and in part by admission to membership of nonmember State banks. Deposits in member banks as of December 31, 1934, amounted to $33,850,000,000, which was about 86 percent of the deposits in all commercial banks, exclusive of mutual savings banks, and about 69 percent of the deposits in all banks, inclusive of mutual savings banks. Bank suspensions in 1934.—Bank suspensions in 1934 were fewer than, in any year since 1920. The suspensions during the year comprised 57 licensed banks with deposits of $36,937,000/ one of which, with deposits at time of suspension of $40,000, was a member of the Federal Reserve System. There were eight other suspensions among banks participating in Federal deposit insurance. Unlicensed banks.—By the end of 1934 the number of unlicensed banks had been reduced to relatively unimportant proportions. After the bank holiday in March 1933 more than 4,500 banks with deposits of about $4,200,000,000 were reported as not licensed to conduct an unrestricted business. By the beginning of 1934 these had been reduced to about 1,800 banks with deposits of approximately $1,000,000,000, and by the end of the year only about 160 banks with deposits of approximately $90,000,000 were reported as remaining unlicensed, after deducting 927r banks placed in liquidation or receivership during the year. Most of the remaining unlicensed banks were not members of the Federal Reserve System, as is shown by the following table: UNLICENSED BANKS Jan. 1, 1934 Dec. 31, 1934 Number De o p m o i s t i t t e s d ( ) 000 Number De o p m os it i t ts e d CO ) QO National _ _ 452 $435,000 5 $6,500 State member .. _ 60 93,000 4 1,300 State nonmember. _ _ 1,257 500,000 r 149 80,000 Total 1,769 1,028,000 * 158 88,300 '•Revised. Disposition of unlicensed banks.—During the 22 months following the banking crisis the number of unlicensed banks was reduced in a variety of ways. Many, after receiving new capital, were reopened, while others were merged with active institutions. In some cases the best assets and a proportionate amount of deposits were drawn into newly chartered institutions and the old banks were placed in liquidation. Many were placed directly in liquidation. An accounting for all of the 4,500 banks which were unlicensed in March 1933 is not yet possible. The Comptroller of the Currency, however, has made public figures with respect to the disposition of T Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD the 1,417 1 national banks which had not been licensed to operate on an unrestricted basis after the banking holiday of March 1933. By December 31, 1934, 1,088 unlicensed national banks had been reorganized under old or new charters or merged with other national banks; 30 had given up their national charters; 294 had been disapproved for reorganization and placed in receivership; and 5 remained unlicensed. Loans to closed banks.—Since its organization in February 1932, the Reconstruction Finance Corporation has been active in releasing funds to depositors of closed banks by making loans to conservators and receivers. Authorizations of loans of this character aggregated $1,045,000,000 from February 2, 1932 to December 31, 1934, and of this three-fourths had actually been disbursed. As repayments of $318,000,000 had been received, a balance of $444,000,000 of such loans was outstanding at the end of 1934. New capital for banks.—Many unlicensed banks were able to reopen during 1934 and many active banks were strengthened by the addition of capital funds, a large part of which was furnished by the Reconstruction Finance Corporation. During the year the program for strengthening the capital structure of the banking system initiated in the summer of 1933 was pressed through the joint efforts of Federal and State agencies. The program was furthered by the Comptroller of the Currency in the case of national banks, by the Federal Deposit Insurance Corporation in the case of nonmember banks whose deposits were insured by the Corporation, and by the Federal Reserve Board and the Federal Reserve banks in the case of State member banks. When the program was initiated in 1933, the Federal Reserve Board requested the Federal Reserve agents to keep in touch with such banks in their respective districts as might require assistance, and during the year 1934 Federal Reserve officials continued to cooperate with the various supervisory authorities in developing and consummating plans for strengthening the capital of member banks. On December 31, 1934, the Reconstruction Finance Corporation had an aggregate investment of $845,960,000 in the capital structure of banks and had lent in addition $19,124,000 to local interests in order to enable them to make purchases of preferred stock. The investments included $585,858,000 in preferred stock and $260,- 102,000 in capital notes and debentures. In addition, the Corporation had authorized, contingent upon the performance of certain conditions, investments of $209,076,000 more in the capital structure of banks. Altogether 6,900 banking institutions had had their capital structures strengthened by the Reconstruction Finance Corporation. 1 Includes 6 national banks which were licensed on Mar. 15, 1933, but whose licenses were subsequently revoked, and 1 which suspended before the banking holiday and was placed in conservatorship subsequent thereto; also includes 10 nonnational banks in the District of Columbia subject to the supervision of the Comptroller of the Currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 27 The largest part of the investments of the Corporation in the capital structure of banks was made after the beginning of 1934, at which time the total investments did not exceed $250,000,000. Condition reports of member banks as of December 31, 1934, indicated that the capital structure of member banks included $553,574,000 of preferred stock and $118,515,000 of capital notes and debentures, an aggregate of $672,089,000. Most of this was held by the Reconstruction Finance Corporation. Federal deposit insurance.—An important contribution to stability in the banking structure during the year was the insurance of bank deposits by the Federal Deposit Insurance Corporation. On January 1, 1934, the Corporation began the administration of a temporary fund, which insured the deposits of all participating banks up to $2,500 on the net approved claim of each depositor. All licensed banks belonging to the Federal Reserve System were required to become members of the insurance fund, and State banks which were not members of the Federal Reserve System were permitted to participate after examination and after certification of State authorities that they were in solvent condition. Under the Banking Act of 1933, it was provided that the temporary fund should be effective from January 1, 1934* through June 30, 1934, after which the permanent plan, which would cover a larger percentage of deposits, would become effective. By the act of June 16, 1934, the temporary plan was extended to operate from July 1, 1934, through June 30, 1935, but provision was made to insure each depositor during this period up to $5,000. Mutual savings banks which continued membership were given the option of covering their deposits up to $2,500 or up to $5,000. A number of mutual savings banks discontinued participation in the fund on July 1, 1934, in part because of the establishment of a State fund for mutual savings banks in New York. When operations began on January 1, 1934, 12,617 banks were members of the fund and this number increased to 14,205 banks by the end of the year. Of these, 5,462 were national banks; 980 State banks which were members of the Federal Reserve System; 68 mutual savings banks; and 7,695 other banks. It was reported that on October 1, 1934, 44 percent of the total deposit liability of insured banks was protected. This ratio varied considerably for the different classes of banks, being as high as 72 percent for commercial banks not members of the Federal Reserve System, due to the fact that these banks as a group have a preponderance of small accounts. Among State bank members of the Federal Reserve System, 33 percent of deposits was covered by insurance. Computations made as of October 1,1934, indicated that 98 percent of the 51,245,000 depositors in insured banks were fully pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 ANNUAL REPOET OF THE FEDERAL RESERVE BOARD tected under the provisions of the law. The remaining depositors who were only partially insured, however, had 823,000 accounts with total deposits of about $25,000,000,000, about two-thirds of all deposits of all banks participating in the insurance fund. An important proportion of these large accounts was in New York State and in many cases probably represented deposits of correspondent banks and other corporations. Because of the concentration of so many of the large accounts in New York, the percentage of insured deposits was considerably smaller for that State than for the country as a whole. Among New York State commercial banks 24 percent of the deposits were insured, as compared with 44 percent for the country as a whole, including New York. BUSINESS CONDITIONS The general course of business in the United States during the past 7 years is indicated by the accompanying table. COURSE OF BUSINESS, 1928-34 [Index numbers. 1923-25 average=100] Construc- Departt d r I i u n a c d l t u p io s r - o n - e F m m ac p e t l n o o r t y y - p F a a y c t r o o r ll y s t a i ( w o t v r n a a a l r c u c d t o e e s n ) d - c F a r r i e n l i g o g s a h d t- - ( m v s s t a a e o l l n e u re s t e - ) s m a W p l r e o i h c d c o e i o l s t e m y - i - 1928 111 99 102 135 103 108 97 1929 _ 119 105 109 117 106 ill 95 1930 96 92 89 92 92 102 86 1931 81 77 68 63 75 92 73 1932 64 64 46 28 56 69 65 1933 76 69 49 25 58 67 66 1934 79 79 62 32 62 75 75 11926 average=100. In 1934 output of industrial products, including both* manufactures and minerals, was at 79 percent of the 1923-25 average as compared with 76 in the preceding year and with the low point of 64 in 1932. At the same time crop production, which had been relatively well maintained throughout the depression, showed a marked reduction as a consequence of a prolonged drought and of acreage reductions in connection with the program of the Agricultural Adjustment Administration. Owing to higher prices received by farmers, increased marketings of livestock, and larger rental and benefit payments by the Agricultural Adjustment Administration, however, total farm income was larger in 1934 than in 1933. Construction work on public projects showed a considerable increase. Profits of industrial corporations, which had recovered considerably in 1933, made further advances in 1934, and were higher than in any year since 1930. Publicutility profits, however, were smaller in 1934 than in the previous year, and the deficit of railroads increased. Value of department-store sales Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 29 in 1934 was 75 percent of the 1923-25 average as compared with 67 in 1933, and other branches of retail trade also increased, particularly in rural areas. Production, employment, and trade.—The increase in industrial output in 1934 reflected chiefly larger output of manufactures, but there were fairly marked increases in the production of such minerals as zinc, lead, and silver, and a moderate increase in the output of coal. MANUFACTURES-DURABLE AND NONDURABLE AGGREGATE PHYSICAL PRODUCTION IN COMPARABLE UNITS ( Adjusted for seasonal variation) 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 1928 1929 1930 1931 1932 1933 1934 "Durable" includes pig iron, steel, automobiles, lumber, vessels, locomotives, nonferrous metals, cement, polished plate glass, and coke. "Nondurable" includes textiles, leather and products, foods, tobacco products, paper and printing, petroleum refining, and automobile tires and tubes. The chart shows fluctuations since 1928 in output of durable and nondurable manufactures, as indicated by the components of the Board's index. Among the industries producing durable manufactures the most marked increase during 1934 was in the automobile industry, where output was 43 percent larger than that of 1933 and double that of 1932. Activity in the steel industry also showed a further increase, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD while lumber production continued at an unusually low level, reflecting in considerable part continued inactivity in residential building. In the group of industries producing nondurable manufactures, output showed little change in the aggregate but continued at a higher level relative to the 1923-25 average than output of durable products. Activity at meat-packing establishments showed a marked increase, while textile-mill activity was generally at a lower level than in 1933. Output of tobacco products showed a considerable growth, and there were increases also in the leather and tire industries. Fluctuations in industrial output were considerable in 1934, although not so large as in 1933. A growth in activity in the early part of the year was followed by a decline during the summer, and output during the autumn months was at about the same level as a year earlier. The increase in industrial output to 86 percent of the 1923-25 average in May reflected chiefly increased output of automobiles and steel. During the second quarter stocks of steel were accumulated in anticipation of price increases announced for thirdquarter deliveries, and in consequence steel production showed a sharp decline in July. Textile output was also at a low level during the summer months and was further reduced in September by a strike. Subsequently output in the textile industry increased somewhat. Activity in the meat-packing industry, which had increased sharply, accompanying large marketings of cattle on account of drought conditions, declined in the autumn. In December, with a sharp increase in automobile production, expansion in activity at steel mills, and a growth in activity at woolen and silk mills, industrial output increased, contrary to seasonal tendency, and the Board's adjusted index advanced to 86 percent of the 1923-25 average as compared with 75 percent in November and with a low point for the year of 71 in September. By the beginning of 1934 a substantial volume of contracts for Public Works Administration projects had been awarded, and actual expenditures on such projects showed a rapid rise during the spring and summer months. Subsequently there was a decline, reflecting the completion of many projects, particularly on highways. The value of contracts awarded for privately financed projects was at about the same low level in 1934 as in each of the 2 preceding years. The record on contracts awarded in the past 3 years is shown below by 6-month periods. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 31 CONSTRUCTION CONTRACTS AWARDED [F. W. Dodge data for 37 Eastern States. In millions of dollars] Total Publicly Privately financed financed 1932: First half 667 335 332 Second half - _ . 684 432 252 1933: First half . _ 432 161 271 Second half 824 524 300 1934: First half 854 572 282 Second half—_ 689 404 285 Factory employment and pay rolls in 1934 were at higher levels than in 1933, and at the end of the year factory employment, as well as factory output, was in about the same volume as at the end of 1930. In nonmanufacturing industries employment in December was at about the same level as at the end of 1933. In 1933 employment and pay rolls increased considerably more than production in comparable manufacturing industries, reflecting in large part the spreading of work and the increasing of wage rates under the industrial codes. In 1934 production, employment, and pay rolls all fluctuated closely together. In 1934 distribution of commodities showed an increase and was generally maintained with less marked fluctuations than were reported for industrial output. Value of commodities distributed through department stores was 12 percent larger than in 1933 for the country as a whole, with the most marked increases reported in the Atlanta, Dallas, Richmond, and Chicago districts, while the smallest increases were in the Boston and New York districts. Distribution of commodities through chain stores also showed an increase, and there was considerable growth in sales reported by general-merchandise stores in rural areas. Total volume of freight-car loadings increased somewhat, reflecting a growth in the volume of rail shipments of all classes of freight except grain products and merchandise in less-than-carload lots. Commodity prices.—During 1934 wholesale commodity prices continued to advance, reflecting increases in prices of farm products and foods, while other commodities as a group showed little change. The record for the past 7 years, according to the index of the Bureau of Labor Statistics, is shown on the accompanying chart. The principal increase during 1934 in the price of farm products came during the summer months. At that time drought conditions prevailed over wide areas, reducing the yields of grain crops to exceptionally low levels. Prices of grains and dairy products advanced sharply. The immediate effect of the drought on the livestock situation, however, was to increase the volume of cattle and sheep Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD marketed, which tended to reduce prices of livestock and meats. Government purchases of cattle and sheep during this period were a factor in maintaining existing levels of prices. While marketings of cattle and sheep showed a large increase during the summer months, marketings of hogs declined, partly as a result of seasonal factors and partly on account of small supplies available on the farms. At the same time cotton prices advanced as it became evident that the crop would be reduced to about 10,000,000 bales, largely as a consequence of smaller acreage but also in part on account of the drought in Texas, Oklahoma, and western Arkansas. In September and October prices of most leading agricultural products declined somewhat. Toward the end of the year livestock WHOLESALE PRICES Indexes of Bureau of Labor Statistics, 1926=100 PER CENT ( Monthly basis ) PER CENT 120 120 no 110 100 100 90 90 80 80 Other Commodities / 70 ^2^=-. ...» I /^—» 70 60 60 Foods 50 50 Farm Products 40 40 30 U 30 1928 1929 1930 1931 1932 1933 1934 prices showed marked increases, and prices of cattle continued to increase rapidly after the turn of the year, reflecting reduced supplies as a secondary effect of the drought. In December prices of corn and hogs were about double those of a year earlier, and prices of wheat, cotton, and steers were from 25 to 50 percent higher; potato prices, on the other hand, were lower by about one-half. The small price changes during 1934 for the group of commodities other than farm products and foods reflected declines in the prices of textiles and hides and leather, offset by increases in the prices of bituminous coal, metals and metal products, chemicals, and miscellaneous products, particularly rubber and tires. Building-material prices, after advancing somewhat during the first half of the year, declined by about the same amount in the second half. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 33 Retail prices of food, as measured by the index of the Bureau of Labor Statistics, advanced from 105 percent of the 1913 average at the beginning of the year to 117 percent early in September and subsequently declined to 114 percent. The increase for the year was general, with the most marked advance reported for meats. Prices of articles sold mainly at department stores and mail-order houses apparently showed little change. House rents, which had declined for 9 years, advanced in some communities, reflecting increased occupancy accompanying moderate increases in incomes. INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS By an act of Congress approved on June 19,1934, the Federal Reserve banks and the Reconstruction Finance Corporation were authorized, within prescribed limitations, to make credit available for the purpose of supplying working capital to established industrial and commercial businesses. This act amended the Federal Reserve Act by the addition of section 13b, which embodies the provisions relating to the Federal Reserve banks. Regulation S, relating to the provisions of this section, was issued by the Board on June 26, 1934. This legislation was advocated because many small enterprises had suffered severe capital losses during the depression and had inadequate working capital. Such enterprises find it difficult to obtain their requirements of working capital through the capital market, while commercial banks and other financial institutions, in many cases, were hesitant about undertaking on their single responsibility the risks involved in making relatively long-time loans for workingcapital purposes. Recognizing the possible need of these industrial and commercial businesses for additional working capital to enable them to continue or resume normal operations and to maintain employment or provide additional employment, Congress granted the Federal Reserve banks broad powers to enable them to provide such working capital, either through the medium of banks, trust companies, and other financing institutions or, in exceptional circumstances, by advances directly to such commercial and industrial businesses. The conditions imposed by the law are such that loans must be made to established industrial or commercial businesses, must be made for the purpose of supplying working capital, and must have maturities not exceeding 5 years. In addition, direct loans by the Federal Reserve banks may be made in exceptional circumstances, when credit is not obtainable on a reasonable basis from the usual sources, and provided the loan can be made on a reasonable and sound basis. When credit is advanced through the medium of banks or other financing institutions, the procedure is ordinarily for the financing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD institution to make the loan and procure from the Federal Reserve bank a commitment binding the Federal Reserve bank to take over the loan at the option of the financing institution. Such commitments are specifically authorized in the act. Before the Federal Reserve bank can grant such a commitment it must satisfy itself that the loan is properly made and is one that it is authorized by the act to acquire. The Federal Reserve bank, therefore, must make the same credit investigation of a loan by a financing institution for which it is to grant a commitment as of a loan which it is to make direct. This is especially necessary because, under the law, when such a loan is discounted for a financing institution by the Reserve bank the financing institution need retain obligation for no more than 20 percent of any loss thereon. The law provided for the appointment of an industrial advisory committee in each district, consisting of members actively engaged in industrial pursuits. Members of these advisory committees had been selected by the thiid week in July, and the consideration of applications by the committees and by the Reserve banks began immediately. On August 1 the Federal Reserve Bank of Minneapolis made the first industrial advance. The Reserve banks received many inquiries and informal applications for industrial advances immediately following the passage of the act, and for the first few weeks the industrial advisory committees were not able to act on applications as rapidly as thej' were received. By the first part of September, however, this situation was changed, and by December the number of applications received was much smaller and these were being acted upon without material delay. In the period of approximately 6 months which elapsed between the approval of the act and the close of the year about 5,100 applications for a total of $190,000,000 had been received. Of these 1,020 in the amount of $52,000,000 had been approved and 661, amounting to $41,000,000, were under consideration at the end of the year. Most of the other loans applied for were either ineligible under the conditions imposed by the act or were without a satisfactory credit basis. The applications approved included about $14,000,000 approved on conditions which as of the end of this year had not been met by the applicant; and disbursement on these, therefore, had not been made. On January 2, 1935, the Federal Reserve banks held about $14,000,000 of industrial loans and were under commitment for about $10,000,000. The accompanying table shows industrial-loan activity through January 2, 1935. In the period elapsed since adoption of section 13b of the Federal Reserve Act, the Federal Reserve Board and the Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

35 ANNUAL REPORT OF TPIE FEDERAL RESERVE BOARD banks have made constant and energetic efforts to make the provisions of the law as generally known as possible to banks and prospective borrowers. Cooperation of member banks has also been obtained. These efforts have been made through visits to bankers and through frequent circularization. At the same time the Board and INDUSTRIAL ADVANCES AND COMMITMENTS TO JAN. 2, 1935 Number Amount Net applications received i— 5,108 $190,798,000 Federal Reserve bank action: Approved - 1,020 2 52,257,000 Rejected 3,404 95, 721,000 Advances outstanding 14, 315,000 Commitments outstanding.. 10,213,000 1 Excluding applications withdrawn and changes in amounts applied for before action by industrial advisory committee* but including withdrawals and changes made after such action but before action by Federal Reserve banks. 2 Including $1,899,000 of applications withdrawn or expired after approval. the Federal Reserve banks have given careful and repeated consideration to the procedure for handling applications. Every complaint received from rejected applicants has been carefully investigated and the reasons for rejection explained to the applicant. In order to improve procedure and coordinate policies under this law there have been frequent meetings of Board members, Reserve bank officials, and members of the industrial advisory committees. The efforts of the Federal Reserve banks and the Federal Reserve Board to make known the provisions of section 13b and the examination of applications have entailed considerable work and expense to the Federal Reserve banks. The servicing of the loans is expensive; the security for loans includes mortgages upon property, assignment of accounts receivable, contracts, etc., and care must be taken that taxes and premiums are paid, that contracts are fulfilled, and in general that no impairment of the security occurs. SECURITIES EXCHANGE ACT OF 1934 With a view to preventing the excessive use of credit for the purchasing or carrying of securities, the Securities Exchange Act of 1934, which became law on June 6, requires the Federal Reserve Board from time to time to prescribe rules and regulations with respect to the amount of credit that may be extended and maintained on any security registered on a national securities exchange. Certain securities are exempted by the act from these provisions. For the initial extension of credit such rules and regulations must be based upon a certain standard set forth in the act, but the Board is authorized to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD prescribe such requirements lower than the standard as it " deems necessary or appropriate for the accommodation of commerce and industry, having due regard to the credit situation of the country", and such higher requirements as it may "deem necessary or appropriate to prevent the excessive use of credit to finance transactions in securities." The act makes it unlawful for any member of a national securities exchange, or any broker or dealer who transacts a business in securities through the medium of any such member, to extend or maintain credit to or for any customer (1) on any registered security (other than an exempted security) in contravention of the Board's rules and regulations, or (2) without collateral or on collateral other than registered securities and/or exempted securities, except in accordance with such rules and regulations as the Board may prescribe to permit the extension or maintenance of such credit in certain cases. In accordance with the act the Board issued on September 27 a regulation (Regulation T) effective October 1 dealing with the extension and maintenance of credit by brokers, dealers, and members of national securities exchanges. The regulation placed no restrictions on the amount of or collateral for loans for industrial, commercial, or agricultural purposes. In prescribing the margin requirements specified in this regulation the Board adopted the basis stated in the Securities Exchange Act of 1934 and provided that, with certain exceptions, a member of a national securities exchange, or a broker or dealer subject to the regulation, shall not make any initial extension of credit to any customer on any registered security (other than an exempted security) for the purpose of purchasing or carrying any security, in an amount which causes the total credit extended on such registered security to exceed whichever is the higher of: (1) 55 percent of the current market value of the security; or (2) 100 percent of the lowest market value of the security computed at the lowest market price therefor during a specified period preceding the current month, but not more than 75 percent of the current market value. The period specified is on3 of 36 calendar months except that until July 1, 1936, it is the period between July 1, 1933, and the beginning of the current month. At the level of security prices when Regulation T went into effect, brokers could extend credit on most registered securities up to 75 percent of their current market value. In case of any substantial increase in security prices, however, the average margin requirement prescribed by the regulation increases automatically, since the loan value of an increasing proportion of outstanding securities becomes less than 75 percent of current market value. The margin requirements stated in the law and now prescribed by the Federal Reserve Board are designed to exert a restraining influence Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 37 on speculative trading. By imposing higher margin requirements on securities that have had a rapid rise than on more stable securities, the prescribed requirements make credit less freely available for trading in speculative securities. Regulation T does not prescribe a specific margin that must be maintained after a loan has been granted, but imposes restrictions on the operations which the customer may be permitted to carry on in his account if his margin falls below the standard prescribed for initial extension of credit. Thus the amount of credit maintained in an account is not required by the regulation to be reduced as a consequence of a decline in the market value of the securities held, but additional extensions of credit are not permitted unless sufficient additional margin is supplied for the new extension itself. The regulation provided means by which accounts in existence on October 1, 1934, might be recorded separately by the creditor at any time prior to November 15, 1934, and thereafter be maintained separately until liquidated, but not later than July 1, 1937. In order to prevent circumvention of the margin rules, however, transactions in such accounts are subject to restriction. Under section 8 of the Securities Exchange Act of 1934 brokers and dealers subject to the act may not borrow on registered securities (other than exempted securities) from lenders other than member banks except under certain conditions. Nonmember banks must sign an agreement in the form specified in Regulation T before brokers and dealers who are subject to the regulation may borrow from them, and by December 31, 1934, 121 nonmember banks had signed this agreement. Members of registered securities exchanges and other brokers and dealers subject to the regulation are also permitted to borrow from and lend to one another under specified conditions. Rules are also included in Regulation T regarding cash transactions, reports by brokers, and such administrative details as the borrowing and lending of securities, the debiting of interest, commissions, etc., the handling of guaranteed accounts, the transfer of accounts, temporary credit for clearance of securities, and adjustments for innocent mistakes. In preparation for the adoption of margin requirements the Board made a survey of the condition of margin accounts held with brokers in the summer of 1934. At the request of the Federal Reserve Board the New York, Chicago, and San Francisco Stock Exchanges obtained certain reports from their members as of July 31, 1934. Reports were secured covering approximately 213,000 accounts and over two-thirds of all customers' borrowings. They showed that a large number of accounts contained substantial amounts of excess margin, as judged either by the rules of the New York Stock Exchange or by the standard used in Regulation T. In 85 percent of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD the accounts reported, customers were not borrowing more than 66% percent of the value of the securities in the account. The value of the securities held in all the accounts was nearly twice as large as the amount borrowed on the securities, that is to say, total borrowings were equal to approximately 50 percent of the total value of the securities carried. The reports showed the amount of each individual security held in customers7 accounts with debit balances and in partners' and firms' accounts. These data covered in all some 20,000 different issues with total market value estimated at about $2,600,000,000. Detailed analysis was made of figures representing about 80 percent of the total estimated value of all securities held by brokers for their customers. This analysis indicated that on the basis of market values as of July 31, 1934, over two-thirds of the securities so held, exclusive of unlisted securities, could have been carried under the provisions of Regulation T with a maximum loan of 75 percent of market value, about one-fourth permitted loans of percentages varying from 55 to 75 percent of market value and averaging 67.6 percent, and the remainder, or about one-twelfth, had a maximum loan value of 55 percent of market value. The average maximum loan value on all these securities was slightly under 72 percent. This compared with a maximum percentage permitted by the New York Stock Exchange of about 77 percent for large accounts and 66% percent for small accounts, averaging about 75 percent for ail accounts. When the new margin rules went into effect the securities markets were relatively inactive, and remained so during the rest of the year. There was accordingly no occasion, such as might be afforded by a rapidly rising market, to test the effectiveness of the new rules in accomplishing the purposes for which they were adopted. Between September 1934, before Regulation T became effective, and the last month of the year, security prices advanced somewhat. The increase for common stocks, according to the index of the Standard Statistics Co., amounted to about 3 percent. From the end of September to the end of December there was little change in the total volume of customers7 borrowings from brokers. The total borrowings of members of the New York Stock Exchange at the end of 1934, amounting to $880,000,000, were $35,000,000 larger than at the end of 1933 but only about 10 percent of their maximum in the autumn of 1929. The Securities Exchange Act of 1934 also empowers the Federal Reserve Board, within certain limitations, to prescribe rules and regulations, including margin requirements, for credit extended or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 39 maintained by other persons than members of a national securities exchange, or brokers or dealers who transact a business in securities through the medium of such members, for the purpose of purchasing or carrying any security registered on a national securities exchange. These other persons include all banks in the United States except such banks as are subject to Regulation T by reason of their holding membership in a national securities exchange. This authority is additional to that conferred by other statutes for credit supervision. The Board is studying the subject and in due time will issue the required regulation as to bank loans made to purchase or carry securities registered on a national securities exchange. EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS Gross earnings of the Federal Reserve banks in 1934 amounted to $48,903,000, or $584,000 less than in 1933. After deducting current expenses of $29,242,000, reserves for depreciation on bank premises, and reserves for losses, self-insurance, etc., there remained net earnings of $15,231,000, or $7,274,000 more than the amount of net earnings for 1933. Earnings, expenses, dividend payments, etc., for all Federal Reserve banks combined for 1934 and 1933 are shown in the following table: EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1934 AND 1933 [In thousands of dollars] 1934 1933 Total earnings _ 48,903 49,487 Current expenses __ 29, 242 29, 223 Current net earnings 19, 661 20, 264 Additions (profits on sales of United States Government securities, etc.) 8,926 1,762 Deductions (depreciation and other reserves, etc.) ._ 13, 356 14,069 Net deductions from current net earnings 4,430 12,307 Net earnings _ _ 15,231 7,957 Dividends paid 8,781 8,874 Transferred to surplus (sec. 7) 6,510 -917 Withdrawn from surplus (sec. 13b) 60 All Federal Reserve banks paid dividends to member banks at the rate of 6 percent per annum on their paid-in capital. These dividends amounted to $8,781,661. 129288—35 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Gross and net earnings during the year 1934 and the distribution of net earnings of each Federal Reserve bank are shown in the following table: FINANCIAL RESULTS OP OPERATIONS OF THE FEDERAL RESERVE BANKS DURING 1934 Federal Reserve bank ea G rn ro in s g s s ea N rn e in t gs Div p i a d i e d nds T t r o a n s s u f r e p r l r u e s d W p fr l o i u t m h s d ( r s s a u e w c r- . n (sec. 7) 13b) Boston _ $3,055,928 $932,792 $644,075 $291,872 $3,155 New York..._ 16,081,935 8,307,134 3,567,690 4, 747,138 7,694 Philadelphia- 3,725,022 1,042,879 925,875 117,900 896 Cleveland 4,137,556 1,042,697 769,096 281,757 8,156 Richmond 1,987,801 313,347 299,050 14, 595 Atlanta 1,818,161 655,812 264,093 394,351 2,632 Chicago 8,152,371 1,404,491 761,334 669,479 26,322 St. Louis 1,824,453 139,996 241,009 -100,966 47 Minneapolis.. 1,415,097 176,285 181,117 4,832 Kansas City- 1,960,098 243, 534 247,156 3,622 Dallas 1,521,971 331,869 237,924 93,945 San Francisco. 3,222,420 640,573 643,242 2,669 Total. _. 48,902,813 15,231,409 8,781,661 6,510,071 60,323 Earnings on total bills and securities were slightly less in 1934 than in 1933, an increase of about $74,000,000 in average daily holdings of bills and securities being more than offset by a reduction from 1.98 percent to 1.91 percent in the average rate of earnings. Average daily holdings of bills and securities, together with average rates and amounts of earnings thereon, are shown for recent years in the following table: EARNINGS ON BILLS AND SECURITIES [Amounts in thousands of dollars] Bills and securities Total B co il u ls n d te i d s- b m o o u B a p g i r e l h k l n s t e t in U s e e . r c n S u m . ri G e ti n o e t v s - s A b e i l c l l l u s o r i a t t h n ie e d s r Daily average holdings: 1931 1,251,058 326,217 245,260 669,013 10,568 1932 2,062,446 520,637 70,902 1,461,258 9,649 1933 2,421,566 283, 229 82,882 2,052,160 3,295 1934 2,495,497 35,788 24,742 2,431,673 » 3,294 Earnings: 1931 27,565 9,821 5,010 12,428 306 1932 47,992 17,881 2,785 26,924 402 1933 47,995 9,137 1,238 37,530 90 1934 47,655 1,231 141 46,131 U52 Average rate of earnings (percent): 1931 2.20 3.01 2.04 1.86 2.90 1932 2.33 3.43 3.93 1.84 4.17 1933 _ 1.98 3.23 1.49 1.83 2.74 1934 - 1.91 3.44 .57 1.90 14.61 'Includes industrial advances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD 41 Current expenses of the Federal Reserve banks in 1934 were $29,241,000, or $18,000 more than in 1933. Salary payments during 1934, including contributions to the retirement system of the Federal Reserve banks established on March 1, 1934, were $1,551,000 in excess of salary payments in 1933. Other items of expenditure that show a substantial increase over 1933 are the assessments for expenses of the Federal Reserve Board-, which increased $572,000, and taxes on banking houses, which- increased $110,000. Owing largely to the falling off in the demand for currency in 1934 as compared with 1933, when there was an abnormal demand for currency preceding the banking holiday, expenditures of the Federal Reserve banks for the printing and redemption of Federal Reserve currency declined $1,359,000 and insurance on currency shipments by $68,000. Other substantial reductions in expenses were $120,000 in taxes on Federal Reserve bank notes, $219,000 in telephone and telegraph charges, $240,000 in postage and expressage, $71,000 in printing, and $148,000 in insurance other than on currency shipments. The average number of officers and employees, exclusive of those assigned to Reconstruction Finance Corporation work, was 10,376 in 1934 compared with 10,015 in 1933. During the year the Federal Reserve banks had an average of 1,351 officers and employees engaged on work of the Reconstruction Finance Corporation compared with 1,114 in 1933. The volume of work handled in the principal operating departments of the banks for which a measurement is available, during each of the last 4 years, was as follows: VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1931 1932 1933 1934 NUMBER OF PIECES HANDLED 1 Bills discounted: Applications 109,000 178,000 81,000 15,176 Notes discounted 513,000 779,000 346,000 42,128 Industrial advances: Notes discounted- 463 Commitments to make industrial advances 227 Bills purchased in open market for own account 221,000 76,000 79,000 7,400 Currency received and counted 2,269,292,000 2,025,552,000 2,013,459,000 2,067,835,000 Coin received and counted 2,900,462,000 2,654,787,000 2,497,928,000 2,565,164,000 Checks handled . . 864,615,000 734,538,000 688,933,000 818,847,000 Collection items handled: U. S. Government coupons paid 17,322,000 17,710,000 18,099,000 21, 555,000 All other 6,927,000 7,468,000 8,371,000 7,436,000 U. S. Government direct obligations— issues, redemptions, and exchanges by fiscal agency department. _ 2,431,000 1,956,000 3,502,000 5,281,000 Transfers of funds _ 1,663,000 1,469,000 1,290,000 1,125,000 1 2 or more checks, coupons, etc., handled as a single item, are counted as 1 " piece." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 ANNUAL REPOET OF THE FEDERAL RESERVE BOARD VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS—Continued 1931 1932 1933 1934 AMOUNTS HANDLED Bills discounted $14, 555, 590, 000 $18, 648, 306,000 $9, 632,808,000 $714,361, 000 Industrial advances: Notes discounted 14,884,000 Commitments to make industrial advances 11,443,000 Bills purchased in open market for own account 2,998,415,000 762,755,000 898,001,000 75,903,000 Currency received and counted 12, 668, 638, 000 10,952,597,000 11,710, 364,000 9,932, 601,000 Coin received and counted 585, 945,000 360, 295,000 624,617,000 298,297,000 Checks handled. 248,172,956, 000 176,591, 791,000 157,833,692,000 179,544,488,000 Collection items handled: U. S. Government coupons paid 479,960,000 529,086,000 578,082,000 699, 325,000 All other _ 7,321,814,000 5, 427,817,000 5,539,659,000 6, 742,974,000 U. S. Government direct obligations— issues, redemptions, and exchanges by fiscal agency department 17,348,971,000 19,444,110,000 24,622, 726,000 29,941,049,000 Transfers of funds 162,095,081,000 116,040,041,000 85,059,151,000 73,077,156,000 As indicated by the foregoing table, there has been a substantial increase during the past 2 years, and particularly in 1934, in the volume of United States Government obligations issued, redeemed, and exchanged and of United States Government coupons paid by the Federal Reserve banks. There has also been a corresponding increase in other fiscal agency and custodianship services rendered to the United States Government by the Federal Reserve banks, including services performed for the Reconstruction Finance Corporation, the Farm Credit Administration, the Home Owners' Loan Corporation, and other Government agencies. The Banking Act of 1933 and the Securities Exchange Act of 1934 imposed additional duties and responsibilities upon the Federal Reserve Board and the Federal Reserve banks and added appreciably to their cost of operation. The act of June 19, 1934, adding section 13b to the Federal Reserve Act under which the Federal Reserve banks are authorized to make industrial advances for working capital purposes, with a maturity of not exceeding 5 years, has also resulted in a substantial increase in the volume of work performed by the Federal Reserve banks and in their expenses. BUILDING OPERATIONS OF FEDERAL RESERVE BANKS AND THE FEDERAL RESERVE BOARD Construction of additions to the buildings occupied by the Federal Reserve Banks of New York and Philadelphia was in progress at the end of 1934. All Federal Reserve banks and their branches are now housed in buildings owned by the banks except the branches at Cincinnati, Charlotte, Portland, Seattle, and Spokane. The Federal Reserve Board now occupies rented quarters in two buildings in the city of Washington. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 43 The act of June 19, 1934, authorized the Federal Reserve Board to acquire a building site in the District of Columbia and to construct a building suitable and adequate in its judgment for its purposes. A careful survey of possible locations for the new building was made, which resulted in the selection of a site on the north side of Constitution Avenue, between Twentieth and Twenty-first Streets NW. The site was approved by the National Capital Park and Planning Commission and by the Secretary of the Interior who recommended it to the President, and the President gave his approval on July 13, 1934. Title was transferred to the Board by the Secretary of the Treasury on January 22, 1935, the purchase price being $754,583. Following the approval of the site, the Board engaged Mr. Everett V. Meeks, dean of the School of the Fine Arts in Yale University, to prepare a program for a competition for the selection of an architect for the building. The program, after having been approved by the Fine Arts Commission, the National Capital Park and Planning Commission, and the American Institute of Architects, was issued on February 1, 1935. During the formulation of the program for the competition, a thorough study of the Board's needs in the new building was made by Mr. E. F. Abell, consulting engineer. The Board also had the benefit of the advice and assistance of the National Park Service of the Department of the Interior. After consulting with the chairman of the Fine Arts Commission, invitations to participate in the competition were sent to Arthur Brown,. Jr., San Francisco, Calif.; Coolidge, Shepley, Bulfinch & Abbott, Boston, Mass.; Paul Philippe Cret, Philadelphia, Pa.; Delano & Aldrich, New York City; Holabird & Root, Chicago, 111.; John Russell Pope, New York City; James Gamble Rogers, New York City; Egerton Swartwout, New York City; and York & Sawyer, New York City. The jury selected by the Board to pass upon the designs submitted by the competing architects is composed of Messrs. John W. Cross, New York City; William Emerson, Boston, Mass.; and John Mead Howells, New York City, architects; Mr. Frederic A. Delano, chairman of the National Capital Park and Planning Commission, and Mr. Adolph C. Miller, member of the Federal Reserve Board and chairman of the site and building committees appointed by the Board. BRANCHES AND AGENCIES OF FEDERAL RESERVE BANKS The 25 branches and 2 agencies of the Federal Reserve banks which were in operation at the end of 1933 continued to function throughout the year 1934. The following table shows a comparison of the volume Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD of work handled in certain departments during the years 1931, 1932, 1933, and 1934: VOLUME * OF OPERATIONS OF FEDERAL RESERVE BRANCHES AND AGENCIES 1931 1932 1933 1934 Checks handled: Number 245,416,000 205,505,000 193,799,000 233,518,000 Amount -.._ $48,079,197,000 $34,048,272,000 $33,618,776,000 $43,109,445,000 Currency received and counted: Number of pieces 522,933,000 470,285,000 472,870,000 489,527,000 Amount $2,565,552,000 $2,222,943,000 $2,543,130,000 $2,195,428,000 Coin received and counted: Number of pieces 593,425,000 574,622,000 526,189,000 531,547,000 Amount - $72, 550,000 $71,273,000 $126,211,000 $68,136,000 1 2 or more checks, etc., handled as a single item, are counted as 1 "piece." Current expenses during 1934 of the branches and agencies amounted to $5,917,000, compared with $5,834,000 during 1933. FEDERAL RESERVE INTERDISTRICT COLLECTION SYSTEM At the end of 1934 there were 12,915 banks (licensed and unlicensed) on the Federal Reserve par list, comprising all member banks (6,451) and 6,464 nonmember banks that pay, without deduction of exchange charges, such checks drawn upon them as are presented or forwarded for payment by the Federal Reserve banks. During the year the number of nonmember banks on the par list decreased by 690, largely as a result of the reduction in the number of banks in operation, and the number not on the par list decreased by 52. Of the 2,643 banks not on the par list at the end of 1934, 1,438 were located in the 11 Southern States and 1,083 in the West North Central States and the adjoining State of Wisconsin. As will be seen from the following table, all of the banks in the Boston, New York, and Philadelphia districts and all but one in the Cleveland district were on the Federal Reserve par list. INTERDISTRICT COLLECTION SYSTEM [Number of banks, including both licensed and unlicensed banks, at end of December 1933 and 1934] Member banks Nonmember banks, other than mutual savings banks Federal Reserve district On par list Not on par listl Dec. 31, Dec. 31, 1934 1933 Dec. 31, * Dec. 31, Dec. 31, Dec. 31, 1934 1933 1934 . 1933 United States 6,451 6,523 6,464 7,154 2,643 2,695 Boston 371 367 174 209 New York 792 808 314 300 Philadelphia... 656 671 268 281 Cleveland 629 621 638 696 1 3 Richmond 401 400 336 352 310 338 Atlanta 332 330 99 109 663 637 Chicago 683 692 1,740 1,986 211 187 St. Louis _. 394 403 926 1,002 376 377 Minneapolis... 524 532 214 249 697 704 Kansas City... 734 748 1,108 1,256 168 199 Dallas 555 649 335 365 183 211 San Francisco.. 380 402 312 349 34 39 1 Figures for 1933 exclude while those for 1934 include private banks not under State supervision (55 on Dec. 31,1934). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 45 CHANGES IN MEMBERSHIP During the year 1934 the number of licensed member banks increased from 6,011 to 6,442, a net increase of 431. This increase was due largely to the opening of 406 new national banks, resulting mainly from the reorganization of unlicensed member banks, and the admission of 125 State banks to membership in the Federal Reserve System. The increases were partly offset by the merger, absorption, consolidation, and liquidation of 169 licensed member banks. The 6,442 licensed member banks on December 31, 1934, included 5,462 national banks and 980 State member banks. Changes in the number of licensed member banks during 1934 are summarized in the following table: CHANGES IN NUMBER OF LICENSED MEMBER BANKS DURING 1934 Number of licensed member banks at beginning of year 6, Oil Increases: Organizations of national banks (including successions and conversions) 406 Admissions of State banks to membership 125 Reopening (licensing) of suspended and unlicensed banks > 75 Total additions 606 Decreases: Withdrawals of State banks from membership 5 Suspensions 1 Mergers, absorptions, consolidations, and liquidations 169 Total decreases 175 Net increase 431 Number of licensed member banks at end of year 6, 442 At the end of December 1934 loans an,d investments of member banks constituted approximately 87 percent of the total loans and investments of all banks, exclusive of mutual savings banks, compared with 83 percent at the end of 1933 and 79 percent at the end of 1932. AMENDMENTS TO THE LAW RELATING TO THE FEDERAL RESERVE SYSTEM During the year 1934 a number of acts were passed by Congress containing provisions of importance amending the Federal Reserve Act or by their terms affecting the Federal Reserve System. These provisions are summarized below. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD ACT OF JANUARY 30, 1934 Transfer of gold of Federal Reserve banks to the United States.— The Gold Keserve Act of 1934, enacted January 30, 1934, vested in the United States all right, title, and interest and every claim of the Federal Reserve Board, the Federal Reserve banks, and the Federal Reserve agents to all gold coin and bullion, and in payment therefor established credits in the Treasury in equivalent amounts in dollars, these credits being payable in gold certificates. Gold in the possession of the Federal Reserve Board, the Federal Reserve banks, and Federal Reserve agents was required to be held in custody for the United States and delivered upon order of the Secretary of the Treasury. Amendments relating to Federal Reserve notes.—Section 16 of the Federal Reserve Act was amended by the Gold Reserve Act of 1934 so as to make Federal Reserve notes redeemable only in lawful money; to eliminate the authority for the use of gold (but not gold certificates) as collateral for Federal Reserve notes; to require that reserves against Federal Reserve notes be maintained in gold certificates instead of in gold and that reserves against deposits of Federal Reserve banks be maintained in gold certificates or lawful money instead of in gold or lawful money; to require the redemption fund of each Federal Reserve bank maintained on deposit at the Treasury of the United States to be in gold certificates instead of in gold; to make deposits of Federal Reserve banks and Federal Reserve agents with the Treasurer of the United States repayable in gold certificates only and not in gold coin; and to make other corresponding amendments in other provisions of section 16. Conditions as to acquisition or transportation of gold.—The Gold Reserve Act also required the Secretary of the Treasury, with the approval of the President, to prescribe conditions under which gold may be acquired, held, and transported (a) for industrial, professional, and artistic use, (b) by the Federal Reserve banks for the purpose of settling international balances, and (c) for such other purposes as in the Secretary's judgment are not inconsistent with the purposes of the act. Redemption of currency in gold.—The act prohibited the redemption in gold of any currency of the United States except as permitted in regulations prescribed by the Secretary of the Treasury, with the approval of the President; but the act also provided that gold certificates owned by the Federal Reserve banks shall be redeemed at such times and in such amounts as in the judgment of the Secretary are necessary to maintain the equal purchasing power of currency of the United States; that.the reserve for United States notes and Treasury notes of 1890 and the security for gold certificates shall be maintained in gold bullion equal to the dollar amounts required by law; and that the reserve for Federal Reserve notes shall be maintained in gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 47 certificates or in credits payable in gold certificates maintained with the Treasurer of the United States under section 16 of the Federal Reserve Act. Reduction in weight of the gold dollar; stabilization fund.—The Gold Reserve Act also amended the act of May 12, 1933, which empowered the President under certain conditions to reduce the weight of the gold dollar by an amount not exceeding 50 percent. The Gold Reserve Act provided that in any event the weight of the gold dollar should not be fixed at more than 60 percent of its previous statutory weight. It was provided that the increase in the value of the gold held by the United States which resulted from any reduction in the weight of the gold dollar should be covered into the Treasury as a miscellaneous receipt. The sum of $2,000,000,000 resulting from such increase was appropriated to be deposited with the Treasurer of the United States in a stabilization fund, under the exclusive control of the Secretary of the Treasury, with the approval of the President, to be available for expenditure for the purpose of stabilizing the exchange value of the dollar and also for the purpose of investing or reinvesting in direct obligations of the United States any portions of the fund not currently required for stabilizing the exchange value of the dollar. It was provided that the operation of the stabilization fund should terminate 2 years after the date of enactment of the act, but the President was given authority to terminate the operation of the fund at an earlier date or, by proclamation, to extend the period for not more than 1 additional year. Other provisions of Gold Reserve Act.—The Gold Reserve Act also contains provisions for the forfeiture of gold withheld, acquired, or transported in violation of law; provisions prohibiting coinage of gold with certain exceptions; and certain other provisions of a miscellaneous character. ACTS OF JANUARY 31, 1934, AND APRIL 27, 1934 Security for 15-day advances by Federal Reserve banks.—Section 13 of the Federal Reserve Act was amended by the Federal Farm Mortgage Corporation Act approved January 31, 1934, so as to authorize Federal Farm Mortgage Corporation bonds issued under the Federal Farm Mortgage Corporation Act to be used as security for advances by Federal Reserve banks to their member banks for periods not exceeding 15 days and was amended by an act approved April 27, 1934, so as to authorize bonds issued under the provisions of section 4 (c) of the Home Owners' Loan Act of 1933, as amended, to be used as security for such advances. Obligations eligible for purchase by Federal Reserve banks.— Section 14 of the Federal Reserve Act was amended by the act of January 31, 1934, above mentioned, so as to authorize Federal Re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD serve banks to buy and sell bonds of the Federal Farm Mortgage Corporation having maturities from date of purchase of not exceeding 6 months and was amended by the act of April 27, 1934, so as to authorize such banks to buy and sell bonds issued under the provisions of section 4 (c) of the Home Owners' Loan ^.ct of 1933, as amended, and having maturities from date of purchase of not exceeding 6 months. Federal Reserve banks as fiscal agents for Home Owners' Loan Corporation.—The act of April 27, 1934, also authorized the Federal Reserve banks, with the approval of the Secretary of the Treasury, to act as depositaries, custodians, and fiscal agents for the Home Owners' Loan Corporation. ACT OF MARCH 6, 1934 Direct obligations of the United States as security for Federal Reserve notes.—By the act of March 6, 1934, the authority of the Federal Reserve Board, when it deems it in the public interest, to permit the use of direct obligations of the United States as collateral security for Federal Reserve notes, which would otherwise have expired on March 3, 1934, was extended until March 3, 1935, or until the expiration of such additional period not exceeding 2 years as the President may prescribe. ACT OF MAY 18, 1934 Robbery of member bank.—This act provided a penalty of fine or imprisonment, or both, for taking, by force and violence or by putting in fear, the property of a member bank or any bank organized under the laws of the United States and provided more severe penalties for assaults in connection with such an offense. It also provided that whoever, in committing such an offense or in endeavoring to escape from arrest for such an offense, kills any person or forces any person to accompany him unwillingly, shall be punished by imprisonment for not less than 10 years or by death if the jury so direct. ACT OF JUNE 27, 1934 Applicability of restrictions on real-estate loans to loans under the Housing Act.—The act of June 27, 1934, the National Housing Act, amended section 24 of the Federal Reserve Act so as to provide that a loan made by a national bank which is secured by real estate and insured under the provisions of title II of the National Housing Act shall not be subject to the restriction of that section as to the amount of the loan in relation to the actual value of the real estate or to the limitation of 5 years upon the term of a real-estate loan. It also provided that loans made to finance the construction of residential Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 49 or farm buildings with maturities of not more than 6 months, whether or not secured by lien on real estate, are not to be considered loans secured by real estate within the meaning of section 24 of the Federal Reserve Act but that no national bank may invest in or be liable on any such loans in excess of 50 percent of its paid-in and unimpaired capital. Eligibility for rediscount of construction loans.—Notes representing loans made to finance the construction of residential or farm buildings were made eligible by the act of June 27, 1934, for rediscount at Federal Reserve banks for member banks within the terms of the applicable provisions of the Federal Reserve Act relating to rediscounts, if accompanied by a valid and binding agreement to advance the full amount of the loan upon the completion of the building entered into by a person acceptable to the discounting Federal Reserve bank. Moneys of Federal Savings and Loan Insurance Corporation.— The act provided for the deposit with Federal Reserve banks in certain instances of moneys of the Federal Savings and Loan Insurance Corporation not required for current operations. ACT OF JUNE 6, 1934 Securities Exchange Act of 1934.—This act, enacted June 6, 1934, in addition to its other provisions for the regulation of national securities exchanges, placed certain regulatory powers in the Federal Reserve Board. Section 7 directed the Federal Reserve Board, for the purpose of preventing the excessive use of credit for the purchase or carrying of securities, to regulate the amount of credit that may be extended or maintained by brokers, dealers, and members of national securities exchanges, on any security (other than an " exempted security ") registered on a national securities exchange. Members, brokers, and dealers are forbidden by the law to extend or maintain credit without collateral or on collateral other than registered or exempted securities except in accordance with the rules or regulations which the Board may prescribe to permit such extension or maintenance of credit in certain cases; and they may not borrow on registered, nonexempted securities in the ordinary course of business except (1) from a member bank, (2) from a nonmember bank which has filed with the Board a specified agreement, or (3) in accordance with such rules or regulations as the Board may prescribe to permit loans between members, brokers, and dealers, or to meet emergencies. The agreement specified for nonmember banks from which members, brokers, or dealers may borrow, must be an undertaking to comply with all provisions of the Securities Exchange Act of 1934, the Federal Reserve Act, and the Banking Act of 1933, which are applicable to member banks and relate to the use of credit to finance transactions in securities, and with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD rules or regulations prescribed pursuant to such provisions. The act also authorized the Board to regulate the extension or maintenance of credit by persons other than members, brokers or dealers, when such credit is for the purpose of purchasing or carrying registered securities. ACT OF JUNE 16, 1934 Insurance of bank deposits.—Section 12B of the Federal Reserve Act was amended by the act of June 16, 1934, so as to extend for a period of 1 year after June 30, 1934, the temporary plan for insurance of bank deposits and so as to increase from $2,500 to $5,000 the amount of the deposits of any depositor in one bank which are insured under the temporary plan (except deposits of mutual savings banks in certain circumstances). The act also contained certain other miscellaneous amendments to section 12B of the Federal Reserve Act with regard to the insurance of bank deposits. Capital requirements for membership in the Federal Reserve System.—The Federal Reserve Act was amended by this act so as to provide that for the purposes of membership of a State bank applying for membership in the Federal Reserve System, the terms "capital" and "capital stock" shall include the amount of outstanding capital notes and debentures legally issued by the applying bank and purchased by the Reconstruction Finance Corporation. Stock ownership by directors of member banks.—This act also repealed the provisions of the Banking Act of 1933 relating to stock ownership by directors, trustees, or members of similar governing bodies of member banks of the Federal Reserve System. The law on this subject with respect to member banks, therefore, is now the same as existed prior to the enactment of the Banking Act of 1933. ACT OF JUNE 19, 1934 Industrial advances by Federal Reserve banks.—The act of June 19, 1934, added to the Federal Reserve Act a new section, known as section 13b, under which in exceptional circumstances and pursuant to authority granted by the Federal Reserve Board, a Federal Reserve bank may on a reasonable and sound basis make loans to or purchase obligations of an established industrial or commercial business which is unable to obtain requisite financial assistance from the usual sources, for the purpose of providing such business with working capital, and may make commitments with respect to such loans or purchases, subject to a limitation of 5 years upon the maturity of any such obligation or commitment. Federal Reserve banks were also authorized by this act to acquire such working capital obligations of such businesses from banks or financing institutions by discount or purchase, to make loans on the security of such obligations, and to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 51 make commitments with respect to such discounts, purchases, or loans. Under the law each such financing institution must obligate itself to the Federal Reserve bank for at least 20 percent of any loss which may be sustained upon any such obligation or, in lieu thereof, furnish at least 20 percent of the working capital advanced to such established industrial or commercial business. The law established in each Federal Reserve district an industrial advisory committee consisting of not less than 3 nor more than 5 members actively engaged in some industrial pursuit and appointed by the Federal Reserve bank subject to the approval of the Federal Reserve Board; and each application for a loan, advance, purchase, discount, or commitment under authority of section 13b must be submitted to the appropriate committee which after consideration of the application transmits it to the Federal Reserve bank with its recommendation. In order to enable the Federal Reserve banks to make the industrial advances described, the Secretary of the Treasury was authorized by the law to pay to each Federal Reserve bank a sum equal to not in excess of the par value of its holdings of stock in the Federal Deposit Insurance Corporation, upon agreement by the Federal Reserve bank to hold such stock unencumbered and to pay to the United States all proceeds thereof. In addition, each Federal Reserve bank is required to agree that if the proceeds of such stock in any calendar year do not aggregate 2 percent of the total payment made to it by the Secretary, it will pay to the United States such further amount, if any, up to 2 percent of such total payment as shall be covered by the net earnings of the bank for the year derived from the use of the sum so paid by the Secretary. The aggregate amount of discounts, purchases, loans, advances, and commitments of the Federal Reserve banks outstanding under the authority of section 13b of the Federal Reserve Act at any one time shall not exceed the surplus of the banks as of July 1, 1934, plus all amounts paid to the banks by the Secretary of the Treasury as above described. This act also amended the Reconstruction Finance Corporation Act so as to authorize the corporation, in certain circumstances and subject to certain limitations, to make loans to industrial or commercial businesses, either directly or in cooperation with banks or other lending institutions or by the purchase of participations. Liabilities of national banks.—The act of June 19, 1934, excepted liabilities incurred under the provisions of section 13b of the Federal Reserve Act from the limitation of section 5202 of the Revised Statutes of the United States upon the aggregate liabilities of a national bank, in addition to the other exceptions therein provided. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Criminal provisions.—The act of June 19, 1934, also provided criminal penalties for material false statements or overvaluation of security in connection with the grant of credit accommodations by Federal Reserve banks, for embezzlement or misapplication of funds of a Federal Reserve bank or false entries or issuance of obligations without authority by any person connected with a Federal Reserve bank, and for giving or receiving of undisclosed fees, commissions, bonuses, or things of value for procuring or endeavoring to procure from a Federal Reserve bank any credit accommodation either directly from such Federal Reserve bank or indirectly through any financing institution. Provisions of certain sections of the Criminal Code of the United States with reference to activities of members of Congress and officers of the United States in connection with contracts with the Government of the United States were extended insofar as applicable to apply to contracts or agreements with any Federal Reserve bank. Building for Federal Reserve Board.—The act of June 19, 1934, also authorized the Federal Reserve Board to acquire a building, or a site and to construct thereon a building, for the purpose of providing suitable and adequate quarters in the District of Columbia for the performance of its functions. ADDITIONS TO AND CHANGES IN THE FEDERAL RESERVE BOARD'S REGULATIONS In accordance with the provisions of the Securities Exchange Act of 1934, the Federal Reserve Board issued its Regulation T with regard to the extension and maintenance of credit by brokers, dealers, and members of national securities exchanges. This regulation became effective October 1, 1934, but in order that persons affected by it might have additional time after that date within which to familiarize themselves with its provisions, the Securities and Exchange Commission exempted, until midnight of October 14, 1934, from the operation of certain provisions of the statute and regulations issued thereunder, all securities except those as to which the Commission had refused to grant registration. The act of June 19, 1934, authorizing Federal Reserve banks to grant credit accommodations for the purpose of providing working capital for established industrial or commercial businesses provided that all such operations of the Federal Reserve banks should be subject to such regulations as the Federal Reserve Board might prescribe; and accordingly, the Federal Reserve Board issued its Regulation S with reference to this subject on June 26, 1934, and it became effective immediately. The Board's Regulation Q with reference to the payment of deposits and interest thereon by member banks of the Federal Reserve System Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 53 was amended in several particulars, but the amendments, while approved in December 1934, were adopted to become effective February 1, 1935. The principal amendment was a reduction in the maximum rate of interest which may be paid by member banks on time and savings deposits from 3 percent per annum compounded semiannually to 2% percent per annum, compounded quarterly. EXTENSION OF THE PERIOD DURING WHICH FEDERAL RESERVE BANKS MAY MAKE ADVANCES TO MEMBER BANKS IN EXCEPTIONAL CIRCUMSTANCES Section 10 (b) of the Federal Reserve Act, as amended by the act of March 9, 1933, authorizes advances by Federal Reserve banks in exceptional and exigent circumstances to individual member banks which are without sufficient eligible and acceptable assets to enable them to obtain adequate credit accommodations through other methods provided by law, but it is provided that no such advances may be made after March 3, 1934, or after the expiration of such additional period not exceeding 1 year as the President may prescribe. By proclamation under date of February 16, 1934, the President prescribed an additional period of 1 year after March 3, 1934, during which advances might be made by any Federal Reserve bank under the provisions of said section 10 (b). CREDIT AGREEMENTS WITH FOREIGN CENTRAL BANKS The aggregate participation of the Federal Reserve banks in the two credits extended, with the approval of the Federal Reserve Board, to the National Bank of Hungary in 1931 by the Federal Reserve Bank of New York, in association with the other Federal Reserve banks and other foreign central banks, was reduced during 1934 from $3,560,000 to $3,140,000. These two credits, which took the form of purchases of prime commercial bills guaranteed by the National Bank of Hungary, had been consolidated in 1933 in an agreement that provided for scheduled reductions over a period of 3 years. The demand deposit of $10,000,000 placed by the Federal Reserve banks, upon the approval of the Federal Reserve Board, with the Bank for International Settlements in 1931 for the purchase from time to time of bills guaranteed by that bank, which had been reduced to $2,920,000 by the beginning of 1934, was further reduced to $530,000 during the year. The total of the demand deposit and of bills purchased under the agreement, which had amounted to $4,220,000 at the beginning of the year, was reduced to $2,530,000. On November 2, at the time gold was being shipped from Belgium to the United States, the Federal Reserve Board approved the extension of credits to the National Bank of Belgium by the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Reserve Bank of New York, in association with the other Federal Reserve banks, for amounts up to $25,000,000 in the form of advances secured by gold. Advances made under this agreement were entirely liquidated by the end of November, when the shipment of gold from Belgium to this country ceased. On November 28 the Federal Reserve Board also approved the extension of similar credits to the Bank for International Settlements by the Federal Reserve Bank of New York, in association with the other Federal Reserve banks, for amounts up to $50,000,000 in the form of advances secured by gold. No utilization was made of this credit during the year. BANK EXAMINATIONS Under the provisions of the Federal Reserve Act State member banks are subject to examinations made by direction of the Federal Reserve Board or of the Federal Reserve banks by examiners selected or approved by the Federal Reserve Board. The examinations of State member banks made under the provisions of the Federal Reserve Act are made by examiners for the various Federal Reserve banks, whose appointments are approved by the Federal Reserve Board and who work under the direction of the Federal Reserve agents. The policy approved by the Federal Reserve Board provides that at least one regular examination of each State member bank, including its trust department, be made during each calendar year by examiners for the Federal Reserve banks, either independently or jointly with State banking authorities. In order to avoid duplication of examinations and minimize any inconvenience to the banks examined, most of the examinations of State member banks made by examiners for the Federal Reserve banks were joint examinations made in cooperation with the State banking authorities. . In connection with the consideration of applications of holding company affiliates for voting permits, arrangements were completed, wherever practicable, to have the various banks controlled by the same holding company affiliate examined as nearly as practicable as of the same date in order that a comprehensive picture of the entire group might be obtained and information concerning various relationships within the group be developed. Such arrangements were worked out in cooperation with the chief national bank examiners in the various districts and the State banking authorities, the national banks being examined by the national bank examiners and the State banks by the State authorities and examiners for the Federal Reserve banks. During 1934 a conference was held in Washington of the Assistant Federal Reserve agents in charge of examinations for the Federal Reserve banks, the chief examiners and the trust examiners for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 55 Federal Reserve banks, and representatives of the Federal Reserve Board. The conference was called at the request of the Federal Reserve Board in order that those in charge of the examination work for the Federal Reserve banks and the representatives of the Board in Washington might consider together the questions involved in the examination of the State member banks and that the examination activities of the various Federal Reserve banks might be further coordinated and a more uniform procedure developed. One of the important features of the examinations of the State member banks during the year 1934 was the development of more complete examinations of the trust departments. In accordance with the procedure approved by the Federal Reserve Board in the latter part of 1933, each of the Federal Reserve agents made arrangements to add to his staff one or more examiners especially qualified for the examination of trust departments. In the examinations of the trust departments of the State member banks particular emphasis has been laid upon policies and practices of the banks in the investment of trust funds. As originally enacted, section 12B of the Federal Reserve Act provided that every member bank should take all necessary steps to become a class A stockholder of the Federal Deposit Insurance Corporation on or before July 1, 1934, and that, upon receipt of an application from a State member bank for such stock, the Corporation should request the Federal Reserve Board to certify upon the basis of a thorough examination of such bank whether or not the assets of the bank were adequate to enable it to meet all of its liabilities to depositors and other creditors as shown by the books of the bank. A program of examinations of the State member banks was therefore developed by the Federal Reserve Board and the Federal Reserve agents to serve as the basis for the required certifications to the Federal Deposit Insurance Corporation. Following the postponement to July 1, 1935, of the effective date of the inauguration of the permanent plan for insurance of deposits, another program of examinations for State member banks was inaugurated in order that the required certifications might be based on current reports of examination. The Board's Division of Examinations conducted one examination of each Federal Reserve bank during the year. The head office of the only banking corporation now in operation organized to engage in foreign and international banking business, under the provisions of section 25 (a) of the Federal Reserve Act, generally referred to as the Edge Act, was examined during the year. The Board's Division of Examinations also made an examination of a corporation principally engaged in international or foreign banking whose stock a national bank sought permission to acquire and hold under the provisions of section 25 of the Federal Reserve Act. Digitized for FRA12S9E28R8— 35 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD TRUST POWERS OF NATIONAL BANKS The Board in 1934 approved 70 original and 6 supplementary applications by national banks for permission to exercise fiduciary powers under the provisions of section 11 (k) of the Federal Reserve Act. On December 31, 1934, 1,945 national banks were holding permits to act in fiduciary capacities. During the year 1934, 12 national banks surrendered their rights to exercise trust powers under the provisions of section 11 (k) of the Federal Reserve Act. In addition to granting trust powers to member banks as stated above, the Board also gave consideration to a considerable number of applications for trust powers where the condition of the bank, the character of the management, the need for fiduciary powers or other related matters were such that the grant of unrestricted trust powers did not appear to be warranted. The disposition of such applications varied according to the facts and circumstances in each case. Certain applications were denied; others were approved in restricted form to permit the applicant bank to acquire certain accounts but not to acquire other fiduciary business of the same character; while in other cases action by the Board was deferred pending an examination of the applicant bank, the strengthening of its capital structure, or action in connection with changes or corrections in the asset condition of the bank, its management, or other pertinent factors. In a number of instances where applications had been originally denied or deferred or where restricted powers only had been granted, the Board subsequently reconsidered the application, and, on the basis of a proper showing as to matters affecting its former action, and such additional information as may have been submitted, authorized the applicant bank to exercise either restricted or unrestricted trust powers, as circumstances warranted. A list of national banks holding permits to exercise trust powers on December 31, 1934, is printed on pages 236-255. REDUCTIONS IN CAPITAL STOCK OF MEMBER BANKS During the year 1934 the Board acted upon applications of 558 national banks for permission to reduce the amount of their capital stock, and 557 of the applications were approved. The Board also approved the applications of 16 State member banks which were subject to a condition of membership requiring the Board's approval of reductions in their capital stock. In practically all cases of both national and State member banks, the reductions were in connection with the issuance of preferred stock or capital notes or debentures, the funds released through the reduction of common stock being used to provide for the elimination of losses and other undesirable assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 57 ADMINISTRATION OF SECTIONS 8 AND 8A OF THE CLAYTON ANTITRUST ACT The Clayton Antitrust Act under certain circumstances prohibits directors, officers, or employees of banks, banking associations, or trust companies organized or operating under the laws of the United States from serving other banking institutions and also prohibits such persons from serving nonbanking organizations which make loans secured by stock or bond collateral. The Federal Reserve Board is authorized subject to certain conditions and limitations to grant permits covering the relationships between banking institutions which, without such permits, would be prohibited by the act. During the year 1934 the Board acted upon approximately 2,270 applications for such permits; and at the close of the year 263 applications were pending before the Board. A majority of the applications submitted were made necessary by the provisions of section 8A of the act, which was added by the Banking Act of 1933 and became effective January 1, 1934. Under the provisions of such section many relationships which heretofore were not subject to the provisions of the Clayton Act because of the small size or relative location of the banks involved became subject to the provisions of the act. ADMINISTRATION OF SECTION 32 OF THE BANKING ACT OF 1933 Section 32 of the Banking Act of 1933, which became effective January 1, 1934, makes it unlawful for an officer or director of a member bank to be an officer, director, or manager of an organization engaged primarily in the business of purchasing, selling, or negotiating securities, and prohibits correspondent relationships between such organizations and member banks, except when authorized by a permit therefor issued by the Federal Keserve Board; and the Board is authorized to issue such permit if in its judgment it is not incompatible with the public interest and to revoke such permit if the public interest requires. The Board believes that it was the intent of the Congress in enacting the provision regarding officers and directors of member banks to terminate relationships of certain kinds between member banks and dealers in securities, apparently because the Congress believed that such relationships might tend to influence the banks' credit and investment policies and their advice to their correspondent banks and other customers respecting investments in a manner which the Congress deemed to be incompatible with the public interest. Accordingly, the Board believes that it may not properly issue permits authorizing relationships which are actually of a kind referred to in the section, since to do so would nullify its provisions; and that its Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD authority to issue permits should be exercised only in exceptional cases, such as those which come within the literal terms of the section but which do not involve relationships of a kind which are actually within its intendment. During the year 1934, 388 applications of individuals under the provisions of section 32 were filed with the Board. Of this number, 117 were denied, 32 were granted for the period ending June 16, 1934, 7 were granted without limitation as to time, and in 133 cases the Board concluded that the provisions of section 32 were not applicable. In a number of instances consideration of the application was rendered unnecessary by a change in circumstances occurring after the filing of the application. The Board also considered the applicability of section 32 in a number of other cases in which no formal applications were filed. The Board interpreted the provisions dealing with correspondent relationships as referring to relationships involving the underwriting and distribution of securities. However, since member banks are authorized under other provisions of the law to underwrite and deal in United States Government obligations, municipal bonds, and certain other specified types of securities, the Board decided that it might properly issue permits authorizing correspondent relationships involving securities of those types, and later it issued a blanket permit authorizing such relationships. AFFILIATES OF MEMBER BANKS Reports on affiliates of member banks.—The Banking Act of 1933 amended the Federal Reserve Act so as to provide that member banks should obtain such reports from each of their affiliates as would fully disclose the relations between such organizations and the member banks. For the purpose of such reports the term " affiliates " includes both "affiliates" and "holding company affiliates" as defined by the act. The term "affiliate", as defined in the act, includes any corporation, business trust, association or similar organization, of which a member bank owns or controls a majority of the voting shares or more than 50 percent of the number of shares voted at the preceding election of directors or controls in any other manner the election of a majority of its directors; of which control is held by shareholders of a member bank who own or control a majority of the shares of such bank or more than 50 percent of the number of shares voted at the preceding election of directors or by trustees for the benefit of the shareholders of a member bank; or of which a majority of the directors are directors of a member bank. The term "holding company affiliate" includes any corporation, business trust, association or similar organization which owns or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 59 controls a majority of the shares of stock of a member bank or more than 50 percent of the number of shares voted at the preceding election of directors; which controls in any manner the election of a majority of the directors of a member bank; or for the benefit of whose shareholders substantially all of the stock of a member bank is held by trustees. Each State member bank is required to furnish to the Federal Reserve bank of its district and to the Federal Reserve Board not less than three reports of its affiliates each year on dates identical with its own condition report. It is required that reports of affiliates be published by the bank under the same conditions as govern its own condition reports, and a penalty is prescribed for failure to obtain and furnish any such report. National banks are required to make similar reports to the Comptroller of the Currency. Number of affiliations.—In response to the call by the Federal Reserve Board and the Comptroller of the Currency for reports as of December 31, 1934, 1,142 national banks and 295 State member banks reported affiliates. These affiliates numbered 2,314, of which 281 were nonmember banks, 227 were safe-deposit or bank-building companies, 124 were foreign organizations, and the remaining were classified as mainly in the fields of finance and investment and real estate. Among the affiliates comprehended by the statutory definition are factories, stores, churches, colleges, newspapers, steamship companies, cemeteries, hotels, and labor unions. A large number of these are in the affiliate relationship accidentally, and not as the result of any purpose of establishing such relationships. In many cases the affiliation is due to the fact that the bank has had to realize on collateral pledged to secure loans, or holds certain property as trustee of an estate, or has been helped out of difficulties of its own by the owners of other businesses. About one-sixth of the affiliates grow out of the liquidation of bad assets of member banks. Form of control.—About one-fourth of the affiliates reported were owned by stockholders of the member banks reporting them as affiliates, while a little over one-third were owned directly by member banks. The affiliates' reports that have been submitted by member banks indicate that there were 170 holding-company affiliates of active member banks. Twenty-two national banks and 14 State member banks were reported as being holding-company affiliates of other member banks. There were 60 holding-company affiliates which were primarily bank holding companies. Applications for voting permits by holding-company affiliates.— Under the provisions of the Banking Act of 1933 shares of a member bank which are controlled by a holding-company affiliate of the bank may not be voted unless the holding-company affiliate shall have first obtained a voting permit from the Federal Reserve Board, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD which permit is in force at the time such shares are voted. In acting upon an application for a voting permit the Board is required to consider the financial condition of the applicant, the general character of its management, and the probable effect of the granting of the permit upon the affairs of the bank, and may grant or withhold a permit as the public interest may require; but may not grant such a permit except upon certain conditions specified in the law. During the year 1934 the Federal Reserve Board acted upon the applications for voting permits submitted in accordance with this provision of the law and authorized the issuance of permits as follows: For general purposes, 12; for miscellaneous purposes only, such as issuance of preferred stock, reduction of common stock, etc., 89; for the election of directors for the year 1934 and the transaction of routine matters only, 37; for the election of directors for the year 1934, the transaction of routine matters, and for other miscellaneous purposes, 67; for the election of directors for the year 1935 and the transaction of routine matters only, 82; for the election of directors for the year 1935, the transaction of routine matters, and for other miscellaneous purposes, 29. As stated previously, during the year 1934 the Board authorized the issuance of 12 general voting permits. Consideration is being given to the issuance of general voting permits in all remaining cases where satisfactory information is available through examination reports, or otherwise, with respect to financial condition, management, and the effect of the relationship upon member banks in the various groups. PRIVATE BANKS Section 21 of the Banking Act of 1933 made it unlawful, after June 16, 1934, for any person, firm, corporation, association, business trust, or other similar organization engaged in the business of issuing, underwriting, selling, or distributing securities to engage at the same time in the business of receiving deposits. In view of this provision some of the well-known private bankers have elected to continue in the securities business, and others have elected to continue in the banking business. Those that chose to continue as banks were subject to the requirement that after June 16, 1934, every " person, firm, corporation, association, business trust, or other similar organization, other than a financial institution or private banker subject to examination and regulation under State or Federal law" engaged "to any extent whatever in the business of receiving deposits subject to check or to repayment upon presentation of a passbook, certificate of deposit, or other evidence of debt, or upon request of the depositor" must submit to periodic examination by either the Comptroller of the Currency or a Federal Reserve bank, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 61 and submit and publish condition reports under the same conditions as national banks. Under this requirement of law 140 private bankers had agreed to such examination and had submitted condition reports to the Comptroller of the Currency as of December 31, 1934. Of the 140 private bankers, 96 had agreed to submit to examination by Federal Reserve banks and 92 such banks were examined during the year. A few banks had agreed so late in the year to submit to examination that it was not practicable to make the examinations before January 1, 1935. Two private banks had agreed to submit to examination by Federal Reserve banks but had refused to agree to pay the costs of the examinations, for which no provision had been specifically made in the law. The table below shows the number and deposits of private banks at the end of June 1933 and December 1934. For June 1933 the figures represent private banks under State supervision and private banks which, in response to the request of the Comptroller of the Currency, submitted condition reports (on a voluntary basis) directly to the Comptroller. NUMBER AND DEPOSITS OF PRIVATE BANKS [Deposits in thousands of dollars] June 1933 December 1934 Under State Not under State Under State Not under State State supervision supervision 1 supervision 2 supervision 3 Num- Depos- Num- Depos- Num- Depos- Num- Deposber its ber its ber its ber its Alabama.. . 1 38 Arkansas g 211 Connecticut 5 2,336 4 629 Florida 4 995 Georgia 21 1,901 46 2,325 Indiana 58 7,977 33 4,814 Iowa 13 3,070 14 3,896 Kansas *3 *415 2 432 Massachusetts 1 41 Michigan.. . - ._ 16 1,645 28 3,777 Missouri 1 20 1 16 New Jersey 4 1,557 2 10 New York 14 4,857 18 272,418 2 27,491 Ohio 23 5,732 14 2,649 Pennsylvania 12 954 26 57, 764 5 1,649 South Carolina 1 1,097 Texas 14 2,303 31 15,174 Total _ 120 23,848 64 8,919 101 339,829 140 55,597 1 Banks from which reports were received by Comptroller of the Currency. 2 Figures for Missouri and New York are as of June 30, 1934. »Agreed to examination by Comptroller of the Currency or Federal Reserve bank. Of the total, 96 banks agreed to examination by a Federal Reserve bank, 42 by the Comptroller of the Currency, and 2 by either a Federal Reserve bank or the Comptroller of the Currency. * Figures are as of July 31, 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD It will be noted that between June 1933 and December 1934 the number of reporting private banks increased from 184 to 241, principally in the States of Georgia, Michigan, Texas, and Pennsylvania, the increase representing in the case of the first three States private banks not under State supervision and in the case of Pennsylvania private banks that have become subject to State supervision. During the same period total deposits of reporting private banks increased from $33,000,000 to $395,000,000, the increase representing principally deposits of private banks in New York and Pennsylvania now operating under State supervision but which had not submitted reports as of June 1933. MEETINGS OF FEDERAL OPEN MARKET COMMITTEE In accordance with the provisions of the first paragraph of section 12A of the Federal Reserve Act, four meetings of the Federal Open Market Committee were held in Washington during 1934. These meetings were held on March 5, June 26, September 21, and December 17, 1934. The executive committee of the Federal Open Market Committee met from time to time throughout the year as occasion required. MEETINGS OF FEDERAL ADVISORY COUNCIL Four meetings of the Federal Advisory Council were held in Washington during 1934 on the following dates: February 20, May 14-15, September 17-18, and November 19-20. Other material relating to the Federal Advisory Council appears in the appendix. ORGANIZATION, STAFF, AND EXPENDITURES On January 1, 1934, Henry Morgenthau, Jr., of New York, succeeded William H. Woodin, of New York, as Secretary of the Treasury and as ex-officio chairman of the Federal Reserve Board. Mr. Woodin became Secretary of the Treasury on March 4, 1933. The resignation tendered by Eugene R. Black, of Georgia, as member and Governor of the Federal Reserve Board was accepted as of August 15, 1934, and on August 16, 1934, he resumed his duties as governor of the Federal Reserve Bank of Atlanta, where he remained until his death on December 19, 1934. Mr. Black became Governor of the Board on May 19, 1933. Effective November 15, 1934, Marriner S. Eccles, of Utah, was appointed a member of the Federal Reserve Board for the unexpired portion of the term ending August 9, 1938, and was designated as Governor of the Board, succeeding Mr. Black. On August 21, 1934, J. J. Thomas, of Nebraska, who had been a member of the Federal Reserve Board since June 14, 1933, was designated Vice Governor. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 63 On August 9, 1934, the term of Adolph C. Miller, of the District of Columbia, as a member of the Federal Reserve Board expired, and on August 21, 1934, Mr. Miller was reappointed a member of the Board for a 12-year term beginning August 10, 1934. Effective at the close of business on October 30, 1934, H. Warner Martin resigned as assistant to the Governor of the Federal Reserve Board. Mr. Martin had served in that position since August 16,1933. Effective December 1, 1934, the Board appointed Lawrence Clayton as assistant to the Governor to succeed Mr. Martin. On November 24, 1934, the Board created a new division within its organization known as the Division of Security Loans, with Carl E. Parry, formerly assistant director of the Board's Division of Research and Statistics, as chief of the new division. On the same date Lauchlin Currie and Woodlief Thomas were appointed by the Board as assistant directors of the Division of Research and Statistics. Joseph T. Owens was appointed assistant counsel to the Federal Reserve Board, effective April 9,1934. Gray Williams was appointed assistant counsel to the Federal Reserve Board, effective April 11, 1934. Mr. Williams resigned effective at the close of business on August 25, 1934. H. Lee Boatwright, Jr., who was appointed assistant counsel to the Federal Reserve Board, effective May 3, 1933, resigned at the close of business on December 31, 1934. John C. Baumann was appointed assistant counsel to the Federal Reserve Board, effective December 31, 1934. The total cost of conducting the work of the Board during the year 1934 was approximately $1,266,931. Two assessments were levied against the Federal Reserve banks aggregating $1,372,021.74, or somewhat less than one-half of 1 percent of their average paid-in capital and surplus for the year. Under an arrangement with the Federal Reserve Bank of Cleveland the accounts of the Board were audited four times during the course of the year 1934 by the auditor of the Federal Reserve Bank of Cleveland and certified by him to be correct. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK CREDIT 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT AND RELATED ITEMS No. 1.—RESERVE BANK CREDIT AND RELATED ITEMS, ANNUAL AVERAGES, 1918-34 [Averages of daily figures. In millions of dollars] Year c B o e d R d u i is l n e l - i s t s - er b v B o e u i b l g l a s h n t k s m U G e c e t c r i r . e o e e u n n v s S d r - t - i i . - t o O b s c u R e i r a t t t e r h s e n v d i - t e k e a - r nd T in o g tal M s g t t o a o o n r l c y d e k - 2 n r T b e a c a u r a n t a u e n i r n c l o y r a d y k - n s - 3 - l c M e a i y t r o i c o n i u n n - - 2 r M e a b b s n b a e a e c e n l m r e r - k v s - e a b T p F w n a c u o r . d n a e i s r s k t R y a i d h h t s s e s . - * - p m N o b d s e o e e i m t n - r s - - 5 c O s o F e e R a u t e r r c h e a n v d - - e l e t - r s' 1918 1,134 287 134 168 1,723 2,871 1,867 4,371 1,497 391 108 95 1919 1,906 324 254 141 2,625 2,842 1,716 4,729 1,719 464 115 155 1920 2,523 385 324 158 3,390 2,582 1,695 5,191 1,835 293 67 280 1921 1,797 91 264 46 2,198 3,004 1,758 4,663 1,671 263 28 336 1922 571 159 455 41 1,226 3,515 1,871 4,248 1,781 268 30 286 1923 736 227 186 56 1,205 3,774 1,991 4,535 1,873 255 27 280 1924 373 172 402 49 996 4,152 2,017 4,592 2,023 260 27 263 1925 490 287 359 59 1,195 4,094 2,000 4,582 2,167 244 31 264 1926 572 281 350 55 1,258 4,165 1,985 4,645 2,209 242 28 284 1927 442 263 417 53 1,175 4,277 2,000 4,605 2,290 226 31 300 1928 840 328 297 40 1,505 3,919 2,008 4,496 2,355 225 29 327 1929 952 241 208 59 1,459 3,996 2,015 4,476 2,358 229 30 376 1930 272 213 564 38 1,087 4,173 2,025 4,245 2,379 239 28 393 1931 327 245 669 33 1,274 4,417 2,025 4,672 2,323 251 97 373 1932 521 71 1,461 24 2,077 3,952 2,096 5,328 2,114 275 56 351 1933 283 83 2,052 11 2,429 4,059 2,271 5,576 2,343 343 147 350 1934 36 25 2,432 10 2,502 7,512 2,381 5,403 3,676 2,879 185 253 i Foreign loans on gold, made during 1924,1925,1926, 1929,1931, and 1934, heretofore included in "Other Reserve bank credit" or shown separately, are now included in ''Bills discounted." "Other Reserve bank credit" includes Government overdrafts in 1918, 1919, and 1920. a Revised to exclude $287,000,000 of gold coin previously reported as in circulation. Beginning Jan. 31, 1934, reporting practice of Treasury and Federal Reserve banks was changed to omit gold coin from figures for gold stock and money in circulation for the following reasons: (1) Amount of gold coin previously reported as "in circulation" is known to have been overstated during recent years by whatever amount of such coin has in course of time been lost, destroyed, or exported without records; (2) results of official efforts during the war to concentrate gold and more recently, since Mar. 6,1933, to secure its return from private hoards, have indicated that the overstatement has been large; (3) Treasury order of Dec. 28,1933, requiring surrender of all gold coin (with minor exceptions) in effect prohibits anyone from using gold coin for circulation; (4) under Gold Reserve Act of 1934, effective Jan. 30, no gold coin may henceforth be put into circulation. In order to make figures prior to Jan. 31,1934, comparable with subsequent figures, the same amount of $287,000,000 has been removed from all previous figures published in this Annual Report. For revised monthly figures of monetary gold stock and money in circulation from 1914 to date see tables 43 and 48. 3 Comprises outstanding United States notes, national-bank notes, silver certificates (included in lieu of the silver dollars or silver bullion pledged against them), Treasury notes of 1890, standard silver dollars (excepting those pledged against silver certificates), subsidiary silver and minor coin, and the Federal Reserve bank notes for the retirement of which lawful money has been deposited with the Treasurer of the United States, including the currency of these kinds that is held in the Treasury and the Federal Reserve banks as well as that in circulation. * Government funds on deposit with the Federal Reserve banks and cash (including gold bullion) held in the Treasury excepting (a) gold and silver held against gold and silver certificates and (6) amounts held for the Federal Reserve banks. fi Item includes all deposits in Federal Reserve banks except Government deposits and member-bank reserve balances. 6 This item is derived from the condition statement of the Federal Reserve banks by adding capital, surplus, reserve for contingencies, and "all other liabilities" and subtracting the sum of bank premises and "all other assets." NOTE.—By proclamation of the President dated at 3:10 p. m. Jan. 31, 1934, the weight of the gold dollar was reduced from 25$io grains to 15% i grains, nine-tenths fine. The resulting increase of $2,806,000,000 (as of Feb. 1,1934) in the value of the monetary gold stock was covered into the Treasury as a miscellaneous receipt and is reflected in an increase in the item "Treasury cash and deposits with Federal Reserve banks." 67 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 2.—RESERVE BANK CREDIT AND RELATED ITEMS, MONTHLY AVERAGES, 1930-34 [Averages of daily figures. In millions of dollars] Month c B o e d R u d i i s l n e l - i s s t- er b v B o e u i b l g l a s h n t k s m U G e c e t c i r r . e o e u e n S n v s d r - . i t - i - t o O F b c u R r e a i t e t t r h e n s ^ v d - e k t e - a r nd T in o g tal M s t g to a o o r c n l y d k e - s n T r b e a i a c u r a n t a u n e i r n c o l y r a d y k - n s - 3 - l c M e a i y t r i o c o i n u n n - - 2 r M e a b b b s n a e a e e c n m l r r e - k v s - e a b T p F n w a c r o u . d a n e i s r s t k a R i y d h h t s s e s . 4 - p m N o b d s e o e e i m t n r - s - - 5 c O s o F e R e a u t e r r c h e n a v d - - e l t e - s r 1930 January 501 314 485 1,357 3,996 2,022 4,365 2,349 238 February,. 378 285 480 1,181 4,030 2,022 4,267 2,305 241 March 274 246 540 1,095 4,107 2,022 4,245 2,330 225 April 231 266 530 1,072 4,156 2,023 4,231 2,350 242 May 247 182 529 996 4,218 2,024 4,210 2,356 244 June 251 141 571 1,000 4,241 2,024 4,202 2,392 249 July- 226 154 583 1,003 4,245 2,024 4,196 2,417 235 August 214 153 599 998 4,209 2,025 4,189 2,392 238 September. 189 197 597 1,016 4,216 2,026 4,206 2,397 242 October 196 185 602 1,020 4,233 2,027 4,214 2,407 240 November. 221 184 599 1,033 4,266 2,028 4,241 2,433 235 December,. 338 257 644 1,273 4,296 2,027 4,536 2,415 234 1931 January 253 206 647 1,129 4,335 2,026 4,408 2,433 242 28 February.. 216 102 603 936 4,369 2,025 4,311 2,370 245 25 March 176 123 604 921 4,395 2,026 4,303 2,386 248 24 April 155 173 600 952 4,424 2,025 4,360 2,376 255 27 May 163 144 599 926 4,480 2,023 4,392 2,387 240 28 June 190 121 610 945 4,578 2,022 4,463 2,404 263 35 July 169 79 674 954 4,671 2,023 4,549 2,407 239 83 August 223 135 712 1,107 4,688 2,023 4,660 2,345 259 187 September. 282 259 736 1,313 4,661 2,023 4,846 2,333 255 199 October 614 692 733 2,088 4,160 2,024 5,191 2,256 256 208 November. 695 560 727 2,035 4,076 2,025 5,231 2,118 260 171 December.. 774 340 777 1,950 4,163 2,031 5,324 2,069 249 144 1932 January 221 759 1,864 4,165 2,037 5,358 1,979 264 113 February.. 848 151 743 1,785 4,097 2,049 5,340 1,907 262 73 March 714 105 809 1,652 4,085 2,059 5,244 1,899 267 37 April 605 52 1,014 1,694 4,094 2,061 5,165 1,996 272 63 May 486 41 1,413 1,959 3,986 2,060 5,169 2,138 272 77 June 495 50 1,697 2,262 3,669 2,058 5,243 2,062 271 65 July 523 60 1,818 2,422 3,654 2,056 5,464 2,003 276 46 August 451 37 1,850 2,353 3,743 2,077 5,432 2,073 281 40 September. 387 34 1,848 2,282 3,853 2,130 5,398 2,181 304 35 October 328 34 1,851 2,231 3,939 2,171 5,356 2,307 285 38 November. 313 34 1,851 2,211 4,005 2,194 5,356 2,378 277 40 December. 282 34 1,854 2,192 4,142 2,202 5,412 2,435 287 43 1933 January 255 32 1,806 2,110 4,260 2,204 5,344 2,516 303 60 February.. 307 102 1,804 2,224 4,204 2,204 5,605 2,291 314 79 March 999 379 1,875 3,237 3,974 2,256 6,711 1,914 359 134 April 429 230 1,837 2,515 4,014 2,302 5,850 2,086 390 156 May 339 86 1,846 2,286 4,026 2,301 5,589 2,125 371 173 June 250 12 1,933 2, 208 4,030 2,295 5,455 2,211 353 164 July 170 16 2,016 2,211 4,032 2,283 5,388 2,268 347 179 August 159 8 2,064 2,239 4,036 2,280 5,329 2,375 316 186 September. 138 7 2,202 2,358 4,040 2,280 5,345 2,489 328 169 October 119 7 2,355 2,492 4,037 2,277 5,369 2,590 333 163 November. 114 15 2,437 2,574 4,036 2,275 5,394 2,629 349 158 December. 117 101 2,432 2,669 4,036 2,293 5,524 2,616 357 143 1934 January.. _ 101 113 2,432 2,656 4,036 2,302 5,382 2,764 397 146 February.. 70 87 2,432 2,597 7,138 2,303 5,339 2,822 3,448 136 March 55 40 2,437 2, 535 7,602 2,333 5,368 3,361 3,298 144 April 43 2,439 2,507 7,736 2,377 5,366 3,594 3,222 170 May 36 2,431 2,479 7,759 2,378 5,355 3,695 3,083 249 June 28 2,424 2,464 7,821 2,363 5,341 3,790 3,054 226 July 23 2,432 2,469 7,893 2,364 5,350 3,928 2,999 219 August 21 2,432 2,463 7,971 2,378 5,355 4,045 2,976 208 September. 22 2,431 10 2,469 7,971 2,411 5,427 3,947 3,054 197 October.. _. 12 2,430 2,457 7,989 2,415 5,473 3,964 3,011 177 November. 18 2,430 2,466 8,047 2,455 5,494 4,100 2,970 165 December. 10 2,430 2,472 8,191 2,494 5,577 4,037 3,120 181 (For footnotes see table 1, p. 67.) Back figures.—See Annual Report for 1933 (table 2). For revised figures for monetary gold stock and money in circulation see tables 43 and 48 of this Annual Report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 69 No. 3.—RESERVE BANK CREDIT AND RELATED ITEMS, WEEKLY AVERAGES, 1933-34 [Averages of daily figures. In millions of dollars] W (S e a e tu k r d e a n y d )— ing - c B o d e R u i i d l s n e l - i s t s - er b v o B e u il b g ls h a t nk s m G e U c e t c i r r e o . e u e n S n v s d r - t . - e it c O o b s r e e R u a t r d h n t e v s i e k - e t t r a i nd T in o g tal s M t t g a o o o r c l n y k d e - - 5 r n T e b a c a u n r a t u a n e i c r n l o r y a d y k - n s- - t M e c i c y o u i o n l r a n i - n - 2 - r M e a b b b s n a e e e a c n m r r l e k - v - s - e b p T w F a c a u o d r n a . n i r s e e R s k t y d i a - h h t . s s s 4 - p m N o b d s e o e e i m n t r - s - - { c O s o F e R e a u t e r r c h e n a v d - e - l t e - r s6 1933 Jan. 7.- 245 3,3 1,853 2,153 4,239 2,204 5,382 2,513 302 352 Jan. 14.. 249 32 1,829 2,127 4,261 2,204 5,329 2, 563 300 352 Jan. 21.. 251 32 1,793 2,091 4,271 2, 204 5,329 2,526 296 351 Jan. 28.. 267 31 1,770 2,080 4,267 2,204 5,333 2,487 307 350 Feb. 4... 31 1,763 2,074 4,262 2,204 5,377 2,426 318 350 Feb. 11.. 256 31 1,775 2,078 4,243 2,203 5,430 2,369 311 346 Feb. 18.. 283 45 1,809 2,155 4,218 2,203 5,563 2,256 331 82 344 Feb. 25.. 335 181 1,833 2,357 4,163 2,205 5,745 2,235 312 90 343 Mar. 4 847 361 1,848 a) 3,056 4,046 2,219 6,518 2,065 296 96 346 Mar. 11 1,421 417 1,876 -53 3,661 3,957 2, 233 7,245 1,803 311 143 349 Mar. 18 1,185 400 1,907 -15 3,477 3,964 2,255 6,973 1,898 336 140 349 Mar. 25 696 356 1,882 4 2,939 3,976 2,273 6,3,56 1,952 401 129 350 Apr. 1... 539 3*16 1,846 2 2,703 3,983 2,285 1, 973 421 141 349 Apr. 8... ih 288 1,838 13 2,582 3,996 2,295 5,984 2,002 402 138 347 Apr. 15- 434 244 1,837 21 2,536 4,014 2,302 5,885 2,083 391 144 349 Apr. 22.. 420 208 1,837 26 2,492 4,025 2,307 5,798 2,136 378 157 355 Apr. 29- 411 180 1,837 15 2,444 4,023 2,306 5,728 2,130 378 181 356 May 6 404 148 1,837 17 2,407 4,024 2,304 5,685 2,080 431 184 355 May 13 343 115 1,837 16 2,311 4,025 2,303 5,623 2,090 393 178 355 May 20 331 81 1,843 17 2,272 4,026 2,299 5,576 2,126 366 175 354 May 27 314 46 1,851 12 2,224 4,027 2,298 5,528 2,177 327 164 353 June 3~. 305 20 1,880 2,213 4,028 2,298 5,527 2,165 333 161 353 June 10- 284 11 1,907 2,216 4,029 2,296 5,497 2,199 316 178 351 June 17- 255 10 1,925 2,207 4,030 2,295 5,455 2,215 348 164 350 June 24.. 228 1,950 2,198 4,031 2,295 5,424 2,193 155 349 July 1... 196 1,979 2,210 4,031 2,293 5,415 2,273 337 163 347 July 8... 179 2,008 2,229 4,031 2,285 5,459 2,244 329 169 344 July 15_. 169 2,016 2,212 4,032 5,402 2,254 355 172 345 July 22.. 166 2,013 2,197 4,032 2,283 5,364 2,267 346 188 347 July 29- 164 2,025 2,204 4,033 2,281 5,332 2,297 359 185 345 Aug. 5- 164 2,034 2,212 4,033 2,281 5,342 2,310 188 348 Aug. 12 159 2,044 2,219 4,033 2,281 5,336 2,362 295 191 349 Aug. 19 165 2,054 2,237 4,034 2,281 5,335 2,372 307 190 348 Aug. 26 155 2,082 2,253 4,038 2,280 5,320 2,402 325 177 347 Sept. 2 , 153 2,113 2,282 4,041 2,280 5,325 2,405 340 187 346 Sept. 9 147 2,150 2,316 4,042 2,280 5,365 2,410 336 181 346 Sept. 16 134 2,194 2,351 4,039 2,280 5,338 2,507 314 165 346 Sept. 23 132 2,223 2,374 4,040 2,280 5,336 2,516 329 165 348 Sept. 30 132 2,260 2,408 4,039 2,279 5,335 2,556 330 157 348 Oct. 7- 125 2,295 2,436 4,037 2,278 5,376 2,503 368 157 347 Oct. 14.. 120 2,333 2,468 4,037 2,277 5,392 2,544 342 158 346 Oct. 21.. 119 2,368 2,512 4,036 2,277 5,378 2,608 319 165 355 Oct. 28.. 116 2,397 2,530 4,036 2,277 5,340 2,663 315 167 358 Nov. 4 116 2,424 2,556 4,036 2,276 5,365 2,625 349 173 356 Nov. 11 113 2,439 2,570 4,036 2,275 5,395 2,603 358 169 356 Nov. 18 112 16 2,439 2,578 4,036 2,275 5,386 2,649 336 163 355 Nov. 25 113 20 2,437 2,575 4,036 2,276 5,385 2,671 329 146 356 Dec. 2... 120 27 2,437 2,591 4,036 2,277 5,444 2,597 363 146 354 Dec. 9— 122 67 2,431 2,628 2,279 5,486 2,550 397 154 356 Dec. 16- 118 117 2,432 2,683 4,036 2,293 5,497 2,635 369 155 356 Dec. 23.. 117 114 2,432 2,693 4,036 2,298 5,568 2,614 347 135 363 Dec. 30- 110 120 2,434 4,036 2,303 5,553 2,669 317 128 361 7 Less than $500,000. (For other footnotes see table 1, p. 67.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

70 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 3.—RESERVE BANK CREDIT AND RELATED ITEMS, WEEKLY AVERAGES, 1933-34—Continued [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding Treas- T u re ry as- Other W (S e a e tu k r d en ay di ) n — g c B o d e u i i d s l n l - i s t-b B ou il g l h s t s m U G e e t c i r . e o e n u S n v s r . - t - i- c O b s r R e e a t r d h e n v - i e k e t r i Total s M t t g o a o o c r l y n k d e - 2 - r n e b a c a u n a t a u n r i c n o l r y d y k - n 3 - t M e c i c y o u i o l n r a i n - n 2 - - r M e a b b b n s a a e e e c n l m r r e - v k - s - e b p F w a c a o d a n . n i s e R s k t d i - h h t s . s 4 p m N o b d s e o e e i m n - t r s - - 5 c s o F e R e a u e r r c e a n v d - - l t e - s8 1934 Jan. 6 103 122 2,434 19 2,679 4,036 2,303 5,500 2,701 320 145 351 Jan.13 105 113 2,432 11 2,661 4,036 2,302 5,414 2,719 402 157 307 Jan. 20 102 112 2,432 10 2,656 4,035 2,302 5,369 2,797 396 144 288 Jan. 27 98 109 2,432 2 2,641 4,036 2,301 5,316 2,850 385 139 287 Feb. 3 85 111 2,433 2 2,631 5,316 2,301 5,308 2,727 1,781 142 290 Feb. 10 73 98 2,433 7 2,612 7,038 2,301 5,333 2,752 3,435 140 291 Feb. 17 69 88 2,433 13 2,602 7,088 2,301 5,335 2,842 3,384 138 292 Feb. 24 67 77 2,431 9 2,584 7,202 2,301 5,345 2,822 3,496 132 292 Mar. 3. - 64 63 2,433 5 2,565 7,417 2,302 5,370 3,047 3,444 131 292 Mar. 10 59 49 2,437 5 2,549 7,546 2,312 5,386 3,277 3,315 134 295 Mar. 17 55 39 2,432 4 2,530 7,600 2,331 5,364 3,419 3,237 141 300 Mar. 24 52 33 2,438 -6 2,518 7,642 2,343 5,351 3,419 3,285 147 301 Mar. 31 52 30 2,444 8 2,534 7,677 2,358 5,358 3,433 3,319 159 300 Apr. 7 49 26 2,446 4 2,525 7,706 2,369 5,387 3,473 3,299 145 296 Apr. 14 44 18 2,439 3 2,504 7,731 2,378 5,370 3,557 3,239 147 300 Apr. 21 41 14 2,436 16 2,506 7,746 2,380 5,364 3,634 3,219 169 246 Apr. 28 - 40 11 2,435 12 2,498 7,755 2,380 5,346 3,698 3,158 193 238 May 5 39 8 2,432 8 2,487 7,756 2,380 5,372 3,591 3,152 272 237 May 12 37 7 2,431 8 2,483 7,752 2,381 5,369 3,655 3,099 259 234 May 19 36 6 2,430 8 2,479 7,753 2,380 5,357 3,713 3,059 249 234 May 26 35 5 2,430 4 2,474 7,764 2,376 5,335 3,756 3,054 237 232 June 2 33 5 2,430 2 2,470 7,777 2,370 5,350 3,745 3,064 226 232 June 9 29 5 2,416 9 2,459 7,790 2,364 5,360 3,780 3,011 227 235 June 16 _ 28 5 2,416 9 2,459 7,819 2,361 5,337 3,825 3,008 230 239 June 23 — 28 5 2,431 7 2,470 7,836 2,361 5,328 3,754 3,124 223 238 June 30 - 27 5 2,430 6 2,468 7,848 2,365 5,330 3,825 3,064 226 236 July7_ 26 5 2,432 17 2,480 7,866 2,364 5,398 3,776 3,076 229 231 July 14 23 5 2,432 12 2,472 7,881 2,365 5,367 3,892 3,007 221 231 July 21 23 5 2,432 7 2,467 7,896 2,364 5,342 3,971 2,967 219 228 July 28 22 5 2,432 2 2,461 7,913 2,364 5,310 4,019 2,967 214 228 Aug. 4 22 5 2,432 4 2,463 7,935 2,361 5,330 3,979 3,010 210 230 Aug. 11 21 5 2,432 7 2,464 7,961 2,360 5,349 4,020 2,979 208 229 Aug. 18 20 5 2,432 10 2,467 7,979 2,375 5,357 4,072 2,956 207 229 Aug. 25 20 5 2,432 4 2,461 7,982 2,390 5,361 4,073 2,962 210 227 Sept. 1 - 22 5 2,432 5 2,464 7,979 2,403 5,368 4,081 2,965 205 227 Sept. 8 24 5 2,432 9 2,470 7,967 2,413 5,423 3,951 3,047 204 225 Sept. 15 23 5 2,431 13 2,473 7,968 2,414 5,427 3,964 3,034 205 225 Sept. 22 22 5 2,431 11 2,469 7,972 2,412 5,430 3,920 3,080 193 229 Sept. 29 20 6 2,431 7 2,463 7,976 2,408 5,429 3,943 3,061 186 228 Oct. 6_ 15 6 2,431 7 2,458 7,980 2,406 5,476 3,909 3,047 183 229 Oct. 13 13 6 2,429 6 2,453 7,985 2,403 5,489 3,976 2,961 187 229 Oct. 20 __ 12 6 2,430 13 2,461 7,989 2,412 5,484 3,963 3,000 178 238 Oct. 27 11 6 2,430 9 2,456 7,994 2,426 5,455 3,985 3,030 167 239 Nov. 3 11 6 2,430 10 2,457 8,002 2,434 5,470 4,004 3,015 167 237 Nov. 10 14 6 2,430 9 2,459 8,009 2,444 5,506 4,044 2,952 172 238 Nov. 17 23 6 2,430 19 2,478 8,029 2,453 5,493 4,108 2,955 165 239 Nov. 24 22 6 2,429 13 2,469 8,039 2,464 5,474 4,159 2,971 160 239 Dec. 1- 15 6 2,430 10 2,460 8,112 2,469 5,511 4,126 3,005 160 239 Dec. 8. 11 6 2,430 13 2,460 8,152 2,476 5,556 4,093 3,028 172 239 Dec. 15 10 6 2,430 19 2,465 8,178 2,487 5,554 4,093 3,061 183 240 Dec. 22 10 6 2,430 40 2,486 8,204 2,501 5,604 3,943 3,214 185 244 Dec. 29 10 6 2,430 33 2,478 8,225 2,508 5,609 3,995 3,180 184 244 For footnotes see table 1, p. 67. Back figures.—See Annual Report for 1933 (table 3), except that previously published figures for monetary gold stock and money in circulation have been revised to exclude $287,000,000 of gold coin previously reported as in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

71 RESERVE BANK CREDIT No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1928-34 (WEDNESDAY SERIES) [In millions of dollars] Reserve bank credit outstanding Treas- Treas- (Wed D n a e t s e day) c B e Q o d l u i o l - i n ls t-bo B u il g ls ht s m T G u e e T. c r e o n u <o n v - 3 r t - . i-c O b s r R e e a t d r h e n v i e k t e r i Total M s t g to a o o c r l n y d k e 2 - r t b e i c a u n o a n u n r a n n c r y d - - k a y l 3 M i t c n i o u o c n l n a i e r 2 - y - r M e a b b b s n a e a e e c n m l r r e k - v s - e a b p F n w c a u o . d a n i r s s R y t k i d h h t s e . s 4 - d m N e i b t e p o s e m o n r s s - - - c F a O s o l e e a u t r d c R h n v - e e t e e r s r - - 6 ties 1928 Jan. 4... 521 387 627 69 1,604 4,092 2,006 4,652 2,486 228 35 302 Jan. 11.. 439 393 545 37 1,414 4, 094 2,005 4,492 2,473 218 27 303 Jan.18.. 412 369 499 30 1,310 4,090 2,005 4,414 2,432 228 25 307 Jan. 25.. 385 347 441 21 1,194 4,093 2,005 4,372 2,355 231 25 309 Feb. 1... 423 377 434 29 1,263 4,087 2,003 4,384 2,405 232 23 309 Feb. 8... 459 369 401 26 1,155 4,088 2,005 4,389 2,395 230 24 310 Feb. 15.. 481 355 408 22 1,266 4,089 2,005 4,401 2,391 230 26 311 Feb. 22.. 461 353 402 20 1,236 4,089 2,006 4,411 2,357 227 24 312 Feb. 29.. 493 344 408 19 1,264 4,075 2,007 4,403 2, 375 233 23 311 Mar. 7 482 338 403 30 1,253 4,075 2,006 4,400 2,361 236 24 312 Mar.14 472 343 401 29 1,245 4,048 2,006 4,383 2,362 221 22 311 Mar. 21 477 333 385 18 1,213 4,033 2,006 4,379 2,322 214 23 315 Mar. 28 524 346 386 17 1,273 4,021 2,006 4,380 2,357 227 22 314 Apr. 4 601 344 383 37 1,365 4,017 2,006 4,438 2,400 213 24 314 Apr. 11 619 362 378 27 1,386 4,015 2,006 4,410 2,432 223 27 316 April 18. 620 351 341 44 1,356 3,983 2,007 4,404 2,392 207 25 317 Apr. 25. 709 366 305 20 1,400 3,979 2,007 4,389 2,417 236 24 318 May 2.. 757 363 292 42 1,454 3,978 2,010 4,428 2,442 222 32 317 May9_. 777 365 277 35 1 454 3,948 2,008 4,410 2,426 227 27 319 May 16. 807 347 262 39 1,455 3,898 2,008 4,403 2,382 228 26 321 May 23. 847 331 230 27 1,435 3,891 2,008 4,388 2,370 230 25 321 May 29. 944 304 219 21 1,488 3,874 2,009 4,434 2,357 230 27 322 June 6.. 982 266 210 46 1,504 3,860 2,008 4,416 2,384 225 23 323 June 13. 1,043 240 223 40 1,546 3,817 2,006 4,408 2,392 219 27 323 June20. 991 224 223 33 1,471 3,818 2,007 4,406 2,332 201 31 326 June 27. 1,032 223 212 27 1,494 3,816 2,007 4,411 2,345 209 26 327 July 3... 1,191 210 220 59 1,680 3,823 2,007 4,521 2,403 225 35 325 July 11_. 1,089 188 218 47 1, 542 3,828 2,007 4,442 2,365 212 30 327 July 18.. 1,012 181 209 46 1,448 3,827 2,008 4,402 2,307 217 29 328 July 25.. 1,025 169 208 28 1,430 3,828 2,004 4,378 2,300 230 26 328 Aug. 1. 1,086 166 212 41 1,505 3,826 2,006 4,403 2,344 233 29 329 Aug. 8- 1,061 162 208 22 1,453 3,827 2,007 4,418 2,266 247 27 330 Aug. 15. 1,003 190 206 48 1,447 3,832 2,006 4,430 2,285 211 29 332 Aug. 22. 1,037 184 207 32 1,460 3,833 2,006 4,436 2,281 222 28 333 Aug. 29 1,039 184 209 30 1,462 3,837 2,007 4,443 2,269 233 29 334 Sept. 5. 1,080 187 206 43 1,516 3,836 2,006 4,514 2,273 214 23 334 Sept. 12 1,069 211 221 55 1,556 3,837 2,007 4,474 2,349 212 30 335 Sept. 19 1,094 237 225 70 1,626 3,838 2,008 4,470 2,361 250 53 337 Sept. 26 1,011 263 229 39 1,542 3,842 2,009 4,483 2,316 217 38 339 Oct. 3... 1,026 310 231 64 1,631 3,838 2,010 4,520 2,350 239 32 339 Oct. 10-. 993 332 227 34 1,586 3,842 2,010 4,545 2, 313 210 29 340 Oct. 17.. 936 379 231 60 1,606 3,849 2,010 4,526 2,359 210 30 340 Oct. 24.. 912 401 231 25 1,569 3,853 2,011 4,504 2,322 236 27 344 Oct. 31.. 932 440 227 25 1,624 3,855 2,011 4,519 2,371 228 28 344 Nov. 7 957 449 223 5 1,634 3,858 2,011 4,561 2,330 236 30 346 Nov. 14 858 474 222 61 1,615 3,869 2,011 4,533 2,365 225 26 347 Nov. 21 800 484 226 48 1,558 3,872 2,013 4, 508 2,346 214 25 348 Nov. 28 990 482 229 28 1,729 3,841 2,013 4,616 2,361 231 26 348 Dec. 5 1,012 478 227 45 1,762 3,847 2,012 4,626 2,382 237 27 Dec. 12. 1,028 494 236 46 1,804 3,852 2,011 4, 64.8 2,409 232 27 350 Dec. 19. 947 453 291 81 1,772 3,863 2,011 4,738 2,326 204 25 352 Dec. 26 1,168 489 232 52 1,941 3,862 2,013 4,802 2,409 219 30 355 (For footnotes see table 1, p. 67.) 129288—35 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1928-34 (WEDNESDAY SERIES)—Continued [In millions of dollars] Keserve bank credit outstanding Treas- Treas- (Wed D n a e t s e day) c B o d e i u i d l s n l - s i t- bo B u il g ls ht s m U G e e t c i r e o . e u n S n v s r - . t - i- j O b s r R e e a t r h d n e v e i - k e t r i Total M s t gg to a ou o r c lm n y d k e 2 - r t b e i c a u n n a o u n r a n c n y r d - y k - a l 3 y i t c n t i u o o l c n n a i e r - a y - M • b a e b b n a s e a e e c n m l r r e k - v s - e a b p F n w a c u o d . a n r i s s R y t k i d h h t s e s . 4 - d m N e i b t e p o s e m o n r s s - - - c a F O s o l e e a u t r d h R c n v e - e t e e r r s - - 6 1929 Jan. 2.. 1,151 484 244 31 1,910 3,840 2,013 4,646 2,494 235 348 Jan.9_- 877 477 239 45 1,638 3,833 2,012 4,475 2,405 220 350 Jan. 16. 822 481 238 63 1,604 3,821 2,011 4,410 2,415 228 351 Jan. 23. 782 454 202 34 1,472 3,830 2,011 4,356 2,359 220 352 Jan. 30- 821 436 202 26 1,485 3,841 2,011 4,343 2,391 223 353 Feb. 6— 852 411 200 37 1,500 3,840 2,010 4,353 2,386 228 355 Feb. 13.. 904 391 177 15 1,487 3,863 2,011 4,385 2,372 220 355 Feb. 20- 865 356 173 37 1,431 3,864 2,011 4,382 2,319 221 356 Feb. 27- 952 334 166 32 1,484 3,867 2,008 4,383 2,367 227 357 Mar. 6 989 163 44 1,501 3,871 2,010 4,404 2,350 238 360 Mar. 13 963 283 165 42 1,453 3,873 2,012 4,378 2,363 209 361 Mar. 20 943 237 185 36 1,401 3,883 2,011 4,367 2,340 200 362 Mar. 27 1,024 208 170 27 1,429 3,887 2,012 4,380 2,332 225 363 Apr. S.- 1,030 175 169 51 1, 425 3,901 2,013 4,387 2,335 222 365 Apr. 10- 964 157 166 28 1,315 3,934 2,014 4,355 2,302 208 365 Apr. 17- 1,000 141 161 47 1,349 3,948 2,016 4,359 2,302 253 366 Apr. 24- 141 150 24 1,298 3,958 2,016 4,344 2,290 241 Mayl-- 1,001 170 151 44 1,366 3,978 2,016 4,373 2.336 243 367 May 8.- 968 157 149 40 1,314 4,003 2,018 4,366 2,330 240 369 May 15- 915 146 156 52 1, 269 4,011 2,018 4,357 2,320 219 370 May 22. 904 138 153 28 1,223 4,012 2,018 4,347 2,276 230 370 May 29. 118 145 36 1,287 4,014 2,018 4,407 2,286 224 372 June 5. . 977 113 147 66 1,303 4,016 2,018 4,380 2,321 233 375 June 12. 934 114 170 50 1,268 4,018 2,018 4,349 2,328 223 375 Junel9. 959 87 139 67 1,252 4,028 2,019 4,348 2,292 253 375 June 26. 1,017 83 150 44 1,294 4,040 2,019 4,349 2,344 255 378 July3_- 1,125 74 141 91 1,431 4,044 2,020 4,479 2,380 228 374 July 10.. 1,153 66 136 55 1,410 4,041 2,018 4,530 2,303 235 373 July 17. 1,084 68 153 66 1,371 4,053 2,017 4,462 2,352 221 878 July 24. 1,064 69 146 50 1,329 4, 059 2,014 4,417 2,357 225 375 July 31. 1,076 75 147 49 1,347 4,054 2,013 4,430 2,355 226 376 Aug. 7.- 1,064 79 158 52 1,353 4,060 2,008 4,454 2,323 235 379 Aug. 14.. 1,028 118 154 52 1,352 4,063 2,007 4,458 2,330 224 382 Aug. 21. 986 132 149 42 1,309 4,066 2,006 4,457 2,292 223 381 Aug. 28. 974 157 145 41 1,317 4,072 2,005 4,461 2,306 219 384 Sept. 4.— 1,046 182 149 55 1,432 4,076 2,006 4,542 2,320 241 386 Sept. 11 973 222 159 60 1,414 4,077 2,005 4,504 2,360 219 388 Sept. 18 934 241 178 60 1,413 4,082 2,004 4,477 2,381 219 388 Sept. 25 944 264 152 51 1,411 4,088 2,009 4,457 2,364 271 390 Oct. 2 931 146 80 1,480 4,087 2,010 4,502 2,399 259 389 Oct. 9. 857 333 141 54 1,385 4,091 2,012 4,501 2,339 232 391 Oct. 16 849 360 138 110 1,457 4,092 2,015 4,502 2,408 234 393 Oct. 23 796 379 136 63 1,374 4,099 2,016 4,465 2,378 225 393 Oct. 30 991 340 56 1,680 4,098 2,020 4,502 2,652 225 393 Nov. 6 991 330 293 40 1,654 4,093 2,023 4,543 2,558 241 394 Nov. 13 971 300 313 86 1,670 4,088 2,025 4,533 2,608 220 395 Nov. 20 900 284 327 53 1,564 4,087 2,024 4,490 2,518 246 396 Nov. 27 912 257 326 27 1,522 4,079 2,024 4,569 2,376 258 Dec. 4 872 257 355 57 1,541 4,082 2,023 4,580 2,401 242 397 Dec. 11 769 322 387 48 1,526 4,067 2,022 4,582 2,397 215 25 396 Dec. 18 737 309 533 63 1.642 4,034 2,022 4,650 2,408 210 401 Dec. 24 763 355 485 120 1,723 4,007 2,023 4,772 2,320 234 402 Dec. 31 632 392 511 48 1,583 3,997 2,022 4,578 2,355 245 '393 r Revised. (For other footnotes see table 1, p. 67.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

73 KESERVB BANK CREDIT No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1928-34 (WEDNESDAY SERIES)—Continued [In millions of dollars] Reserve bank credit outstanding Treas- T u r r e y as- (Wed D n a e t s e day) c B o e d d i i u s l n l - i s t-b B ou il g ls ht s m U G e e ti c r o e . e n u S n v s - r . t - i-c O s b r R e e a t r d h e n v - i e k e t r 1 Total M s g t to a o o r c n l y d k e - 2 r t b e i c n a u o a n u n a r n n c r y - d a y k - l 3 M i t c n i u o o c l n n a i e r - • - y - r M e a b b s n b a e a e c e n m l r e r - k v s - e b a p F w n a c o . d a n i s s R t k d i h h t s e . s 4 - m d N i e b t e o p s e m n * o r - s - - c a F O s o l e e a u t r R d c h n v - e e t e e s r r - * - 1930 Jan.8 568 319 485 48 1,420 3,990 2.022 4,403 2,367 238 31 Jan. 15— 442 323 479 57 1,301 3,996 2,022 4,309 2, 358 229 30 393 Jan. 22— 433 298 477 61 1,269 3,997 2,021 4,266 2,360 239 29 393 Jan. 29— 407 258 477 29 1,171 4,002 2,022 4,221 2,308 247 26 393 Feb. 5 381 296 478 39 1,194 4,015 2,022 4,238 2,339 236 25 393 Feb. 12 382 276 479 63 1,199 4,023 2,021 4,255 2,308 219 70 393 Feb. 19 377 281 481 30 1,169 4,042 2,021 4,234 2,315 263 27 393 Feb. 26 343 299 483 31 1,156 4,058 2,022 4,218 2,346 254 25 Mar. 5 309 271 486 39 1,105 4,073 2,022 4,241 2,315 223 27 394 Mar. 12 266 257 514 31 1,068 4,097 2,022 4,208 2,354 206 26 393 Mar. 19 206 185 561 31 983 4,118 2,022 4,194 2,291 216 26 396 Mar. 26 207 256 529 33 1,025 4,133 2,022 4,180 2,340 232 28 400 Apr. 2 241 301 530 52 1,124 4,137 2,022 4,231 2,375 248 29 400 Apr. 9 226 267 527 27 1,047 4,148 2,022 4,208 2,345 241 25 398 Apr. 16 214 302 535 48 1,099 4,151 2,024 4,218 2,380 249 26 401 Apr. 23 211 257 527 35 1,030 4,158 2,024 4,174 2,363 251 24 400 Apr. 30 233 210 530 33 1,006 4,204 2,024 4,189 2,385 234 27 '400 May 7 237 175 528 39 979 4,209 2,024 4,187 2,349 246 30 May 14 210 171 528 43 952 4,215 2,023 4,159 2,379 224 29 400 May 21__ 210 187 528 28 953 4,227 2,024 4,150 2,374 252 28 400 May 28 247 176 530 23 976 4,229 2,025 4,203 2,347 259 24 397 June 4 240 189 544 31 1,004 4,236 2,024 4,189 2,412 242 25 June 11 210 148 579 37 974 4,239 2,024 4,172 2,409 238 24 394 June 18 207 133 598 23 961 4,242 2,025 4*163 2,408 233 27 396 June 25 232 102 577 25 936 4,246 2,025 4,139 2,386 258 27 396 July 2 260 157 596 57 1,070 4,249 2,026 4,266 2,406 240 42 391 July 9 236 149 591 36 1,012 4,249 2,025 4,201 2,417 244 34 390 July 16 207 169 577 47 1,000 4,253 2,025 4,161 2,460 228 39 390 July 23 191 151 576 28 946 4,236 2,024 4,120 2,432 231 34 July 30 197 131 576 23 927 4,228 2,023 4,110 2,415 238 28 Aug. 6 -._ 206 134 576 24 940 4,208 2,026 4,150 2,364 244 28 387 Aug. 13 191 154 606 31 982 4,202 2,026 4,150 2,400 239 35 386 Aug. 20 196 159 602 29 986 4,206 2,026 4,156 2,414 237 25 386 Aug. 27 193 163 602 26 984 4,217 2,026 4,161 2,419 235 25 Sept. 3 231 170 602 38 1,041 4,213 2,026 4,224 2,393 250 27 Sept. 10 183 193 602 30 1,008 4,216 2,026 4,177 2,428 232 27 386 Sept. 17 163 209 610 26 1,008 4,220 2,026 4,171 2,456 210 26 391 Sept. 24 167 198 602 24 991 4,219 2,026 4,148 2,416 256 25 391 Oct. 1 186 193 601 30 1,010 4,224 2,027 4,205 2,394 245 25 392 Oct. 8 173 211 600 28 1,012 4,227 2,027 4,200 2,408 243 25 390 Oct. 15 210 185 602 47 1,044 4,232 2,02.7 4,213 2,440 230 28 391 Oct. 22 192 177 602 21 992 4,236 2,027 4,163 2,437 239 25 391 Oct. 29 202 166 16 985 4,246 2,028 4,139 2,4£8 236 25 390 Nov. 5 213 186 602 9 1,010 4,247 2,028 4,204 2,410 248 32 390 Nov. 12 192 207 601 35 1,035 4,262 2,028 4,190 2,490 230 25 390 Nov. 19 205 178 596 24 1,003 4,269 2,028 4,195 2,449 245 28 383 Nov. 26 234 176 596 22 1,028 4,279 2,027 4,278 2,410 240 24 382 Dec. 3._. 251 219 602 36 1,108 4,285 2,028 4,328 2,424 256 26 387 Dec. 10.. 257 244 617 16 1,134 4,289 2,028 4,369 2,448 223 26 384 Dec. 17. 331 252 692 22 1,297 4,297 2,027 4,550 2,455 205 26 385 Dec. 24.. 448 260 642 75 1,425 4,302 2,027 4,727 2,367 252 24 384 Dec. 31.. 251 364 729 29 1,373 4,306 2,027 4,603 2,471 230 28 375 ' Revised. (For other footnotes see table 1, p. 67.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1928-34 (WEDNESDAY SERIES)—Continued [In millions of dollars] Reserve bank credit outstanding Treas- Treas- (Wed D n a e t s e day) c B o di i u s l n l - s t- b)< B ou il g ls ht s m U G e e t . c i r e o e u n n v S s r - t - i . - c O b s r R e e a t d r h n e v i e - k t e r i Total s M g t t o a o o c r l n y k d e 2 - r t b e i c a u n o a n u n r a n n c r y d - a y k - l 3 M i t c n i u o o c l n n a i e r 2 - y - r M e a b b s b n a e e a c e n m l r e r - k v s - e a b p F n w a c u o . d a n i s r s R k t y i d h h t s e . s 4 - m d N i e b t e o p s e m n o r s - s - - c a F O s o l e e a u t r d c R h n v - e e t e e s r r - a - 1931 Jan.7 292 265 659 1,248 4,315 2,026 4,495 2,444 242 377 Jan. 14 243 196 644 1,111 4,338 2,026 4,362 2,464 245 378 Jan. 21 230 152 625 1,020 4,344 2,025 4,306 2,441 238 380 Jan.28 215 120 610 956 4,350 2,025 4,257 2,425 243 380 Feb. 4 223 104 610 949 4,362 2,025 4,289 2,379 263 Feb. 11 222 88 610 929 4,364 2,024 4,307 2,365 242 379 Feb. 18 200 94 600 905 4,374 2,026 4,273 2,380 247 379 Feb. 25 190 106 599 904 4,376 2,027 4,282 2,378 243 381 Mar. 4 191 101 600 4,385 2,025 4,288 2,365 264 22 380 Mar. 11 173 151 605 942 4,390 2,026 4,267 2,436 254 22 379 Mar. 18 162 122 618 907 2,027 4,275 2,436 211 26 384 Mar. 25 165 83 599 858 4,402 2,027 4,260 2,357 24 384 Apr. 1 164 167 943 4,411 2,025 4,333 2,392 248 25 Apr. 8 143 172 599 929 4,416 2,025 4,325 2,389 250 24 382 Apr. 15 132 131 599 895 4,423 2,025 4,336 2,356 237 31 384 Apr. 22 135 152 599 911 4,426 2,025 4,325 2,380 247 26 384 Apr. 29 155 170 936 4,434 2,024 4,334 2,408 246 24 383 May 6 150 194 967 4, 456 2,023 4,376 2,418 240 29 383 May 13 145 153 598 918 4, 479 2,023 4,340 2,421 250 26 383 May 20 149 131 599 894 4,485 2,022 4,352 2,411 230 26 382 May 27 153 125 4,508 2,022 4,347 2,425 235 27 382 June 3 173 134 938 4,506 2,022 4,386 2,389 274 37 380 June 10 185 127 929 4,516 2,022 4,436 2,399 224 28 381 June 17 185 107 599 907 4,606 2,022 4,469 2,401 258 28 379 June 24 214 106 619 960 4,628 2,023 4,446 2,457 40 379 July 1 150 103 663 950 4,669 2,022 4,554 2,389 257 70 371 July 8 162 92 668 960 4,677 2,022 4,549 2,440 228 72 370 July 15 162 70 678 951 4,672 2,023 4,521 2,436 234 87 368 July 22 182 67 678 942 4,664 2,024 4,508 2,432 236 85 368 July 29 183 67 678 945 4,666 2,024 4*493 2,415 231 126 369 Aug. 5 189 66 681 967 4,668 2,024 4,562 2,339 231 159 368 Aug. 12 195 136 728 1,105 4,677 2,024 4,603 2,393 233 209 367 Aug. 19 231 155 728 ,141 4,696 2,023 4,665 2,382 252 195 366 Aug. 26 242 181 728 ,199 4,705 2,023 4,707 2,342 210 365 Sept. 2 257 198 728 ,221 4,712 2,023 4,749 2,374 265 203 365 Sept. 9 260 198 728 ,216 4,714 2,023 4,805 2,290 260 233 364 Sept. 16 263 218 742 ,279 4,729 2,023 4,801 2,418 223 224 365 Sept. 23 310 243 738 ,315 4,610 2,023 4,877 2,280 242 186 363 Sept. 30 333 469 742 1,578 4,454 2,023 4,959 2,364 249 120 Oct. 7 581 738 1,839 4,355 2,023 5,144 2,277 258 178 360 Oct. 14 628 730 727 2,125 4,137 2,024 5,186 2,223 249 269 359 Oct. 21 698 769 727 2,238 4,050 2,024 5,218 2,276 250 207 361 Oct. 28 717 725 727 2,211 4,002 2,024 5,194 2,229 263 192 Nov. 4 705 642 728 2,109 4,025 2,025 5,258 2,122 257 167 355 Nov. 11 684 597 727 2,064 4,060 2,026 5,232 2,099 279 185 355 Nov. 18 662 534 727 1,972 4,084 2,026 5,186 2,124 251 165 356 Nov. 25 686 480 727 1,941 4,121 2,025 5,192 2,117 250 170 358 Dec. 2... 718 423 717 1,905 4,133 2,027 5,224 2,073 247 163 358 Dec. 9— 725 389 717 1,880 4,153 2,028 5,222 2,086 253 145 355 Dec. 16.. 698 307 906 1,974 4,171 2,031 5,291 2,168 221 138 359 Dec. 23.. 911 257 758 2,006 4,178 2,035 5,446 2,001 275 138 359 Dec. 30.. 1,024 327 803 2,202 4,171 2,035 5,345 2,323 274 107 359 r Revised. (For other footnotes see table 1 ,p. 67.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

75 RESERVE BANK CREDIT No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1928-34 (WEDNESDAY SERIES)—Continued [In millions of dollars] I Reserve bank credit outstanding Treas- TreaS' (Wed D n a e t s e day) c B e o d d i u i s l n l - s t-bo B u il g ls ht s m U G e e t c i r e . o e u n S n v s r - . t i - - c O b s r R e e a t r d h e n v i - e k t e r * Total s M g t t o a o o r c l y n k d - e 2 - r t b e i c u a n o a n u n r a n n c r y d - a k y - l 3 M i t c n i u o o c l n n a i e r - 2 - y r M e a b b s b n a e a e e c n m l r e r - k v s - e b a p F n w a c u o . n d a r i s s R k t y i d h h t s e s . - m N i b t e o s e m n r s - - c F a O s o l e e a u t c r d R h n - v e e t e e s r r - e - 1932 Jan. 6_ -. 818 275 766 1,921 4,171 2,035 5,374 2,036 260 103 353 Jan. 13 818 214 752 1,834 4,170 2,036 5,332 1,994 258 103 353 Jan. 20 819 188 751 1,807 4,164 2,037 5,326 1,972 251 108 350 Jan. 27 838 162 752 1,798 4,139 2,039 5,302 1,945 264 116 349 Feb. 3 855 156 749 1,810 4,119 2,043 5,344 1,937 258 348 Feb.10 819 169 741 1,779 4,116 2,046 5,338 1,905 282 68 347 Feb.17 846 146 741 1,781 4,082 2,049 5,322 1,904 256 82 347 Feb. 24 835 133 741 1,734 4,063 2,054 5,306 1,878 274 46 349 Mar. 2 828 116 760 1,729 4,063 2,056 5,296 1,902 265 38 347 Mar. 9 748 138 785 1,698 4,075 2,058 5,258 1,910 283 32 350 Mar. 16_ 661 106 842 1,634 4,087 2,060 5,235 1,919 221 55 350 Mar. 23 _ 666 82 835 1,597 4,094 2,060 5,193 1,911 268 29 351 Mar. 30 633 66 872 1,587 4,101 2,060 5,152 1,911 280 55 350 Apr. 6— 635 58 885 1,599 4,109 2,060 5,171 1,942 255 50 350 Apr. 13_. 629 52 985 1,686 4,093 2,061 5,136 2,011 281 61 350 Apr. 20_. 565 49 1,078 1,700 4,090 2,061 5,138 1,979 307 74 354 Apr. 27.. 532 46 1,191 1,785 4,081 2,061 5,111 2,114 278 71 353 May 4 506 45 ,287 1,859 4,057 2,060 5,162 2,147 242 77 351 May 11 471 43 ,385 1,919 4,027 2,060 5,144 2,144 288 78 350 May 18 465 41 ,466 1,988 2,061 5,162 2,192 261 71 350 May 25 471 ,525 2,048 3,920 2,060 5,124 2,214 270 70 350 June 1 495 ,575 2,122 3,820 2,059 5,180 2,125 243 105 349 June 8 502 ,645 2,198 3,692 2,059 5,165 2,112 263 62 347 June 15 496 ,692 2,270 3,622 2,058 5,180 2,101 225 94 349 June 22 488 ,730 2,288 3,630 2,057 5,218 2,066 287 52 351 June 29 470 ., 801 2,346 3,633 2,057 5,362 2,034 246 45 349 July 6— 500 ,801 2,408 3,635 2,057 5,488 1,963 264 42 343 July 13.. 516 ,821 2,417 3,645 2,056 5,427 2,015 289 43 344 July 20- 538 836 2,438 3,665 2,056 5,448 2,036 286 46 343 July 27- 525 841 2,422 3,674 2,056 5,403 2,072 48 343 Aug. 3__ 487 846 2,388 3,700 2,058 5,441 2,012 301 47 344 Aug. 10. 452 ;851 2,357 3,718 2,064 5,420 2,062 265 46 346 Aug. 17. 443 1,851 2,344 3,759 2,076 5,419 2,080 288 46 346 Aug. 24_ 427 1,851 2,321 3,777 2,087 5,397 2,142 268 31 347 Aug. 31. 433 1,852 2,331 3,801 2,106 5,405 2,146 r306 36 345 Sept. 7 420 1,851 2,319 3,818 2,115 5,438 2,142 295 31 346 Sept. 14 402 1,851 2,301 3,841 2,128 5,381 2,244 263 36 347 Sept. 21 359 1,852 2,259 3,878 2,140 5,355 2,211 327 36 349 Sept. 28 340 1,854 2,241 3,897 2,152 5,318 2,269 318 36 351 Oct. 5 333 1,851 2,241 3,914 2,158 5,362 2,284 279 37 351 Oct. 12 328 1,851 2,234 3,921 2,166 5,364 2,246 298 61 352 Oct. 19 314 1,851 2,219 3,940 2,175 5,334 2,326 276 39 359 Oct. 26 322 1,851 2,221 3,970 2,182 5,297 2,412 277 30 357 Nov. 2 326 1,851 2,226 3,979 2,186 5,329 2,384 279 38 359 Nov. 9 311 1,851 2,199 3,983 2,193 5,364 2,342 274 34 360 Nov. 16 307 1,851 2,208 3,996 2,195 5,342 2,400 266 33 359 Nov. 23 308 1,851 2,201 4,032 2,196 5,348 2,400 271 53 357 Nov. 30 309 1,851 2,202 4,053 2,199 5,361 2,411 275 50 357 Dec. 7— 299 1,851 2,197 4,065 2,201 5,382 2,395 287 40 357 Dec. 14.. 284 1,851 2,189 4,081 2,202 5,377 2,425 277 37 356 Dec. 21.. 270 1,851 2,180 4,200 2,203 5,443 2,446 293 39 362 Dec. 28- 267 1,851 2,168 4,218 2,203 5,400 2,482 306 39 363 ' Revised. (For other footnotes see table 1, p. 67.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1928-34 (WEDNESDAY SERIES)—Continued [In millions of dollars] Reserve bank credit outstanding Treas- Treas- (Wed D n a e t s e day) c B e d o d i i u s l l n - i s t-b B ou il g ls ht s U m G e e c r o . e n u S v n - r . - t i-c O b s r x e e a t c r d h n e v i e k - t e r » Total M s g t to a o o c r l n y d k e 2 - r t b e i c a u n o a n u n r a n n c y r d - - a k y l 3 M i t c n i u o o l c n n a i e r 2 - y - r M e a b b s b n a e e a e c n m l r r e - k v s - e a b p F n w a c u o . d n a r i s s R k t y i d h h t s e . s - * m N i b t e o s e m n r 5 - - c a F O s o l e e a u t r c d R n h v - e t e e e s r - r g ties 1933 Jan. 4.___ 251 33 1,851 29 2,163 4,237 2,204 5,383 2,514 305 353 Jan. 11... 248 32 1,812 13 2,106 4,262 2,205 5,302 2,574 294 353 Jan. 18- — 249 32 ,778 9 2,068 4,279 2,205 5,315 2,545 294 352 Jan. 25.._ 265 31 L, 763 7 2,067 4,269 2,204 5,324 2,513 292 350 Feb. 1-... 269 31 L,764 7 2,070 4,261 2,204 5,365 2,438 319 347 Feb. 8___. 253 31 L, 784 17 2,085 4,248 2,203 5,418 2,419 285 345 Feb. 15— 286 31 L.809 10 2,136 4,224 2,203 5,567 2,236 330 342 Feb. 22... 327 180 L,834 10 2,351 4,173 2,203 5,701 2,271 325 343 Mar. 1... 712 384 1,836 4 2,936 4,056 2,218 6,432 2,038 303 91 345 Mar. 8... 1,414 417 L, 881 -68 3,644 3,956 2,230 7,251 1,776 317 138 348 Mar. 15 1,233 403 1,899 -9 3, 526 3,964 2,256 6,982 1,964 317 132 350 Mar. 22 680 352 L.864 -1 2,896 3,977 2,273 6,321 1,918 432 126 350 Mar. 29 559 310 L, 838 -6 2,702 3,985 2,287 6,066 1,987 428 144 348 Apr. 5... 441 286 L,837 15 2,579 3,996 2,297 5,974 1,976 441 135 347 Apr. 12.. 428 247 L,837 16 2,528 4,006 2,303 5,860 2,096 390 143 348 Apr. 19.. 414 208 L,837 30 2,490 4,026 2,308 5,781 2,159 366 163 355 Apr. 26.. 385 177 L, 837 12 2,412 4,023 2,306 5,707 2,136 371 172 355 May 3__ 400 144 L, 837 15 2,396 4,025 2,305 5,667 2,034 487 182 356 May 10_ 338 113 L,837 9 2,297 4,026 2,303 5,605 2,089 399 178 355 May 17. 330 78 L,837 9 2,254 4,026 2,299 5, 565 2,114 370 175 354 May 24 _ 312 43 L, 862 3 2,219 4,027 2,299 5,508 2,194 329 161 353 May 31_ 302 20 L,890 7 2,218 4,028 2,298 5,525 2,167 345 155 353 June 7... 277 11 L,912 15 2,214 4,029 2,296 5,480 2,204 307 197 351 June 14.. 254 10 1,932 15 2,212 4,031 2,295 5,436 2,281 316 153 351 June 21 _. 222 9 L.955 8 2,194 2,295 5,409 2,205 405 152 348 June 28.. 191 8 1,975 7 2,182 4,031 2,296 5,388 2,286 317 169 348 July 5... 182 23 1,995 6 2,206 4,031 2,285 5,465 2,219 331 164 344 July 12.. 168 13 2,007 13 2,201 4,032 2,284 5,380 2,269 353 169 345 July 19.. 163 10 2,017 7 2,197 4,032 2,283 5,348 2,290 335 194 344 July 26.. 161 10 2,028 2 2,201 4,033 2,282 5,314 2,306 366 186 343 Aug. 2.. 164 8 2,038 -1 2,208 4,033 2,281 5,331 2,319 333 188 350 Aug. 9,_ 156 8 2,048 8 2,220 4,033 2,281 5,321 2,376 292 195 350 Aug. 16. 166 7 2,059 8 2,240 4,034 2,281 5,325 2,371 315 197 347 Aug. 23 _ 150 7 2,094 7 2,258 4,041 2,280 5,305 2,432 319 175 348 Aug. 30. 153 7 2,129 9 2,298 4,041 2,281 5,305 2,427 339 202 347 Sept. 6 145 7 2,166 12 2,330 4,042 2,280 5,361 2,439 327 178 346 Sept. 13 133 7 2,203 14 2,357 4,040 2,281 5,315 2,542 317 157 346 Sept. 20 130 7 2,238 13 2,388 4,040 2,280 5,318 2,543 334 164 348 Sept. 27 133 7 2,274 7 2,421 4,037 2,279 2,596 331 156 347 Oct. 4... 123 7 2,309 10 2,449 4,037 2,279 5,365 2,523 372 159 346 Oct. 11.. 119 7 2,344 7 2,477 4,037 2,278 5,386 2,567 338 155 345 Oct. 18.. 113 7 2,375 18 2,513 4,036 2,277 5,363 2,655 284 166 358 Oct. 25. 115 7 2,400 5 2,526 4,036 2,277 5,321 2,693 302 167 357 Nov. 1. 117 7 2,420 7 2,550 4,036 2,276 5,353 2,591 178 353 Nov. 8. 112 7 2,430 -7 2,542 4,036 2,275 5,386 2,578 373 161 355 Nov. 15 111 15 2,432 6 2,564 4,036 2,275 5,368 2,645 345 163 355 Nov. 22 112 20 2,431 -1 2,562 4,036 2,276 5,367 2,687 316 149 355 Nov. 29 119 24 2,432 7 2,581 4,036 2,277 5,455 2,573 142 354 Dec. 6... 116 61 2,431 7 2,615 4,036 2,277 5,471 2,561 156 354 Dec. 13.. 118 116 2,432 11 2,677 4,036 2,295 5,476 2,638 379 160 355 Dec. 20.. 115 113 2,432 25 2,686 4,036 2,299 5,562 2,636 329 132 362 Dec. 27.. 111 111 2,432 20 2,674 4,036 2,304 5,537 2,675 315 124 362 (For footnotes, see table 1, p. 67.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

77 RESERVE BANK CREDIT No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1928-34 (WEDNESDAY SERIES)—Continued Eeserve bank credit outstanding Treas- Treas- (We D dn a e t s e day) c B o d u i i l s n l - t s - bo B ug il h l t s s m U G e e t c i r e o . e u n S n v s r - . t - i- c O b s r R e e a t r d h n e v i - e k t e r * Total M s g t to a o o r c l n y d k e 2 - r t b e i c a u n o a n u n r a n n c y r d - a y k - l 3 M i t c n i u o o c l n n a i e * r - y - r M e a b b b s n a e e a e c n m r l r e k - v s - e a b p F n w c a u o . a d n r i s s t k y R i d h h t s e s . 4 -m d N i b e t e o p e s m n * o r - s - - c a F O s o l e e a u t r d R h c n v - e e t e e r s r - - 8 1934 Jan. 3 106 121 2,432 2,688 4,036 2,303 5,504 2,710 311 145 357 Jan.10.. 104 113 2,432 2,655 4,036 2,302 5,397 2,777 353 172 295 Jan.17 101 2,432 2,646 4,035 2,302 5,356 2,788 407 143 288 Jan. 24 97 104 2,432 2,631 4,035 2,301 5,294 2,851 398 137 287 Jan. 31 83 2,434 2,630 4,033 2,302 5,289 2,652 597 141 287 Feb. 7 73 97 2,432 2,606 7,036 2,301 5,317 2,736 3,449 142 Feb. 14 68 2,432 2,593 7,089 2,301 5,321 2,851 3,391 130 290 Feb. 21 66 2,432 2, 592 7,203 2,301 5,344 2,830 3,499 132 291 Feb. 28 64 2,432 2,567 7,438 2,302 5,354 3,093 3,440 127 292 Mar. 7 59 2,432 2,539 7,556 2,312 5,374 3,313 3,294 133 294 Mar. 14 55 2,432 2,532 7,605 2,332 5,345 3,454 3,226 143 301 Mar. 21 51 2,432 2,508 7,640 2,343 5,334 3,449 3,252 154 302 Mar. 28 53 2,432 2,519 7,681 2,356 5,336 3,439 3,318 161 303 Apr. 4 26 2,432 2,509 7,703 2,369 5,371 3,450 3,323 140 297 Apr. 11 2,432 2,492 7,732 2,381 5,347 3,560 3,239 148 312 Apr. 18- 2,430 2,493 7,746 2,381 5,347 3,665 3,204 167 237 Apr. 25 10 2,430 2,486 7,755 2,380 5,324 3,744 3,148 167 237 May 2 2,432 2,484 7,756 2,381 5,359 3,570 3,177 280 235 May9 2,432 2,484 7,756 2,380 5,352 3,678 3,098 257 235 May 16_ 2,430 2,473 7,753 2,380 5,344 3,694 3,082 252 233 May 23 2,430 2,469 7,766 2, 375 5,316 3,767 3,05.2 242 233 May 30 2,430 2,470 7,776 2,371 5,338 3,763 3,051 233 232 June 6 2,430 2,475 7,790 2,365 5,342 3,787 3,034 230 237 June 13. 2,430 2,472 7,820 2,361 5,313 3,895 2,956 251 238 June 20 2,430 2,468 7,835 2,359 5,310 3,769 3,121 224 239 June 27 2,430 2,465 7,846 2,364 5,301 3,837 3,077 225 236 July 3 2,432 2,488 7,866 2,365 5,397 3,746 3,113 232 230 July 11 _ 2,432 2,468 7,881 2,365 5,344 3,902 3,014 223 231 July 18 2,432 2,460 7,897 2,363 5,328 3,987 2,954 222 229 July 25 _ 2,432 2,456 7,911 2,364 5,291 4,020 2,972 220 Aug. 1 2,432 2,463 7,932 2,361 5,315 3,915 3,074 219 232 Aug. 8 2,432 2,458 7,957 2,357 5,334 4,059 2,941 209 229 Aug. 15 2,431 2,468 7,979 2,375 5,343 4,064 2,976 211 228 Aug. 22 2,432 2,457 7,983 2,390 5,347 4,072 2,972 211 228 Aug. 29 2,432 2,463 7,981 2,403 5,345 4,127 2,944 204 226 Sept. 5 2,432 2,467 7,963 2,412 5,419 3,907 3,087 203 225 Sept. 12 2,431 10 2,469 7,968 2,414 5,409 3,948 3,058 213 224 Sept. 19 2,431 2,466 7,972 2,412 5,412 3,124 195 230 Sept. 26 2,430 2,463 7,976 2,409 5,403 3,970 3,061 186 229 Oct. 3. 2,431 2,455 7,980 2,407 5,468 3,895 3,068 182 229 Oct. 10 2,430 2,448 7,985 2,403 5,479 3,979 2,967 183 229 Oct. 17 2,430 2,457 7,990 2,410 5,469 3,996 2,968 183 239 Oct. 24 2,430 2,452 7,993 2,429 5,436 3,985 3,049 165 239 Oct. 31 2,430 2,455 8,002 2,434 5,453 4,006 3,031 164 237 Nov. 7 2,430 2,440 2,442 5,503 4,032 2,944 172 240 Nov. 14 2,430 2,474 8,030 2,450 5,480 4,107 2,964 163 240 Nov. 21 2,430 2,470 8,076 2,459 5,455 4,196 2,956 159 239 Nov. 28 2,430 2,460 8,112 2,469 5,516 4,108 3,017 160 239 Dec. 5 2,430 2,452 8,161 2,478 5,545 4,073 3,060 176 237 Dec. 12 2,430 2,462 8,180 2,486 5,532 4,112 3,060 184 239 Dec. 19.— 2,430 2,477 8,198 2,505 5,587 3,943 3,221 185 243 Dec. 26 2,430 2,470 8,228 2,504 5,628 3,961 3,181 188 244 I * Less than $500,000. (For other footnotes see table 1, p. 67.) Back figures.—See Annual Report for 1933 (table 4), except that previously published figures for monetary gold stock and money in circulation have been revised to exclude $287,000,000 of gold coin previously reported as in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No.5.—RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES), 1917-34 [In millions of dollars] Reserve bank credit outstanding Date (End of month) 1917 January (Wed.) 16 92 February (Wed.) 19 119 March (Sat.). 22 85 April (Mon.). 34 74 May (Thur.). 51 112 June (Sat.)—_ 202 203 July (Tues.). 134 184 August (Fri.) 147 155 September (Sat.) 239 177 October (Wed.) 520 184 November (Fri.) 756 205 December (Mon.)— 660 273 1918 January (Thur.) 611 285 February (Thurs.)__ 498 299 March (Sat.). 588 327 April (Thur.) 911 294 May (Sat.)— 89? 256 June (Sat.)— 888 217 July (Fri.) — 1,269 198 August (Mon.) 1,449 235 September (Mon.)__ 1,692 290 October (Sat.) 1,732 383 November (Mon.)-_ 1,775 380 December (Thur.).. 1,766 287 1919 January (Fri.) 1,601 281 February (Fri.) 1,880 276 March (Mon.) 1,899 236 April (Wed.) 1,940 180 May (Sat.) 2,005 186 June (Mon.) 1,800 316 July (Thur.) 1,856 373 August (Sat.) 1,825 367 September (Tues.)-. 1,974 300 October (Fri.) 2,129 394 November (Sat.) 2,205 502 December (Wed.). -. 2,215 574 1920 January (Sat.) 2,169 562 February (Sat.) 2,438 536 March (Wed.) 2,463 420 April (Fri.) 2,535 407 May (Mon.) 2,555 420 June (Wed.) 2,468 385 July (Sat.) 2,500 346 August (Tues.) 2,672 307 September (Thur.) —2,726 301 October (Sat.) 2,808 299 November (Tues.)._ 2,722 241 December (Fri.) 2,687 260 1921 January (Mon.) 2,457 164 February (Mon.).._ 2,390 169 March (Thur.) 2,233 119 April (Sat.) 2,077 110 May (Tues.) 1,908 75 June (Thur.) 1,751 40 July (Sat.). 1,642 18 August (Wed.) 1,492 35 September (Fri.) 1,413 45 October (Mon.) 1,313 86 November (Wed.).. 1,182 73 December (Sat.) 1,144 145 (For footnotes see table 1, p. 67.) emnrevo seitiru 50 214 2,635 48 249 2,709 105 280 2,818 119 307 2,850 114 350 2,846 66 596 2,933 68 632 2,903 78 512 2,878 99 602 2,864 114 993 2,866 89 1,213 2,867 122 1,171 2,868 131 1,161 2,873 224 1,213 2,875 326 1,356 2,878 78 1,405 2,879 147 1,439 2,885 255 1,567 2,876 57 1,663 2,875 57 1,871 2,874 81 2,205 2,866 116 2,403 2,869 122 2,434 2,872 239 2,498 2,873 295 158 2,335 2,875 183 119 2,457 2,878 203 93 2,431 2,878 221 105 2,445 2,890 230 64 2,484 2,890 292 102 2,511 2,826 244 116 2,588 2,777 271 120 2,583 2,838 283 156 2,714 2,860 301 122 2,946 2,816 315 156 3,179 2,757 300 203 3,292 2,707 304 168 3,203 2,643 294 176 3,444 2,600 298 160 3,342 2,563 294 144 3,380 2,554 306 132 3,414 2,569 341 150 3,343 2,578 321 141 3,309 2,575 306 118 3,403 2,564 300 136 3,464 2,586 296 130 3,533 2,581 306 102 3,371 2,610 287 120 3,355 2,639 287 2,949 2,679 283 2,874 2,713 277 2,678 2,799 267 2,496 2,877 266 2,273 2,944 259 2,096 2,988 244 1,940 3,060 230 1,778 3,152 228 1,706 3,232 193 1,607 3,285 205 1,487 3,340 234 1,563 3,373 yrus knab 1,900 3,702 698 289 1,903 3,833 702 255 1,903 3,886 742 302 1,902 3,907 712 357 1,903 3,969 735 305 1,899 3,779 1,045 505 1,901 3,686 1, 233 432 1,905 3,693 1,070 423 1,907 3,764 1,157 308 1,913 3,820 1,315 537 1,920 3,935 1,489 457 1,923 4,086 1,447 326 1,931 3,849 1,443 1,937 4,028 1,410 1,939 4,109 1,511 1,916 4,147 1,491 1,899 4,129 1,440 1,880 4,195 1,564 1,853 4,277 1,514 1,842 4,489 1,519 1,825 4,740 1,556 1,815 4,858 1,463 1,798 4,908 1,488 1,795 4,951 1,636 1,771 4,632 1,693 400 1,747 4,635 1,621 571 1,727 4,661 1,614 479 1,713 4,656 1,676 443 1,709 4,631 1,668 477 1,709 4,590 1,758 431 1,705 4,583 1,762 445 1,708 4,661 1,756 444 1,705 4,750 1,762 497 1,712 4,840 1,833 518 1,711 4,982 1,873 501 1,707 5,091 1,890 416 1,700 4,890 1,855 489 1,685 5,073 1,889 441 1,687 5,104 1,856 288 1,687 5,122 1,860 287 1,686 5,165 1,864 267 1,687 5,181 1,822 259 1,693 5,167 1,840 231 1,697 5,261 1,793 254 1,702 5,329 1,807 264 1,710 5,411 1,817 238 1,715 5,356 1,727 247 1,709 5,325 1,781 275 1,707 5,016 1,722 264 1,722 4,986 1,705 274 1,726 4,837 1,659 346 1,718 4,793 1,667 264 1,745 4,728 1,602 263 1,750 4,624 1,604 241 1,742 4,510 1,625 241 1,766 4,453 1,619 256 1,789 4,457 1,581 317 1,821 4,408 1,659 266 1,841 4,364 1,670 261 1,842 4,403 1,753 310 laredeF reh stnuocca 55 56 55 57 58 57 55 60 61 67 72 71 77 88 82 87 82 87 88 104 103 115 118 124 131 145 144 158 146 160 166 173 185 198 208 219 233 240 254 274 280 294 308 322 337 345 298 308 317 327 334 338 338 341 343 348 35C 34S 28E Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

79 RESERVE BANK CREDIT No. 5.—RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES), 1917-34—Continued [In millions of dollars] Reserve bank credit outstanding Date •S3 (End of month) 8? 1922 January (Tues.) 839 75 293 1,221 3,398 1,834 4,153 1,678 307 285 February (Tues.)... 713 93 408 1,233 3,436 1,836 4,204 1,710 274 282 March (Fri.) 680 105 456 1,249 3,463 1,842 4,210 1,709 313 284 April (Sat.) 510 91 587 1,208 3,477 1,850 4,181 1,755 276 281 May (Wed.) 471 118 603 1,195 3,484 1,861 4,168 1,782 275 281 June (Fri.) 461 161 555 1,202 3,498 1,862 4,176 1,820 253 283 July (Mon.) 406 140 537 1,100 3,542 1,865 4,137 1,761 300 282 August (Thur.) 397 180 507 1,130 3,568 1,878 4,193 1,804 275 282 September (Sat.) 464 244 483 1,249 3,586 1,893 4,321 1,857 239 286 October (Tues.) 576 258 363 1,238 3,601 1,906 4,359 1,813 257 287 November (Thur.).- 650 259 304 1,254 3,619 1,928 4,417 1,808 269 288 December (Sat.) 618 272 436 1,405 3,642 1,958 4,530 1,934 236 276 1923 January (Wed.) 597 354 1,174 3,666 1,968 4,327 1,913 259 275 February (Wed.).— 596 208 363 1,213 3,676 1,977 4,416 1,888 264 275 March (Sat.) 699 263 250 1,270 3,683 1,980 4,460 1,863 311 279 April (Tues.) 725 272 185 1,211 3,695 1,990 4,472 1,865 259 279 May (Thur.) 771 259 192 1,237 3,741 1,998 4,510 1,900 249 280 June (Sat.) 837 206 102 1,202 3,763 1,975 4,536 1,852 243 280 July (Tues.) 826 183 98 1,148 3,792 1,995 4,500 1,878 255 279 August (Fri.) 865 172 102 1,179 3,824 1,998 4,589 1,845 267 280 September (Sat.) 884 173 96 1,212 3,»49 2,003 4,658 1,839 265 281 October (Thur.) 884 205 92 1,219 3,880 2,005 4, 642 1,895 263 282 November (Fri.) 803 300 104 1,223 3,920 2,007 4,731 1,865 251 282 December (Mon.) — 723 355 134 1,238 3,957 2,009 4,757 1,898 251 275 1924 January (Thur.) 532 286 126 972 4,002 2,011 4,490 1,951 252 270 February (Fri.) 529 268 165 998 4,036 2,014 4,600 1,900 259 268 March (Mon.) 518 228 263 1,026 4,077 2,015 4,612 1,885 328 April (Wed.) 447 124 302 911 4,124 2,017 4,566 1,945 245 May (Sat.) 441 80 353 892 4,168 2,019 4,618 1,906 270 264 June (Mon.) 334 37 431 831 4,201 2,019 4,562 1,944 262 261 July (Thur.) 293 23 523 875 4,224 2,018 4,469 2,091 269 256 August (Sat.) 275 58 542 923 4,234 2,018 4,572 2,060 257 253 September (Tues.)._ 276 132 576 1,014 4,224 2,017 4,576 2,111 278 259 October (Fri.) 264 200 584 1,084 4,222 2,020 4,655 2,138 246 258 November (Sat.) 242 314 584 1,186 4,240 2,024 4,765 2,143 256 258 December (Wed.)— 320 387 540 1,302 4,212 2,025 4,760 2,220 262 258 1925 January (Sat.)__. 322 313 391 1,087 4,136 2,028 4,515 2,159 278 257 February (Sat.) 426 315 379 1,179 4,077 2,025 4,561 2,175 252 260 March (Tues.) 408 313 360 1,115 4,052 2,016 4,524 2,114 252 264 April (Thur.) 440 262 348 1,095 4,055 2,009 4,495 2,135 236 264 May (Sat.) 462 288 348 1,141 4,070 2,003 4,550 2,125 246 263 June (Tues.) 491 254 353 1,144 4,073 1,997 4,524 2,172 229 263 July (Fri.) 517 207 329 1,093 4,080 1,990 4,505 2,145 226 263 August (Mon.) 585 212 330 1,159 4,095 1,988 4,579 2,137 239 264 September (Wed.)_- 643 268 343 1,295 4,095 1,985 4,629 2,210 239 269 October (Sat.) 619 347 327 1,353 4,120 1,983 4,682 2,214 258 271 November (Mon.)-- 688 359 342 1,421 4,110 1,981 4,757 2,197 253 273 December (Thur.)__ 643 374 375 1,459 4,112 1,977 4,817 2,212 219 272 1926 January (Sat.) 491 302 351 1,191 4,125 1,980 4,554 2,196 251 273 February (Sat.) 585 301 327 1,261 4,136 1,981 4,617 2,187 275 276 March (Wed) 641 250 330 1,262 4,155 1,983 4,573 2,215 309 281 April (Fri.) 580 210 393 1,223 4,151 1,984 4,620 2,194 237 282 May (Mon.) 557 238 396 1,243 4,146 1,986 4,636 2,195 230 283 June (Wed.) 521 249 385 1,194 4,160 1,986 4,598 2,229 212 282 July (Sat.) 568 216 372 1,206 4,184 1,986 4,622 2,206 242 283 August (Tues.) 641 258 322 1,256 4,186 1,984 4,643 2,225 240 285 September (Thurs.) 681 280 304 1,314 4,179 1,988 4,691 2,209 266 291 October (Sat.) 690 323 301 1,361 4,186 1,990 4,734 2,223 256 293 November (Tues.)_ 662 364 306 1,376 4,190 1,992 4,750 2,232 253 293 December (Fri.)___ 637 381 315 1,381 4,205 1,991 4,808 2,194 218 293 (For footnotes see table t, p. 67.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 5.—RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES), 1917-34—Continued [In millions of dollars] Reserve bank credit outstanding s Date (End of month) a 1927 January (Mon.) February (Mon.)._. March (Thurs.) April (Sat.) May (Tues.) June (Thurs.) July (Sat.) August (Wed.) September (Fri.) October (Mon.) November (Wed.)._ December (Sat.) — 1928 January (Tues.) February (Wed.).— March (Sat.) April (Mon ) May (Thurs.) June (Sat.) .__ July (Tues.) August (Fri.) Sept. (Sat) October (Wed.) November (Fri.) December (Mon.).__ 1929 January (Thurs.)... February (Thurs.) __ March (Sat.)__ April (Tues.) May (Fri.) June (Sat.)— July (Wed) August (Sat.) September (Mon.)._ October (Thurs.) November (Sat.) December (Tues.)— 1930 January (Fri.) February (Fri.) March (Mon.) April (Wed.) May (Sat.) June (Mon.) . July (Thurs) August (Sat.) September (Tues.)._ October (Fri) November (Sat.) December (Wed.)._. 1931 January (Sat.) February (Sat.) March (Tues.) April (Thurs.) May (Sat) June (Tues.) July (Fri.) August (Mon.) September (Wed.)__ October (Sat) November (Mon.).. December (Thurs.) _ ]uocsid slliB "q a? a m OT'© O 3 | °.8 5 425 321 304 470 296 316 451 239 348 477 238 327 459 228 343 443 211 370 442 172 392 401 185 473 437 250 506 412 342 522 477 355 548 582 392 617 423 379 437 493 344 408 599 350 395 834 357 296 1,021 292 220 1,095 217 235 1,031 162 215 1,108 192 219 1 071 284 243 932 440 227 1,088 486 237 1,056 489 228 805 440 202 973 330 169 1,095 200 172 949 179 163 1,068 117 143 1,037 82 216 1,076 75 147 1,046 176 150 958 293 162 1,000 355 321 1,030 256 326 632 392 511 394 294 479 353 270 480 310 279 535 233 210 530 313 185 528 272 128 591 200 130 577 215 168 602 272 209 597 207 163 602 275 175 599 251 364 729 232 125 610 198 109 599 250 124 599 157 163 598 174 125 598 149 106 668 195 73 678 273 215 728 333 469 742 728 681 727 718 452 717 638 339 817 «R rehtO c knab 20 26 35 42 17 58 86 43 37 21 36 64 15 19 21 g 15 38 25 35 44 25 26 35 37 38 69 36 32 65 49 68 45 67 65 48 42 37 25 33 23 27 27 40 25 26 30 29 13 20 17 19 20 20 30 39 34 48 44 59 latoT 1 1,070 1,107 1,073 1,084 1,047 1,082 1,093 1,102 1,231 1,296 1,416 1,655 1,254 1,264 1,365 1,496 1,548 1,585 1,433 1,553 1,641 1,624 1,837 1,809 1,484 1,510 1,536 1,327 1,360 1,400 1,347 1,440 1,458 1,743 1,677 1,583 1,209 1,140 1,149 1,006 1,049 1,018 934 1,025 1,103 998 1,079 1,373 980 926 990 937 917 943 976 1,255 1,578 2,184 1,931 1,853 ;dlo fctf :ratenoM 4,277 4,299 4,310 4,323 4,321 4,300 4,293 4,301 4,284 4,254 4,164 4,092 4,086 4,075 4,018 3,979 3,873 3,822 3,826 3,836 3,838 3,855 3,841 3,854 3,840 3,866 3,901 3,973 4,014 4,037 4,054 4,073 4,085 4,099 4,080 3,997 4,004 4,066 4,136 4,204 4,230 4,248 4,230 4,214 4,224 4,248 4,284 4,306 4,356 4,378 4,410 4,439 4,511 4,669 4,662 4,708 4,454 4,005 4,127 4,173 lan C3 p>> dn rerri 03 » yrusaerT knab g 1 1,990 1,992 1,996 1,999 2,005 2,003 2,003 2,003 2,006 2,004 2,005 2,006 2,004 2,007 2,006 2,007 2,008 2,006 2,004 2,006 2,008 2,011 2,012 2,012 2,011 2,008 2,013 2,016 2,018 2,019 2,013 2,004 2,010 2,020 2,024 2,022 2,021 2,022 2,022 2,024 2,024 2,025 2,023 2,025 2,027 2,028 2,028 2,027 2,025 2,025 2,026 2,024 2,022 2,022 2,024 2,023 2,023 2,024 2,027 2,035 cric q i yenoM © 1 S3 q 4,559 4,598 4,575 4,604 4,606 4,564 4,559 4,567 4,661 4,659 4,665 4,716 4,390 4,403 4,462 4,461 4,457 4,510 4,414 4,516 4,559 4,519 4,703 4,686 4,370 4,411 4,461 4,389 4,451 4,459 4,430 4,553 4,532 4,551 4,642 4,578 4,275 4,290 4,262 4,189 4,264 4,235 4,139 4,246 4,214 4,206 4,373 4,603 4,323 4,333 4,321 4,365 4,415 4,535 4,550 4,765 4,959 5,253 5,249 5,360 rebmeM b 2,218 2,229 2,237 2,257 2,197 2,249 2,277 2,299 2,293 2,324 2,379 2,487 2,391 2,375 2,366 2,442 2,371 2,325 2,267 2,294 2,334 2,371 2,373 2,389 2,362 2,362 2,357 2,282 2,288 2,356 2,355 2,337 2,326 2,666 2,458 2,355 2,293 2,260 2,367 2,385 2,369 2,389 2,396 2,378 2,467 2,418 2,373 2,471 2,398 2,343 2,428 2,371 2,389 2,381 2,367 2,373 2,364 2,167 2,051 1,961 yrusaerT sticfop < sknab ••§ •a 1 244 254 250 225 239 242 229 216 236 228 205 226 230 233 225 231 254 224 225 224 218 228 241 225 223 228 229 243 248 240 226 218 278 221 258 245 249 261 251 234 250 237 236 231 255 230 235 230 236 250 273 253 235 271 237 294 249 257 258 276 memnoN 23 23 21 22 33 34 28 30 29 41 33 26 24 23 23 30 25 29 29 28 37 28 25 27 29 25 41 35 33 28 28 24 28 31 26 30 25 25 28 27 24 40 28 24 26 29 25 28 24 23 22 27 31 77 140 189 120 181 170 110 evr «• 73 " •§ § {*< § o 294 294 29/ 29$ 291 296 296 29 30 30 30 30 30 31 31 31 32 32 33 34 34 34 35 35 36 36 37 37 38 39 39 39 39 39 39 39 40 39 38 38 39 39 38 37 38 37 38 38 38 37 36 36 36 35 35 35 ' Revised. Digitized for F(RFoArS oEthRer footnotes see table 1, p 67.) http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

81 RESERVE BANK CREDIT No. 5.—RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES), 1917-34—Continued [In millions of dollars] Reserve bank credit outstanding Date (End of month) 1932 January (Sat.) 153 746 1,856 4,129 2,039 5,354 1,947 351 February (Mon.)__. 828 109 740 1,709 4,067 2,055 5,317 1,849 265 347 March (Thurs.) 639 872 1,597 4,103 2,060 5,172 1, 924 255 350 April (Sat.) 556 ,228 1,850 4,080 2,060 5,178 2,124 256 352 May (Tues.) 490 ,549 2,096 3,865 2,059 5,193 2,113 257 348 June (Thurs.) 440 ,784 2,310 3,632 2,057 5,408 1,982 222 345 July (Sat.) 538 ,841 2,439 3,687 2,056 5,439 2,052 299 344 August (Wed.) 433 ,852 2,331 3,801 2,106 5,405 2,146 306 345 September (Fri.).__. 332 ,854 2,233 3,906 2,154 5,366 2,225 315 352 October (Mon.) 328 ,851 2,227 3,977 2,186 5,341 2,383 278 357 November (Wed.)... 309 1,851 2,202 4,053 2,199 5,361 2,411 275 '357 December (Sat.) 235 1,855 22 2,145 2,204 5,388 2,509 280 355 1933 January (Tues.) 274 31 1,763 2,077 4,266 2,204 5,358 2,446 333 346 February (Tues.)__. 582 336 1,866 2,794 4,093 2,217 6,258 2,141 279 346 March (Fri.) 447 305 1,838 2,593 3,995 2,289 6,033 1,949 405 348 April (Sat.) 435 171 1,837 2,459 4,025 2,305 5,716 2,132 397 355 May (Wed.) 302 20 1,890 2,218 4,028 2,298 5,525 2,167 345 353 June (Fri.) 164 48 1,998 10 2,220 4,031 2,286 5,434 2,292 299 346 July (Mon.) 167 9 2,028 2,209 4,033 2,281 5,343 2,294 357 346 August (Thurs.) 153 7 2,129 2,297 4,041 2,281 5,325 2,409 341 347 September (Sat.)—. 128 7 2,277 2,421 4,037 2,278 5,363 2,538 331 348 October (Tues.) 116 7 2,421 2,548 4,036 2,277 5,348 2,685 299 356 November (Thurs.). 119 24 2,432 2,581 4,036 2,277 5,455 2,573 369 354 December (Sat.) 133 2,437 20 2,688 4,036 2,303 5,519 2,729 287 360 1934 January (Wed.) 2,434 2,630 4,033 2,302 5,289 2,652 597 141 287 February (Wed.)— 2,432 2,567 7,438 2,302 5,354 3,093 3,440 292 March (Sat.) 2,447 2,545 7,694 2,361 5,394 3,457 3,292 299 April (Mon.) 2,431 2,485 7,757 2,378 5,368 3,599 3,148 268 236 May (Thurs.) 2,430 2,463 7,779 2,368 5,357 3,746 3,052 222 232 June (Sat.) 2,432 10 2,472 7,856 2,366 5,373 3,840 3,015 233 232 July (Tues.) 2,432 2,462 7,931 2,361 5,317 4,029 2,971 207 229 August (Fri.)_ 2,432 2,464 7,978 2,408 5,396 4,052 2,968 208 226 September (Sat.)— 2,431 2,464 7,978 2,405 5,456 3,934 3,051 178 228 October (Wed.) 2,4ao 2,455 8,002 2,434 5,453 4,006 3,031 164 237 N De o c v e e m m b b e e r r ( ( M Fr o i n .) .)__. 2 2 , , 4 4 3 3 0 0 20 2 2 , , 4 4 5 6 3 3 8 8 , , 1 2 3 3 2 8 2 2 , . 4 5 6 1 8 1 5 5 , , 5 53 4 6 9 4 4, , 0 0 9 8 6 1 3 3 , , 1 0 5 2 0 2 1 1 6 8 1 9 2 2 3 4 9 1 ••Revised. (For other footnotes see table 1, p. 67.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 6.—RESERVE BANK CREDIT AND RELATED ITEMS, CALL DATES, 1920-34 [In millions of dollars] Reserve bank credit outstanding \ o a I I 1a In i 1 Is O .§ Call date * 3 o o 3 s§ I he . a 5 § 1 l •Si O § '<& VI CQ ^ 3 I 8 a § > a S S o o EH & a O o 1920—June 30 (Wed).2,468 385 '341 '150 '3,343 2,578 1,687 5,182 1,822 259 '65 280 Dec. 29 (Wed)..2,737 247 288 '110 ' 3. 382 '2,610 '1,713 '5,343 1,743 '238 25 357 1921—Apr. 28 (Thur).2,062 105 268 31 2,466 2,869 1,713 4,763 1,657 276 34 318 June 30 (Thur.) 1,751 40 '259 45 2,096 2,988 1, 750 4,624 1,604 ' 241 28 '338 Dec. 31 (Sat.)... 1,144 145 234 40 1,563 3,373 1,842 4,403 1,753 '310 27 '285 1922—Mar. 10 (Sat.).. 613 91 466 7 1,177 3,445 1,838 4,201 1,719 230 37 274 June30(Fri.)_... 461 161 555 24 ' 1, 202 3,498 1,862 4,176 1,820 253 30 '283 Dec.29(Fri.) — 609 271 426 83 1,389 3,645 1,957 4,537 1,919 232 28 275 1923—Apr. 3(Tues.)_. 723 265 245 51 1,284 3,683 1,984 4,451 1,891 308 21 279 June 30 (Sat.).. 837 206 102 58 1,202 3,763 1,975 4,536 1, 852 243 29 '280 Sept. 14 (Fri.),. 864 181 111 71 1,227 3,832 1,999 4,619 1,870 267 21 281 Dec. 31 (Mon.) . 723 355 134 27 1,238 3,957 2,009 4,757 1,898 251 23 275 1924—Mar. 31 (Mon.). 518 228 263 17 1,026 4,077 2,015 4,612 1,885 328 22 269 June 30 (Mon) _ 334 37 431 30 831 4,201 2,019 4,562 1,944 262 23 261 Oct. 10 (Fri.)— 226 180 589 46 1,041 4,216 2,018 4,608 2,114 269 25 259 Dec. 31 (Wed.) . 320 387 540 54 1,302 4,212 2,025 4,760 2,220 262 39 258 1925—Apr. 6 (Mon.). _ 402 305 360 48 1,115 4,047 2,015 4,549 2,095 233 34 265 June30)Tues.)_ 491 254 353 46 1,144 4,073 1,997 4,524 2,172 229 27 263 Sept. 28 (Mon.) 608 259 332 44 1,243 4,094 1,985 4,634 2,145 244 28 269 Dec. 31 (Thur.) 643 374 375 67 1,459 4,112 1,977 4,817 2,212 219 29 272 1926—Apr. 12 (Mon.). 525 262 363 15 1,165 4,165 1,984 4,613 2,125 270 23 281 June 30 (Wed)._ 521 249 385 39 1,194 4,160 1,986 4,598 2,229 212 20 282 Dec. 31 (Fri.)— 637 381 ' 315 49 1,381 4,205 1,991 4,808 2,194 218 65 293 1927—Mar. 23 (Wed.) 457 231 342 23 1,055 4,313 1,994 4, 535 2,300 205 23 298 June 30 (Thur.) 443 211 370 58 1,082 4,300 2,003 4,564 2,249 242 34 296 Oct. 10 (Mon.). 446 258 503 29 1,236 4,286 2,003 4,667 2,302 223 31 302 Dec. 31 (Sat.)— 582 392 617 64 1,655 4,092 2,006 4,716 2,487 '226 26 301 1928—Feb.28(Tues.). 481 346 401 19 1,247 4,075 2,007 4,408 2,355 231 22 311 June 30 (Sat.) _. 1,095 217 235 38 1,585 3,822 2,006 4, 510 2,325 224 29 325 Oct. 3 (Wed)... 1,026 310 231 64 1,631 3,838 2,010 4,520 2,350 239 32 339 Dec. 31 (Mon.)_ 1,056 489 228 35 1,809 3,854 2,012 4,686 2,389 225 27 348 1929—Mar. 27 (Wed.) 1,024 208 170 27 1,429 3,887 2,012 4,380 2,332 225 28 363 June 29 (Sat.)-- 1,037 82 216 65 1,400 4,037 2,019 4,459 2,356 240 28 374 Oct.4(Fri.) 898 297 134 85 1,414 4,087 2,010 4, 552 2,301 240 28 389 Dec.31(Tues.)- 632 392 511 48 1,583 3,997 2,022 4,578 2,355 245 30 393 1930—Mar. 27 (Thur.) 205 279 529 38 1,051 4,137 2,022 4, 203 2,345 236 25 400 June 30 (Mon.)- 272 128 591 27 1,018 4,248 2,025 4, 235 2,389 237 40 391 Sept. 24 (Wed.) 167 198 602 24 991 4,219 2,026 4,148 2,416 256 25 391 Dec.31(Wed.)_ 251 364 729 29 1,373 4,306 2,027 4,603 2,471 230 28 375 1931—Mar. 25 (Wed.)_ 165 83 599 11 858 4,402 2,027 4,260 2,357 262 24 384 June30(Tues.)- 149 106 668 20 943 4, 669 2,022 4,535 2,381 271 77 371 Sept.29(Tues.")- 325 423 750 34 1,532 4,470 2,023 4,937 2,329 262 134 364 Dec.31(Thur.)_ 638 339 817 59 1,853 4,173 2,035 5,360 1,961 276 110 354 1932—June 30 (Thur.) _ 440 67 1,784 19 2,310 3,632 2,057 5,408 1,982 222 42 345 Sept. 30 (Fri.)._ 332 33 1,854 14 2,233 3,906 2,154 5,366 2,225 315 36 352 Dec. 31 (Sat.)— 235 33 1,855 22 2,145 4,226 2,204 5,388 2,509 280 43 355 1933—June 30 (Fri.).. _ 164 48 1,998 10 2,220 4,031 2,286 5,434 2,292 299 166 346 Oct. 25 (Wed.). 115 7 2,400 5 2,526 4,036 2,277 5,321 2,693 302 167 357 Dec. 30 (Sat.) — 98 133 2,437 20 2,688 4,036 2,303 5,519 2,729 287 132 360 1934—Mar. 5 (Mon.). 60 52 2,447 6 2,565 7,505 2,302 5,403 3,186 3,355 135 293 June 30 (Sat.)_. 25 5 2,432 10 2,472 7,856 2,366 5,373 3,840 3,015 233 232 Oct. 17 (Wed.)_ 12 6 2,430 9 2,457 7,990 2,410 5,469 3,996 2,968 183 239 Dec. 31 (Mon.). 7 6 2,430 20 2,463 8,238 2,511 5,536 4,096 3,150 189 241 r Revised. * Dates for which calls were issued for reports of condition of national banks by the Comptroller of the Currency and for State member banks of the Federal Reserve System by the Federal Reserve Board. Data or the May 4 and Nov. 15 calls in 1920 not available. (For other footnotes see table 1, p. 67.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

83 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD RESERVE BANK CREDIT No. 7.—RESERVE BANK CREDIT, ANNUAL AVERAGES, 1915-34 [Averages of daily figures. In thousands of dollars] Year !! ! ! ' . ! ! ! ' , ! ! ! ! I i !!!!! Bills and securities held by Federal Reserve banks Reserve st c a b o r n a e u d n d t i k - i n t g Total c B o i u ll n s t d ed is - 1 bo B u il g ls ht s G ec m U o u v . e r e S i n t r t . i n e - s c O ur s t i e h t - i e e r s v In a t a r n d i d c u a - e l s s - f b o f D a r r o e n u i m k e g s n R b e fl a s o e n a r k t ve 2 60,149 60,149 24,371 10,430 7,931 17,417 2163,350 163,350 24,140 65, 508 47,161 26,541 523,120 439,977 193,783 150,094 89, 207 6,893 3 83,143 1,723,168 1, 556,162 1,134,486 287,147 134,177 352 536 3166,470 2,625,406 2,484,021 1,905,697 323,939 254,384 1 2,765 s 138,620 3,390, 422 3, 232,154 2,523,073 385,420 323, 661 793 3157,475 2,198, 238 2,152, 284 1, 797,226 91,150 263,864 44 692 45,262 1,226,334 1,185,165 571, 220 159,102 454,777 66 699 40,470 1,204,752 1,147,964 735,608 226,767 185, 504 85 701 56,087 996,467 948, 525 372,607 172,437 402, 271 1,210 644 47, 298 1,195,397 1,138, 542 489,827 287, 482 358,760 2,473 671 56,184 1, 257,859 1, 206, 379 572, 280 281,104 349, 599 3,396 674 50, 806 1,175,035 1,124, 538 442, 287 263, 258 417,480 1,513 8,643 41, 854 1,505,085 1,467, 371 839,942 327,806 297,499 2,124 603 37,111 1,459,264 1,414,126 951, 648 241,399 207, 659 13,420 732 44,406 1,086,870 1,056,895 271,727 213, 201 563,672 8,295 804 29,171 1, 273,671 1, 251,058 326,727 245, 260 669,013 10, 058 5, 321 17, 292 2,076,774 2,062,446 520, 637 70,902 1,461,258 9, 649 4,687 9, 641 2,428,829 2,421,566 283, 229 82, 882 2,052,160 3,295 3,689 3, 574 2,502, 399 2,495,497 36,401 24, 742 2,431, 673 537 2,143 2,568 4,335 1 Includes foreign loans on gold heretofore published separately. 2 Exclusive of Reserve bank float for which figures are not available. 3 Includes Government overdrafts. No. 8.—RESERVE BANK CREDIT, BY MONTHS, 1932-34 [Monthly averages of daily'figures. In thousands of dollars] U. S. Indus- Due Month Total co B u d n i i s l t - l e s d bo B u il g ls ht G s m e o c v e u e n r r t i n - - s O e t c t i h e u s e ri r - va t a r n i d c a - l es f b o f a r r o e n i m k g s n R b e fl a s o e n a r k t ve ties 1932—January... 1,864,121 827, 998 220, 824 759, 252 33,581 8,638 13,828 February.. 1, 784,734 847,619 150,817 742, 816 27,185 8,600 7,697 March 1,651,590 714,142 105, 358 809,087 6,727 7,845 8,431 April 1,693,537 605, 054 52,174 1, 014, 032 4,831 6,339 11,107 May _ 1,959, 467 486, 470 41,013 1, 412, 611 5, 094 4,821 9,458 June 2, 262, 095 494, 992 49, 990 1, 697,12] 5,521 3,646 10, 825 July 2, 421, 929 522, 888 59,771 1,818,465 5,892 2,739 12,174 August 2,352, 615 450,771 37,066 1,850,216 6,025 2,708 5,829 September 2, 282, 456 386,918 33, 639 1,847,777 5,283 2, 660 6,179 October... 2,231,393 327,537 33,518 1, 851, 306 5,384 2,732 10,916 November. 2,211,403 313,048 34,394 1, 850, 772 5,411 2,797 4,981 December. 2,191, 700 282,188 33,760 1, 853,509 5,414 2,860 13, 969 1933—January... 2,109,748 255,274 32,108 1,806,410 4,688 3,231 8,037 February.. 2, 224, 284 306, 547 101,516 1,804,034 4,201 3,512 4,474 March 3, 237, 313 998,768 378,576 1, 875,208 5,544 3,612 2 24,395 April 2,514, 858 428,506 230,443 1,837, 423 5,566 3,676 9,244 May 2, 285, 784 338, 932 85,901 1,846,383 5,420 3,677 5,471 June 2, 208, 022 249, 872 12, 475 1, 933,428 3,643 3,800 4,804 July. 2,211,451 169, 624 15, 982 2,015, 642 2,115 3,906 4,182 August 2, 238, 573 158, 923 7,522 2,063, 839 1,852 3,892 2, 545 September. 2,358, 406 137,647 7,076 2,201, 627 1,812 3,788 6,456 October 2,492, 440 119,495 6,739 2,355,148 1,644 3,951 5,463 November. 2, 573, 973 114,001 15, 088 2,436,957 1,570 3,773 2,589 December. 2, 669,361 116,868 100, 820 2, 432, 290 1,555 3,442 14,386 1934—January.... 2, 655, 709 100, 619 113,348 2,432, 469 1,394 3,378 4,501 February.. 2,597,180 70, 063 86, 699 2, 432,433 1,227 3,401 3,357 J J D A A M M N S O u u e p e u c o a n l a p c t y r g v y r e o i t e u c e l e b m h s m m e t r b b b e e e r r r - . . 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , 4 4 4 4 4 4 4 4 5 5 7 6 6 5 6 7 6 6 0 3 5 2 8 6 8 3 9 4 6 5 , , , , , , , , , , 0 3 4 4 8 9 7 6 8 3 6 5 7 4 2 5 7 8 4 3 4 5 0 2 8 6 0 3 6 3 2 2 2 1 3 2 1 4 5 1 9 0 3 5 2 7 8 3 5 , , , , , , , , , , 9 1 9 1 1 3 8 5 2 8 6 5 6 4 4 5 7 8 2 7 5 0 8 1 0 0 1 6 8 9 3 1 5 5 5 5 5 5 9 5 6 6 , , , , , , , , , , 6 8 4 9 1 2 1 1 4 6 6 3 0 5 9 6 9 5 4 3 1 1 1 7 4 1 4 3 1 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , 4 4 4 4 4 4 4 4 4 4 3 2 3 3 3 3 3 2 3 3 0 9 0 1 0 1 3 8 7 1 , , , , , , , , , , 8 0 1 6 6 2 8 7 8 2 3 6 0 8 1 2 3 3 3 1 4 5 0 1 4 8 2 7 9 6 3 2 4 4 5 5 6 6 5 4 3 8 2 8 3 0 4 6 1 3 7 4 5 6 1 7 4 1 3 , , , , 0 7 4 2 9 9 8 2 4 8 4 3 8 5 9 3 3 2 3 3 1 3 3 , , , , , , , , 0 6 1 1 1 1 1 2 8 8 1 2 2 2 3 3 3 0 0 0 2 4 9 9 3 2 1 4 1 8 1 3 3 3 5 2 3 5 4 2 i , , , , , , , , , 5 1 6 9 0 6 5 9 2 8 1 6 1 7 4 8 0 4 9 0 2 6 3 8 7 6 3 0 7 6 iIncludes foreign loans on gold heretofore published separately. J Excess of deferred availability items over uncollected items. Back figures.—See Annual Report for 1933 (table 8). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 9.—DEPOSITS, TOTAL GOLD RESERVES AND OTHER CASH, NOTE CIRCULA- TION, AND CASH RATIO OF FEDERAL RESERVE BANKS, BY MONTHS, 1932-34 [Monthly averages of daily figures. In thousands of dollars] Deposits Gold reserves and other cash i Federal Month reserve Cash Total M re b e s a m e n r b v k e e r m I G T er o . e n v - n S - t . b F e a o ig n r- n k Other Total Excess n cu o l t a e t i c o ir n - ratio 1932 January 2,130,148 1,979,097 37,695 78,510 ' 34,846 3,251,003 1,444,557 2, 652, 235 68.0 February- 2,014,397 1,907,477 33,979 44,297 ' 28,644 3,227,292 1,456,715 2, 663,844 69.0 March 1,975, 263 1,898,965 39,214 15,935 r 21,149 3,263,963 1,530,427 2,605,484 71.2 April 2,102,019 1,996,009 42, 756 40,823 ' 22,431 3, 303.481 1,544, 659 2, 557,789 70.9 May 2, 250,302 2,137, 649 36,146 47, 267 ' 29, 240 3,188,944 1,376,477 2,562,152 66.3 June__ 2,165,897 2,061,915 39,047 33,728 ' 31,207 2,868,022 1,057,898 2,630,151 59.8 July _ 2,094, 343 2,002, 587 45, 472 10,729 >• 35, 5552,863, 244 985,171 2, 862,633 57.8 August 2,153,856 2,073, 220 40, 321 11,088 ' 29, 227 2,979,710 1,086,942 2,847, 296 59.6 September- 2,266, 783 2,181,129 51,028 10,815 ' 23,811 3,110,670 1,199,446 2,794,624 61.5 October 2,381,297 2,307,406 35,8S6 9,845 r 28,160 3, 221,124 1,294,730 2,732,350 63.0 November- 2,449,892 2,378,454 30,967 15, 686 ' 24, 785 3, 291, 278 1,350,856 2, 707, 400 63.8 December. _ 2, 508,584 2, 434,553 30,845 • 18,081 r 25,105 3,354,736 1,380,693 2,740,096 63.9 1933 January 2,602,216 2,515,908 26,729 33,227 26,352 3, 500,869 1,504,230 2,714,658 65.8 February- 2,406, 264 2, 291,043 36, 577 51, 210 27,434 3,433, 523 1,423,853 2,918, 694 64.5 March 2,103,545 1.914,046 55, 686 30,443 103,370 3, 238,821 885, 640 4,042, 351 52.7 April 2,281,210 2,085,635 39,927 17,183 138,465 3,653,329 1,440,731 3,535,436 62.8 May 2,346,110 2,124, 813 48, 320 21, 748 151,229 3,770,198 1, 627,030 3, 305, 073 66.7 June __. 2,456,588 2, 210,970 81,330 15, 346 148, 942 3,813, 676 1,702,806 •3,127,660 68.3 July.. 2,519,824 2,268,125 73,028 16, 550 162,121 3,810, 345 1,703, 693 3,061,785 68.3 August 2, 606,214 2, 374, 606 45,455 23,316 162,837 3,817,816 1, 705,937 2, 999, 260 68.1 September- 2, 712,962 2,488, 903 55,513 22, 234 146, 312 3, 813,013 1, 663,130 3,000, 866 86. 7 October 2,811,949 2,589,688 59,632 15, 484 147,145 3, 810,216 1, 627,989 2,995,112 65.6 November- 2,855,046 2,629,144 67,655 8,405 149, 842 3, 794, 330 1,599,466 2,988, 995 64.9 December.. 2,829, 975 2,615, 798 70,677 6,828 136,672 3,771,973 1,552,841 3,071,601 63.9 1934 January 2,997,796 2, 763, 943 87,558 4,430 141,865 3, 798,407 1, 555, 643 2, 983,839 63.5 February—. 3,038, 548 2,821,846 80,432 4,380 131,890 3, 867, 322 1, 618,805 2, 962, 562 64.4 March 3,547,832 3,361,382 42,159 6,245 138,046 4,445, 932 2,002, 525 3,004,165 67.9 April 3,818,484 3,593,505 54,567 5,090 165,322 4, 685,404 2,132,161 3,041, 933 68.3 May 4,006,838 3,694,792 62,675 6,104 243, 267 4, 864, 715 2, 237, 778 3,061,360 68.8 June 4,131,184 3, 790,029 115,025 4,642 221,488 5,007,689 2,332, 968 3, 072,017 69.5 July 4, 206,001 3,927, 995 58,648 5,817 213,541 5,081, 265 2,370. 287 3,097,194 69.6 August 4,308,838 4,044,979 55,615 8,667 199,577 5,196, 424 2,444,482 3,109, 622 70.0 September- 4,281,994 3,946,573 138, 696 11, 238 185,487 5, 204, 506 2, 443, 543 3,155, 662 70.0 October 4, 232, 659 3,964,277 91, 278 8,194 168,910 5,196, 738 2,443,880 3,178,569 70.1 November.. 4,309,704 4,100,270 44,722 12,945 151,767 5, 269,859 2,488, 592 3,182,176 70.3 December.. 4,355,029 4,037,355 136,868 17, 740 163,066 5,358, 665 2, 542,156 3, 230, 621 70.6 *• Revised. i "Other cash" includes certain classes of coin and currency not counted as a part of reserves prior to May 12, 1933. Back figures—See Annual Report for 1932 (table 8). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EESERVE BANK CREDIT 85 No. 10.—BILLS DISCOUNTED FOR MEMBER BANKS—HOLDINGS OF EACH FEDERAL RESERVE BANK, BY MONTHS [Monthly averages of daily figures. In thousands of dollars] Federal Reserve Bank Month B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o ea l i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - 1934 January 3,722 45, 57424, 485 7,135 4,042 5,369 3,259 1,285 1,715 1,175 2,190 February 2,020 32, 31819,839 4,047 2,685 2,357 2,223 741 1,290 654 1,790 March 1,875 25,361 17,126 3,334 1,968 1,177 1,804 363 920 374 87 961 April 1,524 19, 43513, 836 2,406 1,623 815 1,503 326 588 306 196 583 May 1,038 16,417 11,613 1,678 1,223 734 1,149 186 473 236 332 800 June 931 13, 909 7,803 1,205 914 561 736 159 586 286 490 560 July _. 382 12, 729 6,193 516 747 202 156 184 369 179 423 1,141 August 315 11,983 5,298 594 698 231 297 215 261 157 320 219 September._ _ 1,016 13, 077 5,243 512 679 201 322 151 216 141 138 180 October 1,083 6,965 2,487 438 349 201 21 194 66 208 42 111 November... 1,465 6,894 922 404 133 133 122 57 64 210 55 47 December 1,420 6,169 1,042 489 140 103 137 191 9 116 7 135 Back figures—See Annual Report for 1933 (table 11). No. 11.—INDUSTRIAL ADVANCES AND COMMITMENTS TO MAKE INDUSTRIAL ADVANCES, BY FEDERAL RESERVE DISTRICTS [Monthly averages of daily figures. In thousands of dollars] Industrial advances i Commitments to make industrial advances 2 Federal Reserve district Au- Sep- Octo- No- De- Au- Sep- Octo- No- Degust tember ber vember cember gust tember ber vember cember Boston 3 657 1,568 1,692 155 748 1,098 1,323 New York 31 112 321 557 734 13 250 1,314 2,559 Philadelphia 33 131 203 845 2, 295 II 5 21 85 139 Cleveland 2 76 121 239 674 41 96 110 229 887 Richmond 151 539 1,218 1,427 21 37 82 121 297 Atlanta 45 280 443 626 787 15 81 107 417 565 Chicago 55 102 369 682 813 4 St. Louis 13 123 336 377 418 10 137 526 882 1,012 Minneapolis... 52 307 613 862 1,331 Kansas City 15 100 193 238 364 77 186 203 183 92 Dallas 3 42 284 582 852 San Francisco 15 191 394 128 330 603 Total 249 1,427 4,094 7,985 11,781 175 710 2,175 4,659 7,481 1 First industrial advance made by the Federal Reserve Bank of Minneapolis on Aug. 1. 2 First commitment to make an industrial advance made by the Federal Reserve Bank of Richmond on Aug. 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 12.—APPLICATIONS FOR INDUSTRIAL ADVANCES AND COMMITMENTS TO MAKE INDUSTRIAL ADVANCES, CUMULATIVE, BY WEEKS [In thousands of dollars] Final approvals A re p t c i p e o i l n v ic s e a d - T a p d n o r i f d o t t i i a n v o c l a a n o a l l a n s p l , - - a b w d D y b v i a t i F a h r n n e . o k c c R u s t e t . s b P p y a a t r F i t o . i c n R i s - . b P p y in a a f g t i r i n t o i i a c n n n i - s - c- d ap i C t p a i o o r ls n o n - v al partici- banks stitutions pations 1934 Oct. 3 114,833 17,086 5,776 4,308 877 6,125 Oct. 10 . .. 122, 554 21,448 6,309 6,154 1,036 7,949 Oct. 17 128,029 23, 291 6,520 6,527 1,100 9,144 Oct. 24 . -_- 131,412 26,709 7,336 8,265 1,138 9,970 Oct. 31 138, 095 28,411 8,438 8,977 1,368 9,628 Nov 7 146, 701 32, 438 9,915 9,780 1,388 11,355 Nov. 14 ... 150,425 35, 657 10, 544 10, 266 1,479 13, 368 Nov 21 160,327 37,841 11,459 11,199 1,778 13,405 Nov. 28 - -_. . 166,433 42, 202 12,361 12,138 1,969 15,734 Dec 5 171,049 42,773 12,591 12,574 2,021 15,587 Dec. 12 .__ 173,754 44,124 13,865 12,701 2,020 15,538 Dec 19 178, 338 47,645 15,059 13,965 1,972 16,649 Dec. 26 187,696 49,634 17,425 15,449 2,180 14,580 No. 13.—RESERVE BALANCES OF MEMBER BANKS IN EACH DISTRICT, BY MONTHS [Monthly averages of daily figures. In millions of dollars] Federal Reserve District Month Boston Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - 1934 January 174.2 1,036. 7 138.2 196.0 93.0 65.9 487.8 102.6 59.1 127.6 97.4 185.4 February.. 181.2 1,016.5 150.3 217.8 96.0 72.4 500.4 102.0 58.4 125.3 108.2 193.4 March 221.4 1,369.5 196.2 234.6 98.9 76.5 541.7 103.6 68.3 135.7 119.7 195.5 April 257.6 1,451.9 193.8 227.5 149.0 76.4 579.7 120.3 68.1 134.2 114.7 220.3 May 291.5 1,483.3 195.8 229.4 159.3 72.9 596.6 124.0 65.6 134.1 113.6 228.8 June 296.0 1,550. 3 206.4 237.8 135.8 72.1 637.3 109.6 68.2 133.9 112.9 229.7 July 315.2 1, 565. 8 217.8 253.5 123.6 77.4 701.7 108.5 73.9 144.8 113.2 232.5 August 289.3 1,687.1 197.6 261.7 125.8 73.0 711.7 117.9 85.4 152.5 113.3 229.7 September. 250.4 1,615.9 190.2 255.9 130.6 71.7 716.3 121.5 92.9 152.2 118.4 230.5 October 254.4 1,640. 7 197.7 259.9 130.5 72.8 666.5 129.3 93.8 148.6 121.1 249.0 November. 267.8 1,683. 7 198.2 271.7 128.1 73.9 702.7 140.3 98.2 158.2 124.9 252.6 December- 261.0 1,647.2 203.8 280.7 123.0 78.5 672.2 131.4 102.2 157.6 124.0 255.7 Back figures—See Annual Report for 1933 (table 12). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 87 No. 14.—BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE, BY MONTHS [Holdings of Federal Reserve banks at end of month. In thousands of dollars] 1934 u Ja a n ry - r F u e a b ry - March April May June July g A u u s - t t S b e e m e p r - - O b to e c - r - v N b e e o m r - - c D b e e m e r - - Maine 240 207 159 107 106 112 300 280 230 610 New Hampshire.. _ 181 177 1,287 314 320 289 104 92 48 38 238 217 Vermont 52 94 48 30 69 106 53 72 157 36 51 38 Massachusetts... . 1,991 1,226 854 236 215 230 81 720 365 530 920 180 Rhode Island 350 100 420 20 110 Connecticut 843 811 614 544 165 100 100 380 295 150 10 New York 21,360 17, 225 14,229 9,216 8,812 8,889 8,000 9,412 3,504 3,872 4,559 1,519 New Jersey. 19, 251 16,977 12, 593 10, 760 8,811 6,860 7,254 5,436 5,333 3,965 3,254 2,833 Pennsylvania 19, 758 16,158 14,443 11, 203 7,418 4,311 3,499 3,806 3,401 692 588 692 Ohio 2,493 1,512 1,175 728 424 426 243 295 227 243 304 303 Indiana 115 78 76 63 40 8 10 15 10 7 Illinois 254 196 1,443 270 70 36 34 8 Michigan 2,414 1,930 1,334 1,203 1,103 296 146 545 43 27 Wisconsin 144 251 103 19 21 230 50 150 200 Minnesota 275 211 162 142 145 126 115 40 Iowa _ __ 17 10 209 50 25 2 Missouri 393 207 38 90 68 120 16 39 5 8 23 7 North Dakota 155 147 125 103 93 82 67 57 42 37 23 South Dakota 668 498 331 152 130 139 104 50 Nebraska 318 150 64 18 19 134 49 81 Kansas.. _ _. 214 136 71 61 51 23 21 9 4 Delaware 502 408 368 221 186 110 191 149 61 107 160 177 Maryland 840 649 673 471 442 195 302 231 192 23 50 80 District of Columbia Virginia- 994 576 437 339 255 203 94 207 156 107 52 15 West Virginia. 1,137 445 308 232 111 102 122 101 65 47 37 44 North Carolina 363 404 339 320 210 156 157 256 114 South Carolina. ._ 95 160 50 25 Georgia _ _. 1,274 1,006 658 243 169 72 59 61 35 44 5 Florida 283 63 61 60 56 10 Kentucky 332 182 86 88 75 85 85 92 78 107 100 12 Tennessee 2,088 175 52 58 90 51 21 10 22 10 29 9 Alabama- _ 61 4 57 212 75 50 110 113 65 28 6 Mississippi 674 129 207 415 289 342 32 77 69 77 73 42 Arkansas 108 35 7 25 25 50 50 123 15 Lousiana _ _ 18 46 20 13 Oklahoma 88 52 28 46 66 42 52 51 25 Texas 199 59 132 223 393 407 337 174 35 9 15 12 Montana 94 79 47 15 20 10 Idaho Wyoming 137 121 117 123 96 105 98 96 81 52 35 41 Colorado 17 12 15 15 21 20 174 80 New Mexico . 39 39 38 35 10 10 10 10 Arizona 40 Utah- 50 8 14 26 19 26 20 15 14 Nevada _ Washington 153 42 26 44 16 6 430 l_ Oregon 256 202 55 63 53 31 6 California 1,420 1,399 420 447 516 383 289 154 139 94 51 132 Back figures.—See Annual Report for 1933 (table 13). 129288—35 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 15.—FEDERAL RESERVE BANKS—ASSETS AND LIABILITIES IN DETAIL, DEC. 31, 1934 * ASSETS [Amounts in the column to the right are those shown in the Board's weekly statement, their components being shown in the column to the left. In thousands of dollars] Gold certificates with Federal Reserve agents _ 3,316,200 Gold certificates in gold settlement fund with Federal Reserve Board 1,718,252 Gold certificates held by banks . _ 89,895 Gold certificates on hand and due from U. S. Treasury - 5,124,347 Redemption fund—Federal Reserve notes 19,060 Total gold reserves 5,143,407 Other cash: Legal-tender notes 79,450 Silver certificates _ 110,674 Standard silver dollars _._ 3,140 National bank notes _ _. 46,189 Federal Reserve bank notes / _ 4,482 Subsidiary silver, nickels, and cents _ _ 13,642 Total other cash 257,577 Total reserves ___ _ __ 5,400,984 Redemption fund—Federal Reserve bank notes 1,677 Bills discounted: Secured by U. S. Government obligations direct and/or fully guaranteed: Discounted for member banks _ _ - _ 3,470 For others _ _ . _-. 24 Total secured by U. S. Government obligations direct and/or fully guaranteed .,__ _ ... 3,494 Other bills discounted: For member banks _ 3,518 Fornonmember banks _ ... For others. _. _ 50 Total other bills discounted -. 3,568 Total bills discounted . _ _ 7,062 Bills bought in open market: Payable in dollars _ ._ 112 Payable in foreign currencies. 5,501 Total bills bought in open market 5,613 Industrial advances _ 14,301 U. S. Government securities bought outright: Liberty bonds _ 234,271 Bonds issued since 1921 , _ __ 160,750 Other U. S. Government bonds _ 644 Total bonds,.. _ 395,665 Treasury notes _ ._ 1,507,116 Treasury bills _ 527,475 Total U. S. Government securities - 2,430,256 Total bills and securities 2,457,232 Due from foreign banks . _ -.- 805 Federal Reserve notes of other Reserve banks -_ 28,502 Uncollected items: Transit items ._ _ _ 417,535 Exchanges for clearing house. 18,421 Other cash items 24,176 Total uncollected items —~ 460,132 Bank premises -. 53,377 All other assets: Claims account closed or suspended banks 9,176 Premium on securities... 17,848 Interest accrued 11,557 Deferred charges 499 Suspense account and miscellaneous assets 4,608 Total all other assets 43,688 Total assets — - ~ 8,446,397 i Before closing of books at end of year. Back figures.—See Annual Report for 1933 (table 16). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KESERVE BANK CREDIT 89 No, 15.—FEDERAL RESERVE BANKS—ASSETS AND LIABILITIES IN DETAIL, DEC. 31, 1934—Continued LIABILITIES [Amounts in the column to the right are those shown in the Board's weekly statement, their components being shown in the column to the left. In thousands of dollars] Federal Reserve notes outstanding (issued to Federal Reserve bank) 3,520,365 Held by banks and branches _ __ 282,328 Forwarded for redemption 16,930 Federal Reserve notes in actual circulation - 3,221,107 Federal Reserve bank notes outstanding (issued to Federal Reserve bank) 37,590 Held by banks and branches and forwarded for redemption 11,200 Federal Reserve bank notes in actual circulation _ 26,390 Deposits: Member bank—reserve account- - 4,095,097 U. S. Treasurer—general account _._ 120,746 Foreign bank._ _— 19,394 Other deposits: Nonmember clearing account _ 66,149 Officers' checks __ _ _. 16,866 Federal Reserve exchange drafts - 301 Allother__ 85,950 Total other deposits 169,266 Total deposits - 4,404,503 Deferred availability items: Government transit items 21,564 All other transit items . 433,688 Total deferred availability items ...: 455,252 Capital paid in - _ 146,725 Surplus (sec. 7) - - - -.. 138,383 Surplus (sec. 13b) - - 8,128 Reserve for contingencies: Reserves for self insurance ___ 7,464 Reserves for losses __ 10,279 Depreciation reserve on United States bonds 4,382 Total reserves for contingencies ___ 22,125 All other liabilities: Earnings: Gross earnings.. 48,903 Current expenses _.. 29,241 Current net earnings 19,662 Add—profit and loss 8,754 Deduct: Furniture and equipment _. 238 Dividends accrued since closing of books 8,782 Net earnings available for depreciation allowances, reserves, and surplus 19,396 Accrued dividends unpaid _ 845 Unearned discount 24 Accrued taxes unpaid 359 Discount on securities _. 243 Suspense account and miscellaneous liabilities 2,917 Total all other liabilities _... 4,388 Total liabilities - r 8,446.397 Contingent liability on bills purchased for foreign correspondents 675 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 16.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) AT THE END OF EACH MONTH CO O [In thousands of dollars] 1933 1934 Dec. 31 Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 ASSETS Gold certificates on hand and due from U. S. Treasury 946,133 3,513,884 3,895,811 4,303,587 4,589,990 4,653,092 4, 782,053 4,906,012 4,977, 212 4,958, 653 4,966,481 5,087,164 5,124,347 Gold 2, 578,104 Redemption fund—Federal Reserve notes 44,739 43,356 35,138 32, 748 31,047 29, 774 25, 724 24,056 23,889 21,798 22,032 20,137 19,060 Other cash 224, 634 234,848 208,727 200,647 222,034 215,866 214,011 223, 655 219,329 215,949 223,407 210,153 257, 577 ^ • Total reserves 3,793, 610 3,792,088 4,139,676 4, 536, 982 4,843, 071 4,898, 732 5,021, 788 5,153, 723 5, 220,430 5,196,400 5,211,920 5, 317,454 5,400,984 Redemption fund—Federal Reserve bank notes 13,082 12,977 12, 595 9,086 6,333 4,720 4,335 2,105 2,112 2,186 1,829 2,166 1,677 Bills discounted: For member banks . 96, 873 82,127 63, 998 53, 670 38, 641 30,880 24,188 21,960 22,935 15,285 10,919 11, 227 6,988 For intermediate credit banks 310 205 For nonmember banks, etc.-. .- 407 400 392 398 401 379 379 373 72 64 66 69 74 Total bills discounted 97, 590 82, 732 64, 390 54, 068 39,042 31, 259 24, 567 22, 333 23,007 15, 349 10,985 11, 296 7,062 Bills bought: Payable in dollars: Bought outright 108,108 105,420 56,458 23, 273 3,492 103 194 148 141 121 587 183 112 Under resale agreement.-. 19, 284 Payable in foreign currencies 6,033 5,977 5,887 5,275 5,070 5,075 5,075 5,081 5,079 5,691 5,495 5,499 5,501 Total bills bought 133,425 111,397 62,345 28, 548 8,562 5,178| 5.269 5,229 5,220 5,812 6,082 5,682 5,613 ndustrial advances 870 2,178 6,149 10,062 14,301 U. S. Government securities: Bought outright 2, 435, 245 2, 432,370 2,430, 351 2,445, 636 2, 431, 273 2, 430, 236 2,430, 294 2, 430,159 2,430, 216 2,430,186 2,430,171 2, 430,122 2,430, 256 Under resale agreement 2,245 1,600 1,600 1,600 1, 600 1,600 1,600 1,000 Total U. S. Government securities- 2,437,490 2,433,970 2,431,951 2,447, 236 2,431, 273 2,430, 236 2,431, 894 2, 431, 759 2, 431,816 2,431,186 2,430,171 2, 430,122 2,430, 256 Other Reserve bank credit: Federal intermediate credit bank debpntiires 200 "iVTiTnirinfll warrants 1,493 1,293 653 563 548 535 519 465 356 327 Due from foreign banks 3,333 3,392 3,485 3,131 3,131 3,125 3,129 3,124 3,127 1,819 811 803 805 Reserve bank floatl 14, 745 2 2,423 3,882 11,536 2,574 2 7, 451 6,690 2 1,053 2 275 7,026 1,054 2 5, 220 4,880 Total Reserve bank credit outstanding 2, 688, 076 2, 630, 361 2, 566, 706 2, 545,082 2,485,330 2, 462,882 2,472,068 2,461,857 2,464,121 2,463,697 2,455, 252 2,452,745 2,462,917 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve notes of other Reserve banks 18,460 15,780 13,293 16,569 18,414 17, 571 19, 202 16, 653 16,333 20, 364 19,744 21,124 28, 502 Uncollected items not included in float.. 430,883 366,476 406,909 387, 639 364, 279 404,074 418,486 420, 325 384, 045 430, 783 438,939 434, 562 455,252 Bank premises 51,884 52,339 52,382 52,442 52, 567 52, 602 52, 637 52, 727 52, 787 52,821 52, 974 53,164 49,161 All other assets 44, 693 118, 675 117,441 120, 630 183,071 187,883 186,124 53,158 56,971 54,084 48,094 50, 590 43,652 Total assets. 7,040, 688 7, 309,002 7, 668,430 7,953,065 !, 028, 464 8,174, 640 8,160, 548 8,196, 799 8, 220, 335 8, 228, 752 8, 331,805 8, 442,145 LIABILITIES Federal Reserve notes: Held by other Federal Reserve banks 18,460 15, 780 13,293 16, 569 18,414 17, 571 19, 202 16, 653 16, 333 20, 364 19, 744 21,124 28, 502 Outside Federal Reserve banks 3, 061,083 2,910, 463 2,966,344 3,021,734] 3,041,6901 3,051,110 3,082,112 3,060, 364 3,117, 389 3,146, 702 3,141, 033 3,192,181 3,192, 605 Total Federal Reserve notes in circulation 3 _. 3,079, 543 2,926, 243 2, 979,637 3, 038, 303 5, 060,104 3, 068, 681 3,101,314 3,077, 017 3,133, 722 3,167,066 3,160, 777 3, 213, 305 3, 221,107 Federal Reserve bank notes in circulation 4 208,997 203, 057 195,376 116, 876 74,582 60, 248 46, 682 33,812 31,930 30, 379 28, 664 27, 523 26, 390 Ul Deposits: Member bank-reserve account.. 2, 729,442 2, 651,945 3, 093,119 3, 457, i 3, 598,528 3, 746,003 3, 840, 086 4, 028, 523 4,052, 312 3,934, 071 4, 005, 999 4, 081, 350 4, 095,946 Government 2,837 241,860 45,261 39, 220 115,302 54,817 64,183 58,570 51,288 144, 699 92, 293 70,621 120, 746 Foreign bank... 4,233 3,952 3,433 5,941 6,228 3,743 4,893 7,159 11, 605 9,810 8,952 15, 577 19,394 Other deposits 128,038 137, 278 123,568 151,166 262,041 218,545 228, 527 200, 323 196, 328 154,558 145,918 169, 264 Total deposits. 2,864, 550 3, 035,035 3, 265,381 3, 653, 396 3,982,099 4, 023,108 4,137,689 4,294,575 4, 311, 533 4, 256, 748 4, 261,802 4, 313, 466 4,405, 350 Deferred availability items. 430, 366,476 406,909 387,639 364, 279 404,074 418,486 420, 325 384, 045 430, 783 438,939 434, 562 455, 252 w Capital paid in . 144,693 145, 359 145,310 146,221 146,395 146, 301 147,120 146, 546 146, 535 146,781j 146, 777 146,885 146, 725 Surplus (sec.7) 277, 680 138,383 138,383 138,383 138, 383 138, 383 138, 383 138,383 138,383 138,383 138, 383 138,383 144,893 o Surplus (sec. 13b) 845 2,682 8,069 Reserve for contingencies... 22, 524 22, 523 22,527 22, 530 22,529 22, 532 22, 534 22, 540 22, 545 22, 444 22, 291 22, 291 30,816 All other liabilities 11,818 151, 620 155,479 165, 082 164,694 165,137 162, 432 27,350 28,106 27, 751 30, 274 32, 708 3,543 Total liabilities- 7,040, 688 6,988, 696 7, 309,002 7, 668,430 7,953,065 8,028,464 8,174, 640 8,160, 548 8,196, 799 8, 220, 335 8, 228, 752 8, 331,805 8,442,145 Contingent liability on bills purchased for foreign correspondents 3,810 4,477 4,835 4,937 4,296 2,672 1,524 1,114 531 730 465 491 675 Commitments to make industrial ad- 346 1,368 3,218 6,510 10,047 1 Uncollected items in excess of deferred availability items. 2 Deferred availability items in excess of uncollected items. 3 Differs from figures given in table 41, by the amount of Federal Reserve notes held by (a) other Federal Reserve banks and (b) the U. S. Treasury. * Differs from figures given in table 42, by the amount of Federal Reserve bank notes held by (a) other Federal Reserve banks and (b) the U. S. Treasury. Back figures.—See Annual Report for 1933 (table 17). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 17.—CONDITION OP EACH FEDERAL RESERVE BANK AT END OF 1933 AND 1934 CO K) [In thousands of dollars] Total Boston New York" Philadelphia Cleveland Richmond 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 ASSETS Gold certificates on hand and due from U. S. Treasury. 946,133 5,124,347 49,008 363, 292 266,839 1,836,676 92,988 271,119 89, 567 383,641 23,732 185,213 Gold 2, 578,104 184,996 660,856 100, 344 195,791 145, 788 Redemption fund—Federal Reserve notes 44,739 19,060 1,977 662 10, 707 1,499 4,188 2,525 5,216 1,770 1,886 1,923 Other cash . _ . 224, 634 257, 577 18,044 31,028 50,104 56, 764 31,051 35, 661 15, 643 13,315 12,076 13, 259 Total reserves - - 3,793, 610 5,400,984 254,025 394,982 988, 506 1, 894,939 228, 571 309,305 306,217 398,726 183,482 200, 395 Redemption fund—Federal Reserve bank notes 13,082 1,677 1,250 250 2,871 1,427 1,300 1,356 267 Bills discounted: Secured by U. S. Government obligations direct and/or fully guaranteed 27, 291 3,494 2,715 995 14, 512 1,538 5,286 556 2,008 190 456 75 Other bills discounted 70, 299 3,568 2,145 60 26,179 2,690 20, 077 437 4,868 125 4,077 64 Total bills discounted 97,590 7,062 4,860 1,055 40, 691 4,228 25, 363 993 6,876 315 4,533 139 Bills bought in open market 133,425 5,613 28, 671 404 22, 258 1,982 7,858 584 12,186 528 3,926 209 Industrial advances 14,301 1,775 813 3,236 932 1,540 U. S. Government securities: Bonds 443,336 395,665 24, 390 23, 206 170, 047 141,018 28, 068 25,138 32,161 30, 558 11, 860 14,859 Treasury notes - 1,053,300 1, 507,116 70,955 98, 827 361, 239 475, 234 74, 042 104,810 96, 287 134,108 35, 510 65,195 Certificates and bills. 940,854 527,475 62,326 35,638 305,469 161,566 65,010 37,172 84,577 48,359 31,193 23, 509 Total IT S Government securities 2,437,490 2,430,256 157, 671 157,671 836, 755 777,818 167,120 167,120 213,025 213,025 78,563 103,563 Other sepiiritip*? 1 493 903 510 Total bills and securities - - 2,669,998 2,457, 232 191, 202 160,905 900, 607 784,841 200,851 171,933 232,087 214, 800 87,022 105, 451 Due from foreign banks - -- 3,333 805 256 60 1,228 299 367 87 330 77 130 31 Federal Reserve notes of other banks 18,460 28, 502 466 352 3,726 6,950 1,066 1,373 1,026 1,763 1,312 4,050 Uncollected items 445,628 460,132 50,472 50,870 126, 521 126, 519 36, 896 38, 756 39, 660 40,953 34, 275 37, 748 Bank premises 51,884 49,161 3,224 3,168 11, 066 11,437 3,841 4,411 6,785 6,629 3,128 3,027 All other assets 44,693 43,652 395 617 25,103 30,002 4,577 5,178 1,910 1,324 2,553 1,392 Total assets - 7,040,688 8,442,145 501, 290 611, 204 2,059, 628 2,856,414 477, 469 531, 043 589,371 664, 272 312,169 352,094 LIABILITIES Federal Reserve notes in actual circulation _ _ 3,079, 543 3, 221,107 234, 305 270,943 651, 086 680,935 236,128 240,444 290,590 306, 626 157, 541 167,825 Ffidpral T^PSPFVA bank note circulation—net 208,997 26,390 19,976 922 54, 008 25, 468 20, 390 25, 091 4,523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Deposits: Member bank—reserve account _ 2, 729,442 4,095,946 165,945 251,604 1,036,524 1,749,711 129, 225 211, 578 182, 299 274, 278 96, 255 124,826 United States Treasurer—general account 2,837 120,746 102 10,820 742 29,697 83 4,315 198 4,760 338 8,585 Foreignbank 4,233 19,394 304 1,381 1,460 6,848 437 1,995 412 1,842 163 729 Other deposits— _ - 128,038 169,264 2,437 1,794 39,429 123,496 9,512 1,978 9,284 4,226 3,685 995 Total deposits 2,864,550 4,405,350 168, 788 265, 599 1,078,155 1,909, 752 139, 257 219,866 192,193 285,106 100,441 135,135 Deferred availability items . _ 430,883 455, 252 46,345 50,420 119, 762 120, 723 35, 044 37, 578 38, 335 41,088 32,430 36, 588 Capital paid in 144,693 146,725 10,564 10,762 58, 280 59,606 15,917 15,131 12,404 13,062 5,035 4,975 Surplus (sec. 7) _ _ 277,680 144,893 19,840 9,902 87, 746 49,964 27, 973 13,470 28, 236 14, 371 10,979 5,186 770 Reserve for contingencies 22,524 30,816 1,053 1,648 4,737 7,510 2,500 2,996 2,300 3,000 1,155 1,416 All other liabilities _ 11,818 3,543 419 96 5,854 1,683 260 509 222 113 65 12 Total liabilities 7,040,688 8,442,145 501,290 611, 204 2,059,628 2,856,414 477, 469 531,043 589,371 664,272 312,169 352,094 Ratio of total reserves to deposit and Federal Reserve note liabilities combined (percent) 63.8 70.8 63.0 73.6 57.2 73.1 60.9 67.2 63.4 67.4 71.1 66.1 Commitments to make industrial advances 10,047 1,697 3,892 399 979 412 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent.. _ _ 3, 349,805 3, 520,365 255, 565 299, 034 726,126 770, 506 249,181 262, 321 304,448 326, 535 170, 040 181, 254 Held by Federal Reserve bank. 270, 262 299,258 21, 260 28, 091 75,040 89, 571 13, 053 21,877 13,858 19,909 12,499 13,429 In circulation 3,079. 543 3,221,107 234,305 270,943 651,086 680, 935 236,128 240, 444 290,590 306, 626 157, 541 167,825 Collateral held by agent as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury 844, 220 3,316,200 44, 555 299,617 192, 215 788, 706 86, 750 223,000 85,670 291,715 22,935 146,340 Gold 1,780, 833 148,117 381,491 83, 750 132,100 119,540 Eligible paper 188,440 5,487 32,173 "~~l,~055 47,653 2~773 18,930 830 16,803 315 6,917 113 U. S. Government securities 600,500 241,400 32,000 130,000 60,000 40, 000 80,000 35,000 22,000 36,000 FEDERAL RESERVE BANK NOTE STATEMENT Federal Reserve bank notes: Issued to Federal Reserve bank (outstanding) 233,725 37, 590 22,653 1,511 63,605 25,871 25,872 10, 208 26,995 4,567 Held by Federal Reserve bank _ 24,728 11,200 2,677 589 9,597 403 5,482 10, 208 1,904 44 In circulation—net 208,997 26,390 19,976 922 54,008 25,468 20, 390 25,091 4,523 Collateral pledged against outstanding notes: —= Discounted and purchased bills 2,021 1,656 TT, S. GovpmmftTitsp.cnritips - 256,774 42,874 30,000 5,000 64,274 25,874 26,500 12,000 30,000 5,000 Back figures.—See Annual Report for 1933 (table 18); CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 17.—CONDITION OP EACH FEDERAL RESERVE BANK AT ENB OF 1933 AND 1934—Continued CO [In thousands of dollars] Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 ASSETS Gold certificates on hand and due from U. S. Treasury- 14,807 121,475 314,490 1, 025,816 16,234 193,736 18,452 139,798 18,180 187,308 12,506 106,021 29,330 310,252 Gold 100,253 559,639 145,715 77,870 127, 350 65,186 214, 316 Redemption fund—Federal Reserve notes 3,157 3,853 6,841 1,311 1,304 6H 1,612 330 1,170 613 865 328 5,816 3,632 Other cash 11,875 13,849 33,316 33, 384 11, 084 11, 927 8,322 11, 341 9,397 11, 431 6,797 8,739 16,925 16, 879 Total reserves 130,092 139,177 914, 286 1, 000, 511 174,337 206, 277 106, 256 151, 469 156, 097 199, 352 85, 354 115, 088 266, 387 330, 763 Redemption fund—Federal Reserve bank notes. 1,014 1,879 494 593 524 708 826 Bills discounted: Secured by U. S. Government obligations direct and/or fully guaranteed 230 6 911 797 3 50 39 24 164 12 123 95 Other bills discounted 3,954 51 3,142 2 618 1,822 1,382 102 719 1, 316 37 Total bills discounted 4,184 57 4,053 2 1,415 3 1 872 1,421 126 883 12 1,439 132 Bills bought in open market 4,279 303 14,091 707 4,693 116 3,189 81 4,566 155 9,248 154 18, 460 390 Industrial advances 847 921 419 1 752 433 1,045 588 U. S. Government securities: Bonds . _ 11, 305 13,585 76,950 62,144 14,493 13, 797 16, 315 15, 350 14,109 13, 335 18, 528 18,818 25,110 23, 857 Treasury notes 32, 295 59, 307 177,161 273,102 41,901 58, 359 26, 292 37,058 36,910 57, 703 25, 526 38, 701 75,182 104, 712 Certificates and bills. 28,298 21, 385 183,232 93,097 36,806 21, 044 23,061 13,181 32,422 20,806 22,421 13,956 66,039 37,762 Total U. S. Government securities 71,898 94,277 437, 343 428, 343 93, 200 93, 200 65, 668 65,589 83,441 91,844 66, 475 71, 475 166, 331 166, 331 Other securities 80 Total bills and securities 80, 361 95, 484 455, 487 429,973 99, 308 93, 738 70,809 67,422 89,428 92, 558 76, 606 72, 686 186, 230 167, 441 Due from foreign banks - - 117 28 455 105 14 9 9 6 97 23 97 23 233 57 Federal Reserve notes of other banks 1,640 1,731 4,238 4,776 1,157 1,901 658 1,128 1,147 1,400 494 421 1, 530 2,657 Uncollected items 14, 012 15, 243 54, 510 58,140 18,732 18,455 10, 641 11,990 23, 767 25, 020 15, 723 15, 451 20, 419 20,987 Bank premises _ ___ _____ 2,372 2,325 7,375 4,955 3,111 2,629 1,657 1,580 3,485 3,447 1, 750 1,684 4,090 3,869 All other assets . 3, 775 1,834 1,549 768 413 194 1,474 771 1,151 260 914 856 879 456 Total assets 233, 383 255, 822 1,439, 779 1, 559, 228 297,566 323. 203 192,097 234, 366 275,696 322,060 181, 646 206, 209 480, 594 526, 230 LIABILITIES Federal Reserve notes in actual circulation _ _ 125,175 132,968 784, 759 788,933 144, 307 142,880 92, 896 106, 686 106, 814 117,654 42.888 53,845 213, 054 211, 368 Federal Reserve bank note circulation—net__ 5,121 28,737 8,067 7,718 9,615 11, 344 14,407 == Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Deposits: Member bank—reserve account 65,442 84,804 494,813 633,316 97,260 129,419 62,013 97,422 118, 731 162,475 95,937 121,135 184,998 255, 378 United States Treasurer—general account 112 5,921 76 32, 551 100 11,728 91 2,590 67 4,002 60 2,578 868 3,199 Foreign bank 146 672 541 2,417 141 633 96 441 121 537 121 537 291 1,362 Other deposits._ _ __ 6,382 3,708 18, 243 2,685 12,357 9,370 4,095 6,268 4,010 2,322 1,799 1,143 16, 805 11, 279 Total deposits 72, 082 95,105 513, 673 670,969 109,858 151,150 66, 295 106,721 122,929 169, 336 97,917 125, 393 202, 962 271, 218 Deferred availability items. ~ 13, 332 14,438 55, 689 58,879 20,476 18, 988 11,128 12,136 23, 555 26, 244 16, 414 17, 720 18, 373 20, 450 Capital paid in 4,450 4,368 12, 790 12, 723 3,944 4,088 2,876 3,134 4,077 4,068 3,719 4,048 10, 637 10, 760 Surplus (sec. 7) 10,417 5,540 40,429 21, 350 9,849 4,655 6,929 3,420 7,744 3,613 8,043 3,777 19, 495 9,645 Surplus (sec. 13b) - - 754 707 382 751 293 585 Reserve for contingencies 2,574 2,595 2,969 5,325 853 893 1,026 1,211 612 806 1,130 1,363 1,615 2,053 All other liabilities 232 54 733 342 212 167 3,229 307 350 46 191 63 51 151 Total liabilities 233, 383 255,822 1, 439, 779 1, 559, 228 297, 566 323, 203 192, 097 234, 366 275, 696 322, 060 181, 646 206, 209 480, 594 526, 230 Ratio of total reserves to deposit and Federal Reserve note liabilities combined (percent) 66.0 61.0 70.4 72.6 68.6 70.2 66.7 71.0 67.9 69.5 60.6 64.2 64.0 68.5 Oomrrpfrnpints to make industrial ad van ^^s 590 30 1 212 28 808 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent 144, 272 151,812 832,192 826, 824 150, 092 147, 362 97, 784 111,439 115, 359 127, 477 48, 883 61, 484 255, 863 254, 317 Held by Federal Reserve bank 19, 097 18, 844 47, 433 37, 891 5,785 4,482 4,888 4,753 8,545 9,823 5,995 7,639 42, 809 42,949 In circulation _ 125,175 132,968 784, 759 788, 933 144, 307 142, 880 92, 896 106, 686 106,814 117, 654 42, 888 53,845 213, 054 211, 368 Collateral held by agent as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury 13,700 91, 385 312, 507 819, 513 16, 065 141,936 18,329 110,000 17, 540 124, 550 10, 454 62, 675 23, 500 216, 763 Gold - 77,180 398,480 108, 617 57,925 84, 750 30, 620 158, 263 Eligible paper .__ _ 6,570 141 15,176 2 5,724 3 4,234 5,409 Hi 9.766 12 19, 085 132 U. S. Government securities 48, 000 65, 000 110, 000 10, 000 22,000 8,000 19, 500 2,400 12,000 5,000 65, 000 40, 000 FEDERAL RESERVE BANK NOTE STATEMENT Federal Reserve bank notes: Issued to Federal Reserve bank (outstanding) 5,654 30, 499 8,234 8,048 9,824 12, 798 14,976 Held by Federal Reserve bank 533 1,762 167 330 209 1,454 569 In circulation—net 5,121 28, 737 8,067 7,718 9,615 11, 344 14,407 Collateral pledged against outstanding notes: Discounted and purchased bills 231 134 U. S. Government securities.- .. 7,000 36,000 9,000 10,000 10,000 14,000 15,000 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 18.—NUMBER 1 OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RESERVE BANKS, BY MONTHS, 1914-34 Month 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 January.. 614 309 1,432 3,316 3,461 5,293 5,350 3,294 3,663 February. 451 262 1,353 3,091 3,338 5,107 4,847 2,976 3,465 March 570 535 315 1, 568 3,575 3,670 5,320 4,701 3,282 3, 516 April 606 2,100 3,875 4,175 5,568 4,738 3,507 3,744 May 693 655 590 2,793 4,035 4,642 5, 632 4,636 3,942 3,795 June 813 678 900 3,021 4,047 4,948 5,745 4,436 3,999 3,706 July 760 642 960 3,462 3,685 4,858 5,607 4,167 4,110 3,432 August. 711 483 990 3,671 3,460 4,780 5,453 4,042 3,960 3,052 September- 761 448 953 3,464 3,722 4,758 5,427 3,944 3,600 2,786 October 794 383 1,140 3,610 3,839 4,952 5,572 3,793 3,752 2,663 November.. 132 835 336 1,574 3,667 3,649 5,275 5,622 3,859 3,732 2,573 December. _ 339 754 314 1,701 3,288 3,656 5, 551 5,676 3,873 2,783 Year.. 1,920 1,788 3,127 5,493 5,993 6,941 7,415 6,956 6,333 6,060 Month 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 January... 2,554 2,838 2,825 2,256 2,691 3,049 2,721 3,640 2,736 929 February— 2,415 2,659 2,566 2,104 2,597 2,730 2, 375 3,488 2,739 663 March 2,731 3,045 2,717 2,405 2,860 2,707 2,369 3,400 3,285 558 April 3,016 3,155 2,707 2,522 3,185 2,753 2,185 3,391 2,070 506 May 3,209 3,282 2,858 2,742 3,391 2,951 2,334 3,365 1,918 450 June 3.289 3,458 2,834 2,957 3,414 2,849 2,467 3,499 1,738 413 July 3,207 3,190 2,669 2,927 3,301 2,729 2,344 3,560 1,290 287 August 2,979 3,016 2,511 2,797 3,012 2,466 2,304 3,334 1,305 283 September. 2,729 2,879 2,361 2,562 2,822 2,194 2, 525 3,122 1,205 274 October... 2,796 2,856 2,377 2,663 2,917 2,400 3,288 2,928 1,064 237 November. 2.876 2,871 2,350 2,639 3,246 2,476 3,210 2,884 1,033 202 December. 3,021 3,024 2,345 2,801 3,080 2,839 3,375 2,932 1,056 232 Year 5,183 5,343 4,869 4,718 5,113 4,991 5,260 5,017 4,270 1,393 i Figures for each month and year are exclusive of duplications, i.e., each bank is counted only once no matter how often it borrowed during the month or year. No. 19.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RESERVE BANKS, BY FEDERAL RESERVE DISTRICTS, 1926-34 District 1926 1927 1928 1929 1930 1931 1932 1933 Boston 286 261 265 306 280 294 260 246 New York 603 602 623 651 658 736 717 656 Philadelphia 558 552 562 594 613 722 609 541 Cleveland 466 430 421 475 459 457 408 383 Richmond 430 383 386 384 345 353 309 290 Atlanta . 333 300 315 352 311 301 217 241 Chicago 814 746 685 708 656 695 662 474 St Louis 330 309 292 338 343 334 303 226 Minneapolis 270 275 224 249 234 266 333 271 Kansas City 453 377 381 417 447 432 470 405 Dallas ... 453 318 296 359 375 375 353 San Francisco 347 316 268 280 270 295 376 Total 5,343 4,869 4,718 5,113 4,991 5,260 5,017 ot ot 1934 122 379 2S3 132 83 74 39 66 47 51 51 66 4,270 1,393 Back figures.—See Annual Report for 1928 (table 97). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 97 No. 30.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RESERVE BANKS, BY STATES, 1926-34 State 1926 1927 1928 1929 1930 1931 1932 1933 1934 New England: Maine 33 31 29 32 31 33 28 4 New Hampshire. 39 36 37 40 42 42 25 38 29 Vermont 30 28 22 43 32 32 34 28 12 Massachusetts... 135 126 133 142 128 134 124 111 53 Rhode Island 12 6 11 11 8 10 8 8 4 Connecticut 46 44 43 51 50 54 51 47 26 Middle Atlantic: New York 429 418 437 455 459 526 511 466 272 New Jersey.._ 247 261 264 264 282 406 294 271 153 Pennsylvania. 613 610 673 671 667 648 560 265 East North Central: Ohio 276 251 241 262 252 247 213 215 71 Indiana 141 135 131 143 130 122 124 107 11 Illinois 321 267 311 287 308 289 185 24 Michigan 174 182 166 183 139 193 167 123 17 Wisconsin 71 78 85 105 78 15 West North Central: Minnesota 91 85 78 67 83 113 103 13 Iowa 230 190 153 131 162 147 152 112 4 Missouri 108 124 116 121 123 117 103 86 17 North Dakota 53 66 61 59 47 39 48 36 5 South Dakota 59 52 36 40 49 63 60 47 14 Nebraska 112 109 97 102 101 101 107 91 11 Kansas 95 87 105 108 120 117 120 101 16 South Atlantic: Delaware 14 16 16 13 14 17 16 10 Maryland 54 53 50 55 46 51 54 14 District of Columbia. __ 10 9 9 8 8 9 9 9 2 Virginia 143 124 132 139 125 126 121 105 35 West Virginia 83 74 77 81 78 96 77 74 26 North Carolina 75 72 78 61 61 53 40 36 5 South Carolina 74 59 48 49 35 27 22 20 2 Georgia 121 104 108 115 96 94 62 81 23 Florida 41 35 36 49 35 31 23 32 East South Central: Kentucky 72 28 Tennessee 62 18 Alabama 103 21 Mississippi 31 33 25 7 West South Central: Arkansas 74 59 55 50 61 53 44 29 11 Louisiana 28 29 30 30 27 24 24 21 2 Oklahoma 167 100 102 113 127 117 121 108 13 Texas 417 290 267 323 346 345 324 242 45 VIountain: Montana Idaho Wyoming Colorado New Mexico . Arizona Utah... - Nevada Pacific- Washington _ 78 73 94 14 Oregon 57 56 68 7 California.-_ 134 111 125 36 Total.. 5,343 4,869 4,718 5,113 4,991 5,260 5,017 4,270 Back figures.—See Annual Report for 1930 (table 105). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 21.—BILLS DISCOUNTED BY FEDERAL RESERVE BANKS—HOLDINGS AT THE END OF EACH MONTH, BY CLASSES [In thousands of dollars] Rediscounted bills Member bank collateral notes Dis- Secured Secured counts by U. S. by bills for indi- Total Govern- and se- viduals, End of month all ment Other- Secured Secured curities partnerd o a i b n t r i l d e o i c g / n o t a s r - s a s e e n w c c d u u i s r r u e e e n d d - m l b G ig y e o a n U v t t i e . o o r n S n b s - . - c b e o y l l i l g o a i t t b e h l r e e a r l c n f o o g o u r i t b n d l t e e i l o s i- - r c t o s i h a r o p n i n p o d s s r a 3 , fully purchase guaran- sec. 10 (b) teed 1934 January.. 82,732 296 i 14,395 26,028 25,521 16,099 393 February. 64,390 259 9,437 18,050 22,214 14,038 392 March 54,068 46 8,186 15,143 18,010 12, 285 398 April. 39,042 50 5,765 7,439 15,651 9,736 401 May.. 31,259 12 4,363 6,433 11,840 8,232 379 June- 24,567 10 3,906 4,739 8,963 6,570 379 July - 22,333 2,396 5,081 8,280 6,197 373 August.__ 23, 007 2,000 5,908 8,680 6,347 72 September 15,349 1,690 5,257 5,970 2,368 64 October 10,985 1,037 5,375 2,393 2,114 66 November- 11,296 747 6,789 1,960 1,731 69 December.. 7,062 657 3,470 1,214 1,647 74 i Includes $5,000 discounted for nonmember banks secured bs' adjusted-service certificates. 3 Includes paper secured by U. S. Government direct obligations as follows: January, $53,000; February, $53,000; March, $49,000; April, $58,000; May, $31,000; June, $26,000; July, $25,000; August, $26,000; September, $26,000; October, $29,000; November, $26,000; December, $24,000. Back figures.—See Annual Report for 1933 (table 22). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KESERVE BANK CREDIT 99 No. 22.—BILLS DISCOUNTED—HOLDINGS OF EACH FEDERAL RESERVE BANK ON DEC. 31, 1934, BY CLASSES [In thousands of dollars] Rediscounted bills Member bank collateral notes Dis- Secured Secured counts by U. S. by U. S. for indi- Federal Reserve Bank T ( o a t l a l l m G e o n v t e o rn b - - Other- m G e o n v t e o rn b - - Secured a b n y d s b e il c l u s - p v a id rt u n a e l r s - , classes) l g i a g d u f n a i u a r d t l r e i l / a o y c o n n t r - s s a s e e n c c d u u r r u e e n d d - li g g a d u f n a i u a t r d l r i e l / o a y c o n n t r - s, c b e o y l l i l g o a i t t b e h l r e e a r l r p c i e f u o t o l i r u i r e g c n s d h i t b i n a s l o s o e - e r t a t s n p i h d o o i n r p c a s s o - , rteed teed sec. 10 (b) 1934 Boston _. 1,055 14 995 46 New York 4,228 166 1,538 1,032 1,457 35 Philadelphia 993 227 556 47 163 Cleveland 315 113 190 12 Richmond _ 139 17 54 47 i 21 Atlanta 57 24 6 27 Chicago _ 2 2 St Louis 3 * 3 Minneapolis - - Kansas City- 126 57 24 30 15 Dallas 12 12 San Francisco 132 37 95 Total 7,062 657 3,470 1,214 1,647 74 i Secured by U. S. Government direct obligations. Back figures.—See Annual Report for 1933 (table 23). No. 23.—BILLS DISCOUNTED—HOLDINGS OF EACH FEDERAL RESERVE BANK ON DEC. 26, 1934, BY MATURITIES [In thousands of dollars] Maturity Federal Reserve Bank Total Within 16 to 30 31 to 60 61 to 90 91 days to Over 6 15 days days days days 6 months months Boston 1,551 1,548 3 New York 5,408 3,890 201 760 557 Philadelphia _ _ 1,185 856 165 98 61 5 Cleveland 380 374 1 4 1 Richmond 169 148 21 Atlanta 94 76 3 12 3 Chicago 48 40 1 7 St Louis 180 179 1 Minneapolis Kansas City 131 73 1 1 4 52 19 19 San Francisco 123 85 9 11 2 16 Total 9,281 7,281 404 884 638 74 Back figures.—See Annual Report for 1933 (table 24). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 24.—BILLS BOUGHT BY FEDERAL RESERVE BANKS—HOLDINGS AT THE END OF EACH MONTH, BY CLASSES [In thousands of dollars] Bills payable in dollars Bankers acceptances Based on— Based Bills on pay- E m n o d n t o h f Total Total Total p i I n o m t r o t - s p f E r o o x r m t - s st U G S ( o h w n r t o o a e a i u o t t d r s e e d e e s d i s - n c D h e o a x l n - l g a e r s t s i h g r c ' n t e i o o i o e i p o g r u f s p e o d n n e o d r s - - d r o A th ll er a T a c n r c a c e d e p e s t- a r fo e b c n r l u e e c i r i g - i e n n s UnitedUnitedcredits) or be- States States shipped tween between foreign domestic points points 1934 January 111,397 105,420 105,420 17,505 21,408 30,143 1,640 31,253 3,471 5,977 February... 62,345 56,458 56,458 11,359 11,080 14,570 1,630 15,948 1,871 5,887 March 28, 548 23,273 23,273 4,796 5,667 6,630 1,669 4,167 344 5,275 April _ 8,562 3,492 3,492 756 593 92 20 2,031 5,070 May 5,178 102 102 102 5,076 June 5,269 194 194 50 144 5,075 July 5,229 148 148 50 98 5,081 August 5,220 141 141 24 117 5,079 September- 5,812 121 121 24 97 5,691 October 6,082 587 587 1 86 75 425 5,495 November.- 5,682 183 183 1 62 110 10 5,499 December_. 5,613 112 112 1 111 5,501 Back figures.—See Annual Report for 1933 (table 25). No. 25.—ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES—HOLDINGS OF FEDERAL RESERVE BANKS, 1924-34 [In thousands of dollars] End of month 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 January... 1,274 1,015 2,051 719 1,019 1,035 36,119 33,444 29,036 5,977 February. 1,072 795 1,897 1,034 1,029 1,038 23,958 33,478 28,997 5,887 March 961 1,137 2,035 1,697 1,036 1,040 1,063 30, 778 24,778 5,275 April 1,149 1,213 1,334 1,145 1,036 1,054 1,074 30,736 7,181 5,070 May 602 1,203 1,388 414 1,040 1,058 1,073 30,837 6,981 5,076 June 687 1,643 12,489 258 1,043 1,064 10, 551 30,762 7,089 5,075 July 857 1,036 13,399 258 2,061 1,065 34,371 30,645 6,821 5,081 August. 720 1,043 13,947 259 12,346 1,071 145, 215 30,834 6,199 5,079 September 12,469 1,270 1, 506 8,495 262 16,955 1,075 48, 804 30, 849 6,068 5,691 October 2,560 911 1,623 2,283 1,007 17, 795 21, 583 33,501 30,659 5,686 5,495 November 2,880 642 1,720 1,167 1,016 1,990 31,587 33, 586 30, 652 5,841 5,499 December 1,267 914 2.189 837 1,017 1,627 33,429 29,489 6,033 5,501 i The first purchase of acceptances payable in foreign currencies was on Sept. 18, 1924. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

101 EESEEVE BANK CREDIT No. 26.—HOLDINGS OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERAL RESERVE BANKS, BY MATURITIES, 1933-34 [In thousands of dollars] Maturity Date Total 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 t o o n d t a 6 h y s s m O o v n er th 6 s Bills discounted: 1933—Jan. 25.. 264,698 187,706 19,352 27,967 19, 225 9,052 1,396 Feb. 21. 327,138 239,487 21,807 31, 696 23,619 8,642 1,887 Mar. 29. 559,002 408,906 34,447 42,898 62, 795 7,639 2,317 Apr. 26. 385,001 254,905 24,725 49,133 6,855 747 May 31. 301,974 192,071 24,148 41, 687 36,416 7,464 188 June 28. 190,981 136,381 16,677 14,555 18,468 4,853 47 July 26 _. 161,363 116,058 11,906 15, 598 15,323 2,437 41 Aug. 30. 153, 220 118,190 11,150 12,840 9,768 1,219 53 Sept. 27. 133, 233 99,041 10,979 12, 317 855 72 Oct. 25.. 114, 593 84, 056 8,268 15,061 6,028 1,081 99 Nov. 29. 119,041 91,804 9,584 8,507 7,856 1,096 194 Dec. 27. 110,552 82, 787 5,913 11, 748 1,049 165 1934—Jan. 31.. 82,732 61,744 7,341 9,730 3,245 619 53 Feb. 28. 64,390 51,491 2,700 5,519 4,285 358 37 Mar. 28. 52, 579 37,565 2,854 5,081 6,782 263 34 Apr. 25. 40.313 30,146 1,880 6,814 1,251 181 41 May 30. 33,700 26, 540 2,474 1,893 2,497 274 22 June 27. 27,015 18.766 1,392 1,268 5,276 309 4 July 25- 21,298 14,499 639 5,102 905 143 10 Aug. 29. 21,007 17, 667 1,584 811 884 55 Sept. 26. 20.314 13.767 770 495 5,251 27 Oct. 31- 10,985 8,577 728 1,178 347 153 Nov. 28. 11,872 9,884 866 398 25 Dec. 26. 9,281 7,281 404 74 Bills bought: 1933—Jan. 25- 31,496 4,746 6,864 9,302 10, 584 Feb. 21.. 179,576 64,812 30,319 35,753 48,481 211 Mar. 29. 310, 235 72,471 60,165 145, 905 31,481 213 Apr. 26.. 177,450 71,214 74,240 26,022 5,923 51 May 31. 19,862 12,479 5,239 842 1,302 June 28.. 8,186 1,370 1,552 2,697 2,567 July 26- 9,616 2,295 1,100 411 Aug. 30. 6,900 1,756 2,552 1,495 1,097 Sept. 27. 6,681 1,110 2,118 565 2,888 Oct. 25- 6,523 285 737 899 4,602 Nov. 29. 23,866 5,623 4,687 4,775 8,700 81 Dec. 27.. 111,083 16,518 14,816 46,136 33,440 173 1934—Jan. 31.. 111,397 33,092 31,661 29,153 17,431 60 Feb. 28.. 62,345 26,462 9,399 19,623 6,861 Mar. 28.. 29,359 13,712 6,634 7,381 1,632 Apr. 25.. 10,163 4,111 2,048 3,706 May 30. 5,178 2,571 198 1,638 771 June 27.. 5,215 1,411 2,762 844 198 July 25- 5,271 654 473 1,511 2,633 Aug. 29.. 5,247 3,594 456 741 456 Sept. 26_. 5,812 149 3,703 1,611 Oct. 31._ 6,082 1,101 684 3,811 Nov. 28. 5,683 2,745 250 1,799 889 Dec. 26.. 5,611 1,165 1,027 2,724 Back figures—See Annual Report for 1932 (table 25). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 27.—HOLDINGS OF UNITED STATES GOVERNMENT SECURITIES BY FEDERAL RESERVE BANKS AT END OF EACH YEAR, 1930-34, BY CLASSES [In thousands of dollars] TOTAL HOLDINGS 1930 1931 1932 1933 1934 Bonds: 2 percent consols of 1930 _ 915 2 percent Panamas of 1936-38 237 0) C1) <?„« 3 percent conversion bonds of 1946-47 2 1,796 2 655 2 644 3H percent Liberty loan 10,102 84, 525 25, 027 26,625 25, 027 4M percent Liberty loan _ 3 103,060 3 213,240 364,188 358,434 209, 244 3H percent Treasury bonds of 1941 467 20,011 3% percent Treasury bonds of 1940-43 5,009 14, 854 13,776 13,772 9, 772 3% percent Treasury bonds of 1941-43 13, 245 5,987 5,749 2,667 3^-434 percent Treasury bonds of 1943-45.. 25, 634 25, 696 3% percent Treasury bonds of 1943-47. 3,202 8,560 5,791 5,772 5,772 4J4 percent Treasury bonds of 1947-52.. 7,852 717 84 530 532 4 percent Treasury bonds of 1944-54 27,712 7,379 398 395 4,380 3% percent Treasury bonds of 1946-56.. 3,900 5,082 2,875 2,882 6,037 3H percent Treasury bonds of 1946-49.. 10, 272 1,849 1,876 1,869 33 ppeerrcceenntt TTrreeaassuurryy bboonnds of 1951-55 1,837 1,243 556 534 33MM perceetn t TTrreeaassuurryy bbonds of 1944-46.. 43,475 3 percent Treasury boonnds of 1946-48 40, 000 Total bonds 163,785 360, 366 421,862 443, 336 395, 665 Treasury notes 226,473 33,038 299,703 ,053,300 1, 507,116 Certificates of indebtedness. 315,028 271,199 718,964 515,769 Treasury bills 24,181 152,354 414,613 425,085 527,475 Total U. S. Government securities... 729,467 816, 957 1,855,142 2, 437,490 2, 430, 256 BOUGHT OUTRIGHT In System investment account: 3H percent Liberty loan... 80,025 25,025 25,025 25,025 ty£ percent Liberty loan 28, 048 131, 790 310,591 285, 591 169,869 3^J_4^ Treasury bonds of 1943-45 25, 000 25,000 334 percent Treasury bonds of 1944-46.. 39, 000 3J4 percent Treasury bonds of 1941 20, 000 3 percent Treasury bonds of 1946-48.... 40, 000 Treasury notes 159, 532 20, 000 282, 334 1, 004, 862 1, 399, 562 Certificates of indebtedness 223,463 252, 283 649, 200 470, 337 Treasury bills 24,181 82, 718 372,458 412, 335 504, 694 Total in special investment account.. 435,224 566,816 1, 639, 608 2, 223,150 2, 223,150 In other accounts: Bonds: 2 percent consols of 1930 915 2 percent Panamas of 1936-38 237 0) 0) C1) 3 3 4 3 3 X ) p | A 4 e p p r p e c e e r e r c r c n c e e t e n n n t c t t o T L n L r v i e i b e b a e r e s s r r u i t t o y r y y n l l o b o b a o a o n n n n d d s s o o f f 1 1 9 9 4 4 1 6-47 3 2 6 9 0 1 , , , 2 2 7 5 4 9 2 4 6 3 6 4 8 2 , , 5 9 6 0 6 5 0 5 5 53 2 , 5 6 7 4 7 2 4 72 2 , 8 6 4 1 4 3 7 4 39 2 , 3 6 7 4 1 5 2 4 1 334 percent Treasury bonds of 1944-46 4,475 3% percent Treasury bonds of 1940-43 5,009 14,854 13,776 13,772 9,772 3% percent Treasury bonds of 1941-43 11,152 5,787 5,749 2,667 3J4-4K percent Treasury bonds of 1943-45. 634 696 3% percent Treasury bonds of 1943-47 3,202 8,560 5,791 5,772 5, 772 434 percent Treasury bonds of 1947-52 7,852 717 84 530 535 4 percent Treasury bonds of 1944-54 20, 712 5,223 398 395 4,380 3% percent Treasury bonds of 1946-56 3,900 5,082 2,875 2,832 6,037 3% percent Treasury bonds of 1946-49.. 10, 272 1,849 1,876 1,869 3 percent Treasury bonds of 1951--55,5.. 542 550 534 534 3 percent Treasury bonds of 1946-48.. 0) Total bonds 113,119 130, 522 85, 333 105, 598 76, 769 Treasury notes 48, 581 11, 538 14,171 48, 340 107,556 Certificates of indebtedness 89,140 17,816 69, 764 45, 407 Treasury bills _. 47,936 42,155 12, 750 22, 781 Total in other accounts 250, 840 207,812 211, 423 212, 095 207,106 Total bought outright. 686,064 774, 628 1,851, 031 2, 435, 245 2, 430, 256 BOUGHT UNDER RESALE AGREEMENT Bonds 22, 618 18, 029 913 2,122 Treasury notes 18, 360 1,500 3,198 98 Certificates of indebtedness 2,425 1,100 25 Treasury bills _ 21, 700 Total bought under resale agreement.. 43,403 42, 329 4,111 2,245 1 Less than $500. 2 Includes $500, 3 percent loan of 1961. 3 Includes 4 percent Liberty bonds as follows: 1930, $1,050; 1931, $1,950. Digitized for FBRacAk SfiEguRre s—See Annual Report for 1930 (table 16). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 103 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS No. 28.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS, 1930-34 [Number in thousands; amounts in thousands of dollars] 1930 1931 1932 1933 1934 NUMBER OF PIECES HANDLED 1 Bills discounted: Applications _ 96 109 178 81 15 Notes discounted 415 513 779 346 42 Industrial advances: Notes discounted .5 Commitments .2 Bills purchased in open market for own account 221 76 79 (Currency received and counted 2,441,989 2, 269, 292 2, 025, 552 2,013, 459 2,067,835 Coin received and counted 3, 325, 555 2,900,462 2, 654, 787 2, 497, 928 2, 565,164 Checks handled 904, 975 864, 615 734, 538 688,933 818, 847 Collection items handled: United States Government coupons paiidd 19,362 17, 322 17, 710 18,099 21, 555 All ootrher 6,388 6,927 7,468 8,371 7,436 United States Government direct obligations—issues, redemptions, and exchanges by fiscal agency department 1,412 2,431 1,956 3,502 5,281 Transfers of funds ___ 1,868 1,663 1,469 1,290 1,125 AMOUNTS HANDLED Bills discounted 14, 067,117 14, 555, 590 18, 648, 306 9, 632,808 714, 361 Industrial advances: Notes discounted.._ 14,884 Commitments 11,443 Bills purchased in open market for own account 3,873, 698 2,998,415 762, 755 898, 001 75,903 Currency received and counted 14, 262,809 12, 668, 638 10,952, 597 11, 710, 364 9,932,601 Coin received and counted 537, 534 585,945 360, 295 624, 617 298, 297 Checks handled 324,883,021 248,172,956 176, 591, 791 157,833, 692 179,544,488 Collection items handled: United States Government coupons paid.'. 499,111 479,960 529, 086 578,082 699, 325 Allother 7, 528,014 7, 321,814 5,427,817 5, 539, 659 6, 742, 974 United States Government direct obligations—issues, redemptions, and exchanges by fiscal agency department 7, 084, 080 17, 348, 971 19, 444,110 24, 622, 726 29,941,049 Transfers of funds 198, 880,880 162,095,081 116,040,041 85, 059,151 73,077,156 1 Two or more checks, coupons, etc., handled as a single item are counted as 1 "piece." Back figures.—See Annual Report for 1933 (table 32.) 129288—35 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 29.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK, 1934 Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta j I Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco NUMBER OF PIECES HANDLED 1 Bills discounted: Applications 15,176 6,046 4,365 834 477 206 443 156 204 262 406 Notes discounted... 42,128 1,554 17,655 12,629 2,391 1,923 1,448 523 443 440 500 1,727 895 Industrial advances: Notes discounted __ 463 64 45 58 33 76 33 Commitments. 227 44 15 22 11 Bills purchased in open market for own account._. 7,400 439 4,016 23 364 209 252 509 201 163 235 505 484 Currency received and counted 2,067,835,000 192,667',, 000 596,026,000 177,718,001021,321,000105,956,000104,486,000 368:,, 708, ,701,000 42,573,000 63,244,000 51,392,000 132,:, 043,000 Coin received and counted-. 2, 565,164,000341,112,000 991,,4 45533,,000 226644,,001188,,000000 116"!1.930,000166,931,000 5555,,006688,,000 286, 505,000 106,248,000 14,602,000 50,057,000 42,0541,,000130,186.000 Checks handled 818,847,000 83, 635,000 157',, 703,00065, 381,00081,249,000 55,643,000 35,850, 000 1177,,104,000 45, 695, 000 27,974,000 61, 776,000 37, 320,000 49,517, 000 Collection items handled: U. S. Gov't coupons paid- 21,555,000 1,323.000 5,033,000 1,482,000 3,234,000 783,000 640,000 4,007,000 1,188,000 746,000 1, 394,000 485,000 1,240, 000 All other 7,436,000 403,000 2,364,000 373,000 439,000 335,000 214,000 836,000 415,000 783,000 371,000 213,000 690,000 U. S. Gov't direct obligations—issues, redemptions and exchanges 5, 281,000 281,000 1, 275,000 292,000 557,000 181, 0001 192,000 1, 352,000 305, 000 161,0001 358,000 113,000 214,000 Transfer of funds 1,125,000 33,000 271,000 83,000 69,000 68,000 53,000 173, 000 68,000 42,000 85, 000 74,000 106.000 AMOUNTS HANDLED (in millions of dollars) Bills discounted 714.4 49.6 415.1 108.6 29.2 18.3 23.5 14.4 15.5 2.5 5.3 2.9 29.5 Industrial advances: Notes discounted 14. 1.9 1.0 3.3 1.0 1.5 .9 .5 1.9 .4 1.0 .6 C ommitments- 11.4 1.8 4.0 1.0 .4 .8 1.3 .6 Bills purchased in open .7 .8 market for own account. _. 75.9 12.5 17.4 6.2 2.6 2.8 7.6 2.1 1.6 2.4 7.7 Currency received and 5.8 7.2 counted 9,932.6 985.7 3,043. 6 588.0 451.4 363.0 1,878. 2 422.2 196.4 270.6 181.8 Coin received and counted-. 298.3 31.6 107.6 825.1 13.5 14.3 7.3 26. 7 13.2 3.4 9.8 5.4 726.6 Checks handled 179, 544. 5 11,443. 2 56,048.6 30.3 16,112. 8 1,638. 4 7,549. 3 22, 744.1 9,100. 2 4,369. 7 9, 240. 6 5, 784. 5 35.2 Collection items handled: 17,185.0 10,328.1 U. S. Gov't coupons paid. 699.3 47.4 351.1 38.9 64.7 17.5 10.3 81.0 19.4 12.3 21.0 8.4 27.3 Allother 6, 743.0 584.8 1,843. 8 240.4 440.2 294.5 196.8 1, 531. 4 377.4 283.8 332.4 249. 5 368.0 U. S. Gov't direct obligat i o n s—issues, redemptions, and exchanges 29,941.1 1, 227. 4 19,421. 7 868.1 966. 5 588.4 315. 5 3, 920. 5 666.2 306.6 592.2 414.3 653.7 Transfer of funds 73,077. 2 2,462. 2 28,642. 4 2,455.4 2,989.3 4,005.2 12, 519. 2 2, 686. 5 1, 640. 4 3, 528. 0 2, 663. 7 8,093. 3 i Two or more checks, coupons, etc., handled as a single item are counted as one "piece." 2 Less than $50,000 Back figures.—See Annual Report for 1933 (table 33). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUME OF OPERATIONS 105 No. 30.—VOLUME OF OPERATIONS OF BRANCHES OF FEDERAL RESERVE BANKS Noncash collec- Fiscal tion items agencyhandled issues, F a ed nd e ra d l i s R tr e i s c e t r v n e u b m r b an er ch c B d o e i i u s d l - l n s t- C r c e u o c a r u e r n n i e d v t n e e c d d y ce c C i o v o u e i d n n t r e a e d n - d h C a h n e d c l k ed s c G o m o u e v p n e o t r n n s - o A th l e l r c a o s d h t n e f i e a o r c d m e n u n - U g e r s p x e i . , - - S - s . T o r f a n fu s n fe d r s ties NUMBER OF PIECES HANDLED;! 1934 No. 2—Buffalo 512 39, 569,00031,233,000 11,046,000 78,233 86,134 4,' 12,871 No. 4—Cincinnati 27,804,000 44, 863,00017,148,000 893,811 34,134 70,209 13,179 Pittsburgh 41,452,000 33,766,000 31,074,000 521, 677 28, 565 44,690 14,557 No. 5—Baltimore "679 49,9-0-5.,-0-00 113,676,000 19,865,000 417,263 159,691 35,045 15,364 Charlotte 12,767,000 7,238,000 7,143,000 49, 655 42, 722 12, 222 No. 6—Birmingham.._ 9,274,000 6, 283,000 5,079,000 36,939 19,060 6,396 Jacksonville 18,096,000 7,574,000 5,817,000 94,892 50,874 7,577 Nashville 12,886,000 6,555,000 5,513,000 48,097 32, 259 3,766 New Orleans... 474 20,967,000 19,481,000 6, 769,000 185,489 42, 710 53,987 7,221 No. 7—Detroit 168 69,475,000 120i,, 170,00016,683,000 402,762 157,658 12,022 21, 578 No. 8—Little Rock 28 7,470,000 '4,332,000 3,956,000 31,881 70,389 1,405 8,207 Louisville 79 17,139,000 12,424,000 9, 582,000 284,964 47,550 11,707 9,393 Memphis 72 18,162,000 8, 299,000 3,987,000 57,859 55,051 2,633 10,110 No. 9—Helena 25 1,557,000 959,000 3,166,000 52, 797 20,860 8,121 No. 10—Denver 79 8,662,000 11,197,000 8,736,000 239, 214 73,196 7,416 10,131 Oklahoma City 8,796,000 6,549,000 15, 213,000 82, 717 55,T"- 1,245 6,896 Omaha 161 9,211,000 8,501,000 11,054,000 267, 240 83,560 5,241 19,822 No. 11—El Paso 5 3,547,000 1,556,000 2,790,000 30,379 14,270 4,874 Houston 22 10,624,000 11,365,000 6, 574,000 98,497 61,714 20,315 San Antonio 27 8,707,000 5, 276,000 5,898,000 78,248 31,896 11,094 No. 12—Los Angeles 231 64,588,000 50,823,000 15,731,000 439,627 107,023 21, 521 43,890 Portland 45 7,008,000 5, 349,000 5,471,000 146,078 55,026 12, 840 6,331 S S S a p e l a o t t k t L l a e n ak e e City. 4 8 5 4 1 2 11 3 2 , , , 9 4 5 4 3 6 6 4 3 , , , 0 0 0 0 0 0 0 0 0 8 3 1 , , , 7 0 6 9 4 8 0 4 7 , , , 0 0 0 0 0 0 0 0 0 4 5 5 , , , 1 9 1 2 4 5 9 1 3 , , , 0 0 0 0 0 0 0 0 0 1 9 5 5 4 0 6 , , , 4 6 5 9 1 6 4 9 0 2 4 8 4 6 3 6 , , , 5 7 6 6 3 7 9 2 9 3 3 6, , , 9 2 6 2 0 2 1 9 5 1 8 7 1 , , , 4 1 1 2 1 9 6 8 7 Total. 2,784 485,609,000 530,990,000 233, 518,000 4,840,000 1,707,000 298,485 301,000 AMOUNTS HANDLED: 1934 (in thousands of dollars) No. 2—Buffalo 64,712 185,516 3,325 2,070,662 2,748 37,173 2,144 830, 597 No. 4—Cincinnati 102,852 5,705 2, 528, 288 14, 776 69,289 56,101 354,758 Pittsburgh 3,817 7.611,692 17,774 68,035 86,905 657,306 No. 5—B altimore '117531 211,736 8,098 3,020, 513 10,712 140,114 230,180 878,119 Charlotte _ 46,148 1,154 1,465,935 513 41, 707 854,757 No. 6—Birmingham... 31,664 786 1,133,457 445 14,847 129,349 Jacksonville 67, 273 1,378 913,756 1,435 22,103 181,981 Nashville 38,275 658 1,114,465 497 50,780 76, 613 New Orleans.__ 5,384 71,672 2,223 1,218, 529 3,326 50,166 78,982 311, 630 No. 7—Detroit 5,359 418,353 7,988 4,995,275 7,660 138, 779 2,154,164 No. 8—Little Rock 655 28,981 491 537,612 474 33,367 144,163 Louisville 4,209 68,115 1,373 1,926,933 3,503 68, 575 4,747 415,181 Memphis 1,277 50, 508 2,058 888,364 871 54,509 1,092 392,800 No. 9—Helena 205 11, 354 353 400,004 549 14,705 102,578 No. 10—Denver 953 52, 417 2,377 1, 548,693 3,966 55,524 7,158 437,445 Oklahoma City 32,860 944 1,809, 556 931 23,846 537 150,416 Omaha 3,368 46,372 2,118 1,661, 255 3,197 96,464 4,974 708, 262 No. 11—El Paso — 13,439 327 312,538 366 10,219 81,362 Houston 516 37,444 1,235 1.169,693 1,423 78,529 886,822 San Antonio 135 32,648 706 793,527 1,026 38,734 285,700 No. 12—Los Angles 268,428 15,296 2,633,234 9,196 54,273 33,953 1,562,138 Portland 1,023 40,545 1, 230 933,497 1,792 42,479 4,673 429,574 Salt Lake City- 742 26,907 1,789 775,809 1,290 47,875 2,000 336,493 Seattle 846 67, 553 1,939 992,838 2,050 29, 628 3,649 537,831 Spokane 16,901 733 653, 322 665 22,079 1,662 160,719 Total... 109,971 2,176,121 68,101 43,109,445 91,185 1,303,799 528,001 13,060,758 1 Two or more checks, coupons, etc., handled as a single item, are counted as 1 "piece." NOTE.—Currency received and counted during 1934 by agencies of the Federal Reserve Bank of Atlanta: Habana, Cuba, 838,000 pieces, amount $12,069,000; Savannah, Ga., 3,080,000 pieces, amount $7,238,000. Coin received and counted by Habana, Cuba, none; Savannah, Ga., 557,000 pieces, amount $35,000. Back figures—See Annual Report for 1933 (table 34). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD GOLD SETTLEMENT FUND No. 31.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-34 [In millions of dollars] Daily settlements between Federal Balance Reservebanks Inter- Year and month a n p t i e b n r e g i g o i o d n f - Transit R Fe e d se e r r v a e l tr r a e b n s a e s n r f v k er e s dr w a i w tn a - ls Deposits a B p t a e e l r n a io n d c d o e f clearings note clearings 1926 689.2 115,455. 3 635.8 1, 043.4 3,029.2 3,005.3 665.3 1927 665.3 123,031.5 673.2 1,436. 7 3, 797. 3 3,660.3 528.2 1928 528.2 132,525. 2 658.4 1,172. 6 2,855. 6 3, 014. 4 687.0 1929 687.0 145,132. 4 758.7 1, 052.1 3,160. 4 2, 984. 5 511.2 1930 _. 511. 2 151,458. 3 669.4 1, 530. 2 2, 063. 8 1, 970. 0 417.4 1931 417.4 124,137. 3 540.1 1,905. 0 2, 729. 0 2, 625. 7 314.1 1932 314.1 89, 527. 6 545.4 1, 648. 4 4,156. 6 4,182.8 340.3 1933 340.3 75,725.4 614.4 2, 575. 0 4, 548. 6 4.826. 5 618. 2 1934 618.2 80,816. 0 602.9 2, 084. 0 2, 016. 4 3,116. 5 1, 718.3 1934 January 618.2 6, 508. 2 50.5 286.4 101.5 380.4 897.1 February 897.1 6,036. 4 37.2 167.5 356.8 490.6 1,031.0 March _ 1,031. 0 7, 662. 7 39.4 72.1 305.3 618.4 1, 344.1 April ___ 1,344.1 7, 348. 3 39.8 248.0 361.2 523.4 1, 506. 3 May 1,506. 3 6,838. 0 49.1 125.5 77.2 120.9 1, 550. 0 June 1,550. 0 7, 217. 6 48.2 169.5 152.8 246.7 1, 643. 9 July 1,643. 9 6, 600. 9 54.3 236.3 132. 3 200.8 1, 712. 5 August 1, 712. 5 5,969. 6 61.8 116.7 91.3 126.1 1, 747. 3 September 1, 747. 3 6, 432. 8 55.0 109.0 100.4 42.5 1, 689. 4 October 1, 689. 4 6, 785. 6 62.7 245.0 123.5 80.5 1, 646. 4 November 1, 646.4 6, 215.1 52.3 184.0 63.5 168.0 1, 750. 9 December 1, 750.9 7,200.8 52.6 124.0 150.6 118.0 1, 718. 3 Back figures.—See Annual Report for 1933 (table 35). No. 32.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1934 [In millions of dollars] Daily settlements between Federal Reserve banks Interreserve Balance Feder b al a n R k eserve J a B a n n a c . l e - 1 Transit clearings F s e c e d l r e v e a r e r a i n n l o g R t s e e - bank transfers d W ra i w th a - ls p D os e i - ts a i o n t f n c e b f l s u o u s n s s d e i- Dec. 31 Pay- Re- Pay- Re- Pay- Rements ceipts ments ceipts ments ceipts Boston 19.2 5,455. 0 5,703.3 56.5 44.1 189.9 57.7 243.4 179.9 59.5 New York 164.8 25, 524. 2 26,471. 0 132.2 141.3 1,117. 0 260.5 374.1 1, 083.4 973.5 Philadelphia 10.9 6,108. 7 6,088. 0 63.5 59.3 83.7 133.5 231.5 243.8 48.1 Cleveland 62.5 6,106.4 6,268. 2 66.2 45.4 118.4 50.0 125.4 82.3 91.9 Richmond 26.0 5, 727. 7 5, 694. 0 45.1 38.0 76.0 115.3 166.6 181.0 38.9 Atlanta 22.1 3,034.1 2,851.1 24.1 48.4 69.5 179.8 59.0 114.3 29.0 Chicago 160.4 11, 304. 4 11, 348. 5 85.1 101.8 283.0 271.5 329.3 325.7 206.2 St. Louis 37.0 4,666.2 4,493. 9 36.4 40.7 37.0 161.3 161.9 220.5 51.8 Minneapolis 19.5 1,812. 6 1, 546. 4 27.9 17.4 2.5 228.0 113.6 175.2 29.8 Kansas City 32.3 4, 491. 2 4,165.0 28.8 24.4 32.5 276.4 58.3 175.6 62.8 Dallas 32.9 3, 052. 9 2,951. 4 16.1 12.8 37.0 121.0 52.3 83.6 43.3 San Francisco 30.6 3, 532. 6 3, 235. 2 21.0 29.5 37.5 229.0 100.9 251.1 83.5 Total 618.2 80,816.0 80,816.0 602.9 602.9 2,084.0 2,084.0 2,016. 4 3,116. 5 1, 718. 3 Back figures.—See Annual Report for 1933 (table 36). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD 107 FEDERAL RESERVE AGENTS' GOLD FUND No. 33.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-34 [In millions of dollars] Year and month a B n t p a i e b n l r e a g i g o n i c d o n e f - d W raw ith a - ls Deposits T to ra n b s a f n e k rs Tr b f a r a n o n s m f k ers a B p t a e e l r n a io d nc d o e f 1926.. 960.2 568.2 112.3 1,799.4 2,258.5 963.4 1927.. 963.4 454.2 63.3 2,458.4 2,914.3 1.028.3 1928.. 1,028. 3 473.6 70.5 1,631.4 1,768.1 761.9 1929.. 761.9 358.5 149.9 1.500.6 2, 210. 2 1, 262. 9 1930.. 1,262.9 .5 1.101.7 947.8 1.109.4 1931_. 1,109.4 1.0 1.3 1, 678.5 1, 819. 5 1,250.7 1 19 9 3 3 3 2 . . . . 1 1 , , 2 23 5 7 0 . . 6 7 4 4 . . 0 0 3 4 f , 0 1 3 0 0 1 . .6 3 3 3, , 9 0 3 8 8 4 . . 5 5 1 1. . 1 2 4 3 9 7 . . 7 6 1934.. 1,149.7 1.0 1, 003. 3 2,458. 3 2,605.7 1934 January... 1.149.7 202.5 723.4 1,670.6 February. 1,670.6 104.5 353.5 1.919.6 March 1,919.6 99 2 240.5 2,060.9 April 2,060.9 115'. 0 329.1 2,275.0 May 2, 275.0 48.5 68.0 2,294.5 June 2, 294. 5 105.6 140.5 2,329.4 July 2,329.4 64.0 119.5 2,384.9 August 2,384.9 34.5 71.0 2,421.4 September. 2,421.4 .5 41.0 82.0 2,462.9 October 2,462. 9 69.0 120.0 2,513.9 November. 2,513.9 40.5 62.5 2,535.9 December.. 2,535. 9 .5 79.0 148.3 2.605.7 Back figures.—See Annual Report for 1933 (table 37). No. 34.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1934 [In millions of dollars] Federal Reserve bank B J a a l n an . c 1 e d W raw ith a - ls Deposits T to ra n b s a f n e k rs Tr b f a r a n o n s m f k ers a b B D t u a c e s l l c i a o n . n s e 3 c e s 1 e s of Boston _ _ 118.1 0.5 74.0 255.0 299.6 New York 90.1 120.0 626.4 596.5 Philadelphia 68.9 139.5 231.0 160.4 Cleveland . .. _ _ 110.5 .5 37.0 128.5 202.5 Richmond 90.4 126.2 182.2 146.3 Atlanta 69 0 54.0 62.7 77.7 Chicago 265.0 193.5 433.9 505.4 St. Louis _. . 96.2 126.0 162.4 132.6 Minneapolis ' 46 5 55.1 118.6 110.0 Kansas City . _. 83.8 24.0 49.0 108.8 Dallas 20.5 13.0 55.2 62.7 San Francisco - - . 90.8 41.0 153.5 203.3 Total 1,149. 7 1.0 1, 003. 3 2,458. 3 2, 605. 7 Bdck figures.—Bee Annual Report for 1933 (table 38). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD MEMBERSHIP IN PAR COLLECTION SYSTEM No. 35.—NUMBER OF BANKS J ON PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES, ON DEC. 31, 1933 AND 1934 [Nonmember banks not on par list comprise all banks, other than mutual savings banks, that have not agreed to pay, without deductions for exchange, such checks drawn upon them as are presented for payment by the Federal Reserve banks, except that figures published prior to 1934 exclude private banks not under State supervision] Dec. 31, 1933 Dec. 31, 1934 Federal Reserve district or State Member Nonmember banks Member Nonmember banks banks On par Not on banks On par Not on list par list list par list DISTEICT Boston 367 209 371 174 New York 808 300 792 314 Philadelphia _ . 671 281 656 268 Cleveland 621 696 3 629 638 I Richmond _ _ 400 352 338 401 336 310 Atlanta _ 330 109 637 332 99 663 Chicago _ _ 692 1,986 187 683 1,740 211 St. Louis _ 403 1 002 377 394 926 376 Minneapolis. 532 249 704 524 214 697 Kansas City 748 1,256 199 734 1,108 168 Dallas 549 365 211 555 335 183 San Francisco 402 349 39 380 312 34 Total 6,523 7,154 2,695 6,451 6,464 2,643 STATE New England: Maine 49 31 46 27 New Hampshire 54 16 53 12 Vermont 43 40 43 33 Massachusetts 160 60 166 46 Rhode Island _ 12 11 14 9 Connecticut- . 60 67 60 65 Middle Atlantic: New York 580 198 578 207 New Jersey 306 114 289 122 Pennsylvania 803 338 784 329 East North Central: Ohio 311 444 326 387 Indiana . 134 460 8 131 411 8 Illinois 365 534 22 358 508 22 Michigan 173 400 2 164 355 3 Wisconsin 123 381 179 119 348 163 West North Central: Minnesota . 229 92 380 228 76 381 Iowa 148 537 65 148 430 96 Missouri _ _ _ _ 137 595 58 142 523 58 North Dakota 72 9 136 69 8 135 South Dakota 85 29 98 87 26 99 Nebraska 147 207 173 147 148 150 Kansas _ 215 564 3 206 536 1 South Atlantic: Delaware 20 33 20 23 Maryland 70 131 70 121 District of Columbia 12 13 11 10 Virginia 158 115 59 157 117 50 West Virginia 96 86 7 98 82 6 North Carolina 54 19 168 54 17 147 South Carolina 21 6 104 23 5 107 Georgia _ 82 11 185 83 14 226 Florida .. .. 52 26 78 54 18 80 East South Central: Kentucky 108 314 15 109 312 13 Tennessee . 79 79 177 77 74 180 89 6 132 90 6 125 Mississippi _ _ ... ._ 27 9 177 28 7 179 West South Central: Arkansas - -_ 63 72 120 59 73 114 Louisiana 35 16 116 34 14 102 Oklahoma 224 219 15 218 184 12 Texas - - - .- 506 343 149 510 316 128 Mountain: !Montana 65 51 19 66 39 18 Idaho 34 35 35 28 Wyoming 32 26 4 34 23 3 Colorado 90 86 3 86 74 2 New Mexico _ 27 16 2 27 16 Arizona 12 5 2 12 4 1 Utah 32 29 33 26 Nevada 7 7 6 8 Pacific: Washington 102 86 31 94 79 28 Oregon - 63 47 8 59 44 6 California _._ - 157 141 146 124 Total... 6,523 7,154 2,695 6,451 6,464 2,643 Digitized for FIRncAluSdEesR l icensed and unlicensed banks. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 109 FEDERAL RESERVE BANK PREMISES No. 36.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS AND BRANCHES TO DEC. 31, 1934 Cost of buildings Cost of land Total Federa o l r R b e r s a e n r c v h e bank b i i u n n i g c l l d u o i d n ld - gs c F h m i i n x a e e - d ry All la c b n o u d s i t l a d o n - f d v B a n o l e u o t e k , Date occupied demol- and other Total ings is n h e e t d, equipment Boston $1,246,726 $662,157 $3, 542, 603 $4, 204, 760 $5,451,486 $3,168, 34M5arch 1922. New York 5 i , 2 2 5 1 5 4, , 0 4 0 5 0 93,145,152 11, 4 7 6 9 5 6 , , 7 8 0 9 7 9 1:4, 4 , 6 9 5 4 , 2 7 , 0 0 7 51 2,2 7 10 2 5, 0 16 , 5, 65 7 ,1 0 50 7 10 11, 5 08 5 8, 1 5 , , 7 7 0 7 0 0 M Oc a t y o b 1 e 9 r 2 8 1 . 924. Buffalo --. 1,900,830 533, 206 4,193,28616,094,116 4,411,110 December 1917. Philadelphia 1, 295, 4901, 561,4006,464, 2538,025,653 9,321,143 4,614, 243 August 1923. Cleveland 781,364 352, 411 1,049, 4501, 401,8612,183,225 2,014,535 December 1931. Pittsburgh Richmond 2 2 5 7 0 1 , ,9 4 2 8 4 7 3 48 3 2 0 , , 4 6 3 5 9 22 1 , , 0 4 2 0 4 , 7, 2 0 0 4 7 9 2 1 , , 5 5 2 7 2 7 , , 8 4 5 8 9 8 2 1 , , 7 8 9 2 4 7 , , 9 7 7 8 5 3 1 1 , , 3 6 8 6 2 5 , ,0 3 0 3 4 5 S O e c p to te b m er b 1 e 9 r 2 1 1 9 . 28. Baltimore Atlanta 283,000 175, 2791, 355,4871, 530, 7 1,813, 7661,061,174 October 1918. Birmingham 124,137 46,788 311,336 358,124 482, 261 331,882 January 1927. Jacksonville 45,842 25,956 214,312 240, 268 286,110 176,090 June 1924. Nashville 1 48,000 25,101 211,616 236,717 284,717 159,871 December 1922. New Orleans..- 201, 250 159, 502 738,404 897,906 1,099,156 596,140 October 1923. Chicago _ 2,963, 5481, 282,3016, 233,9527, 516, 253 10,479,8014,099, 314 July 1922. Detroit 650,000 114,566 1,006,869 1,121,435 1, 771, 435 855,249 December 1927. St. Louis 1, 355, 3741,141, 2792,111,1 3, 253,0884,608,462 1,899,907 June 1925. Little Rock 85,007 103, 608 233,079 336,687 421, 694 244,410 March 1925. Louisville i 131,177 35,060 226, 259 261,319 392,496 212, 709 June 1919. Memphis 100,906 44,062 233,645 277,707 378,613 271,471 June 1929. Minneapolis 600, 521 625, 5712,316, 7462,942, 3173, 542,838 1,532,112 February 1925. Helena i 5,000 16,109 156,290 172,399 177,399 47,881 February 1921. Kansas City 495,300 836,816 3,391,101 4, 227,917 4, 723, 217 2, 292, 330 November 1921. Denver 101,512 60, 593 449,876 510,469 611,981 387, 636 November 1925. Oklahoma City. 65,021 77,480 409,890 487,370 552, 391 318,677 April 1923. Omaha___ - 176,427 73,479 397,938 471,417 647,844 448, 566 December 1925. Dallas 189,831 352, 671 1,172,133 1, 524,804 1, 714, 635 1,062,598 March 1921. El Paso 39,003 10,824 111,369 122,193 161,196 105,431 August 1920. Houston— 66, 313 60,001 286,801 346,802 413,115 286,161 February 1922. San Antonio 75,002 21, 238 157,542 178, 780 253,782 229,775 October 1928. San Francisco. - 412,996 784,102 3,144,407 3,928, 509 4, 341, 505 2,134,664 December 1923. Los Angeles 453,458 282, 698 988,109 1, 270,807 1,724, 265 1, 330, 278 April 1930. Salt Lake City. 114,075 84,814 341,449 426, 263 540,338 403,891 February 1927. Total 19,998,980 13, 507, 315 56, 466,667 69,973,982 89,972,962 49,161,259 OTHER REAL ESTATE ORIGINALLY ACQUIRED FOR BANKING HOUSE PURPOSES New York: Annex building $592,679 $215, 418 $1,451, 570 $1, 666,988 $2, 259, 667 $1,317, 220 No. 10 Gold Street. i 45,000 125,864 125,864 170,864 92,300 Richmond (Annex building) 80,333 104,217 482,482 586,699 667,032 247, 581 Pittsburgh i 297,000 138,994 560,460 699,454 996,454 391,577 Total... 1,015,012 458,629 2,620,376 3,079,005 4,094,017 2,048,678 1 Purchased buildings—"Cost of land" represents appraised value, remainder of purchase price included in "Cost of buildings." 2 Estimated cost to complete addition, $799,000. 3 Estimated cost to complete addition, $624,000. NOTE.—No bank buildings or sites therefor have been acquired for the following branches and agencies: Branches—Charlotte, Portland, Seattle, Spokane; Agencies—Savannah, Habana. The Cincinnati branch since Jan. 3, 1928, has occupied quarters in the Chamber of Commerce Building, erected on the site leased to the Cincinnati Chamber of Commerce by the Federal Reserve Bank of Cleveland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS No. 37.—EARNINGS OF FEDERAL RESERVE BANKS, BY SOURCES, 1914-34 Earnings Total disc b O o il u n ls nted pur b c O i h l n l a s sed U s e . e r c n S u O m . r n i e G ti n e o t s v- D p r e e e n s fi a e c l r i t v e ie n e s t o m us is F c r s e o o ll m u a r n c e e - s 1914-15 $2,173, 252 $1,218,516 $244,664 $171,831 $538,241 1916 _ 5, 217,998 1,025,675 1,560,918 1,106,860 $1,157 1,523,388 1917 16,128, 339 6,971,479 4,951,729 2,367,989 194,526 1,642,616 1918 67, 584,417 48, 348, 007 11, 939,808 3,828,782 698,991 2, 768,829 1919 102,380,583 80,768,144 13,994, 544 5, 761,300 727,844 1,128,751 1920 - . 181,296, 711 149, 059,825 22, 020,158 7,140,615 1, 573, 335 1,502,778 1921 122,865,866 109, 598, 675 5, 234,141 6, 253,854 1,177, 562 601, 634 1922 50,498,699 26,523,123 5,628,956 16,682,463 602,951 1,061,206 1923 50, 708,566 32,956,293 9,371,288 7,444, 089 521,061 415,835 1924 38,340,449 15,942,845 5, 709,809 14,712,593 381, 619 1,593,583 1925 41,800,706 17, 679,549 9,103,915 12,783, 001 310,406 1,923,835 1926 . . 47,599,595 22,551, 561 10, 003, 081 12,589,119 382,946 2,072,888 1927 43,024,484 17, 010,778 9,206,677 14,206,174 273,839 2,327,016 1928 64, 052,860 38,334,140 13,020,535 10,827,702 277,401 1,593,082 1929 70, 955, 496 47, 790,662 12, 063,349 8,163,486 449, 653 2,488,346 1930 36, 424,044 10, 672,215 6,081,187 17, 273,331 225,748 2,171,563 1931 29, 701,279 9,820,546 5, 009,541 12,428,297 296,960 2,145,935 1932 50,018,817 17,881,058 2, 785,213 26,923,568 541,432 1,887,546 1933 49,487, 318 9,137,038 1,238,068 37,529,872 191,051 1,391,289 1934 . 48,902,813 1, 231, 367 141,225 46,130,941 15,249 1,384, 031 Total. 1,119,162,292 664,521,496 149,308,806 264,325,867 8,843,731 32,162,392 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS 111 No. 38.—TOTAL EARNINGS, CURRENT EXPENSES, AND NET EARNINGS OF RE- SERVE BANKS AND DISPOSITION MADE OF NET EARNINGS, 1914-34 Earnings and expenses Disposition of net earnings Trans- Trans- ferred Franchise ea T rn o i t n al gs e C x u p r e r n e s n e t s ear N ni e n t gs * Div p i a d id ends f s ( e S u r e r r e c p d . l u 7 t s ) o su ( 1 S r t 3 p e o b c lu . ) s t G t a o m x o U e v p n e . a t r S i n 2 d . - Aggregates, years 1914-34: Boston $74, 706,106 $33,738,130 $37, 434,445 $10,193,923 $20,132,282 -$3,155 $7, 111, 395 New York 330, 226, 262 112,519,436 204,480,460 43,988,481 92,493, 411 -7,694 68,006, 262 Philadelphia - 86, 586, 757 35, 063, 402 47, 025,095 13,376, 305 28,090,785 -896 5, 558,901 Cleveland 98, 791,191 42, 647, 605 47,416,110 14,063,710 28, 518,109 -8,156 4,842,447 Richmond 52,227, 279 24,846,847 23,361,566 6,167, 625 10,994, 050 -298 6, 200,189 Atlanta 53,440, 784 21,838,849 24,812, 460 5, 052, 790 10,811, 741 -2,632 8,950, 561 Chicago 159,152,867 63, 706,371 83, 502,887 17,116,805 41, 098,878 -26, 322 25,313,526 St. Louis. 47,922,073 24,471,134 17,808, 904 5, 305,471 9, 747,851 -47 2,755,629 Minneapolis.._ 36,292,931 17, 218,195 16,254, 496 3, 626,976 7,429,452 -4,832 5,202,900 Kansas City... 53,186,478 29,259,105 19,521,684 4,842, 248 7,743,958 -3, 622 6,939,100 Dallas 39,266,942 21,772, 597 13, 288,483 4, 591, 749 8,136, 685 560, 049 San Francisco. 87,362,622 42, 579,745 36, 772, 701 9, 582, 902 19,495,127 -2, 669 7, 697,341 Total 1,119,162, 292 469, 661, 416 571, 679, 291 137,908, 985 284, 692,329 -60,323 149,138,300 All Federal Reserve banks: 1914-15 2,173,252 2,320,586 -141,459 217, 463 1916. 5, 217, 998 2,273,999 2,750,998 1,742, 774 1917 16,128,339 5,159,727 9,579,607 6,801,726 1,134, 234 I,134, 234 1918 67,584, 417 10,959, 533 52,716,310 5,540,684 48,334,341 1919 102,380, 583 19,339, 633 78, 367,504 5,011, 832 70,651, 778 2, 703,894 1920 181,296, 711 28,258,030 149,294,774 5, 654, 018 82,916, 014 60,724, 742 1921 122,865,866 34,463,845 82,087,225 6,119, 673 15, 993, 086 59,974,466 1922 50, 498, 699 29,559,049 16,497,736 6,307, 035 -659,904 10,850, 605 1923 50, 708,566 29,764,173 12,711,286 6,552,717 2,545,513 3, 613,056 1924 38,340,449 28,431,126 3,718,180 6,682,496 -3,077,962 113,646 1925 41,800,706 27,528,163 9,449,066 6,915,958 2,473,808 59,300 1926 47, 599,595 27,350,182 16, 611,745 7,329,169 8,464,426 818,150 1927 43, 024,484 27,518,443 13, 048,249 7,754,539 5,044,119 249, 591 1928 64,052,860 26,904,810 32,122, 021 8,458,463 21, 078,899 2, 584, 659 1929 _ 70,955,496 29,691,113 36,402, 741 9,583,913 22,535, 597 4,283, 231 1930 36,424,044 28,342, 726 7,988,182 10,268, 598 -2,297,724 17, 308 1931 29, 701, 279 27,040, 664 2,972, 066 10,029,760 -7, 057, 694 1932 50,018,817 26, 291,381 22,314,244 9,282,244 11,020, 582 2, 011,418 1933 49,487,318 29, 222,837 7,957,407 8,874,262 -916,855 1934 _.. 48,902,813 29,241,396 15, 231,409 8, 781, 661 6, 510, 071 -60,323 Total 1,119,162,292 469, 661,416 571, 679, 291 137,908, 985 284, 692,329 -60,323 149,138,300 1 Total earnings less current expenses, depreciation charges, and net losses. 2 The Banking Act of 1933 eliminated the provision in the Federal Reserve Act requiring the payment of a franchise tax. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 39.—EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 1934 EARNINGS Total Boston New York Ph p il h a i d a el- C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San ci s F c r o an- Discounted bills $1,231,367 $27, 964 $429,833 $455,972 $73,547 $56,403 $47,188 $48,227 $12, 520 $15,628 $28, 778 $7, 612 $27, 695 Purchased bills . . - - 141,225 26, 537 18,935 10,049 14,105 4,716 5,129 17,069 4,762 3,224 4,805 15, 903 15,991 Industrial advances 121, 274 16,189 8,504 17,323 5,701 16, 513 10,971 9,422 5,846 15, 928 3,408 8,405 3,064 United States Government securities. 46,130, 941 2, 934,435 15, 475, 254 3,151, 641 3,953,101 1,825, 339 1,631,014 7,843, 286 1,741,855 1,346, 610 1, 691,986 1,449, 799 3, 086, 621 Commitments to make industrial advances 16, 635 1,828 3,565 1,421 3,838 713 2 3,031 730 1,507 Deficient reserve penalties 15, 249 793 3,016 1,173 3,486 685 1,311 717 699 1,213 589 918 649 Miscellaneous 1,246,122 48,182 142,828 88,864 86,195 80, 307 121,835 233,648 55, 740 32, 494 229, 802 39,334 86,893 Total earnings 48,902, 813 3, 055, 928 16,081,935 3, 725,022 4,137, 556 1,987,801 1, 818,161 8,152,371 1,824,453 1,415,097 1,960,098 1,521,971 3, 222,420 CURRENT EXPENSES Salaries: Officers $2,721, 799 $139,338 $571,058 $158,357 $241, 221 $183,330 $208, 576 $354, 298 $167, 302 $115, 322 $177, 740 $164, 680 $240, 574 Clerical employees 11,501,916 771,574 3,106, 227 1,033,943 1,100,401 627, 069 410,001 1, 440, 274 556,140 427, 566 617, 844 423, 231 987,646 Other employees _ — 3, 396, 898 161,517 875,187 172, 564 470,052 182, 529 95,143 463,886 158, 890 119, 534 231, 779 114,825 350,992 Contributions—Retirement system.. 1,343,116 85,568 340,448 104, 659 126,901 80,802 52, 615 170, 660 72, 769 50, 260 89,878 56, 809 111, 747 Governor's conferences 5,667 344 126 121 421 137 253 263 415 720 563 887 1,417 Federal Reserve agents' conferences- 3,325 181 197 61 109 80 153 370 629 416 255 371 503 Federal Advisory Council 13, 507 1,150 694 750 655 350 911 924 1,350 1,308 1,350 1,465 2,600 Directors'meetings 149, 80S 6,641 21, 645 7,716 11,023 6,823 17,924 9,212 13, 406 7,994 22, 545 7,551 17, 328 Industrial Advisory Committee 10, 931 1,296 1,029 82 1,412 634 825 976 1,085 1,371 1,323 350 548 Traveling expensesl 282, 571 14, 214 51, 683 31, 776 36,660 21,629 15,617 32,104 12,348 23, 412 9,397 6,629 27,102 Assessments for Federal Reserve Board s expenses ... 1, 372, 022 99, 609 486, 560 141, 761 130,157 51,046 47,133 164, 711 44, 001 31, 535 38, 833 38, 525 98,151 Legal fees -. 106, 392 13, 674 11,888 8,177 12,818 93 12, 267 4,117 818 12, 503 10, 846 9,092 10, 099 Insurance on currency and security shipments.. 306, 240 42,989 64, 519 34,141 30,075 19,086 18,993 34, 256 5,901 10, 111 10, 572 12, 739 22, 858 Other insurance 325, 823 19,470 65, 595 24, 765 22, 241 18,947 18,194 27,317 25, 241 23, 312 35, 448 19, 212 26, 081 Taxes on banking house 1, 352, 279 136,175 402, 096 71, 563 132,394 66, 542 57, 801 135, 822 53,333 83,698 85, 300 33, 435 94,120 Light, heat, power, and water 373,135 22, 331 74,104 30, 905 43, 740 16,840 19,194 44, 543 23, 517 20,322 32, 689 18,138 26,812 Repairs and alterations, banking house 145,233 8,309 28,749 27,109 11,827 2,035 4,422 19,428 9,015 11, 759 14,186 4,152 4,242 Rent— 163, 227 342 1,139 82,917 15, 937 4,489 3,000 1,380 54,023 Office and other supplies 348,537 21,090 72, 315 36, 256 36, 618 21, 658 16,970 34, 837 13,865 20, 215 25,989 12,174 36, 550 Printing and stationery 400,098 41, 530 72,920 29,344 38, 801 21, 680 26,966 43, 960 29, 254 22, 601 22, 306 15, 705 35, 031 Telephone.- - — 245,385 18,791 77, 265 33,438 20,909 8,254 6,102 18,872 14,066 7,812 7,670 9,988 22, 218 Telegraph 300,983 4,965 17,338 6,271 20,976 25,803 43,816 25, 000 29, 261 13, 736 41, 536 26, 047 46, 234 Postage 2, 228,778 261,791 360,119 207, 222 206,781 161, 243 130, 574 264, 568 105, 380 115, 608 151, 983 109, 765 153,744 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Expressage - - . 446,665 50, 807 111, 568 45, 658 32,872 30,927 31,521 54, 029 13, 862 7,327 20, 323 22, 751 25, 020 M iscellaneous expenses 671,340 35,631 141,471 69,499 55,849 38, 698 29,074 82, 698 40,920 38, 725 34, 473 32, 075 72, 227 Total, exclusive of cost of currency_ 28, 215, 675 1,959, 327 6,954,801 2, 277, 277 2, 867,833 1, 602,172 1, 269, 534 3, 427,125 1, 395, 768 1,167,167 1, 684,828 1,141,976 2, 467, 867 Federal Reserve currency: Original cost 497, 576 45, 797 154,175 55, 286 27,167 20, 027 24, 590 72, 310 37, 777 24,137 20, 327 2,095 13, 888 Cost of redemption 142, 200 11,862 37,305 13,108 10,001 7,801 6,430 23,949 8,962 4,842 5,686 3,210 9,044 Taxes on Federal Reserve banknote circulation _ _. 385, 945 16, 726 189,709 33,297 41, 568 3,969 5,540 28, 454 13, 027 9,184 11,099 13, 830 19, 542 Total current expenses 29, 241, 396 2, 033, 712 7,335,990 2, 378, 968 2, 946,569 1, 633, 969 1, 306, 094 3, 551, 838 1, 455, 534 1, 205, 330 1, 721,940 1,161, 111 2, 510, 341 PROFIT AND LOSS ACCOUNT Earnings ._ $48,902,813 $3,055,928$16,081,935$3, 725,022$4,137,556$1,987,801 $1,818,161$8,152,371$1,824, 453$1, 415,097$1,960,098$1,521,971$3, 222,420 Current expenses 29,241,396 2,033,712 7,335,990 2,378, 968 2, 946,569 1, 633,969 1,306,094 3, 551,838 1,455,534 1,205,330 1, 721,940 1,161,111 2, 510,341 Current net earnings 19, 661,417 1,022, 216 8, 745,945 1, 346,054 1,190,987 353,832 512,067 4,600,533 368,919 209,767 238,158 360,860 712, 079 Additions to current net earnings: Profit on U. S. Government securities sold 7,992,543 521,658 2,481,437 558,768 707,893 327, 207 293, 043 1,498, 266 308, 050 192,914 297,302 253,275 552, 730 Withdrawn from reserves for losses 128, 579 128, 579 All other 804,877 45,963 239,948 66,040 61,758 25, 259 25, 559 113, 724 32, 550 91,670 28,880 28,829 44, 697 Total additions ._ .__ 8,925,999 567,621 2,721,385 624, 808 769,651 352,466 447,181 1,611,990 340,600 284,584 326,182 282,104 597, 427 Deductions from current net earnings: B ank premises—depreciati on 4, 215,939 55,832 186,427 250,000 158,866 109, 219 47,115 2, 434, 800 498,714 84,997 96,811 73,278 219,880 Furniture and equipment— 238,123 5,115 75,849 26, 355 17,475 15, 427 14,183 16,506 27,128 15,701 7,795 4,491 12,098 Reserve for losses 7,186,865 595,609 2,836,228 650,926 700,000 259,188 1.352,519 42,857 207,025 28,750 80,440 433,323 Reserve for self-insurance 1, 628, 657 57,105 237, 750 1,000,000 183,802 150,000 All other- 86,423 489 4,587 702 41,600 9,117 4,388 4,207 824 10,343 3,648 2,886 3,632 Total deductions _ 13, 356,007 657,045 3,160,196 927,983 917,941 392,951 303, 436 4,808, 032 569, 523 318,066 320,806 311,095 668,933 Net deductions from current net earnings 4,430,008 89,424 438, 811 303,175 148,290 40,485 -143,745 3,196,042 228,923 33,482 -5, 376 28,991 71, 506 Net earnings. 15, 231,409 932, 792 8,307,134 1,042,879 1,042,697 313,347 655,812 1,404,491 139,996 176, 285 243, 534 331,869 640, 573 Dividends paid 8, 781, 661 644,075 3,567, 690 925,875 769,096 299,050 264,093 761,334 241,009 181,117 247,156 237,924 643, 242 Withdrawn from surplus (sec. 13-b)__ 60,323 3,155 7,694 896 8,156 298 2,632 26, 322 47 4,832 3,622 2,669 Transferred to surplus (sec. 7).. 6, 510,071 291,872 4, 747,138 117, 900 281, 757 14, 595 394, 351 669,479 -100,966 93,945 i Other than those connected with governors' and agents' conferences and meetings of directors, the Federal Advisory Council, and the Industrial Advisory Committees. Back figures.—See Annual Report for 1933 (table 46). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 40,—REIMBURSABLE EXPENDITURES OF FEDERAL RESERVE BANKS DURING 1934 [Expenditures as fiscal agents and custodians for the Treasury Department and XJ. S. Government agencies. Not included in "current expenses" as shown in the preceding table] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San c is F c r o a n- jj> ^ Treasury Department-. _-. $778,715 $47,304 $102,694 $32,666 $85,516 $38,494 $19,680 $180,142 $43,384 $50,166 $94,636 $31,642 $52,491 S Reconstruction Finance Corporation- 2,364, 593 44,351 175,241 115, 275 209,597 205,508 256, 619 641,217 182,092 99,398 173,266 129,951 132,078 £n Other U. S. Government agencies 510, 589 15,836 88. 624 2,749 11,862 32, 497 18, 626 14,197 67, 649 72,197 104,770 30,647 50,935 Total.. 3,653,897 107, 491 366,459 150, 690 306, 975 276, 499 294, 925 835, 556 293,125 221,761 372, 672 192, 240 235,504 t* t-ri Back figures.—See Annual Report for 1933 (table 47). ORT O GO feJ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES No. 41.—FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH [In thousands of dollars] 1933 1934 Dec. 31 Jan.31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Federal Reserve notes received from the Comptroller,- 6,953,281 6,883,204 6, 846,811 6, 789, 079 6,791,898 6,764,525 6,742, 754 6, 711,330 6,652,740 6, 639,166 6, 607,337 6, 599,125 6, 626,918 Federal Reserve notes held by Federal Reserve agents 3,603,476 3,702, 261 3,622,167 3, 524, 627 3,475,122 3,425,724 3,391,768 3,343,828 3, 255, 636 3,209,117 3,163,652 3,132,147 3,106, 553 Federal Reserve notes issued to Federal Reserve banks: Held by issuing Federal Reserve bank . 270,262 254, 700 245,007 226,149 256, 672 270,120 249, 672 290,485 263,382 262,983 282,908 253,673 299, 258 Held by other Federal Reserve banks. 18,460 15,780 13,293 16,569 18,414 17, 571 19, 202 16,653 16,333 20,364 19,744 21,124 28, 502 Held by U. S. Treasury 17,200 16,506 16,370 16,498 13, 585 13,709 15,943 14, 588 15,340 17,524 16,154 16,989 In circulation ! I,043,883 2,893,957 2,949,358 3,005,364 3,025,192 3,037, 525 3,068,403 3, 044,421 3,102,801 3,131,362 3,123,509 3,176,027 3,175, 616 GO Total notes issued. 3,349,805 3,180,943 3,224,644 3, 264,452 3,316,776 3, 338, 801 3,350,986 3, 367,502 3,397,104 3,430,049 3,443,685 3,520,365 Collateral held as security for Federal Reserve notes issued to Federal Re- 1 serve banks: Gold certificates: In vault.- 21,475,308 845,689 799,905 712, 242 712, 242 712, 242 712, 242 712,242 710, 502 710,502 710,502 710,502 In gold fund—Federal Reserve Board 1,149,745 1,670,629 1,919,629 2,060,929 2,275,029 2,294,529 2,329,414 2,384,914 2,421,414 2,462,914 2,513,914 2,535,914 2,605,698 Total gold certificates— 2,625,053 2,516,317 2, 765,318 2, 860,834 2,987, 271 3,006,7711 3,041,656 3,097,156 3,133,656 3,173,416 3,224,416 3,246,416 3,316,200 Eligible paper... 188,440 158,736 95,149 54,621 23,025 16,244 13,407 11,803 12,685 9,299 9,238 9,666 5,487 U. S. Government securities.. 600,500 570,100 412,800 385,300 350,400 359,300 322,000 298,400 294,000 298, 800 277,800 256,700 241,400 Total collateral held 3,413,993 3, 245,153 3,273, 267 3,300, 755 3,360, 696 3,382,315 3,377,063 3,407,359 3,440,341 3,481,515 3,511,454 3,512,782 3,563,087 Collateral required as security for Federal Reserve notes _ 3,349,805 3,180,9431 3,224, 644! 3,264,452 3,316,776 3,338,801 3,350,986 3,367,502 3,397,104 3,430,049 3,443, 685 3,466,978 3,520,365 Collateral pledged in excess of Federal Reserve notes issued 64,188 64,210 36, 303 43,920 43,514 26,077 39,857 43,237 51,466 67,769 45,804 42,722 1 This figure corresponds with that given under the same caption in table 49. It differs from that given in table 16 by the amount of Federal Reserve notes held by (a) other Federal Reserve banks and (b) the U. S. Treasury. 2 Includes $32,176,000 gold bullion and $598,912,000 United States gold coin. Back figures.—Sen Annual Report for 1933 (table 48). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK NOTES No, 42.—FEDERAL RESERVE BANK NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH [In thousands of dollars] 1933 1934 Dec. 31 Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Federal Reserve bank notes received from the Comp- 3 troller . _ . 421,381 415,041 423,520 365,761 332,778 323,583 313,298 300,517 299,524 298,598 297,741 297,078 296,589 Federal Reserve bank notes held by Federal Reserve agents _ 187,656 189,541 203,776 232,866 243, 926 249,895 252, 240 254,799 256,399 256,899 257,949 258, 249 258,999 Federal Reserve bank notes issued to Federal Reserve bank: Held by issuing Federal Reserve bank 24, 728 22, 443 24,368 16,019 14,270 13,440 14,376 11,906 11,195 11,320 11,128 11,306 11,200 Held by other Federal Reserve banks 1,200 1,338 1,540 1,402 2,091 2,655 2,314 3,211 3,007 2,945 3,385 2,834 4,483 Held by U S Treasury _> . 1,919 1,930 1,877 2,360 2,159 2,242 2,332 3,644 2,968 2,096 1,373 1,924 2,318 In circulation *___ _ 205,878 199, 789 191,959 113,114 70,332 55, 351 42,036 26,957 25,955 25,338 23,906 22,756 19, 589 Total notes issued.. 233,725 225, 500 219, 744 132,895 88, 852 73,688 61,058 45, 718 43,125 41,699 39, 792 38,829 37, 590 Collateral held as security for Federal Reserve bank notes issued to Federal Reserve banks: Discounted and purchased bills 2 021 1 495 1 144 971 9 U. S. Government securities. - 256,774 253,774 249, 774 161,774 110,774 81,474 66,474 51,974 48,474 47,474 45, 274 44, 574 42,874 Total collateral held - 258,795 255, 269 250,918 162, 745 110, 783 81,474 66,474 51,974 48,474 47,474 45,274 44,574 42,874 Collateral required as security for Federal Reserve tsel bank notes ._ « _ 233,725 225, 500 219, 744 132,895 88,852 73,688 61,058 45,718 43,125 41,699 39, 792 38,829 37,590 1 * This figure differs from that given in table 16 by the amount of Federal Reserve bank notes held by (a) other Federal Reserve banks and (b) the XJ. S. Treasury and from table 49 by the amount of Federal Reserve bank notes in circulation on which the liability of the Federal Reserve banks had been extinguished by depositing lawful money with the U.S. Treasury. Back figures—Bee Annual Report for 1933 (table 49). o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD No. 43.—MONETARY GOLD STOCK X OF THE UNITED STATES, 1914-34 [In millions of dollars; $1=25.8 grains of gold 9/10 fine, i. e., an ounce of fine gold=$20.67 through Jan. 31,1934; subsequently $l=15%i grains of gold Ho fine, i. e. an ounce of fine gold=$35] End of month figures End of month 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 January. _. 1,535 2,038 2,635 2,873 2,875 2,643 2,679 3,398 3,666 4,002 February.. ,632 1,551 2,038 2,709 2,875 2,878 2,600 2,713 3,436 3,676 4,036 March ,644 1,582 2,036 2,818 2,878 2,878 2,563 2,799 3,463 3,683 4,077 April ,655 1,606 2,031 2,850 2,879 2,890 2,554 2,877 3,477 3,695 4,124 May. ,642 1,642 2,049 2,846 2,885 2,890 2,569 2,944 3,484 3,741 4,168 Tune .,604 1,699 2,158 2,933 2,876 2,826 2,578 3,763 4,201 July. ,572 1,720 2,219 2,903 2,875 2,777 2,575 3,060 3,542 3,792 4,224 August 1,566 1,789 2,262 2,878 2,874 2,838 2,564 3,152 3,568 3,824 4,234 September. 1,557 1,837 2,343 2,864 2,866 2,860 2,586 3,232 3,586 3,849 4,224 October 1,521 1,911 2,427 2,866 2,869 2,816 2,581 3,285 3,601 3,880 4,222 November- 1,520 1,973 2,449 2,867 2,872 2,757 2,610 3,340 3,619 3,920 4,240 December. 1,526 2,025 2,556 2,873 2,707 2,639 3,373 3,642 3,957 4,212 End of month 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 January. __ 4,136 4,125 4,277 4,086 3,840 4,004 4,356 4,129 4,266 4,033 February.. 4,077 4,136 4,299 4,075 3,866 4,066 4,378 4,067 4,093 7,438 March 4,052 4,155 4,310 4,018 3,901 4,136 4,410 4,103 3,995 7,694 April 4,055 4,151 4,323 3,979 3,973 4,204 4,439 4,080 4,025 7,757 May 4,070 4,146 4,321 3,873 4,014 4,230 4,511 3,865 4,028 7,779 June 4,073 4,160 4,300 3,822 4,037 4,248 4,669 3,632 4,031 7,856 July 4,080 4,184 4,293 3,826 4,054 4,230 4,662 3,687 4,033 7,931 August 4,095 4,186 4,301 3,836 4,073 4,214 4,708 3,801 4,041 7,978 September. 4,095 4,179 4,284 3,838 4,085 4,224 4,454 3,906 4,037 7,978 October... 4,120 4,186 4,254 3,855 4,099 4,248 4,005 3,977 4,036 8,002 November. 4,110 4,190 4,164 3,841 4,080 4,284 4,127 4,053 4,036 8,132 December. 4,112 4,205 4,092 3,854 3,997 4,306 4,173 4,226 4,036 8,238 Averages of end of month figures Averages of daily figures Month 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 January 1,631 1,530 2,032 2,595 2,865 2,873 2,674 2,644 3,385 3,658 3,979 February... 1,634 1,543 2,038 2,672 2,872 2,875 2,622 2,688 3,417 3,673 4,015 March 1,638 1,567 2,037 2,763 2,875 2,874 2,572 2,753 3,449 3,679 4,053 April 1,649 1,594 2,033 2,834 2,876 2,879 2,534 2,830 3,469 3,688 4,096 May 1,648 1,624 2,040 2,848 2,876 2,548 2,910 3,481 3,706 4,146 June 1,623 1,670 2,103 2,890 2,875 2,882 2,567 2,967 3,489 3,753 4,184 July 1,588 1,709 2,188 2,918 2,874 2,800 2,575 3,018 3,516 3,774 4,216 August 1,569 1,755 2,241 2 2,896 2,870 2,827 2,568 3,105 3,553 3,810 4,229 September. _ 1,561 1,813 2,303 2 2,865 2,869 2,856 2,560 3,192 3,573 3,836 4,228 October 1,539 1,874 2,385 2 2,864 2,864 2,833 2,568 3,260 3,597 3,868 4,219 November. _ 1,520 1,942 2,438 2 2,866 2,868 2,783 2,586 3,308 3,609 3,895 4,230 December. _ 1,523 1,999 2,502 2 2,866 2, 869 2,734 2,607 3,356 3,630 3,939 4,220 Averages of daily figures Month 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 January ... 4,181 4,120 4,240 4,090 3,828 3,995 4,335 4,165 4,260 4,036 February.. 4,105 4,138 4,289 4,086 3,856 4,030 4,369 4,097 4,204 7,138 March 4,053 4,157 4,308 4,048 3,879 4,107 4,395 4,085 3,974 7,602 April 4,053 4,161 4,314 4,000 3,939 4,156 4,424 4,094 4,014 7,736 May 4,066 4,147 4,364 3,920 4,005 4,218 4,480 3,986 4,026 7,759 June 4,073 4,151 4,319 3,832 4,024 4,241 4,578 3,669 4,030 7,821 July 4,075 4,173 4,288 3,826 4,048 4,245 4,671 3,654 4,032 7,893 August 4,085 4,180 4,298 3,831 4,064 4,209 4,688 3,743 7,971 September. 4,099 4,184 4,297 3,838 4,081 4,216 4,661 3,853 4,040 7,971 October... 4,104 4,185 4,279 3,846 4,094 4,233 4,160 3,939 4,037 7,989 November. 4,120 4,190 4,203 3,864 4,087 4,266 4,076 4,005 4,036 8,047 December. 4,110 4,194 4,129 3,855 4,037 4,296 4,163 4,142 4,036 8,191 i Gold coin and bullion (including foreign coin) held by United States Treasury and Federal Reserve banks (including gold held under earmark abroad). Amounts held abroad under earmark (end of month figures) as follows: 1917, June-December, $52,500,000; 1918, January-May, $52,500,000; June, $16,271,000; July, $11,630,000; August-December, $5,829,000; 1919, January-March, $5,829,000; August, $107,119,000; September, $159,618,000; October, $149,166,000; November, $135,694,000; December, $131,320,000; 1920, January, $114,322,000; February, $112,822,000; March-April, $112,780,000; May-July, $111,530,000; August- September, $111,458,000; October, $16,536,000; November-December, $3,300,000; 1921, January-February, $3,300,000; 1927, May, $59,548,000; June, $23,300,000; 1932, December, $72,638,000. a Averages of daily figures. NOTE.—With respect to revaluation of gold stock as of Jan. 31, 1934, and the exclusion of $287,000,000, see footnotes to table 1. For figures as of other dates see tables 1, 3, 4, and 6. 129288—35 9 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. &<k.—ANALYSIS OF CHANGES IN MONETARY GOLD STOCK, 1921-34 [In millions of dollars] Gold Y m ea o r n a th nd m o a s f t o a t o n y n e c d e n t k a h d r ' c s g r t I e i o o n n a l c - d s k e im g N o p e l o d t rt N m f l e e e r a o a a t r r m s - k e re 1 - O to fa t r c h s - e 2 r Month m a s G t o t o o n o e c f t l n h d k d r c s g r t I e o o i n n a l c - d s k e im g N o p e l o d t rt N m l f e e e r a o a a t r r m s k - r e e ] - O to fa t r c h - s e 2 r 1921 3,373 734.6 667.4 18.7 1933 1922 3,642 268.5 238. 3 -3.7 33.9 January.--. 4,266 40.0 128.5 -91. 5 3.0 1923 3,957 315.1 294.1 .7 20.3 February.. 4,093 -173.4 3 17.8-178. 3 -12.9 1924 4,212 255.6 258.1 -42.2 39.8 March 3,995 -97. 2 3-22.1 -100.1 25.0 1925 4,112 100.1-134.4 32.2 2.1 April 4,025 29.5 -10.0 33.7 5.7 1926 4,205 92.6 97.8 -26.3 21.1 May 4,028 3.6 -21.1 22.1 2.6 1927 4,092 •112.8 6.1 -160. 2 41.3 June 4,031 2.2 -3.2 3.5 1.9 1928 3,854 237. -391. 9 119. 5 34.5 July 4,033 2.7 -83. 9 84.5 2.1 1929 3,997 142.5 175.1 -55.4 22.8 August 4,041 7.5 -80.4 79.5 8.4 1930 4,306 309.6 280.1 -2.4 31.9 September. 4,037 -3.8 —56. 7 49.3 3.6 1931 4,173 133. 4 145.3 -320. 8 42.1 October 4, 036 -.7 -32.4 26.9 4.8 1932 4,226 52.9 -446. 2 457.5 41.6 November. 4, 036 —.8 . 6 .1 1933 4,036 •190.4—173. 5 -58.0 41.1 December. 4, 036 —.5 -9.1 11.8 -3.1 1934 * 8, 238 4,202. 5 1,133.9 82. 6 2,986.1 1934 1932 January ___. 4,033 -2.1 -2.8 12 2 -11.6 January 4,129 -44.2 -73.0 25.4 3.4 February 4. 7,4383,405.0 452. 6 68^72,883. 8 M Fe a b r r c u h ary-. 4 4 , , 1 0 0 6 3 7 -6 3 2 6 . . 3 0 - -2 9 4 0 . . 7 6 5 2 8 6. . 4 3 2 1. . 9 4 A M p a r r i c l h 7 7 , , 7 6 5 94 7 2 6 5 2 6 . . 2 1 23 5 7 4 . . 3 7 A * - - 1 . . 8 1 1 8 9 . . 6 6 April 4, < -23.1 -30.2 4.0 3.2 May 7,779 22.4 33.6 . 5 -11.6 May 3,865 -214.1 -195. 5 -22.1 3.6 June 7,856 77.1 63. 7 1.0 12.5 June 3,632 -233. 9 -206. 0 -28.8 .9 July 7,931 74.4 52. 3 .6 21.4 July _.. 3,687 58.0 -3.4 56.2 5.2 August 7.978 47.4 37. 2 -1.1 11.2 August 3,801 111.7 6.1 100.5 5.1 September. 7,978 .4 -18.7 2.4 16.6 September. 3,906 104.8 27.9 72.3 4.6 October..- 8,002 23. 5 10.8 .3 12.4 October 3,977 70.8 20.6 45.8 4.5 November. 8,132 129.9 120. 9 -.1 9.1 November. 4, 053 75.6 21.7 48.6 5.3 December. 8, 238 106.2 92.1 .1 14.1 December. 4,226 173.5 100.9 71.0 1.6 ' Revised to exclude $287,000,000; see table 1, note 2. 1 Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance made when necessary for change in gold earmarked abroad for account of Federal Reserve banks). See table 43, note 1, and table 45. 2 Derived from preceding columns, reflecting net result of such factors as domestic production, movements into and out of nonmonetary use, imports and exports that do not affect gold stock during month or year, and increment resulting from reduction in weight of gold dollar. 3 Differs from Department of Commerce figures, since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal Reserve Bank of New York until Mar. 1. 4 Increase in gold stock during February 1934 represents principally reduction in weight of gold dollar on Jan. 31; see note to table 1. Figures based on rate of $20.67 a fine ounce through January 1934 and $35 a fine ounce thereafter. Back figures.—For data by months in earlier years see Annual Report for 1933 (table 51). No. 45.—GOLD HELD UNDER EARMARK BY FEDERAL RESERVE BANKS FOR FOREIGN ACCOUNT, BY MONTHS, 1926-34 [In thousands of dollars] i End of month 1926 1927 1928 1929 1930 1932 1933 1934 January—. 19,012 19,779 193, 919 144,898 134, 794 125, 795 433,149 92, 552 46, 873 February.. 30. 012 16,599 191,051 144,898 134, 794 123, 295 406, 781 270,837 10,708 March 53,000 18,101 155,251 137, 391 119,795 120, 295 348, 469 370, 929 11, 545 April 53,000 19,101 109, 511 88, 821 119, 295 127, 795 344, 501 337, 228 12, 678 May 53,000 114,101 136, 050 72, 694 117, 295 123, 795 366, 650 315,114 12,189 June 53, 580 114, 601 105,997 80, 207 115,295 31,531 395,447 311,569 11,204 July 49, 580 114,417 45,050 102,194 118,295 61, 231 339, 210 227, 099 10,615 August 30, 380 116, 918 39,134 103,194 118,295 77, 231 238, 709 147, 632 11,671 September 32, 780 125.918 40, 334 109, 795 114, 303 356, 321 166, 421 98, 326 9, 252 October. __ 32, 776 150, 919 39,134 114, 296 120, 410 463, 931 120, 646 71,459 8,992 November. 40, 274 190.919 64,136 113, 292 122,536 435, 821 72, 080 70, 859 9,C77 December. 39, 266 199, 419 79, 897 135, 295 137,695 458,534 73, 694 59, 079 9,017 i At $20.67 a fine ounce through January 1934 and at $35 a fine ounce thereafter. See footnotes to table 1. NOTE.—For statistics of gold earmarked abroad for account of Federal Reserve banks see table 43, note 1. Back figures—See Annual Report for 1933 (table 52). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

121 GOLD No. 46.—GOLD MOVEMENTS TO AND FROM UNITED STATES, BY COUNTRIES, 1931-34 [In thousands of dollars] i From— 1931 1932 1933 1934 1931 1932 1933 1934 Belgium 24 1,031 12,968 Belgium 15,607 83, 602 4,059 France 19, 394 16, 649 30,079 290, 531 Czechoslovakia. _. 40-..I— 6,504 Germany 37,073 381 1,071 4 France 363, 908 458, 298 246,113 29, 991 Great Britain 7,015 68, 718 55, 204 510,161 Germany 1,047 13, 738 3,603 147 Italy 2 1 899 Great Britain 219 15,132 48, 826 8,530 Netherlands 18, 690 19, 347 102, 924 Italy 5,320 107 24, 044 12 am.. 40 15 22 7 Netherlands 50, 327 115, 27711, 445 7,414 Sweden 5,573 Norway.. Switzerland 55 287 12, 656 Poland and Dan- 620 63 Canada 81, 252 64, 757 20,141 86, 785 zig. Central America- 1,090 1,392 850 2,978 Portugal— -_. 2,088 2,386 602 Mexico 25, 319 20, 407 4,859 30, 388 Sweden 35 5,002 West Indies 3,783 525 2,221 Switzerland 19, 823 118, 560 11, 631 254 Argentina 141, 263 13,000 14 12 Canada 116 184 247 173 Bolivia 15 19 105 124 Central America- 100 3 6 Brazil 16 1,312 12 Mexico 3,052 320 579 288 Chile 260 1,624 2,337 5,226 Argentina 15 Colombia 15,116 3,242 97 16, 952 Ecuador 1,660 24 Ecuador 1,015 1,053 1,007 1,555 Peru 1,082 126 Peru 7,522 3,242 1,537 1,396 Venezuela 52 150 Uruguay 6,080 4,384 Turkey 3,004 Venezuela 1,073 1,770 506 840 All other 355 63 1,891 Australia 2,643 7,510 3,176 1, 029 British India 8,064 26, 596 25, 629 76,820 China 19, 683 23, 280 5, 931 171 Dutch East Indies 4,870 2,901 801 7 Hong Kong 14, 641 15, 763 6,890 16, 281 Japan 199, 328 49, 720 6,702 4 New Zealand 185 1,681 187 Philippine Islands 3,740 7,052 6,023 12,038 Allother 3,055 155 1,681 Total. 612,119 363, 315 193,1971,186, 671 Total. 466, 794 809, 528 366, 652 52, 759 * With some exceptions figures represent customs valuations at rate of $20.67 a fine ounce through January 1934 and $35 a fine ounce thereafter. See note to table 1. Back figures.—See Annual Report for 1930 (table 29). For figures by months see Federal Reserve Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD No. 47.—GOLD MOVEMENTS TO AND FROM UNITED STATES, 1921-34 [In thousands of dollars] i Net im- Net im- Year and month Imports Exports p e o x r p t o s r o ts r Month Imports Exports p e o x r p t o s r o ts r () () 1921 691,248 23,891 667, 357 1933 1922 __ 275,170 36,875 238, 295 1923 322,716 28, 643 294,073 January 128,479 14 128, 465 1924 — 319, 721 61, 648 258,073 February 2 39,297 21,521 2 17,776 1925 128, 273 262,640 -134,367 March 2 6, 048 28,123 -22,075 1926 213, 504 115, 708 97, 796 April 6,769 16,741 -9,972 1927 „_ 207, 535 201,455 6,080 May 1,785 22, 925 -21,140 1928 168, 897 560, 759 -391, 862 June 1,136 4,380 -3, 243 1929 291, 649 116, 583 175, 066 July 1,496 85,375 -83, 879 1930 396,054 115,967 280,087 August 1,085 81,473 -80,388 1931 612,119 466, 794 145, 325 September.. 1,545 58, 281 -56, 736 1932 363,315 809, 528 -446,214 October 1,696 34,046 —32, 350 1933 _ 193,197 366, 652 -173,455 November.. 2,174 2,957 -783 1934 1,186,671 52,759 1,133,912 December. _. 1,687 10,815 -9,128 1932 1934 January 34,912 107,863 -72,951 January 1,947 4,715 -2,768 February... 37, 644 128, 211 -90, 567 February 452, 622 51 452, 571 March 19, 238 43,909 -24, 671 March 237,380 44 237,336 April. 19, 271 49, 509 -30, 239 April 54, 785 37 54, 748 May _ 16,715 212,229 -195,514 May. 35,362 1,780 33, 582 June 20,070 226,117 -206, 047 June 70, 291 6,586 63, 705 July 20,037 23, 474 -3, 437 July 52, 460 114 52, 346 August 24,170 18, 067 6,103 August 51, 781 14, 556 37, 225 September. 27,957 60 27, 897 September-. 3,585 22, 255 -18,670 October 20, 674 61 20, 613 October 13, 010 2,173 10,837 November. 21, 756 16 21, 740 November.. 121,199 310 120, 889 December. . 100,872 13 100, 859 December. _. 92, 249 140 92,109 1 With some exceptions figures represent customs valuations at rate of $20.67 a fine ounce through January 1934 and $35 a fine ounce thereafter. See note to table 1. 2 Differs from Department of Commerce figure, since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal Reserve Bank of New York until Mar. 1. Backf igures.—See Annual Report for 1933 (table 54). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 123 MONEY IN CIRCULATION No. 48.—UNITED STATES MONEY IN CIRCULATION,1 BY MONTHS, 1914-34 [In millions of dollars. For figures by weeks, see tables 3 and 4] End of month figures End of month 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 January 3,215 2,966 3,305 3,702 3,849 4,632 4,890 5,016 4,154 4,327 4,490 February.__ 3,216 2,955 3,316 3,833 4,028 4,635 5,073 4,986 4,204 4,416 4,600 March. _ 3,221 2,977 3,326 3,886 4,109 4,661 5,104 4,837 4,210 4,460 4,812 April 3,243 2,997 3,334 3,907 4,147 4,656 5,122 4,793 4,181 4,472 4,566 May.__ 3,246 3,030 3,298 3,969 4,129 4,631 5,165 4,728 4,168 4,510 4,618 June- 3,172 3,033 3,362 2 3,779 4,195 4,590 5,181 4,624 4,176 4,536 4,562 July 3,107 3,036 3,371 3,686 4,277 4,583 5,167 4,510 4,137 4,500 4, 469 August _ . 3,254 3,115 3,450 3,693 4,489 4,661 5,261 4,453 4,193 4,589 4, 572 September-. 3,445 3,168 3,535 3,764 4,740 4,750 5,329 4,457 4,321 4,658 4, 57(5 October 3,457 3,232 3,589 3,820 4,858 4,840 5,411 4,408 4,359 4,642 4,655 November.. 3,123 3,257 3,590 3,965 4,908 4,982 5,356 4,364 4,417 4,731 4, 765 December.. 3,032 3,302 3,679 4,086 4,951 5,091 5,325 4,403 4,530 4,757 4,760 End of month 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 January 4,515 4,554 4,559 4,390 4,370 4,275 4,323 5,354 5,358 5,289 February 4,561 4,617 4,598 4,403 4,411 4,292 4,333 5,317 6,258 5, 354 March 4,524 4,573 4,575 4,462 4,461 4,262 4,321 5,172 6,033 5,394 April _ . 4,495 4,620 4,604 4,461 4,389 4,189 4,365 5,178 5,718 5,368 May 4,550 4,636 4,606 4,457 4,451 4,264 4,415 5,193 5, 525 5,357 June 4,524 4,598 4,564 4,510 4,459 4,235 4,535 5,408 5,434 5,373 July 4,505 4,622 4,559 4,414 4,430 4,139 4,550 5,439 5,343 5,317 August _ . 4,579 4,643 4,567 4,516 4,553 4,246 4,765 5,405 5,325 5,396 September 4,629 4,691 4,661 4,559 4,532 4,214 4,959 5,366 5,363 5,456 October 4,682 4,734 4,659 4,519 4,551 4,206 5,253 5,341 5,348 5,453 November 4,757 4,750 4,665 4,703 4,642 4,373 5,249 5,361 5, 455 5,549 December 4,817 4,808 4,716 4,686 4,578 4,603 5,360 5,388 5,519 5,536 Averages of end of month figures Averages of daily figures Month 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 January 3,210 2,999 3,304 3,691 4,019 4,763 4,944 5,114 4, 240 4,392 4,560 February... 3,215 2,960 3,311 3,768 3,993 4,645 4,998 4,976 4,164 4,385 4,545 March _ 3,219 2,966 3,321 3,860 4,086 4,655 5,111 4,917 4,196 4,426 4. 583 April 3,232 2,987 3,330 3,897 4,136 4,683 5,085 4,791 4,195 4,444 4,599 May.. _ . 3,244 • 3,013 3,316 3,938 4,114 4, 654 5,127 4, 755 4,163 4,477 4,579 June 3,209 3,031 3,330 2 3,874 4,161 4,604 5,161 4,649 4,142 4,492 4,543 July 3,139 3,034 3,366 3,733 4,233 4,609 5,191 4,570 4,156 4,525 4, 523 August _ __3,180 3,076 3,410 3 3,714 4,379 4, 626 5,222 4,484 4,161 4,546 4,513 September-_ 3,350 3,142 3,492 3 3,774 4,624 4,702 5,313 4,465 4, 265 4,614 4,566 October 3,451 3,200 3,562 3 3,865 4,847 4,819 5,386 4,434 4,356 4, 654 4,604 November.. 3,290 3,245 3,590 3 3, 916 4,896 4,921 5,375 4,386 4,384 4,666 4,683 December. _ 3,078 3,280 3,635 3 4, 055 4,956 5,055 5,371 4,431 4,540 4,784 4,801 Averages of daily figures Month 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 January 4,576 4,604 4,617 4,498 4,461 4,365 4,408 5,358 5,344 5,382 February 4,518 4,567 4,556 4,422 4,399 4,267 4,311 5,340 5,605 5,339 March 4,528 4,577 4,569 4,423 4,422 4,245 4,303 5,244 6,711 5,368 April 4,516 4,595 4,592 4,443 4,392 4,231 4, 360 5,165 5,850 5,366 May . 4,504 4,584 4,573 4,435 4,397 4,210 4,392 5,169 5,589 5,355 June. 4,503 4,594 4,544 4,449 4,400 4,202 4,463 5,243 5,455 5,341 July 4,507 4,629 4,564 4,459 4,477 4,196 4,549 5,464 5,388 5,350 August _ 4,530 4,625 4,562 4,456 4,490 4,189 4,660 5,432 5,329 5,355 September... 4,621 4,682 4,630 4,517 4,524 4,208 4,846 5,398 5,345 5,427 October 4,658 4,714 4,647 4,549 4,523 4,214 5,191 5,356 5,369 5,473 November.-. 4,673 4,718 4,649 4,573 4,558 4,241 5,231 5,356 5,394 5,494 December :4,832 4,844 4,761 4,721 4,656 4,536 5,324 5,412 5,524 5,577 ? Money outside Treasury and Federal Reserve banks (prior to November 1914, money outside Treas" ury). Figures after Jan. 31,1934, do not include gold coin and prior figures for purposes of comparison with current figures have been reduced by $287,000,000, the estimated amount of gold coin in circulation on Jan. 31, 1934. See also footnotes to table 1, p. 67. For figuresa s of other dates see tables 1, 3, 4, and 6. 2 Figures prior to June 21, 1917 (when legislation became effective changing reserve requirements of member banks), while comparable with one another, are not strictly comparable with those for succeeding dates; the transfer to the Federal Reserve banks of that part of legal reserves of member banks formerly held in own vaults reduced the volume of money outside Treasury and Federal Reserve banks (see note 1). The increasing membership of State banks in the Federal Reserve System after June 1917, had a similar effect upon the figures. * Averages of daily figures. r Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 49.—KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. In millions of dollars] End o y f e m ar onth or Total1 c G o o i l n d r c i G c e a r o t t l i e f d s - S s d l i t a l a a o v r r n l d e s - d r - c c t v S a i e f e i t i l r e r - - - s T n 1 u r o 8 o e r 9 t a y f e 0 s s - S s a v s i u i r d e l b y - i r - - c M n o o i i r n - U S n t n o a i t t t e e e s s d a F s n l e e o r d R t v e e e e s r - - s b n F e R e a o e r r e n a t v d e - k l e - s t b n i N o a o n n a te a k - s l 1919 5,091 286 141 244 274 2,916 198 1920 5,325 219 70 255 95 261 3,256 209 1921 4,403 177 236 237 91 275 2,372 97 1922 4,530 303 288 246 93 285 2,373 37 1923 4,757 584 374 261 98 306 2,224 14 1924 4,760 970 390 266 100 297 1,842 8 1925 4,817 1,113 390 275 105 295 1,816 6 1926 4,808 1,092 397 281 108 297 1,824 5 1927 4,716 1,074 400 286 112 293 1,763 4 1928 4,686 991 410 291 116 294 1,808 4 1929 4,578 880 417 294 119 265 1,862 3 1930 4,603 1,118 404 281 119 296 1641 3 1931—January 4,323 1,056 372 270 116 1,470 3 February... 4,333 1,061 373 270 116 295 1,461 3 March 4,321 1,047 372 271 116 289 1,471 3 April 4,365 1,035 375 272 117 295 1,518 3 May 4,415 1,020 380 273 117 300 1,566 3 June 4, 535 997 377 273 117 299 1,708 3 July 4,550 976 375 271 117 301 1,749 3 August 4,765 989 380 271 117 301 1,947 3 September _ 4,959 1,037 382 273 117 299 2,080 3 October 5,253 972 388 271 117 300 2,412 3 November- 5,249 928 387 272 117 294 2,463 3 December.. 5,360 877 389 271 117 2,603 3 1932—January 5,354 850 367 260 115 282 2,648 3 February... 5,317 820 363 260 114 280 2,634 3 March 5,172 779 355 259 114 274 2,546 3 April 5,178 758 356 257 114 282 2,551 3 May 5,193 735 355 257 114 290 2,558 3 June 5,408 716 353 256 114 289 2,780 3 July 5,439 351 254 113 289 2,838 3 August 5,405 350 255 113 285 2,793 3 September. 5,366 644 359 257 113 2,731 3 October 5,341 624 361 257 113 2,689 3 November- 5,361 635 361 258 113 291 2,675 3 December.. 5,388 601 371 258 113 294 2,716 3 1933—January 5,358 591 350 250 111 287 2,707 3 February... 6,258 649 362 252 111 301 3,405 3 March 6,033 393 376 258 112 266 3,621 17 April 5,716 323 360 255 112 261 3,362 50 May 5,525 280 359 256 112 265 3,167 99 June 5,434 265 361 257 113 269 3,061 126 July 5,343 252 365 258 113 275 2,974 129 August 5,325 242 372 261 114 277 2,953 133 September. 232 385 265 115 280 2,966 156 October 5,348 225 387 267 116 277 2,930 189 November. 5,455 219 394 269 117 285 2,998 206 December.. 5,519 213 407 272 117 286 3,044 1934—January 5,289 178 391 267 116 283 2,894 202 February. _. 5,354 167 399 270 117 2,949 194 March 5,394 161 403 272 118 3,005 178 April 5,368 157 400 274 118 282 3,025 162 May 5,357 153 402 277 120 279 3,038 151 June 5,373 150 401 280 119 280 3,068 142 July_. 5,317 146 399 280 121 277 3,044 133 August 5,396 143 438 282 122 274 3,103 125 September. 5,456 139 483 284 122 274 3,131 119 October 5,453 136 510 288 123 273 3,124 112 November. 5,549 133 558 291 124 273 3,176 107 December.. 5,536 130 592 294 125 265 3,176 101 r Figures for period prior to 1934 revised; see footnote 1. * Omission of figures for gold coin reflects change in reporting practice of Treasury and Federal Reserve banks (effective Jan. 31,1934, when figure would have been $287,000,000). Figures prior to Jan. 31, 1934, have been reduced by $287,000,000 for purposes of comparison with current figures. The private holding of gold coin and gold certificates became illegal with minor exceptions as to numismatic collections as a result of a series of Executive and Treasury orders including those of Apr. 5, Aug. 28, and Dec. 28, 1933. See also footnotes to table 1, p. 67. Back figures.—See Annual Report for 1930 (table 32). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

125 MONEY IN CIKCTJLATION No. 50.—PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Unassorted in Fed- Total eral E m n o d n t o h f circu- $2 $10 $50 2 $100 $5002$1,0002 $5,0002 $10,0002 s R er e v - e lation banks and Treasury3 1930 October 3,716 661 1,029 1,054 644 104 November. _. 3,880 397 676 1,059 1,091 704 90 December 4,095 404 1,083 1,130 852 114 1931 January 3,839 370 644 1,012 1,078 789 February 3,849 371 637 1,013 1,078 784 76 March 3,839 369 630 1,015 1,070 785 72 April 3,885 373 630 1,021 1,085 847 112 May 3,932 377 639 1,030 1,090 861 105 June 4,041 374 644 1,037 1,115 932 100 July 4, 058 373 640 1,041 1,118 949 103 August 4,275 378 659 1,077 1,178 1,047 103 September. __ 4,452 382 664 1,089 1,226 1,154 103 October 4,739 385 685 1,136 1,299 1,278 84 November. __ 4,737 385 682 1,134 1,301 1,281 85 December. _ _ 4,823 388 1,145 1,329 1.336 1932 January 4,836 366 650 1,116 1,329 1,410 71 February 4,797 361 643 1,113 1,326 1,387 March 4,657 353 624 1,077 1,289 1,343 65 April.. 4, 660 352 629 1,076 1,280 1,349 62 May 4,650 353 625 1,069 1,275 1,362 June 4,848 350 623 1,081 1,313 1,513 65 July 4,882 348 625 1,101 1,335 1,506 August 4,850 348 623 1,097 1,326 1,491 September. __ 4,815 356 627 1,102 1,311 1,458 71 October 4,790 358 629 1,103 1,301 1,435 70 November,-. 4,797 358 628 1,098 1, 315 1,434 70 December. __ 4,812 368 635 1,109 1,307 1,435 77 1933 January 4,783 350 615 1,077 1,311 1,464 February 5,581 361 675 1,190 1,478 1,924 79 March. _ _ 5,554 375 729 1,254 1,488 1,778 103 April 5,275 358 688 1,205 1,406 1,664 79 May 5,092 356 660 1,150 1,349 404 686 153 288 12 8 June 5,002 355 654 1,143 1,335 391 662 145 273 9 7 July 4,911 360 656 1,138 1,312 377 636 136 254 8 6 August 4,890 366 664 1,153 1,300 367 620 131 246 7 6 September... 4,930 380 1,181 1,302 362 612 127 239 7 8 October 4,911 382 1,178 1,303 357 607 124 232 7 5 November. _. 5,017 388 702 1,205 1,336 362 613 125 239 7 5 December 5,077 402 719 1,229 1,342 364 618 125 237 8 1934 January 4,876 1,173 1,288 350 593 119 228 7 February 4, 938 393 722 1,212 1,304 347 587 117 225 7 19 March 4,974 397 730 1,230 1,302 346 584 117 230 7 12 April 4,946 394 722 1,225 1,292 342 581 117 230 8 May 4,930 396 719 1,225 1,288 341 579 116 228 7 June 4,944 396 724 1,231 1,293 342 579 117 225 6 July 4,886 393 719 1,219 1,277 336 569 113 223 5 10 August 4,961 403 741 1, 250 1,294 335 568 112 222 5 10 September.,. 5,019 411 755 1,266 1, 311 336 571 113 223 5 12 October 5,012 410 752 1, 265 1,314 335 571 112 221 5 13 November.._ 5,102 422 776 1,300 1,332 337 571 111 214 5 8 December 5,084 423 771 1,288 1,326 337 577 112 216 5 11 1 Total of amounts sorted by denominations less unassorted amounts in Treasury and Federal Reserve banks. 2 Separate figures for different denominations not available prior to May 1833. 3 Includes $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES AND MONEY RATES 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOMESTIC MONEY RATES No, 51.—FEDERAL RESERVE BANK DISCOUNT RATES [Percent] Federal Reserve Bank Date effective B to o n s- Y N o ew rk - P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is a M p n o e in l - i - s K C s a a it n s y - D la a s l- F C S r i a s a c n n o A. Rates on rediscounts for and advances to member banks under sees. 13 and 13a of the Federal Reserve Act In effect Jan. 1, 1933 3K &A 3M VA 3H 2H VA 3^ 3^ 33^ 1933—Mar. 3 zy2 Mar 4 3H Apr. 7. 3 May 26 2K May 27 3 June 1 _ _ 3 June 2 3 June8_ . 3 3 June 10 3 Oct. 20 _ . 2 N O o ct v . . 2 2 1 2K iy2 Nov 3 2H Nov. 16 <zy 2 1934—Feb 2 VA Feb 3 2 Feb 8 2 2)4 3 Feb. 9 3 3 Feb. 10 3 Feb 16 2 Mar. 16 3 Dec. 15 2H Dec 21 In effect Dec. 31, 1934... 2 VA VA 2 3 2H VA VA 3 94 3 2 B. Rates on advances to member banks under sec. 10 (b) of the Federal Reserve Act (expired Mar. 3, 1935) 1933—Jan. 1 i 5 5 5 5 5 5 5 5 5 5 5 5 July 6 &A July 7 43^ July 12 4M July 14 4H July 15 &A Aug 5 Oct 2 4 Oct. 16 4 Oct 19 4 Oct. 20 4 4 Oct 21 4 ±lA Dec 9 4H 1934 Mar 12 4 July 10 4 July 16 #A In effect Dec. 31, 1934... 4 4 4 4 VA 4H 4 4y2 5 4 4 4 i A general rate of 5 percent was adopted effective Jan. 1,1933, prior to which time the rate of 5H percent was specified for each advance made under sec. 10 (b). 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 51.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued [Percent] Federal Reserve Bank Date effective B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is a M p n o e in l - i - s K C s a i a t n s y - D la a s l- F c S i r s a a c n n o - C. Kates on advances to nonmember banks and trust companies under sec. 404 of the act of Mar. 9,1933, as amended by the act of Mar. 24,1933 (expired Mar. 24,1934) 1933-Mar. 27 5 Mar. 29 __ 5 Mar 31 5 Apr. 1 5 Apr. 3 5 Apr. 6 __ _ 5 Apr. 10 5 Apr 12 5 Apr. 15 5 May 3 _ 5 May 4 _ 5 5 July 6 July 7 4H July 12 July 14 __ _. 4^ July 15 4K 4K Aug 5 _ 4K Oct. 2 4 Oct 16 4 Oct. 19 _ 4 Oct 20 4 4 Oct 21 4 Dec. 9 4M 1934—Mar 12 4 D. Rates on discounts for and advances to individuals, partnerships, and corporations under the third paragraph of sec. 13 of the Federal Reserve Act, as amended by sec. 210 of the act of July 21, 1932 1932—Aug 10 6 6 6 6 Ang 11 6 Aug 12 6 Aug 13 6 6 Aug 20 6 6 Sept 2 6 Sept. 8 6 1934 Mar 20 5 July 10 5 July 16 July 24 5 In effect Dec. 31, 1934... 6 6 6 5 5 6 6 5 6 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOMESTIC MONEY RATES 131 No. 51.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued [Percent] Federal Reserve Bank Date effective B to o n s- Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is a M p n o e in l - i - s K C s a a it n s y - D la a s l- F c S i r s a a c n n o - E. Rates on advances to individuals, partnerships, and corporations, secured by direct obligations of the United States, under the last paragraph of sec. 13 of the Federal Reserve Act, as amended by sec. 403 of the act of Mar. 9, 1933 1933—Mar. 13 . 4^ 4M Mar. 14 4^ 4H Mar. 15 4H Mar. 16 4K 4M Mar. 23 4M Apr. 15 Oct. 2 4 Oct. 16 _. 4 Oct. 19 4 Oct. 20 4 4 Oct. 21 4 1934—Feb. 8 Feb. 19 4 Feb. 23 4 Mar. 12 4 Mar. 17 4 In effect Dec. 31,1934... 4 4M &A 4 4 4 F. Rates on direct advances to established industrial or commercial businesses for working capital purposes under the first paragraph of sec. 13b of the Federal Reserve Act. 1934—July 10 4-6 5-6 6 6 5-6 6 6 July 12 4-6 July 13 5-6 July 14 6 July 20 4-6 6-6 In effect Dec. 31, 1934... 4-6 4-6 4-6 6 6 6 5-6 5y2 6 6 5-6 5-6 G. Rates on portion of discounts for financing institutions under the second paragraph of sec. 13b of the Federal Reserve Act, on which the financing institution is not obligated for any loss. 1934—July 10 4-5 (2) (3) 5-6 5-6 4H4H-5 4 July 12 3K-5 July 13 5-6 July 14 5 July 17 4-6 July 20 4-5 In effect Dec. 31,1934. _.3^-5 4-5 (2) (3) 4-6 5 5-6 4^ 4^-5 4 5-6 4-5 2 Same as rate charged borrower by financing institution but not less than 4 percent. 31 percent below rate charged borrower byf inancingi nstitution but not less than 4 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 51.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued [Percent] Federal Reserve Bank Date effective B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is a M p n o e in l - i - s K C s a a it n s y - D la a s l- F c S i r s a a c n n o - H. Rates on portion of discounts for financing institutions under the second paragraph of sec. 13b of the Federal Reserve Act, on which the financing institution is obligated for any loss. 1934—July 10 3 3H 4 5-6 5-6 4K4H-5 4 July 12 3 July 13 4 July 14 5 July 17 4-6 July 20 3-4 In effect Dec. 31, 1934... 3 3 4 4-6 5 5-6 4K4K-5 4 4 3-4 I. Rates on commitments under the second paragraph of sec. 13b of the Federal Reserve Act. 1934—July 10 1-2 y>-i 1-2 1 1-2 July 13 4 1 July 14 4 H~2 July 20 1-2 July 28 K-2 Aug 24 1 Aug. 30 1 Sept 4 1-2 Sept. 6 N Se o p v t 2 1 1 5 y 2 4K-2 Dec 3 In effect Dec. 31, 1934... 1-2 1-2 Vz 1-2 1 4K-2 4 1 1-2 4 Flat charge. Back figures.—See Annual Report for 1933 (table 57); for years previous to 1922, when different rates were generally in effect for different classes of bills, see Annual Reports, Federal Reserve Bulletin, and pamphlet issued by the Board in 1922, Discount Rates of the Federal Reserve Banks, 1914-21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOMESTIC MONEY EATES 133 No. 52.—FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES l— CHANGES FROM JAN. 1, 1931, TO DEC. 31, 1934 [Buying rates at the Federal Reserve Bank of New York. Percent] Date effective 1 to 15 16 to 30 31 to 45 46 to 60 61 to 90 91 to 120 121 to 180 days days days days days days days In effect Jan. 1, 1931 1% 1% IK 13/4 13/4 13/4 2 1931—Jan. i6 Jan. 26 11/2 11/2 1H 1% Apr. 9 1H Apr 21 13/8 13/8 Apr. 27 in 114 Is & m May 5 m % May 6 _ - 1/8 ltf May 8 1H May 13. 1 11/8 11/8 li/i m May 19 1 1 1 m S O O e c c p t t . . t . 9 1 2 3 5 IK 2i/| 13/t 2 i i l / l 8 22 1 1 3 4 /4 2 21/2 2 3 11 H /2 Oct. 16 _ 3/8 3/8 3/8 3H Stt Nov. 20 37 3 3 1932—Jan. 12. 23/4 2% 2% 3 3 3 3H Feb. 26 2% 2% 2% 2% 2% 3 Mar 25 2/2 21/2 \~ 21/2 21/2 June 24 1 1933—Feb. 16 _ _ \" !/2 Yi Feb 27 \" M Ma a r r . 2 1 _ . 2 " 2 \y 2 2 11/2 2 11/2 15/8 2 2 Yz Mar. 3 3i/4 314 31/4 3H 334 33/4 Mar. 13 31/2 3/2 3/2 35/8 4 Mar. 17 .. _ . 3 3 3 3 31/2 Mar. 20 2/2 21/2 2/2 21/ 2/2 25/g 3 Mar. 22 _ _ 2 2 2 2 2 21/2 June 29 1 1 1 1 1 1 VA Oct. 20 - . H Yi Y2 Yi u 1 In effect Dec 31,1934 Yi H Y2 1 1 Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. 2 Rate for 76 to 90 days 2J-4 percent. Back figures.—See Annual Report for 1933 (table 58). No. 53.—AVERAGE RATES EARNED BY FEDERAL RESERVE BANKS ON BILLS AND SECURITIES, 1930-34 [Percent] Month 1930 1931 1932 1933 1934 Month 1930 1931 1932 1933 1934 Total bills and Total bills and securities: securities—Con. January 4.22 2. 51 2.96 1.80 1.86 November 2.64 2.33 1.90 1.81 1.88 February 4.05 2.48 3.02 1.84 1.87 December 2.61 2.67 1.77 1.91 1.84 March 3.78 2.26 3.02 2.15 1.96 April 3.54 2.08 2.89 2.08 1.96 Year 3.25 2.20 2.33 1.98 1.91 May .- 3.40 2.00 2.47 2.27 1.96 June 3.23 1.89 2.23 2.18 1.93 Bills discounted- 3.93 3.01 3.43 3.23 3.44 July 3.00 1.99 2.13 2.03 1.92 Bills bought 2.85 2.04 3.93 1.49 .57 August 2.86 2.01 2.11 1.95 1.91 U. S Government securities. 3.06 1.86 1.84 1.83 1.90 September. ._ 2.72 1.96 2.10 1.87 1.90 October 2.69 1.97 1.96 1.85 1.91 Back figures—See Annual Report for 1933 (table 59). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD No. 54.—OPEN-MARKET RATES IN NEW YORK CITY, BY MONTHS, 1931-34 [Percent per annum] Prevailing rate on- Average rate on l— Aver o a n g 2 e — yield Call loans i U. S. Month c m o p P m a o c r 4 i p i n - m m a 6 e t l h r e e , s r- b a a n a P c d c n r c a e i k e m s y e p , s e r t 9 - s 0 ' 90 l T o d i a m a n y s e s , * New- Ren a e l w- b 9 a P a a 0 c n n r c i c d k e m e a e p s y r e t , s - s 1 m b T i U o l u r l n e . s r t S a , y h s 3 . s - - f 6 i a ti T n n f u i d r 3 o c e r - t a a c y 6 e t e s s e - r s - , months 1931—January. _. 1.50 1.57 1.58 0.95 1.24 February.. l%2 1.50 1.50 1.39 1.21 1.06 March 2 -2H 1.56 1.55 1.50 1.46 1.38 April 1H-2H 1.57 1.52 1.43 1.33 1.49 May 2 -2 H2 1.45 1.45 1.01 1.08 .88 June 1.50 1.50 .63 .55 July 1.50 1.50 .49 .41 August 1.50 1.50 .60 .42 September. 1.50 1.50 1.22 .45 October... 2.10 2.10 2.47 2.47 1.70 November. 2.50 2.50 2.99 2.22 1.77 December. 2.73 2.70 3.00 3.25 2.41 1932—January. _. 3M4 2.61 2.65 2.85 2.68 2.48 February,. 3M-4 2.50 2.50 2.78 2.66 2.42 March 33^3 2.50 2.50 2.51 2.08 2.25' April 2 -3 2.50 2.50 1.39 .77 1.11 May 2.50 2.50 .92 .43 .31 June 2.50 2.50 .86 .41 .34 July _. 2.08 2.08 .75 .42 .22 August 2.00 2.00 .75 .44 .14 September. 2.00 2.00 .75 .23 .03 October. _. 1.35 1.35 .59 .18 ) N D o ec v e e m m b b e e r r . . 1 1. . 0 0 0 0 1 1 . . 0 0 0 0 . .3 5 9 0 .18 ) .04 1933—January. _. 1.00 1.00 .21 .07 February.. 1.00 1.00 .47 .49 .01 March 3.27 3.32 2.49 2.29 1.34 April V2-1H 1.29 1.37 .81 .57 .45 May 1.00 1.00 .50 .42 .29 June 1.00 1.00 .38 .27 .07 July 1.00 1.00 .48 .37 .19 August .98 .98 .45 .21 .01 September. .75 .75 .25 .10 .04 October... .75 .75 .25 .16 .09 November. .75 .75 .39 .42 .22 December. .94 .94 .62 .70 1934—January __. 1.00 1.00 .50 .67 .25 February.. 1.00 1.00 .50 .63 .08 March 1.00 1.00 .31 .08 .01 April 1.00 1.00 .20 .08 May. 1.00 1.00 .19 .06 June 1.00 1.00 .19 .07 July 1.00 1.00 .19 .08 August 1.00 1.00 .19 .20 September. 1.00 1.00 .19 .27 October... H-3He 1.00 1.00 .17 .21 November. 1.00 1.00 .13 .22 December. 1.00 1.00 .13 .15 1 Monthly averages of daily quotations. 2 For yield on Treasury bonds see table 94. 3 Stock exchange 90-day time loans. * Stock exchange call loans; new and renewal rates. * Revised to show average rate of discount on issues offered instead of issues sold by U. S. Treasury within month. Figures from January 1931 to May 1934 are for 3-month bills; those from June to December 1934 are for 6-month bills. e Negative yield. Back figures.—See Annual Report for 1930 (table 36). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOMESTIC MONEY HATES 135 No. 55.—OPEN-MARKET RATES IN NEW YORK CITY, BY WEEKS [Percent per annum] Prevailing rate on— Average rate on i— Aver o a n g — e yield Week ending (Saturday) co P m c ri i m m al e e r- b P an ri k m e e rs' Time Call loans s b P an ri k m er e s1 U. S b . il T ls r e * asury pa 4 p -6 er, a a n c c c e e s p , t 9 - 0 lo d a a n y s s , 2 90 a a n c c c e e s p , t 9 - 0 months days New Renewal days months months 1934 Jan. 6 1.00 1.00 0.50 0.62 Jan. 13 1.00 1.00 .50 .67 Jan. 20 1.00 1.00 .50 .67 Jan. 27 1.00 1.00 .50 .72 Feb. 3 1.00 1.00 .50 0.94 Feb. 10 _._. 1H1H 1.00 1.00 .50 .66 Feb. 17 1.00 1.00 .50 .57 Feb. 24 1K-1H 1.00 1.00 .50 .62 Mar. 3 1U-1H 1.00 1.00 .50 .43 Mar. 10 IK U-H 1.00 1.00 .40 Mar. 17 VA H 1.00 1.00 .25 Mar. 24. l- \i H 1.00 1.00 .25 .08 .19 Mar. 31. _. l- H 1.00 1.00 .25 .19 Apr. 7 1-134 H 1.00 1.00 .24 .07 .18 Apr. 14 l 1.00 1.00 .19 .08 .19 Apr. 21 l H-U 1.00 1.00 .19 .08 .18 Apr. 28 1 H-U 1.00 1.00 .19 .07 .16 May 5 1 H-U 1.00 1.00 .19 .07 .15 May 12 _ l M\i 1.00 1.00 .19 .06 .14 May 19 1 1.00 1.00 .19 .06 .13 May 26 1 1.00 1.00 .19 June 2 1 1.00 1.00 .19 June 9 1 1.00 LOO .19 June 16 V&-V4: 1.00 1.00 .19 .07 June 23 1.00 1.00 .19 .07 June 30 1.00 1.00 .19 .07 July 7 1.00 1.00 .19 .07 July 14 U-l 1.00 1.00 .19 .07 July 21 1.00 1.00 .19 .07 July 28 1.00 1.00 .19 .09 Aug. 4 H-l 1.00 1.00 .19 .12 Aug. 11 H-l 1.00 1.00 .19 .25 Aug. 18 1.00 1.00 .19 .23 Aug. 25 1.00 1.00 .19 .22 Sept. l.__ H-l 1.00 1.00 .19 .18 Sept. 8 H-l 1.00 1.00 .19 .23 Sept. 15 94-1 1.00 1.00 .19 .28 Sept. 22 94-1 1.00 1.00 .19 .29 Sept. 29 H-l 1.00 1.00 .19 .28 Oct. 6 H-l 1.00 1.00 .19 .24 Oct. 13 94-1 1.00 1.00 .19 .21 Oct. 20 H-l 1.00 1.00 .19 .20 Oct. 27 ._. 94-1 1.00 1.00 .15 .19 Nov. 3 U-l 1.00 1.00 .13 .21 Nov.. 10 1.00 1.00 .13 .22 Nov. 17 1.00 1.00 .13 .21 Nov. 24 94-1 1.00 1.00 .13 .23 Dec. 1 U-l 1.00 1.00 .13 .22 Dec. 8 1.00 1.00 .13 .20 Dec. 15 1.00 1.00 .13 .16 Dec. 22 1.00 1.00 .13 .12 Dec. 29 1.00 1.00 .13 .10 i Weekly averages of daily quotations. 8 Stock exchange 90-day time loans. 8 Stock exchange call loans; new and renewal rates. 4 Average rate of discount on issue offered by U. S. Treasury within week; in weeks for which no figures are shown, there were no issues. Back figures.—See Annual Report for 1933 (table 61). 129288—35 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 56.—MONEY RATES IN NEW YORK CITY—PREVAILING RATES CHARGED CUSTOMERS, 1930-34 [Rates prevailing during 7-day period ending with 15th of month. Percent per annum] co P m ri m m e e r- L st o o a c n k s s s a e n c d u r b e o d n b d y s s L ec o u a r n e s d Month cial by wareloans house Demand Time receipts 1930 January 5^-6 February March April May June 4 July 4 4 -5 August 4 -AV September 4 October 3^-4 4 -5 November 33^-4 4 -4 December 3^-4 4 -5 1931 January 4^-5 February _ 4K-5 March 3^-4 April 3M-4 43J-5 VAty* May 3 -4 4^-5 June 334-4 4 -5 33^-4 July 3^-4 4 -5 3^-43^ August __ 3 -4 4 -5 334-4 September 3 -4 4 -4> 3H-5 October 3 -4} 43^-5 334-4 November 4 -5 43^-5 4 -43-6 December 4 -5 4^-5 4 -5 434-5 1932 January 4 -5 4^-53^ 5 February. _ 4 -5 434 March 4 -5 VA-VA 43^ April 4 -5 May 4 -4H 4 -43 June 4 -4M 4 -4 July 4 -4K 4 -5 August 4 -434 September 3 -4^ October 3 -AXA November 3 -4 3 -4 December 3 -4 43^-5 3 -4 1933 January 3 -4 4 -5 3 -4 February 3 -4 4 -434 3 -4 March___ 43^-5 April 4 2-5 3^-5 May 334-4 33^-4 June 3 -4 3 -4^ July 3 -3i. 3 -4^ August 3 -VA 3M-4H September 3 -43^ October 3 -4^ November 2 -33^ 33^-4^ 3 -4 December 3M-4^ 1934 January 2 -33^ 23^-4 February lK-3f ' 2^-4 March 33^-5 23-3-4 April 134-3! 33^-5 2 -4 May _ June July 13^-3 33^-5 2 -4 August 1H-3 1K-4 September 1K-3 October 13^-3 3 -43/4 134-3 November 3 -4% 13^3 December 3 -5 See note to table 57. Back figures.—See Annual Report for 1929 (table 37). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

137 DOMESTIC MONEY RATES No. 57.—RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES, 1922-34 [Weighted averages of prevailing rates] 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 New York City: January 5.50 4.82 5.21 4.16 4.64 4.66 4.56 5.74 5.64 4.24 4.71 4.12 3.58 February 5.48 4.91 5.07 4.43 4.68 4.56 4.44 5.73 5.35 4.31 4.71 4.11 3.43 March 5.43 4.98 5.06 4.53 4.62 4.56 4.59 5.81 5.22 4.20 4.72 4.88 3.31 April 5.46 5.32 4.98 4.48 4.62 4.63 4.72 5.85 4.91 4.17 4.69 4.33 3.39 May 5.06 5.27 4.89 4.38 4.66 4.63 4.97 5.88 4.74 4.11 4.55 4.24 3.42 June 4.93 5.21 4.64 4.36 4.58 4.60 5.09 5.93 4.59 4.13 4.61 4.10 3.30 July 5.16 5.29 4.21 4.46 4.38 4.56 5.38 5.88 4.48 4.05 4.42 3.93 3.30 August 4.66 5.18 4.09 4.36 4.62 4.41 5.56 6.05 4.41 3.97 4.45 3.97 3.33 September 4.70 5.33 4.20 4.57 4.81 4.44 5.63 6.06 4.29 3.93 4.30 3.79 3.26 October 4.74 5.37 4.41 4.62 4.85 4.49 5.63 6.08 4.26 4.27 4.35 3.76 3.28 November 4.82 5.39 4.13 4.61 4.79 4.35 5.56 5.86 4.17 4.67 4.12 3.52 3.22 December 4.86 5.21 4.29 4.70 4.79 4.50 5.63 5.74 4.16 4.64 4.22 3.48 3.18 Eight other northern and eastern cities: January 6.08 5.34 5.53 4.80 5.14 4.99 4.73 5.87 4.61 5.07 4.89 4.65 February 5.89 5.38 5.38 4.79 5.11 4.98 4.76 5.86 5.66 4.63 5.13 4.84 4.49 March 5.77 5.52 5.37 4.89 5.15 4.88 4.81 5.91 5.47 4.62 5.14 5.39 4.52 April 5.46 5.49 5.31 4.92 5.17 4.90 4.91 6.00 5.22 4.57 5.10 5.09 4.52 May 5.43 5.54 5.26 4.95 5.07 4.95 5.04 6.09 5.13 4.55 5.14 4.99 4.39 June 5.43 5.45 5.12 4.95 4.87 4.93 5.36 6.02 5.06 4.49 5.13 4.97 4.30 July 5.31 5.47 5.09 4.90 4.92 4.90 5.57 6.08 4.81 4.48 5.05 4. 82 4.15 August 5.27 5.64 4.80 4.98 4.91 4.87 5.59 6.11 4.79 4.47 5.12 4.68 4.12 September 5.12 5.59 4.87 5.04 5.08 4.77 5.80 6.24 4.74 4.48 5.03 4.65 4.11 October 5.20 5.57 4.87 5.16 5.15 4.79 5.80 6.25 4.75 4.62 4.96 4.51 4.13 November 5.38 5.51 4.80 5.20 5.07 4.82 5.82 6.12 4.66 4.87 4.88 4.54 4.08 December 5.44 5.48 4.87 5.17 5.09 4.76 5.91 5.94 4.68 4.91 4.88 4.59 3.98 Twenty-seven southern and western cities: January 6.56 5.90 6.02 5.57 5.56 5.72 5.53 5.94 6.12 5.50 5.61 5.60 5.40 February 6.46 5.91 5.91 5.55 5.65 5.71 5.53 5. 6.05 5.43 5.61 5.56 5.39 March. 6.35 5.83 5.89 5.61 5.62 5.65 5.54 6.04 5.98 5.40 5.64 5. 5.40 April 6.22 5.94 5.89 5.61 5.65 5.57 5.54 6.07 5.86 5.36 5.63 5. 5.34 May 6.23 5.92 5.79 5.58 5.61 5.59 5.56 6.10 5.75 5. 5.64 5. 5.28 June 6.13 5.91 5.69 5.59 5.55 5.54 5.67 6.16 5. 5.34 5.62 5.62 5.19 July 6.04 5.96 5.63 5.59 5.54 5.52 5.77 6.17 5.63 5.30 5. 5.54 5.07 August 6.02 5.98 5.57 5.60 5.56 5.53 5.80 6.22 5.58 5.28 5. 5.53 5.05 September 5.94 5.94 5.55 5.55 5.60 5.61 5.82 6.27 5.55 5.32 5.63 5.55 5.04 October 5. 5.95 5.47 5.53 5.66 5.56 5.87 6.29 5.54 5.38 5.56 5.50 5.05 November 5.94 5.99 5.53 5.55 5.67 5.56 5.90 6.29 5.50 5.53 5.55 5.42 4.93 December 5.90 5. 5.53 5.61 5. 5.60 5.91 6.20 5.43 5.56 5.60 5.43 4.92 NOTE.—Figures relate to rates charged by reporting banks to their own customers (see table 56) as distinguished from open-market rates, which are given in tables 54 and 55. All averages are based on rates reported for 3 types of customer loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (b) the relative importance of each reporting bank, as measured by total loans. In the 2 group averages the average rate for each city included is weighted according to the importance of that city in the group, as measured by the loans of all banks. Back figures.—See Annual Report for 1931 (table 42). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 ANNUAL REPOET OF THE FEDERAL RESERVE BOARD MONEY RATES IN FOREIGN COUNTRIES No. 58.—DISCOUNT RATES OF FOREIGN CENTRAL BANKS, 1933-34 Central bank of— Date effective England France m G a e n r y - Italy Japan N l e a t n h d e s r- Sweden Sw la i n tz d er- In effect Jan. 1,1933 2 4 5 4.38 IV* 2 1933—j an 9 4 May 12 &A June 1 3 June 29 July 3 3.65 July 15 4 July 29 3H Aug. 15 3 Sept 4 VA Sept. 19 _. 2M Dec 1 2H Dec. 11 .- 3 1934—Feb 9 3 June 1 - 2y> Nov. 26 4 In effect Dec. 31, 1934 2 4 4 3.65 2K VA 2 Back figures.SQQ Annual Report for 1933 (table 64). No. 59.—OPEN-MARKET RATES IN FOREIGN COUNTRIES, 1933-34 England France Germany Italy Japan N l e a t n h d e s r- Switzer- (London) (Paris) (Berlin) (Milan) (Tokyo) (A d m am st ) er- (Z l u a r n i d ch) Month B a m a a n c o n c c n e k e s t p e h , t r 3 s - s' d P is r r c i a v o t a e u t n e t d P is r r i c a v o te a u t n e t d P is r r i c a v o t a e u t n e t Disc b o i u ll n s ted d P is r r i c a v o te a u t n e t d P is r r c i a v o t a e u t n e t 1933 January - - 0.87 1.12 3.87 4.42 5. 48-5. 84 0.37 1.50 Februarv .83 .89 3.87 4.25 5.48-5.84 .37 1.50 March. .62 * 04 3.87 4.20 5. 48-5.84 .64 1.50 April .59 87 3.87 4.00 5.48-5. 84 .66 1.50 May - -- - .50 7fi 3.87 4.00 5.11-5.84 2.11 1.50 June .50 L. 50 3.87 4.00 5.11-5.48 2.18 1.50 July - -- .48 39 3.87 4.00 5.11-5.48 3.54 1.50 August .41 L. 45 3.87 4.00 5.11-5.48 1.11 1.50 September - .44 13 3.87 3.55 5.11-5.48 .77 1.50 October .79 1.25 3.87 3.50 5.11-5.48 .50 1.50 November 1.05 3.85 3.87 3.50 5.11-5.48 .45 1.50 December -- 1.06 2.26 3.87 3.00 5.11-5. 48 .52 1.50 1934 January - 1.01 2.12 3.87 3.00 5.29 .50 1.50 February -- .95 2.59 3.87 3.00 5.29 .78 1.50 Idarch .95 2.75 3.87 3.00 5.29 1.24 1.50 April -- .96 2.70 3.87 3.00 5.29 2.07 1.50 May .91 2.60 3.87 3.00 5.26 1.33 1.50 June .91 2.09 3.76 3.00 5.20 .78 1.50 July .87 1.78 3.75 3.00 5.11 .74 1.50 August .79 1.75 3.75 3.00 5.11 .75 1.50 SeDtember .73 1.50 3.81 3.00 5.11 .61 1.50 October .77 1.45 3.81 3.00 5.11 .59 1.50 November .45 1.44 3.63 3.19 5.11 .63 1.50 December .57 1.50 3.50 4.00 5.11 .60 1.60 NOTE.—For explanation of table, see Federal Reserve Bulletin for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; and May 1930, p. 318. Back figures.—See Annual Report for 1933 (table 65). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER AND NONMEMBER BANK CREDIT 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES No. 60.- -ALL BANKS 1 IN THE UNITED STATES—NUMBER OF BANKS, AND DEPOSITS OTHER THAN INTERBANK DEPOSITS, 1914-34 Number of banks Date 2 1914—June 30. . 1915—June 23- 1916—June 3O._ 1917—June 20.. 1918—June 29.. 1919—June 30- 1920—June 30- 1921—June 30- 1922—June 30_. 1923—June 30- 1923—Dec. 31._ 1924—Dec. 31.. 1925—Dec. 31.. 1926—Dec. 31__ 1927—Dec. 31- 1928—Dec. 31- 1929—Dec. 31- 1930—Dec. 31- 1931—Dec. 31.. 1932—Dec. 31- 1933—June 30 *. Dec. 3O._ 1934—June 30- Dec.31.. sknab lla ,latoT Member banks 26,274 26,605 27,041 27,495 28,334 28,600 29,829 30,560 30,158 29,833 29,505 28,806 28,257 27,367 26,416 25,576 24,630 22,769 19,966 18,390 '•14,519 ' 15, 011 15,835 16,042 latoT 7,614 7,605 7,652 8,212 8,821 9,398 9,745 9,892 9,856 9,774 9,587 9,489 9,260 9,034 8,837 8,5.22 8,052 7,246 6,816 5,606 6,011 6,375 6,442 lanoitaN 3 7,514 7,597 7,571 7,599 7,699 7,779 8,024 8,150 8,244 8,236 8,179 8,043 8,048 7,906 7,759 7,629 7,403 7,033 6,368 6,011 4,897 5,154 5,417 5,462 etatS Nonmember banks 17 34 53 513 1,042 1,374 1,595 1,648 1,620 1,595 1,544 1,441 1,354 1,275 1,208 1,119 1,019 878 805 709 857 958 980 lautuM sgnivas 3 644 639 632 632 636 633 631 634 630 628 630 623 621 618 618 613 609 603 597 594 576 '579 578 579 rehtO Deposits, other than interbank deposits (in millions of dollars) 3 18,116 18,352 18,804 19,211 19,486 19,146 19,800 20,181 19,636 19,349 19,101 18, 596 18,147 17,489 16,764 16,126 15,499 14,114 12,123 10,980 r8,337 '8,421 8,882 9,021 sknab lla ,latoT Member banks 18,566 19,131 22,759 26,352 28,765 33,603 37,721 35,742 37,615 40,688 42,163 45, 835 49,224 50,155 52,909 56, 766 55, 289 53, 039 45,821 41, 643 ' 37,998 ' 38,505 41,870 44,771 latoT 6,678 8,395 10,301 15,671 19,170 21,915 20,637 22,397 23,871 24,996 27,836 30,029 30,474 32,063 34, 826 33, 865 32, 560 27, 432 24,803 23,338 5 23,771 26,615 28,943 lanoitaN 3 6,374 6,609 8,159 9,742 11,214 12,951 14,316 12,991 13,821 14,490 15,231 16,694 18,066 18,022 19,662 21, 407 20, 290 20,138 17, 271 16,101 14, 772 15,386 17,097 18,519 etatS Nonmem- ber banks 68 235 559 4,457 6,219 7,600 7,646 8,575 9,380 9,764 11,141 11,964 12,453 12,401 13, 419 13, 575 12, 422 10,161 8,701 8,566 8,385 9,518 10,424 lautuM sgnivas 3 3,916 3,951 4,188 4,422 4,422 4,751 5,187 5,575 5,780 6,295 6,455 6,898 7,298 7,763 8,344 8,849 8,916 9,507 10,105 10,022 9,713 '9,708 9,780 9,828 rehtO 3 8,276 8,502 10,176 11,63o 8,673 9,682 10,618 9,529 9,439 10,522 10,712 11,101 11,897 11,918 12,502 13,091 12,508 10,972 8,284 6,818 '4,946 '5,026 6 5,475 6,000 1 Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks, and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes beginning with June 1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptroller of the Currency or a Federal Reserve bank; for comparative figures of private banks in eluded in this compilation, see p. 127 of the Federal Reserve Bulletin for February 1935. 2 Date of reports of member banks; figures for nonmember banks are as of nearest available date. 3 Figures for this date, which preceded establishment of the Federal Reserve System, relate to national banks and banks other than national, respectively, rather than to member and nonmember banks. * Beginning June 30, 1933, all figures (other than for mutual savings banks) relate to licensed banks only , with some exceptions as to nonmember banks. s Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. 6 In connection with the increase over preceding date, see footnote 1. r Revised. NOTE.—Figures for all banks for June 1914 to June 1922, inclusive, are based on data contained in annual reports of the Comptroller of the Currency. Back figures.—See Annual Report for 1933 (tables 66 and 70) for intermediate dates. 140 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 61.—ALL BANKS 1 IN THE UNITED STATES—LOANS AND INVESTMENTS OF MEMBER AND NONMEMBER BANKS, 1914-34 (In millions of dollars) Loans and investments Loans Investments Date Member banks Non b m an e k m s ber Member banks Non b m an e k m s ber Member banks Non b m an e k m s ber Total- Total- Totalall all all banks Total ti N on a a - l State M sav u i t n u g a s l Other banks Total ti N on a- al State M sav u i t n u g a s l Other banks Total ti N on a- al State M sav u i t n u g a s l Other 1914—June 30 20,788 3 8, 313 s 3,979 s 8,496 15,257 3 6,443 3 2,124 3 6,689 5,532 31,870 31,855 s 1,807 19.15—June 23 21,466 8,764 8,688 76 4.040 8,662 15,663 6,720 6,663 57 2,170 6,763 5,813 2,044 2,025 19 1,870 1,899 w 1916—June 30 24,586 10,315 10,086 230 4,221 10,05O 17,972 7,964 7,767 197 2,221 7,786 6,614 2,351 2,319 32 1,999 2,263 1917—June 20 28,286 12,453 11,897 556 4,500 11,333 20,525 9,370 8,935 434 2,368 8,785 7,764 3,084 2,962 123 2,132 2,547 1918—June 29 31,813 18, 507 13,913 4,594 4,489 8,817 22,404 13,234 10,077 3,156 2,315 6,856 9,408 5,274 3,836 1,438 2,174 1,961 1919—June 30 36,570 22,240 15,712 6,528 4,828 9,502 24, \23 15,413 10,903 4,510 2,336 6,974 11,847 6,827 4,809 2,018 2,492 2,528 3 1920—June 30 41, 684 25,559 17,547 8,012 5,308 10, 817 30,839 19,533 13,499 6,035 2,591 8,714 10,845 6,026 4,048 1,977 2,716 2,104 1921—June 30 40,001 24,121 15,895 8,226 5,699 10,181 28,988 18,119 11, 976 6,143 2,810 8,060 11,012 6,002 3,919 2,083 2,889 2,122 1922—June 30 39,956 24,182 15,705 8,477 6,010 9,764 27,750 17,165 11,191 5,975 3,003 7,584 12,206 7,017 4,514 2,503 3,007 2,1$2 1923—June 30 43, 737 26,507 16, 805 9,703 6,582 10,650 30,398 18,750 11, 778 6,973 3,382 8,265 13,341 7,757 5,027 2,730 3,200 2,384 1923—Dec. 31 44, 003 26, 487 16, 807 9,680 6,743 10,773 30,797 18,842 11, 808 7,034 3,557 8,398 13, 206 7,645 4,999 2,646 3,186 2,375 "3* 1924—Dec. 31 47,182 28,746 17,840 10,906 7,226 11,211 32,458 19,933 12, 214 7,719 3,971 8,554 14, 724 8,813 5,626 3,187 3,256 2,655 1925—Dec. 31. 50, 603 30,884 19,153 11,731 7,691 12,029 35, 658 21,996 13,419 8,577 4,393 9,269 14,945 8,888 5,734 3,154 3,298 2,759 1! 1926—Dec. 31 52,024 31, 642 19,267 12,374 8,204 12,178 36, 777 22,652 13, 482 9,170 4,821 9,304 15,246 8,990 5,785 3,204 3,383 2,873 1927—Dec. 31 55, 450 34,247 21, 535 12, 712 8,860 12, 344 38,426 23,886 14, 641 9,245 5,273 9,266 17,024 10,361 6,894 3,466 3,587 3,077 1928—Dec. 31 58, 286 35,684 22,407 13,277 9,390 13,192 40,782 25,155 15,285 9,870 5,694 9,933 17,484 10,529 7,122 3,407 3,696 3,259 O 1929—Dec. 31 58, 417 35, 934 21, 584 14,350 9,463 13,020 41,918 26,150 15,136 11,014 5,945 9,823 16,499 9,784 6,448 3,336 3,518 3,197 1930—Dec. 31 56, 209 34, 860 21,426 13,434 9,987 11, 362 38,135 23, 870 14,347 9,524 6,068 8,196 18,074 10,989 7,079 3,910 3,920 3,165 GO 1 1 9 9 3 3 1 2 — — D D e e c c . . 3 3 1 1 4 4 9 4 , , 9 7 4 0 6 4 3 2 0 7 , , 4 5 6 7 9 5 1 1 9 7 , , 3 0 9 9 9 4 1 1 1 0 , , 4 0 8 7 2 1 1 10 0 , , 1 4 8 8 2 8 8 7 , , 6 29 4 4 1 3 2 1 6 , , 3 0 0 6 5 3 1 19 5 , , 2 2 0 6 4 1 1 9 1 , , 8 9 2 0 8 5 5 7, , 3 3 5 7 6 6 6 6 , , 0 21 7 8 9 4 5 , , 7 8 8 2 0 7 1 1 8 8 , , 3 8 9 8 9 3 1 12 1 , , 3 2 1 6 4 5 7 7 , , 1 5 8 7 9 1 4 4 , , 6 12 9 6 5 4 4 , , 2 1 7 0 0 3 2 2 , , 8 5 1 1 4 4 1933—June 30 f 40,076 24,786 15,460 9,326 10,044 5,246 22,203 12,858 8,102 4,756 5,941 3,404 17, 872 11,928 7,358 4,570 4,103 1,841 Dec. 30 '40,319 25,220 15,941 9,278 '9,985 '5,114 '21,977 12,833 8,086 4,747 '5,906 ' 3, 238 '18,342 12,386 7,855 4,531 '4,079 r 1,877 1934—June 30 r 42,502 27,175 17, 011 10,163 9,904 6r5, 423 r21,278 12, 523 7,681 4,842 5,648 3,108 21,224 14, 652 9,331 5,321 4,256 6 r 2, 315 Dec. 31 43,458 28,150 17, 910 10, 240 9,782 5,526 20,474 12,028 7,475 4,553 5,491 2,955 22,984 16,122 10, 435 5,687 4,291 2,571 (For footnotes see table 60, p. 140.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS to No. 62.—ALL LICENSED MEMBER BANKS—CONDITION ON DEC. 31, 1934, BY CLASSES OF BANKS [Amounts in thousands of dollars] m b e a A m n l k b l s er m n b a e t a A m i n o l k b n l s e a r l A m b l e l a m n S k b ta s e r r e Cen m t e r m al b e r r e se b r a v n e k s city m R b e e c a s m i n t e y k r b - v s e e r C m b o e a u m n n k b tr s e y r New York Chicago ASSETS Loans (including overdrafts) 12,028,103 7,475, 377 4, 552, 726 3,158, 700 532,432 4,312, 211 4,024, 760 U. S. Government direct obligations _. 9,905,692 6,250,822 3,654,870 3,246,203 742, 509 3,808,860 2,108,120 Securities fully guaranteed by U. S. Government— 989,208 292,480 277,977 77, 550 278, 786 354,895 Other securities 5, 227,275 3,487,405 1, 739,870 1, 078,124 228,820 1,627, 761 2,292, 570 Total loans and investments „ _ 28,150,278 17,910,332 10,239,946 7,761,004 1,581,311 10,027,618 8,780,345 Customers' liability on account of acceptances 241,951 135, 687 106, 264 187,169 10,920 41,073 2,789 Banking house, furniture, and fixtures _ 1,001,087 652,000 349,087 249, 688 25, 595 331, 223 394,581 Other real estate owned 313,556 161,891 151, 665 26, 690 3,757 130, 729 152,380 Reserve with Federal Reserve banks 4,081,565 2, 525,448 1,556,117 1,576,317 414,919 1, 268,130 822,199 Cash in vault -- --. 608,602 453, 749 154,853 86,305 40,264 206,683 275,350 Due from member banks. __ 2, 950,105 2,280,185 669, 920 100,612 198,422 1, 445, 714 1,205,357 Due from nonmember banks 85,729 18, 791 2,410 7,236 42, 576 33, 507 Balances with domestic banks, not subject to immediate withdrawal.. 113,139 92, 560 20,579 41 1,000 54,842 57,256 Balances with banks in foreign countries (excluding own branches) 184,515 85,993 98, 522 121, 727 8,816 49,043 4,929 Due from own foreign branches 92, 536 34,352 58,184 83,894 8,642 Items with Federal Reserve banks in process of collection 590,987 385,201 205, 786 157,167 36,015 262,574 135, 231 Exchanges for clearing house and other checks on local banks 1,233,067 534, 563 698, 504 907,026 49,198 222, 464 54,379 Outside checks and other cash items 79,253 57, 517 21, 736 4,571 4,463 52, 355 17,864 Redemption fund and due from IT. S. Treasurer _ 33,956 33, 956 728 150 12, 246 20,832 Acceptances of other banks and bills sold with endorsement 1,761 750 1,011 1,235 339 187 Securities borrowed 1,896 1,529 367 302 1,594 Other assets 313,208 168, 281 144,927 106,817 43,789 95,362 67,240 Total assets.. 40, 077,191 25, 580, 932 14,496, 259 11,373,401 2, 425,855 14, 251, 915 12,026, 020 w Demand deposits LIABILITIES 16, 774,164 10,393, 761 6,380,403 5, 599,355 1, 255,030 5, 523,859 4, 395,920 o Time deposits 9,907,928 6, 996, 314 2,911,614 658, 603 382,105 4, 002,919 4,864, 301 > United States deposits 1,635, 516 884,935 750, 581 791, 698 45, 831 620,182 177,805 Due to Federal Reserve banks (deferred credits) 48,204 34,006 14,198 7,004 41,200 Due to other banks in United States _. 4, 546,038 2,883, 555 1, 662,483 1, 797, 455 444,894 1, 963, 773 339, 916 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Due to banks in foreign countries (excluding own branches) | 146,504 73,804 72, 700 125, 787 2,337 16, 727 1,653 Certified and officers' checks outstanding _. | 782,618 365,503 417,115 535,839 22,838 159,379 64,562 Cash letters of credit and travelers' checks outstanding. _ 7,433 5,272 2,161 3,948 601 2,713 171 Total deposits __ 33,848,405 21,637,150 12,211,255 9,513,685 3,153,636 13,396,556 9,885,528 Secured by pledge of loans and/or investments | 3,694,711 2, 443,433 1, 251, 278 1, 010, 505 144,155 1,611,410 928, 641 Not secured by pledge of loans and/or investments _._ 30,153,694 19,193,717 10,959, 977 8, 502,180 2,009,481 10,685,146 8,956,887 National-banknotes outstanding 650,955 650,955 9,436 3,000 224,738 413,781 Agreements to repurchase securities sold 6,321 2,341 3,980 1,042 3,541 1,738 Bills payable with Federal Reserve banks .__ 6,291 3,777 2,514 185 6,106 Rediscounts with Federal Reserve banks 598 383 215 598 Bills payable—all other _ ... 5,830 3,565 2,265 5,830 Rediscounts—all other 68 68 68 Acceptances of other banks and bills sold with endorsement 1,761 750 1,011 1,235 339 187 Acceptances executed for customers _ 253, 791 138, 913 114,878 199, 010 11, 045 41, 353 2,383 Acceptances executed by other banks for reporting banks -. 8,978 4,717 4,259 5,677 310 2,544 445 Securities borrowed _._ 1,896 1,529 367 302 1,594 Interest, taxes, and other expenses accrued and unpaid 63,378 38,911 24,467 15, 246 7,702 24,882 15, 548 Dividends declared but not yet payable and amounts set aside for undeclared dividend and for accrued interest on capital notes and debentures 40, 312 22, 642 17, 670 19,848 1,436 13,010 6,018 tr1 Other liabilities _. 134,114 51,187 82,927 44, 571 22, 639 30, 638 36, 266 Capital notes and debentures 120,465 120,465 25, 700 250 51, 675 42,840 S Capital stock (see par value below) _ 2, 543,621 1, 782, 746 760,875 640,280 147, 250 813,035 943,056 Surplus- 1, 661,656 836,056 825, 600 670, 751 37, 595 497, 329 455, 981 Undivided profits—net 391,513 261,456 130,057 101,872 11, 285 137,826 140, 530 td Reserves for contingencies 334,718 141, 534 193,184 126,038 29, 707 113,158 65,815 Retirement fund for preferred stock and capital notes and debentures. 2,522 2,320 202 10 804 1,708 Total liabilities (including capital account). 40,077,191 25,580,932 14,496, 259 11, 373,401 2,425,855 14,251,915 12,026,020 Par value of capital stock: First preferred 530, 628 464, 714 65,914 100,300 76,150 154,321 199,857 Second preferred 22,946 17,178 5,768 7,500 15,446 Common 1, 994,130 1, 302, 599 691,531 ~539,~980~ 71,100 651, 312 731,738 Total 2, 547,704 1, 784,491 763,213 640,280 147, 250 813,133 947,041 Number of banks __ 6,442 5,462 980 38 18 6,058 Back figures.—See Annual Report for 1933 (tables 71 and 72). CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 63.—ALL LICENSED MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, AND DEPOSITS ON DEC. 31, 1934, BY CLASSES OF BANKS [Amounts in thousands of dollars] Central reserve city m b e a A m n l k b l s er n m b a e t a A m i n o l k b n l s e a r l A m b l e l a m n S k b ta s e t r e member banks m R b e e c a s m i n e ty k b rv s e e r C m b o e a u m n n k b t s e ry r d 3 > New York Chicago F g Loans—Total 12, 028,103 7,475,377 4,552,726 3,158,700 532,432 4,313,211 4,024,760 Acceptances of other banks payable in United States 256,041 88, 517 167, 524 209, 819 29, 024 12, 524 4,674 so Bills, acceptances, etc., payable in foreign countries 31,404 16,188 15,216 15, 624 4,537 9,007 2,236 Commercial paper bought in open market 232,441 163,915 68,526 6,046 26,957 107, 564 91,874 Loans to banks: On securities 54, 762 35,401 19,361 28,128 9,707 14,820 2,107 Allother 100, 735 70, 993 29, 742 35, 214 857 39, 783 24,881 Loans on securities exclusive of loans to banks—Total 4,139,633 2,361,331 1, 778,302 1,536,452 225,002 1,317,857 1,060,322 To brokers and dealers in New York 843, 368 319, 441 523, 927 662,154 26, 240 104, 544 50,430 To brokers and dealers elsewhere 186, 705 108, 816 77,889 54,005 28,659 89,789 14,252 To others 3,109, 560 1,933,074 1,176,486 820, 293 170,103 1,123, 524 995, 640 Real estate loans: On farm land 261,795 218,267 43, 528 451 777 102,116 158, 451 On other real estate.-_ 2,011, 565 1, 078, 451 933,114 138,636 17,152 988, 324 867,453 Reporting banks' own acceptances 231, 824 106, 577 125,247 164,159 16,017 49,233 2, 415 All other loans (including overdrafts) 4, 707,903 3, 335, 737 1, 372,166 1,024,171 202,402 1. 670, 983 1,810, 347 fed Loans eligible for rediscount with Federal Reserve banks 2,144, 381 1,439,598 704,783 642,633 93,490 680, 458 727, 800 168, 085 111, 786 56, 299 99,005 11,659 31, 789 25, 632 02 Loans secured by U. S. Government obligations U. S. Government direct obligations—Total 9,905,692 6,250,822 3,654,870 3,246,203 7423 509 3,808,860 2,108,120 4, 657, 385 3, 342, 541 1, 314, 844 824,354 278,912 2,021,774 1,532, 345 Bonds 4, 218, 348 2,459, 320 1,759, 028 1,664, 347 299, 231 1, 691, 705 563, 065 y Treasury notes 1,029,959 448, 961 580, 998 757, 502 164, 366 95, 381 12, 710 Treasury bills 989,208 696,728 292,480 277,977 77,550 278,786 354,895 Obligations guaranteed by U. S. Government as to interest and principal—Total 241,389 185, 953 55, 436 146, 515 75, 760 8,783 10, 331 242,100 183, 569 58, 531 43, 683 235 7f,995 122,187 Reconstruction Finance Corporation. 505, 719 327, 206 178, 513 87, 779 1,555 19^008 222, 377 Federal Farm Mortgage Corporation Home Owners' Loan Corporation.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Other Securities—Total 5,227,275 3,487,405 1,739,870 I 1,078,124 228,820 1,627,761 2,292,570 Obligations of: States, counties, municipalities, etc 1, 947, 635 1, 327,187 620, 448 445, 862 129,393 642, 526 729, 854 Public utilities 714, 803 508, 568 206, 235 82, 943 23, 061 168, 020 440, 779 Railroads 792,983 574, 200 218, 783 155, 201 14, 913 194,414 428,455 Home Owners' Loan Corporation guaranteed by U. S. Government as to interest only 111, 148 71,963 39,185 26,162 58 43, 780 41,148 Federal land banks 136,015 110,422 25, 593 6,952 313 46, 035 82, 715 Intermediate credit banks 117, 289 75, 047 42, 242 45,146 978 58,059 13,106 Joint-stock land banks 18, 889 15,836 3,053 152 103 9,383 9,251 Territorial and insular possessions 17,101 14, 264 2,837 20 72 6,011 10,998 Real estate corporations 74, 739 36, 557 38,182 12, 356 3,752 34, 204 24, 427 Other domestic corporations 535,085 372, 303 162,782 72,462 28,934 170, 466 263,223 Stock of: Federal Reserve banks 146, 553 89,862 56, 691 47, 280 5,975 45, 668 47,630 Real estate corporations 55, 508 34, 643 20, 865 1,665 4,329 28, 977 20, 537 Banks and banking corporations.. 67, 068 26,032 41, 036 23,375 597 29,114 13,982 Other domestic corporations 248,194 77, 524 170, 670 87, 580 89,843 64, 085 Foreign securities: Central governments 127,769 70, 806 56,963 49, 710 5,570 30,438 42, 051 Provincial, State, and municipal governments 42, 582 32, 252 10, 330 1,981 581 10,317 29, 703 Other foreign securities 73,914 49, 939 23, 975 19, 277 3,505 20, 506 30, 626 Demand deposits—Total 16,774,164 10,393,761 6,380,403 5,599,355 1,255,030 5,523,859 4,395,920 Individual deposits subject to check 14, 367,403 8, 731, 733 5, 635, 670 5,038,462 1,049, 450 4, 774,449 3, 505,042 Certificates of deposit 128, 739 82, 426 46, 313 32,045 7,790 39,497 49,407 State, county, and municipal deposits 1, 799,435 1,393, 747 405, 688 228,683 181, 556 585,064 804,132 Banks in United States 23,226 18,907 4,319 728 11 20,053 2,434 Banks in foreign countries 334 332 2 334 Allother 455,027 166,616 288, 411 299,103 16,223 104, 796 34,905 Net demand deposits subject to reserve 18,850,646 11, 533, 563 7,317, 083 6, 932,976 1,448,044 j 6,042,647 4,426,979 IP Time deposits—Total 9,907,928 6,996,314 2,911,614 65S,603 382,105 4,002,919 4,864,301 States, counties, and municipalities 294,452 245,358 49,094 4,439 74 205,557 84,382 Banks in United States 133, 552 101,009 32, 543 703 161 116, 718 15, 970 Banks in foreign countries 7,494 6,666 6, 824 665 5 Other time deposits: Evidenced by savings pass books 7, 599,028 5,379, 874 2, 219,154 291,889 330, 005 3,038,167 3,938,967 Certificates of deposit 881,978 654, 300 227, 678 94, 396 16,971 210, 294 560,317 Christmas savings, etc 19, 347 10, 597 8,750 503 2,301 5,885 10, 658 Open accounts 520,089 248,456 271, 633 204,069 32,073 239, 453 44,494 Postal savings 451,988 350,054 101,934 55, 780 520 186,180 209,508 For figures for other call dates see tables 65 and 66 and the Member Bank Call Report for individual call dates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 64-,—ALL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES, 1920-34 [In millions of dollars] Loans and investments i Deposits i Call date Total Loans Tota I l nve m U s G e t r . m e o n S n v - . e t - nt s s O ec th u e ri r - s s w F e R R e e e r r r i e e a t d v v - - h l - e e v C a i a n u s l h t U S b f D t n a r a i o n i n u t m t e k e e s s d 2 Total m D a e n - d Time m U G er e o . n S n v - . t - b b F a c D a ( . n e t e n o u x p k R k e - t s . s ) p O o d t s e h i - e ts r d d s e e u t s o p e m b r o j r v a e e s e n c i - t t d s 1 d u , e e t N p p i i l n m o e u a s t e s n it , a s c r B p o a e a a b u d n il y l n i d l e s - s t - s f C un t a a d p l s i - 4 N b b a e u n r m k o s - f direct ties banks in obliga- United tions States3 1920—May 4 (Tues.) 25,418 19,198 6,220 2,958 3,262 1,866 621 L,874 24,871 14,833 5,747 190 3,524 577 16,426 22,173 2,755 3,833 9,291 June30(Wed.)-__ 25, 559 19,533 6,026 2,811 3,215 1,839 622 1,824 25,401 15,067 5,911 260 3,461 702 16,422 22,333 2,701 3,853 9,399 Nov. 15 (Mon.)___ 25, 769 19,852 5,917 2,655 3,262 1,827 611 1,774 25,106 14,779 6,144 220 3,202 761 15,924 22,068 3,080 4,086 9,567 Dec. 29 (Wed.).... 25, 531 19, 555 5,976 2,619 3,357 1,763 678 1,577 24,220 14,020 6,188 316 3,062 633 15,345 21, 533 3,036 4,120 9,606 1921—Apr. 28 (Thurs.)--. 24,390 18,487 5,903 2,496 3,407 1,654 564 L,325 22,830 13,074 6,343 273 2,665 475 14,389 20,732 2,313 4,156 9,698 June 30 (Thurs.) 24,121 18,119 6,002 2,561 3,441 1,625 530 1,354 23, 350 13,292 6,367 390 2,688 614 14,321 20,688 2,022 4,133 9,745 Dec. 31 (Sat.) 23,482 17,394 6,088 2,581 3,507 1,758 478 L,450 23,247 13,176 6,451 306 2,835 480 14,449 20,900 1,364 4,093 9,779 1922—Mar. 10 (Fri.) 23, 278 17,080 6,198 2,701 3,497 1,723 469 1,614 23, 660 12,950 6,662 330 3,142 577 14, 498 21,160 758 4,185 9,816 June 30 (Fri.) 24,182 17,165 7,017 3,205 3,812 1,835 465 1,647 25, 547 14, 252 7,175 156 3,124 840 15, 539 22, 714 592 4,214 9,892 Dec. 29 (Fri.) 25,579 17, 930 7,649 3,754 3,896 1,939 562 1,806 27, 288 14,816 7,645 462 3,453 912 16, 203 23, 848 727 4,364 9,859 1923—Apr. 3 (Tues.) 26,141 18,419 7,722 3,849 3,873 1,909 518 1,774 27,200 14, 526 8,143 404 3,474 653 16, 086 24, 229 815 4,356 9,850 June 30 (Sat.) 26, 507 18, 750 7,757 3,835 3,922 1,871 429 L, 596 27,088 14,693 8,378 297 3,184 536 16,066 24,444 944 4,367 9,856 Sept. 14 (Fri.) 26,319 18, 719 7,600 3,685 3,915 1,869 523 1,640 26,942 14, 566 8,466 145 3,165 600 15,919 24, 385 983 4,436 9,843 Dec. 31 (Mon.)_._. 26,487 18,842 7,645 3,603 4,042 1,900 561 [,824 28,507 15,164 8,651 237 3,476 980 16, 376 25,027 808 4,378 9,774 1924—Mar. 31 (Mon.)__. 26, 663 19,045 7,618 3,534 4,084 1,893 494 L, 644 28,270 14, 719 8,890 292 3,447 923 16,112 25, 002 614 4,468 9,681 June 30 (Mon.) 27,167 19,204 7,963 3,575 4,387 1,965 504 L, 940 29, 566 15,309 9,204 179 3,820 1,054 16, 838 26,042 443 4,486 9,650 Oct. 10 (Fri.) 28,311 19, 713 8,599 3,866 4,733 2,121 528 i, 430 30, 795 15, 730 9,597 302 4,453 713 17,804 27,401 325 4,594 9,635 Dec. 31 (Wed.) — 28,746 19,933 8,813 3,874 4,939 2,228 597 2,339 32,384 16, 684 9,805 242 4,504 1,148 18, 468 28, 273 408 4,532 9,587 1925—Apr. 6 (Mon.) 29, 046 20,176 8,869 3,894 4,975 2,092 523 ',091 31, 249 15, 850 10,127 412 4,041 819 17, 708 27,835 486 4,669 9,531 June 30 (Tues.)--- 29,518 20, 655 8,863 3,780 5,082 2,191 524 2,017 32, 457 16, 812 10, 381 177 3,978 1,110 18, 277 28, 658 559 4,690 9,538 Sept. 28 (Mon.)- — 30,176 21, 285 8,890 3,761 5,129 2,147 525 I, 031 32, 075 16, 617 10, 467 278 3,828 884 18, 259 28, 726 712 4,688 9,539 Dec. 31 (Thurs.) 30,884 21,996 8,888 3,728 5,160 2,238 575 5,155 34, 250 17,825 10, 653 304 4,169 1,299 19, 260 29,913 733 4> 678 9,489 1926—Apr. 12 (Mon.)_„_ 30,819 21,785 9,034 3,805 5,229 2,136 540 1,934 32,893 16,823 10,955 379 3,802 935 18, 392 29, 347 620 4,826 9,412 June 30 (Wed.).— 31,184 22, 060 9,123 3,745 5,378 2,236 534 1,980 33, 762 17, 380 11,173 228 3,935 1,046 18, 804 29, 977 612 4,832 9,375 Dec. 31 (Fri.) 31, 642 22, 652 8,990 3,389 5,601 2,210 523 ,066 34, 528 17, 639 11, 440 234 4, 003 1,213 18, 922 30,362 760 4,944 9,260 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1927—Mar. 23 (Wed.).— 31,949 22, 327 9,622 3,835 5,787 2,321 538 1,896 33,750 16,831 11,818 407 3,388 1,307 18, 542 30,360 546 5,086 9,144 June 30 (Thurs.)— 32,756 22,938 9,818 3,796 6,022 2,280 538 1,968 35,393 17,735 12, 210 218 3,508 1,722 19,250 31,460 541 5,147 9,099 Oct. 10 (Mon.) 33,186 23, 227 9,959 3,856 6,103 2,320 539 2, 077 35, 476 17, 374 12, 459 435 3,567 1,640 19,170 31,629 528 5,295 9,087 Dec. 31 (Sat.) _ 34; 247 23,886 10,361 3,978 6,383 2,514 523 2,210 36, 657 18,170 12, 765 267 3,808 1,647 20,105 32,870 663 5,341 9,034 1928—Feb. 28 (Tues.)..__ 33,688 23,099 10,590 4,216 6,374 2,367 526 1,941 35,367 17, 305 12, 923 86 3,496 1,557 19,236 32,158 581 5,404 8,983 June 30 (Sat.) 35,061 24,303 10, 758 4,225 6,534 2,342 449 1,897 36, 050 17, 607 13, 439 257 3,263 1,485 19,191 32, 629 1,209 5,625 8,929 Oct. 3 (Wed.) 34,929 24,325 10,604 4,386 6,218 2,348 519 2,026 36,146 17, 501 13,410 159 3,462 1,613 18,995 32,405 1,154 5,842 8,896 Dec. 31 (Mon.).... 35,684 25,155 10,529 4,312 6,217 2,409 564 2,124 39,067 18, 904 13, 453 262 3,649 2,799 19,944 33,397 1,162 5,899 8,837 1929—Mar. 27 (Wed.).... 35,393 24, 945 10,448 4,454 5,994 2,339 517 1,741 36, 774 17, 708 13, 329 411 3,070 2,256 18, 833 32,162 1,153 6,174 8,755 June 29 (Sat.) 35,711 25, 658 10,052 4,155 5,898 2,359 433 1,8S5 35,866 17, 815 13,325 348 3,092 1,287 18,977 32,302 1,198 6,345 8,707 Oct. 4 (Fri.) 35, 914 26,165 9,749 4,022 5,727 2,322 497 2,005 36,644 17,937 13,318 315 3,153 1,921 18,952 32, 269 1,150 6,675 8,616 Dec. 31 (Tues.) 35,934 26,150 9,784 3,863 5,921 2,374 558 2,168 37,981 18,862 13, 233 143 3,517 2,225 19, 797 33, 030 879 6,709 8,522 1930—Mar. 27 (Thurs.).. 35,056 25,119 9,937 4,085 5,852 2,353 497 1,902 35, 784 17,079 13,519 325 3,204 1,657 18, 489 32, 007 347 6,760 8,406 June 30 (Mon.) 35, 656 25, 214 10, 442 4,061 6,380 2,408 484 2,360 38,069 18, 062 13,812 281 3,832 2,083 19,170 32, 982 435 6,726 8,315 Sept. 24 (Wed.).__.35,472 24, 738 10, 734 4,095 6,639 2,415 470 2,463 36, 245 16,838 13,945 257 3,817 1,387 18, 657 32, 602 316 6,827 8,246 Dec. 31 (Wed.) 34,860 23, 870 10,989 4,125 6,864 2,475 593 2,456 37, 029 17, 502 13,546 267 3,873 1,841 18, 969 32, 516 355 6,593 8,052 ^ 1931—Mar. 25 (Wed.)..._ 34, 729 22,840 11,889 5,002 6,886 2,364 461 2,791 35,902 16,339 13,663 502 4,236 1,161 18, 481 32,144 281 6, 598 7,928 M June 30 (Tues.).__. 33, 923 21, 816 12,106 5,343 6,763 2,396 519 2,517 36,123 16, 622 13,515 395 4,004 1,586 18,357 31, 872 217 6,430 7,782 Sept. 29 (Tues.)__. 33, 073 20,874 12,199 5,564 6,635 2,339 554 1,935 33, 396 15, 526 12, 776 526 3,222 1,345 17,445 30, 222 466 6,359 7,599 g Dec. 31 (Thurs.)— 30, 575 19, 261 11,314 5,319 5,996 1,975 523 1,662 30, 711 14,955 11,316 412 2,832 1,196 16, 067 27, 383 839 5,999 7,246 £ 1932—June 30 (Thurs.)... 28,001 16, 587 11, 414 5,628 5,786 1,998 478 1,731 27,836 13, 204 10, 636 387 2,870 739 14, 482 25,118 815 5,661 6,980 E Sept. 30 (Fri.) 28, 045 15, 924 12,120 6,366 5,755 2,235 407 2,049 28, 417 13, 081 10, 602 738 3,269 727 14, 626 25, 228 697 5,571 6,904 ^ Dec. 31 (Sat.) 27, 469 15, 204 12, 265 6,540 5,726 2,511 423 2,416 28; 690 13, 393 10, 550 475 3,608 665 15,193 25, 743 547 5,409 6,816 g 19335— O J c u t. n e 2 5 3 0 ( W ( e Fr d i . . ) ) _ 2 24 4 , ,9 7 5 8 3 6 1 1 3 2 , , 8 0 5 5 8 8 1 11 1 , , 8 9 9 2 4 8 6 6, , 8 8 0 8 1 7 5 5 , , 0 0 9 4 3 1 2 2, , 2 6 3 5 5 1 4 4 4 0 7 5 2 1 , , 0 84 0 8 8 2 2 6 6 , , 5 56 8 3 4 1 12 2 , , 9 9 2 9 8 4 8 9 , , 9 1 8 1 1 4 9 8 1 0 8 8 3 2 , , 0 9 4 7 7 6 8 5 0 8 2 2 1 14 4 , , 1 3 5 8 6 9 2 2 3 3 , , 1 5 3 0 7 3 1 1 9 8 1 8 4 4 , , 8 9 3 0 7 8 5 5, , 8 6 1 0 8 8 hr Dec. 30 (Sat.) 25, 220 12,833 12, 386 7,254 5,132 2,678 471 1,969 27,167 13,4 tr 9,125 967 3,125 507 14, 821 23,946 143 4,962 6,011 g 1934—Mar. 5 (Mon.) 26, 548 12, 706 13,842 8,667 5,175 3,148 486 2,303 29, 280 13, 692 9,416 1, 790 3,660 721 15, 582 24,999 91 5,006 6,206 £ June 30 (Sat.) 27,175 12, 523 14, 652 9,136 5,515 3,819 473 2,668 31,012 14, 963 9,811 1,658 4,054 526 17, 067 26, 878 35 5,105 6,375 ^ Oct. 17 (Wed.) 27, 559 12, 293 15, 267 9,186 6,081 3,976 550 2,823 32, 285 16,149 9,821 1,143 4,447 725 18, 408 28, 230 24 5,120 6,433 Dec. 31 (Mon.) 28,150 12, 028 16,122 9,906 6, 216 4,082 609 3,036 33,848 16, 774 9,908 1,636 4,546 985 18,851 28, 759 13 5,054 6,442 1 For further classification of loans and investments and of deposits, see tables 65 and 66. 2 Excludes items with Federal Reserve banks in process of collection, exchanges for clearing house and other checks on local banks, and balances not subject to immediate withdrawal. 3 Prior to Mar. 23, 1927, includes "Due to banks in foreign countries." * Aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, reserves for stock dividends on common stock, and retirement fund for preferred stock and/or capital notes and debentures. Also includes reserves for dividends prior to July 1932, and reserves for interest, taxes, and other expenses accrued and unpaid prior to Sept. 28, 1925. 6 Beginning June 1933, figures relate to licensed banks only. Back figures—See Annual Report for 1933 (table 78). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 65.—ALL MEMBER BANKS—CLASSIFICATION OF DEMAND AND TIME DEPOSITS ON SELECTED CALL DATES, 1928-34 [In millions of dollars] Demand deposits Time deposits Certified, D F u e e d - to Due offi- Banks Banks Other time deposits United Due to cers', Call date Total v p c I s j h o i n d e u t d e s o d e c b u i c - t i - t a k - s l C i p c d o e a o e r s t f t - e i i t s f- m S c i t p a t t u o i a i n a e n u e t d l s s e n i i , c - s - - , U S n t I a i n t te e d s f c o t o r r I e i u n e i n g s - n ot A h l e l r Total m S c i t p a t t o u i i a n a e u e n t d l s s e n i i , c - s - - , U S n t I a i n t te e d s f c o t o r r I e i u n e i n g s - n d p e E i s n b n a a v y g s c v i s s e - - - d c p C t d a o i o e f t e s f i e r - - i - s t c O o a p u c e n - n ts i C o n m h t i c A h n r l a l g i u e l s s r d t , - - P i s o n a s g v t s - al S p m G e o t d r a e o s e n t i n - v e - t t s - s b f s c e ( R a i e r r d t e n r r s e e v e d ) k - - e d - s U b S o n a t t i a t i h n n o t t e k e e r s d s b c t e f a r o i o i i g n n u e r n k - n s s - c l e t e c h a a r l t a e o n e a n t s c e f d r v d h k r s - s ' s books savings credit Total—All member banks: 1928—Dec. 31... 18,904 16,997 235 l,30C 0) 0) 372 13,453 418 124 9,810 1,895 1,)71 134 262 57 3,649 535 2,207 1929—Dec. 31... 18,862 16,936 202 1,335 0) 0) 389 13, 233 595 95 154 9,592 1,741 934 122 143 54 3,517 544 1,627 1930—Dec. 31. _. 17,502 15, 560 192 1,362 0) 0) 386 13, 546 509 107 238 9,591 1,885 1,027 189 267 49 3,873 545 1,245 1931—Dec. 31.- 14, 955 13,151 166 1,303 0) 0) 335 11,316 388 63 26 8,134 1,472 771 463 412 48 2,832 398 749 1932—June 30... 13, 204 11,491 138 1,314 0) (0 261 10,636 337 70 7 7,491 1,350 772 610 387 38 2, 87C 172 528 Sept. 30— 13, 081 11, 697 115 1,034 C1) 235 10,602 342 70 5 7,258 1,381 851 695 738 32 3,269 213 482 Dec 31 13 393 11,853 148 1,119 2 272 10,550 342 87 1 7,259 1,352 799 708 475 37 3,608 243 385 1933—June 30 2__12,928 11,419 120 1,087 9 I 291 8,981 300 89 1 6,127 1,038 545 3 92 788 806 34 3,047 145 623 Oct 25 12 994 11,507 127 1,106 15 239 9,114 270 87 6 6,261 989 611 3 110 781 918 37 2,976 117 428 Dec. 30 . 13,442 11,677 133 1,320 14 298 9,125 301 83 6,429 900 583 3 45 778 967 39 3,125 129 339 1934—Mar 5 13 692 11,871 134 1,425 15 247 9,416 305 92 7 6,747 880 561 3 70 755 1,790 39 3,660 172 509 June 30 14 963 12, 826 122 1,598 16 401 9,811 333 122 8 7,168 931 590 3 74 585 1,658 42 4,054 154 330 Oct. 17— 16,149 13, 961 130 1,680 19 1 357 9,821 294 135 7,352 934 550 80 472 1,143 60 4,447 136 530 Dec 31 16 774 14, 367 129 1,799 23 455 9,908 294 134 7 7, 599 882 520 19 452 1,636 48 4,546 147 790 New York City: < ig2g—Dec 31 5 621 5,241 22 133 (i) (1) 226 1,268 10 57 588 77 518 19 52 1,213 470 1,765 IQOQ Dec 31 5 975 5 574 24 128 (i) 0) 249 1 336 33 40 133 617 77 417 18 20 1 198 464 1 180 2930—Dec 31 5* 592 5,195 22 110 (i) M 264 1,296 13 37 182 452 96 477 38 37 1,349 463 865 IQQI Dec 31 4 984 4 590 31 180 0) (0 182 830 11 2 21 320 86 325 64 167 988 333 480 2932—June 30 4*4051 4 119 27 117 (1) 0) 141 801 10 3 5 309 97 310 68 118 1,103 146 359 Sept 30 4 417 4 201 19 67 (1) (1) 130 890 20 4 4 308 137 341 76 306 1 346 187 350 Dec 31 4 633 4,335 44 93 161 937 7 6 1 315 146 382 80 173 1,562 216 177 2933—June 30 2 4,776 4,474 38 96 3 1 164 808 4 22 1 280 133 250 7 110 332 1,252 127 461 Oct 25 4 585 4 328 43 71 1 142 802 10 1 5 282 121 272 4 106 379 1 213 100 299 Dec 30 4 635 4,276 36 141 182 748 14 1 6 278 97 244 1 107 422 1,200 112 167 1934—Alar 5 4 533 4,249 43 109 1 130 724 13 7 284 83 231 2 105 843 1,402 153 368 June 30 5 061 4,610 32 167 252 738 12 1 7 293 106 246 3 69 802 1 591 135 154 Oct 17 5 308 4,859 36 201 1 212 701 8 1 3 290 112 216 5 65 559 1,689 116 360 Dec. 31... 5,599 5,038 32 229 1 1 299 659 4 1 7 292 94 204 1 56 792 1,797 126 540 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Chicago:4 1928—Dec. 31... 1,127 1,056 8 53 0) 0) 9 558 31 21 276 74 154 2 6 328 39 1929—Dec. 31... 1,083 1,033 3 42 0) (0 4 419 58 19 156 54 122 2 8 310 32 1930—Dec. 31... 1,096 1,021 3 69 0) 8 3 510 73| 18 184 73 134 5 25 365 24 1 19 9 3 3 2 1 — — J D uD ec 3 . 3 3 0 1 . . ._ .. 8 7 9 3 7 4 8 6 5 6 2 2 2 1 4 7 1 0 0 C1 ) ) 8 1 1 3 3 5 8 0 9 HI 101 1 13 8 3 5 4 4 1 9 1 1 1 10 2 1 3 4 1 2 7 2 1 1 6 2 2 7 3 4 5 1 1 2 6 Sept. 30 767 727 1 38 0) 2 325 136 40j 102 30 32 285 10 Dec. 31. _ _ 875 810 1 62 2 319 148 42 105 11 18 279 12 1933—June 30 *„ 957 850 2 87 18 365 265 34 52 7 6 46 259 15 Oct. 25-__ 1,005 907 6 86 7 353 274 41 31 2 5 50 266 13 Dec. 30... 1,034 893 6 122 12 359 287 36 27 3 5 41 270 15 1934—Mar. 5_.._ 998 852 6 133 7 368 296 33 32 3 4 70 335 16 June 30. __ 1,118 923 6 174 16 3631 301 21 36 3 1 47 391 15 Oct. 17-.. 1,252 1,063 10 166 14 3581 318 18 19 3 1 31 434 20 Dec. 31... 1,255 1,049 8 182 16 382 330 17 32 2 1 46 445 23 Reserve city banks: 1928—Dec. 31 6,035 5,480 47 430 0) 0) 78 4,832 260 37 3,707 466 302 60 153 13 1,681 277 1929—Dec. 31... 5,970 5,423 41 423 0) 0) 83 4,888 371 30 3,724 411 299 41 76 10 1,604 290 1930—Dec. 31. 5,594 5,054 48 422 0) 0) 71 5,202 295 42 3,907 546 321 59 152 9 1,773 243 1931—Dec. 31... 4,779 4,276 41 390 0) 0) 71 4,456 280 44 3.283 429 234 202 169 10 1, 275 170 1932—June 30. _ 4,279 3,785 30 393 0) 0) 71 4,223 224 47 3,048 377 258 268 188 9 1,276 103 Sept. 30... 4,271 3,869 23 316 0) 0) 62 4,230 208 47 2.971 392 283 329 304 6 1,394 77 Dec. 31. 4,281 3,833 29 349 70 4,217 230 62 2,962 385 241 338 211 8 1,503 133 1933—June 30 K. 4,062 3,607 28 349 4 73 3,597 208 59 2. 450 265 207 19 388 312 7 1,311 101 Oct. 25-. 4,189 3,709 36 370 12 62 3,614 171 74 2, 470 233 263 25 377 375 7 1,268 78 Dec. 30... 4,357 3,788 45 435 11 78 3,653 203 72 2,527 211 267 6 366 393 7 1,404 103 1934—Mar. 5.... 4,449 3,846 34 480 11 78 3, 762 205 80 2,648 210 258 14 345 696 7 1,6411 83 J D O u e c n c t . e . 1 3 3 7 0 1 . . . .. .. . 4 5 5, , , 5 3 9 2 2 0 4 7 0 4 4 4 , , , 7 2 6 7 2 5 4 9 2 3 3 3 7 8 9 5 5 5 2 2 8 6 6 5 2 1 1 0 3 6 1 9 9 0 6 4 5 3 3 4 , 9 9 0 4 6 0 4 8 3 1 i 2 2 19 3 0 8 6 4 1 j 1 1 1 0 1 1 5 7 7 2 2 3 , , , 8 9 0 4 1 3 5 5 8 2 2 2 3 2 1 9 9 0 2 2 2 6 6 3 1 5 9 2 2 6 1 6 2 1 1 5 9 8 9 6 6 6 4 6 3 2 2 5 7 0 1 8 7 0 1 1 1 , , , 7 9 9 7 6 7 2 4 9 1 1 1 0 0 6 9 2 2 Country banks: 1928—Dec. 31 6,121 5,219 157 684 0) 0) 60 6,794 116 10 5,240 1,278 98 54 50 44 427 127 1929-Dec. 31... 5,833 4,906 133 742 0) 0) 52 6,590 133 6 5. 095 1,199 95 61 39 44 405 125 1930—Dec. 31. . 5,220 4,290 119 762 0) 0) 48 6,538 128 11 5,04' 1,170 95 88 53 40 387 112 1931—Dec. 31.-. 4,296 3,432 91 692 0) 0) 80 5.641 106; 7 4,346 916 88 179 61 39 295 83 1932—June 30... 3,786 2,926 79 734 0) 0) 47 5,262 94 7 4.001 826 103 231 60 30 257 52 Sept. 30... 3,626 2,900 71 613 0) 0) 41 5,157 110| 7 3,842 812 126 260 96 26 244 43 Dec. 31... 3,605 2,875 74 615 1 39 5,076! 1041 3,835 77! 72 279 72 29 263 61 1933—June 30 *__ 3,133 2,488 51 555 2 37 4,211 86 3,132 605 36 59 284 116 27 225 45 D O e c c t . . 2 3 5 0 .._ .. _ . 3 3 , , 2 4 1 1 4 7 2 2, , 7 5 2 6 0 2 4 4 2 7 6 5 2 7 1 9 1 2 2 8 6 4 4 , , 3 3 4 6 5 5 ! 1 8 8 7 3 3 3 , , 2 3 3 3 6 7 5 5 9 5 3 6 4 4 5 5 3 7 5 9 2 3 9 0 3 0 1 11 1 1 4 3 3 1 2 2 2 2 5 8 1 3 5 7 4 1934—Mar. 5.... 3,712 2,924 51 702 3 32 4,562 3,518 554 41 51 301 181 32 281 42 June 30.. 3,884 3,065 47 731 33 38 4,745 3,729 565 47 47 256 174 34 300 51 Oct. 17.... 4,261 3,388 46 787 3 38 4,814! 3,830 575 49 46 210 125 50 345 48 Dec. 31... 4,395 3.505 49 804 2 35 4. 864 ! 3.939 560 44 11 210 178 41 340 65 1 Included in due to banks in United States and due to banks in foreign countries, respectively. 2 Beginning with June 1933 the figures relate to licensed banks only. 3 Includes deposits the payment of which has been deferred beyond the time originally comtemplated, either by agreement with depositors or otherwise: June 30,1933, $33,000,000: Oct. 25, 1933, $36,000,000; Dec. 30, 1933, $27,000,000; Mar. 5, 1934, $34,000,000; June 30, 1934," $14,000,000. 4 Central reserve city banks only. Back figures.—See Annual Report for 1933 (tables 77 and 7^ • CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 66.—CLASSIFICATION OF MEMBER BANK LOANS AND INVESTMENTS ON SELECTED CALL DATES, 1928-34 Or [In millions of dollars] O Loans to banks Loans to customers (exclusive of banks) Open-market loans Investments Call date i m T n lo a v o e n a e n t n d a s t s t l s - Total c s b t u a o S o b n r e n c y e - d d k d s s ot Al he l r Total Y C N k b o s S s T i o r i e u e t t o d e r o o y r t w - c b k e s - c u i o k r n s e to d o d a c m T s t u n h b s o e d - e y r r s F l S a r a n e e r a c d m u l r e e e s O d t r s a e t t b h t a a e e y t l e r b a p c o a K n i a e o w n n c c e p r - g k - e n t t - s - s ' w O c u c i a u s u n t n e h r r s e d e e e s d d r - e - - Total a U S a b c p t A n n a e l P a e i c c p t y t u - e e e t i - r s - s n d c 2 h a a a c b p e a n s A e t r a b c e c p c y o l e d t - . - a s e - , d , pa C p p m c a e o i e p r m a r e l - - r k t Y L o N e o o r b e s r a r k w n o i n s - i Total o d m U t G e b i i o . r r l e o i e n n n g v S c - s a t - . t - a m U g t G f O n e i u g b u o . r t e o b l S a e y a n l n n v l . - y e r - i s t - - - d s O e t c t i h e u s e ri r - s b T l t o a o o o o n a n c n t n d d k a s l s s Total—All member banks: 1928—Dec. 31. 35, 684 538 21,460 975 6,373 2,711 10,991 3,158 109 103 390 2,556 10, 529 4,311 6,217 510,172 1929—Dec. 31 _ 35, 934 714 () ( 23,194 803 7,685 388 2,803 () 11,515 2,243 212 80 291 1,660 9,784 3,863 5,921 510,505 1930— Dec. 31. 34,860 631 315 316 21,007 675 7,266 387 2,847 0) 9,831 2,233 315 55 366 1,498 10,989 4,125 6,864 9,754 1931—Dec. 31- 30, 575 790 455 334 17, 570 391 5,899 359 2,678 116 8,126 901 146 41 140 575 11,314 5,319 5,996 7,320 1932—June 30- 28, 001 573 345 228 15,267 283 5,009 363 2,531 189 5,892 747 313 34 122 278 11,414 5,628 5,786 5,916 Sept. 30_ 28,045 457 270 187 14,498 258 4,828 368 2,517 158 970 407 34 115 414 12.121 6,366 5,755 5,770 Dec. 31. 27, 469 444 242 202 13,905 241 4,608 356 2,505 225 5,970 855 375 30 93 357 12, 266 6,540 5,726 5,447 1933—June 30 6 24, 786 330 179 150 11, 337 165 3,752 308 2,064 192 4,857 1,191 291 25 87 788 11,928 6,887 5,041 4,884 Oct.25._ 24,953 297 156 142 11, 523 178 3,631 311 2,052 257 5,092 1,238 303 24 164 748 11,894 6,801 5,093 4,713 Dec. 30_ 25, 220 287 158 129 11,315 166 3,606 318 2,041 213 4,972 1,231 223 37 132 840 12,386 7,254 5,132 4,769 1934—Mar. 5__ 26, 548 225 107 118 11,093 164 3,480 298 2,084 250 4,817 1,387 350 26 157 855 13,842 8,667 5,175 4,606 June 30. 27,175 153 53 100 10,804 208 3,309 288 2,068 210 4,721 1,566 264 20 200 1,082 14,652 9,137 5,516 4,651 Oct. 17._ 27, 559 149 52 98 10, 782 167 3,158 266 2,030 229 4,932 1,361 276 30 253 802 15, 267 9,186 709 5,372 4,178 Dec. 31. 28,150 155 55 101 10, 509 187 3,110 262 2,012 232 4,708 1,363 256 31 232 843 16.122 9,906 5,227 4,194 New 1 9 Y 2 o 8 r — k D C e i c t . y : 3 ? 1 _ 7,951 8 3,940 50 1,658 132 2,100 1,791 61 6-1 29 1,639 1,933 1,094 •3,491 1929—Dec. 31. 8,774 322 () 4,964 55 2,145 169 () 2,595 1,396 128 46 21 1,202 2,091 1,112 979 6 3, 562 1930—Dec. 31. 8,582 283 151 4,338 104 2,033 147 0) 2,054 1,525 188 22 34 1,281 2,435 1,239 1,197 3,550 1931—Dec. 31. 7,460 374 132 170 3,694 87 1,641 153 77 1,735 695 107 17 29 542 2,697 1,768 928 2,474 1932—June 30. 6,715 260 204 105 2,856 65 1,279 159 138 1,216 564 262 21 23 258 3,033 2,008 1,025 1,757 Sept. 30. 7,112 203 155 83 2,638 63 1,237 154 90 1,094 764 341 18 14 391 3,508 2,429 1,079 1,811 Dec. 31. 7,327 216 120 101 2,620 61 1,186 159 148 1,066 701 330 15 19 337 3,789 2,603 1,186 1,699 1933—June 30 • 7,133 162 115 77 2,297 38 1,044 157 120 937 964 224 10 10 720 3,709 2,551 1,158 1,887 Oct. 25- 6,971 143 85 70 2,434 47 149 179 1,075 891 233 8 27 624 3,501 2,320 1,181 1,728 Dec. 30. 6,995 146 72 63 2,395 45 147 130 1,084 912 170 17 19 706 3,542 2,362 1,179 1,824 1934—Mar. 5. _ 7,351 112 84 60 2,321 47 155 171 1,009 986 276 8 14 687 3,932 2,768 1,164 1,724 June 30. 7,666 68 52 47 2,202 55 882 155 144 965 1,131 225 10 13 883 4,265 3,053 1,212 1,840 Oct. 17._ 7,543 66 20 43 2,294 50 826 150 159 1,108 232 12 631 4,300 2,954 237 1,109 1,531 Dec. 31. 7,761 24 35 2,202 54 820 139 164 1,024 210 16 662 4,602 3,246 278 1,078 1,565 28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Chicago:7 i 1928—Dec. 31. 1,910 40 (3) (3) 1,388 309 598 3 39 « 440 91 1 1 14 75 391 174 217 « 1,002 1929—Dec. 31. 1,757 88 (3) (3) 1,330 240 533 2 19 (4) 535 30 9 5 5 11 309 116 193 «828 1930—Dec. 31. 1,861 55 42 13 1,194 201 472 2 18 (4) 501 95 18 14 18 45 518 240 277 761 1931—Dec. 31. 1,517 87 74 13 926 124 407 1 22 11 361 24 2 10 9 3 480 288 191 608 1932—June 30. 1,277 77 68 10 777 93 361 1 25 15 282 22 5 5 11 1 400 234 168 522 Sept. 30_ 1,192 53 45 9 659 85 292 1 25 29 227 35 16 6 12 1 445 256 189 422 Dec. 31. 1,045 42 34 8 550 67 231 1 18 23 210 37 22 5 9 1 414 228 186 333 1933—June 30 6 1,287 30 24 6 589 48 251 3 26 24 237 58 27 7 12 13 610 384 226 336 Oct.25._ 1,196 26 21 6 608 51 245 2 30 27 254 67 25 7 19 16 495 284 211 333 Dec. ! 1,259 22 17 5 524 33 208 1 28 32 222 58 15 8 16 18 655 386 276 1934—Mar. 5. _ 1,440 16 15 1 514 36 203 1 27 27 221 57 18 7 17 15 852 564 288 269 June 30. 1,445 13 12 1 491 41 188 1 20 21 219 52 13 1 18 19 889 585 304 260 Oct. 17.. 1,542 11 10 1 474 23 178 1 19 18 236 75 20 7 25 24 982 687 218 234 Dec. 31. 1,581 11 10 1 435 29 170 1 17 16 202 87 29 5 27 26 1,049 743 229 235 Other reserve cities: 1928—Dec. 31. 12,156 173 (3) 8 7,879 509 2,318 118 1,387 0) 3,546 651 16 33 136 465 3,454 1,662 1,791 «3,379 1929—Dec. 31. 12,029 258 (3) 8,418 426 2,775 110 1,428 (4) 3,679 408 43 24 102 239 2,944 1,368 1,576 s 3, 569 1930—Dec. 31. 11,897 231 125 106 7,712 312 2,671 120 1,491 (*) 3,119 436 104 15 194 123 3,517 1,486 2,031 3,230 1931—Dec. 31. 10,598 260 154 106 6,481 152 2,123 120 1,395 23 2,668 111 33 12 53 14 3,746 1,844 1,902 2,443 1932—June 30. 9,768 177 108 69 5,743 105 1,844 124 1,257 33 2,380 96 33 7 50 6 3,753 1,953 1,800 2,063 Sept. 30. 9,788 152 93 59 5,537 92 1,835 125 1, 255 36 2,194 117 41 9 53 14 3,981 2,209 1, 772 2,034 Dec. 31. 9,489 136 83 53 5,327 96 1,774 121 1,258 52 2,027 77 22 8 36 11 3,948 2,234 1,714 1,965 1933—June 30« 8,492 99 63 36 4,257 63 1,340 123 1,008 46 1,678 125 36 6 38 45 4,011 2,483 1,528 1,511 Oct.25__ 8,756 94 56 38 4,304 66 1,297 121 992 49 1,779 207 43 7 72 84 4,151 2,605 1,546 1,503 Dec. 30. 8,898 SO 50 31 4,273 73 1,316 120 1,001 48 1,714 200 36 9 61 94 4,344 2,823 1,522 1,533 1934—Mar. 5._ 9,376 (53 34 29 4,154 65 1,262 116 1,014 48 1,650 249 46 8 72 123 4,911 3,390 1,521 1,484 June 30. 9,609 40 17 23 4,096 97 1,200 116 1,008 41 1,634 259 21 6 97 135 5,214 3,516 1,698 1,448 Oct. 17.. 9,826 44 16 29 4,088 80 1,142 104 996 47 1,720 253 19 8 126 99 5,441 3,553 180 1,708 1,335 Dec. 31. 10,028 55 15 40 4,024 90 1,124 102 988 49 1,671 234 13 9 108 105 5,715 3,809 279 1,628 1,333 Country banks: 1928—Dec. 31. 13,667 37 (3) (3) 8,253 107 1,799 290 1,153 (4) 4,904 625 30 8 211 376 4,751 1,382 3,370 «2,300 , 1929—Dec. 31. 13,375 45 (3) (3) 8,482 83 2,231 276 1,186 0) 4,705 408 33 5 163 208 4,439 1,267 3,172 » 2, 545 1930—Dec. 31. 12, 519 62 15 46 7,762 59 2,090 264 1,191 (4) 4,158 177 5 3 120 49 4,519 1,159 3,359 2,213 1931—Dec. 31. 10,999 69 24 45 6,469 28 1,728 237 1,109 3,362 71 4 2 48 16 4,392 1,418 2,974 1,796 L L 1932—June 30. 10,240 15 44 5,891 20 1,525 238 1,090 3 3,015 64 13 2 36 13 4,226 1,432 2,794 1,574 Sept. 30- 9, 954 49 12 37 5,663 17 1,464 241 1,084 4 2,854 55 8 2 36 9 4,186 1,471 2,715 1,503 Dec. 31. 9,607 50 10 40 5,405 15 1,417 234 1,070 2 2,667 39 1 2 28 8 4,114 1,474 2,640 1,450 1933—June 30« 7,873 38 7 31 4,194 15 1,117 182 873 3 2,005 43 4 1 27 10 3,598 1,469 2,129 1,149 Oct.25._ 8,031 35 7 28 4,175 14 1,104 189 881 3 1,984 73 2 2 46 23 3,748 1,592 2,156 1,148 Dec. 30. 8,068 38 7 31 4,123 15 1,092 196 865 3 1,952 62 3 3 34 22 3,845 1,683 2,162 1,13 6 1934—Mar. 5._ 8,381 35 8 28 4,103 16 1,077 181 887 5 1,937 95 10 2 54 30 4,148 1,946 2,202 1,129 June 30. 8,456 33 4 29 4,016 14 1,039 170 886 3 L ,903 124 5 2 72 45 4,283 1,982 2,301 1,102 Oct. 17__ 8,649 28 3 25 3,926 15 1,012 161 865 5 1,868 150 5 3 95 48 4,545 1,992 215 I 2,337 1,078 Dec. 31. 8,780 27 2 25 3,849 14 996 158 867 2 1,810 149 5 2 92 50 4,756 2,108 355 1 2,293 1,062 1 Includes loans to dealers in securities. « Included in following column, prior to June 1931. 2 Exclusive of acceptances acquired and held by the accepting member banks, shown * Security loans to banks estimated as H of total loans to banks. in a preceding column. • Beginning with June 1933, figures relate to licensed banks only. 3 Not available. 7 Central reserve city banks only. Back figures.See Annual Report for 1933 (table 79). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 67.—ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, RESERVES HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY MONTHS, 1934 [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves held Borrow- Reserves ings at Class of bank and month N m e a t n d de l - Time 2 Total required Total Excess R F b e e a d s n e e k r r v a s e l All member banks: January 15,021 9,227 24, 248 1,875 2,740 866 84.6 February 15,341 9,333 24,674 1,908 2,799 891 54.2 March 15,851 9,437 25,288 1,970 3,345 1,375 41.2 April 16,457 9,552 26,009 2,041 3,582 1,541 30.6 May 16, 720 9,643 26,363 2,071 3,695 1,624 25.9 June 16, 988 9,711 2,105 3,790 1,685 22.1 July 17,276 9,796 27,073 2,139 3,928 1,789 18.1 August 17,490 9,819 27, 310 2,161 4,045 1,884 16.3 September 17,806 9,809 27,615 2,192 3,947 1,754 18.0 October _. 18, 208 9,826 28,034 2,234 3,964 1,731 10.7 November 18, 524 9,840 28, 364 2,266 4,100 1,835 10.2 December 18, 769 9,769 28,538 2,290 4,037 1,748 9.7 New York City: s January 5, 599 749 6,348 750 897 147 .1 February 5,624 746 6,370 754 872 118 .1 March 5,943 728 6,671 794 1,227 432 .1 April 6,256 736 6,992 835 1,290 455 May 6,283 719 7,001 838 1,323 485 .01 June 6,433 735 7,168 858 1,391 532 .01 July 6,500 736 7,236 867 1,393 526 .02 August 6, 534 719 7,252 871 1,509 638 .5 September. _ _ 6, 591 709 7,300 878 1,440 562 1.4 October 6,704 705 7,409 893 1,461 568 .7 November 6,780 685 7,465 902 1,506 604 .04 December 647 7,512 912 1,468 556 Chicago:3 January 1,121 350 1,471 156 328 171 February.._ 1,170 349 1, 519 163 335 173 March 1,172 358 1,530 163 342 179 April 1,193 346 1,539 165 372 207 May 1,281 356 1,637 177 395 217 June 1,319 349 1,668 182 419 237 July 1,370 357 1,727 189 496 308 August 1,407 357 1,764 194 501 308 September., 1,441 363 1,804 198 502 304 October 1,467 361 1,828 202 457 255 November.. 1,485 370 1,855 204 484 280 December. _ 1,495 366 1,861 205 445 239 Reserve city banks: January 4,773 3,693 8,466 588 893 305 10.5 February 4,878 3,727 8,605 600 936 336 4.3 March 5,000 3,774 8,774 613 1,080 467 3.4 April 5,191 3,839 9,029 634 1,164 530 1.1 May 5,260 3,890 9,150 643 1,204 561 .9 June 5,326 3, 936 9,262 651 1,213 563 .7 July 5,437 3,962 9,399 663 1,229 566 .5 August 5,534 3,982 9, 516 673 1,217 544 .1 September 5,662 3,969 9,632 685 1,190 505 .2 October 5,802 3,957 9,759 699 1,210 511 .2 November 5,932 3,957 9,889 712 1,262 550 1.2 December 6,032 3,935 9,968 721 1,282 561 1.0 Country banks: January 3,528 4,435 7,963 380 622 242 74.1 February 3,668 4,512 8,180 392 656 263 49.8 March 3,736 4,578 8,314 399 696 297 37.5 April 3,817 4,632 8,449 406 756 350 29.3 May 3,896 4,679 8,575 413 773 360 25.0 June 3,909 4,691 8,601 414 767 353 21.4 July 3,969 4,741 8,710 420 810 390 17.6 August 4,016 4,761 8,777 424 817 393 15.8 September. _ 4,111 4,767 8,878 431 814 383 16.3 October 4,235 4,802 9,038 441 837 396 9.8 November. _. 4,326 4,829 9,154 448 849 401 9.0 December. __ 4,376 4,821 9,197 451 843 392 8.7 1 Subject to reserve requirements of 13 percent for central reserve city banks, 10 percent for reserve city banks, and 7 percent for banks outside central reserve and reserve cities (so-called "country" banks). 2 Subject to reserve requirements of 3 percent. Central reserve city banks only. Less than $50,000. Back figures.—SQQ Annual Report for 1933 (table 73). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

153 ALL MEMBEE BANKS No. 68.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY MONTHS, 1934 [Averages of daily figures. In millions of dollars] Net Net Net Net de- Net de- Net de- Net de- Net Month mand de- Time mand de- Time mand de- Time mand de- Time (1934) plus mand de- plus mand de- plus mand de- plus mand detime de- posits time de- posits time de- posits time de- posits de- posits de- posits de- posits de- posits posits posits posits posits Boston district New York district Philadelphia district Cleveland district January 1,761 1,055 707 8,546 6,435 2,111 1,832 887 945 1,958 939 1,019 February— 1,768 1,049 719 8,607 6,499 2,108 1,869 912 956 2,019 976 1, 042 March 1,796 1,067 730 8,912 6,814 2,098 1,911 943 968 2,061 1,000 1,061 April 1,850 1,112 738 9,270 7,146 2,124 1,946 958 988 2,118 1,041 1, 077 May 1,877 1,139 738 9,301 7,185 2,116 1,966 970 997 2,170 1,075 1,095 June 1,879 1,144 735 9,469 7,329 2,139 1,978 992 985 2,196 1,095 1,101 July 1,919 1,182 736 9,552 7,399 2,153 2,003 1,002 1,001 2,238 1,120 1,118 August 1,920 1,180 739 9,590 7,446 2,145 2,000 991 1,009 2,261 1,139 1,123 September. 1,931 1,195 736 9,660 7,518 2,142 2,011 If004 1,008 2,263 1,142 1,121 October 1,965 1,231 734 9,799 7,654 2,145 2038 1,024 1,014 2,275 1,156 1,120 N D o ec v e e m m b b e e r r . . 1 1 , , 9 9 6 2 1 3 1 1 , , 2 2 3 1 7 2 7 7 1 2 1 3 9 9, , 9 8 1 5 2 8 7 7 , , 8 7 4 3 0 9 2 2 , , 1 0 1 7 9 2 2 2 t ^ 0 05 5 3 0 1 1 , , 0 05 3 4 3 1,0 9 1 9 6 9 2 2 , , 3 3 4 0 8 8 1 1, , 2 1 4 9 4 0 1 1 , , 1 1 1 0 8 3 Richmond district Atlanta district Chicago district St. Louis district January 945 504 441 716 396 2, 773 1,846 927 801 489 312 M Fe a b r r c u h ary— 9 97 5 2 3 5 5 0 1 9 9 4 4 4 5 4 4 7 75 4 4 0 4 4 1 2 7 9 3 32 2 5 2 2 2 ; , 9 8 6 7 0 4 1 1 , , 9 9 3 9 4 1 9 96 3 9 9 8 83 2 9 7 5 5 0 1 4 6 3 32 2 3 2 April 988 532 456 771 444 3,062 2,082 980 874 539 335 May 1,028 565 463 768 440 328 3,201 2,199 1,002 868 536 332 June 1,025 557 468 760 436 324 3,253 2,245 1,008 862 531 332 July 1,039 571 468 766 438 3,332 2,306 1,026 871 538 333 August 1,058 589 768 440 3,401 2,368 1,033 877 544 333 September. 1, 072 606 466 776 449 328 3,479 2,436 1,043 888 553 334 October 1,092 628 465 800 470 330 3, 527 2,477 1,050 912 577 335 November. 1,118 650 467 827 492 335 3,580 2, 509 1,071 946 608 339 December. _ 1,116 649 467 847 513 334 3,632 2,550 1,082 953 619 334 Minneapolis district Kansas City district Dallas district San Francisco district January 655 319 335 941 638 303 698 506 2, 622 1,007 1, 615 February—_ 661 318 343 969 663 306 728 533 196 2, 661 1,025 1, 636 March 671 329 342 989 679 310 728 535 193 2, 694 1,028 1,666 April 678 340 338 998 684 314 716 523 193 2,738 1, 054 1,684 May 679 341 338 1,020 703 317 709 516 193 2,774 1,051 1,723 June 699 364 335 1,018 704 315 712 519 193 2,848 1,072 1, 776 July 708 370 337 1,035 724 311 719 521 198 2,892 1,105 1,787 August 727 391 335 1,060 740 320 724 527 197 2,924 1,136 1,789 September _ 743 410 333 1,065 753 311 752 557 194 2,975 1,184 1,791 October 754 416 338 1,089 776 314 778 584 195 3,004 1,216 1,788 November _ 771 432 339 1,113 793 319 793 596 197 3,040 1,244 1, 796 December. _ 776 436 340 1,113 803 311 /93 598 3,073 1,251 1,821 Back figures.—See Annual Report for 1933 (table 74). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 69.—NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS, 1933-34 [Averages of daily figures. In millions of dollars] Member banks Member banks Member banks Member banks in places with in places with in places with in places with population of population under population of population under 15,000 and over 15,000 15,000 and over 15,000 Month Month d d e e N m po e a s t n it d s de T p i o m s e its d de e N p m o e a s t n it d s de T p i o m s e its d de e N p m o e a s t n it d s de T p i o m s e its d de e N p m o e a s t n it d s de T p i o m s e its 1933 1 1934 1 January 13,767 8,324 1,349 2,201 January 13, 613 7,356 1,408 1,871 February 13,330 8,160 1,315 2,172 February 13,856 7,423 1,485 1,910 March 2 March 14, 340 7,510 1,511 1,927 April3 11,961 6,931 1,117 1,702 April 14,931 7,609 1,526 1,943 May 12,665 6,982 1,150 1,12 May 15,168 7,678 1,552 1,965 June 13,053 7,005 1,188 1,727 June 15,426 7,736 1,561 1,975 July 12, 875 7,292 1,225 1,768 July_.._ 15, 679 7,799 1,597 1,998 August 12,686 7,333 1,234 1,786 August 15, 859 7,810 1,631 2,009 September... 12,775 7,314 1,252 1,799 September. __ 16,123 7,790 1, 682 2,019 October 12,943 7,309 1,300 1,817 October 16, 476 7,796 1,732 2,030 November 13,014 7,319 1,333 1,820 November.-. 16,755 7,790 1, 769 2,050 December. _. 13, 201 7,256 1,366 1,822 December 16,993 7,718 1.776 2,052 1 On basis of 1930 census of population. « March data not available. 3 Beginning with April 1933 the figures relate to licensed banks only. Back figures.—See Annual Report for 1933 (table 75). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

155 ALL MEMBER BANKS No. 70.—LICENSED MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVE CITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, RESERVES HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY WEEKS, 1934 [Averages of daily figures. In millions of dollars] Deposits subject to Reserve Reserves held Borrowings at Week ending (Friday) Reserves Federal dem Ne an t d Time s Total required Total Excess R b e a s n e k rv s e New York City:3 1934—Jan. 5... 5,574 747 6,321 747 891 144 Jan. 12... 5,523 746 6,269 740 878 138 0.1 Jan. 19... 5,593 744 6,337 749 905 156 .1 Jan. 26— 5,652 754 6,406 757 942 184 .04 Feb. 2— 5,647 754 6,401 757 850 93 .1 Feb. 9__. 5,572 756 6,328 747 806 59 .2 Feb. 16.. 5,612 754 6,366 752 844 92 .1 Feb. 23.. 5,644 736 6,379 756 863 107 .1 Mar. 2... 5,719 731 6,450 765 1,066 301 .2 Mar. 9... 5,788 726 6,514 774 1,192 417 .1 Mar. 16. 5,971 719 6,690 798 1,210 412 .2 Mar. 23_. 5,989 727 6,716 800 1,241 440 .2 Mar. 30.. 6,045 736 6,782 1,268 460 Apr. 6... 6,166 742 6,909 824 1,305 481 Apr. 13 _. 6,219 739 6,958 831 1,219 389 Apr. 20.. 6,282 735 7,017 839 1,261 422 Apr. 27.. 6,300 731 7,031 841 1,363 522 May 4__. 6,320 729 7,050 844 1,284 441 .02 May 11.. 6,227 715 6,942 831 1,261 430 .03 May 18- 6,255 717 6,972 835 1,317 482 May 25- 6,287 720 7,007 1,372 533 June1—. 6,364 719 7,083 849 1,399 550 June 8— 6,399 722 7,122 854 1,372 519 June 15.. 6,510 726 7,237 868 1,396 528 .03 June 22.. 6,404 743 7,147 855 1,360 505 June 29.. 6,416 750 7,166 857 1,428 572 July 6... 6,461 741 7,202 862 1,339 476 July 13.. 6,443 749 7,192 860 1,342 482 July 20.. 6,529 732 7,260 871 1,394 523 July 27.. 6,530 729 7,259 871 1,435 564 .03 Aug. 3... 6,543 728 7,271 872 1,476 604 .1 Aug. 10.. 6,473 726 7,199 863 1,479 616 .2 Aug. 17_. 6,531 722 7,253 871 1, 521 651 .4 Aug. 24.. 6,534 713 7,247 871 1,520 650 .5 Aug. 31.. 6,602 709 7,311 879 1,548 .9 Sept. 7.. 6,632 707 7,339 1,445 561 1.5 Sept. 14. 6,577 711 7,289 876 1,399 523 1.9 Sept. 21 _ 6,562 708 7,270 874 1,437 562 1.4 Sept. 28. 6,582 709 7,291 877 1,467 590 1.0 Oct. 5.. 6,627 712 7,339 1,474 591 1.4 Oct. 12. 6,627 711 7,338 1,484 602 1.4 Oct. 19. 6,718 706 7,423 1,449 554 .7 Oct. 26. 6,759 701 7,460 900 1,439 539 Nov. 2... 6,806 697 7,503 906 1,467 561 .1 Nov. 9... 6,756 693 7,449 899 1,430 531 .1 Nov. 16.. 6,725 686 7,411 895 1,478 583 Nov. 23.. 6,784 682 7,466 902 1,563 661 Nov. 30.. 6,840 675 7,515 909 1,565 655 Dec. 7._ 6,850 656 7,506 910 1,469 559 Dec. 14. 6,922 645 7,567 919 1,457 538 Dec. 21. 6,872 641 7,514 913 1,421 508 Dec. 28. 6,822 645 7,467 906 1,482 576 1 Subject to Reserve requirements of 13 percent for central Reserve city banks and 10 percent for Reserve city banks. 2 Subject to Reserve requirements of 3 percent. 3 Central Reserve city banks only. Back figures.—See Annual Report for 1933 (table 82). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 70.—LICENSED MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVE CITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, RESERVES HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY WEEKS, 1934—Continued [Averages of daily figures. In millions of dollars] Deposits subject to Reserve Reserves held Borrow- Week ending (Friday) de N m e a t nd Time Total R re e q s u e i r r v e e d s Total Excess R F i b n e e a g d s n s e e k r r a v s a t e l Chicago:3 1934—Jan. 5 1,093 353 1,446 153 340 188 Jan. 12 1,112 349 1,461 155 321 166 Jan.19 1,131 349 1,480 158 326 168 Jan.26 1,137 350 1,487 158 333 175 Feb. 2 _._ 1,133 346 1,479 158 323 165 Feb. 9 1,154 340 1,493 160 343 182 Feb. 16 1,184 340 1, 524 164 357 193 Feb. 23 1,180 352 1,532 164 352 188 Mar. 2 1,170 372 1,542 163 320 157 Mar. 9 _ . 1,171 373 1, 544 163 329 165 Mar. 16 1,190 365 1,555 166 368 202 Mar. 23.. 1,175 352 1,528 163 353 190 Mar. 30 1,164 339 1,503 161 341 179 0.4 Apr. 6 1,072 338 1,410 150 315 165 1 0 Apr. 13 . 1,175 340 1,514 163 370 207 . l Apr. 20 1,233 342 1,575 171 393 222 .01 Apr. 27. 1,250 356 1,606 173 393 219 May 4 . .. 1,256 361 1,616 174 383 209 May 11 1,267 361 1,628 t76 383 208 May 18 1,278 361 1, 639 177 397 220 May 25 1,288 353 1,641 178 401 223 June 1 1,309 345 1,654 181 406 226 June 8 1,319 343 1,662 182 404 222 June 15 1, 339 344 1,683 184 425 241 June 22 1,310 348 1, 658 181 415 234 June 29 _ 1,311 359 1,670 181 432 251 July 6 1,314 362 1,675 182 447 265 July 13 1,352 361 1, 713 187 485 298 July 20 1,374 362 1,736 190 510 320 July 27 1,404 349 1,753 193 520 327 Aug. 3_. 1,412 350 1,762 194 508 314 Aug. 10 1,388 352 1,740 191 485 294 Aug. 17 1,406 353 1, 760 193 500 307 Aug. 24.. . 1,409 361 1,770 194 502 308 Aug. 31 1,425 365 1, 790 196 524 328 Sept. 7_ . _ 1,421 368 1,789 196 514 318 Sept. 14 1,433 369 1,802 197 514 317 Sept. 21 _ 1,443 364 1,807 199 489 290 Sept. 28 1,460 355 1,816 200 495 295 Oct 5 1,457 354 1,810 200 457 257 Oct. 12 1,457 354 1,811 200 438 238 Oct. 19 1,472 356 1,828 202 453 251 Oct. 26 1,476 370 1,846 203 472 269 Nov. 2 1,476 373 1,849 203 481 278 Nov. 9 1, 471 375 1,846 202 480 278 Nov. 16 . 1,479 375 1,854 203 486 283 Nov. 23 1,493 368 1,861 205 485 280 Nov. 30 - 1,501 360 1, 861 206 483 277 Dec. 7 - - 1,501 359 1, 860 206 472 266 Dec 14 1,512 360 1,872 207 474 267 Dec. 21 1, 505 365 1, 870 207 433 227 Dec. 28 1,482 375 1, 856 204 412 208 3 Central Reserve city banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS 157 No. 70.—LICENSED MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVE CITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, RESERVES HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY WEEKS, 1934—Continued [Averages of daily figures. In millions of dollars] Deposits subject to Reserve Reserves held Borrowings at Week ending (Friday) dem Ne a t nd Time Total R re e q s u e i r r v e e d s Total Excess R F b e e a d s n e e k r r v s a e l Reserve city banks: 1934—Jan. 5- 4,709 3, 651 8,360 580 859 279 10.8 Jan.12 4,726 3,668 8,394 583 877 294 11.8 Jan.19 4,784 3,684 8,468 589 902 313 11.1 Jan. 26 4,817 3,702 8,519 593 922 329 9.6 Feb. 2 4,815 3,714 8,529 593 909 316 6.3 Feb.9 4, 831 3,715 8,545 594 919 324 4.2 Feb. 16 4,908 3, 726 8,634 603 940 338 4.5 Feb. 23 4,910 3,730 8,640 603 951 348 4.3 Mar 2 4,919 3,743 8,662 604 953 349 4.1 Mar. 9 __ 4, 917 3,752 8,669 604 1,017 413 4.2 Mar 16 5,007 3,754 8,761 613 1,114 501 3.6 Mar 23 5,028 3,784 8,813 616 1,107 491 2.7 Mar. 30 5,062 3,791 8,853 620 1,105 485 2.3 Apr. 6 5,067 3,796 8, 864 621 1,093 473 1.7 Apr 13 5,151 3 802 8, 953 629 1,180 551 1.2 Apr 20 5, 223 3,828 9,051 637 1,195 558 1.1 Apr. 27 5,244 3,853 9,097 640 1,184 544 .9 May 4_. _ 5, 264 3,906 9,170 644 1,163 519 1.0 May 11 5,227 3,879 9,106 639 1,204 565 .9 May 18 5,280 3,892 9,173 645 1,212 567 .8 May 25 _ 5,271 3,900 9,170 644 1, 217 573 .8 June 1 _ 5,279 3,899 9,178 645 1,200 555 .9 June 8 5, 275 3,921 9,196 645 1,207 562 1.0 June 15_ 5,370 3,929 9,299 655 1,242 587 .7 June 22 5,335 3,946 9,281 652 1,209 557 .9 June 29 ___ 5,329 3,954 9,284 652 1,203 552 .5 July 6 5,377 3,958 9,336 656 1,198 541 2.1 July 13 5,411 3,955 9,366 660 1,238 579 .04 July 20 5,454 3,964 9,418 664 1,229 565 .004 July 27 -. 5,476 3,975 9,450 667 1, 250 584 .007 Aug. 3-. _-_ 5,466 3,973 9,440 666 1,205 539 .06 Aup 10 5, 490 3,962 9,452 668 1,200 532 .03 Aug 17 5, 544 3,977 9,521 674 1,232 558 .2 Aug. 24 5, 540 3,986 9,526 674 1,227 553 .009 Aug. 31 5,553 3,989 9,542 675 1,216 541 .02 Sept. 7 5,595 3,978 9, 573 679 1,188 509 .5 Sept. 14 5, 675 • 3,972 9, 647 687 1,208 521 .5 Sept. 21 _ 5, 689 3,970 9,659 688 1,196 508 .03 Sept. 28 5,693 3,966 9,659 688 1,176 487 .04 Oct 5 5,704 3, 961 9, 666 689 1,164 474 Oct. 12 5,745 3,953 9,698 693 1, 213 520 .05 Oct. 19 . 5,839 3,952 9,791 702 1,210 507 .01 Oct. 26 5,856 3,960 9,816 704 1,226 522 .3 Nov. 2 5,849 3,965 9,814 704 1,220 517 .6 Nov 9 5,876 3,962 9,838 706 1,256 549 1.1 Nov. 16. 5,951 3,959 9,910 714 1,272 559 1.1 Nov 23 5,950 3,957 9,908 714 1,263 549 .9 Nov. 30 5,973 3,947 9,920 716 1,253 537 1.6 Dec. 7 6,038 3,915 9,953 721 1,281 560 1.7 Dec. 14 .__ _. 6,062 3,913 9,975 724 1,304 581 1.1 Dec. 21 6,030 3,928 9,959 721 1,272 552 1.2 Dec. 28 5, 995 3,942 9,937 718 1,265 547 .6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD REPORTING MEMBER BANKS No. 71.—REPORTING MEMBER BANKS (91 CITIES)1—PRINCIPAL [In millions of dollars] Loans on securities Total Accept- U. S. Date or month a l n v o e d a s n i t n s - - To b d r e o a k l e e r r s s and To a m n a e d r n c c c i e o a s m l - o L e n s o t r a a e n t a s e l O lo t a h n e s r G d m o ir v e e e n c r t t nments Total In Y o N r e k w- O Y N u o t e s r w i k de others b p o a u p g e h r t o t b io li n g s a- 1934 Jan. 3 16, 595 3,620 753 149 2,718 4,765 5, 205 Jan.10 16,388 3,497 653 143 2,701 4, 712 5,210 Jan.17 16, 447 3,486 663 139 2,684 4,732 5, 223 Jan. 24 16, 396 3,498 684 140 2,674 4, 713 5, 245 Jan. 31.— 17,121 3,609 795 146 2,668 4, 740 5,786 Average 16,589 3,542 710 143 2,689 4,732 5,334 Feb. 7 17, 082 3,587 803 147 2,637 4, 713 5, 847 Feb. 14 17,092 3,531 760 145 2,626 4,755 5, 867 Feb. 21 17, 494 856 151 2,623 4, 718 6,199 Feb. 28 17,400 3,520 759 151 2,610 4, 665 6,249 Average 17,267 3,567 794 149 2,624 4,713 6,040 Mar. 7 17, 425 3,495 751 151 2, 593 4, 673 6,278 Mar. 14 17, 513 3,593 841 164 2,588 4,688 6,229 Mar. 21 17, 526 3,553 812 176 2,565 4,643 6,272 Mar. 28 _._. 17,472 3,514 801 159 2, 554 4,647 6,227 Average 17,484 3,539 801 163 2,575 4,683 6,251 Apr. 4 17, 508 3,569 868 161 2,540 4,668 6,175 Apr. 11 17, 611 3,612 924 174 2,514 4, 698 6,234 Apr. 18 17, 513 3,580 915 168 2,497 4, 623 6,226 Apr. 25 17, 471 3,516 873 173 2,470 4,604 6,282 Average 17,526 3,570 895 169 2,506 4, US 6,229 May 2 17,462 3,577 896 174 2,507 4, 559 6,255 May 9 17, 329 3,554 873 171 2,510 4,568 6,249 May 16 17, 288 3,505 867 168 2,470 4, 563 6, 254 May 23 17, 257 3,468 828 162 2,478 4, 537 6,262 May 30 17, 306 3,476 838 160 2,478 4, 550 6,262 Average 17,328 3,516 860 167 2,489 4, 555 6,256 June 6 17, 397 3,557 911 174 2,472 4, 540 6, 276 June 13 17, 370 3,556 933 171 2,452 4, 533 6,243 June 20 17, 663 3,571 955 183 2,433 4,484 6,582 June 27 17, 737 3,529 935 180 2,414 4, 485 6,665 Average 17,542 3,553 933 177 2,443 4,511 6,442 July 4 17, 761 3,556 982 185 2,389 4,482 6,672 July 11 17, 751 3,553 980 179 2,394 4, 453 6, 676 July 18 17, 757 3,522 962 175 2,385 4,439 6,687 July 25 17, 728 3,493 938 170 2, 385 4, 445 6,671 Average 17,749 3,531 966 177 2,388 4,455 6,676 Aug. 1 17, 762 3,358 812 163 2,383 4, 515 6,678 Aug. 8 17, 677 3,304 758 162 2,384 4,523 6,636 Aug. 15 17, 732 3,294 750 165 2,379 4,531 6,660 Aug. 22 17, 725 3,271 741 164 2,366 4, 543 6,651 Aug. 29 17, 708 3,247 722 170 2,355 4,555 6,627 Average 17,721 3,295 757 165 2,373 4,533 6,650 Sept. 5 17,755 3,210 757 176 2,277 443 988 3,248 6,520 Sept. 12 17, 778 3,162 741 153 2,268 446 987 3,260 6,573 Sept. 19 17, 756 3,095 695 149 2,251 457 985 3,262 6,631 Sep .26 17,789 3, 080 686 148 2,246 457 986 3,270 6,631 Average 17,770 3,137 720 157 2,260 451 986 3,260 6,589 Oct. 3 17,811 3,047 669 148 2,230 464 984 3,299 6,636 Oct. 10 17, 824 3,055 672 151 2,232 464 985 3,310 6,658 Oct. 17 17, 854 3,082 706 149 2,227 465 985 3,315 6,650 Oct. 24 17, 850 3,074 708 151 2,215 465 984 3,311 6,654 Oct. 31 17, 837 3,051 693 153 2,205 456 986 3,314 6,639 Average 17,835 3,062 150 2,222 463 9S5 3,309 6,647 Nov. 7 17, 837 3,010 148 2,198 463 984 3,284 6,683 Nov. 14 17, 759 3,008 653 151 2,204 461 982 3,265 6,713 Nov. 21 17, 688 2,998 654 151 2,193 466 981 3,246 6,674 Nov. 28 17, 764 3,017 660 155 2,202 452 979 3,257 6,715 Average 17,762 658 151 2,199 461 982 3,262 6,696 Dec. 5 17, 879 724 158 2, 216 445 981 3,250 6,748 Dec. 12 17,912 3,099 728 162 2,209 444 979 3,217 6,809 Dec. 19 18, 339 3,115 753 162 2,200 444 979 3,207 7,176 Dec. 26 18, 276 3,072 718 165 2,189 435 977 3,169 7,191 Average 18,102 3,096 731 162 2,203 442 979 3,211 6,981 i For list of the cities see Annual Report for 1933 (table 87). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

159 EBPORTING MEMBER BANKS IN LEADING CITIES ASSETS AND LIABILITIES, BY WEEKS AND MONTHS [In millions of dollars] Obligag te U t f G u e i e u a o r . o d l n r l n v a y S - s b - n . y - s O e t c i t e h u s e ri r - R F R b e w e e d a s s i e e n e t r r h r k v v a e e l v C a i a n u s l h t N m p e o d a t s e n i d - t d e s - p T o d im s e i - t e s p m u G e o d r . e o s e n n v i - s - t t - s . b f D r a o n u m k e s D ba u n e k t s o r F R o b e e B w a d s a n o e i e t n r k r r - v g a s e s l Date or month ment 1934 3,005 1,923 246 10,952 4,351 712 1,256 2,828 25 Jan. 3. 2,969 1,983 248 10,951 4,343 571 1,210 2,804 21 Jan. 10. 3,006 1,974 229 11,094 4,352 463 1,274 2,908 21 Jan. 17. 2,940 2,047 232 11,138 4,372 370 1,308 3,001 20 Jan. 24. 2,986 1,871 217 11,118 4,367 975 1,304 2,968 13 Jan. 31. 3,981 1,960 334 11,051 4,357 618 1,370 3,903 30 Average. 2,935 1,905 227 11,125 4,372 988 1,353 3,128 12 Feb. 7. 2,939 2,010 235 11,332 4,344 991 1,413 3,204 10 Feb. 14. 2,947 1,996 230 11,246 4,372 1,418 1,369 3,147 11 Feb. 21. 2, 966 2,271 224 11, 398 4,370 1,467 1, 412 3,187 12 Feb. 28. 3,947 2,045 239 11,275 4,365 1,216 1,387 3,167 11 Average. 2,979 2,467 231 11,514 4,377 1,504 1,441 3,331 10 Mar. 7. 3,003 2,569 236 11, 748 4, 393 1,503 1,548 3,465 10 Mar. 14. 3,058 2,576 228 11, 723 4,420 1,502 1,555 3,491 9 Mar. 21. 3,084 2,572 242 11, 794 4,419 1,413 1,519 3,447 9 Mar. 28. 3,031 2,546 334 11,695 4,402 1,480 1,515 3,434 10 Average. 3,096 2,531 239 11,921 4,408 1,358 1,578 3,578 8 Apr. 4. 3,067 2,588 246 12,136 4,424 1,305 1,588 3,616 7 Apr. 11. 3,084 2,698 240 12, 200 4,443 1,237 1,585 3,645 6 Apr. 18. 3,069 2,779 242 12, 272 4,477 1,177 1,570 3,595 7 Apr. 25. 3,079 2,649 342 12,132 4,438 1,269 1,580 3,609 7 Average. 3,071 2,588 231 12, 221 4,454 1,055 1,536 3,593 6 May 2. 2,958 2,693 244 12, 208 4,470 1,029 1, 564 3,675 6 May 9. 2,966 2,732 235 12, 279 4,477 999 1,595 3,682 5 May 16. 2,990 2,818 240 12, 327 4,464 988 1,564 3,654 6 May 23. 3,018 2,811 246 12, 426 4,455 955 1,526 3,600 8 May 30. 3,001 2,739 239 13,393 4,464 1,005 1,557 3,641 6 Average. 3,024 2,808 243 12,499 4,439 955 1,580 3,733 5 June 6. 3,038 2,881 248 12, 661 4,450 906 1,621 3,770 5 June 13. 3,026 2,824 236 12, 375 4,492 1,354 1,574 3,623 6 June 20. 3, 058 2,901 247 12, 504' 4,501 1,357 1,569 3,628 5 June 27. 3,036 2,853 244 13,510 4,470 1,143 1,586 3,689 5 Average. 3,051 2,783 234 12, 551 4,495 1,354 1,636 3,784 10 July 4. 3,069 2,915 246 12, 641 4,512 1,353 1,666 3,870 5 July 11. 3,109 2,981 235 12, 697 4,510 1,353 1,685 3,883 5 July 18. 3,119 3,039 235 12, 755 4,501 1,296 1,644 3,845 5 July 25. 3,087 3,930 337 12,661 4,505 1,339 1,658 3,845 6 Average. 3,211 2,953 221 12, 745 4,488 1,296 1,562 3,770 5 Aug. 1. 3,214 3,048 236 12, 721 4,491 1,296 1,538 3,766 5 Aug. 8. 3,247 3,046 231 12, 827 4,505 1, 255 1,583 3,821 5 Aug. 15. 3,260 3,064 234 12,818 4,513 1, 236 1,550 3,741 5 Aug. 22. 3,279 3,132 243 12, 926 4,510 1,203 1,560 3,732 5 Aug. 29. 3,243 3,049 333 12,807 4,501 1,257 1,559 3,766 5 Average. 3,346 2,924 236 12,948 4,500 1,089 1,497 3,780 6 Sept. 5. 3,350 2,939 254 13,041 4,496 1,091 1,514 3,784 6 Sept. 12. 3,326 2,891 253 12,943 4,478 1,091 1,514 3,779 7 Sept. 19. 3,365 2,989 263 13,112 4,478 1,092 1,505 3,743 6 Sept. 26. 3,347 3,936 253 13,011 4,488 1,091 1,507 3,771 6 Average. 434 2,947 2,891 256 13, 083 4,471 1,094 1,515 3,830 1 Oct. 3. 433 2,919 2,977 273 13, 204 4,468 1,095 1,541 3,864 Oct. 10. 446 2,911 2,976 261 13, 386 4,463 933 1,586 3,957 2 Oct. 17. 463 2,899 2,996 267 13,402 4,478 853 1,558 3,905 1 Oct. 24. 529 2,862 3,017 265 13,476 4,474 851 1,583 3,912 2 Oct. 31. 461 2,908 3,973 264 13,310 4,471 965 1,557 3,893 1 Average. 550 2,863 2,990 286 13,447 4,462 853 1,580 3,960 2 Nov. 7. 544 2,786 3,073 285 13, 504 4,448 816 1,631 4,024 1 Nov. 14. 549 2,774 3,198 271 13, 563 4,421 781 1,622 3,993 2 Nov. 21. 555 2,789 3,108 281 13, 633 4,395 749 1, 585 3,921 3 Nov. 28. 550 3,803 3,093 281 13,537 4,431 800 1,605 3,975 3 Average. 562 2,795 3,043 275 13, 662 4,342 772 1,647 4,048 2 Dec. 5. 564 2,800 3,060 297 13, 789 4,341 771 1,702 4,117 Dec. 12. 566 2,852 2,953 305 13, 576 4, 360 1,343 1,713 4,045 1 Dec. 19. 566 2,866 2,955 322 13, 551 4,366 1,344 1,680 3,986 1 Dec. 26. 565 2,838 3,002 300 13,645 4,352 1,057 1,686 4,049 1 Average. Back figures.—See Annual Report for 1933 (table 88). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 72.—REPORTING MEMBER BANKS IN NEW YORK CITY— [In millions of dollars] Loans on securities Accept- U. S. Date or month a m T l n v o d o e e a s t n n i a t t n s - l s - Total T ~n o N b e d r w o ea k l e e O r r s s u a ts n id d e ot T h o ers b 'o p a o a m n a c u n c p i m g d a e e l h s e r t r- o L e n s o t a r a e n te a s l O lo t a h n e s r G o d m t o b i i v o r l e i e e n g n c r s a t t n - - York New York 1934 Jan.3 6,707 1,744 665 44 1,035 1,670 2,187 Jan. 10 6,536 1,624 561 44 1,019 1,644 2,170 Jan. 17 6,579 1,620 564 44 1,012 1, 659 2,185 Jan. 24 6,569 1,646 587 43 1,016 1, 666 2,201 Jan. 31 6,986 1,748 688 43 1,017 1,718 2,421 Average 6,675 1,676 613 43 1,020 1,672 2,233 Feb. 7 6,964 1,729 696 45 988 1,691 2,485 Feb. 14 6, 922 1,677 651 45 981 1,734 2,448 Feb. 21 7,096 1,769 744 46 979 1,707 2,553 Feb. 28 7,006 1,669 651 47 971 1,662 2,585 Average 6,997 1,711 685 46 980 1,699 2,517 Mar. 7 7,069 1,649 641 48 960 1,661 2,668 Mar. 14 7,213 1,733 727 48 958 1,673 2,704 Mar. 21 7,199 1,687 698 48 941 1, 637 2, 717 Mar. 28 7,193 1,663 688 47 928 1, 629 2,720 Average 7,168 1,683 688 48 947 1,650 2,702 Apr. 4 7,296 1,720 751 47 922 1,655 2,717 Apr. 11 7,405 1,756 794 48 914 1,675 2,804 Apr. 18 7,238 1, 723 779 48 896 1, 601 2,742 Apr. 25 7,138 1,674 740 46 888 1, 594 2,716 Average 7,269 1,718 766 47 905 1,631 2,745 May 2 7,142 1,729 756 46 927 1,561 2,699 May 9 7,055 1,718 731 46 941 1,566 2,727 May 16 7,022 1,663 725 46 892 1, 569 2,738 May 23 7,001 1,644 689 46 909 1,548 2,752 May 30 7,034 1,646 698 45 903 1,558 2,760 Average 7,050 1,680 720 46 914 1,560 2,735 June 6 7,141 1,727 771 54 902 1, 550 2,791 June 13 7,144 1,728 787 53 888 1,552 2,802 June 20 7,211 1,741 815 55 871 1,521 2,873 June 27 7,265 1,711 793 54 864 1,525 2, 926 Average 7,190 1,727 792 54 881 1,537 2,848 July 4 7,303 1,749 841 55 853 1,527 2,928 July 11 7,288 1,752 833 55 864 1,499 2,934 July 18 7,273 1,718 804 57 857 1,483 2,938 July 25___ _ 7,227 1,690 783 55 852 1,494 2,918 Average 7,273 1,727 815 56 856 1,501 2,930 Aug. 1 7,191 1,571 667 53 851 1,529 2,903 Aug. 8 7,108 1,520 613 53 854 1,521 2,878 Aug. 15 7,132 1,520 615 53 852 1, 514 2,886 Aug. 22 7,105 1,503 602 55 846 1,516 2,883 Aug. 29_ - 7,C~" 1, 485 581 60 844 1,531 2,866 Average 7,127 1,520 615 55 850 1,522 2,883 Sept. 5 7,186 1,505 621 54 830 241 137 1, 234 2,827 Sept. 12 7,150 1,479 605 47 827 241 138 1,235 2,816 Sept. 19 7,065 1,419 558 47 814 248 137 1, 223 2,826 Sept. 26 7,07^ 1,416 555 48 813 241 137 1,228 2,813 Average 7,120 1,455 585 49 821 243 137 1,230 2,820 Oct. 3 7,077 1,401 541 49 811 241 136 1,247 2,794 Oct. 10--. 7,092 1, 402 544 49 809 243 135 1,265 2,812 Oct. 17 7,118 1,434 576 50 808 243 134 1, 268 2,800 Oct. 24 7,114 1, 435 587 49 799 242 134 1,276 2,798 Oct. 31 7,123 1,417 564 50 803 242 134 1,278 2,804 Average 7,105 1,418 563 49 806 242 135 1,267 2,801 Nov. 7 7,123 1, 381 526 50 805 246 133 1,269 2,830 Nov. 14 7,024 1, 378 517 51 810 238 133 1,263 2,825 Nov. 21 6,990 1,377 521 51 805 235 133 1,257 2,813 Nov. 28 7,064 1, 390 525 51 814 228 133 1,263 2,841 Average 7,050 1,381 522 51 808 237 133 1,263 2,827 Dec. 5 7,186 1,463 587 52 824 223 134 1,262 2,891 Dec. 12 7,213 1,456 581 52 823 226 133 1, 243 2,941 Dec. 19 7.388 605 53 81' 228 133 1,239 3,060 Dec. 26- 7,335 1,441 573 815 222 132 1, 210 3,086 Average 7,281 1,459 586 820 225 133 1,238 2,995 Digitized for FBRacAkS fiEguRr es.—See Annual Report for 1933 (table 89). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS 161 PRINCIPAL ASSETS AND LIABILITIES, BY WEEKS AND MONTHS [In millions of dollars] Obligations Re- Borg te U u e f a u . d S r l l a . b y n y - s O e t c i t e h u s e ri r - F R s e w e e d s r i e v e t r r h e v a s l e C v a a s u h l t ind d e e N m po e a s t n it d sde T p i o m s e its d G e m U o p v . e o S e n s r . i t n ts - b f D a ro n u m k e s D ba u n e k t s o r F R o e e w d s a e e i t n r r v a g l e s Date or month Govern- bank banks ment 1934 1,106 821 5,319 700 335 1,178 Jan. 3. 1,098 879 5,260 697 272 1,174 Jan. 10. 1,115 846 5,335 696 224 1,221 Jan. 17. 1,056 902 5,384 708 184 1,276 Jan. 24. 1,099 749 5,342 707 487 1,260 Jan. 31. 1,091 839 5,328 702 300 1,222 Average. 1,059 748 5,331 710 501 1,312 Feb. 7. 1,063 810 5,361 704 501 1,322 Feb. 10. 1,067 850 5,368 686 717 1,320 Feb. 21. 1,090 1,091 5,491 682 761 1,334 Feb. 28. 1,070 875 5,388 895 620 1,322 Average. 1,091 1,181 5,580 679 797 1,414 Mar. 7. 1,103 1,170 5,709 675 797 1,495 Mar. 14. 1,158 1,218 5,737 690 797 1,512 Mar. 21. 1,181 1,242 5,791 699 762 1,478 Mar. 28. 1,133 1,203 5,704 686 788 1,475 Average. 1,204 1, 206 5,919 699 739 1,555 Apr. 4. 1,170 1,142 5,989 696 713 1,581 Apr. 11. 1,172 1,236 5,971 690 679 1,578 Apr. 18. 1,154 1,351 6,042 689 649 1, 554 Apr. 25. 1,175 1,234 5,980 694 695 1,567 Average. 1,153 1,194 5,975 668 588 1,522 May 2. 1,044 1,257 5,985 670 575 1,593 May 9. 1,052 1,264 5,969 675 561 1,594 May 16. 1,057 1,335 6,028 674 551 1,600 May 23. 1,070 1,356 6,097 676 539 1,577 May 30. 1,075 1,281 6,011 673 563 1,577 Average. 1,073 1,304 6,150 679 539 1,642 June 6. 1,062 1,354 6, 225 682 511 1,663 June 13. 1,076 1,327 6,049 696 733 1,582 June 20. 1,103 1,376 6,161 692 733 1,581 June 27. 1,078 1,340 6,146 688 629 1,617 Avergae. 1,099 1,234 6,115 691 733 1,603 July 4. 1,103 1,295 6,144 697 733 1,656 July 11. 1,134 1,331 6,178 682 733 1,654 July 18. 1,125 1,366 6, 209 678 704 1,645 July 25. 1,115 1,306 6,161 687 726 1,640 Average. 1,188 1,367 6,215 677 704 1,612 Aug. 1. 1,189 1,415 6,162 675 704 1,590 Aug. 8. 1.212 1,419 6,205 669 684 1,601 Aug. 15. 1,203 1,451 6,217 664 675 1,554 Aug. 22. 1,216 1,493 6,280 659 659 1,556 Aug. 29. 1,202 1,429 6,216 669 685 1,583 Average. 1,242 1,332 6,284 661 598 1,571 Sept. 5. 1,241 1,331 6,241 659 597 1,577 Sept. 12. 1,212 1,348 6,168 659 599 1,575 Sept. 19. 1,242 1,448 6,291 660 599 1,556 Sept. 26. 1,235 1,365 6,246 660 598 1,570 Average. 221 1,037 1,399 6,273 664 600 1,600 Oct. 3. 220 1,015 1,423 6,322 662 600 1,630 Oct. 10. 229 1,010 1,381 6,384 653 516 64 1,651 Oct. 17. 235 994 1,388 6,421 653 473 62 1,632 Oct. 24. " 254 994 1,425 6,488 647 473 59 1,652 Oct. 31. 232 1,010 1,403 6,378 656 532 62 1,633 Average. 265 999 1,339 6,406 473 64 1, 635 Nov. 7. 264 923 1,402 6,362 454 63 1,642 Nov. 14. 264 911 1,529 6,471 629 437 61 1,678 Nov. 21. 272 937 1,463 6,497 625 420 58 1,650 Nov. 28. 266 943 1,433 6,434 634 446 62 1,651 Average. 273 940 1,355 6,490 603 425 70 1,713 Dec. 5. 272 942 1,372 6,550 599 425 74 1,762 Dec. 12. 270 983 1,359 6.441 596 735 75 1,727 Dec. 19. 267 977 1,415 6,457 602 735 73 1,679 Dec. 26. 271 960 1,375 6,485 600 580 73 1,720 Average. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 73.—REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY— [In millions of dollars] Loans on securities Accept- U.S. Total To brokers and ances Loans Govern- Date or month lo an an d s dealers c a o n m d - r o ea n l O lo t a h n e s r d m ir e e n c t t i m nv e e n s t t s - Total In Outside ot T he o rs m b p o e a u r p c g e i h a r t l estate o t b io li n g s a- New New York York 1934 Jan.3 1,876 105 1, 683 3,095 3,018 Jan.10 9, 852 1,873 92 99 1, 682 3,068 3,040 Jan.17 9,868 1,866 99 95 1, 672 3,073 3,038 Jan. 24 9,827 1,852 97 97 1, 658 3,047 3,044 Jan.31 10,135 1,861 107 103 1, 651 3,022 3,365 Average. 9,914 1,866 97 100 1,669 3,060 3,101 Feb. 7 -- 10,118 1,858 107 102 1,649 3,022 3,362 Feb. 14 10,170 1,854 109 100 1,645 3,021 3,419 Feb. 21 10, 398 1,861 112 105 1,644 3,011 3,646 Feb. 28 10, 394 1,851 108 104 1, 039 3,003 3,664 Average 10,270 1,858 109 103 1,644 3,014 3,523 Mar. 7 10, 356 1,846 110 103 1, 633 3,012 3,610 Mar. 14 10, 300 1,860 114 116 1, 630 3, 015 3, 525 Mar. 21 10, 327 1,866 114 128 1,624 3, 006 3,555 Mar. 28 10, 279 1,851 113 112 1, 626 3,018 3,507 Average-.. 10,316 1,856 113 115 1,628 3,013 3,549 Apr. 4 10, 212 1,849 117 114 1,618 3,013 3,458 Apr. 11 10, 206 1,856 130 126 1,600 3,023 3,430 Apr. 18 10, 275 1,857 136 120 1,601 3,022 3,484 Apr. 25 10, 333 1,842 133 127 1, 582 3,010 3,566 Average 10,257 1,852 129 122 1,601 3,017 3,484 May 2 10, 320 1,848 140 128 1,580 2,998 3,556 May9 10, 274 1,836 142 125 1,569 3,002 3,522 May 16 10, 266 1, 842 142 122 1,578 2,994 3,516 May 23 10, 256 1,824 139 116 1, 569 3,510 May 30 10, 272 1,830 140 115 1, 575 2,992 3,502 Average 10,278 1,836 140 121 1,575 3,995 3,521 June 6 10, 256 1,830 140 120 1, 570 2,990 3,485 June 13_ _ 10, 226 1,828 146 118 1, 564 2,981 3, 441 June 20 10, 452 1,830 140 128 1, 562 2,963 3,709 June 27 10,472 1,818 142 126 1, 550 2,960 3,739 Average 10,352 1,826 141 123 1,562 2,974 3,594 July 4 10, 458 1,807 141 130 1,536 2,955 3, 744 July 11 ---. 10, 463 1,801 147 124 1, 530 2,954 3,742 July 18 10,484 1,804 158 118 1,528 2,956 3, 749 July 25 10, 501 1,803 155 115 1,533 2,951 3,753 Average 10,476 1,804 151 121 1,532 2,954 3,746 Aug. 1 10, 571 1,787 145 110 1,532 2,986 3,747 Aug. 8 10, 569 1,784 145 109 1,530 3,002 3,758 Aug. 15 10, 600 1,774 135 112 1,527 3,017 3, 774 Aug. 22 10, 620 1, 768 139 109 1,520 3,027 3, 768 Aug.29._ 10, 610 1,762 141 110 1,511 3, 024 3,761 Average 10,594 1,775 142 110 1,523 3,011 3,767 Sept. 5 10, 569 1,705 136 122 1,447 202 851 2,014 3,693 Sept. 12 10, 628 1,683 136 106 1, 441 205 849 2,025 3,757 Sept. 19 10,691 1,676 137 102 1,437 209 848 2,039 3,805 Sept. 26 10, 712 1,664 131 100 1,433 216 849 2,042 3,818 Average 10,650 1,682 135 108 1,439 208 849 2,030 3,769 Oct. 3 10, 734 1,646 128 99 1,419 223 848 2,052 3,842 Oct. 10 10, 732 1,653 128 102 1,423 221 850 2,045 3,846 Oct. 17-, 10, 736 1,648 130 99 1,419 222 851 2,047 3,850 Oct. 24 10,736 1,639 121 102 1,416 223 850 2,035 3,r Oc A t. v 3 e 1 rage 1 10 0 , , 7 7 3 1 0 4 1 1 , , 6 6 3 4 4 4 1 12 2 7 9 1 1 0 0 1 3 1 1 , ,4 4 1 0 6 2 2 22 1 1 4 8 8 5 5 2 0 2 2 , , 0 0 3 4 6 2 3 3 , , 8 8 3 4 5 6 Nov. 7 10, 714 1,629 138 98 1,393 217 851 2,015 3,853 Nov. 14 10, 735 1,630 136 100 1,394 223 849 2,002 Nov. 21 10, 698 1,621 133 100 1,388 231 848 1,989 3] 861 Nov. 28 10, 700 1,627 135 104 1, 388 224 846 1,994 3,874 Average 10,712 1,627 136 100 1,391 224 849 1.999 3,869 Dec. 5 10, 693 1,635 137 106 1,392 222 847 1,988 3, 857 Dec. 12 10,699 1,643 147 110 1,386 218 846 1,974 3,868 Dec. 19 10, 951 1,640 148 109 1, 383 216 846 1,968 4,116 Dec. 26 10,941 1,631 145 112 1,374 213 845 1,959 4, 105 Average 10,821 1,637 145 109 1,383 217 846 1,973 3,986 Back figures.—See Annual Report for 1933 (table 90). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

163 REPORTING MEMBER BANKS PRINCIPAL ASSETS AND LIABILITIES, BY WEEKS AND MONTHS [In millions of dollars] Oblig f a u ti l o ly ns xve- Net TUT . bQ. ro B w o in r- g guaran Other serves Cash de- Time Gov- Due Due at teed by securi- with in mand de- ern- from to Federa Date or month U.S. ties Federa vault de- posits ment banks banks Re- Gov- Reserv posits de- serve ern- banks posits banks ment 1934 1,899 1,102 204 5,633 3,651 377 1,173 1,650 25 Jan. 3. 1,871 1,104 207 5,691 3,646 299 1,139 1,630 21 Jan. 10. 1,891 1,128 192 5,759 3,656 239 1,200 1,687 21 Jan. 17. 1,884 1,145 194 5, 754 3,664 186 1,234 1,725 20 Jan. 24. 1,887 1,122 180 5,776 3,660 488 1,228 1,708 13 Jan. 31. 1,887 1,121 195 5,723 3,655 318 1,194 1,680 20 Average. 1,876 1,157 189 5,794 3,662 487 1,278 1,816 12 Feb. 7. 1,876 1,200 194 5,971 3,640 490 1,338 1,882 10 Feb. 14. 1,880 1,146 188 5,878 3,686 701 1,293 1,827 11 Feb. 21. 1,876 1,180 185 5,907 3,688 706 1,329 1,853 12 Feb. 28. 1,877 1,170 189 5,887 3,670 596 1,310 1,845 11 Average. 1,888 1,286 193 5,934 3,698 707 1,359 1,917 10 Mar. 7. 1,900 1,399 195 6,039 3,718 706 1,462 1,970 10 Mar. 14. 1,900 1, 358 191 5,986 3,730 705 1,470 1,979 9 Mar. 21. 1,903 1,330 202 6,003 3,720 651 1,437 1,969 9 Mar. 28. 1,898 1,313 195 5,991 3,716 692 1,431 1,959 10 Average. 1,892 1,325 201 6,002 3,709 619 1,488 2,023 s Apr. 4. 1,897 1,446 207 6,147 3,728 592 1,506 2,035 7 Apr. 11. 1,912 1,462 203 6,229 3,753 558 1,501 2,067 6 Apr. 18. 1,915 1,428 204 6, 230 3,788 528 1,497 2, 041 7 Apr. 25. 1,904 1,415 204 6,152 3,744 574 1,498 2,042 7 Average. 1,918 1,394 194 6,246 3,786 467 1,453 2,071 6 May 2. 1,914 1,436 205 6,223 3,800 454 1,486 2,082 6 May 9. 1,914 1,468 198 6,310 3,802 438 1,517 2,088 5 Mav 16. 1,933 1,483 202 6, 299 3,790 437 1,488 2,054 6 May 23. 1,948 1,455 206 6,329 3,779 416 1,456 2,023 8 May 30. 1,926 1,448 201 6,281 3,791 442 1,480 2,064 6 Average. 1,951 1,504 204 6,349 3,760 416 1,493 2,091 5 June 6. 1,976 1,527 208 6,436 3,768 395 1,536 2,107 5 June 13. 1,950 1,497 199 6,326 3,796 621 1,487 2,041 6 June 20. 1,955 1,525 206 6,343 3,809 624 1,487 2,047 5 June 27. 1,958 1,513 205 6,364 3,782 514 1,501 2,072 5 Average. 1, 952 1,549 196 6,436 3,804 621 1,540 2,181 10 July 4. 1,966 1,620 207 6,497 3,815 620 1,578 2,214 5 July 11. 1,975 1,650 198 6,519 3,828 620 1,599 2,229 5 July 18. 1,994 1,673 197 6,546 3,823 592 1,562 2, 200 5 July 25. 1,972 1,624 199 6,500 3,818 613 1,570 2,205 6 Average. 2, 051 1,586 183 6,530 3,811 592 1,497 2,158 5 Aug. 1. 2,025 1,633 198 6,559 3,816 592 1,478 2,176 5 Aug. 8. 2,035 1,627 191 6,622 3,836 571 1,518 2,220 5 Aug. 15. 2, 057 1,613 197 6,601 3,849 561 1,486 2,187 5 Aug. 22. 2, 063 1,639 205 6,648 3,851 544 1,498 2,176 5 Aug. 29. 2,041 1,620 195 6,591 3,832 572 1,496 2,183 5 Average. 2,104 1, 592 198 6,664 3,839 491 1,438 2,209 6 Sept. 5. 2,109 1,608 214 6,800 3,837 494 1,454 2,207 6 Sept. 12. 2,114 1,543 216 6,775 3,819 492 1,455 2,204 7 Sept. 19. 2,123 1,541 223 6,821 3,818 493 1,448 2,187 6 Sept. 26. 2,112 1,571 213 6,765 3,828 493 1,449 2,201 6 Average. 213 1,910 1,492 217 6,810 3,807 494 1,451 2,230 1 Oct. 3. 213 1,904 1,554 228 6,882 3,806 495 1,481 2,234 Oct. 10. 217 1,901 1,595 223 7,002 3,810 417 1,522 2,306 2 Oct. 17. 228 1,905 1,608 227 6,981 3,825 380 1,496 2,273 1 Oct. 24. 275 1,868 1,592 221 6,988 3,827 378 1,524 2,260 2 Oct. 31. 229 1,898 1,569 223 6,932 3,815 433 1,495 2,260 1 Average. 285 1,864 1,651 234 7,041 3,819 380 1,516 2,325 2 Nov. 7. 280 1,863 1,671 237 7,142 3,810 362 1,568 2,382 1 Nov. 14. 285 1,863 1,669 226 7,092 3,792 344 1,561 2,315 2 Nov. 21. 283 1,852 1,645 229 7,136 3,770 329 1,527 2,271 3 Nov. 28. 284 1,800 1,659 232 7,103 3,797 354 1,543 2,324 2 Average. 289 1,855 1,688 228 7,172 3,739 347 1,577 2,335 2 Dec. 5. 9Q9 1,858 1,688 248 7,239 3,742 346 1,628 2, 355 Dec. 12. 296 1,869 1,594 251 7,135 3,764 608 1,638 2,318 1 Dec. 19. 299 1,889 1,540 263 7,094 3,764 609 1,607 2,307 1 Dec. 26. 294 1,888 1,627 248 7,160 3,752 477 1,613 2,329 1 Average. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD BROKERS' LOANS No. 74.—LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY, BY WEEKS [In millions of dollars] Demand and time loans Demand loans Time loans 1934 'otal c o F o a w u o c- n r n t b t a o o F o n u w o f k t - r - n sl i F th o e r rs Total o F o a w u o c- n r n t b t a o o F o n u w o f k t - r - n s1 ' F th o e r rs Total c o F o a w u o c n - r n t b t a o F o o n u w o f k t - r - n s F o e t o r h s r - Jan.3 837 709 119 577 449 118 260 260 0 Jan.10 746 605 132 481 341 131 265 264 0 Jan. 17.— 758 608 144 500 350 143 258 258 0 Jan.24 779 630 142 508 360 141 271 270 0 Jan. 31— 888 731 146 607 450 145 281 281 0 Feb. 7 896 741 146 616 462 145 280 279 0 Feb. 14___. 853 696 149 576 419 148 277 277 0 Feb. 21—_ 950 790 152 674 515 151 276 275 0 Feb. 28— 858 698 150 583 424 149 275 274 0 Mar. 7 844 689 150 567 414 148 277 275 0 Mar. 14-.- 923 775 147 654 508 145 269 267 0 Mar. 21.— 894 746 147 625 480 145 269 266 0 Mar. 28— 886 735 149 620 472 146 266 263 0 Apr. 4 955 798 151 690 536 148 265 262 0 Apr. 11— 1,002 842 155 746 589 152 256 253 0 Apr. 18— 993 827 162 732 569 159 261 258 0 Apr. 25—. 948 786 154 683 524 151 265 262 0 May 2 974 802 163 706 537 160 268 265 0 May 9 947 777 162 677 510 159 270 267 0 May 16-- 942 771 163 671 502 160 271 269 0 May 23-- 905 735 163 618 451 160 287 284 0 May 30- — 915 743 164 629 461 161 286 282 0 June 6 997 825 164 678 509 161 319 316 0 June 13— 1,011 840 164 680 512 161 331 328 0 June 20—. 1, 040 870 166 705 538 163 335 332 0 June 27— 1,017 847 166 681 514 163 336 333 0 July 4 1,069 896 167 734 563 165 335 333 0 July 11— 1,059 888 167 725 556 165 334 332 0 July 18.-_. 1,031 169 698 530 167 333 331 0 July 25— 1,008 169 680 512 167 328 326 0 Aug. 1---. 885 720 164 553 392 160 332 328 0 Aug. 8 827 666 160 506 349 156 321 317 0 Aug. 15__. 821 668 152 504 355 148 317 313 0 Aug. 22_ _. 810 657 152 496 347 148 314 310 0 Aug. 29__. 793 641 151 481 333 148 312 308 0 Sept. 5—. 824 675 148 513 367 145 311 308 0 Sept. 12-. 796 652 143 491 350 140 305 302 0 Sept. 19_. 745 604 140 450 312 137 295 292 0 Sept. 26- 740 603 136 450 315 134 290 288 0 Oct. 3— 725 590 134 444 312 131 281 278 0 Oct. 10— 725 593 131 451 322 128 274 271 0 Oct. 17— 759 626 132 489 358 130 270 268 0 Oct. 24— 771 636 134 503 371 131 268 265 0 Oct. 31 — 749 614 i 481 349 131 268 265 0 Nov. 7 - 714 576 137 1 448 313 135 266 263 0 Nov. 14 707 568 138 1 442 306 135 265 262 0 Nov. 21 711 572 138 1 446 309 135 265 263 0 Nov. 28 718 576 141 1 452 313 138 266 263 0 Dec. 5 782 639 142 1 521 381 139 261 258 0 Dec. 12 778 633 144 1 519 376 142 259 257 0 Dec. 19 _ 805 658 1.45 2 546 402 142 259 256 0 Dec. 26 772 626 144 2 516 372 141 256 254 0 Averages: January—- 802 657 137 8 535 390 136 267 0 February_ 889 731 149 9 612 455 148 277 276 0 March 886 736 148 2 616 468 146 270 268 0 April _ 975 813 156 6 713 555 152 262 259 0 May - 936 765 163 8 660 492 160 276 273 0 June 1,016 845 165 6 686 518 162 330 327 0 July 1,042 871 168 3 709 540 166 333 331 0 August___ 827 670 156 1 508 355 152 319 315 0 September 776 633 142 1 476 336 139 300 297 0 October. _ 746 612 133 1 474 343 130 272 269 0 November 713 573 139 1 447 310 136 266 263 0 December. 784 639 144 1 525 141 259 256 0 i Member and nonmember banks outside New York City (domestic banks only); includes unknown amount for customers of these banks. Digitized for FBRaAcSk fEigRu res—See Annual Report for 1933 (table 92). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BKOKERS' LOANS 165 No. 75.—BROKERS' BORROWINGS, 1933-34 [Net borrowingson collateral in New York City as reported by members of the New York Stock Exchange] [In millions of dollars] On demand and on time On demand On time From From From From From Date Total c b o Y t N n a a r m i o u n n e e d r p w s k s k t a s - b b c p f b i a r o a e r a o n g r i s n e k v k , e i k e a e n i g n r t s t - n e c s , g , . Total c b Y o t N n a a r m o i u n n e e r d p w s k s k t a s - b b c p f b i a r o a r e a o n g r i s n k e v , k e i k e a n e i g n r s t - t n e s , c g , . Total p b Y t c a N a e r o n n o u t e m c i k r w s e . k t s - s , , b c p b f i a F o a r e a n g i r r s n v e k o , e i k a e i m n g n s t t - n e c , g . 1933 Jan. 31 359 270 90 255 166 89 104 103 1 Feb. 28 360 298 62 223 162 61 137 136 1 Mar. 31 311 247 64 208 145 63 103 102 1 Apr. 29 322 268 54 207 157 50 115 111 4 May 31. . . . 529 461 68 398 332 67 130 129 1 June 30 780 694 86 583 498 85 197 196 1 July 31 916 822 94 679 590 89 237 232 5 Aug. 31 917 841 76 634 563 71 283 278 5 Sept. 30 897 806 91 624 535 90 272 271 1 Oct. 31 776 706 70 515 445 70 261 261 Nov. 30 . _ 789 712 77 544 468 76 245 244 1 Dec. 30. 845 776 69 598 529 69 247 247 1934 Jan. 31 __ 903 839 64 627 563 64 276 276 Feb. 28 938 862 76 657 582 75 281 280 I Mar. 31 981 873 108 714 606 108 267 267 Apr. 30 1,088 973 116 • 812 697 115 276 275 1 May 31 1,016 912 104 722 619 103 294 293 1 June 30 1,082 980 102 740 639 101 342 341 1 July 31 923 849 74 588 518 70 335 331 4 Aug. 31 874 803 71 545 481 64 329 322 7 Sept. 29 832 769 62 532 472 60 300 297 3 Oct. 31 827 761 66 546 484 63 281 277 3 Nov. 30 831 765 66 558 495 63 273 270 3 Dec. 31 880 813 67 616 553 63 264 260 4 Back figures.—See Annual Report for 1933 (table 93). BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING No. 76.—DOLLAR BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTAND- ING, 1928-34 [In millions of dollars] Dollar bankers' acceptances outstanding l Commercial paper outstanding 2 End of month 1928 1929 1930 1931 1932 1933 1934 1928 1929 1930 1931 1932 1933 1934 January 1,058 1,279 1,693 1,520 961 707 771 577 407 404 3?7 108 85 108 February 1, 056 1,228 1,624 1,520 919 704 750 567 411 457 315 103 84 117 March 1,085 1,205 1,539 1,467 911 671 685 570 387 529 311 106 72 133 April 1,071 1, 111 1,414 1,422 879 697 613 571 351 553 307 108 64 139 May 1,041 1,107 1,382 1,413 787 669 569 541 304 541 305 111 60 14? June 1,026 1,113 1,305 1,368 747 687 534 503 274 527 292 103 73 151 July 978 1,127 1,350 1,228 705 738 516 483 265 528 289 100 97 168 August _ _ _ 952 1,201 1,339 1,090 681 694 520 458 267 526 271 108 107 188 September 1,004 1,272 1,367 996 683 715 539 430 265 513 248 110 123 192 October 1,123 1,541 1,508 1,040 699 737 562 427 285 485 210 113 130 188 November 1,200 1,658 1,571 1,002 720 758 561 421 316 448 174 110 133 178 December 1,284 1,732 1,556 974 710 764 543 383 334 358 118 81 109 166 1 Dollar acceptances; figures collected and compiled by American Acceptance Council. 2 Paper maturing within 7 months; includes some finance company paper sold in the open market. Fig. ures reported by dealers to the Federal Reserve Bank of New York. Back figures—See Annual Report for 1930 (table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 77.—DOLLAR BANKERS' ACCEPTANCES HELD BY GROUP OF ACCEPTING BANKS, 1927-34 [In thousands of dollars] End of month 1927 1928 1929 1930 1932 1933 1934 January. _. 54,987 79,968 79, 246 220, 467 571,404 332, 211 626, 274 566, 868 February,. 166,485 90,090 89, 050 182,930 549, 548 342, 807 325, 007 580, 966 March 104,484 99,058 117,430 166, 663 472, 246 377, 200 281,036 576,193 April 86,976 56,397 95,129 157,527 410, 249 455,454 404, 252 535, 554 May 94, 561 58,183 87, 396 165,611 464,163 510,423 504,992 507, 304 June 88,947 71, 289 84, 284 205,110 553,519 517, 547 487,255 479,787 July 86,412 52,642 90, 033 278, 642 668, 034 562,955 552,148 472, 245 August 132,890 50, 331 82, 378 267, 337 606, 469 573,737 499,444 482, 556 September. 103, 592 53,187 70, 767 316, 678 409,895 573, 360 517, 207 503,132 October.... 118,167 43,711 129, 413 384,173 230, 407 605, 069 592,165 515,982 November. 116,913 50, 345 244,463 493, 002 296,161 654, 523 599, 077 516,829 December, 104,999 75, 842 191,061 371,452 262, 092 603, 858 442,457 496, 730 NOTE.—Banks included are those which report to the American Acceptance Council; figures include both own acceptances held and purchased acceptances held. Back figures.—See Annual Report for 1932 (table 89). BANK DEBITS No. 78.—DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN 141 PRINCIPAL CITIES, BY MONTHS, 1925-34 [In millions of dollars] Month 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 TOTAL, 141 CITIES January 49,982 54,145 54, 714 62,885 82, 814 60, 423 46, 253 33, 569 24, 466 27, 221 February. _. 41,517 44,915 48, 220 54,493 70, 777 52, 625 38, 031 27, 251 22,437 25, 015 March 47, 623 56,464 58,518 70,633 83, 524 65, 723 47,011 29, 889 0) 29, 685 April 44, 558 51,837 55, 583 67,003 74,750 62, 946 46, 440 29, 923 22, 628 31,231 May 46, 596 48,020 54,143 71,616 76, 535 61, 811 43,930 25, 411 25, 486 28,757 June 48, 631 50, 662 56, 820 72,485 69,666 62, 312 45, 299 27,103 29,711 30, 142 July 47,037 50,959 53,682 58,981 77,631 52,744 39,451 25, 239 31, 232 27,752 August 43,134 47, 011 53, 702 58, 504 77, 344 45, 993 34,027 25, 215 25, 451 25, 706 September- 45, 264 46,954 56, 750 63,176 77, 617 48, 636 36, 700 25,931 24, 555 24,009 October 52,955 52, 535 59, 201 72,894 95, 527 54, 460 38,802 25, 298 26, 307 26, 750 November. 48, 367 47, 384 57,085 71,349 82, 090 42,176 29, 069 20, 750 24,131 24,752 December.. 54,399 57,070 65,441 82,386 66, 752 52,107 36, 345 26, 787 26, 301 30,915 Total 570, 064 607,956 673, 861 806,405 935,027 661,957 481,357 322, 366 282, 706 331,937 140 CITIES (EXCLUDING NEW YORK CITY) January 22, 301 23, 607 23, 456 25, 001 28, 095 25, 691 21, 697 15, 893 12, 053 13,198 February... 18,593 20,102 20,781 21,753 24,489 21, 508 17,084 12,870 10,401 11, 784 March 21, 240 23, 458 24, 026 25,847 28, 099 24, 983 19, 421 13, 729 0) 14, 077 April 20, 613 22, 537 23, 576 25, 225 26, 770 24, 315 19, 620 14, 366 10, 616 14, 278 May 20,417 21,449 22,873 26,346 26,492 24,388 18,858 12, 498 11, 509 14,105 June 21, 702 22, 466 23, 812 27,029 26, 404 24, 621 19,406 12, 901 12, 969 14, 754 July 21, 580 23, 300 22,932 23,897 28, 416 23,145 18,444 12, 511 13,878 13,910 August 19,869 20, 778 22,048 23,401 28, 310 20, 941 16, 526 11, 756 12, 376 13, 421 September. 20, 895 21, 336 23,381 24,450 27, 274 21, 253 16, 627 11,767 12, 215 12,888 October 24,039 23,780 25, 111 27,705 32, 202 23, 679 18,125 12, 354 13,027 14,465 November. 21, 357 21, 593 23,803 25,880 28, 486 19, 686 14, 605 10, 935 11,927 13,409 B«cembor_. 24,085 24,493 26,503 29,659 26,902 23,107 17,112 12, 820 13, 287 15, 700 Total 256, 691 268,900 282, 303 306,193 331,938 277,317 217, 523154,401 2134,257 165, S 1 Not available, complete data not having been reported on account of bank holidays. a Total for 11 months. NOTE.—Figures represent debits or charges on the books of reporting member and nonmember banks to deposit accounts of individuals, firms, and corporations, and of the United States, State, county, and municipal governments, including debits to savings accounts, payments from trust accounts, and certificates of deposit paid. Figures do not include debits to the accounts of other banks or in settlement of clearing-house balances, payment of cashiers' checks, charges to expense and miscellaneous accounts, corrections, and similar charges. Monthly figures are derived from weekly reports, the figures for weeks which do not fall entirely within a single calendar month being prorated. Hack figures.—See Annual Report for 1925 (table 100); series begins with 1919. Corresponding figures for each Federal Reserve district and for each reporting center are available in mimeographed form begin- Digitized fonri nFgR wAiSthE 1R91 9 and may be had upon request. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 167 BANK SUSPENSIONS No. 79.—BANKS SUSPENDED AND REOPENED, BY YEARS, 1921-32 1 [Banks closed on account of financial difficulties by order of supervisory authorities or by the directors of the bank. Figures of suspensions include banks subsequently reopened. Deposits are as of date of suspension or nearest call date] [Amounts in thousands of dollars] Banks suspended Banks reopened Class of bank and year Number Capital Deposits Number Deposits All banks: 1921 505 23,732 172,188 97 24,437 1922 367 14, 560 93,043 118 45,452 1923 646 21, 367 149,601 69 17,348 1924 _ _ _ _ _ . . _ 775 28,432 210,151 111 31, 523 1925 618 24, 754 167,555 81 22,931 1926 976 33,482 260, 378 162 59,962 1927 669 25, 371 199, 329 129 43,144 1928 499 19,909 142, 580 53 22, 555 1929 . . _ 659 33,432 230,643 69 28, 586 1930 1,352 111,791 853,363 159 63,013 1931 2,294 207,965 1,690,669 276 157,159 1932 1,456 108, 450 715,626 290 276,194 Total 10,816 653, 245 4,885,126 1, 614 792, 304 Member banks: 1921 71 5,223 38,140 10 2,669 1922 62 4,356 27,310 27 11, 230 1923 122 6,933 46,803 14 4,803 1924 160 10, 330 78,535 19 7,116 1925 146 9,940 65, 457 10 3,756 1926 158 8,194 67,464 14 7,516 1927 122 7,889 63,489 10 6,959 1928 73 5,125 46, 730 5 5,974 1929 81 7,075 58,073 5 1,910 1930... 188 50, 510 372,845 6 3,053 1931 516 83, 761 733,128 31 52, 470 1932 331 44, 705 269, 303 52 71,606 Total 2,030 244, 041 1,867, 277 203 179,122 Nonmernber banks: 1921 434 18,509 134,048 87 21, 768 1 1 9 9 2 2 2 3 3 52 0 4 5 1 1 0 4 , , 4 2 3 0 4 4 1 G 02 5 , f 7 7 9 3 8 3 9 5 1 5 3 1 4 2 , , 2 5 2 4 2 5 1924 615 18,102 131, 616 92 24,407 1925 472 14,814 102,098 71 19,175 1926 818 25,288 192,914 148 52,446 1927 . . 547 17,482 135,840 119 36,185 1928 426 14, 784 95,850 48 16, 581 1929 578 26,357 172, 570 64 26,676 1930 1,164 61, 281 480, 518 153 59,960 1931 1, 778 124, 204 957, 541 245 104, 689 1932 1,125 63,745 446, 323 238 204, 528 Total 8,786 409, 204 3, 017,849 1,411 613,182 1 Corresponding data by classes of banks, by years and by States, appear in the Annual Report for 1933 (tables 102-104) and by classes of banks and months in the Annual Report for 1932 (table 94). No. 80.- -BANK SUSPENSIONS, 1921-32: NUMBER, CLASSIFIED ACCORDING TO CAPITAL STOCK AND SIZE OF COMMUNITY1 Number Number Banks having capital stock of— of sus- Banks in places with population of— of suspensions pensions Less than $25,000.. 3,652 Less than 500. _ 3,777 $25,000 2,486 500 to 1,000 2,092 $25,100 to $49,000— 999 1,000 to 2,500... 2,095 $50,000 to $99,000— 1,960 2,500 to 5,000_.. 932 $100,000 to $199,000. 968 5,000 to 10,000.. 533 $200,000 to $999,000. 565 10,000 to 25,000. 479 $1,000,000 and over. 63 25,000 and over. 908 Not available 123 Total.-. 10,816 Total 10,816 1 Corresponding data by years and classes of banks appear in the Annual Report for 1933 (tables 105-106). 129288—35 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 81.—BANKS SUSPENDED, BY DISTRICTS AND BY STATES, JAN. 1 TO MAR. 15, 1933 [Banks closed on account of financial difficulties by order of supervisory authorities or by directors of the bank. Figures of suspensions include banks subsequently reopened] ]dumber of banks Deposits 2 (in thousands of dollars) Federal Reserve district and State 1 Total ti N on a a - l m S b t e e a m t r e - m N b e o e m n r - - Total N b a a ti n o k n s al m b S e a t m n a k t b e s er m b N e a m o n n k b - s er DISTRICT Boston _ _ New York 14 4 1 9 9 698 3 531 660 5 507 Philadelphia _. 4 3 1 14,736 13, 286 1,450 Cleveland 12 1 11 3,580 835 2 745 Richmond 22 4 18 20, 389 11,898 8,491 Atlanta _ 24 5 19 14,348 10,995 3,353 Chicago 111 12 3 96 42, 734 6,056 4,092 32, 586 St. Louis 93 10 14 69 36, 728 7,226 15, 044 14,458 Minneapolis 39 6 1 32 11,401 3, 367 109 7,925 Kansas City _. . . _ 83 13 70 16, 512 2, 691 13,821 Dallas 8 2 6 2.997 1,137 1,860 San Francisco 39 6 4 29 42, 218 12,161 1,837 28, 220 Total 449 66 23 360 215,341 73,183 21, 742 120, 416 STATE Middle Atlantic: New York - - 12 3 1 8 7,506 2,619 660 4,227 New Jersey 5 4 1 15, 478 14,198 1,280 Pennsylvania . 3 1 2 2,752 835 1,917 East North Central: Ohio 8 8 1,172 1,172 Indiana 23 2 1 20 8,957 265 3,000 5,692 Illinois 47 9 1 37 27,421 6,486 408 20, 527 Michigan _. 19 4 1 14 7,582 1,183 684 5,715 Wisconsin 18 3 15 7,267 5,022 2, 245 West North Central: Minnesota __ _ . 19 3 16 4,942 772 4,170 Iowa 28 3 25 4,335 362 3,973 Missouri 56 3 13 40 25, 465 2,366 14, 418 8,681 North Dakota 1 1 213 213 South Dakota 5 1 4 642 193 449 Nebraska 34 7 27 6,140 1,829 4,311 Kansas 30 3 27 5,315 283 5,032 South Atlantic: Maryland 3 1 2 4,260 793 3,467 District of Columbia. _. 1 1 10,117 10,117 Virginia 2 2 185 185 West Virginia 2 2 1,146 1,146 North Carolina 11 1 10 3,822 400 3,422 South Carolina 4 1 3 1,895 588 1,307 Georgia 2 2 305 305 East South Central: Kentucky 4 4 539 539 Tennessee 19 4 15 13, 493 16,692 2,801 Alabama 5 5 604 604 Mississippi 8 1 1 6 1,990 303 626 1,061 West South Central: Arkansas 9 9 1,134 1,134 Louisiana 4 4 2,323 2,323 Oklahoma 4 4 345 345 Texas 6 2 4 1,745 1,137 608 Mountain: Montana 8 1 7 2,614 109 2,505 Idaho - 6 1 5 865 357 508 Wvomins! 1 1 52 52 Colorado 9 3 6 1,367 579 788 Arizona 1 1 156 156 Pacific: Washington 7 2 5 3,370 1,385 1,985 Oregon 6 3 1 2 980 477 95 408 California 19 3 16 36, 847 11, 684 25,163 1 State listed only in cases where suspensions occurred. 2 Deposits of member banks suspended are as of dates of suspension, and deposits of nonmember banks are based on the latest data available at the time of the report of closing of the banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

169 BANK SUSPENSIONS No. 82.—LICENSED BANKS SUSPENDED, BY DISTRICTS AND BY STATES, IN 1933 AND 1934 i Mar. 16 to Dec. 31,1933 Year 1934 Deposit.5 4 (in thousands of Federa a l n R d e S se t r a v te e i district Number of banks dollars) Num- Deposits4 ber of in (thou- Total M be e r m 3 - m N b e o e m n r - - Total b M a b n e e k m r s - 3 m b N e a m o n n k b - s er banks 5 s d a o n ll d a s r s o ) f DISTRICT Boston 6 6 20,293 20,293 New York 8 1 7 26,390 879 25,511 8 28, 348 Philadelphia 3 935 Cleveland 8 1 7 5,532 1,860 3,672 4 1,784 Richmond 29 29 16,782 16,782 3 636 Atlanta _. 17 17 14,142 14,142 2 236 Chicago 26 2 24 20,439 8,379 12,060 17 2,606 St. Louis_-_ . 20 1 19 8,100 799 7,301 11 1,663 Minneapolis 11 11 2,387 2,387 4 371 Kansas City __ 22 3 19 11,074 4,445 6,629 5 358 Dallas 25 2 23 17,899 2,820 15,079 San Francisco 7 5 2 2,672 1,667 1,005 Total 179 15 164 145,710 20,849 124,861 57 36, 937 STATE New England: Maine- 6 6 20, 293 20, 293 Connecticut _-- 3 3 6,946 6,946 Middle Atlantic: New York... _ 2 1 1 10,310 879 9,431 2 7,059 New Jersey 3 3 9,134 9,134 8 22,114 Pennsylvania 2 1,172 East North Central: Ohio__ 5 1 4 3,738 1,860 1,878 3 722 Indiana 22 1 21 13, 369 468 12,901 14 2,037 Illinois 8 8 1,383 1,383 2 349 Michigan.-. ._ 3 1 2 8,386 7,911 475 1 48 Wisconsin 4 4 1,463 1,463 5 714 West North Central: Minnesota -- - 1 1 314 314 1 73 Iowa 1 1 292 292 Missouri 7 7 3,289 3,289 7 1 311 North Dakota 1 1 373 373 South Dakota 3 3 345 345 Nebraska 5 5 403 403 3 275 Kansas 6 6 1,675 1,675 1 72 South Atlantic: Maryland 1 1 631 631 Virginia . 7 7 4,047 4,047 2 467 West Virginia 19 19 12,352 12,352 North Carolina 1 1 57 57 South Carolina 2 2 176 176 1 169 Georgia 2 936 East South Central: Kentucky 2 2 1,313 1,313 1 68 Tennessee 3 3 620 620 Alabama _ - - 2 2 200 200 Mississippi 1 1 153 153 West South Central: Arkansas _ 3 1 2 989 799 190 Louisiana 23 23 22,307 22,307 Oklahoma. 6 1 5 2,167 196 1,971 . 1 11 Texas 12 2 10 8,936 2,820 6,116 Mountain: Montana 3 3 304 304 1 40 Colorado 2 1 1 897 428 469 New Mexico 5 1 4 6,176 3,821 2,355 Utah 2 2 1,005 1 005 Pacific: Washington _ 3 3 1,319 1 319 Oregon 2 2 348 348 1 Licensing of banks to resume operations on an unrestricted basis after the banking holiday began on Mar. 13-15, 1933. "Licensed banks suspended" includes licensed banks placed on a restricted basis. 2 States listed only in cases where suspensions occurred. 3 Represents National banks except as follows: 1 State member bank in Ohio with deposits of $1,860,000, 3 in Washington with deposits of $1,319,000 and 2 in Oregon with deposits of $348,000. 4 Deposits of licensed member banks suspended are as of dates of suspension and deposits of nonmember banks are based on the latest data available at the time of the report of closing of the banks. Digitized for F6R AAHS wEeRre nonmember banks except 1 National bank in Montana with deposits of $40,000. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 83.—NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP, BY DISTRICTS AND BY STATES, MAR. 16 TO DEC. 31, 19331 Number of banks Deposits 2 (in thousands of dollars) Federal a n R d e s S er t v at e e district Total ti N on a a - l m St e a m te - m N b e o e m n r - - Total N b a a ti n o k n s al m b S e a t m n a k t b e s er m b N e a m o n n k b - s er DISTRICT Boston 39 6 105, 735 53, 203 32, 562 19,970 New York 49 38 10 78, 537 67, 439 4,222 6,876 Philadelphia 32 22 9 27,856 16,615 455 10, 786 Cleveland 115 61 51 436,930 54,460 346,503 35, 967 Richmond 78 38 36 161,180 49, 586 48,162 63, 432 Atlanta 59 18 38 148, 544 17,892 111,451 19, 201 Chicago 336 139 189 731,742 617,749 40,915 73,078 St. Louis 87 20 60 61, 082 13,669 35, 111 12, 302 Minneapolis. 121 29 89 22, 716 11,123 976 10,617 Kansas City 117 33 83 48, 330 29, 058 112 19,160 Dallas 40 21 15 3,781 326 2,181 San Francisco 48 16 26 38, 896 32,101 3,360 3,435 Total- 1,121 464 3 45 612 1,867,836 966, 676 624,155 277,005 STATE New England: Maine—- 14 49, 208 33, 749 15,459 New Hampshire _ 4 4,071 4,071 Vermont 9 7,831 5,492 2,339 Massachusetts 11 43, 438 9,891 31, 375 2,172 Connecticut 1 1,187 1,187 Middle Atlantic: New York 38 65, 611 54, 513 4,222 6,876 New Jersey 20 15, 298 15, 298 Pennsylvania __. 60 71, 936 45, 705 455' ~25~776 East North Central: Ohio 65 385,484 20,636 346, 503 18,345 Indiana 61 50, 432 43, 622 6,810 Illinois 120 78,663 34, 222 118 44,323 Michigan 48 567,020 522, 251 40, 797 3,972 Wisconsin 70 21,103 9,682 11,421 West North Central: Minnesota 61 3,394 118 5,354 Iowa - 88 26,554 12,133 14,421 Missouri 35 57,442 26, 690 167576' 14,176 North Dakota 17 6,284 4,938 1,346 South Dakota.. 17 2, 611 937 1,674 Nebraska 49 6,989 1,102 5,775 Kansas 21 3,162 1,703 1,459 South Atlantic: Delaware 1 175 175 Maryland 19 61, 677 10, 045 30, 642 20,990 District of Columbia- 9 24, 674 15, 418 9,256 Virginia 14 22,935 6,208 15, 021 1,706 West Virginia _. 14 11,305 8,051 118 3,136 North Carolina 13 31, 430 5,232 2,381 23,817 South Carolina 11 10, 671 4,632 6,039 Georgia— - 7 2,798 196 2,602 Florida 7 1,471 127 579 765 East South Central: Kentucky __• 16 4,786 3,431 1, 355 Tennessee .._ 14 12,417 11, 522 895 Alabama 14 4,206 3,106 1,100 Mississippi 9,939 3,295 6,644 West South Central: Arkansas 20,113 18, 535 1,312 Louisiana 119, 364 395 110,872 8,097 Oklahoma -_ 5,565 3,990 1,575 Texas - 19 5,270 3,545 326 1,399 Mountain: Montana 2,089 1,231 858 Idaho._ 1,489 967 522 Wyoming _ 241 241 Colorado _ 3,611 3,285 326 New Mexico 571 571 Arizona.. 778 311 467 Utah 860 271 Pacific: Washington _ 3,596 2,884 712 Oregon 8,064 4,964 1,831 1,269 California 24, 551 22,975 1,258 318 1 Includes nonlicensed banks absorbed or succeeded by other banks. 2 Deposits of nonlicensed national banks placed in liquidation or receivership are as of dates of conservatorship; deposits of nonlicensed State member banks placed in liquidation or receivership are as of nearest call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the report of closing of the banks. 3 Includes 7 banks with deposits of $63,134,000 which did not receive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS 171 No. 84. -NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP, BY DISTRICTS AND BY STATES, IN 1934 l Number of banks Deposits 3 (in thousands of dollars) Federa a l n R d e s S e t r a v te e 2 district Total ti N on a a - l m S b t e e a m r te - m N b e o e m n r - - Total N b a a ti n o k n s al m b S e a m t n at k b e s er m b N e a m o n n k b - s er DISTRICT Boston 14 12 1 1 13,663 10,038 2,491 1,134 New York. 37 36 1 52,048 51,694 354 Philadelphia 77 56 4 17 145,451 96,222 10,735 38,494 Cleveland. 136 63 5 68 160,434 83,096 4,148 73,190 Richmond 48 22 26 29,696 19,075 10,621 Atlanta 40 17 2 21 34,267 12,835 12,768 8,664 Chicago 259 74 9 176 98,256 60,828 8,809 28,619 St. Louis 114 31 1 82 36,845 20,300 182 16,363 Minneapolis 27 24 3 13,615 13,347 268 Kansas City . 127 34 93 26,061 14,661 11,400 Dallas 17 9 8 3,001 1,558 1,443 San Francisco _ 31 20 1 10 11,584 6,564 359 4,661 Total 927 398 * 23 506 624,921 390,218 39,492 * 195,211 STATE New England: Maine 4 4 3,369 3,369 New Hampshire 1 1 1,302 1,302 Vermont 3 3 2,923 2,923 Massachusetts. _ 5 4 1 3,578 2,444 1 134 Rhode Island 1 1 2,491 2,491 M iddle Atlantic: New York _ 22 22 33,954 33,954 New Jersey 22 21 1 23, 273 22,919 354 Pennsyl vania.. 126 84 5 37 227,024 143,926 12,483 70, 615 East North Central: Ohio 74 22 4 48 70,971 27,502 2,400 41,069 Indiana . 43 14 2 27 19,980 10,199 5,064 4,717 Illinois 34 34 23,119 23,119 Michigan 76 19 5 52 39,630 30,665 2,067 6,898 Wisconsin 42 20 22 15,708 12,042 3,666 West North Central: Minnesota 9 9 3,806 3,806 Iowa.. 103 16 2 85 23,865 7,539 1,678 14,648 Missouri 81 5 76 17,168 2,724 14 444 North Dakota 2 2 590 590 South Dakota 2 2 804 804 Nebraska 69 11 58 11,094 4,280 6,814 Kansas 10 9 1 4 207 3 907 300 South Atlantic: Maryland 9 4 5 5,652 2,860 2,792 District of Columbia- 4 1 3 8,490 2,984 5,506 Virginia 6 5 1 3,383 3,248 135 West Virginia 9 9 6,107 6,107 North Carolina 19 4 15 5 014 3 403 1 611 South Carolina 3 1 2 2,100 1,523 577 Georgia 4 4 1,301 1,301 Florida 7 3 4 3 515 2 860 655 East South Central: Kentucky 10 9 1 5,223 4,258 965 Tennessee 5 4 2 311 1 874 437 Alabama 14 2 1 11 6,153 498 507 5,148 Mississippi 2 1,241 1 241 West South Central: Arkansas 18 4 1 13 3,334 619 182 2,533 Louisiana 13 5 1 7 20,666 6,448 12, 261 1,957 Oklahoma 22 6 16 4,330 3 162 1 168 Texas 12 8 4 2 378 1 412 966 Mountain: Idaho... 1 1 130 130 Colorado... ._ 10 7 3 3,283 3,083 200 Pacific: Washington 9 4 5 1,982 1,353 629 Oregon 8 5 1 2 2,224 1,468 359 397 California 13 10 3 7,248 3,613 3,635 1 Includes nonlicensed banks absorbed or succeeded by other banks. 2 States listed only in cases where closings occurred. 3 Deposits of nonlicensed national banks placed in liquidation or receivership are as of dates of conservatorship; deposits of nonlicensed State member banks placed in liquidation or receivership are as of the nearest call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the report of closing of the banks. "Includes 14 banks with deposits of $12,432,000 which did not receive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 85.—NUMBER OF BANKS LICENSED AND NOT LICENSED, BY DISTRICTS AND BY STATES, ON APR. 12, 1933 Licensed Not licensed Federal Reserve district and State Total N b a a ti n o k n s al m b S e a t m n at k b e s er m b N a e n m o k n b s er Total N b a a ti n o k n s a' m b S e a m t n at k b e e s r m b N e a m n o k n b s e - x r DISTRICT Boston 466 283 23 160 110 55 51 New York 992 539 134 319 161 139 14 Philadelphia 829 529 57 243 136 93 36 Cleveland 1,051 416 58 577 331 146 173 Richmond 867 259 29 579 272 95 170 Atlanta 982 237 33 712 131 41 85 Chicago 1,498 375 87 1,036 1,491 242 1,180 St. Louis 1,393 273 48 1,072 430 66 347 Minneapolis 1,080 426 32 622 497 70 424 Kansas City 1,898 666 25 1,207 415 78 337 Dallas 1,049 484 48 517 70 29 38 San Francisco 714 302 62 350 150 54 83 Total 12,819 4,789 636 7, 394 4,194 1,108 148 2,938 STATE New England: Maine 50 24 30 10 New Hampshire 62 48 6 1 Vermont 28 28 51 34 Massachuset ts 204 127 61 20 3 Rhode Island 21 10 8 1 1 Connecticut 132 56 74 3 2 Middle Atlantic: New York 705 395 222 108 99 7 New Jersey 359 207 101 74 56 10 Pennsylvania 955 599 291 217 145 66 East North Central: Ohio. 581 206 339 204 60 133 Indiana 422 104 314 217 42 172 Illinois 646 227 382 354 102 245 Michigan 246 48 158 290 51 183 Wisconsin 290 83 198 451 36 414 West North Central: Minnesota 470 198 270 282 28 251 Iowa 323 81 227 458 71 381 Missouri 620 82 503 183 11 167 North Dakota 168 67 101 55 10 45 South Dakota 205 64 131 21 6 15 Nebraska 375 129 243 193 19 174 Kansas 761 557 42 18 24 South Atlantic: Delaware 45 15 26 3 1 2 Maryland 93 32 57 97 35 60 District of Columbia_ 20 8 12 13 3 10 Virginia 326 119 197 34 19 13 West Virginia .167 59 98 40 24 14 North Carolina 182 32 146 62 11 50 South Carolina 106 15 87 30 5 25 Georgia 266 48 197 13 9 3 Florida 139 44 93 5 22 East South Central: Kentucky 407 84 318 23 21 Tennessee 322 66 253 10 9 Alabama _ 199 66 126 11 22 Mississippi 180 21 159 3 33 West South Central: Arkansas 180 45 130 7 62 Louisiana 140 20 118 8 31 Oklahoma- - 398 214 183 15 70 Texas 931 448 437 24 27 Mountain: Montana 127 47 5 Idaho 77 22 46 5 Wyoming 68 25 38 Colorado 136 72 60 35 New Mexico 42 23 17 2 Arizona 19 8 9 Utah 69 14 39 Nevada 10 4 Pacific: Washington 168 63 84 42 Oregon 108 57 46 16 California 271 135 127 14 i Exclusive of mutual savings banks, private banks not under supervision of State banking departments, and any trust companies and other financial institutions which do not receive deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

173 BANK SUSPENSIONS No. 86.—DEPOSITS OF BANKS LICENSED AND NOT LICENSED, BY DISTRICTS AND BY STATES, ON APR. 12, 1933 l [In thousands of dollars] Licensed Not licensed d F is e t d r e ic ra t l a n R d e s S er t v at e e Total N b a a ti n o k n s al m b S e a t m n at k b e s er m b N a e n m o k n b s - e 2 r Total N b a a ti n o k n s al b m S a b t e n a e m k t r e s - b m N a b n e o e k m n r s - - a DISTRICT Boston 2,323,827 1,459, 313 444, 026 420,488 252,776 99, 007 35, 575 118,194 New York .._11,172,632 4,301, 7565, 734, 3931,136,483 288,819 221,185 36,435 31,199 Philadelphia 2, 339,016 1, 383,895 640, 255 314,866 221, 543 128,154 29,492 63,897 Cleveland 2,509,990 1,169,139 853, 778 487,073 666,966 162,891 358, 716 145,359 Richmond - 1,190,396 612, 648 172, 756 404,992 373,228 126,031 76, 271 170,926 Atlanta — 920,716 616, 298 68,837 235,581 187,019 26, 279 128, 617 32,123 Chicago 3,073,519 1,980, 032 534, 751 558,736 1,435,225 825,093 120,914 489,218 St. Louis 1,135,329 549, 557 293, 381 292,391 166,974 48, 067 48, 570 70,337 Minneapolis 840,659 655, 048 33,745 151,866 149, 792 36, 072 723 112,997 Kansas City 1,249,008 885, 354 113,380 250,274 124,501 69, 712 54, 789 Dallas— - 863,024 676, 674 40,954 145,396 11,619 5,358 236 6,025 San Francisco - 3,314,156 2, 204,835 561,378 547,943 99,068 70, 692 5,833 22,543 Total 30, 932, 272 16,494, 5499, 491, 6344, 946, 0893, 977, 5301,818, 541841, 382 1,317,607 STATE New England: Maine 136, 224 61, 567 1,616 73, 041 91,183 45,444 2,713 43, 026 NewHampshire. 72, 332 50,977 1,000 20, 355 7,094 5,396 1,698 Vermont 25,207 25, 207 85, 797 23,810 61,987 Massachusetts- 1,486, 630 1,109,944 185,449 191, 237 63,923 24, 357 32,862 6,704 Rhode Island- 281, 352 36, 701 220, 449 24, 202 2,491 2,491 Connecticut 430,316 210, 014 35, 512 184, 790 5,537 3,249 2,288 Middle Atlantic: New York 9,923,636 3,843, 6565, 300, 503 779, 477 187, 879 163, 903 1,932 22,044 New Jersey 1,382,660 568, 811 468, 778 345, 071 126, 331 63,113 49, 228 13, 990 Pennsylvania- 3,130, 224 1,837, 407 894, 967 397,850 337,217 213, 345 16, 738 107,134 East North Central: Ohio 1, 218, 095 492, 750 504, 519 220,826 507,038 55,964 356, 745 94, 329 Indiana 370, 095 170, 513 27, 078 172,504 133,832 78,172 9,216 46,444 Illinois 1,933, 441 1, 468, 212 312, 881 152, 348 191, 324 78,731 12, 741 99,852 Michigan 357,823 108,336 149,662 99, 825 899, 253 650, 395 104, 035 144,823 Wisconsin 452,127 290, 209 38,723 123,195 158,772 26, 731 281 131,760 WestNorth Central: Minnesota 546, 347 459,915 502 85,930 87, 926 10, 792 723 76,411 Iowa --- 230, 768 112,358 22, 651 95, 759 159, 397 33, 715 2,710 122,972 Missouri 836, 516 379,871 322, 302 134,343 111,498 49, 558 21,144 40, 796 North Dakota. _ 52, 250 41, 445 10,805 10, 739 6,208 4,531 South Dakota. _ 61,192 38, 639 4,327 18,226 4,057 1,860 2,197 Nebraska 182,487 145,259 429 36, 799 29, 706 6,605 23,101 Kansas 259,097 151, 775 3,377 103, 945 11,501 7,632 3,869 South Atlantic: Delaware 104, 911 14,976 45, 094 44,841 599 213 386 Maryland 281, 009 150,133 46, 994 83,882 195,001 34, 527 55, 922 104, 552 Dist. Columbia- 203,148 110,145 93,003 41,040 26, 280 14, 760 Virginia 359, 542 227, 286 93,658 32,950 12, 206 17,584 3,160 West Virginia.. 190, 297 90, 008 30, 670 69,619 28, 588 17,960 384 10,244 North Carolina- 158,767 31,616 62, 899 64, 252 45,902 11,709 2,381 31,812 South Carolina- 48,056 15, 602 4,676 27,778 32, 755 24,426 8,329 Georgia _.- 245, 797 178,777 28,695 38,325 5,772 2,715 2,320 737 Florida 171, 323 133, 682 1,462 36,179 9,424 4,597 579 4,248 East South Central: Kentucky 291, 738 138, 332 31, 473 121,933 21,454 17, 377 4,077 Tennessee 244, 237 157, 098 27, 574 59, 565 5,170 4,073 200 897 Alabama 153, 412 115,778 18, 652 18,982 9,931 4,203 5,728 Mississippi 95, 780 36, 403 59,377 11, 241 4,799 6,442 West South Central: Arkansas 73, 552 45, 770 5,835 21,947 1,062 19,157 8,470 Louisiana... 192, 582 79, 347 18, 751 94, 484 153, 334 7,207 125, 718 20,409 Oklahoma 273,976 238, 542 187 35, 247 15,159 8,237 6,922 Texas 770, 934 629, 257 35, 465 106, 212 8,393 4,281 236 3,876 Mountain: Montana 91, 500 56, 064 20, 316 15,120 3,745 1,724 2,021 Idaho 41, 616 13, 744 11,170 16, 702 5,972 4,736 199 1,037 Wyoming... 39, 728 26,920 1,351 11,457 Colorado 211,536 179,819 16, 228 15,489 13, 578 10, 030 3,548 New Mexico 24,901 20, 531 611 3,759 3,242 1,243 1,999 Arizona 44,133 18, 553 6,824 18, 756 301 301 Utah. 100, 208 42, 542 30, 523 27,143 407 407 Nevada 11,538 8,984 2,554 1,048 718 330 Pacific: Washington 231, 202 175, 615 27,089 31, 356 22,704 1,798 6,854 Oregon 160,449 140, 582 1,572 18, 295 12, 399 6,765 2,468 3,166 California.. _ 2, 747, 581 1,814,877 482, 791 449,913 47, 585 35,061 1,368 11,156 1 Deposits are as of Dec. 31,1932, or the nearest available call date prior thereto. 2 Exclusive of mutual savings banks, private banks not under supervision of State banking departments, and any trust companies or other financial institutions which do not accept deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 87.—NUMBER OF BANKS LICENSED AND NOT LICENSED, BY DISTRICTS AND BY STATES, ON DEC. 31, 1934 Licensed Not licensed Federal Reserve district and State Total N b a a ti n o k n s al m b S e a m t n a k t b e s er m b N a e n m o k n b s - e i r Total N b a a ti n o k n s al m b S e a t m n a k t b e s er m b N e a m n on k b - s e i r DISTRICT Boston 544 322 49 173 3 3 New York 1,092 627 164 301 9 1 8 Philadelphia. __ 931 595 61 275 2 2 Cleveland. L, 260 528 99 633 10 1 1 8 Richmond ,040 339 61 640 13 1 12 Atlanta L,098 277 55 766 3 3 Chicago J, 562 519 163 1,880 47 1 46 St. Louis 1,660 320 71 1,269 32 1 2 29 Minneapolis L, 422 455 69 898 11 11 Kansas City _ L,997 686 48 1,263 15 15 Dallas n/»7 495 60 502 2 2 San Francisco 707 299 80 328 11 1 10 Total 15,370 5,462 980 8,928 158 5 4 149 STATE New England: Maine 71 40 6 25 2 2 New Hampshire 65 52 1 12 Vermont - 76 43 33 Massachusetts 211 132 34 45 1 1 Rhode Island __ 23 12 2 9 Connecticut 127 54 6 67 Middle Atlantic: New York 784 461 117 206 New Jersey 398 236 52 110 9 1 8 Pennsylvania 1,118 711 73 334 2 2 East North Central: Ohio 703 253 71 379 10 1 1 8 Indiana _ 541 125 6 410 7 7 Illinois 884 292 64 528 2 2 485 85 79 321 25 25 Wisconsin 614 106 13 495 9 9 West North Central: Minnesota 685 211 17 457 Iowa 661 123 25 513 9 9 Missouri 699 90 51 558 24 1 23 North Dakota 206 69 137 5 5 South Dakota 212 64 23 125 Nebraska. 437 138 9 290 8 8 Kansas 743 192 14 537 1 1 South Atlantic: Delaware 47 16 4 27 Maryland _ 187 63 7 117 1 1 District of Columbia. _. 22 9 2 11 Virginia 327 133 24 170 West Virginia 180 79 18 83 6 1 5 North Carolina _ 215 44 10 161 2 2 South Carolina 137 19 4 114 4 4 Georgia 325 58 25 242 Florida 152 50 4 98 3 3 East South Central: Kentucky 436 99 10 327 Tennessee 331 73 4 254 1 1 Alabama 222 72 18 132 Mississippi 213 25 3 185 1 1 West South Central: Arkansas 237 51 7 179 4 1 3 Louisiana 149 30 4 115 1 1 Oklahoma 412 217 1 194 3 3 Texas 940 456 54 430 1 1 Mountain: Montana - - -- 120 46 20 54 3 3 Idaho 63 25 10 28 Wyoming 60 26 8 26 Colorado 159 81 5 73 3 3 New Mexico 42 24 3 15 Arizona 17 8 4 5 Utah 58 13 19 26 1 1 Nevada 10 6 4 4 4 Pacific: Washington. 197 67 27 103 1 1 Oregon 104 53 6 45 4 4 California 265 130 16 119 1 1 * Exclusive of mutual savings banks and any trust companies and other financial institutions which do not receive deposits; inclusive of private banks under State supervision and private banks not under supervision of State banking departments but which, under the provisions of sec. 21 (a) of Banking Act of 1933, have agreed to examination by the Comptroller of the Currency or the Federal Reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS 175 No. 88.—DEPOSITS OF BANKS LICENSED AND NOT LICENSED, BY DISTRICTS AND BY STATES, ON DEC. 31, 1934 1 [In thousands of dollars] Licensed Not licensed Federa a l n R d e S se ta rv te e district Total Na b t a i n o k n s al m b e S a t m n a b t k e e s r b m N a b n e o e m k n r s - - 2 Total b ti N a o n n a k a - s l b m S a b t e n e a m k t r e s - b m N a b e o n e m n r k - - s DISTRICT Boston 2,611,053 1, 673,987 521,099 415,967 15,835 15,835 New York 13,453,584 4,947,068 7,162, 2061, 344, 310 18,461 3,063 15,398 Philadelphia 2, 869,277 1,665, 091 717,128 487, 058 4,171 4,171 Cleveland 3,184,507 1, 581, 541 1,066, 397 536, 569 10,794 763 1,218 8,813 Richmond 1,795,214 941, 856 360, 266 493,092 4,002 292 3,710 Atlanta 1, 351,056 967, 260 108, 844 274,952 717 717 Chicago 5,160,889 3, 279,192 890, 570 991,127 20,143 171 19,972 St. Louis 1, 526,702 770, 745 365,132 390,825 8,440 2,121 285 6,034 Minneapolis 1,133,162 843,484 53, 031 236,647 1,337 1,337 Kansas City 1,701,632 1, 214, 603 181,733 305, 296 2,589 2,589 Dallas 1,168,839 959, 371 50, 250 159, 218 107 107 San Francisco 3,953,902 2, 792,952 734,599 426.351 1, 736 392 1,344 Total 39, 909,817 21, 637,15012,211,255 6,061,412 88, 332 6,510 1, 795 80, 027 STATE New England: Maine 171, 306 102,313 27, 778 41,215 14, 240 14, 240 New Hampshire 71,328 56,441 1,175 13, 712 Vermont 95,012 43, 739 51,273 Massachusetts 1, 636, 840 1,199, 532 301,456 135,852 1,595 1,595 Rhode Island 282, 271 80,118 131, 233 70,920 Connecticut 465, 576 235,498 59,457 170, 621 Middle Atlantic: New York 12,150,056 4,413,975 6, 723, 7641,012,317 New Jersey 1, 457,857 652, 363 465, 722 339,772 18,461 3,063 15,398 Pennsylvania 3,864,973 2, 221,394 1, 060,455 583,124 4,171 4,171 East North Central: Ohio 1, 627, 598 767,160 601,458 258,980 10, 794 763 1,218 8,813 Indiana 567, 637 300, 654 33,146 233,837 7,435 7,435 Illinois 2,941,922 2,140, 725 544,318 256,879 2,292 2~292" Michigan __ 941,120 512, 882 217,966 210, 272 7,769 7,769 Wisconsin 654, 575 366, 671 61, 379 226, 525 3,780 3,780 West North Central: Minnesota 745,974 603,114 6,603 136, 257 Iowa 459, 298 197,183 57, 558 204, 557 2.292 2,292 Missouri 1,115,371 537, 569 431,468 146, 334 4,573 4,424 North Dakota 68.016 50,436 17, 580 578 578 South Dakota 79, 111 47,097 22, 018 Nebraska 290,077 223, 662 4,385 62,030 715 715 Kansas 352,561 207,388 14,165 131,008 70 70 South Atlantic: Delaware ._ 114, 550 14,984 60, 599 38,967 Maryland 492, 229 279,065 82, 644 130, 520 903 903 District of Columbia 256,854 150,605 58,502 47,747 Virginia 444, 633 281,520 71,500 91, 613 West Virginia 230,709 121,690 55,852 53,167 2,232 1,940 North Carolina 307,720 77,300 111, 484 118,936 153 153 South Carolina 115,898 45,745 7,349 62,804 714 714 Georgia 332, 792 228,235 43,888 60,669 Florida 230,977 180,907 7,741 42,329 717 East South Central: Kentucky 358,955 179,428 50,453 129,074 Tennessee 369,491 277,333 9,856 82,302 208 208 Alabama 218,980 157,805 27, 058 34,117 Mississippi 145,360 52, 833 917 91,610 "323" 323 West South Central: Arkansas 123, 745 74,296 13, 298 36,151 362 226 Louisiana ___ 320, 450 230,658 26,392 63,400 50 50 Oklahoma.. 316,212 276,005 373 39,834 1,431 1,431 Texas 1, 055,713 892,264 36,954 126,495 57 57 Mountain: Montana 111, 488 66,017 28,477 16,994 308 308 Idaho 68,343 28, 613 25,171 14,559 Wyoming _ 49,758 35,313 2,999 11,446 Colorado 261, 912 221, 663 19,976 20,273 373 373 New Mexico 37, 559 30, 548 739 6,272 Arizona 53,948 21,626 20,192 12,130 Utah._._ _ 119,850 57, 067 40,881 21,902 392 Nevada 19,871 16,255 3,616 544 544 Pacific: Washington 338,972 243,307 59,262 36,403 103 103 Oregon 211,092 181,977 3,164 25, 951 529 529 California 3,163, 277 2, 254,177 592,052 317, 048 168 168 1 Deposits of member banks are as of Dec. 31,1934; deposits of nonmenber banks are as of Dec. 31,1934, or nearest available call date prior thereto. 2 Exclusive of mutual savings banks and any trust companies and other financial institutions which do not receive deposits; inclusive of private banks under State supervision and private banks not under supervision of State banking departments but which, under the provisions of sec. 21 (a) of Banking Act Digitized foro Ff 1R93A3S, hEaRve agreed to examination by the Comptroller of the Currency or the Federal Reserve banks. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 89.—NUMBER AND DEPOSITS OF LICENSED AND NOT LICENSED MEMBER AND NONMEMBER BANKS Number of banks Deposits (in thousands of dollars)2 Li- Not li- Not Total censed censed i Total Licensed licensed All member banks: Mar. 15, 1933 5,078 1,621 28,421,038 25, 554, 2872,866, 751 Apr. 12, 1933 6,681 5,425 1,256 28, 646,106 25,986,183 2, 659,923 June 30, 1933 6,701 5,606 1,095 27,829,942 26, 563,927 1, 266,015 Dec. 30, 1933. 6,523 6,011 512 27,694,828 27,166,974 527,854 Mar. 5, 1934 6,514 6,206 308 29,615,026 29,324,825 290,201 June 30,1934 6,488 6,375 113 31,124,361 31,012,367 111,994 Oct. 17, 1934 6,469 6,433 36 32,315,728 32,285,443 30,285 Dec. 31, 1934 6,451 6,442 33,856,710 33,848,405 8,305 National banks: Mar. 15, 1933 5,907 4,507 1,400 18,137,719 16,195,145 1,942,574 Apr. 12, 1933 5,897 4,789 1,108 18,313,090 16,494,549 1,818,541 June 30, 1933 5,882 4,897 985 17, 769,636 16,741,289 1,028,347 Dec. 30, 1933 5,r 5,154 452 17,990,217 17,555,239 434,978 Mar. 5, 1934. 5,558 5,288 270 19,048,533 18,801,352 247,181 June 30, 1934 5,512 5,417 95 19,993,896 19,895,897 97,999 Oct. 17, 1934 5,491 5,461 30 20,810,507 20,784, 569 25,938 Dec. 31, 1934 5.467 5,462 5 21,643,660 21,637,150 6,510 State bank members: Mar. 15, 1933 792 571 221 10, 283,319 9,359,142 924,177 Apr. 12, 1933 784 636 148 10,333,016 9,491,634 841,382 June 30, 1933 819 709 110 10,060, 306 9,822,638 237, 668 Dec. 30, 1933 917 857 9,704,611 9,611,735 92,876 Mar. 5, 1934 956 918 10,566,493 10, 523,473 43,020 June 30, 1934 _._ 976 958 11,130,465 11,116,470 13,995 Oct. 17, 1934 978 972 11,505,221 11, 500,874 4,347 Dec. 31, 1934 12, 213,050 12,211,255 1,795 Nonmember banks other than mutual savings banks:3 Apr. 12, 1933 . 10,332 7,394 6, 263,696 4,946,089 1,317, 607 June 30, 1933 10,171 8,188 1,983 6,135, 648 5,071,664 1,063,984 Dec. 30, 1933 9,590 8,333 1,257 5,559,996 5,062,908 497,088 Mar. 7, 1934 9,337 8,395 942 5,363,592 4,940, 583 423,009 June 27, 1934 * 9,269 8,760 509 5, 547,799 5,313, 565 234,234 Oct. 17, 1934* 9,167 8,901 266 5, 484,147 5,356,384 127,763 Dec. 31, 1934 *_„ 9,077 8,928 149 6,141,439 6,061,412 80,027 1 Includes a number of national banks whose Federal Reserve bank stock had been canceled and membership in the Federal Reserve System terminated but which, on the dates given, were still included in the Comptroller of the Currency's records of unlicensed banks. 2 Deposits of national banks and State bank members are as of the nearest call dates; deposits of nqn member banks for Apr. 12 and June 30, 1933, are as of Dec. 30, 1932, or the nearest available call date prior thereto; deposits of nonmember banks for Dec. 30, 1933, Mar. 7, June 27, and Oct. 17, 1934, are as of Dec. 30, 1933, or the nearest available call date prior thereto; and deposits of nonmember banks for Dec. 31, 1934, are as of that date, or as of the nearest available call date prior thereto. 3 Exclusive of any trust companies and other financial institutions which do not receive deposits but are included in State bank abstracts. Also exclusive of mutual savings banks, for which total figures only appear in table 60, a segregation as to licensed and not licensed mutual savings banks not being available. In some States, subsequent to the banking holiday in March 1933, restrictions were placed on deposit withdrawals at all mutual savings banks in the State, but withdrawls in excess of the limitations were generally permitted if the use to be made of the funds warranted the larger withdrawals. In addition to these general limitations on deposit withdraw las, other restrictions were imposed, either by the bank's management or by supervisory authorities, in the case of a number of mutual savings banks taken individually. Nonmember bank figures are not available for some of the dates for which data are shown for member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 177 CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM No. 90.—CHANGES IN MEMBERSHIP, BY CLASS OF BANK, IN 1933 AND 1934 Year 1933 Year 1934 Total ti N on a- al State Total ti N on a- al State LICENSED MEMBER BANKS Number at beginning of year „ _ _ i 6,816 i 6,011 1805 6,011 5,154 857 Increases: Organizations of national banks (including successions and conversions) 249 249 406 406 Admissions of State banks to membership 237 237 125 125 Reopening of suspended banks _ 5 4 1 8 5 3 Reopening (licensing) of banks not given licenses on Mar. 13-15, 1933 575 489 86 67 45 22 Total additions 1,066 742 324 606 456 150 Decreases: Withdrawals of State banks from membership. 6 6 5 5 Suspensions 104 75 29 1 1 Mergers, absorptions, consolidations, and liquidations _ . . 140 124 16 169 147 22 Banks not given licenses on Mar. 13-15, 1933 1,621 1,400 221 Total decreases 1,871 1,599 272 175 148 27 Net increase or decrease -805 -857 +52 +431 +308 +123 Number of licensed member banks at end of year.. 6,011 5,154 857 6, 442 5,462 980 UNLICENSED MEMBER BANKS Number at beginning of year 2 1, 621 2 1,400 2 221 512 452 60 Increases: Licenses revoked 14 37 37 Decreases: Licenses granted (to existing banks) 576 489 *87 69 45 <24 Liquidations and receiverships 5 511 M66 45 422 6 402 6 20 Withdrawals of State banks from membership 36 36 12 12 Number of unlicensed member banks at end of year 512 ' 452 60 9 7 5 4 1 Member banks in actual operation (licensing of banks, to resume operations on an unrestricted basis after the banking holiday, began Mar. 13, 1933). 2 Mar. 16, 1933. 3 In addition to licenses revoked (of 6 national banks and 6 State bank members) includes 1 unlicensed national bank and 1 unlicensed State bank member, respectively, which had suspended before the banking holiday but which were placed in conservatorship and/or permitted to operate on a restricted basis after the banking holiday. * Includes banks whose licenses were revoked (after the banking holiday) and which later were relicensed and reopened, as follows: 1 in 1933, 2 in 1934. 5 Includes unlicensed banks absorbed or succeeded by other banks. 6 Includes the following number of banks reported as "suspensions" in the first part of the table, representing banks whose licenses were revoked after the banking holiday and which later were placed in liquidation or receivership: 2 national banks in 1933 and 4 in 1934, and 2 State member banks in 1934. Also includes 1 unlicensed national bank in 1933 which had suspended before the banking holiday and which, following the banking holiday, was first placed in conservatorship and subsequently placed in liquidation or receivership. I Includes national banks whose Federal Reserve bank stock had freen canceled and membership terminated but which, at the end of the year, were still included in the Comptroller of the Currency's records of unlicensed national banks, as follows1 16 at the end of 1933, 3 at the end of 1934. Back figures.—See Annual Report for 1932 (table 99). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS 00 No. 91,—MEMBER BANKS—EARNINGS, EXPENSES, DIVIDENDS, AND OPERATING RATIOS 1925-33 [In thousands of dollars] Gross earnings Expenses Losses and depreciation Cash Interest paid Net divi- Year ended Dec. 31 Total I e n a t r e n r e e d st o A th l e l r Total O po n s d it e s - O ro n w b e o d r- w a a S a r a n i g l e - d e s s Taxes o A th l e l r e i a n r g n s - Total lo O a n ns i m nv O e e n n s t t s - o A th l e l r R e e o r c i n o es v- Net pr N o e fi t ts c d l e d a e n r - e d d s money All member banks: 1925-.- 1, 918,0941, 615, 595302, 499 1, 367, 318643,158 25,954 372, 741 102,411 223,054 550,776 193,099 128, 774 35,127 29,198 61,806 131, 293 419, 483 272,686 1926 2, 027, 7521, 710, 492 1,441,745 672,927 31,350 396, 796 105,885 234, 787 586,007 207, 530 124,885 35,909 46, 736 53,006 154, 524 431, 483 284,809 1927 2,120, 2771, 749,008371, L, 515, 704713,038 24, 514 420,128 109, 778 248, 246 604,573 208,693 123, 745 37, 284 47,664 51,129 157,564 447,009 312,680 1928 2, 283, 9981, 905, 728337788,,270 1,613,811 749,662 48,443 440,000 113,759 261,947 670,187 217,194 119,290 45, 293 52,611 50,875 166, 319 503,868 327,422 1929 2, 474,0992,068,901 405,198 11,683,720 759, 260 64,265 463,847 112,476 283,872 790,379 295,473 A39, 588 95,465 60, 420 61,608 233,865 556, 514 408, 628 1930— 2, 228, 7741,857,514 L, 604,335 748, 992 22,001 451, 776 113, 418 268,148 624, 439 365, 314 194,725 109,028 61, 561 47, 377 317,937 306, 502371, 968 1 1 9 9 3 3 1 2— - 1 1, , 5 9 5 1 3 1 , , 6 5 1 0 8 21 1, , 3 5 2 8 5 1 , , 9 4 0 7 5 8 3 2 2 2 9 8 ^ , 1 5 4 9 0 7 I L L i , , , t 3 1 3 43 5 , , 3 3 7 8 9 44 5 3 8 4 0 , , 3 9 2 1 4 0 3 1 8 9 , , 8 1 1 3 4 6 4 35 1 6 2 , , 5 5 3 5 1 7 8 6 6 7 , , 3 0 6 7 7 7 2 24 3 6 6 , , 4 6 3 1 5 24 5 1 7 0 6 , , 1 2 2 3 3 4 6 77 2 8 0 , , 2 4 3 5 0 6 2 4 9 0 5 3 , , 2 2 4 7 1 2 2 30 6 4 4 , , 1 9 7 6 0 1 6 69 1 ; , 0 9 4 9 5 7 1 5 1 6 3 , , 1 5 0 9 9 4 6 5 6 6 5 3 , , 1 8 2 6 1 2 3 2 1 5 2 4 , , 2 8 6 8 1 7 3 2 3 4 5 5 , , 0 7 7 9 4 2 1933* 1, 236,8641,038, 393 198,471 859,300 287,991 15,178 306,021 58,028 192,082 377, 564 858,279 425, 442 344,053 88,784 124,885 733,394"355,830 150,804 National member banks: 1925 1,159, 5951,015,352 144,243 822,255 382,483 17,172 223, 756 66,645 132,199 337,340 136, 269 92,127 23, 692 20,450 43,122 93,147 244,193 171,324 1926- 1, 210, 9111,060,589 150,322 856,765 395,352 20,089 235,969 68, 270 137,085 354,146 145,831 88,017 26,261 31,553 36, 662 109,169 244,977 176,421 1927 1,289, 2971,107, 242 182,055 918,816 431, 763 15,429 253, 634 69, 219 148, 771 370,481 148, 225 91, 214 25,665 31,346 35, 027 113,198 257, 283 197, 555 1928 1,401,471 1,211,259 190, 212 987, 739 459,819 29,184 269,429 69,872 159,435 413, 732 158, 254 88,077 34,455 35, 722 35,282 122, 972 290, 760 204, 612 1929 1, 443, 3031, 247,125196,178 987,140 450, 258 37,350 271,103 64, 333 164,096 456,163 200, 633 93, 680 63, 304 43, 649 35,854 164, 779 291, 384 247, 317 1930— 1,363, 9281,165,550 198,378 461,311 12,807 277,798 68,373 167,740 375,899 248, 618 135,085 71,202 42,331 30,887 217, 731 158,168 215,992 1931- --- 1,194,140 1,009,829 184, 311 848, 254 377,281 11,613 257, 074 53,110 149,176 345,886 437,016 212, 575 184, 290 40,151 36, 234400, 7823 54,896 193, 696 1932-- -. 998,128 870,424 127,704 748,587 294,813 24,684 224, 480 44, 552 160,058 249,541 487, 545 261,364 184, 646 41, 535 73,106 414,4393164,898 135,092 1933 4 799, 599 686, 576 113,023 563, 718 200,869 9,373 193, 974 40, 311 119,191 235,881 601,190 304, 568 244, 507 52,115 79, 764 521,426"285,545 71,403 State member banks: 1925- 758,499 600,243 158, 256 545,063 260,675 8,782 148,985 35,766 90,855 213,436 56,830 36,647 11,435 8,748 18,684 38,146 175,290 101,362 1926 816,841 649, 903 166, 938 584,980 277, 575 11, 261 160,827 37, 615 97, 702 231,861 61,699 36,868 15,183 16,344 45,355 186,506 108, 388 1927 641,766 189, 214 281,275 9,085 166,494 40, 559 99,475 234,092 60, 468 32, 531 11,619 16,318 16,102 44,366 189, 726 115,125 1928- 882, 527 694, 469 188,058 626,072 289,843 19, 259 170, 571 43,887 102, 512 256,455 58, 940 31, 213 10,838 15, 593 43, 347 213,108 122,810 1929 1,030,796 821,776 209,020 696, 580 309,002 26,915 192,744 48,143 119,776 334, 216 94,840 45, 908 32,161 16, 771 25,754 69,086 265,130 161,311 1930- 691, 964 172,882 616,306 287, 681 9,194 173, 978 45, 045 100,408 248, 540 116, 696 59, 640 37,826 19,230 16,490 100, 206 148, 334 155,976 1931 717, 362 572,076 145,286 487,125 203,629 7,523 155,457 33, 257 87, 259 230, 237 183, 440 82, 666 79,880 20,894 20, 360 163,080 67,157 142,096 1932. 555,490 455, 054 100,436 394, 797 139, 511 14,130 132,077 22, 525 86, 554 160, 693 290, 685 141, 908 120,315 28, 462 40,003 250, 6S23 89,989 109,982 1933 4 437, 265 351, 817 85, 448 295, 582 87,122 5,805 112, 047 17, 717 72,891 141, 683 257, 089 120, 874 99, 546 36, 669 45,121 211, 9683 70, 285 79, 401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Amounts of earnings, expenses, etc., per $100 of loans and Loans and investments 1 investments Other ratios Year ended Dec. 31 Total Th L o o u a s n a s nds of I d m n o v e l e l n a s t r s t s - i f C un a d p s it a i l 2 T G o ro ta s l s ea I r e n n a t i r e n n r g e e s s d t | Tot E a x l pen d p I s n e a e p t i s e d o r s e o i s t n s t G Lo ro s pr s s e s e c s i a at n i d o N n d e e t - pr N of e i t ts p c i m L f e n a u a r o v p e n n $ a e n i d d 1 t n s t a s t s s l - of p c p f e a u r N r o p o n e f i f d t i $ t t a s 1 s 0 l 0 All member banks: 1925 29, 673,891 20, 809,107 8,864, 784 4, 589, 294 $6. 46 $5.44 $4. 61 $2.17 $0.65 $0.44 $1. 41 $6.47 $9.14 1928 31,132,149 22,123, 397 9, 008, 752 4,820,129 6.51 5.49 4.63 2.16 .67 .50 1.39 6.46 8.95 1927 32, 755, 971 23, 006, 039 9, 749, 932 5,162,702 6.47 5.34 4.63 2.18 .64 .48 1.36 6.34 1928 ._. 34, 721, 879 24,153, 677 10, 568, 202 5, 622, 312 6.58 5.49 4.65 2.16 .63 .48 1.45 6.18 1929 ._ _ 35, 727,128 25, 614, 655 10,112, 473 6, 360, 306 6.92 5.79 4.71 2.13 .83 .65 1.56 5.62 8.75 1930 35, 395, 412 25, 018, 222 10, 377,190 6, 722, 782 6.30 5.24 4.53 2.12 1.03 .90 .87 5.26 4.56 1931 33, 431, 791 21, 732, 289 11, 699, 502 6, 395, 866 5.72 4.73 3.99 1.74 1.86 1.69 .04 5.23 .19 1932 28, 522, 520 16, 743, 940 11, 778, 580 5, 660,145 5.45 4.64 4. 01 1.52 2.73 2.33 3 -.89 5.04 3 -4. 50 1933 4 24, 986, 279 12, 916, 730 12, 069, 549 4, 902, 319 4.95 4.16 3.44 1.15 3.43 2.93 s -1.42 5.10 3 -7. 26 National member banks: 1925 _.. 18, 430, 579 12, 729, 675 5, 700.904 2.970, 453 6.29 5.51 4.46 2.08 .74 .51 1.32 6.20 8.22 1926 _ 19,135, 960 13, 353,101 5, 782,859 3, 077,183 6.33 5.54 4.48 2.07 .76 .57 1.28 6.22 7.96 1927 20, 349, 562 13,949, 969 6, 399, 593 3, 254, 507 6.34 5.44 4.52 2.12 .73 .56 1.26 6.25 7.91 192S 21,858, 250 14, 789, 566 7, 068, 684 3, 543, 609 6.41 5.54 4.52 2.10 .72 .56 1.33 6.17 | 8.21 1929 21, 751, 748 15,007, 570 6, 744,178 3, 750, 521 6.64 5.73 4.54 2.07 .92 .76 1.34 5.80 7.77 1930... 21, 538, 524 14, 726, 937 6, 811, 587 3, 913, 450 6.33 5.41 4.59 2.14 1.15 1.01 .73 5.50 4.04 1931 20, 564,446 13,117, 216 7, 447, 230 3, 746, 961 5.81 4.91 4.12 1.83 2.13 1.95 3 -.27 5.49 3 -1.47 O 1932 17, 818, 632 10, 475, 546 7, 343, 086 3, 317,163 5.60 4.89 4.20 1.65 2.74 2.33 3 -.93 5.37 3 -4. 97 1933 4 15, 707,817 8,143, 911 7, 563, 906 2,887,898 5.09 4.37 3.59 1.28 3.83 3.32 3 -1.82 5.44 ' * -9. 89 State member banks: 1925 11, 243. 312 8,079, 432 3,163,880 1, 618, 841 6.75 5.34 4.85 2.32 .51 .34 1.56 6.95 10.83 1926 11,996,189 8, 770, 296 3, 225,893 1, 742, 946 6.81 5.41 4.88 2.31 .51 .38 1.55 6.88 10.70 1 19 9 2 2 8 7 _ 1 1 2 2 , , 4 8 0 6 6 3 , , 4 0 6 9 29 9 9 , , 0 36 5 4 6 , , 0 1 7 1 0 1 3 3 , , 4 3 9 5 9 0 , , 3 5 3 1 9 8 2 1 , , 0 9 7 0 8 8 , , 1 7 9 0 5 3 6 6 . . 7 8 0 6 5 5 . . 4 1 0 7 4 4. . 8 8 7 1 2 2 . .2 2 7 5 . . 4 4 6 9 . . 3 3 6 4 1 1. . 6 5 6 3 6 6 . . 5 1 0 9 1 9 0 . . 9 2 4 5 W 1929 13, 975, 380 10, 607,085 3, 368, 295 2, 609, 785 7.38 5.88 4.98 2.21 .68 .50 1.90 5.35 10.16 1930 13, 856, 888 10, 291, 285 3, 565, 603 2, 809, 332 6.24 4.99 4.45 2.08 .84 .72 1.07 4.93 5. 28 1931 12, 867, 345 8, 615, 073 4, 252, 272 2, 648, 905 5.58 4.45 3.79 1.58 1.43 1.27 .52 4.86 2.54 w 1932 10, 703,888 6, 268, 394 4, 435, 494 2, 342, 982 5. 19 I 4.26 3.69 1.30 2.72 2.35 3 -.84 4.57 3 -3. 84 1933* 9, 278, 462 4, 772,819 4, 505, 643 2, 014, 421 4.71 3.79 3.19 .94 2.77 2.28 3 -.76 4.61 3 -3. 49 3 w 1 For 1933, these figures are averages of amounts from reports of condition for 3 call dates (June 30, Oct. 25, and Dec. 30, 1933); for prior years they are averages of amounts for all call dates during the year and the last call date in the previous year. ui 2 Aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, reserves for stock dividends on common stock, and retirement fund for preferred stock and/or capital notes and debentures. Also includes reserves for dividends prior to July 1932, and reserves for interest, taxes, and other expenses accrued and unpaid prior to Sept. 28, 1925. 3 Net loss. * Figures for 1934 not yet available. NOTE.—For explanation of ratios shown above, see Federal Reserve Bulletin for December 1928, pp. 826-828. Back figures.—Available only from 1923—see Annual Report for 1932 (tables 100-102). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CONDITIONS 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 183 BUSINESS CONDITIONS No. 92.—CAPITAL ISSUES [Exclusive of refunding issues. In millions of dollars] Domestic issues i Total Year and quarter domestic State Corporate bonds and notes Foreign fo a re n i d gn Total * m a u n n d ic- Stocks issues2 ipal Total L te o r n m g- S t h er o m rt- YEAR 1919 . . 3,626 3,234 678 810 498 312 1,436 392 1920 3,732 3,235 672 1,561 1,039 522 1,002 497 1921 . . . 3,644 3,021 1,199 1,435 1,274 161 265 623 1922 _ 4,391 3,627 1,071 1,644 1,540 104 570 764 1923 4,437 4,016 1,043 1,976 1,833 143 659 421 1924 5, 557 4,588 1,380 2,200 1,924 276 829 969 1925 6,201 5,125 1,352 2,452 2,231 221 1,153 1,076 1926 6,314 5,189 1,344 2,667 2,418 249 1,087 1,125 1927 7,556 6,219 1,475 3,183 2,962 221 1,474 1,337 1928 _ 8,040 6,789 1,379 2,385 2,175 210 2,961 1,251 1929 10,091 9,420 1,418 2,078 1,873 205 5,924 671 1930 6,909 6,004 1,434 2,980 2,460 520 1,503 905 1931 3,089 2,860 1,235 1,240 951 289 311 229 1932 ' 1,194 T 1,165 '762 305 271 34 20 '29 1933 . '720 '708 '483 40 24 17 120 12 1934 1,402 1,402 819 144 112 32 35 0 QUARTER 1932—First '421 '421 282 125 '112 13 9 0 Second '245 '245 '194 26 23 '4 0 0 Third '251 '234 '118 93 83 10 3 r 17 Fourth '278 '265 '168 62 54 8 8 '13 1933—First „ 101 101 63 20 20 1 6 0 Second '186 179 146 20 4 16 13 7 Third ._ 232 226 '98 0 0 0 76 '6 Fourth '202 '202 '177 0 0 0 25 0 1934—First 224 224 176 21 9 12 12 0 Second 369 369 263 49 49 1 17 0 Third 440 4 440 146 32 13 19 4 0 Fourth 370 4 370 233 42 42 0 2 0 «• Revised. i Source: Commercial and Financial Chronicle. 8 Compiled by Department of Commerce. 3 Includes issues of Federal land banks and Federal intermediate credit banks not shown separately. * Includes bonds of Federal Farm Mortgage Corporation and of Home Owners' Loan Corporation sold by public offering. Back figures—See Annual Report for 1933 (table 112). 129288—35 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 93.—SECURITY PRICES [Average of daily or weekly figures] Bonds i Common stocks (1926=100) Year and month m U G er . o e n S n v - t . - m C ( r a i h u o p a n i r n a t g p d e i l h o c- - Total In t C r d ia o u l r s p - or R r a o t a a e i d l- Utility s f t e P o r c r r e e k - d s2 Total In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c grade) Number of issues. _3 7-16 * 60 20 20 20 20 421 351 33 37 1919 8 8 110.9 70.7 72.6 70.1 60.3 1920 103.2 64.2 66.1 63.9 54.5 1921 :... 81.8 8 103.0 55.2 51.6 61.8 57.8 1922 92.4 ( 5 ) 114.0 67.7 64.7 72.7 70.9 1923 91.8 5 114.4 69.0 66.6 71.9 73.8 1924 93.5 () 115.2 72.8 69.6 76.7 78.9 1925 () 95.3 () () 118.6 89.7 88.4 89.5 94.9 1926 102.7 97.0 93.6 101.7 97 3 121.0 100.0 100.0 100.0 100.0 1927 104.8 98.9 100.7 95.9 107.0 99.2 127.1 118.3 118.4 119.1 116.0 1928 103.9 98.7 100.8 95.8 106.7 100.0 130.9 149.9 154.3 128.5 148.9 1 19 9 3 2 0 9 1 1 0 0 4 0. . 9 2 9 9 5 8 . . 7 3 9 9 8 9 . . 0 3 9 9 3 2 . . 2 6 1 1 0 06 3 . . 0 3 9 9 7 9 . . 7 4 1 12 2 6 7 . . 4 4 1 1 4 9 9 0 . . 8 3 1 1 4 8 0 9 . . 6 4 1 12 4 4 7 . . 9 3 2 2 3 1 4 4 . . 6 6 1931 103.1 96.1 90.9 81.8 93.9 97.2 119.1 94.2 86.9 72.1 147.9 1932 99.2 81.1 69.5 63.2 64.8 80.5 96.1 48.4 46.3 26.2 78.8 1933 102.2 •84.0 73.4 69.2 70.5 80.6 104.8 63.4 66.2 38.0 78.0 1934 103.4 96.7 84.5 81.9 83.8 87.8 120.7 72.5 81.3 41.5 1933 January 103.3 84.1 70.7 64.9 63.4 83.9 97.8 49.1 46.2 27.6 81.8 February 102.4 82.5 68.5 62.1 62.9 80.7 95.7 44.9 42.5 26.7 73.1 March 101.0 76.7 66.0 60.7 60.6 76.8 93.1 43.2 41.6 25.6 67.0 April 101.3 75.4 64.8 61.0 58.9 74.7 95.7 47.5 48.8 26.3 63.5 May 102.4 82.0 72.4 68.2 69.4 79.5 103.3 62.9 65.3 37.5 79.2 June 103.2 86.8 77.7 72.8 76.1 84.2 109.7 74.9 77.3 44.0 96.9 July 103.3 89.6 81.5 75.6 82.2 86.8 112.5 80.4 83.5 52.6 97.5 August 102.9 89.9 80.8 75.9 81.2 85.3 112.9 75.1 78.8 49.4 87.1 September 103.0 87.9 •77.5 74.5 76.8 81.4 112.0 74.8 80.7 47.2 80.1 October 102.9 86.5 75.3 72.7 73.5 79.7 109.8 69.5 75.5 40.3 75.0 November 100.5 82.6 72.1 70.5 68.5 77.3 107.5 69.1 76.7 38.4 70.0 December 100.0 83.6 73.6 71.5 72.2 77.1 107.7 70.4 78.8 40.3 67.3 1934 January 100.3 88.3 78.5 75.6 79.0 80.9 111.2 75.6 84.0 45.5 73.2 February 301.9 92.9 84.0 79.8 85.8 86.5 116.5 80.5 88.4 50.0 80.6 March 102.8 95.1 84.8 80.5 86.4 87.7 117.5 77.1 84.9 47.6 76.1 April 103.7 97.0 87.0 82.8 88.7 89.7 120.2 79.6 88.3 49.3 76.3 May 104.4 97.6 86.1 82.5 86.9 89.1 121.0 71.8 79.6 43.3 69.8 June 104.7 99.0 86.3 82.5 87.1 89.4 122.1 73.5 81.4 44.1 71.9 July 105.2 99.3 86.1 83.2 85.8 89.4 123.5 71.4 79.7 41.2 69.2 August 104.1 97.8 83.9 82.6 81.3 87.9 122.6 67.8 76.7 35.6 64.6 September 102.3 96.7 83.0 82.2 79.3 87.6 121.0 67.0 75.7 35.1 63.7 October 103.4 98.4 84.1 82.5 81.6 88.1 120.9 67.3 76.4 35.6 62.9 November 103.5 98.8 84.3 83.4 81.0 88.6 124.1 69.4 80.1 35.3 60.7 December 104.1 100.0 85.8 85.4 83.3 127.8 69.2 80.3 35.8 58.2 ' Revised. 1 Price indexes derived from average yields. 2 Average of prices adjusted to a $7 annual dividend basis. 3 Average price of principal outstanding issues, beginning in 1926 with 5 Liberties and 2 Treasuries; new Treasury issues were included as they appeared on market; 2d Liberties were dropped in July 1927 and 3d Liberties in July 1928; average in December 1934 included 3 Liberties and 13 Treasuries. * Forty-five corporate and 15 municipal. »Averages not computed. Sources.—For United States Government bonds, Federal Reserve Board and Federal Reserve Bank of New York; for other bonds and for stocks, Standard Statistics Co. Back figures.—See Annual Report for 1933 (table 113), and for high-grade bonds, preferred stocks, and common stocks, see Annual Report for 1930 (table 123). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CONDITIONS 185 No. 94.—BOND YIELDS [Average of daily or weekly figures] U.S. Munic- Corporate, by ratings 3 Year and month Govern- ipal * ment 1 (high grade) Aaa Aa Baa Number of issues 2-10 15 30 30 30 30 1919 4.62 4.46 5.48 5.85 6.48 7.23 1920. .__. 5.32 4.98 6.12 6.59 7.41 8.20 1921. 5.09 5.09 5.98 6.55 7.27 8.35 1922 4.30 4.23 5.12 5.59 6.03 7.08 1923._ 4.36 4.25 5.12 5.62 6.17 7.24 1924 4.06 4.20 5.00 5.44 5.93 6.83 1925 3.86 4.09 4.88 5.20 5.55 6.27 1926 3.68 4.08 4.73 4.97 5.24 5.87 1927_ 3.34 3.98 4.57 4.77 5.04 5.48 1928 3.33 4.05 4.55 4.71 5.00 5.51 1929 3.60 4.27 4.73 4.93 5.27 5.90 1930 3.28 4.07 4.55 4.77 5.13 5.90 1931 _.. 3.31 4.02 4.58 5.05 6.01 7.61 1932 3.66 4.65 5.01 5.97 7.20 9.30 1933 3.31 4.71 4.49 5.23 6.09 7.76 1934 3.10 3.95 4.00 4.44 5.08 6.32 1932 January 4.32 4.92 5.20 6.07 7.06 9.14 February 4.11 5.03 5.23 6.13 7.06 8.87 March 3.91 4.79 4.98 5.85 6.80 8.83 April 3.66 4.73 5.17 6.10 7.48 10.46 May.... 3.71 4.77 5.36 6.38 8.40 11.63 June - 3.73 4.81 5.41 6.60 8.50 11.52 July -. 3.55 4.78 5.26 6.51 8.19 10.79 August 3.42 4.50 4.91 5.83 6.84 8.22 September 3.38 4.39 4.70 5.54 6.45 7.61 October... 3.39 4.37 4.64 5.51 6.44 7.87 November 3.39 4.38 4.63 5.57 6.53 8.24 December 3.31 4.37 4.59 5.60 6.61 8.42 1933 January 3.19 4.23 4.44 5.30 6.16 8.01 February 3.29 4.28 4.48 5.35 6.30 8.36 March 3.44 4.88 4.68 5.61 6.64 8.91 April 3.43 5.05 4.78 5.81 6.85 9.12 May _ 3.31 5.27 4.63 5.40 6.29 7.74 June.. 3.22 4.71 4.46 5.09 5.88 7.07 July 3.20 4.60 4.36 4.83 5.58 6.62 August 3.21 4.54 4.30 4.77 5.51 6.77 September 3.20 4.59 4.35 4.96 5.70 7.27 October 3.22 4.60 4.34 4.97 5.76 7.49 November 3.46 4.89 4.54 5.35 6.22 7.98 December _. 3.53 4.89 4.50 5.27 6.21 7.75 1934 January _ 3.50 4.67 4.35 5.00 5.72 7.01 February 3.32 4.48 4.20 4.70 5.24 6.27 March 3.21 4.24 4.13 4.55 5.12 6.26 April 3.12 4.11 4.07 4.43 4.97 6.01 May 3.01 3.93 4.01 4.37 4.96 6.05 June 2.94 3.73 3.93 4.30 4.96 6.06 July 2.85 3.75 3.89 4.28 4.93 6.13 August... 2.99 3.81 3.93 4.34 5.09 6.49 September 3.20 3.84 3.96 4.42 5.17 6.57 October. _. 3.08 3.69 3.90 4.36 5.00 6.40 November 3.05 3.57 3.86 4.27 4.93 6.37 December 2.97 3.52 3.81 4.27 4.86 6.23 1 Computed by Division of Research and Statistics of U. S. Treasury Department, For description of average see Federal Reserve Bulletin for June 1934, p. 322. 2 Standard Statistics Co. 3 Moody's Investors' Service. Back figures.—See Annual Report for 1933 (table 114). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 95.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE 1 00 [1923-25 average=100] Year and month Total Indu M str a i n a u l f p a r c o tu d r u e c s tion Minerals Co T n o s t t a r l uction co R n e t s r i a d c e t n s t a ia w l arded A ( l v l a o l t u h e e ) r 2 F p a l c o t y o m ry e n e t m 3 - r F t o p o l a a l r c y s y - 3 T F o r t e a i l ght-car M lo e a r d 1 c i . h n a c g . n s 1 d . ise, D st e o ( p r v e a a r s l t a u m l e e ) e s nt Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 44 79 107 97 84 78 1920 87 87 89 63 30 90 108 117 91 71 94 1921 67 67 70 56 44 65 82 76 79 87 87 1922 85 86 74 79 68 88 91 81 87 94 88 1923 101 101 105 84 81 86 104 103 100 96 98 1924 95 94 96 94 95 94 97 96 97 99 99 1925 104 105 99 122 124 120 99 101 103 105 103 1926 108 108 108 129 121 135 101 104 106 105 106 1927 106 106 107 129 117 139 99 102 103 105 107 1928 111 112 106 135 126 142 99 102 103 104 108 1929 119 119 115 117 87 142 105 109 106 105 111 1930 96 95 99 92 50 125 92 89 92 97 102 1931 81 80 84 63 37 84 77 68 • 75 87 92 1932 64 63 71 28 13 40 64 46 56 72 69 1933 - - 76 75 82 25 11 37 69 49 58 67 67 1934 79 78 86 32 12 48 79 62 62 65 75 1919 January 81 82 82 82 74 79 21 30 9 11 30 45 105 108 95 75 84 60 66 February 78 79 80 80 63 70 27 32 15 18 37 44 102 103 90 72 83 59 71 M!arch 76 76 78 78 61 66 40 39 25 24 52 51 102 102 90 71 78 65 72 April 77 78 80 79 65 71 53 44 39 32 64 54 103 103 89 73 80 77 72 M!ay 80 78 80 78 75 74 69 55 52 42 83 66 103 103 90 80 81 73 69 June 84 83 84 84 82 76 82 70 61 58 99 80 104 104 92 83 80 76 76 July 87 87 87 89 88 81 88 78 63 63 108 90 107 107 95 90 85 59 80 August 89 89 90 91 83 78 82 78 59 61 101 92 110 108 100 91 88 60 80 Spntpmber 89 87 89 88 94 85 81 78 60 59 99 94 112 109 105 102 91 76 83 October 89 86 88 86 95 87 74 78 54 55 90 97 111 109 102 99 87 89 81 November 87 85 91 89 63 63 74 88 49 51 94 117 113 112 107 86 83 101 86 December 81 86 83 88 70 77 66 90 37 43 90 128 114 115 114 82 90 137 86 1920 92 95 94 96 82 86 65 91 31 38 93 134 115 117 117 84 94 82 90 Fpbrnarv 93 95 96 96 78 84 72 86 31 36 106 127 114 115 116 81 91 74 89 Miarch 94 93 96 95 80 87 80 78 40 37 113 110 116 116 124 87 95 90 93 April 87 88 90 89 73 82 86 71 45 36 119 99 115 114 121 76 84 91 93 May 92 90 93 91 86 85 82 65 41 33 114 91 112 112 122 88 88 101 96 June -. 92 91 92 91 95 88 72 60 31 30 105 85 111 111 124 95 92 96 96 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

July 88 89 87 89 94 88 66 57 26 27 98 82 109 109 119 96 91 72 72 73 August 89 89 88 89 98 91 58 54 24 26 86 78 109 107 122 99 94 82 83 73 97 September 88 86 87 86 94 85 56 54 25 25 80 77 108 105 120 103 91 86 82 88 95 October.. 86 83 83 82 100 91 49 52 24 24 69 74 104 102 116 103 90 85 81 102 92 November 78 76 74 73 97 94 40 49 21 22 56 70 97 96 107 94 91 82 80 112 96 December 68 72 65 68 87 94 34 46 19 21 46 66 90 90 98 82 90 78 80 144 90 1921 January—. 66 67 64 64 77 81 31 43 19 24 40 58 81 82 83 72 79 72 79 83 92 February 65 66 64 64 72 77 37 43 27 32 45 53 83 83 81 72 79 78 83 76 92 March 64 64 63 63 67 72 48 46 36 34 57 56 83 83 82 71 75 85 84 88 April 64 64 64 63 65 72 60 50 45 36 73 61 82 82 79 72 77 87 85 87 May 67 66 66 64 73 73 66 53 48 38 81 64 82 82 77 78 79 88 86 91 87 June 66 65 65 65 73 71 64 55 44 42 80 65 81 81 75 80 80 89 88 86 87 July _ 64 65 63 64 70 68 62 57 44 46 77 65 80 80 72 83 81 90 90 64 87 August 67 67 66 67 71 69 64 61 48 51 77 70 81 81 74 80 77 85 86 63 84 September 69 68 68 68 72 67 65 64 54 55 74 71 83 82 73 89 80 94 90 75 82 October 73 71 73 71 78 71 62 65 56 57 67 72 84 83 73 95 83 95 92 95 November 72 71 72 71 71 68 57 66 57 59 58 72 84 83 72 81 77 92 90 97 December 66 70 66 70 64 69 52 66 54 59 50 72 83 83 73 72 77 88 90 135 84 1922 January 72 73 72 73 73 77 50 67 50 61 50 72 83 84 70 74 80 84 92 73 83 February ,. 76 76 75 74 81 85 59 68 55 61 63 75 85 85 72 79 86 88 93 69 83 March 81 80 80 78 88 92 77 75 66 62 86 84 86 86 75 84 88 95 94 77 84 April 78 77 83 81 48 53 95 78 80 65 107 89 86 86 74 77 81 101 99 90 87 May 82 81 87 86 53 54 100 80 83 68 113 90 88 88 77 77 78 95 93 89 87 June 86 85 90 90 63 59 99 85 78 75 117 94 90 90 81 88 85 100 99 85 July 84 85 88 90 61 57 96 88 70 74 117 99 88 89 79 87 83 97 97 64 August 83 83 86 87 67 62 89 86 63 69 110 100 91 91 83 88 84 93 94 66 September 89 88 89 89 88 81 80 80 64 67 93 90 95 93 87 98 88 95 90 85 91 w October 96 93 95 94 98 90 72 76 68 69 76 81 97 96 90 100 89 92 90 102 November 99 97 99 97 98 94 67 76 71 74 63 78 99 98 93 100 95 94 91 108 92 December 95 100 95 100 94 100 63 79 72 76 56 81 101 101 96 88 96 88 91 152 93 1923 January 99 99 99 99 97 101 64 83 68 80 61 86 101 103 95 90 99 86 94 79 91 February 101 100 103 100 94 99 76 85 77 82 75 88 103 103 98 88 97 87 92 77 93 March 105 103 106 103 97 103 89 85 87 80 91 89 105 104 103 94 101 93 92 93 95 April 107 106 109 105 99 111 102 84 97 78 106 89 105 105 104 96 104 96 94 97 100 May 108 106 108 106 107 108 102 84 89 77 112 89 105 105 107 102 102 99 97 100 98 June 105 106 104 105 112 108 94 84 80 78 106 88 106 106 108 104 102 99 98 99 101 July 101 104 98 103 115 111 83 78 72 77 91 79 105 106 103 105 102 98 98 73 98 August 100 103 98 101 116 110 76 76 68 75 83 76 105 105 104 106 101 97 97 75 101 September 101 100 100 101 106 97 80 81 77 81 82 80 106 104 104 111 99 102 97 94 100 1 Indexes compiled by the Federal Reserve Board, except for indexes of factory employment and pay rolls unadjusted for seasonal variation, which are compiled by the U. S. Bureau of Labor Statistics. Descriptions of these indexes have been published in the Federal Reserve Bulletin as follows: Index of industrial production, February and March 1927 (certain revisions March 1929, February 1931, September 1931, March 1932, and September 1933); indexes of factory employment and pay rolls (revised series) May and June 1934; index of construction contracts awarded, July 1931; index of freight-car loadings, August 1927 (certain revisions February 1931); index of department store sales, February 1928 (certain revisions November 1930 and April 1935). 2 Based on 3-month moving average of F. W. Dodge data centered at second month, 00 s Revised series, 1919-34. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 95.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE—Continued 00 [1923-25 average=100] 00 Industrial production Construction contracts awarded (value) Fac- Freight-car loadings Factory em- tory Department ployment pay Merchandise, store sales Year and month Total Manufactures Minerals Total Residential All other rolls Total 1. c.l. (value) Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1923 October 102 100 113 104 81 83 105 103 107 110 102 99 111 101 d November 99 98 108 106 82 76 103 103 105 104 102 117 100 1 December 92 92 93 99 77 101 102 103 97 94 164 1924 January 100 99 100 103 76 101 67 91 100 102 91 99 91 86 February 104 102 105 101 100 105 87 101 107 76 102 102 104 95 102 96 100 84 101 March 103 100 105 100 99 102 110 102 96 102 101 104 94 100 101 100 88 April 96 95 98 95 93 113 119 108 94 100 100 102 90 96 101 99 103 May 90 89 89 93 93 111 107 113 94 97 97 98 95 94 101 98 97 June... 84 85 82 96 93 99 90 106 91 94 94 92 93 91 97 97 100 July.__ 81 84 78 95 93 92 82 101 88 91 92 94 93 97 71 August 87 89 86 96 92 88 78 95 87 92 92 99 95 72 September 95 94 93 93 103 97 93 92 85 99 96 94 93 111 99 104 96 101 N O o c v to e b m e b r e — r . 9 9 5 7 97 9 9 5 7 1 10 0 0 4 9 9 5 3 9 9 3 7 9 9 6 1 1 1 0 0 3 3 9 9 5 5 9 9 4 5 1 1 0 1 4 2 1 9 0 9 0 1 10 0 3 4 1 1 0 0 0 1 1 1 0 1 5 7 1 9 0 6 0 tei December 97 101 102 95 84 90 80 101 97 101 97 101 166 1925 January 105 105 106 105 101 105 78 97 80 96 76 99 95 94 103 95 102 84 February 107 104 109 105 95 100 90 103 90 99 90 106 101 95 102 101 104 85 103 tei March 107 103 109 104 90 96 111 107 114 106 109 108 99 102 95 101 105 104 94 103 April 104 102 106 103 89 100 127 111 131 112 124 110 100 96 103 105 104 105 102 May 103 102 103 102 105 104 133 118 130 117 136 118 101 103 102 106 104 103 102 June 100 102 100 102 104 101 131 123 124 126 137 120 99 99 102 100 104 104 98 102 July 99 103 97 103 107 104 140 131 131 135 147 128 97 104 102 103 104 74 100 tel A Se u p g t u e s m t ber 1 10 0 1 2 1 1 0 0 1 3 1 9 0 9 3 1 1 0 0 3 2 1 9 1 7 2 1 8 0 9 7 1 1 3 4 9 0 1 1 3 3 3 7 1 1 4 3 4 7 1 14 4 1 5 1 1 3 4 4 2 1 1 2 3 7 0 1 1 0 0 2 0 100 9 9 9 9 1 1 1 1 5 0 1 10 0 6 2 1 11 0 1 5 1 1 0 0 5 5 9 7 7 6 1 1 0 0 1 1 w October 107 104 108 106 90 128 131 140 138 118 125 102 101 105 113 102 109 106 122 111 November 108 107 110 109 95 125 131 139 137 113 126 102 102 105 109 105 109 106 122 104 5 December 103 109 106 112 93 119 136 125 134 113 138 102 102 105 97 107 101 106 176 104 1926 January 105 106 108 109 90 91 113 139 113 135 113 141 101 102 101 94 104 106 90 106 February 108 105 111 107 92 95 121 139 114 127 126 149 102 102 105 96 103 102 105 87 105 March 110 106 112 106 106 130 127 128 121 132 132 102 102 107 99 105 107 106 97 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

April 108 107 110 106 96 108 142 126 140 121 143 130 101 101 104 98 105 106 105 102 105 May 107 106 108 106 103 104 135 120 135 120 136 120 100 101 103 106 105 107 105 109 109 June 106 108 106 108 109 107 131 122 120 119 140 125 100 101 103 109 107 106 106 100 105 July 103 108 102 108 110 108 136 126 116 119 151 133 99 101 99 110 107 104 105 77 106 August 109 110 108 110 115 109 137 132 115 119 155 142 101 101 103 112 107 105 105 82 108 September _ 113 111 112 111 119 110 137 130 122 120 149 139 103 101 104 121 108 110 106 104 106 October... 115 111 113 111 124 113 127 130 123 122 130 137 103 102 108 122 108 109 104 120 109 November. 110 110 108 109 123 118 125 132 120 118 130 142 101 101 104 113 109 108 106 124 106 .December. 101 107 99 105 113 119 114 131 109 117 119 142 100 101 104 98 108 101 105 181 107 1927 January. __ 106 107 105 106 112 115 107 132 97 117 115 144 98 100 98 96 106 98 105 91 107 February. 111 108 110 107 113 117 114 131 105 117 121 142 100 100 104 99 107 102 104 89 108 March 113 110 114 108 111 120 132 128 123 116 138 138 100 100 106 102 109 106 105 95 106 April 110 108 112 108 96 106 144 128 133 115 153 139 100 100 105 99 106 106 104 109 106 May 112 109 112 110 108 109 145 128 132 115 157 139 99 99 104 105 103 106 104 105 105 June 107 107 106 108 108 106 140 128 117 114 158 140 99 100 102 105 104 105 105 101 106 July 102 106 102 107 103 101 140 128 115 114 160 140 98 99 99 104 102 104 105 76 105 August 105 106 104 106 111 106 131 126 108 113 149 136 99 99 102 109 104 105 105 85 111 September 106 104 105 104 111 104 133 128 119 118 145 136 101 98 101 116 103 110 105 103 104 October 105 102 104 102 112 103 126 128 120 119 131 135 100 98 102 114 101 109 104 117 107 November _ 101 101 100 101 105 102 122 129 120 121 124 136 97 97 99 101 98 106 104 126 108 December. 96 102 95 102 97 102 111 131 111 125 111 136 96 97 100 88 98 98 104 182 106 1928 January.. _ 105 107 106 107 100 103 111 137 116 139 108 135 95 97 96 92 102 98 105 91 108 February. 111 109 113 110 99 102 121 138 128 142 115 135 97 97 101 94 102 101 104 88 106 March 112 108 114 109 98 105 138 137 143 136 134 137 98 97 103 97 103 105 104 97 107 April 110 108 113 109 95 105 155 137 152 130 157 142 97 97 101 96 101 105 103 105 106 May 110 108 111 108 104 106 159 137 149 130 168 143 97 97 101 105 103 108 104 107 107 June 108 108 108 109 104 102 154 139 140 133 166 144 98 98 102 101 100 103 103 102 107 July 105 109 105 110 104 102 142 132 127 126 155 137 98 98 99 105 102 104 105 80 110 August 110 110 110 111 111 105 137 131 116 119 154 141 100 99 103 109 103 104 104 81 107 September 116 113 116 114 115 107 138 134 118 118 154 147 102 100 105 119 105 109 105 113 112 October 118 115 117 116 123 111 134 136 115 115 150 152 103 101 108 119 106 109 104 118 108 November 115 117 115 118 118 114 122 132 112 114 130 146 102 102 105 109 107 107 105 125 108 December. 109 118 110 120 106 111 107 127 93 106 117 145 101 102 106 94 106 99 105 192 111 1929 January 117 119 117 120 114 116 98 120 81 97 111 139 101 103 102 95 108 97 104 90 110 February. _ 121 118 122 118 116 119 102 118 84 94 116 137 103 104 109 99 107 101 104 91 111 March 124 118 126 120 101 109 121 121 106 101 133 137 104 104 112 98 105 106 105 107 112 April 124 121 128 122 103 114 139 123 117 100 158 142 105 105 113 102 108 107 104 103 110 May 126 122 128 123 116 117 143 121 113 97 168 141 105 105 113 109 107 107 104 109 109 June 125 125 127 127 116 114 144 126 102 95 178 152 106 106 111 110 108 105 105 108 113 July 120 124 120 125 118 116 136 124 94 93 170 149 106 107 107 111 107 105 106 79 109 August 122 121 122 122 121 115 129 122 84 86 166 152 108 107 112 115 107 106 106 84 111 September 123 121 123 121 127 118 112 110 73 73 144 140 109 106 113 121 106 110 106 117 114 October. _. 121 118 119 118 127 116 104 107 67 67 135 139 108 106 112 118 104 109 104 122 112 November. 108 110 107 110 114 110 94 103 66 67 116 132 104 104 104 102 102 106 104 125 108 December. 96 103 93 101 110 116 84 102 53 61 109 136 100 101 101 89 102 96 103 191 108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 95.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE—Continued [1923-25 average=100] Industrial production Construction contracts awarded (value) Freight-car loadings Fac- Factory em- tory Department ployment pay store sales Year and month Total Manufactures Minerals Total Residential All other rolls Total Mer 1 c . h a c n .l d . ise, (value) Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed d O 1930 January 103 106 102 105 108 110 78 95 104 128 97 89 100 94 101 107 O February._ 109 107 110 107 104 108 89 104 126 148 97 91 99 98 101 89 108 March 106 103 109 104 91 98 102 102 54 141 144 97 90 101 100 93 107 April 107 104 110 104 94 104 113 101 62 156 140 96 93 97 101 98 110 107 May 105 102 106 101 102 104 125 105 61 178 148 95 97 101 98 105 105 W June _- 99 98 97 103 102 116 99 54 166 140 93 95 98 98 98 103 July 90 89 92 100 100 107 95 155 135 90 95 94 95 71 100 August 90 88 101 96 85 81 115 106 89 96 95 95 77 102 September. 92 90 101 94 82 81 52 108 105 90 99 99 95 103 99 October 90 87 105 95 75 78 51 88 97 97 93 112 102 November- 84 82 96 92 68 76 46 85 86 94 92 113 December. _ 76 84 74 93 59 73 37 77 82 74 92 165 1931 January 82 87 58 37 75 93 80 74 82 90 81 February- 87 84 68 42 104 80 74 87 81 99 March 89 91 82 77 50 100 81 75 89 92 97 April 90 91 83 82 52 107 96 81 77 91 101 107 May 89 90 84 78 47 104 85 80 79 92 97 97 June 83 83 74 41 101 84 78 77 89 92 96 July 80 79 36 94 82 77 78 87 66 92 August 78 77 82 32 87 81 77 76 89 September- 77 76 83 59 32 81 80 77 78 85 October 75 72 90 52 29 71 76 74 78 87 94 87 November- 72 70 84 43 26 57 67 72 70 85 97 84 December— 66 79 i 30 20 39 50 71 61 77 83 143 82 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1932 January 71 72 70 71 74 77 25 31 16 19 33 41 69 70 54 58 64 75 81 64 78 February 71 69 70 68 75 78 23 27 15 17 30 35 70 70 55 59 62 75 78 64 78 March 68 67 66 64 78 85 26 26 16 15 35 36 68 68 53 58 61 75 75 69 72 April 64 63 63 61 •72 80 31 27 16 14 43 38 66 66 50 57 59 75 73 73 78 May 61 60 60 59 65 67 31 26 14 12 45 37 63 64 47 53 54 74 71 72 72 June 59 59 58 58 62 64 32 27 12 11 47 39 61 62 43 52 52 71 71 66 69 July 56 58 55 57 63 65 31 27 12 11 46 40 59 60 40 51 51 68 69 46 65 August 59 60 58 59 66 65 32 30 11 12 48 45 60 60 41 53 51 68 68 49 65 September. 67 66 66 65 74 71 30 30 12 12 45 44 63 62 43 61 54 72 69 71 October 68 67 67 66 80 74 28 29 12 12 41 43 64 63 45 65 57 72 69 75 November 65 65 63 63 78 75 24 27 10 10 35 41 63 63 43 58 57 70 68 73 63 D ecember 60 66 58 64 73 77 22 28 8 9 33 43 62 62 42 52 58 64 69 106 60 1933 January 64 65 63 63 72 75 18 22 7 8 27 33 60 61 40 51 56 65 69 49 February 64 63 62 61 77 80 16 19 7 8 23 27 61 62 40 51 54 64 66 49 March 60 59 58 56 74 81 14 14 8 8 18 18 59 59 37 48 50 63 62 50 57 April 67 66 68 65 65 73 16 14 11 10 19 17 60 60 39 51 53 65 63 68 67 May 79 78 80 77 77 79 19 16 13 11 24 20 63 63 43 55 55 67 65 67 67 June. 91 91 92 93 83 85 21 18 14 13 27 23 67 67 47 61 62 69 69 64 July 96 100 97 102 90 91 24 21 13 13 32 28 72 73 51 66 65 70 70 48 August 90 91 89 91 95 91 25 24 12 12 36 33 76 76 57 65 61 69 69 59 77 September 85 84 84 83 94 87 30 30 12 12 45 45 80 78 59 68 60 70 68 73 70 October.-. 78 76 76 76 89 81 35 37 12 12 53 57 80 78 59 66 58 70 66 77 70 November 72 72 70 70 85 82 42 48 12 13 66 76 76 76 56 60 59 67 66 75 65 December. 69 75 67 73 81 86 45 57 11 13 73 93 74 75 55 56 63 64 68 121 1934 January. __ 77 78 75 76 86 88 40 49 10 12 64 80 73 75 54 58 64 65 70 57 February.. 83 81 82 80 89 92 38 44 10 12 60 70 78 78 61 61 64 65 67 59 71 March 87 84 86 82 91 100 33 33 12 11 50 51 81 81 65 63 66 67 66 73 77 April 88 86 89 85 81 90 36 32 14 12 54 48 82 82 67 60 62 67 65 73 77 May 89 86 89 86 86 88 32 26 13 11 47 38 83 83 67 63 63 67 65 77 77 June 84 84 84 83 87 87 31 26 13 12 46 38 81 82 65 64 64 65 65 70 74 July 73 76 71 74 84 85 30 27 12 12 44 39 79 80 61 63 61 64 65 51 72 August 73 73 71 72 83 80 28 27 10 10 43 40 80 79 62 63 59 65 65 60 79 September 73 71 70 69 87 82 30 29 11 11 45 44 76 74 58 67 59 67 64 79 76 October 75 74 73 72 87 81 29 31 12 12 43 46 78 77 61 64 57 66 63 82 74 November. 74 75 73 74 84 81 28 31 11 11 41 48 77 77 60 60 59 65 64 83 73 December. 78 86 76 85 85 90 25 31 10 12 36 47 78 79 63 56 64 62 66 135 77 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD No. 96.—INDEX OF PEODUCTION OF MANUFACTUBES, BY GROUPS [Monthly series adjusted for seasonal variation. 1923-25 average=100] Rub- Year and month in t A r d ie u ll s s- s I a r t n e o e d n l T ti e le x s - p F u r o c o o t d s d - A b m i u l o e to - s - e L p r u e r a c o a n t d t s h d - - m N r f o e e o u t r n a - s l - s r P l e e i e n f u i t g m n ro - - t t u a b ir n b e e e d r s s b p u T a r c o c o t c d - s o - 1919 84 82 92 94 50 104 67 54 82 1920... __ 87 99 84 84 58 97 78 64 87 1921 67 46 87 83 41 90 39 64 55 85 1922 86 82 99 94 66 102 69 74 77 89 1923 101 105 105 99 102 108 94 86 86 96 1924___ 94 89 91 103 91 95 99 99 98 99 1925 _ 105 106 104 98 107 97 107 115 116 105 1926 108 113 104 97 108 99 112 127 116 112 1927 . _ . .. 106 104 113 96 86 103 109 136 120 118 1928 112 119 107 98 110 102 115 152 144 124 1929 . _ . .. 119 130 115 97 135 104 125 168 135 134 1930 95 94 91 93 85 92 97 161 100 131 1931 . 80 60 94 90 60 90 69 155 96 123 1932 63 31 83 87 35 85 140 78 111 1933 . 75 53 97 92 48 97 145 88 116 1934 78 60 85 99 69 100 151 92 128 1934 January __ 76 56 87 96 56 98 142 97 138 February 80 64 91 91 71 108 144 100 132 March 82 67 94 84 80 107 143 106 119 April 85 77 90 93 85 117 152 97 128 May 86 85 88 98 78 118 153 81 128 June. -. 83 86 77 96 81 101 154 84 132 July 74 48 78 102 78 99 156 83 128 August 72 39 80 106 61 97 157 79 126 September _ 69 38 63 120 51 88 152 79 125 October 72 41 89 107 41 85 153 82 120 November 74 49 87 102 40 92 155 107 125 December 85 65 97 102 88 104 154 133 143 NOTB.—Paper and printing group and lumber omitted, figures being revised; nonferrous metals group not computed from 1932 to 1934, inclusive, copper figures not available. Back figures of monthly series.—For index of manufactures (all industries) 1919-33, see table 95. Tables showing indexes, both adjusted and unadjusted, by groups and industries, 1923-34, may be obtained from the Division of Research and Statistics. No. 97.—INDEX OF PRODUCTION OF MINERALS, BY INDUSTRIES [Monthly series adjusted for seasonavariation. 1923-25 average=100] Year and month All in- m B i i n tu ou - sAnthra- P le e u t m ro , - dustries coal cite crude 1919 77 89 109 52 1920 89 109 110 61 1921 _ 70 79 112 64 1922 74 78 65 75 1923 105 108 115 99 1924 96 93 109 97 L925 99 99 76 104 1926 _. 108 110 104 105 1927 107 99 99 122 1928 __ 106 96 93 122 1929 115 102 91 137 1930 . 99 89 86 122 1931 84 73 74 116 1932 _ 71 59 62 107 1933 82 64 61 123 1934 _ 86 69 71 123 1934 January. 88 68 82 120 February _ 92 75 89 118 March 100 84 109 122 April 90 71 73 125 May _ . 88 70 76 127 June 87 66 69 130 July. _ _ _ 85 64 63 128 August 80 61 50 124 September __. _ 82 64 62 122 October 81 65 53 122 November _- 81 65 64 December 90 72 72 BS Iron- sh o i r p e - Copper Zinc Lead Silver ments 91 81 113 85 87 36 30 39 66 84 82 62 68 77 87 114 93 96 88 103 82 100 97 102 101 104 107 107 110 96 113 110 116 116 95 98 105 111 112 93 104 115 112 106 88 126 127 114 113 94 90 87 91 , 97 79 45 66 54 68 49 7 38 45 37 42 58 49 33 43 66 57 42 66 64 37 67 64 36 68 57 47 65 56 45 40 65 66 44 54 58 56 45 52 57 53 40 47 60 44 39 44 61 55 36 35 76 56 39 14 77 55 35 74 60 53 NOTE.—Copper figures not available from 1932 to 1934, inclusive. Back figures of monthly series.—For index of minerals (all industries), 1919-33, see table 95. Tables showing indexes, both adjusted and unadjusted, by industries, 1923-34, may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 98.—INDEX OF FACTORY PAY ROLLS, BY GROUPS [Without seasonal adjustment. 1923-25 average=100. See note on p. 195] Year and month d m f i u n a A c g s a t t n l r u i l u i n r e - - - s p s I a u a r t r n n e o c o e d t d d n s l - ch M in a e - ry T G r r e a o q n u u s p i p p o m m r A t e o a u n t b i t t i o o le n - s r R r e o p a a a i d l i - r f m p e N u a r r e c r o n o t o t d a n d s u l - - s s be L p u r r u c o m a t d s n - - d S p c g u a t l r l o c n a a o t n d y s s d s e , - , p T u t a i r c e n l o e t x d d s s - - L p e u a r a n c o t t d d h s - er p F u r o c o o t d s d - b p u T a r c o c o t c d - s o - P p a r i a n n i p n g d e t- r G C ro h u em p le i u c m e G a p l x l e e r s c u p t o r e a m r u o p o n p - t d d u r p e c P l e f t e e i t s u n r t o r m i o n - - g p R u b r u c o e t b d r s - - 1919 97.4 97.1 103.7 74.8 89.3 72.1 99.9 97.6 107.3 73.1 1920 117.1 123.8 135.2 90.3 109.9 92.8 107.7 106.5 109.6 124.6 99.1 1921 76.2 57.0 69.5 48.7 69.7 66.5 89.3 86.5 94.1 104.5 82.5 1922 81.3 70.6 71.8 65.7 82.2 72.6 91.4 96.1 92.8 99.1 85.9 1923 103.3 103.2 104.0 107.7 100.6 109.6 103.7 100.0 98.3 105.8 106.9 100.4 104.1 96.2 102.2 102.1 102.3 101.0 1924.. _ 96.1 96.7 95.3 90.8 90.6 95.6 95.9 98.4 100.5 93.8 95.3 99.4 99.4 99.5 96.3 96.8 94.6 92.9 1925 100.6 100.1 100.7 101.5 108.8 94.8 100.4 101.6 101.2 100.4 97.8 100.2 96.5 104.3 101.5 101.0 103.1 106.1 1926 103.8 105.0 111.2 99.5 104.8 96.1 102.5 104.2 100.2 98.9 101.8 92.1 110.8 108.8 107.6 112.7 107.0 1927 101.8 98.6 106.0 89.8 93.3 92.0 100.5 96.7 100.5 106.8 100.3 104.0 91.0 111.0 107.9 106.7 111.9 110.0 1928 102.4 100.4 111.3 101.6 113.9 87.2 94.2 96.2 101.7 95.8 107.6 86.1 112.3 108.1 108.1 108.3 117.5 1929 109.1 107.8 134.2 105.4 111.6 90.4 116.4 97.4 93.7 105.2 99.0 113.9 81.8 119.5 121.0 118.5 129.2 115.1 1930 88.7 85.7 102.2 70.2 65.7 76.1 72.6 76.9 85.6 82.3 108.9 72.7 114.6 112.2 106.6 130.4 84.7 1 1 9 9 3 3 2 1 _. 4 6 6 7. . 5 1 2 5 9 5. . 0 1 6 3 3 6 . . 9 1 4 5 0 2 . . 7 3 4 5 2 3. . 4 3 4 6 2 1 . . 7 7 3 6 9 3 . . 1 1 4 2 6 5 . . 6 1 2 5 9 3. . 9 1 7 53 5 . . 5 1 7 5 2 8 . . 1 1 9 7 3 4 . . 0 2 6 4 0 7 . . 1 3 9 7 7 4 . . 3 8 9 7 1 0 . . 8 4 8 6 7 5 . . 5 8 1 8 0 5 5 . . 4 8 4 6 4 2 . . 9 5 1933 48.5 36.2 37.9 39.5 42.8 41.7 41.5 26.4 27.6 61.2 62.9 76.2 42.5 69.3 74.3 71.6 83.1 50.2 1934 61.9 49.0 57.2 68.6 76.1 48.1 56.0 32.7 35.5 71.2 73.9 92.4 47.1 79.6 89.4 87.9 94.3 63.7 1933—January... 39.5 22.8 28.2 35.8 38.5 39.2 31.5 18.8 20.7 48.3 49.3 64.6 35.7 66.7 66.4 62.3 79.6 36.9 February. _ 40.2 24.8 28.7 32.1 34.2 39.2 32.0 18.8 21.4 52.6 56.5 63.0 37.1 65.6 66.4 62.5 79.1 37.2 March 37.1 22.7 26.2 27.8 28.7 38.1 29.1 16.4 21.2 45.2 53.1 60.8 33.4 63.1 65.3 61.0 79.5 32.6 April 38.8 24.6 26.8 31.9 34.3 36.2 30.5 17.8 21.6 49.0 51.8 67.5 33.4 62.2 65.1 61.0 78.6 35.0 May 42.7 29.8 30.6 38.7 42.9 38.9 35.3 20.7 24.5 52.0 57.3 70.4 42.1 64.9 68.0 64.2 80.2 43.7 June 47.2 36.2 35.6 40.6 45.9 38.1 40.0 24.8 28.6 59.3 64.8 73.5 43.7 66.4 71.3 68.2 81.5 53.3 July 50.8 41.4 39.1 43.5 48.8 40.0 43.1 27.6 29.9 64.4 72.4 76.8 43.6 67.9 74.1 71.9 81.4 60.4 August 56.8 50.0 43.5 49.7 55.7 45.9 48.3 32.4 33.9 74.1 78.2 82.1 44.5 71.0 77.9 76.6 82.2 61.9 September 59.1 47.5 46.6 48.2 53.1 45.3 51.6 37.3 33.5 78.7 77.5 94.8 48.2 74.7 81.5 80.2 86.0 61.4 October. _. 59.4 47.6 50.2 43.3 46.1 48.9 53.8 38.1 33.6 77.4 72.3 91.1 51.2 76.0 85.5 84.3 89.4 62.9 November. 55.5 43.3 50.2 38.6 39.6 46.1 52.4 33.6 31.8 69.7 60.1 85.3 50.1 75.6 84.6 83.1 89.8 58.3 December. 54.5 43.7 49.1 43.7 46.0 44.7 50.2 31.0 31.0 64.0 61.1 84.4 46.5 77.2 84.9 83.5 89.4 59.0 1934—January... 54.0 41.1 47.6 52.7 58.3 42.1 47.1 27.4 29.9 64.8 67.5 80.7 39.8 74.3 84.5 83.0 89.5 58.7 February— 60.6 45.7 51.8 71.9 82.3 45.6 52.2 30.5 33.3 77.9 81.7 81.1 45.5 76.0 87.2 86.1 90.8 65.2 March 64.8 51.3 55.8 84.4 98.1 48.5 56.8 31.9 34.7 82.6 84.4 82.2 45.8 77.7 89.1 88.3 92.0 70.5 April 67.3 56.8 60.5 92.4 107.4 53.0 58.9 33.3 38.8 79.8 82.1 83.1 46.2 79.7 92.3 92.4 92.0 73.4 May 67.1 61.3 62.2 88.3 100.4 53.8 60.6 34.6 39.5 74.1 78.9 87.2 46.3 80.6 88.3 87.0 92.7 70.3 June 64.9 62.6 61.6 78.5 85.8 53.8 57.9 33.9 38.8 66.4 72.8 91.9 47.5 78.9 88.1 86.6 93.1 66.5 July 60.5 47.6 58.5 66.0 70.7 51.1 53.6 31.6 36.1 62.5 77.2 95.6 47.3 77.3 88.7 86.6 95.7 61.9 August 62.2 45.5 58.1 70.4 76.5 48.5 53.2 33.5 34.9 68.1 78.7 105.1 49.3 78.4 90.0 87.8 97.2 58.8 September 58.0 41.1 55.6 52.3 54.3 45.6 54.0 33.9 34.7 57.5 69.2 109.3 50.3 80.3 89.9 87.9 96.3 56.1 October... 61.0 42.8 57.0 49.7 52.0 46.8 57.5 35.2 35.5 74.7 64.3 103.4 49.0 82.7 91.6 89.6 97.9 58.3 November. 59.5 44.2 57.2 48.4 51.3 44.4 58.8 33.6 35.6 71.1 61.0 96.1 48.8 82.7 90.9 89.1 96.8 58.1 December. 63.2 47.7 60.2 67.7 76.4 44.4 61.5 33.3 34.4 75.3 69.1 92.9 49.9 91.7 97.8 66.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 99.—INDEX OF FACTORY EMPLOYMENT, BY GROUPS [1923-25 average=100] Transportation Chemicals and petroleum All I a r n o d n equipment Rail- fe N rr o o n u - s Lum- S c t l o a n y e , , Tex- Leather To- Paper products Rub- Year and month d m f i u n a s c g a t t n r u i i u n r e - - - s p s u a r t c o n e t d e d s l - ch M in a e - ry Group m A o u b t i o le - s r s r e h o p o a a p d i s r m p u a e r c n o t t a d s d l - s b p e u r r c o a t d s n - d p g u a l r c n a o t s d d s s - p u a r c o n t d d s - p u a r n o c d t d s - p u r c o t d s - b p u a r c o c t c d s o - p a r in n in g d t- Group e G p x e r c t o r e u o p p - t r P e l f e e i u t n r m i o n - g p u b r c o e t d r s leum 1919 107 2 99 9 116 9 85.1 94.1 86.4 98 8 108.1 109.8 113.4 96.0 1920 108 2 107 8 128 9 88.1 89.4 89.8 99.0 98.5 106.7 111.3 103.4 1921 82 3 66 6 77 5 52.9 76.6 72.2 92 6 86 6 93.7 108.3 88.0 1922 90 6 84 1 81.7 71.9 97.4 85.5 97.3 97.3 97.5 105.8 92.2 1923 104 1 103.9 105.8 107.6 100.6 108.6 105.4 101.5 100.4 105.2 106.6 102.1 105.7 99.2 102.9 102.9 103.0 102 6 1924 96.5 97.0 95.1 93.1 93.6 96.4 96.7 98.1 98.9 94.9 96.3 98.4 98.8 99.7 96.7 96.9 96.1 91.8 1925 99 4 99.1 99.1 99.3 105.8 95.0 97.9 100.4 100.7 99.9 97.1 99.5 95.5 101.1 100.4 100.2 100.9 105.6 1926 101 2 102 5 107.8 99.1 104.8 95.5 100.4 103.8 99.9 96.6 99.5 90.9 104.1 106.7 105 6 110.8 105 1 1927 98 9 97.2 102.3 87.9 91.9 89.0 96.5 94.1 99.9 104.0 97.7 101.7 93.4 104.1 104.1 102.7 109.9 105.7 1928 98 9 96 6 105.1 96 2 108.1 83.8 92.4 95.7 101.3 95.6 105.8 90.7 105.0 102.9 102 4 104.7 111 1 1929 104 8 102.6 125.9 103.5 111.3 82.6 111.4 95.4 93.8 104.8 98.5 112.8 83.9 111.3 115.6 113.4 124.4 111.0 1930 91.5 89.2 104.6 80.2 80.3 73.4 76.1 80.2 92.9 91.2 109.4 78.3 108.0 109.5 105.8 124.9 85.9 1931 77 4 69.7 78.3 66.3 71.0 64.1 74.0 58.3 63.7 87.2 84.3 97.4 72.1 96.3 95.1 92.5 106.2 73.9 1932 64.1 53.3 56.3 56.0 60.8 53.4 58.1 41.1 44.6 76.7 79.0 86.4 64.0 85.0 84.0 81.1 96.1 65.4 1933 69.0 58.6 58.9 54.2 59.8 52.0 62.0 44.2 45.0 87.9 83.3 94.4 59.7 86.2 94.7 93.5 99.8 73.9 1934 78.8 69.0 77.7 82.9 93.2 55.5 74.3 48.7 52.8 91.2 87.8 106.5 62.6 94.8 108.6 108.0 111.1 82.9 Without seasonal adjustment 1933-- January ___ 60.2 46.8 48.1 51.4 57.0 51.7 52.2 36.4 35.2 77.9 76.7 79.1 55.7 81.6 84.0 82.0 92.9 61.8 February._ 61.1 49.0 48.7 50.3 56.1 50.8 53.2 36.0 36.5 80.9 80.9 78.2 58.6 81.5 85.4 83.4 93.9 62.2 March 58.8 46.8 47.1 45.2 49.5 50.6 50.8 34.3 36.9 76.0 80.1 77.0 53.3 80.0 84.9 82.6 94.0 59.8 April 59.9 48.1 47.7 45.3 50.1 48.1 51.9 35.0 38.4 78.3 78.3 83.0 52.0 79.8 86.4 84.4 94.2 59.6 May 62.6 51.0 50.1 48.8 53.9 49.7 54.1 37.9 41.3 82.3 79.9 85.1 59.2 80.6 85.7 83.3 95.3 62.4 June 66.9 55.7 54.2 51.7 58.2 48.4 58.4 42.7 45.9 89.7 83.4 89.7 61.2 82.3 87.9 85.6 96.9 69.3 July 71.5 61.8 58.1 58.3 65.9 51.7 61.7 46.6 49.3 95.4 89.5 94.5 60.3 84.1 92.3 91.1 96.9 77.4 August 76.4 68.4 64.5 61.6 68.7 54.2 69.2 50.4 52.8 97.8 92.9 105.4 62.2 88.7 99.1 99.1 98.9 86.6 September. 80.0 71.4 69.8 64.3 71.6 55.1 74.3 54.3 52.9 98.2 90.7 120.9 61.7 92.7 106.0 106.4 104.9 88.8 October... 79.6 69.8 73.0 59.1 64.2 55.0 75.6 55.2 51.6 97.7 88.9 115.9 64.6 94.5 109.1 109.2 108.8 88.7 November. 76.2 67.9 73.3 53.5 56.6 54.8 72.6 52.3 50.3 92.9 79.1 104.8 66.0 94.2 108.4 108.1 110.0 86.7 December. 74.4 66.6 71.8 61.1 66.1 53.5 69.8 49.8 49.0 88.0 78.7 99.2 62.1 94.5 107.6 106.7 111.2 83.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1934—January._- 73.3 63.5 70.0 71.2 80.3 52.8 67.3 45.6 47.3 88.2 82.9 94.1 54.5 92.4 107.9 107.3 110.3 82.0 February- 77.7 66.6 72.9 84.6 97.4 53.4 70.9 47.1 49.8 96.8 90.3 93.9 62.1 93.1 110.6 110.6 110.6 84.6 March 80.8 70.0 76.8 93.4 108.4 55.5 75.1 48.5 52.1 100.0 92.7 96.2 64.4 93.7 112.8 113.4 110.2 87.1 April 82.4 72.6 80.3 99.4 114.9 57.8 76.9 49.4 55.3 99.1 92.3 97.2 64.7 95.1 113.3 114.7 107.8 90.0 May 82.5 75.2 81.3 99.7 114.4 59.6 77.8 51.0 57.7 96.1 91.4 99.6 61.3 95.9 106.1 105.3 109.5 89.1 June— 81.1 76.4 80.8 95.6 106.8 59.8 75.9 50.0 57.1 90.9 87.7 105.1 62.4 94.7 104.5 102.9 111.4 85.6 July 78.7 70.3 79.0 88.4 98.4 58.3 73.1 48.8 54.2 85.9 89.4 110.1 61.1 93.4 105.3 103.8 111.7 83.9 August 79.5 68.6 78.9 83.7 92.5 55.2 73.4 49.0 53.1 88.2 91.1 122.1 65.1 93.8 106.9 105.3 113.4 80.7 September 75.8 66.0 78.0 74.2 80.9 55.7 73.2 49.3 52.9 73.1 85.7 127.1 64.7 95.3 108.6 107.6 112.9 78.4 October... 78.4 66.0 77.9 64.2 68.7 53.9 75.1 49.5 51.9 92.3 83.4 119.5 65.3 96.4 109.4 108.5 112.9 77.4 November. 76.8 66.2 77.9 62.2 67.1 51.6 76.0 48.6 52.2 90.9 81.6 109.0 64.0 96.8 108.6 107.9 111.9 76.6 December. 78.0 66.6 78.5 78.5 88.9 52.0 76.9 47.8 50.1 92.8 84.8 103.8 61.9 97.5 108.8 108.3 110.8 79.0 Adjusted for seasonal variation 1933—January... 61.4 47.8 49.0 52.1 57.6 52.4 52.9 37.7 38.8 77.9 77.4 87.0 59.8 81.1 84.0 81.4 94.7 62.8 February.. 61.7 48.9 49.3 49.1 54.4 51.5 52.6 36.9 38.7 79.4 79.2 87.2 59.0 81.4 84.8 82.3 95.1 62.5 March.:... 58.9 46.2 47.8 43.4 47.4 50.9 49.8 35.1 37.6 73.9 78.2 85.0 53.6 79.8 83.9 81.2 94.9 60.5 April 59.9 47.4 48.3 42.9 47.4 47.8 51.3 35.5 38.0 77.1 79.0 89.0 52.8 80.2 83.2 80.5 94.2 59.5 May 62.9 50.4 50.5 44.7 49.0 49.4 54.4 38.2 40.2 82.3 82.2 91.1 59.5 81.3 87.1 85.1 95.4 61.3 June 67.4 55.6 54.4 49.0 55.1 48.0 59.1 42.6 44.1 91.0 86.9 91.7 61.4 83.1 91.9 90.9 96.0 67.4 July 72.5 62.8 58.6 56.7 64.0 51.4 63.2 46.7 48.8 100.2 88.9 92.0 61.0 85.1 96.5 96.9 94.8 76.2 August 76.4 68.7 64.2 61.7 68.6 54.0 70.4 49.8 51.4 101.2 89.7 97.4 62.4 89.9 103.0 104.4 97.1 87.9 September. 78.0 70.9 67.9 65.5 72.7 54.8 74.8 52.9 51.0 98.1 87.3 103.2 60.0 93.0 105.5 106.2 103.0 89.4 October... 77.8 69.4 70.8 63.9 69.8 54.7 74.8 53.1 49.7 96.1 86.7 104.6 61.9 94.2 106.9 106.4 109.0 89.4 November. 75.9 68.1 72.3 60.5 65.3 55.0 71.7 50.9 50.0 92.1 80.9 102.3 63.1 93.0 106.6 105.5 111.1 87.0 December. 75.0 67.6 72.4 65.6 71.8 53.6 69.2 49.9 50.0 87.3 82.4 101.7 61.9 93.0 106.6 105.2 112.6 84.3 1934—January. _. 75.1 64.9 71.8 72.1 81.1 53.6 68.1 47.2 52.0 88.1 83.6 104.0 58.4 91.7 107.7 106.6 112.4 83.4 February.. 78.4 66.4 74.0 82.5 94.6 54.2 70.1 48.4 52.7 95.1 88.4 104.3 62.6 92.9 109.6 109.0 112.1 85.1 March 81.0 69.1 78.4 89.6 103.7 55.8 73.7 49.8 53.1 97.3 90.5 107.8 64.9 93.4 110.9 110.7 111.3 88.3 April 82.3 71.5 81.5 94.0 108.8 57.4 76.0 50.0 54.7 97.8 93.0 104.0 65.7 95.5 109.4 109.8 107.8 89.8 May 82.6 74.3 82.0 91.2 104.1 59.2 78.2 51.3 56.2 96.0 94.0 106.4 61.6 96.5 107.9 107.4 109.7 87.5 June 81.5 76.3 81.2 90.6 101.1 59.4 76.8 49.8 54.9 92.2 91.4 107.3 62.7 95.5 108.9 108.4 110.4 83.2 July 79.5 71.4 79.4 85.8 95.5 58.0 75.0 48.8 53.9 90.2 88.9 106.7 61.8 94.4 109.6 109.7 109.3 82.8 August 79.3 68.8 78.4 83.7 92.3 55.0 74.9 48.4 52.0 91.3 87.9 110.8 65.4 95.0 110.9 110.8 111.3 82.0 September. 73.9 65.4 76.0 75.5 82.1 55.4 73.6 48.0 51.1 72.9 82.4 110.5 62.9 95.6 108.2 107.6 110.9 79.0 October... 76.8 65.6 75.8 69.3 74.7 53.7 74.1 47.7 50.0 90.7 81.4 109.3 62.5 96.0 107.5 106.2 113.1 78.1 November. 76.7 66.4 77.2 70.4 77.4 51.7 74.9 47.3 51.9 90.2 83.4 107.3 61.1 95.4 107.2 105.8 113.0 77.0 December. 78.9 67.7 79.2 84.4 96.6 52.1 76.1 47.8 51.2 92.1 88.9 107.9 61.6 95.8 108.1 107.1 112.1 79.5 NOTE.—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 totals see BULLETIN for May 1934, pp. 270-271; back figures for groups and for industries available at the Bureau of Labor Statistics. For description and back figures for the seasonally adjusted index of factory employment compiled by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 100.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITED STATES, BY MONTHS AND YEARS, 1913-34 1 [Index numbers of the U. S. Bureau of Labor Statistics. 1926=100] Other commodities Ye m a o r n a t n h d m c A t o o ie m l d s l i - - F p u r a c o r t d m s - Foods Total H e p u a a r i c n o t d h t d d e s e - s r p T u t r i c e o l t x e d s - - m l F r i a i i g a n u n a h t g d e l e s t l - - M m p u a r e e c n o t t t d d a s a l - l s B m r i i u a n a i t g l l e s d - - d i a r c n u a d g ls s H g n f o o i u i n u o s r g h s d - e s - - n c M e e o l i l s u a - s - 1913 .. 71.5 64.2 70.0 68.1 57.3 61.3 90.8 56.7 80.2 56.3 93.1 1914 68.1 71.2 64.7 66.4 70.9 54.6 56.6 80.2 52.7 81.4 56.8 89.9 1915 69.5 71.5 65.4 68.0 75.5 54.1 51.8 86.3 53.5 112.0 56.0 86.9 1916 85.5 84.4 75.7 88.3 93.4 70.4 74.3 116.5 67.6 160.7 61.4 100.6 1917 117.5 129.0 104.5 114.2 123.8 98.7 105.4 150. 6 88.2 165.0 74.2 122.1 1918 131.3 148.0 119.1 124.6 125.7 137.2 109.2 136. 5 98.6 182.3 93.3 134.4 1919 138.6 157.6 129.5 128.8 174.1 135.3 104.3 130.9 115.6 157.0 105.9 139.1 1920 154.4 150.7 137.4 161.3 171.3 164.8 163.7 149.4 150.1 164.7 141.8 167.5 1921 97.6 88.4 90.6 104.9 109.2 94.5 96.8 117.5 97.4 115.0 113.0 109.2 1922 96.7 93.8 87.6 102.4 104.6 100.2 107.3 102.9 97.3 100.3 103.5 92.8 1923 100.6 98.6 92.7 104.3 104.2 111.3 97.3 109.3 108.7 101.1 108.9 99.7 1924 98.1 100.0 91.0 99.7 101.5 106.7 92.0 106.3 102.3 98.9 104.9 93.6 1925 103.5 109.8 100.2 102.6 105.3 108.3 96.5 103.2 101.7 101.8 103.1 109.0 1926 (base).. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1927 95.4 99.4 96.7 94.0 107. 7 95.6 88.3 96.3 94.7 96.8 97.5 91.0 1928.. 96.7 105.9 101.0 92.9 121.4 95.5 84.3 97.0 94.1 95.6 95.1 85.4 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74.9 65.3 70.5 78.4 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1932 January 67.3 52.8 64.7 71.7 79.3 59.6 67.9 81.8 74.8 75.7 77.7 65.6 February... 66.3 50.6 62.5 71.3 78.3 59.5 68.3 73.4 75.5 77.5 64.7 March 66.0 50.2 62.3 70.9 77.3 58.0 67.9 73.2 75.3 77.1 64.7 April 65.5 49.2 61.0 70.9 75.0 56.1 70.2 80.3 72.5 74.4 76.3 64.7 May 64.4 46.6 59.3 70.4 72.5 54.3 70.7 80.1 71.5 73.6 74.8 64.4 June 63.9 45.7 58.8 70.1 70.8 52.7 71.6 79.9 70.8 73.1 74.7 64.2 July 64.5 47.9 60.9 69.7 68.6 51.5 72.3 79.2 69.7 73.0 74.0 64.3 August . 65.2 49.1 61.8 70.1 69.7 52.7 72.1 80.1 69.6 73.3 73.6 64.6 September.. 65.3 49.1 61.8 70.4 72.2 55.6 70.8 80.1 70.5 72.9 73.7 64.7 October 64.4 46.9 60.5 70.2 72.8 55.0 71.1 80.3 70.7 72.7 73.7 64.1 November.. 63.9 46.7 60.6 69.8 71.4 53.9 71.4 79.6 70.7 72.4 73.7 63.7 December.. 62.6 44.1 58.3 69.0 53.0 69.3 79.4 70.8 72.3 73.6 63.4 1933 January 61.0 42.6 55.8 67.3 68.9 51.9 66.0 78.2 70.1 71.6 72.9 61.2 February. _. 59.8 40.9 53.7 66.0 68.0 51.2 63.6 77.4 69.8 71.3 72.3 59.2 March 60.2 42.8 54.6 65.8 68.1 51.3 62.9 77.2 70.3 71.2 72.2 58.9 April 60.4 44.5 56.1 65.3 69.4 51.8 61.5 76.9 70.2 71.4 71.5 57.8 May 62.7 50.2 59.4 66.5 76.9 55. 9 60.4 77.7 71.4 73.2 71.7 58.9 June 65.0 53.2 61.2 68.9 82.4 61.5 61.5 79.3 74.7 73.7 73.4 60.8 July 68.9 60.1 65.5 72.2 86.3 68.0 65.3 80.6 79.5 73.2 74.8 64.0 August 69.5 57.6 64.8 74.1 91.7 74.6 65.5 81.2 81.3 73.1 77.6 65.4 September.. 70.8 57.0 64.9 76.1 92.3 76.9 70.4 82.1 82.7 72.7 79.3 65.1 October 71.2 55.7 64.2 77.2 89.0 77.1 73.6 83.0 83.9 72.7 81.2 65.3 November.. 71.1 56.6 64.3 77.2 88.2 76.8 73.5 82.7 84.9 73.4 81.0 65.5 December.. 70.8 55.5 62.5 77.5 89.2 76.4 73.4 83.5 85.6 73.7 81.0 65.7 1934 January 72.2 58.7 64.3 78.3 89.5 76.5 73.1 85.5 86.3 74.4 67.5 February._ 73.6 61.3 66.7 78.7 89.6 76.9 72.4 87.0 86.6 75.5 81.0 68.5 March 73.7 61.3 67.3 78.5 88.7 76.5 71.4 87.1 86.4 75.7 81.4 69.3 April 73.3 59.6 66.2 78.6 88.9 75.3 71.7 87.9 86.7 75.5 81.6 69.5 May 73.7 59. 67.1 78. 87.9 73.6 72.5 89.1 87.3 75.4 82.0 69.8 June 74.6 63.3 69.8 78.2 87.1 72.7 72.8 87.7 87.8 75.6 82.0 70.2 July 74.8 64.5 70.6 78.4 86.3 71.5 73.9 86.8 87.0 75.4 81.6 69.9 August 76.4 69.8 73.9 78.3 83.8 70.8 74.6 86.7 85.8 75.7 81.8 70.2 September- 77.6 73.4 76.1 78.3 84.1 71.1 74.6 86.6 85.6 76.5 81.8 70.2 October 76.5 70.6 74.8 78.0 83.8 70.3 74.6 86.3 85.2 77.1 81.7 69.7 November. 76.5 70. 75.1 78.0 84.2 69.7 74.4 86.2 85.0 76.9 81.3 70.6 December. 76.9 72.0 75.3 78.0 85.1 70.0 73.7 85.9 85.1 78.1 81.2 71.0 1 Index based on 550 price series from 1913 to 1925 and on 784 price series from 1926 to date. Back figures.—See Annual Report for 1933 (table 120) for monthly indexes from 1926 to 1931 inclusive; figures for earlier years available at the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CONDITIONS 197 No. 101.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITED STATES, BY WEEKS, 1934 [Index numbers of the U. S. Bureau of Labor Statistics. 1926= 100] Other commodities i W ng d e a e ( y k S ) a — e t n u d r- - m c t A o o ie m l d s l i - - F p u r a c o r t d m s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r p T u t r i c e o l x t e d s - - m l F r i a i i g a n u n a h t g e l d e s t l - - M m p u a r e e n c o t t t d d a a s l - l s B m r i i u n a a i t g l l e s d - -C d i a h c r n u e a m d g ls s -H g n f o o i i u n s u o r g h d s - e - s - n c M e e o l i l s u a - s - 1934 Jan. 6 71.0 57.4 62.7 77.6 90.0 76.0 74.3 83.3 85.5 73.3 81.7 65.9 Jan. 13... 71.7 58.6 64.2 77.9 90.2 76.1 74.4 83.7 85.6 73.5 81.7 66.2 Jan. 20— 72.3 59.0 64.6 78.6 90.3 76.4 74.2 85.1 86.5 75.0 81.7 67.5 Jan. 27— 72.4 59.5 65.0 78.5 90.4 76.4 74.0 84.7 86.2 75.1 81.7 68.1 Feb. 3... 72.8 60.5 65.7 78.7 90.5 76.5 73.9 85.1 86.4 75.0 81.8 68.4 Feb. 10.. 73.3 61.4 66.8 78.7 90.5 76.4 73.9 85.0 86.3 75.1 81.9 68.5 Feb. 17.. 73.7 62.1 67.4 78.7 90.4 76.6 73.8 85.0 86.7 75.4 81.9 68.6 Feb. 24.. 73.4 61.2 67.0 78.7 90.1 76.7 73.6 85.0 75.4 82.1 68.5 Mar. 3— 73.6 62.0 67.5 78.6 76.6 73.5 85.1 86.5 75.4 82.3 68.6 Mar. 10_. 73.8 62.0 68.1 78.7 (9.0 76.3 73.0 86.4 86.2 75.7 82.5 68.8 Mar. 17.. 73.7 62.0 67.7 78.6 76.0 72.6 86.5 86.2 75.8 82.4 69.2 Mar. 24,.. 73.5 61.4 67.3 78.6 88.8 76.0 72.4 86.4 86.2 75.8 82.5 69.2 Mar. 31-. 73.4 61.4 66.5 78.6 89.4 75.8 72.4 86.4 86.3 75.8 82.5 69.3 Apr.7... 73.3 60.4 66.1 78.7 9.5 75.7 72.6 86.5 86.7 75.5 82.5 69.7 Apr. 14_. 73.3 60.5 65.8 78.9 75.5 72.9 86.9 86.5 75.4 82.8 69.6 Apr. 21.. 73.3 59.7 66.6 78.8 75.2 73.1 87.0 86.3 75. 5 83.1 69.3 Apr. 28.. 73.5 59.1 66.6 79.2 75.0 73.5 88.3 87.1 75.3 83.0 69.2 May 5... 73.4 59.1 66.6 79.0 74.1 72.7 88.7 87.4 75.3 83.1 May 12.. 73.8 60.5 67.3 79.1 73.5 73.0 88.8 87.4 75.3 83.0 70.1 May 19.. 73.5 59.6 67.2 79.0 88.5 73.5 73.2 88.7 87.0 75.4 83.0 69.7 May 26. _ 73.7 60.1 67.4 79.0 88.0 73.1 73.4 88.7 87.2 75.3 83.9 69.7 June2_-_ 73.9 60.6 67.7 79.0 87.7 72.7 73.7 88.7 87.6 75.3 83.6 69.6 June9__. 73.8 60.7 67.6 78.9 87.2 72.7 73.8 87.8 87.8 75.4 83.4 70.0 June 16.. 74.6 63.7 70.2 78.9 87.6 72.5 73.7 88.0 87.7 75.4 83.4 70.3 June 23.. 75.0 65.8 71.3 78.7 88.1 72.5 73.4 87.1 87.6 75.5 83.2 70.5 June30_- 74. 8 64.8 70.9 78.5 88.2 71.8 73.3 87.0 87.8 75.8 83.2 70.1 July7... 74.7 64.1 71.0 78.6 87.9 71.5 74.2 86.9 87.5 75.7 83.1 July 14. _ 74.5 64.5 70.8 78.3 87.6 71.4 73.8 86.4 86.9 75.5 83.1 July 21... 75.1 66.1 71.2 78.6 87.0 71.6 74.7 86.4 87.4 75.6 83.0 70.0 July 28. . 74.7 64.5 70.8 78.5 86.1 71.4 74.7 86.3 86.7 75.6 83.0 70.1 Aug. 4... 75.1 66.6 71.8 78.4 85.1 71.1 74.7 86.2 87.1 75.5 83.0 69.9 Aug. 11.. 75.4 67.3 72.2 78.4 84.6 70.8 75.3 85.9 86.5 75.5 82.8 70.1 Aug. 18.. 76.1 68.9 74.1 78.4 84.2 71.1 75.2 85.9 86.4 75.9 82.9 70.3 Aug. 25_. 76.9 71.8 75.5 78.4 84.6 71.1 75.2 85.9 86.4 76.0 82.9 70.1 Sept. K._ 77.5 73.5 76.6 78.4 84.5 71.3 75.1 85.9 86.3 76.3 82.9 70.3 Sept. 8— 77.8 74.3 77.2 78.5 84.6 70.6 75.4 85.9 86.3 76.3 82.9 70.6 Sept. 15- 77.5 73.7 76.2 78.5 84.8 70.6 75.5 85.9 85.9 76.5 83.0 70.7 Sept. 22.. 77.5 73.6 76.7 78.4 84.9 70.8 75.5 85.7 85.4 76.8 83.1 70.4 Sept. 29.. 77.2 72.8 76.0 78.4 84.9 70.7 75.5 85.7 85.3 77.0 83.1 70.3 Oct. 6—. 76.6 71.0 75.2 78.2 84.3 70.2 75.5 85.7 85.4 77.3 82.8 70.1 Oct. 13... 76.4 71.0 74.8 78.1 84.4 70.1 75.4 85.6 85.2 77.1 82.8 69.7 Oct. 20-. 76.2 70.9 74.9 77.9 84.6 70.0 74.8 85.6 85.0 77.2 82.8 69.7 Oct. 27... 76.2 70.8 75.4 78.0 84.5 75.0 85.5 85.2 77.2 82.8 Nov. 3... 76.0 75.4 77.8 84.4 69.5 74.9 85.5 84.9 76.9 82.8 69.6 Nov. 10. _ 76.6 71.1 75.9 78.1 84.9 69.4 75.6 85.4 85.1 76.8 82.7 70.5 Nov. 17._ 76.7 71.5 75.5 78.3 84.9 69.3 76.1 85.3 85.0 77.0 82.7 70.6 Nov. 24.. 76.3 70.6 75.0 78.1 84.9 69.3 75.6 85.3 84.9 77.1 82.7 70.6 Dec. 1--. 76.5 71.1 75.0 78.2 84.9 69.3 75.7 85.3 84.9 77.4 82.7 70.8 Dec. 8-_. 76.7 71.7 74.9 78.3 85.0 69.3 76.0 85.4 85.1 77.8 82.4 71.0 Dec. 15.. 76.7 71.1 75.4 78.2 85.7 69.4 75.2 85.4 85.0 78.0 82.4 71.2 Dec. 22.. 76.7 71.2 75.4 78.2 86.4 60.7 75.0 85.5 84.7 78.1 82.5 71.1 Dec. 29_ . 77.1 72.6 76.3 78.1 86.6 69.7 74.7 85.5 84.9 78.3 82.5 71.1 Back figures.—See Annual Report for 1933 (table 121). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPENDIX 199 129288—35 14 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY OF THE FEDERAL ADVISORY COUNCIL (Dec. 31, 1934) OFFICERS President, WALTER W. SMITH Vice President, HOWARD A. LOEB Secretary, WALTER LICHTENSTEIN EXECUTIVE COMMITTEE WALTER W. SMITH WALTER E. FREW HOWARD A. LOEB H. C. MCELDOWNEY THOMAS M. STEELE W. T. KEMPER MEMBERS District No. 1.—THOMAS M. STEELE, president, First National Bank & Trust Co. of New Haven, Conn. District No. 2.—WALTER E. FREW, chairman, Corn Exchange Bank Trust Co., New York, N. Y. District No. 3.—HOWARD A. LOEB, chairman, Tradesmens National Bank & Trust Co., Philadelphia, Pa. District No. 4.—H. C. MCELDOWNEY, president, Union Trust Co. of Pittsburgh, Pa. District No. 5.—HOWARD BRUCE, chairman and president, Baltimore National Bank, Baltimore, Md. District No. 6.—H. LANE YOUNG, vice president and executive manager, The Citizens and Southern National Bank, Atlanta, Ga. District No. 7.—SOLOMON A. SMITH, president, The Northern Trust Co., Chicago, 111. District No. 8.—WALTER W. SMITH, President, First National Bank in St. Louis, Mo. District No. 9.—THEODORE WOLD, president, Northwestern National Bank & Trust Co., Minneapolis, Minn. District No. 10.—W. T. KEMPER, chairman, Commerce Trust Co., Kansas City, Mo. District No. 11.—JOSEPH H. FROST, president, Frost National Bank, San Antonio, Tex. District No. 12.—M. A. ARNOLD, president, First National Bank of Seattle, Wash. RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE FEDERAL RESERVE BOARD MAY 15, 1934 In answer to definite inquiries on the part of the Federal Reserve Board the Federal Advisory Council made the following four recommendations: RECOMMENDATION NO. 1.—Report on business conditions. The Federal Advisory Council in response to the request of the Federal Reserve Board makes the following statement regarding the conditions in the country as a whole. The members of the Council have been surprised by the great similarity of view held by the representatives on the Council of the 12 Federal Reserve districts. It might have been supposed that conditions would vary considerably in different parts of the country, but this does not seem to be the case except in those areas where Government money has been expended in large amounts. 201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD In general it may be said that business conditions and sentiment have improved very much as compared with the earlier part of last year and the year immediately preceding. There seems, however, to have been some recession in recent weeks. As far as the members of the Council can tell, this recent setback is due largely to a lack of confidence in the activity of the Congress and some of the governmental bureaus recently established. There is considerable uncertainty as to what the ultimate effect may be of some of the recent legislative enactments and of pending legislative proposals. The members of the Council are unanimous in believing that there can be no permanent improvement until such time as the business community of the country becomes convinced that experimentation in currency and in attempts to regulate business will cease. The large and uneconomic advance in labor costs is proving definitely untimely and in many cases positively destructive. As a result of these wage advances, selling prices for commodities to absorb such costs have been necessarily advanced to an extent which limits distribution and consumptive demand. As time passes it is found to be particularly true that the influences of increasing costs daily manifest themselves in yet higher prices and increasing restriction of distribution, which has discouraged many lines of industry. In respect to specific industries it is to be noted that in recent weeks the textile and metal manufacturing trades have suffered. It is true that steel operations are at a higher rate than during the last 2 or 3 years, but doubt is expressed as to the next quarter. On the whole it may be said that the increase in consumption has not kept pace with the increase in production. In some of the regions of the country largely dependent on agriculture the prevailing drought will undoubtedly create difficulties. In the Northwest the dust storms coupled with the unusual dryness has prevented the seed from germinating. Livestock will have to be moved unless abundant rains come in the near future. In these regions to which reference is made there is fear that manufacturers will face large cancelations. RECOMMENDATION NO. 2—Bank credit. The Federal Advisory Council believes that in those sections of the country where the money of the Government has been widely distributed there has been some increase of loans on the part of the banks. In the larger centers of the country, however, loans have tended to decrease. RECOMMENDATION NO. 3.—Federal Reserve funds. The members of the Federal Advisory Council believe that the effect of dealings in Federal Reserve funds are not of sufficient importance to lessen the ability of the Federal Reserve System to control credit policies. RECOMMENDATION NO. 4.—Section 7 (d) of Stock exchange bill (S. 3420). The members of the Federal Advisory Council are of the opinion that the Federal Reserve Board before issuing regulations under this bill, provided it is enacted into law, should make a careful study as regards the needs of the situation. It should be pointed out that the power conferred on the Board is to be permissive and not mandatory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF FEDERAL ADVISORY COUNCIL 203 Consequently, there is no need for the Board to issue any regulations until there is evidence that there is necessity for them. In general the members of the Council feel that if the Board conscientiously can refrain from adding unnecessarily to the innumerable regulations, orders, and laws of all kinds under which banks are at present compelled to operate it will be doing a distinct service. If and when the Federal Reserve Board deems it necessary and advisable to issue regulations under this provision of the proposed law then it is to be hoped that the Board will bear in mind the need for maintaining adequate markets not merely for securities listed on the more important exchanges of the country but also for securities which have merely a restricted local market and those which are sold over the counter and not listed. Stringent regulations may result in destroying the market for the securities of small worthy industries and thereby possibly destroy these industries themselves by making it impossible for them to obtain needed capital. In addition the Federal Advisory Council made the following recommendation in reference to Regulation Q. RECOMMENDATION NO. 5.—Regulation Q. The Federal Advisory Council believes that in view of the wide divergence in rates of interest now being paid on thrift and other time deposits in different sections of the country, and in view of the increasing difficulty of obtaining from suitable investments a yield sufficient to warrant the payment of the maximum rate now fixed under the provisions of Regulation Q of the Federal Reserve Board, it is recommended that the Board give consideration to the advisability of lowering the present maximum rate. In the opinion of the Council the present maximum rate might well be lowered one-half of 1 percent. RECOMMENDATION NO. 6. The Federal Advisory Council believes that it is timely and important to call attention to certain fundamental characteristics of the Federal Reserve System and to certain present-day tendencies not in harmony therewith. When Congress enacted into law the Glass-Owen bill establishing the Federal Reserve System, it very wisely provided for 12 largely autonomous Reserve banks located in 12 different parts of the country each under its own board of directors and each responsive, in some measure, to the individual needs of its district. The general oversight of these 12 banks was placed with the Federal Board, a coordinating body located in Washington. The members of this Board were appointed by the President with the advice and the consent of the Senate and it was provided that no one of them could be actively engaged in banking. There was thus constituted an independent Federal banking system functioning free of undue influence by the banks on the one hand and free from control by the Government or by political groups on the other. Recent events have caused the Council to feel that it should sound a note of warning that the System ought itself to be careful not to permit the operation of influences tending to destroy its basic characteristics. The Council believes that it sees a tendency of late Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD towards highly restrictive laws, rules, and regulations with respect to minute details of bank operation which, if not checked, will inevitably destroy the independence of the Reserve banks. The result of such tendencies, through substituting uniform regulations from Washington in place of the independent judgment of the several boards of directors of the Reserve banks, will destroy the morale of those boards and will prevent that adjustment of local practices to local needs which Congress clearly contemplated. The Council believes that if the Federal Reserve System is to continue in existence and to perform its best services to the people it must avoid both bureaucratic tendencies from within and undue governmental or bank control from without. SEPTEMBER 18, 1934. RECOMMENDATION NO. 1. The Federal Reserve Board has asked for suggestions from the Federal Advisory Council as to any matters which it would like to have considered by the committee which has been appointed by the Board to study banking laws and to make recommendations. The Council feels that a careful distinction should be made between fundamental changes in the Federal Reserve System itself and those remedial changes which are necessary or desirable as a result of inconsistencies and lack of clarity inevitably resulting from the haste with which important emergency legislation was enacted in recent sessions of Congress. In view of the careful study, the prolonged debate and the thorough consideration which were given to the subject before the Federal Reserve Act was adopted in 1914, the Federal Advisory Council is convinced of the importance of having the act carefully reviewed prior to further fundamental alterations. The Federal Advisory Council, therefore, welcomes the step the Federal Reserve Board has taken in appointing a committee for the purpose of studying the Federal Reserve System and considering proposed legislative changes. The Council will appoint a committee of its members which will confer with the committee appointed by the Board if the Federal Reserve Board so desires. The committee of the Council will hold itself in readiness to consult with the committee of the Board whenever it may suit the convenience of the latter. RECOMMENDATION NO. 2. The Federal Advisory Council is disturbed by the present provision in the Banking Act of 1933 which provides that the Federal Deposit Insurance Corporation shall continue to insure banks now in existence which have no capital structure and likewise banks to be chartered hereafter. The present act provides that the Corporation must accept applications from and insure banks the assets of which banks are sufficient to pay their liabilities. It is the judgment of the Council that banks hereafter to be admitted should have in addition to assets sufficient to pay their liabilities an adequate capital structure and in addition thereto it is the belief of the Council that the applicants should make a reasonable showing of public necessity to the Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF FEDERAL ADVISORY COUNCIL 205 RECOMMENDATION NO. 3. The members of the Federal Advisory Council have reviewed the activity of the member banks in their respective districts as to the cooperation of these banks in respect to the direct loans to industry which Federal Reserve banks are authorized to make. The Council finds that the member banks have cooperated and the Council believes that the banks will continue to assist the Federal Reserve banks in placing the loans in question. NOVEMBERpO, 1934. TOPIC NO. 1.—Loans secured by registered securities made by banks to others than to members of registered exchanges. Recommendation.—When regulations are issued covering loans secured by registered securities made by banks to others than to members of registered exchanges, we strongly urge that they be made as simple as possible and that the principle of a definite percentage of margin based on current market values be established. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY OF THE FEDERAL RESERVE BOARD (Dec. 31, 1934) HENRY MORGENTHAU, Jr., Secretary of the Treasury, member ex officio. J. F. T. O'CONNOR, Comptroller of the Currency, member ex officio. MARRINER S. ECCLES, of Utah, Governor. Term expires August 9, 1938. J. J. THOMAS, of Nebraska, Vice Governor. Term expires January 24, 1943. CHARLES S. HAMLIN, of Massachusetts. Term expires August 9, 1936. ADOLPH C. MILLER, of the District of Columbia. Term expires August 9, 1946. GEORGE R. JAMES, of Tennessee. Term expires April 27, 1941. M. S. SZYMCZAK, of Illinois. Term expires April 18, 1943. LAWRENCE CLAYTON, Assistant to the LAUCHLIN CURRIE, Assistant Director^ Governor. Division of Research and Statistics. CHESTER MORRILL, Secretary. WOODLIEF THOMAS, Assistant Director, J. C. NOELL, Assistant Secretary. Division of Research and Statistics. LISTON P. BETHEA, Assistant Secretary. E. L. SMEAD, Chief, Division of Bank S. It. CARPENTER, Assistant Secretary. Operations. WALTER WYATT, General Counsel. J. R. VAN FOSSEN, Assistant Chief, GEORGE B. VEST, Assistant Counsel. Division of Bank Operations. LEO H. PAULGER, Chief, Division of CARL E. PARRY, Chief, Division of Examinations. Security Loans. FRANK J. DRINNEN, Federal Reserve O. E. FOULK, Fiscal Agent. Examiner. JOSEPHINE E. LALLY, Deputy Fiscal E. A. GOLDENWEISER, Director, Division Agent. of Research and Statistics. SALARIES OF OFFICERS AND EMPLOYEES OF THE FED- ERAL RESERVE BOARD (Dec. 31, 1934) OFFICES OF MEMBERS OF THE BOARD Lawrence Clayton, assistant to the Governor $10, 000. 00 J. M. Daiger, special assistant to the Board (temporary) 9, 000. 00 1 at $4,500 4, 500. 00 1 at $4,200 4,200. 00 5 at $3,000 15, 000. 00 1 at $2,300 2, 300. 00 1 at $1,800 1, 800. 00 1 at $1,620 1, 620. 00 1 at $1,600 1,600.00 1 at $1,560 1, 560. 00 Total 51, 580. 00 OFFICE OF SECRETARY Chester Morrill, secretary 15, 000. 00 J. C. Noell, assistant secretary 7, 500. 00 Liston P. Bethea, assistant secretary 7, 100. 00 S. R. Carpenter, assistant secretary 4, 800. 00 1 at $3,000 3,000.00 2 at $2,800 5, 600. 00 5 at $2,400 12, 000. 00 1 at $2,200 2, 200. 00 1 at $2,100 2, 100. 00 2 at $2,000 4,000.00 1 at $1,900 1, 900. 00 206 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD SALARIES 207 OFFICE OF SECRETARY—continued 1 at $1,740 $1, 740. 00 1 at $1,700 1,700.00 1 at $1,620 1,620.00 2 at $1,600 3,200. 00 3 at $1,560 4, 680. 00 3 at $1,500 4,500.00 2 at $840 1, 680. 00 1 at $780 780. 00 Total J 85, 100. 00 OFFICE OF GENERAL COUNSEL Walter Wyatt, general counsel 15, 000. 00 George B. Vest, assistant counsel 10, 000. 00 B. M. Wingfield, assistant counsel 9, 000. 00 H. Lee Boatwright, Jr., assistant counsel 5, 500. 00 G. Howland Chase, assistant counsel 5, 500. 00 Alfred K. Cherry, assistant counsel 5, 500. 00 J. Delafield DuBois, assistant counsel 5, 500. 00 John C. Baumann, assistant counsel 5, 000. 00 Joseph T. Owens, assistant counsel 5, 000. 00 1 at $3,600 3, 600. 00 1 at $3,000 3,000. 00 2 at $2,800 5, 600. 00 3 at $2,400 7, 200. 00 1 at $2,000 2,000.00 8 at $1,800 14, 400. 00 1 at $1,620 1, 620. 00 2 at $1,560 3, 120. 00 1 at $1,440 1, 440. 00 Total 107, 980. 00 DIVISION OF RESEARCH AND STATISTICS E. A. Goldenweiser, director of division 15, 000. 00 L. B. Currie, assistant director 8, 500. 00 Woodlief Thomas, assistant director 8, 500. 00 Winfield Riefler, research assistant 7, 000. 00 George W. Blattner, research assistant 6, 000. 00 Walter R. Gardner, research assistant 6, 000. 00 1 at $4,200 4, 200. 00 1 at $4,000 4,000. 00 1 at $3,600 3, 600. 00 1 at $3,500 3, 500. 00 1 at $3,400 3, 400. 00 1 at $3,160 3, 160. 00 4 at $2,800 11,200.00 1 at $2,600 2, 600. 00 2 at $2,500 5, 000. 00 1 at $2,300 2, 300. 00 3 at $2,200 : 6, 600. 00 3 at $2,100 6, 300. 00 2 at $2,000 _ _ 4,000.00 1 at $1,900 1, 900. 00 6 at $1,800 10, 800. 00 4 at $1,680 6, 720. 00 1 at $1,620 1, 620. 00 1 at $1,600 1, 600. 00 2 at $1,560 3, 120. 00 4 at $1,440 _ _ _ _ _ __ 5,760.00 1 at $1,380 1, 380. 00 Total 143, 760. 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DIVISION OF BANK OPERATIONS Edward L. Smead, chief of division $15, 000. 00 John R. Van Fossen, assistant chief 8, 000. 00 J. E. Horbett, principal assistant 6, 000. 00 1 at $4,800 4,800.00 2 at $4,500 9,000.00 1 at $3,800 3,800. 00 1 at $3,200 3,200. 00 1 at $3,100 3, 100. 00 2 at $2,900 5,800.00 1 at $2,800 2,800.00 1 at $2,700 2,700.00 1 at $2,600 2,600.00 2 at $2,500 5,000. 00 1 at $2,400 2,400. 00 1 at $2,200 2,200. 00 1 at $2,100 2, 100. 00 2 at $2,000 4,000. 00 1 at $1,900 1,900. 00 7 at $1,800 12, 600. 00 1 at $1,700 1, 700. 00 1 at $1,620 1,620. 00 3 at $1,600 4,800. 00 4 at $1,560 6,240. 00 2 at $1,500 3,000.00 2 at $1,440 2,880.00 1 at $1,320 1, 320. 00 8 part-time employees ._ 2, 302. 50 Total ^ 120, 862. 50 , DIVISION OF EXAMINATIONS Leo H. Paulger, chief of division 15, 000. 00 Frank J. Drinnen, Federal Reserve examiner 9, 000. 00 R. F. Leonard, Federal Reserve examiner 8, 000. 00 L. A. A. Siems, Federal Reserve examiner 7, 500. 00 C. E. Cagle, Federal Reserve examiner j 7, 000. 00 M. R. Wilkes, Federal Reserve examiner 6, 400. 00 Geo. S. Sloan, Federal Reserve examiner 6, 000. 00 C. S. Barker, assistant Federal Reserve examiner 5, 200. 00 R. B. Chamberlin, Federal Reserve examiner 5, 200. 00 H. O. Koppang, Federal Reserve examiner 5, 200. 00 Roger M. Calloway, Federal Reserve examiner 5, 000. 00 Dwight L. Crays, Federal Reserve examiner 5, 000. 00 J. B. Crosby, Federal Reserve examiner 5, 000. 00 Edwin R. Millard, Federal Reserve examiner 5, 000. 00 Fred A. Nelson, Federal Reserve examiner 5, 000. 00 William B. Pollard, Federal Reserve examiner 5, 000. 00 3 at $4,800 14,400.00 4 at $4,500 18,000.00 1 at $4,400 4, 400. 00 3 at $4,200 12, 600. 00 2 at $4,000 8, 000. 00 3 at $3,900 11, 700. 00 6 at $3,600 21, 600. 00 3 at $3,300 9, 900. 00 4 at $3,000 12, 000. 00 2 afc $2,700 5, 400. 00 2 at $2,500 5, 000. 00 4 at $2,400 9, 600. 00 2 at $2,300 4, 600. 00 2 at $2,200 4, 400. 00 1 at $2,100 2, 100. 00 2 at $2,000 4, 000. 00 1 at $1,900 1, 900. 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD SALARIES 209 DIVISION OF EXAMINATIONS—continued 3 at $1,800 $5, 400. 00 1 at $1,700 1, 700. 00 2 at $1,680 3, 360. 00 4 at $1,620 6, 480. 00 2 at $1,600 3, 200. 00 3 at $1,560 4, 680. 00 7 at $1,500 10, 500. 00 4 at $1,440 _ _ 5,760.00 1 at $1,400 1, 400. 00 1 at $1,260 1, 260. 00 Total 297, 840. 00 DIVISION OF SECURITY LOANS Carl E. Parry, chief of division 9,000. 00 2 at $1,800 3, 600. 00 1 at $840 840. 00 Total 13, 440. 00 OFFICE OF FISCAL AGENT Oliver E. Foulk, fiscal agent 4, 200. 00 Josephine E. Lally, deputy fiscal agent 2, 400. 00 Total 6, 600. 00 FEDERAL RESERVE ISSUE AND REDEMPTION DIVISION L. G. Copeland, chief of division 4, 500. 00 W. J. Tucker, assistant chief 2, 920. 00 1 at $2,500 2,500.00 1 at $2,000 2,000. 00 1 at $1,920 1,920. 00 2 at $1,860 3,720. 00 2 at $1,750 3, 500. 00 2 at $1,680 3,360. 00 2 at $1,620 3,240.00 19 at $1,500 28, 500. 00 Total 56, 160. 00 MESSENGERS 1 at $1,800 1,800. 00 3 at $1,600 4, 800. 00 1 at $1,380 1,380. 00 8 at $1,320 10, 560. 00 1 at $1,200 1,200. 00 3 at $1,100 3,300. 00 3 at $840 2, 520. 00 Total 25, 560. 00 Grand total 908, 882. 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1934 Balance Jan. 1, 1934: Available for general expenses of the Board $11,119. 90 Available for expenses chargeable to Federal Reserve banks 29, 519. 50 Total _ $40,639.40 RECEIPTS Available for general expenses of the Board: Assessments on Federal Reserve banks for estimated general expenses of the Board $1,372,021.74 Subscriptions to Federal Reserve Bulletin 4,540.84 Miscellaneous receipts, refunds and reinbursements 929.89 Reimbursement on account of bank examinations 110.18 Total receipts available for general expenses of the Board $1,377,602.65 Available for expenses chargeable to Federal Reserve banks: Assessments on Federal Reserve banks for: Cost of preparing Federal Reserve notes and Federal Reserve bank notes $337,304.48 Expenses of leased wire system 220,190.73 Expenses of private telephone lines 30,528.32 Miscellaneous expenses.. 275.82 Total receipts available for expenses chargeable to Federal Reserve banks 588,299.35 Total receipts., _.. 1,965,902.00 Total available for disbursement 2,006,541.40 DISBURSEMENTS For general expenses of the Board: Expenses of 1933 paid in 1934 $19,056.46 Expenses for 1934 (per detailed statement) $1,266,931.37 Less accounts unpaid Dec. 31, 1934 (estimated). 23,780.21 Expenses of 1934 paid during year 1,243,151.16 Refunds on account of subscriptions to Federal Reserve Bulletin 13.02 Total disbursements for general expenses of the Board $1,262,220.64 For expenses chargeable to Federal Reserve banks: Cost of preparing Federal Reserve notes and Federal Reserve bank notes $374,824.43 Expenses of leased-wire system 222,588.19 Expenses of private telephone lines 32,790. 72 Miscellaneous expenses 3,291.93 Total disbursements for expenses chargeable to Federal Reserve banks.. 633,495.27 Transferred to building account 10,000.00 Total disbursements 1,905,715.91 Balance in special fund account 100,825.49 Building account: Transferred from special fund account $10,000.00 Disbursements _ 607.25 Balance 9,392.75 Balance Dec. 31, 1934: Available for general expenses of the Board $116,501.91 Available for building expenditures 9,392.75 125,894. 66 Less expenditures chargeable to the Federal Reserve banks for which reimbursement had not been received on Dec. 31, 1934 15, 676. 42 Total balance... - 110,218.24 Digitized for FRAS2E1R0 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DETAILED STATEMENT OF EXPENSES OP THE FEDERAL RESERVE BOARD, 1934 • Total January Fe a b ry ru- March April May June July August Se b p e te r m- October No b v e e r m- De b c e e r m- PERSONAL SERVICES Board members and their staffs $114,952.18 $9,899. 98 $9,900. 00 $9, 900. 02 $9,899.96 $9,899.96 $9, 899.96 $9,899.96 $9,033.29 $8,599.96 $8,738.30$10,581.94 Office of the secretary.. 81,840.78 6, 451. 29 6, 604. 99 6, 605.05 6, 749. 34 6,771. 56 6,771. 56 6,902.06 6,954.23 6,971. 56 6,971. 56 7,034.06 7,053. 52 Office of general counsel 100, 202.84 8,099.11 7, 979. 98 7, 716. 72 8,294.89 8, 678. 22 8, 733. 22 8, 663. 78 8, 316. 56 8,316. 56 8,316.56 8,397. 35 Office of fiscal agent 6, 600. 00 550. 00 550.00 550.00 550.00 550.00 550.00 550.00 550.00 550.00 550.00 550.00 550.00 Division of examinations 293, 998.17 21, 201.51 21, 649. 83 23,135.82 23, 530. 53 23, 575.04 24,843.99 27,380.48 27,107.38 26, 273.35 25, 644.97 24,891.03 24, 764.24 Division of bank operations 120, 780. 55 9, 728.15 9, 911. 84 10,096. 68 10,149. 47 10,129. 22 10, 244.47 10, 260.14 10,139. 85 10,076.82 10,030.32 10,055.07 9,958.52 Division of research and statistics 142, 232.13 11, 261. 58 11,487. 64 11, 566. 78 11, 681. 45 11, 592.57 12,103.64 12, 584.07 12, 520.40 12,085.84 11, 759. 74 11, 691.87 11,896.55 Division of issue and redemption 56,422. 79 4,854.98 4,854. 99 4,855.03 4, 632. 61 4,624.94 4,624.94 4, 624.94 4,679.94 4, 679.94 4,644.94 4,679. 94 4,665.60 Division of security loans 1,007. 67 1,007. 67 Messengers 25,000.00 2,059.97 2,060.00 2,060.03 2,059.94 2,059.94 2,059.94 2,059.94 2,059.94 2,129.94 2,129. 94 2,129.94 2,130. 48 Charwomen 1,810.00 260.00 230.00 270.00 250.00 260.00 260.00 250.00 30.00 General 8, 433. 33 1,000.00 6,000.00 1,000.00 433. 33 Total 953, 280. 44 75, 366. 5781, 229. 27 77, 756.13 78, 231. 52 78,141. 45 80,048. 39 83, 244.81 81, 738.81 79, 782. 86 78, 647. 9978,086. 77 81,005. 87 NONPERSONAL SERVICES Transportation and subsistence: Board members and their staffs.. - 3,356. 99 72.80 167.53 129.91 2.50 328.18 848.97 873.15 258. 25 97.79 273.66 304. 25 Office of the secretary Office of general counsel. 347.06 300.56 46.50 Division of examinations 74, 213.14 5,992. 54 4, 291.80 12,838. 27 5, 288.13 5,316.14 6,321. 53 8,911.87 5,135. 26 5, 286.49 i, 113. 20 5,217.83 3,500.08 Division of research and statistics. 1, 559.41 34.02 29.79 24.08 56.31 236. 67 628. 56 8.25 89.61 227. 58 224. 54 Division of bank operations 839. 26 27.78 59.28 117.28 120.76 178.15 155.00 64.75 116. 26 All other divisions, including carfare ... 583.56 277.15 130. 31 37.50 31.28 37.50 37.28 32.54 Communication service: Telephone 23, 425.17 1,965. 67 1,871.18 1, 716. 32 1, 777.68 1,933.84 1, 925. 45 1,945.10 2,182. 27 1, 980. 79 1,959. 23 2,086.85 2,080.79 Telegraph 7,133.76 146.4" 97.95 5, 770. 92 95.57 113. 36 109.85 127. 61 130.11 114.88 121.04 132.10 173.90 Postage 1,096.16 99.11 71.88 91.61 60.10 76.00 43.35 152. 44 143. 54 81.00 118. 63 119.50 39.00 Printing, binding, etc 44, 619. 49 3,918.80 682. 95 9, 637.17 2, 347.01 4, 994. 82 4, 291. 65 2, 745. 29 3, 217. 74 3, 692.15 2, 692. 27 3, 452.27 2,947. 37 Repairs 457. 26 75.91 24.43 48.33 24.93 30.71 74.59 13.30 48.03 15.08 50.79 35.93 15.23 Heat, light, and power 418.95 69.79 69.79 66.67 62.23 62.23 23.66 22.08 5.00 7.50 10.00 10.00 10.00 Miscellaneous, unclassified 12,099. 21 634.02 192. 84 371.15 132. 41 214. 90 582.82 5, 634.31 627.14 229. 22 934.88 1,596.28 949. 24 Equipment rental.. 40.85 4.50 4.50 4.50 3.75 3.75 3.75 3.75 2.4" 2.47 2.4' 2.47 2.47 Equipment, furniture and office 14, 542.89 919. 00 874. 78 1,153. 3 990. 41 571. 30 1, 549. 22 278. 66 1,311.65 2, 744. 68 601.18 1, 525.75 2,022.86 Supplies, stationery, and office 10, 321. 32 331. 21 560.00 1, 328. 57 267. 71 226. 22 1, 730. 58 468.19 981.16 1,027.94 1,282.82 801. 32 1, 315. 60 Books and periodicals 4, 381.10 1, 332. 61 16.5' 711. 62 144. 43 115.02 77.05 26.48 15.81 47.83 70.79 1,202.95 619. 94 Rent _ 55, 912. 46 2, 841.80 3,217. 47 3, 331. 80 3,331.80 3,331.80 3,331.80 3,331.80 6,291.11 6, 665. l; 6, 665.13 6, 665.13 6,907.69 Retirement contributions 1 58, 302.89 5, 656.80 5,803.21 5,891. 53 5,963. 92 5, 964. 52 5,955. 53 5,878. 20 5,852. 26 5, 744.86 5, 592.06 Total 313, 650.93 18, 670. 38 12,108. 22 43,054. 70 20, 576.62 22,945.70 26,534.47 89.19 28, 004. 09 28,182. 39 26, 699. 59 29,131. 76 26,853. 82 Grand total.. 1, 266,931.37 94,036.95 93,337.49 120,810.83 98,808.14 101,087.15 106, 582.86 114,134.00 109,742.90 107,965. 25 105, 347. 58 107, 218. 53 107, 859. 69 1 Of this amount $3,904.49 was refunded in January 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD GOVERNORS AND DIRECTORS OF FEDERAL RESERVE BANKS (Dec. 31, 1934) DISTRICT NO. 1—BOSTON DISTRICT NO. 4—CLEVELAND F. H. CURTISS, chairman and Federal Reserve E. S. BURKE, JR., acting chairman. W. H. FLETCHER, agent. ALLEN HOLLIS, deputy chairman. R. A. acting Federal Reserve agent. E. R. FANCHER, YOUNG, governor governor Term Class A: Directors expires Chess Lamberton, Franklin, Pa 1934 Dec. 31 R. A. Wardrop, Pittsburgh, Pa 1935 B. R. Conner, Ada, Ohio 1936 Class B: Class A: R. P. Wright, Erie, Pa 1934 Clas A A E F s . . . r B C t S L h o : S . u . n . F r R n r S C i e p e n h l w e c a y h m a , , l l b , B B e B o o rl s s a a t t t i o o h n n n , , , , M M M N a a a i e n s s w s e s _ . B _ ritain, 1 1 1 1 9 9 9 9 3 3 3 3 6 4 4 5 Clas J V W G E s . . a . C E . c S D W : a . . n . G B c . C a y u K r l r v a n k b i i n e g b , , s h J L , t r , C i . m , T in C o a c l , l e i e O n d v n o e h a , l i a o t O i n , d h O i , o h O io hio 1 1 1 1 9 9 9 9 3 3 3 3 5 4 6 5 P. R. Allen, East Walpole, Mass 1935 E. J. Frost, Boston, Mass 1936 Class C: CINCINNATI BRANCH C. H. Merriman, Providence, R. I 1934 F. H. Curtiss, Boston, Mass 1935 C. F. MCCOMBS, managing director Allen Hollis, Concord, N. H 1936 C. F. McCombs, Cincinnati, Ohio. 1934 DISTRICT NO. 2—NEW YORK W S. . B H . . S C ut o p u h r i t n n , e y C , i n L c e i x n i n n a g t t i o , n O , h K io y - _ . - . 1 1 9 9 3 3 4 4 J. H. CASE, chairman and Federal Reserve agent. John Omwake, Cincinnati, Ohio—. 1935 O. D. Young, deputy chairman. G. L. Harrison, T. J. Davis, Cincinnati, Ohio 1935 governor G. M. Verity, Middletown, Ohio.. 1936 B. H. Kroger, Cincinnati, Ohio 1936 Class A: G. W. Davison, New York, N. Y 1934 PITTSBURGH BRANCH E. K. Mills, Morristown, N. J 1935 C. R. Berry, Waverly, N. Y 1936 T. C. GRIGGS, managing director (Tl T. J. Watson, New York, N. Y 1934 W. C. Teagle, New York, N. Y 1935 T. C. Griggs, Pittsburgh, Pa 1934 R. T. Stevens, New York, N. Y 1936 J A a . m E e . s B R r a a e u , n P , i P tt i s t b ts u b r u g r h g , h P , P a a 1 1 9 9 3 3 4 4 J. H. Case, New York, N. Y 1934 A. L. Humphrey, Pittsburgh, Pa 1935 0. D. Young, New York, N. Y 1935 Richard Coulter, Greensburg, Pa 1935 C. M. Woolley, New York, N. Y 1936 J. S. Jones, Wheeling W. Va._- 1936 L. W. Smith, Pittsburgh, Pa 1936 BUFFALO BRANCH DISTRICT NO. 5—RICHMOND R. M. O'HABA, managing directoi W. W. HOXTON, chairman and Federal Reserve agent. F. A. DELANO, deputy chairman. G. J. R. M. O'Hara, Buffalo, N. Y. 1934 SEAT, governor G. G. Kleindinst, Buffalo, N. Y 1934 R. N. Ball, Rochester, N. Y 1934 Class A: L F E G . . . . B G G F . . . . C R H M o a a i o n r n r l d e e im , y r , , B a R B n u o f u , f c f a B f h l a o u e lo , f s f t , a N e l r N o . , , . Y N N Y . . Y Y 1 1 1 1 9 9 9 9 3 3 3 3 5 6 5 6 Clas J L C s . . . B C E E : . . . B J R o r i a h e s n m w so a e n n ll , , , B A R a l o d l c t e i k r m y so o M n re , o , W u M n . t d V , N a . O._ 1 1 1 9 9 9 3 3 3 4 6 5 J. H. Hanna, Washington, D. C 1934 Edwin Malloy, Cheraw, S. C 1935 DISTRICT NO. 3-PHILADELPHIA C. C. Reed, Richmond, Va 4936 Class C: R. L. AUSTIN, chairman and Federal Reserve agent. Robert Lassiter, Mooresville, N. C... 1934 A. B. JOHNSON, deputy chairman. G. W. W. W. Hoxton, Richmond, Va 1935 NORRIS, governor F. A. Delano, Washington, D. C 1936 Class A: BALTIMORE BRANCH J. B. Henning, Tunkhannock, Pa Joseph Wayne, Jr., Philadelphia, Pa_. HUGH LEACH, managing director G. W. Reily, Harrisburg, Pa Class B: C. F. C. Stout, Philadelphia, Pa Hugh Leach, Baltimore, Md 1934 A. W. Sewall, Philadelphia, Pa - W. H. Matthai, Baltimore, Md— 1934 J. C. De La Cour, Camden, N. J L. B. Phillips, Cambridge, Md— 1934 Class C: E. P. Cohill, Hancock, Md 1935 H. L. Cannon, Bridgeville, Del L. S. Zimmerman, Baltimore, Md 1935 R. L. Austin, Philadelphia, Pa Norman James, Baltimore, Md.._ 1936 A. B. Johnson, Philadelphia, Pa M. M. Prentis, Baltimore, Md... 1936 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

213 GOVERNORS AND DIRECTORS DISTRICT NO. 5—RICHMOND—Continued DISTRICT NO. 6—ATLANTA—Continued CHARLOTTE BRANCH NEW ORLEANS BRANCH W. T. CLEMENTS, managing director MARCUS WALKER, managing director J w w . L A T H . . M . . O C W o fl l r / o e e n m o h n d n e e , n a n . d C t , s C h , L o a C r e n l a h n o k a o t s r t r v l e d o , i . l t N N l t e e . , . , N N 0 C. .c c . 1 1 1 1 9 9 9 9 3 3 3 3 4 4 4 5 M L P R F . . . . a H W C S rc . . . . u H S S s F a i e o m W u c o n h o t a d t n e l , , e , k r N H e N s r , e a e , w t N w N t i e e O e O w s w r b r l l O e u e O a r a r n r g l n l e s , s e a , , a M n L n L s s i a , s a , s L L a a . -. 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 5 5 4 4 4 R c . . b L E e . . rt H C o G en b a b r g y , e , , R G C o r c h e k e e s n H te v i r i l , l l , l S e S , . . S C C . c 1 1 1 9 9 9 3 3 3 6 6 5 J A . . D P . . O B ' u K s e h e , fe M , o N b e i w le , O A r l l a eans, La 1 1 9 9 3 3 6 6 T?n DISTRICT NO. 7—CHICAGO DISTRICT NO. 6—ATLANTA E. M. STEVENS, chairman and Federal Reserve agent. JAMES SIMPSON, deputy chairman. G. J. OSCAR NEWTON, chairman and Federal Reserve SCHALLER, governor agent. W. H. KETTIG, deputy chairman. , governor Class A: E. R. Estberg, Waukesha, Wis 1934 Class A: F. D. Williams, Iowa City, Iowa 1935 E. C. Melvin, Selma, Ala _. J. R. Lea veil, Chicago, 111 1936 G. G. Ware, Leesburg, Fla Class B: R. G. Clay, Atlanta, Ga._ S. T. Crapo, Detroit, Mich.. 1934 Class B: N. H. Noyes, Indianapolis, Ind 1935 Vacancy M. W. Babb, Milwaukee, Wis 1936 L. C. Simon, New Orleans, La Class C: J. A. McCrary, Decatur, Ga F. C. Ball, Muncie, Ind... 1934 Class C: James Simpson, Chicago, 111 1935 W. H. Kettig, Birmingham, Ala E. M. Stevens, Chicago, 111 1936 Oscar Newton, Atlanta, Ga.__ J. P. Allen, Atlanta, Ga DETROIT BRANCH R. H. Buss, managing director BIRMINGHAM BRANCH J. H. FRYE, managing director R. H. Buss, Detroit, Mich 1934 James Inglis, Detroit, Mich 1934 W. W. Mills, Detroit, Mich 1934 J J W . . H G . H . . F F . a r K y r e l e e t , t y i B , g i , B r m B ir i m i r n m g in h i g n a h g m a h m , a m A , , l A a A la la .. . J N D G o . a . h v P B n i . d . B H M M a u l o l l c a r l M l , n e L t y o y a , r n n r S e a s a , n i g n D , i g n P e , a t o M w r r o t , i i c t H M , h u M ic ro i h c n h , Mich 1 1 1 9 9 9 3 3 3 5 6 5 Oscar Wells, Birmingham, Ala... F. M. Moody, Tuscaloosa, Ala._ E. F. Allison, Bellamy, Ala W. E. Henley, Birmingham, Ala DISTRICT NO. 8—ST. LOUIS J. S. WOOD, chairman and Federal Reserve agent. PAUL DILLARD, deputy chairman. W. McC. MARTIN, governor JACKSONVILLE BRANCH G. S. VARDEMAN, Jr., acting manager Class A: F. G. Hitt, Zeigler, 111 1934 J. G. Lonsdale, St. Louis, Mo ._ 1935 Vacancy M. B. Nahm, Bowling Green, Ky 1936 B. W. Haynes, Jacksonville, Fla. G. G. Ware, Leesburg, Fla W. B. Plunkett, Little Rock, Ark 1934 Fulton Saussy, Jacksonville, Fla. M. P. Sturdivant, Glendora, Miss 1935 E. W. Lane, Jacksonville, Fla... J. W. Harris, St. Louis, Mo 1936 S. O. Chase, Sanford, Fla Class C: G. J. Avent, Jacksonville, Fla... Paul Dillard, Memphis, Tenn. 1934 J. R. Stanley, Evansville, Ind 1935 J. S. Wood, St. Louis, Mo 1936 NASHVILLE BRANCH LITTLE ROCK BRANCH J. B. FORT, Jr., managing director A. F. BAILEY, managing director J. B. Fort, Jr., Nashville, Tenn. A. F. Bailey, Little Rock, Ark 1934 Vacancy.. Moorhead Wright, Little Rock, Ark 1934 F. J. Harle, Cleveland, Tenn... Jo Nichol, Pine Bluff, Ark 1934 P. M. Davis, Nashville, Tenn.. G. H. Campbell, Little Rock, Ark.. 1935 C. W. Bailey, Clarksville, Tenn Stuart Wilson, Texarkana, Ark 1935 W. P. Ridley, Columbia, Tenn. F. K. Darragh, Little Rock, Ark 1936 C. A. Craig, Nashville, Tenn... W. A. Hicks, Little Rock, Ark 1936 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 8—ST. LOUIS—Continued DISTRICT NO. 10—KANSAS CITY—Continued LOUISVILLE BRANCH DENVER BRANCH J. T. MOORE, managing director J. E. OLSON, managing director J. T. Moore, Louisville, Ky W. W. Crawford, Louisville, Ky. J. E. Olson, Denver, Colo-. 1934 A. H. Eckles, Hopkinsville, Ky_. Vacancy Murdo MacKenzie, Denver, Colo.. 1934 W. R. Cobb, Louisville, Ky H. W. Farr, Greeley, Colo 1934 W. P. Paxton, Paducah, Ky R. H. Davis, Denver, Colo 1935 Henry Swan, Denver, Colo 1935 W. V. Bulleit, New Albany, Ind. M. W. Gano, Denver, Colo... ._ 1936 Harold Kountze, Denver, Colo 1936 MEMPHIS BRANCH W. H. GLASGOW, managing director OKLAHOMA CITY BRANCH C. E. DANIEL, managing director W. H. Glasgow, Memphis, Tenn_ S. E. Ragland, Memphis, Tenn___ J W W . i W m ll . i . s O A P r l o g d p i e l e r l, s , o M C n, o e l m F u o m p r h r b i e u s s , s t , T C M e i n t i y n ss , Ark N L C e . e e d E C . H D l o in a lm t n o i a n e n , l , , T O O u k l k s l l a a a , h h o o O m m k a l a a C C i i t t y y , , O O k k l l a a 1 1 1 9 9 9 3 3 3 4 4 4 E. L. Anderson, Clarksdale, Miss. Austin Miller, Oklahoma City, Okla 1935 W. R. King, Memphis, Tenn H. H. Ogden, Muskogee, Okla 1935 J. B. Doolin, Alva, Okla— 1936 F. T. Chandler, Chickasha, Okla 1936 DISTRICT NO. 9—MINNEAPOLIS J. N. PEYTON, chairman and Federal Reserve agent. H. P. CLARK, deputy chairman. W. B. OMAHA BRANCH GEERY, governor L. H. EARHART, managing director Class A: Clas J W H H M s . . . . B . E C R O : . O . . . O . H K G W ' a C i r n b a a o s b n s n e e g h n n e a b e , , a u l M C r l r , d n h i , H , t u c M e r S h c l t i e e h . n n l s n l P a , e F a , S a e u M p . r l o , D r o y l a M i n , s k N t , i . M n D n i a . n . k n .. . . W A L T D R . . . . . m H H L M E . . . . . . D D E M C H i a a a e a i r v m s l r h d i i b s n p a e l , g b r e b t , O e , r , l a O C m l O n , m h a d m L e h , a i y a a h n S h e , c a e n a N , o w , n l N e n e N a b , , r e e r d b W N b , r r e N y b e o r b . . ~ r .. 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 3 3 5 5 6 4 4 4 A. P. Funk, La Crosse, Wis— __ W. D. Clark, Omaha, Nebr 1936 Class C: G. W. McCormick, Menominee, Mich. J. N. Peyton, Minneapolis, Minn H. P. Clark, St. Paul, Minn DISTRICT NO. 11—DALLAS C. C. WALSH, chairman and Federal Reserve agent. S. B. PERKINS, deputy chairman. B. A. HELENA BRANCH MCKINNEY, governor R. E. TOWLE, managing director Class A: R. E. Towle, Helena, Mont W. H. Patrick, Clarendon, Tex 1934 W. P. Sullivan, Fort Benton, Mont Alf Morris, Winnsboro, Tex 1935 A. R. McDermott, Billings, Mont__ R. E. Harding, Fort Worth, Tex 1936 Henry Sieben, Helena, Mont Class B: T. A. Marlow, Helena, Mont A. S. Cleveland, Houston, Tex 1934 J. D. Middleton, Greenville, Tex 1935 J. R. Milam, Waco, Tex ... 1936 DISTRICT NO. 10—KANSAS CITY Class C: C. C. Walsh, Dallas, Tex 1934 chairman and Federal Reserve agent. E. R. Brown, Dallas, Tex_ 1935 T E O . N P , . g B o R v O er W no N r , deputy chairman. G. H. HAMIL- S. B. Perkins, Dallas, Tex._ 1936 Class A: EL PASO BRANCH F. W. Sponable, Paola, Kans E. E. Mullaney, Collyer, Kans _ J. L. HERMANN, managing director C. C. Parks, Denver, Colo Class B: J. M. Bernardin, Kansas City, Mo... J. L. Hermann, El Paso, Tex._. 1934 L. E. Phillips, Bartlesville, Okla C. M. Newman, El Paso, Tex.. 1934 W. D. Hosford, Omaha, Nebr C. N. Bassett, El Paso, Tex 1934 Class C: A. P. Coles, El Paso, Tex 1935 J. B. Doolin, Alva, Okla _ A. F. Jones, Portales, N. Mex__ 1935 Vacancy. S. P. Applewhite, Douglas, Ariz 1936 E. P. Brown, Davey, Nebr _ S. D. Young, El Paso, Tex 1936 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

215 GOVERNORS AND DIRECTORS DISTRICT NO. 11—DALLAS—Continued DISTRICT NO. 12—SAN FRANCISCO—Contd. HOUSTON BRANCH PORTLAND BRANCH W. D. GENTRY, managing director R. B. WEST, managing director W. D. Gentry, Houston, Tex 1934 R. B. West, Portland, Oreg 1934 R. M. Farrar, Houston, Tex 1934 E. C. Pease, The Dalles, Oreg... 1934 J. A. Wilkins, Houston, Tex. - _. 1934 R. S. Smith, Eugene, Oreg 1934 J. C. Wilson, Beaumont, Tex 1935 H. M. Haller, Portland, Oreg.... 1935 S. R. Lawder, Houston, Tex 1935 J. C. Ainsworth, Portland, Oreg. 1935 A. A. Home, Galveston, Tex 1936 Sam Taub, Houston, Tex 1936 SALT LAKE CITY BRANCH SAN ANTONIO BRANCH W. L. PARTNER, managing director M. CRUMP, managing director W. L. Partner, Salt Lake City, Utah 1934 M. W. Smith, Idaho Falls, Idaho 1934 M Crump, San Antonio, Tex E. O. Howard, Salt Lake City, Utah 1934 F. M. Lewis, Sr., San Antonio, Tex Lafayette Hanchett, Salt Lake City, Utah. 1935 W. P. Napier, San Antonio, Tex—_ H. E. Hemingway, Ogden, Utah 1935 Richard King, Corpus Christi, Tex. F. C. Groos, San Antonio, Tex J. M. Bennett, San Antonio, Tex SEATTLE BRANCH G. C. Hollis, Eagle Pass, Tex C. R. SHAW, managing director DISTRICT NO. 12—SAN FRANCISCO C. R. Shaw, Seattle, Wash 1934 chairman and Federal Reserve agent. H. A. Rhodes, Tacoma, Wash... 1934 W. N. MOORE, deputy chairman. J. U. CALKINS, M. F. Backus, Seattle, Wash 1934 governor C. H. Clarke, Seattle, Wash 1935 G. H. Greenwood, Seattle, Wash 1935 Class A: C. K. Mclntosh, San Francisco, Calif.. SPOKANE BRANCH T. H. Ramsay, San Francisco, Calif.. Keith Powell, Salem, Oreg D. L. DAVIS, managing director Class B: E. H. Cox, Madera, Calif A. B. C. Dohrmann, San Francisco, D. L. Davis, Spokane, Wash... 1934 Calif Peter McGregor, Hooper, Wash 1934 Malcolm McNaghten, Los Angeles, R. M. Hardy, Yakima, Wash.. 1934 Calif S. A. Easton, Kellogg, Idaho 1935 Class C: D. W. Twohy, Spokane, Wash. 1935 A. P. Welch, San Francisco, Calif Vacancy W. N. Moore, San Francisco, Calif... LOS ANGELES BRANCH W. N. AMBROSE, managing director W. N. Ambrose, Los Angeles, Calif J. B. Alexander, Los Angeles, Calif A. J. Cruickshank, Santa Ana, Calif C. B. Voorhis, Pasadena, Calif F. J. Belcher, Jr., San Diego, Calif- _ 129288—35 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD NUMBER AND SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE BANKS [Dec. 31. 1934] Annu o a f— l salary Other officers a w r e E e h x m o c t r o e s e p i e p m b l t o s a b a y t n h l u e k a o e r r s s s i e e e , d s a w re E h o t m r o e s p i e m b l s o a b a y n l u e a k r e r s i s e e d s Total Federal Reserve banks (including Chairbranches) man and Gov- Num- Annual Num- Annual Num- Annual Num- Annual Federal ernor ber salaries ber salaries ber salaries ber salaries Reserve agent Boston $20,000 $30, 000 11 $105, 250 613 $935, 590 49 $70, 310 673 $1,161,150 New York 50,000 50, 000 41 495, 300 2,336 4,071, 042 239 357,842 2,616 5,024,184 Philadelphia.. 20,000 30,000 11 104, 700 789' 1, 233, 304 77 110, 220 877 1, 498, 224 Cleveland 30, 000 21 183, 600 976 1,608, 205 176 274,056 1,173 2,095, 861 Richmond 20, 000 25, 000 17 140, 600 558 803,952 163 205,490 738 1,195, 042 Atlanta . 20, 000 29 176,040 382 516, 564 195 222, 572 606 935,176 Chicago.. 35, 000 35, 000 33 287, 550 1,133 1, 781, 382 444 626, 757 1, 610 2, 765, 689 St. Louis 20,000 25,000 19 135, 200 560 776,142 136 155, 580 715 1,111,922 Minneapolis.-_ 20, 000 25, 000 13 82,100 385 579, 403 96 143,175 494 849, 678 Kansas City 25, 000 20 149, 800 535 814,160 192 278, 299 747 1, 267, 259 Dallas 20, 000 30, 000 17 123,100 337 547, 020 112 154, 310 466 874, 430 San Francisco. 30, 000 30 208, 700 843 1, 387, 723 118 175, 457 991 1,801,880 Total.— 225,000 335,000 262 2,191,940 9,447 15, 054, 487 1,997 2, 774, 068 11, 706 20, 580.495 STATE BANK AND TRUST COMPANY MEMBERS Following is a list of the 980 licensed State bank and trust company members of the Federal Reserve System on December 31, 1934, with their loans, investments, deposits, capital, and surplus. [In thousands of dollars] Loans Invest- de T p o o t s a i l ts Capital i Surplus DISTRICT NO. 1 CONNECTICUT Hartford: Phoenix State Bank & Trust Co 15, 692 9,215 33, 638 1,600 1,200 New Haven: Union & New Haven Trust Co 7,282 2,294 12, 986 1,459 550 Southington: Southington Bank & Trust Co 618 433 1,202 150 75 Torrington: Brooks Bank & Trust Co 769 473 1,541 100 100 Waterbury: Colonial Trust Co 4,435 4,180 7,339 1,000 2,000 Waterbury Trust Co 1,754 500 2,752 300 150 MAINE Augusta: Depositors Trust Co 2,438 2,072 5,450 611 306 Bangor: Merrill Trust Co 7,424 6,181 12, 606 2,600 320 Bar Harbor: Bar Harbor Banking & Trust Co 2,220 758 3,246 200 300 Ellsworth: Union Trust Co 768 1,021 1,692 300 30 Guilford: Guilford Trust Co 1,065 1,291 2,528 100 150 Sanford: Sanford Trust Co 918 1,444 2,256 250 MASSACHUSETTS Arlington: Menotomy Trust Co.. 2,344 629 2,988 300 100 Boston: New England Trust Co 14, 432 31,872 1,000 2,000 Old Colony Trust Co 571 9,346 1,485 5,000 5,000 Pilgrim Trust Co 1,702 554 3,031 200 100 State Street Trust Co 31, 099 24,060 67, 542 3,000 3,500 Union Trust Co 2, 545 1,947 7,217 750 300 United States Trust Co 4,896 6,579 11, 708 1,700 350 1 Includes capital notes and debentures and par value of preferred and common stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 217 [In thousands of dollars] Loans I m n e v n es t t s - de T p o o t s a i l ts Capital DISTRICT NO. 1—Continued MASSACHUSETTS—continued Bridgewater: Bridgewater Trust Co 167 355 602 100 100 Brookline: Boulevard Trust Co 1,763 2,582 4,533 350 157 Cambridge: County Bank & Trust Co 2,256 836 4,589 300 300 Harvard Trust Co 8,362 6,609 15,824 1,000 1,050 Canton: Canton Trust Co 427 513 1,004 100 20 Everett: Everett Bank & Trust Co 2,424 925 3,711 200 200 Fall River: B. M. C. Durfee Trust Co 3,016 3,574 7,680 1,200 200 Fall River Trust Co 1,608 1,186 2,853 300 65 Gloucester: Gloucester Safe Deposit & Trust Co. 2,690 595 3,436 400 25 Greenfield: Franklin County Trust Co 3,917 943 4,517 400 200 Holyoke: Hadley Falls Trust Co 5,897 1,873 8,938 1,400 100 Hyannis: Hyannis Trust Co 2,200 778 2,804 250 125 Lynn: Security Trust Co 5,153 2,543 8,770 200 300 Milton: Blue Hill Bank & Trust Co 452 1,429 2,023 100 100 Needham: Needham Trust Co 1,451 707 2,017 200 75 Newton: Newton Trust Co 7,488 10, 949 17,013 1,080 600 Norwood: Norwood Trust Co 1,886 3,228 4,792 500 100 Quincy: Quincy Trust Co 2,658 1,143 4,023 450 50 Salem: Naumkeag Trust Co 2,421 3,195 5,645 650 50 Somerville: Somerville Trust Co 4,292 722 5,748 450 150 Springfield: Springfield Safe Deposit & Trust Co 6,185 3,732 12, 597 1,000 1,000 Union Trust Co. of Springfield 8,173 3,301 12,164 1,000 1,250 Stoughton: Stoughton Trust Co 980 739 1,721 125 50 Taunton: Bristol County Trust Co 1,397 2,418 4,116 300 150 Wellesley: Wellesley Trust Co 872 512 1,645 200 100 Winchester: Winchester Trust Co 871 1,084 2,011 100 100 Worcester: Worcester County Trust Co 10, 557 13, 799 30,837 3,000 1,000 NEW HAMPSHIRE Conway: Carroll County Trust Co 649 524 1,175 150 RHODE ISLAND Providence: Industrial Trust Co. 51,043 46,475 109,780 4,000 7,500 Union Trust Co 10,390 9,756 21,453 1,000 800 DISTRICT NO. 2 NEW JERSEY (See also district no. 3) Bayonne: Bayonne Trust Co 2,959 3,917 8,632 400 100 Bloomfield: Bloomfield Bank & Trust Co 6,164 5,275 13, 219 1,500 300 Community Trust Co 650 166 817 100 30 Bogota: Bank of Bogota 516 429 1,082 100 25 Boonton: Boonton Trust Co 931 371 1,380 100 100 Carteret: Carteret Bank & Trust Co 373 457 846 100 25 Cranford: Cranford Trust Co 1,192 860 2,046 300 100 Dover: Dover Trust Co 1,679 2,033 3,869 200 250 Dunellen: Peoples Trust Co 260 168 464 100 30 East Orange: Savings Investment & Trust Co 11,128 8,361 19,441 2,375 547 Elizabeth: Central Home Trust Co 2,071 1,155 3,368 500 31 Elizabethport Banking Co 3,443 1,120 4,934 500 100 Fort Lee: Fort Lee Trust Co 509 403 1,117 100 50 Franklin: Sussex County Trust Co 681 1,480 2,334 150 100 Glen Ridge: Glen Ridge Trust Co 1,022 1, 349 2,463 300 60 Hackensack: Peoples Trust Co. of Bergen County. 6,249 4,623 11,151 750 500 Jersey City: Commercial Trust Co. of New Jersey 21, 957 26,178 60, 271 3,400 4,000 New Jersey Title Guarantee & Trust Co 22,910 6,806 23,453 2,035 1,000 Linden: Linden Trust Co 1,666 754 2,795 200 50 Montclair: Bank of Montclair 2,686 1,673 4,891 600 51 Montclair Trust Co 5,040 4,128 10, 851 1,040 208 Morristown: Morristown Trust Co 2,734 4,647 8,088 600 200 Newark: Clinton Trust Co 1,926 437 1,970 1,477 Columbus Trust Co 536 608 1,414 400 58 Federal Trust Co 15, 914 8,472 30,064 1,623 500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans I m nv e e n s t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 2—Continued NEW JERSEY—continued Newark—Continued. Fidelity Union Trust Co 40,978 72,658 127,800 11,000 2,500 Franklin-Washington Trust Co_._ 2,222 976 4,766 1,700 Merchants & Newark Trust Co 9,732 6,450 16,981 2,500 2,666 United States Trust Co 1,487 1,217 2,617 600 500 West Side Trust Co 3,197 4,132 7,682 1,075 200 Nutley: Bank of Nutley 1,132 1,273 2,839 200 40 Passaic: Peoples Bank & Trust Co 1,353 2,669 3,663 1,000 50 Paterson: Hamilton Trust Co 2,810 2,269 4,021 1,325 Perth Amboy: Perth Amboy Trust Co 3,150 1,226 2,493 671 Raritan Trust Co 624 116 387 250 Plainfield: Mid-City Trust Co 476 358 875 100 100 Plainfield Trust Co 7,810 6,017 16,116 1,400 State Trust Co 1,794 644 3,252 263 ~~55 Rahway: Rahway Trust Co 441 512 1,085 100 30 Ridgefield Park: Ridgefield Park Trust Co 1,451 789 2,616 100 100 Rochelle Park: Rochelle Park Bank 49 220 251 50 30 Rutherford: Rutherford Trust Co 1,962 1,384 3,260 250 300 South Orange: South Orange Trust Co 767 485 1,248 225 113 Summit: Summit Trust Co 3,106 2,884 6,464 600 200 Westfield: Peoples Bank & Trust Co.... 2,644 1,231 4,553 200 300 Westfield Trust Co . 2,406 1,134 3,802 300 200 Westwood: Westwood Trust Co 369 362 712 200 20 NEW YORK Adams: Citizens & Farmers Trust Co 1,481 825 2,262 250 75 Albany: First Trust Co 13, 721 14, 304 30, 827 3,500 250 Amityville: The Bank of Amityville 514 467 1,177 100 25 Amsterdam: Montgomery County Trust Co 2,131 1,995 4,202 200 400 Avoca: Bank of Avoca 181 296 407 100 5 Batavia: Genesee Trust Co 868 708 1,790 330 20 Belmont: State Bank of Belmont 310 114 411 50 100 Bingham: Marine Midland Trust Co 3,948 2,260 6,357 800 250 Blasdell: Bank of Blasdell 157 55 201 30 Brooklyn. (See New York.) Buffalo: Liberty Bank of Buffalo _._ 29, 866 18, 999 47,185 8,500 1,000 Manufacturers & Traders Trust Co 47,802 39,133 89, 915 10,000 3,000 Marine Trust Co 86, 256 54, 826 150, 981 14,000 5,000 Canandaigua: Ontario County Trust Co 942 1,385 2,166 300 100 Canisteo: First State Bank 280 104 422 50 15 Cattaraugus: Bank of Cattaraugus 358 721 1,018 100 100 Center Moriches: Center Moriches Bank 434 168 701 150 25 Chatham: State Bank of Chatham 862 1, 512 2,330 225 25 Cohocton: Cohocton State Bank 108 275 388 50 15 Delmar: Bank of Bethlehem 386 324 773 50 25 Dunkirk: Dunkirk Trust Co 627 2,493 2,977 250 125 East Aurora: Bank of East Aurora 1,399 721 2,095 200 75 Ellenburg Depot: The State Bank of Ellenburg 293 187 474 50 10 Elmira: Chemung Canal Trust Co 4,742 5,287 10,027 800 1,300 Endicott: Endicott Trust Co 1,799 2,447 4,647 300 100 Union Trust Co 360 988 1,410 150 100 Evans Mills: Peoples Bank of Evans Mills 171 53 192 63 10 Farmingdale: Bank of Farmingdale 472 383 1,070 75 25 Floral Park: Floral Park Bank 1,077 664 1,673 160 50 Fredonia: Citizens Trust Co 716 812 1,580 200 25 Garden City: Garden City Bank & Trust Co 1,234 932 2,478 225 70 Geneva: Geneva Trust Co 2,205 1,614 3,774 610 25 Gloversville: Trust Co. of Fulton County 1,788 673 2,171 350 200 Hamburg: Peoples Bank of Hamburg 972 624 1,773 150 10 Hammondsport: Bank of Hammondsport 360 267 789 75 25 Hicksville: Bank of Hicksville 1,229 865 2,213 100 250 Ithaca: Ithaca Trust Co 3,696 2,028 6,543 400 250 Jamestown: Bank of Jamestown 8,009 2,967 10, 997 1,800 200 Johnson City: Workers Trust Co 2,446 2,299 5,066 400 100 Katonah: Northern Westchester Bank 430 911 1,398 100 50 Kingston: Kingston Trust Co 3,748 2,722 6,350 750 250 Lackawanna: American Bank 365 293 593 150 25 Little Falls: Herkimer County Trust Co 1,359 2,696 4,260 350 250 Locke: The Citizens Bank of Locke 69 141 222 25 10 Lowville: Lewis County Trust Co 934 987 2,086 300 58 Malone: Peoples Trust Co 1,467 815 2,377 300 100 Massena: Massena Banking & Trust Co 324 306 486 150 75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 219 [In thousands of dollars] Loans I m n e v n es t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 2—Continued NEW YORK—continued Mayville: State Bank of Mayville 316 658 977 120 15 Millbrook: Bank of Millbrook 492 721 1,852 100 100 Mineola: Nassau County Trust Co 1,455 2,314 4,434 500 150 Mount Kisco: Trust Co. of Northern Westchester-. 336 296 789 100 10 Mount Vernon: Fleetwood Bank 469 1,489 2,208 250 20 Mount Vernon Trust Co 3,000 2,553 5,379 3,000 500 New York: Amalgamated Bank 2,321 839 5,603 650 Bankers Trust Co 198, 627 477, 778 855,014 25,000 50,000 Bank of the Manhattan Co 173,605 172, 275 514,156 20,000 20,000 Bank of New York & Trust Co 46,053 84, 991 200, 470 6,000 8,000 Bank of Yorktown 2,580 1,958 6,024 1,000 500 Brooklyn Trust Co 46, 798 46,689 99,026 8,200 4,000 Central Hanover Bank & Trust Co 162,454 402,801 738, 625 21,000 60,000 Chemical Bank & Trust Co 197,085 184,309 475,457 20,000 40,000 City Bank-Farmers Trust Co 12,914 27,960 45, 656 10,000 10,000 Clinton Trust Co 1,854 2,016 3,528 750 250 Colonial Trust Co 3,657 2,379 6,416 1,000 500 Continental Bank & Trust Co 21, 780 18, 314 50,308 4,000 3,000 Corn Exchange Bank Trust Co 59, 511 138,166 235,809 15,000 15,000 Federation Bank & Trust Co 5,082 1,835 7,276 825 675 Fifth Avenue Bank 17, 283 14,806 42, 626 500 2,000 Fulton Trust Co 4,240 13, 072 17, 217 2,000 2,000 Guaranty Trust Co 528,639 557, 7781,189, 283 90,000 170,000 Harbor State Bank 85 616 686 200 25 Irving Trust Co 156,385 224,162 482, 555 50,000 55,000 J. Henry Schroder Trust Co 20 9,907 9,372 1,000 400 Lawyers County Trust Co 11,126 17, 754 33,499 2,000 1,000 Manufacturers Trust Co 175,374 278,134 484,042 57,935 6,600 Marine Midland Trust Co 47, 783 28,065 84, 741 5,000 5,000 Merchants Bank 765 836 1,899 400 100 New York Trust Co 114, 402 153, 335 334,158 12, 500 20,000 Pennsylvania Exchange Bank 694 769 1,681 530 50 Trade Bank of New York : 2,200 1,442 4,255 456 176 "United States Trust Co 38,848 25,081 63,260 2,000 24,000 Niagara Falls: Power City Trust Co 12,852 7,702 20,331 2,300 2,000 Ogdensburg: Ogdensburg Trust Co 3,494 1,730 5,787 600 100 Olean: Olean Trust Co 527 458 925 200 7 Oneida: Madison County Trust & Deposit Co 1,072 1,002 2,099 400 50 Ontario: State Bank of Ontario 801 260 1,174 70 30 Orchard Park: Bank of Orchard Park 569 340 835 180 5 Oriskany Falls: First Trust & Deposit Co 357 584 818 160 10 Ossining: Ossining Trust Co 1,385 796 2,100 500 75 Pear River: State Bank of Pearl River 146 300 446 100 10 Perry: Citizens Bank 392 304 789 125 15 Pleasantville: Mount Pleasant Bank & Trust Co— 1,524 696 2,341 475 25 Port Chester: Mutual Trust Co. of Westchester County 1,476 995 2,786 525 10 Rochester: Central Trust Co 9,501 4,746 15,311 2,100 Lincoln-Alliance Bank & Trust Co 29,136 20, 597 57, 786 5,500 400 Rome: Rome Trust Co 2,444 1,937 4,544 300 300 Sag Harbor: The Peconic Bank 91 91 178 25 25 Salamanca: Salamanca Trust Co 1,409 1,419 3,167 200 400 Saratoga Springs: Adirondack Trust Co 2,144 5,118 7,686 250 250 Say ville: The Oystermen's Bank & Trust Co 951 1,064 2,061 325 60 Scarsdale: Caleb Heathcote Trust Co 416 1,588 1,881 200 100 Schenectady: Schenectady Trust Co 4,983 8,195 13,872 750 1,000 Sea Cliff: State Bank of Sea Cliff 321 122 414 100 12 Smithtown Branch: Bank of Smithtown 611 610 1,230 200 10 Southampton: The Southampton Bank 1,048 295 1,304 200 25 Spring Valley: Ramapo Trust Co 448 260 551 250 20 Stony Brook: Bank of Suffolk County 246 237 465 100 Syracuse: First Trust & Deposit Co 36, 624 11, 478 47,717 9,620 500 Syracuse Trust Co 14, 751 13,156 26, 361 4,300 1,250 Tarrytown: Washington Irving Trust Co 550 816 1,794 100 100 Utica: First Citizens Bank & Trust Co 26,422 11, 507 35,390 5,000 500 Watertown: Northern New York Trust Co 3,995 4,356 8,556 900 200 Watkins Glen: Watkins State Bank 276 146 473 50 50 Westbury: Bank of Westbury Trust Co 633 1,187 2,054 200 30 Westhampton Beach: Seaside Bank 358 412 739 100 36 West New Brighton: West New Brighton Bank.__ 903 826 1,966 100 100 White Plains: Citizens Bank of White Plains 2,659 3,242 7,398 800 100 County Trust Co 5,027 3,421 8,917 500 1,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 3 DELAWARE Wilmington: Equitable Trust Co 6,357 5,789 10, 769 1,500 2,100 Industrial Trust Co 1,571 1,364 1,635 1,000 700 Security Trust Co 4,521 2, 410 7,828 673 450 Wilmington Trust Co 22, 918 14, 484 40,367 4,000 9,500 NEW JERSEY (See also district no. 2) Camden: Cam den Safe Deposit & Trust Co 14, 743 4,829 20,856 1,200 600 Hightstown: Hightstown Trust Co 429 242 611 145 20 Princeton: Princeton Bank & Trust Co 2,023 1,359 3,882 450 150 Riverside: Riverside Trust Co 611 264 1,253 100 80 Swedesboro: Swedesboro Trust Co 381 277 677 175 21 PENNSYLVANIA (See also district no. 4) Bloomsburg: Bloomsburg Bank-Columbia Trust Co 1,267 705 2,410 375 150 Carlisle: Carlisle Trust Co 1,884 545 1,526 250 3 Chester: Chester-Cambridge Bank & Trust Co 4,575 2,472 7,348 1,050 525 Clearfield: Clearfleld Trust Co 1,304 974 2,345 200 300 Danville: Montour County Trust Co 170 288 463 125 26 Du Bois: Union Banking & Trust Co 1,185 824 1,702 250 350 Easton: Easton Trust Co 5,410 1,665 7,049 250 1,100 East Petersburg: East Petersburg State Bank. 123 62 183 50 8 Egypt: Farmers Bank of Egypt 221 535 60 60 Harrisburg: Central Trust Co 4,725 1,061 2,877 400 800 Dauphin Deposit Trust Co 2,525 5,455 9,305 400 800 Hazleton: Markle Banking & Trust Co 2,941 4,169 600 1,500 Peoples Savings & Trust Co 1,759 2,495 4,290 250 350 Traders Bank & Trust Co 1,286 794 2,119 350 175 Honesdale: Wayne County Savings Bank 1,373 2,610 4,016 250 100 Houtzdale: Houtzdale Trust Co 185 578 815 125 35 Huntingdon: Grange Trust Co 310 427 697 125 73 Jenkintown: Jenkintown Bank & Trust Co 2,776 4,130 7,401 375 1,000 Kulpmont: Dime Deposit Bank & Trust Co 425 328 589 125 125 Lancaster: Farmers Bank & Trust Co 1,885 1,646 4,403 600 240 Lemoyne: Lemoyne Trust Co 1,952 619 976 200 200 Lewistown: Lewistown Trust Co 479 218 558 125 67 Lock Haven: Lock Haven Trust Co 1,836 1,695 3,330 375 525 Mahanoy City: Merchants Banking Trust Co 746 607 1,002 300 175 Middletown: Citizens Bank & Trust Co 701 266 511 125 65 Mount Carmel: Liberty State Bank & Trust Co__. 608 378 894 150 125 Myerstown: Myerstown Trust Co 485 318 635 150 94 Nanticoke: Peoples Savings & Trust Co 280 352 497 180 4 New Oxford: Farmers & Merchants Bank 244 228 452 51 10 Norristown: Montgomery Trust Co 2,215 3,747 5,175 1,000 730 Norristown-Penn Trust Co 5,001 2,726 7,098 1,250 1,000 Orrstown: Orrstown Bank 180 69 200 35 50 Paoli: Paoli Bank & Trust Co 195 107 294 125 30 Philadelphia: Fidelity-Philadelphia Trust Co 38, 832 52, 299 102, 258 6,700 15, 000 Gimbel Bros. Bank & Trust Co 9 1,676 1,843 200 25 Girard Trust Co 17, 710 74, 528 107,203 4,000 9,000 Integrity Trust Co 18,814 7,969 34, 856 7,996 1,000 Ninth Bank & Trust Co 9,197 7,782 17, 486 2,375 1,375 Pennsylvania Co. for Insurances on Lives & Granting Annuities 94, 357 73, 511 207, 374 8,400 12, 000 Provident Trust Co 12, 339 31, 365 42, 573 3,200 12,260 Prospect Park: Interboro Bank & Trust Co 432 349 907 127 36 Quakertown: Quakertown Trust Co 367 897 1,212 150 150 Schnecksville: Schnecksville State Bank 46 119 180 25 15 Schuylkill Haven: Schuylkill Haven Trust Co 1,064 876 1,923 150 250 Steelton: Steelton Bank & Trust Co 1,785 824 1,726 350 325 Tamaqua: Peoples Trust Co 714 517 1,103 150 80 Temple: Temple State Bank 184 265 490 50 Wilkes-Barre: Wilkes-Barre Deposit & Savings Bank 1,942 1,206 3,534 500 700 Williamsport: West Branch Bank & Trust Co 1,212 2,375 3,826 475 225 Wyomissing: Peoples Trust Co 2,704 1,426 3,512 500 York: Guardian Trust Co 1,664 1,923 3,469 500 600 York Trust Co 4,096 1,642 5,215 750 1,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

221 STATE BANK MEMBERSHIP [In thousands of dollars] I m n e v n es t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 4 KENTUCKY (See also district no. 8; Lexington: Security Trust Co 1,749 2,740 4,264 500 150 Paris: Bourbon-Agricultural Bank & Trust Co. 958 408 1,221 200 200 Richmond: State Bank & Trust Co 69 1,182 150 55 Akron: Firestone Park Trust & Savings Bank 3,843 7,037 12, 403 950 First-Central Trust Co 3,167 6,087 11, 951 1,242 383 Apple Creek: Apple Creek Banking Co 120 57 215 25 12 Archbold: Peoples State Bank Co 174 101 298 50 6 Ashland: Ashland Bank & Savings Co 558 587 1,382 150 125 Bellevue: Union Bank & Savings Co 905 665 1,636 300 50 Bellville: Farmers Bank 170 94 266 25 25 Brecksville: Brecksville Bank Co 56 114 148 25 8 Canal Winchester: Peoples Bank Co 167 211 404 25 38 Castalia: Castalia Banking Co 43 110 40 9 Celina: The Commercial Bank Co 472 1,221 100 60 Christiansburg: Farmers & Merchants Bank Co.__ 50 126 25 25 Cincinnati: Central Trust Co 23,595 24,179 55,486 6,500 1,250 Fifth-Third Union Trust Co 29,432 35, 424 78, 341 10,000 2,000 Peoples Bank & Savings Co 1, 559 819 2,467 700 100 Provident Savings Bank & Trust Co 16,308 10,856 34, 692 1,800 2,700 The Southern Ohio Savings Bank & Trust Co_ 3,074 2,281 5,006 650 250 Western Bank & Trust Co 6,441 4,142 11,082 2,250 250 Cleveland: Cleveland Trust Co 143, 267 75,422 263, 630 28,800 2,700 Columbiana: Union Banking Co 269 229 636 50 50 Columbus: Fifth Avenue Savings Bank Co 574 1,107 1,767 200 63 Conneaut: Citizens Banking & Savings Co 153 456 587 150 20 Conneaut Mutual Loan & Trust Co 274 667 875 200 25 Cortland: The Cortland Savings & Banking Co 284 99 383 53 18 Coshocton: Peoples Bank & Trust Co 547 445 1,383 150 75 Danville: Commercial & Savings Bank Co 224 68 303 25 20 Delphos: Commercial Bank 476 275 837 125 50 Peoples Bank of Delphos 252 341 701 50 13 Delta: Peoples Savings Bank Co 207 217 522 50 10 East Liverpool: Potters Bank & Trust Co___ _ 1,145 1,487 3,174 580 300 Fayette: Fayette State Savings Bank Co 159 80 265 50 10 Galion: The Commercial Savings Bank Co 291 330 684 105 25 Geneva: Geneva Savings & Trust Co 670 658 1,494 125 100 Gibsonburg: Home Banking Co 282 164 528 50 4 Hillsboro: Hillsboro Bank & Savings Co 63 155 428 50 40 Hubbard: Hubbard Banking Co 426 87 662 50 40 Leesburg: Citizens Bank & Savings Co 57 124 258 25 5 Lyons: Farmers State Bank 118 75 234 25 6 Madison: Citizens Bank of Madison 15 122 135 50 10 Mansfield: The Farmers Savings & Trust Co 383 718 1,309 150 30 Marengo: Marengo Banking Co 70 40 115 25 6 Martins Ferry: Peoples Savings Bank Co 1,334 694 2,082 200 150 Marysville: Marysville-Commercial Bank 235 788 1,178 100 25 Mason: The First-Mason Bank 165 192 404 35 12 Massillon: Ohio-Merchants Trust Co 1,092 576 2,063 250 50 Middletown: American Trust & Savings Bank 1,037 927 2,109 400 20 Minster: Minster State Bank 262 113 674 25 55 Mount Blanchard: Citizens Bank of Mount Blanchard 91 162 25 13 Mount Vernon: Knox County Savings Bank 454 639 1,219 150 75 Newark: Licking County Bank 1,208 693 2,161 200 75 Newark Trust Co 2,773 542 3,776 400 200 New Lexington: Perry County Bank 225 359 637 75 20 New Philadelphia: Ohio Savings & Trust Co 841 507 1,468 250 10 Oak Harbor: Oak Harbor State Bank Co 183 246 532 100 10 Orrville: Orville Savings Bank 314 426 796 80 15 Pomeroy: Farmers Bank & Savings Co 129 382 621 50 16 Rittman: Rittman Savings Bank 344 140 592 75 16 Russellville: Bank of Russellville 206 144 373 25 25 St. Marys: Home Banking Co 519 353 1,078 150 10 Sandusky: Western Security Bank 189 312 646 100 20 Shelby: The Citizens Bank 498 528 1,182 125 20 Shiloh: Shiloh Savings Bank Co 177 36 202 45 5 Toledo: Commerce Guardian Bank 1,995 4,690 11, 524 1,500 250 Ohio Citizens Trust Co 1,344 2,777 5,581 600 200 Toledo Trust Co 21,027 16,105 57,944 8,000 1,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 4—Continued OHIO—continued Utica: The Utica Savings Bank Co 192 182 442 35 12 Van Wert: Peoples Savings Bank. 554 314 1,192 100 75 Wakeman: Wakeman Bank Co 191 81 284 40 14 Wellington: First Wellington Bank 678 314 1,071 150 38 Wooster: Commercial Banking & Trust Co. __. 343 304 904 150 6 Yellow Springs: Miami Deposit Bank Co 172 415 50 50 PENNSYLVANIA (See also district no. 3) Aliquippa: Woodlawn Trust Co 1,707 784 2,816 125 176 Ambridge: Economy Bank of Ambridge 128 583 839 100 50 Beaver: Beaver Trust Co 747 460 1,029 150 200 Dormont: Dormont Savings & Trust Co 1,067 341 1,809 125 76 East Pittsburgh: East Pittsburgh Savings & Trust Co. 1,012 2,207 3,774 300 300 Erie: Security-Peoples Trust Co 4,941 4,138 10, 524 600 280 McKeesport: Peoples City Bank 3,156 1,605 4,852 500 1,000 Meadville: Crawford County Trust Co 972 821 2,314 250 50 New Brighton: Beaver County Trust Co 659 495 817 300 350 New Castle: Lawrence Savings & Trust Co 1,612 1,231 3,153 300 350 Paint Borough (Scalp Level post office): Merchants & Miners Bank 106 153 248 30 Pittsburgh: Allegheny Trust Co 1,942 4,981 7,069 700 550 Allegheny Valley Bank of Pittsburgh 1,737 385 2,583 200 200 City Deposit Bank & Trust Co 7,213 5,778 14, 691 1,000 300 Colonial Trust Co 9,979 13,534 27, 708 2,600 1,065 Commonwealth Trust Co 5,690 8,716 14,443 1,500 1,700 Homewood Bank of Pittsburgh 214 959 1,288 100 50 Peoples-Pittsburgh Trust Co 27,632 41,531 76,966 6,000 10,000 Potter Title & Trust Co 2,958 2,431 4,658 1,250 151 Union Trust Co 64, 669 184, 688 246, 758 1,500 70,000 Windber: Windber Trust Co 910 1,784 2,865 250 400 WEST VIRGINIA (See also district no. 5) Sistersville: First-Tyler Bank & Trust Co_. 1,236 166 1,962 200 100 Wheeling: Citizens Mutual Trust Co 2,891 1,278 4,514 600 300 Security Trust Co 1,904 1,815 3,829 300 300 Wheeling Dollar Savings & Trust Co.. 8,855 5,479 16, 762 1,795 1,200 DISTRICT NO. 5 DISTRICT OF COLUMBIA Washington: American Security & Trust Co. 11, 672 20, 728 38,895 3,400 3,400 Washington Loan & Trust Co.. 7,183 6,768 19, 606 1,000 1,800 MARYLAND Baltimore: Baltimore Commercial Bank 1,932 1,006 3,715 500 250 Fidelity Trust Co 3,039 10,172 15, 223 1,000 500 Maryland Trust Co 9,672 12, 781 30,049 3,000 500 Union Trust Co. of Maryland 11,165 11,499 30,806 3,000 1,500 Forest Hill: Forest Hill State Bank 172 127 355 25 13 Hagerstown: Hagerstown Trust Co 176 478 1,042 150 30 Salisbury: Farmers & Merchants Bank.. 1,037 194 1,454 175 15 NORTH CAROLINA Charlotte: American Trust Co 10, 331 15,479 37,827 1,200 800 Concord: Citizens Bank & Trust Co 408 499 1,208 100 50 Edenton: Bank of Edenton _. 770 211 951 200 40 Elizabethtown: Bank of Elizabethtown 129 24 306 25 9 Marshall: Citizens Bank _ 262 125 516 50 35 Tryon: Tryon Bank & Trust Co 55 246 331 25 10 Washington: Bank of Washington __. 394 583 1,551 100 Wilmington: Peoples Savings Bank & Trust Co 944 709 2,227 200 30 Wilmington Savings & Trust Co... 4,618 723 6,665 300 350 Winston-Salem: Wachovia Bank & Trust Co.. 18,757 18,117 59,902 4,000 1,250 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 223 [In thousands of dollars] Loans I m n e v n es t t s - de T p o o t s a i l ts Capital DISTRICT NO. 5—Continued SOUTH CAROLINA Bishopville: Peoples Bank 278 41 403 25 50 Charleston: Carolina Savings Bank 1,060 2,627 4,463 200 100 Chester: Commercial Bank 628 414 1,213 100 100 Hartsville: Bank of Hartsville... 550 355 1,270 75 38 VIRGINIA Abingdon: Farmers Exchange Bank, Inc 209 167 602 50 10 Amelia: Union Bank & Trust Co^ 203 167 424 50 25 Blackstone: Citizens Bank & Trust Co 433 76 585 75 25 Chase City: Peoples Bank & Trust Co 483 95 845 100 30 Farmville: Planters Bank & Trust Co 445 474 1,049 50 80 Glade Spring: Bank of Glade Springs 260 99 408 50 50 Halifax: The Bank of Halifax 184 550 826 50 11 Kenbridge: Bank of Lunenburg, Inc 369 329 861 65 80 Lacrosse: Bank of Lacrosse 247 138 369 50 25 Lawrenceville: Farmers & Merchants Bank of Lawrence ville 451 213 804 50 10 Lynchburg: Lynchburg Trust & Savings Bank 2,343 1,011 3,689 300 300 Montross: Peoples Bank 194 35 255 25 20 Petersburg: Petersburg Savings & American Trust Co _.. 1,140 1,052 2,289 515 Powhatan: Bank of Powhatan 407 75 488 25 25 Richmond: Bank of Commerce & Trusts 4,792 1,787 7,847 600 300 Mechanics & Merchants Bank 921 382 1,568 200 40 State-Planters Bank & Trust Co 17, 712 15,135 40, 389 3,250 500 Rural Retreat: Peoples Bank 242 114 379 35 32 Smjthfield: Merchants & Farmers Bank, Inc 242 54 334 50 44 South Hill: Citiz'ens Bank, Inc 245 210 637 50 18 Suffolk: The Farmers Bank of Nansemond 2,731 S89 3,918 500 500 Tazewell: Farmers Bank of Clinch Valley 690 160 914 200 50 Williamsburg: Peninsula Bank & Trust Co 894 380 1,454 150 40 Winchester: Union Bank of Winchester. ___. 342 192 565 100 21 WEST VIRGINIA (See also district no. 4) Berwind: Berwind Bank 459 564 1,024 100 100 08 47 153 25 20 Buffalo: Buffalo Bank Charleston: 1,849 1,167 4,046 750 100 Kanawha Banking & Trust Co 7,194 5,470 17,879 1,000 1,200 Kanawha Valley Bank 369 122 597 75 20 Lewisburg: Greenbrier Valley Bank 1,556 276 1,666 500 130 Martinsburg: Peoples Trust Co 97 101 252 25 5 Parsons: Tucker County Bank 192 34 264 50 9 Petersburg: Potomac Valley Bank 33 120 172 25 15 Rainelle: The Bank of Rainelle 523 83 576 200 35 Romney: Bank of Romney 215 144 436 50 85 St. Albans: Bank of St. Albans 282 58 339 75 10 St. Marys: Pleasants County Bank 387 114 602 80 16 Spencer: Traders Trust & Banking Co Summers ville: Farmers & Merchants Bank of Sum- 382 138 780 60 26 mersville DISTRICT NO. 6 ALABAMA 246 182 482 40 20 Aliceville: Aliceyille Bank & Trust Co 8,112 9,620 20,017 2,500 13 Birmingham: Birmingham Trust & Savings Co 186 285 562 50 25 C C C o l l a a l y n u t t m o o n n b : i : a B P n e a a o : n p k C l e o o s l f u S m C a o v b m i i n a g m n s a e B r S c a e a n v k ings Bank __. 3 1 1 6 3 1 0 8 7 1 6 3 7 0 4 1 8 3 1 2 4 9 5 7 0 9 5 3 0 0 5 4 8 7 2 Cullman: Parker Bank & Trust Co 411 557 1,257 60 Dothan: Dothan Bank & Trust Co Eutaw: Merchants & Farmers Bank of Greene 287 264 638 55 55 County 94 110 163 50 35 Faunsdale: Watkins Banking Co 77 6 105 25 2 Georgiana: Citizens Bank 120 60 308 25 40 Guin: Marion County Banking Co 52 10 45 25 15 Marion Junction: Marion Junction State Bank 89 12 136 25 3 Oneonta: The Citizens Bank 120 124 275 25 10 Pine Apple: Bank of Pine Apple 553 364 1,041 120 12 Selma: Peoples Bank & Trust Co 156 20 138 25 5 Thomaston: The Planters Bank & Trust Co 73 31 156 25 3 Winfield: Winfield State Bank 92 197 375 25 15 York: Bank of York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans I m n e v n es t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 6—Continued Marianna: Citizens State Bank 162 130 423 30 St. Petersburg: Union Trust Co 506 1,143 3,401 200 30 West Palm Beach: Central Farmers Trust Co 578 1,941 3,449 250 200 Florida Bank & Trust Co 77 309 468 100 50 GEORGIA Adairsville: Bank of Adairsville 22 5 107 25 Atlanta: Trust Co. of Georgia 8,087 3,570 16, 335 2,000 1,500 Augusta: Georgia Railroad Bank & Trust Co 5, 505 1,859 7,715 1,250 200 Bainbridge: Citizens Bank & Trust Co 329 82 411 150 8 Blackshear: The Blackshear Bank 236 165 403 50 25 Brunswick: Brunswick Bank & Trust Co 642 692 1,312 230 100 Canton: Bank of Canton 411 243 1,067 150 150 Cochran: State Bank of Cochran 125 91 240 25 7 Columbus: Columbus Bank & Trust Co 4,246 1,166 5,306 850 650 Merchants & Mechanics Bank 1,332 383 1,973 200 200 Commerce: Northeastern Banking Co 283 69 327 100 25 Dawson: Bank of Dawson 443 58 544 125 20 Eastman: Bank of Eastman 132 54 231 75 Lawrence ville: Brand Banking Co 360 154 512 50 50 Lincolnton: Farmers State Bank 125 44 169 25 15 Millen: Bank of Millen 511 129 602 50 50 Monroe: Farmers Bank 300 229 605 100 30 Pelham: Farmers Bank 372 8 302 100 23 Reynolds: Citizens State Bank 149 2 143 25 3 S S a as v s a e n r n : a B h a : nk of Sasser 98 23 101 25 33 Citizens Bank & Trust Co 689 298 1,212 350 50 Savannah Bank & Trust Co 2, 066 200 2,814 700 100 Soperton: Bank of Soperton 305 37 242 60 10 Swainsboro: Central Bank 272 19 187 25 15 Tifton: Bank of Tifton.. . 785 225 1,029 100 150 LOUISIANA (See also district no. 11) N Sl e id w e l O l: r B le a a n n k s : o A f m Sl e id ri e c l a l n Bank & Trust Co 6, 2 5 8 96 9 9,9 1 8 6 7 8 19, 5 2 0 1 8 7 1,0 5 00 0 500 MISSISSIPPI (See also district no. 8) Crystal Springs: Truckers Exchange Bank- 36 39 165 25 Forest: The Bank of Forest 25 310 409 25 16 TENNESSEE (See also district no. 8) Carthage: Citizens Bank & Trust Co 89 189 335 25 5 Chattanooga: American Trust & Banking Co 2,886 2,319 8,278 625 750 Greeneville: Greene County Union Bank 676 103 970 200 Hartsville: Bank of Hartsville 129 121 274 25 20 DISTRICT NO. 7 (See also district no. 8) Argenta: Gerber State Bank___ 104 149 285 25 B B B C y l e h o l i r v c o o a i m n d g : e i o n r R : e g o : t o c F n k a : r R m P i e v e o r e p s r l e S C s t o a B t m e a m n B k u a n n o i k f ty B B lo a o n m k ington 9 5 8 0 5 3 8 5 2, 8 7 2 7 7 5 8 2 0 6 1 , , 1 6 4 5 3 5 5 5 0 2 1 0 5 0 0 0 0 3 1 0 0 1 0 0 0 A H H L M M L D a a m a r a e a e k k m r r i x a r e e n c i l e i a s g l V S l t S n a o T h S i t t m e n i o a r t l w t a r u a e e e S t t s e e T T t t B T a d r B r & t a r u u e u T n a s s s S n k B r t t t u a k a & & v s & n t i n k S S S < g a f a a e s v v v i S i B i n n n a g g a g v s n s s i n k B B B g a a s a n n n B k k k a . nk _. 48 2 1 1 , , , , 5 7 3 8 5 8 1 2 7 1 0 8 3 4 7 7 1 9 7 4 3 9 4 9 81 2 2 2 2 7 , , , , , , 9 6 5 1 0 3 1 2 9 8 8 2 4 1 4 0 3 2 2 9 7 2 5 2 15 1 1 7 3 6 3 2 3 1 , , , , , , , 9 9 1 7 3 0 2 3 1 9 7 0 2 9 3 9 9 1 8 4 2 2 8 6 6, 8 4 4 2 5 2 6 0 0 5 5 0 0 0 0 0 0 0 0 0 0 0 0 0 7,0 5 2 0 5 7 2 2 2 0 0 0 0 5 5 0 5 0 0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 225 [In thousands of dollars] Invest- Total ments deposits Surplus DISTRICT NO. 7—Continued ILLINOIS—continued Chicago—Continued. Merchandise Bank & Trust Co 3,698 6,875 500 200 Metropolitan State Bank 163 884 1,404 200 50 Northern Trust Co 29,041 167, 725 253,062 3,000 6,000 Personal Loan and Savings Bank 5,739 478 3,136 2,000 500 Sears-Community State Bank 1,162 2,317 5,162 200 20 Skala State Bank 97 1,250 1,441 200 27 State Bank of Clearing 449 390 1,436 120 15 The Upper Avenue Bank 687 2,074 3,191 200 100 Uptown State Bank 933 2,031 4,204 300 100 Cowden: State Bank of Cowden 116 40 180 25 10 Elburn: Kane County Bank & Trust Co 189 164 440 50 20 Eureka: Farmers State Bank 110 356 670 50 10 Evanston: Evanston Trust & Savings Bank 591 709 1,502 325 State Bank & Trust Co 2,109 6,356 10,543 1,250 Fulton: Fulton State Bank 129 350 465 50 15 Galesburg: Farmers & Mechanics Bank 817 783 2,183 200 40 Geneva: State Bank of Geneva 705 201 1,001 100 50 Kewanee: Peoples State Savings Bank 376 1,301 2,115 100 50 London Mills: State Bank of London Mills 99 56 201 40 15 Lostant: The Farmers State Bank of Lostant 128 121 412 35 15 Matteson: First State Bank 49 26 114 25 15 Mattoon: Central Illinois Trust & Savings Bank 252 253 538 100 20 Metamora: Metamora State Bank 113 93 385 50 11 Milford: Citizens State Bank 252 58 505 50 10 Momence: Parish Bank & Trust Co 75 148 241 50 10 Niantic: State Bank of Niantic 164 211 416 50 15 Oak Park: Oak Park Trust & Savings Bank_.___ 2,442 1,610 4,622 1,000 100 Springfield: Springfield Marine Bank 2,927 3,770 8,583 500 200 Stockland: Sumner State Bank 128 16 230 50 10 Tolono: Bank of Tolono 62 35 155 25 5 Citizens Bank of Tolono 70 36 150 25 7 Tuscola: Tuscola State Bank 157 228 614 70 70 Walnut: Citizens State Bank 84 106 294 25 5 Washington: Danforth Banking Co 104 602 744 50 15 Wenona: First State Bank 147 541 763 75 10 Wheaton: Wheaton Trust & Savings Bank 95 745 974 100 25 Wilmette: Wilmette State Bank_._' 307 1,248 2,161 175 50 INDIANA (See also district no. 8) Connersville: Fayette Bank & Trust Co 664 1,619 250 58 Indianapolis: Fletcher Trust Co 6,051 18, 262 27, 808 2,500 500 Jamestown: Citizens State Bank 157 36 393 40 5 Mohawk: Mohawk State Bank 71 35 140 25 5 Muncie: Merchants Trust & Savings Co 1,138 298 2,412 225 75 Tipton: Farmers Loan & Trust Co 444 323 774 100 10 IOWA Afton: Commercial State Bank 164 64 329 25 16 Algona: Iowa State Bank 490 681 1,873 50 50 Blencoe: Blencoe State Bank 79 114 280 25 8 Cherokee: Cherokee State Bank 714 290 1,431 120 20 Davenport: Davenport Bank & Trust Co 4,283 10, 498 16, 991 600 400 Des Moines: Bankers Trust Co 2,799 5,830 12, 353 1,000 125 Fairfield: Iowa State Bank & Trust Co 171 232 741 100 20 Fontanelle: State Savings Bank 192 116 478 40 17 Fort Dodge: The State Bank 303 56 1,121 100 20 Fort Madison: Fort Madison Savings Bank 863 1,190 2,453 205 20 Glenwood: Glenwood State Bank 366 342 941 50 30 Holstein: Holstein State Bank 126 574 769 50 15 Ida Grove: Ida County State Bank 56 370 543 40 9 Monticello: Monticello State Bank 2,493 673 3,135 400 80 Moorhead: Moorhead State Bank 108 63 259 30 15 Muscatine: Muscatine Bank & Trust Co 843 1,733 3,732 125 150 Newton: Jasper County Savings Bank 847 1,148 2,505 100 50 Osage: Home Trust & Savings Bank 342 268 761 50 30 Ottumwa: Union Bank & Trust Co 1,951 1,442 4,264 300 100 Riceville: Riceville State Bank 82 20 115 25 6 Royal: Home State Bank 154 59 229 25 13 Shenandoah: Security Trust & Savings Bank 188 432 839 60 30 Storm Lake: Security Trust & Savings Bank 189 553 50 13 Templeton: Templeton Savings Bank 189 344 25 6 Williams: Williams Savings Bank 148 521 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 7—Continued MICHIGAN (See also district no. 9) Adrian: Adrian State Savings Bank 245 292 101 Commercial Savings Bank. 443 488 1,589 110 Lenawee County Savings Bank 359 447 1,039 110 Albion: Commercial & Savings Bank 200 217 519 100 Alpena: Alpena Savings Bank 541 1,069 1,924 200 40 Ann Arbor: Farmers & Mechanics Bank 2,122 528 3,257 250 250 State Savings Bank 2,503 2,263 4,783 400 200 Armada: Armada State Bank 101 168 286 25 Bay City: Peoples Commercial & Savings Bank.. 2,135 5,750 8,510 500 250 Big Rapids: Big Rapids Savings Bank 90 117 223 50 Blanchard: Blanchard State Bank 35 35 99 25 Blissfield: Blissfield State Bank 342 132 824 100 ~~35 Bronson: First State Savings Bank 110 54 236 50 Brown City: Brown City Savings Bank 78 84 260 25 Cass City: Cass City State Bank 118 70 191 40 The Pinney State Bank 128 161 311 50 Cassopolis: Cass County State Bank 179 64 344 40 18 Charlotte: Eaton County Savings Bank 85 380 567 54 Chelsea: Chelsea State Bank 460 517 1,008 110 Croswell: State Bank of Croswell 130 390 650 72 Davison: Davison State Bank __. 59 72 170 50 Detroit: Detroit Savings Bank 18, 369 47, 075 85, 438 5,500 750 United Savings Bank 6,163 7,471 15, 323 1,500 300 Dundee: Monroe County Bank___ 124 47 210 40 Farmington: Farmington State Bank 35 283 353 50 10 Fennville: Old State Bank 101 139 502 50 5 Flint: Citizens Commercial & Savings Bank 4,449 5,363 12,076 500 550 Genesee County Savings Bank 1, 639 2,001 4,462 700 Frankenmuth: Frankenmuth State Bank 391 1,160 117 Fremont: Fremont State Bank 248 175 50 10 Old State Bank of Fremont 290 161 62 Grand Haven: Grand Haven State Bank 782 1,698 150 Peoples Savings Bank 621 338 950 50 50 Grand Rapids: Old Kent Bank 14, 412 13,124 30, 307 3, 500 400 Greenville: Commercial State Savings Bank 556 263 922 100 5 First State Bank of Greenville 43 61 277 50 12 Hillsdale: Hillsdale State Savings Bank 534 894 2,177 165 35 Holland: Holland City State Bank 420 384 968 191 Howell: First State & Savings Bank 62 136 245 62 Jonesville: Grosvenor Savings Bank 78 140 277 33 Lakeview: Bank of Lakeview 83 46 159 30 Lapeer: Lapeer Savings Bank 126 54 188 61 Lowell: State Savings Bank 157 234 513 50 Manchester: Peoples Bank 64 206 25 Union Savings Bank 222 345 534 25 50 Manistee: Manistee County Savings Bank 949 1,841 3,222 300 50 Marcellus: G. W. Jones Exchange Bank 295 165 607 40 40 Marshall: Commercial Savings Bank 372 619 1,152 100 25 Mason: Farmers Bank 239 193 503 50 5 First State and Savings Bank 182 177 439 25 15 Midland; Chemical State Savings Bank.. 676 860 2,701 100 25 Milan: Peoples State Bank of Milan 101 94 257 50 Mount Pleasant: Exchange Savings Bank 219 691 50 Isabella County State Bank 641 702 1,661 120 35 New Baltimore: Citizens State Savings Bank 79 98 203 25 New Haven: New Haven Savings Bank 22 85 175 25 Onsted: Onsted State Bank 150 51 212 25 12 Pigeon: Pigeon. State Bank.__ _ 97 72 203 25 Romeo: Romeo Savings Bank __ 116 67 386 55 Royal Oak: The Guardian'Bank of Royal Oak.. 158 1,199 1,709 100 50 Saginaw: Saginaw State Bank 581 177 900 400 50 St. Charles: St. Charles State Bank 72 276 387 25 13 St. Clair: Commercial & Savings Bank 460 1,110 2,047 225 Saugatuck: Fruit Growers State Bank 144 133 351 60 Sebewaing: Farmers & Merchants State Bank.__ 250 259 583 50 South Haven: Citizens State Bank... 537 786 1,460 100 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 227 [In thousands of dollars] Loans I m nv e e n s t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 7—Continued MICHICXAN—continued Sparta: Sparta State Bank _ _ 142 107 307 30 5 Spring Lake: Spring Lake State Bank 276 117 451 25 Traverse City: Traverse City State Bank_ 385 816 1,571 200 Wayne: Wayne State Bank 55 284 400 50 10 Williamston: Crossman & Williams State Bank 106 158 328 40 20 Williamston State Bank. . 79 60 201 50 WISCONSIN (See also district no. 9) Burlington: Bank of Burlington 560 591 1,229 125 25 Edgerton: Tobacco Exchange Bank __ _ 179 343 570 50 18 Manitowoc: Manitowoc Savings Bank - __ 2,087 1,906 5,228 500 100 Milwaukee: American State Bank 534 321 813 200 40 Badger State Bank 2,560 1,323 4,548 200 100 Marshall & Ilsley Bank 12,382 17, 919 36, 546 3,000 West Side Bank 1,494 1,119 3,042 400 400 Platteville: State Bank of Platteville- 310 21 479 50 Sheyboygan: Citizens State Bank 2 327 3,162 5,903 500 250 South Milwaukee: Home State Bank 270 53 959 100 25 Sturgeon Bay: Bank of Sturgeon Bay 838 583 1,539 200 DISTRICT NO. 8 ARKANSAS Bates ville: Citizens Bank & Trust Co .. 351 162 685 60 1 Blytheville: Farmers Bank & Trust Co _ 1,629 116 1,519 200 40 Fordyce: Fordyce Bank & Trust Co__. 170 126 372 50 10 Little Rock: W. B. Worthen Co., Bankers 2,385 4,069 9,198 675 50 Bank of Russellville . _ _ . 408 301 816 100 10 Peoples Exchange Bank 245 30 353 100 10 Waldron: Bank of Waldron 199 88 357 50 10 ILLINOIS (See also district no. 7) Breese: State Bank of Breese 191 355 738 50 25 Chester: First State Bank 410 392 917 50 35 East St. Louis: Union Trust Co 657 1,444 2,539 700 Edwardsville: Bank of Edwardsville .__ _ - 370 717 1,369 150 150 Effingham: Effingham State Bank . __ _ 598 372 1,292 130 10 Eldorado: C. P. Burnett & Sons 176 661 1,254 100 27 Greenville: State Bank of Hoiles & Sons - 490 180 878 175 20 Harrisburg: First & Savings Bank _. 405 507 1,137 150 75 Hillsboro: Montgomery County Loan & Trust Co_ 300 401 807 130 Hoyleton: Hoyleton State & Savings Bank 107 93 308 25 5 Jacksonville: Elliott State Bank 596 1,129 3,291 200 100 Litchfield: Litchfield Bank & Trust Co 236 306 630 125 15 O'Fallon: First State Bank 124 14 134 25 5 Richview: Richview State Bank 45 34 84 25 2 Steeleville: State of Steeleville 218 185 464 25 25 KENTUCKY (See also district no. 4) Danville: Boyle Bank & Trust Co 607 278 931 100 75 Hartford: Citizens Bank _ 59 12 205 25 20 Hopkins ville: Planters Bank & Trust Co 353 1,007 1,536 100 75 Louisville: Kentucky Title Trust Co 8,520 3,604 4,035 1,000 1,250 Liberty Bank & Trust Co 9,608 4,023 18,050 2,000 Lincoln Bank & Trust Co 4,928 3,920 9,380 1,250 200 Louisville Trust Co - -- - 10,907 3,026 9,648 2,000 500 MISSISSIPPI (See also district no. 6) Indianola: Peoples Bank 107 196 342 25 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 8—Continued (See also district no. 10) Camdenton: Camden County Bank 80 67 154 25 5 Clinton: Union State Bank of Clinton 107 397 741 50 10 Farmington: United Bank of Farmington 577 352 1,094 120 25 Glasgow: Glasgow Savings Bank 189 248 529 75 75 Hannibal: Farmers & Merchants Bank & Trust Co_ 436 454 997 100 100 Lancaster: Schuyler County State Bank 69 282 543 50 Lebanon: State Savings Bank 128 141 396 25 Luxemburg: Lemay Ferry Bank 479 135 693 100 20 Maplewood: Peoples State Bank 119 268 418 100 20 Marshall: Wood & Huston Bank 761 217 1,464 100 200 Memphis: Bank of Memphis 81 165 349 25 5 Moberly: Mechanics Bank & Trust Co 214 1,456 2,916 200 22 Monroe City: Monroe City Bank 160 270 551 50 35 Normandy: Normandy State Bank 71 280 371 30 7 Pine Lawn: Pine Lawn Bank 79 118 254 45 3 Sedalia: Sedalia Bank & Trust Co 245 192 571 100 15 St. Louis: Baden Bank 799 1,089 2,073 415 Bremen Bank & Trust Co 952 3,874 4,932 700 100 Cass Bank & Trust Co 1,748 2,631 4,617 600 100 Chippewa Trust Co 947 497 1,961 500 Easton-Taylor Trust Co 416 634 1,407 300 40 Jefferson Bank & Trust Co _ 818 1,057 2,142 450 Jefferson-Gravois Bank 1,742 1,829 4,364 900 Lindell Trust Co 870 1,690 2,746 350 100 Manchester Bank 1,578 2,105 3,552 1,000 . Manufacturers Bank & Trust Co. of St. Louis._ 1,830 4,327 8,290 600 ""400 Mercantile-Commerce Bank & Trust Co 23, 542 62,124 125, 735 10,000 2,000 Mississippi Valley Trust Co 28, 504 37, 248 78, 219 6,500 1,200 M No o r u th n d S C t. i L ty o u T is ru T st r u C st o Co 1, 6 16 91 9 1, 6 6 0 5 3 0 2 1 , ,4 9 1 8 6 4 3 5 5 0 0 0 ""166 Northwestern Trust Co 1,986 3,998 6,155 1,050 25 The Plaza Bank of St. Louis 613 1,039 2,683 200 50 Southern Commercial & Sayings Bank 1,509 1,117 2,864 425 40 S T o o u w th er w G es r t o v B e a n B k a n o k f S & t . T L r o u u st i s Co 3, 4 7 3 1 3 4 6 1 , , 0 43 8 0 7 10 1 , , 8 0 3 3 3 7 8 4 0 2 0 5 "166 United Bank & Trust Co 2, 693 4,079 8,036 1,000 200 St. Louis County: Gravois Bank of St. Louis County. 271 255 801 110 10 Vandalia: Vandalia State Bank 49 91 150 25 5 Versailles: Bank of Versailles 113 67 264 40 15 W W a eb sh st i e n r g t G on ro : v F e r s a : n W kl e in b st C e o r u G n r t o y v B es a n T k rust Co 3 55 2 0 6 9 32 3 5 2 1, 6 90 5 6 7 1 9 0 0 0 "166 DISTRICT NO. 9 MICHIGAN (See also district no. 7) Escanaba: State Savings Bank 596 756 1,434 180 Ewen: State Bank of Ewen 131 62 227 50 Gladstone: Gladstone State Savings Bank. 292 377 737 50 50 Iron Mountain: Commercial Bank 747 445 1,383 200 Menominee: Commercial Bank 435 537 1,081 170 Sault Ste. Marie: Central Savings Bank 375 631 1,178 200 Sault Savings Bank 300 1,082 1,394 270 MINNESOTA Aurora: State Bank of Aurora 31 184 287 Belle Plaine: State Bank of Belle Plaine 162 214 388 10 Caledonia: Sprague State Bank 333 439 975 40 Cannon Falls: Security State Bank 115 58 208 5 Chatfield: First State Bank 66 239 389 10 Clinton: Clinton State Bank 132 38 203 5 Gibbon: State Bank of Gibbon 186 105 314 10 Houston: Security State Bank of Houston 152 337 610 8 Plainview: Peoples State Bank 61 270 394 5 Rushmore: First State Bank of Rushmore 136 66 267 5 Sacred Heart: Farmers & Merchants State Bank of Sacred Heart 151 60 227 7 St. Charles: Citizens State Bank 69 220 293 5 Springfield: Farmers & Merchants State Bank 206 205 459 State Bank of Springfield __ 179 124 428 10 Wadena: Wadena County State Bank 120 240 512 10 Westbrook: Citizens State Bank 180 81 382 10 Wykoff: First State Bank of Wykoff 90 136 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 229 [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 9—Continued MONTANA Anaconda: Daly Bank & Trust Co 1,009 1,164 2,717 600 25 Big Timber: Citizens Bank & Trust Co 410 128 707 125 15 Billings: Security Trust & Savings Bank. 535 1,146 2,274 175 25 Bozeman: Gallatin Trust & Savings Bank 209 193 614 175 10 Security Bank & Trust Co 212 134 507 100 10 Butte: Metals Bank & Trust Co 2,089 5,355 8, 807 800 200 Columbus: Yellowstone Bank 100 134 382 25 5 Deer Lodge: Deer Lodge Bank & Trust Co 478 771 1.690 100 50 Denton: Farmers State Bank 49 25 136 25 3 Fromberg: Clarks Fork Valley Bank 44 11 79 33 5 Glasgow: Farmers-Stockgrowers Bank 98 413 35 20 Great Falls: Montana Bank & Trust Co 779 1,401 100 25 Helena: Union Bank & Trust Co 1,234 2,044 6,192 500 50 Laurel: The Yellowstone Bank 125 99 444 35 5 Richey: First State Bank 81 34 160 25 17 Ronan: Ronan State Bank 62 80 315 25 2 Terry: State Bank of Terry 206 161 705 40 40 Townsend: State Bank of Townsend 15-7 248 489 50 11 Victor: Farmers State Bank 99 88 302 25 15 Worden: Farmers State Bank 21 110 144 25 7 SOUTH DAKOTA Alcester: State Bank of Alcester 153 108 350 25 15 Alpena: Bank of Alpena 61 19 75 40 4 Arlington: Citizens State Bank 67 67 135 25 7 Belle Fourche: Butte County Bank 422 535 1,302 75 25 Belvidere: Belvidere State Bank 56 83 309 25 5 Buffalo: First State Bank 130 143 304 25 15 Burke: Burke State Bank 39 47 139 25 5 Faith: Farmers State Bank _ 70 82 326 25 5 Flandreau: Farmers State Bank 229 44 480 50 10 Freeman: Merchants State Bank 99 46 235 40 8 Huron: Farmers & Merchants Bank 77 714 946 100 12 Madison: Security Bank & Trust Co 254 115 576 75 10 Mclntosh: Security State Bank 24 109 213 30 6 Miller: Hand County State Bank 98 53 262 25 5 Mitchell: Commercial Trust & Savings Bank_. 467 966 1,614 200 25 Mobridge: Citizens Bank & Trust Co 33 129 190 50 10 Newell: Reclamation State Bank 154 176 461 25 15 Presho: Farmers & Merchants State Bank 30 24 172 25 5 Sturgis: Bear Butte Valley Bank 157 59 484 25 15 Toronto: The Bank of Toronto 75 153 252 25 5 Wessington Springs: Jerauld County Bank 146 32 206 25 10 Winner: Farmers State Bank 123 178 677 25 5 Woonsocket: Sanborn County Bank 102 86 25 10 WISCONSIN (See also district no. 7) Boyceville: Bank of Boyceville 240 265 65 Glenwood City: First State Bank 84 257 30 DISTRICT NO. 10 COLORADO Delta: Colorado Bank & Trust Co 301 207 823 50 42 Denver: Central Savings Bank & Trust Co 1,542 2,973 350 50 International Trust Co 2,938 5,833 14, 552 500 500 La Junta: Colorado Savings & Trust Co 284 177 709 75 20 Sterling: Commercial Savings Bank of Sterling 270 260 918 100 20 KANSAS Abilene: Citizens Bank 276 294 930 50 50 Hiawatha: Morrill & Janes Bank 258 250 799 100 20 Hutchinson: Hutchinson State Bank 452 303 1,475 150 54 Kansas City: The Riverview State Bank 736 1,936 2,944 100 100 Liberal: Citizens State Bank 100 75 395 50 25 Luray: Peoples State Bank of Luray 78 26 140 25 5 Ness City: The First State Bank 115 49 431 25 4 Onaga: Onaga State Bank 39 30 95 25 3 Osage City: Citizens State Bank 168 146 481 25 15 Pratt: Peoples Bank 343 487 1,453 100 26 Sedan: Sedan State Bank 144 35 285 40 10 Sylvan Grove: Sylvan State Bank 136 123 418 25 50 Topeka: Fidelity Savings State Bank 459 1,763 3,331 200 18 Winfield: The State Bank 284 332 987 110 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans I m nv e e n s t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 10—Continued MISSOURI (See also district no. 8) Albany: Gentry County Bank 160 244 618 50 25 Carthage: Bank of Carthage 615 513 1,667 150 50 Craig: Bank of Craig.. 121 30 228 25 15 Kansas City: Commerce Trust Co.. ___• 27, 682 51, 303 127, 835 6,000 2,000 Merchants Bank of Kansas City 1,167 708 2,600 200 100 King City: First State Bank of King City 103 44 185 30 6 Lamar: Barton County State Bank.. _ 169 59 364 25 3 Rich Hill: Security Bank of Rich Hill 84 106 195 25 5 St. Joseph: Empire Trust Co 555 745 1,967 200 50 South St. Joseph: First St. Joseph Stock Yards Bank 339 1,379 3,944 250 25 NEBRASKA Alma: Harlan County Bank _ 160 100 495 30 6 Bancroft* Citizens Bank 76 16 187 30 10 Blair: Washington County Bank 246 240 565 35 7 Grand Island: The Commercial Bank. _ 450 817 1,473 100 34 Pawnee City: Citizens State Bank 84 76 195 25 4 Scribner: Farmers State Bank 38 253 379 40 5 Stromsburg: Stromsburg Bank 118 276 452 30 10 Valley: Bank of Valley 46 48 185 25 5 Wahoo: Wahoo State Bank 113 132 455 40 10 NEW MEXICO (See also district no. 11) Aztec: Citizens Bank.. . _ _ 131 41 233 30 6 OKLAHOMA Okarche* First Bank of Okarche 63 98 372 50 17 WYOMING Evanston: Stockgrowers Bank 324 93 403 50 40 Lusk- Lusk State Bank 72 116 312 25 7 Mountain View: Uinta County State Bank 69 25 88 40 5 Newcastle* First State Bank 168 142 418 38 13 Sundance: Sundance State Bank 175 75 472 43 Wheatland: State Bank of Wheatland 463 97 534 40 60 Stock Growers Bank. _ _ __ 158 104 346 40 26 Worland: Farmers State Bank of Worland 237 72 426 25 4 DISTRICT NO. 11 ARIZONA (See also district no. 12) Tucson: Southern Arizona Bank & Trust Co_ 1,747 1,902 5,759 250 270 Willcox: The Bank of Willcox 122 150 364 50 5 LOUISIANA (See also district no. 6) Minden: Minden Bank & Trust Co._ 98 69 391 60 15 Shreveport: Continental-American Bank & Trust Co - _ 2,257 1,916 6,275 950 NEW MEXICO (See also district no. 10) Deming: Mimbres Valley Bank 136 70 426 50 25 Logan: McFarland Bros. Bank. . 48 21 80 25 5 TEXAS Beaumont: Security State Bank & Trust Co 375 685 1,617 200 6 Beeville: State Bank & Trust Co 61 72 257 63 10 Bremond: First State Bank . . _ _ 80 55 302 65 3 Brownfield: Brownfield State Bank 391 27 501 50 Bryan: First State Bank & Trust Co 488 246 1,074 100 100 Carrollton: Farmers & Merchants State Bank _ 33 36 84 25 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 231 [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 11—Continued TEXAS—continued Celina: First State Bank 62 42 174 25 3 Clarendon: Farmers State Bank 147 76 210 75 4 Claude: First State Bank 49 31 154 50 5 Clifton: Farmers State Bank 126 178 421 50 Dalhart: Citizens State Bank 165 27 430 50 "25 Dallas: Dallas Bank & Trust Co 3,547 ',289 16, 925 1,000 500 D D e o l d s R o i n o v : il D le e : l F R i i r o st B S a t n at k e & B a T n r k ust Co 28 8 3 2 9 4 1 3 8 9 8 0 1 2 5 5 0 "IS East Bernard: Union State Bank 200 19 266 60 5 Eden: Eden State Bank 125 2 144 75 Ferris: Farmers & Merchants State Bank 199 65 309 50 "25 Forney: Forney State Bank 72 2 140 40 5 Franklin: First State Bank 55 26 104 45 Gatesville: Guaranty Bank & Trust Co 134 177 462 50 Goose Creek: Citizens State Bank & Trust Co 314 560 1,008 90 10 Greenville: Citizens State Bank 372 438 1,133 100 18 Hamilton: Hamilton Bank & Trust Co 79 35 182 50 25 Huntsville: Huntsville Bank & Trust Co... _. 214 319 590 50 20 Iola: Iola State Bank 32 23 78 25 Killeen: First State Bank . 91 68 221 35 Kirkland: First State Bank . 42 13 62 25 Kosse: First State Bank . 20 6 86 35 Ladonia: Farmers & Merchants State Bank 59 61 181 25 Leakey: First State Bank 39 19 44 25 5 Llano: Moore State Bank 228 62 364 50 25 Loraine: First State Bank . 39 52 156 60 Madisonville: Farmers State Bank . 75 64 216 25 Matador: First State Bank 203 9 356 38 25 Mathis: First State Bank . 83 27 134 45 14 McAllen: City State Bank & Trust Co 214 376 862 60 15 Mount Pleasant: Guaranty Bond State Bank 186 47 330 65 5 Nacogdoches: Commercial State Bank 486 357 1,076 100 50 Pearsall: Security State Bank 108 82 224 25 Rails: Security State Bank & Trust Co _-. 251 25 306 50 Richardson: Citizens State Bank 60 10 81 35 Robert Lee: First State Bank 99 15 125 30 Roscoe: Roscoe State Bank 52 55 359 30 Rusk: Farmers & Merchants State Bank & Trust Co- 90 107 509 75 Shamrock: Farmers & Merchants State Bank of Shamrock 197 95 338 50 12 Shiro: Farmers State Bank 36 19 95 25 10 Silsbee: Silsbee State Bank 148 226 516 40 25 Sinton: Commercial State Bank 310 63 614 50 25 Spearman: First State Bank 43 76 269 25 7 Thorndale: Thorndale State Bank 63 79 264 30 17 Wellington: Wellington State Bank 253 34 294 50 10 Wharton: Security Bank & Trust Co 94 276 710 75 15 Wharton Bank & Trust Co 344 299 995 100 100 Wylie: Farmers & Merchants State Bank of Wylie. 58 39 120 25 4 DISTRICT NO. 12 ARIZONA (See also district no. 11) Buckeye: Buckeye Valley Bank 56 60 153 25 11 Phoenix: Valley Bank & Trust Co 4,339 5,475 13,915 1,050 210 CALIFORNIA Carmel: Bank of Carmel 450 188 871 50 60 Downey: Los Nietos Valley Bank 450 404 1,053 75 35 Fairfield: Solano County Bank 128 315 429 75 12 Le Grand: Le Grand Bank 130 88 220 25 13 Long Beach: Farmers & Merchants Bank 5,381 1,962 10,135 1,000 250 Los Angeles: California Bank 34,188 23, 438 74, 298 6,500 1,625 Union Bank & Trust Co 14,046 11,210 30,226 2,500 1,250 Newman: Bank of Newman 593 494 1,103 150 80 Oakland: Central Bank of Oakland... 20, 617 9,610 36,125 4,146 1,354 Pasadena: Citizens Commercial Trust & Savings Bank... 1,133 1,529 3,311 300 150 First Trust & Savings Bank of Pasadena 6,260 3,624 12, 257 1,000 400 Salinas: Monterey County Trust & Savings Bank. 3,298 2,270 6,667 675 135 San Francisco: American Trust Co 96,718 85, 274 217,405 15,000 4,000 Wells Fargo Bank & Union Trust Co 59, 509 115,106 194, 348 9,000 5,000 San Rafael: Bank of San Rafael 2,116 1,076 3,148 100 120 Santa Paula: Citizens State Bank 347 79 457 100 50 129288—35 16 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 12—Continued Aberdeen: Bank of Aberdeen 65 260 25 Arco: Butte County Bank 61 87 206 35 5 Boise: First Security Bank of Idaho 5,586 9,827 20,325 1,235 265 Hazleton: Hazleton State Bank 64 85 162 25 7 Kellogg: First State Bank of Kellogg 31 283 434 50 5 Malad City: J. N. Ireland & Co., Bankers 116 205 537 40 12 Orofino: Bank of Orofino 20 214 322 25 5 Richfield: First State Bank 47 50 142 25 8 Soda Springs: Largilliere Co., Bankers 120 172 495 25 13 Twin Falls: Twin Falls Bank & Trust Co 593 415 2,288 100 OREGON Albany: Bank of Albany 127 255 655 50 15 Dallas: Dallas City Bank 209 214 753 50 20 Grants Pass: Grants Pass & Josephine Bank 238 361 828 100 25 Haines: Bank of Haines 37 45 114 25 3 Myrtle Point: Security Bank of Myrtle Point 119 276 510 40 7 Oakland: E. G. Young & Co., Bank. 70 201 305 85 UTAH Brigham: State Security Bank 363 399 1,138 150 Cedar City: Bank of Southern Utah 272 151 492 100 40 Ephraim: Bank of Ephraim 309 36 384 75 35 Gunnison: Gunnison Valley Bank 141 26 222 50 Helper: Helper State Bank 406 243 808 50 "50 Kaysville: Barnes Banking Co 311 57 340 50 65 Logan: Cache Valley Banking Co , 601 474 1,435 160 21 Ogden: Commercial Security Bank .,846 1,660 4,649 550 Price: Carbon Emery Bank 622 307 1,266 100 ""50 Provo: Farmers & Merchants Bank. 406 342 842 125 25 Salina: First State Bank of Salina 647 72 856 25 100 Salt Lake City: Tracy Loan & Trust Co 553 1,217 250 200 Utah Savings & Trust Co 660 1,304 1,948 300 150 Walker Bank & Trust Co 10,718 22, 914 2,250 Spanish Fork: Bank of Spanish Fork 242 314 50 15 Commercial Bank 413 543 100 10 Springville: Springville Banking Co 346 820 75 65 Vernal: Bank of Vernal 147 184 90 5 Uintah State Bank 311 510 50 31 WASHINGTON Almira: Almira State Bank 91 36 153 50 Cashmere: Cashmere Valley Bank 142 301 518 50 Chehalis: Coffman-Dobson Bank & Trust Co 831 769 1,885 285 Coulee City: Security State Bank 26 28 104 25 Ellensburg: Farmers Bank 509 536 1,237 150 50 Hoquiam: Bank of Hoquiam 416 457 1,135 170 Kalama: Kalama State Bank 50 196 288 50 Kelso: Cowlitz Valley Bank 92 331 503 70 Lacrosse: First State Bank 246 45 256 110 10 P P u u l y l a m ll a u n p : : Pullman State Bank 103 657 75 7 Citizens State Bank 176 277 545 100 Puyallup State Bank 152 261 502 50 Ritzville: Ritzville State Bank 54 219 412 45 Rockford: Farmers & Merchants Bank 10 142 25 Rosalia: Bank of Rosalia 186 330 45 Seattle: Peoples Bank & Trust Co 4,784 5,116 14, 326 1,075 300 Seattle Trust Co 1,142 2,066 3,053 550 200 Selah: Selah State Bank 149 106 305 30 South Bend: Pacific State Bank 101 340 478 75 Spokane: Spokane & Eastern Trust Co 5,612 11,934 23,821 1, 750 250 Washington Trust Co 2,232 948 4,941 200 200 Tekoa: Tekoa State Bank ._ 182 243 481 45 16 Toppenish: Traders Bank 92 60 273 40 Uniontown: Farmers State Bank, 75 38 100 25 Wenatchee: Columbia Valley Bank 777 381 1,448 200 49 Wilbur: State Bank of Wilbur 258 68 421 50 10 Yakima: Yakima Valley Bank & Trust Co 390 249 948 250 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 233 LICENSED STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK,1 DEC. 31, 1934 Number of banks with a capital stock of— States ooT 8-S New England: Maine New Hampshire Massachusetts.. Rhode Island... Connecticut Middle Atlantic: New York 117 17 New Jersey 52 Pennsylvania... 73 East North Central: Ohio 12 Indiana Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri South Dakota- Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia Virginia West Virginia. _. North Carolina. South Carolina- Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado New Mexico. 1 1 Arizona _ 1 Utah 1 Pacific: Washington. _ 3 5 Oregon 1 1 California 1 Total _ 980 91 172 83 101 i Includes capital notes and debentures and par value of preferred and common stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD LICENSED STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK,1 DEC. 31, 1934—Continued [In thousands of dollars] Aggregate capital stock of banks with a capital stock of— 3 New England: Maine 4,061 100 750 611 2,600 New Hampshire . 150 150 Massachusetts... 27,305 166 125 4,500 1,900 15, 380 5,000 Rhode Island 5,000 5,000 Connecticut 4,609 100 150 "166' 4,059 Middle Atlantic: New York 447,089 50 30 300 1,300 1,495 11, 290 30,000 393,255 New Jersey 45,129 50 1,000 470 4,138 4,821 23,650 11,000 Pennsylvania 64,754 25 65 100 200 2,332 6,850 5,250 20, 725 29,096 East North Central: Ohio 69,480 550 283 500 2,400 3,480 6,792 53, 300 Indiana 3,140 25 100 475 2,500 Illinois 23,000 250 600 145 600 1,155 3,325 3," 600 7,250 6,000 Michigan...... 18,988 300 900 426 700 1,524 2,645 1,700 5,000 5,500 Wisconsin 5,420 100 65 100 125 1,000 1,000 3,000 West North Central: Minnesota 593 175 258 100 Iowa 3,620 150 110 250 300 245 905 1,000 Missouri 35,580 175 145 200 600 3,765 3,050 22, 500 South Dakota.... 1,010 350 110 100 100 200 Nebraska 355 50 205 100 Kansas 1,025 125 40 100 300 260 200 South Atlantic: Delaware 7,173 673 6,500 Maryland 7,850 25 325 500 7,000 District of Colum-. 4,400 4,400 bia Virginia 6,590 50 35 450 140 200 150 700 1,615 3,250 West Virginia 5,910 75 100 100 700 1,850 2,795 North Carolina... 6,200 50 50 200 700 5,200 South Carolina 400 25 100 200 Georgia 6,840 150 150 400 425 780 1,550 3,250 Florida 580 30 100 450 East South Central: Kentucky 7.325 25 200 150 200 500 6,250 Tennessee 875 50 200 625 Alabama 3,250 200 150 205 120 ~2~506" Mississippi 75 75 West South Central: Arkansas 1,235 100 60 200 675 Louisiana 2,060 50 950 1,000 Oklahoma 50 50 Texas 3,866 300 403 650 763 150 200 1,000 Mountain: Montana 3,018 150 143 50 475 1,900 Idaho 1,585 125 75 50 1,235 Wyoming 301 50 201 50 Colorado 1,075 50 100 350 500 New Mexico _ 105 30 50 Arizona 1,375 50 250 1,050 Utah 4,600 250 240 300 435 550 "556" 2,250 Pacific: Washington.. 5,590 205 250 220 430 935 550 2,825 O Ca re li g f o o n rnia 40,6 3 9 5 6 0 40 1 5 0 0 0 1 8 5 5 0 "I56" "366" ~675~ 8,646 30, 500 Total 3,525 ,833 0504,246 60012,901 , 25451,965 L89, 157 556,151 1 Includes capital notes and debentures and par value of preferred and common stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

235 STATE BANK MEMBERSHIP LICENSED STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK,1 DEC. 31, 1934—Continued [In thousands of dollars] Total deposits of banks with a capital stock of — 88 8 New England: Maine 27, 777 2,527 7,194 5,450 12, 606 New Hampshire 1,175 1,175 Massachusetts. 301,456 ~5,~640 1,721 58,781 17,654 216,175 1,485 Rhode Island. _ 131,233 131, 233 Connecticut 59,458 "I," 202 2,752 53,963 Middle Atlantic: New York 6,723,761 400 201 2,941 3,225 14,678 10,055 87,921141, 072 295, 302 6»,, 167, 966 New Jersey 465, 723 251 11,536 3,622 45,154 44,006 233, 354 127,800 Pennsylvania- _ 1,060,451 180 673 ""987 2,127 16,752 73,249 49,440 495,141 421,454 East North Central: Ohio 601,456 3,278 1,442 5,211 4,769 13,130 17,937 28,631 69,249 455,401 Indiana 33,146 140 393 774 4,031 27,808 Illinois 544, 319 2,168 613 6,201 1,377 7,517 9,710 39,248 48, 726 271,363 157,396 Michigan 217,970 3,455 2,423 7,623 2,908 9,287 14,499 21,659 25,048 45,630 85,438 Wisconsin 61, 378 257 1,049 265 959 1,229 9,942 11,131 36, 546 West North Central: Minnesota 6,600 2,133 2,837 655 975 Iowa 57, 560 1,818 1,280 4,897 839 4,367 5,163 9,852 16,991 12, 353 Missouri 431,468 1,836 1,074 2,453 1,186 6,049 3,562 28, 591 37,185 17,743 331,789 South Dakota._ 9,997 523 670 1,614 Nebraska 4,386 380 2,533 1,473 Kansas 14,164 1,565 285 1,325 5,196 2,462 3,331 South Atlantic: Delaware 60, 599 7,828 52,771 Maryland 82,644 355 2,496 3,715 76,078 District of Columbia 58,501 58, 501 Virginia 71,499 743 379 5,453 1,446 1,410 1,454 6,171 14,054 40,389 West Virginia.. 55,853 577 700 2,318 1,024 6,367 10, 226 34, 641 North Carolina. 111,484 637 2,759 9,843 97, 729 South Carolina. 7,349 403 1,270 1,213 4, '" Georgia 43,889 947 1,517 473 2,263 ~2~022 4,497 8,120 24, 050 Florida 7,741 468 6,850 East South Central: Kentucky 50,452 205 2,467 1,182 1,221 4,264 41,113 A Te la n b n a e m ss a ee 27 9 , , 8 0 5 6 7 0 ,538 829 915 2,720 Toil 970 8,278 20,017 Mississippi 916 916 West South Central: Arkansas 13,300 729 685 1,169 1,519 9,198 Louisiana 26,391 508 391 6,275 19, 217 Oklahoma 373 373 Texas 36,950 1,635 2,386 4,965 4,754 4,278 390 1,617 16, 925 Mountain: Montana 28,478 1,641 3,598 3,595 17, 716 Idaho 25,171 743 434 2,288 20, 325 Wyoming 2,999 1,858 403 Colorado—- 19,975 823 709 918 2,973 14, 552 New Mexico..- 738 232 426 Arizona 20,191 153 364 5,759 13,915 Utah 40, 882 856 2,194 2,301 3,415 3,165 "~4~649 22,914 Pacific: Washington 59, 262 346 1,801 545 2,628 9,222 3,053 38,147 Oregon 3,165 114 510 1,408 305 828 California 592, 053 220 871 1,482 3,605 1,103 3,311 6,667 88, 743 486,051 Total 12, 211, 25035,611 25, 11158,919 35,627 110,520 103, 608 479, 204 543,929 2, 583,9418, 234, 780 * Includes capital notes and debentures and par value of preferred and common stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FIDUCIARY POWERS GRANTED TO NATIONAL BANKS Under section 11 (k) of the Federal Reserve Act as amended, the Federal Reserve Board has authorized the national banks listed below to exercise one or more fiduciary powers as follows: (1) Trustee. (2) Executor. (3) Administrator. (4) Registrar of stocks and bonds. (5) Guardian of estates. (6) Assignee. (7) Receiver. (8) Committee of estates of lunatics. (9) Any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. The numerals opposite the name of each bank, which refer to the list given above, indicate the power or powers it is authorized to exercise. Powers Powers granted granted DISTRICT NO. 1 DISTRICT NO. 1—Continued CONNECTICUT CONNECTICUT—continued (See also district no. 2) Willimantic: Windham National 1 to 9. Bank Ansonia: Ansonia National Bank 1 to 9. Winsted: Hurlbut National Bank.._ 1 to 9. Canaan: Canaan National Bank 1 to 9. Danielson: Windham County Na- 1 to 9. MAINE tional Bank. Derby: Birmingham National Bank. Ito9. Augusta: First National Granite 1 to 9. Hartford: Capitol National Bank & Trust 1 to 9. Bangor: Merchants National Bank__ 1 to 9. Co. Bar Harbor: First National Bank___ 1 to 4. First National Bank 1 to 9. Bath: Hartford National Bank & Trust 1 to 9. Bath National Bank 1 to 8. Co. First National Bank 1 to 8. Meriden: Home National Bank Ito9. Belfast: First National Bank.. _ __1 to 9. Middletown: Biddeford: First National Bank of 1 to 9. Central National Bank.. 1 to 9. Biddeford. Middletown National Bank 1 to 9. Camden: Camden National Bank.-- 1 to 9. Mystic: Mystic River National Ito9. Damariscotta: First National Bank 1, 2, 3, 5, and Bank. of Damariscotta. Naugatuck: Naugatuck National 1 to 9. Ellsworth: Liberty National Bank__ 0. Farmington: 1 to 9. New Britain: New Britain National 1 to 9. First National Bank___ 1 to 9. Bank. Peoples National B ank. _ 1 to 3, and 5. New Haven: Houlton: First National Bank.. 1 to 5, and 9. First National Bank & Trust Co. Ito8. Lewiston: New Haven Bank, N. B. A 1 to 9. First National Bank 1 to 9. Second National Bank . ._ 1 to 9. Manufacturers National Bank 1 to 5, and 9. Tradesmens National Bank 1 to 9. Norway: Norway National Bank 1, 2, and 3. New London: Pittsfield: First National Bank Ito9. National Bank of Commerce 1 to 9. Portland: National Whaling Bank 1 to 9. Canal National Bank 1 to 9. New London City National 1, 2, 3, 5, 7, First National Bank at Port- 1 to 7 and 9. Bank. 8, and 9. land. New Milford: First National Bank-. 1 to 9. National Bank of Commerce 1 to 9. Norwich: Uncas-Merchants National 1 to 8. Portland National Bank 1 to 9. Bank. Rockland: First National Bank Ito9. Putnam: Citizens National Bank 1 to 9. Rumford: Rumford National Bank_. 1 to 9. Torrington: Torrington National 1 to 9. Saco: York National Bank _ . 1 to 9. Bank & Trust Co. Skowhegan: First National Bank 1 to 9. Wallingford: First National Bank 1 to 9. Thomaston: Thomaston National 1 to 3, 5, 8, Waterbury: Bank. and 9 Citizens and Manufacturers Na- 1 to 9. Waldoboro: Medomak National 1 to 3, 5 to 7, tional Bank. Bank. and 9. Waterbury National Bank 1 to 9. Waterville: First National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 237 DISTRICT NO. 1—Continued DISTRICT NO. 1—Continued MASSACHUSETTS MASSACHUSETTS—continued Abington: Abington National Bank_ 1. Newton: Newton National Bank 1 to 9. Adams: North Adams: North Adams Ito9. First National Bank Ito8. National Bank. Graylock National Bank 1 to 7 and 9. North Attleboro: Manufacturers Ito9. Amherst: First National Bank.... Ito9. National Bank. Andover: Andover National Bank... Ito9. A A Be t t t h v l o e e b l r : l o y r F : o i : r B s F e t v i N r e s r a t l t y i N o N n at a a i l o t i n B o a n a l a n l B k B an a k nk I 1 I t t o o to 9 9 . . 9. Nor N t F h i o a rs r m t t h p N a t m o a n t p i : o to n n a l N B a a t n io k nal Bank & I I t t o o9 9 . . Bost N M F o i a n r e t s : r i t c o h n N a a a n l t t i R s o o n N c a a k l t l i B a o n a n d n a k l B B an an k k I 1 I t t o o to 9 9 . . 9. P O P a e r l a a m n b g o e T e d r: : y r u : O P s a W t r l a m C n a g o r e r e . r e n N N N a a t t i a i o o ti n n o a a n l l a B B l B a a n n a k k nk 1 I 1 t o t t o o 9 . 9 9 . . N Se a c t o io n n d a N l S at h io aw na m l u B t a B nk ank I I t t o o 9 9 . . Pitts A fi g el r d ic : ultural National Bank Ito9. Webster & Atlas National Bank.. Ito9. Pittsfield-Third National Bank 1 to 7 and 9. Broc B k r t o o c n k : ton National Bank Ito9. Plymo & u t T h r : us P t l C y o m . outh National Ito5. E E C d v o B g e n a H r a c n e r o o t t k r o t m d . : w : e E n C N v : o e a n r t E e c io o t d t n r g d a N a l r N a t B t o a i w a o ti n n o n k a n l a B l N a B a n t a i k o n n k a . l .. 1 I 1 I t t o o t t o o 9 9 . . 9 3. . P R S S a h r o B o l e c e v l a k m b i n p n u k : o c r . n e M rt t e : o e w R rc F n o h : a c a l k n F l p s t i : s o r s r N S t t h a N N e ti l a a o b t t n u i i o o a rn n n l e a a B l l a B B n F k a a a n n ll k k s . . I I I 1 t t t o o o to 9 4 9 . . . 7 and 9. F F a a l l m l R o i u v t e h r : : F F a a l l l m R o i u v t e h r N N a a t t i i o o n n a a l l B B a a n n k k . . 1 It o to 9 . 9. So N m a e t r io v n il a le l : B S a o n m k. erville National Ito9. Fi B tc a h n b k u . rg: Safety Fund National Ito9. So B u a th n b k r . idge: Southbridge National Ito9. Foxboro: Foxboro National Bank Ito9. Bank. Framingham: Framingham National Ito9. Springfield: 1 to 9. Ga B r a d n n k e . r: First National Bank Ito9. T Sp h r i i r n d g f N iel a d ti o N n a a t l i o B na a l n k B a & nk . 'Trust Ito9. Gloucester: TisburCyo: .Martha's Vineyard 1 to 8. Cape Ann National Bank Ito9. National Bank. Gloucester National Bank Ito9. Townsend: Townsend National Ito3. Great Barrington: National Ito9. Bank. Mahaiwe Bank. Turners Falls: Crocker National 1 to 7 and 9. Greenfield: First National Bank & Ito9. Bank. Trust Co. Uxbridge: Blackstone National Bank Ito4. laverhill: Waltham: Waltham National Bank. Haverhill National Bank Ito9. Wareham: National Bank of Ware- 1 to 7 and 9. Merrimack National Bank 1 to 4. ham. Ito9. lolyoke: Holyoke National Bank... Ito9. Watertown: Union Market National jludson: Hudson National Bank 1 to 9. Bank. Ito9. Ipswich: First National Bank Ito9. Webster: First National Bank Ito9. Lawrence: Bay State Merchants 1 to 9. Wellesley: Wellesley National Bank. 1 to 9. National Bank. Westfield: Le B o a m n i k n . ster: Merchants National 1 to 7 and 9. First National Bank Ito8. Low A el p l: pleton National Bank Ito9. Ha T m ru p s d t e C n o. National Bank & 1 to 7 and 9. Union Old Lowell National Bank. 1 to 9. Winchendon: First National Bank... 1 to 9. Lynn: Winchester: Winchester National Ito9. Central National Bank Ito8. Bank. Manufacturers National Bank Ito9. Woburn: Woburn Naitonal Bank... 1 to 3, 6, 7, National City Bank 1 to 5 and 7. and 9. Maiden: Worcester: Mechanics National Ito9. First National Bank 1 to 9. Bank. Second National Bank Ito9. Yarmouth Port: First National Bank Ito9. Marblehead: National Grand Bank.. Ito9. of Yarmouth. Marlboro: First National Bank Ito4. NEW HAMPSHIRE Peoples National Bank Ito9. Medford: First National Bank 1,2,3, and 5. Berlin: Berlin City National Bank.. 1, 2, 4, 6, Methuen: Methuen National Bank.. Ito8. and 7. Milford: Charlestown: Connecticut River 1 and 4. Home National Bank Ito4. National Bank. Milford National Bank & Trust 1 to 9. Claremont: Co. 1, 2, 4, 6, 7, Nantucket: Pacific National Bank.._ Ito9. Claremont National Bank and 9. Needham: Needham National Bank. Ito9. Peoples National Bank 1. New Bedford: Concord: First National Bank Ito9. First National Bank Ito9. Merchants National Bank Ito9. Mechanic's National Bank 1, 2, and 4. Safe Deposit National Bank Ito9. National State Capital Bank 1, 2, and 4. Newburyport: Dover: First and Ocean National Bank_ _Ito9. Merchants National Bank 1 to 3. Merchants National Bank Ito8. Strafford National Bank Ito4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 1—Continued DISTRICT NO. 1—Continued NEW HAMPSHIRE—continued VERMONT—continued Exeter: Rockingham National Bank_ 1, 2, and 4. St. Johnsbury: Franklin: Franklin National Bank.. 1,2, 5, and 9. First National Bank... 1 to 6 and 9 Hanover: Dartmouth National Bank. 1,2,4, and 9. Merchants National Bank Ito8. Keene: Springfield: First National Bank Ito5. Ashuelot-Citizens National Bank. 1 and 4. Windsor: Windsor County National 1 to 3, 5 to 9 Keene National Bank. _ 1 to 4. Bank. Laconia: Laconia National Bank 1, 2, and 4. DISTRICT NO. 2 Peoples National Bank 1 and 4. Lancaster: Lancaster National Bank. 1, 2, 4, and 9. CONNECTICUT Lebanon: National Bank of Leba- 1, 2, 4, 6, 7, non. and 9. (See also district no. 1) Manchester: Amoskeag National Bank 1, 2, and 4. Bridgeport: First National Bank & 1 to 9. Manchester National Bank 1. Trust Co. Merchants National Bank 1, 4, and 9. D anbury: Milford: Souhegan National Bank... 1 and 4. City National Bank & Trust Co. 1 to 9. Nashua: Danbury National Bank _ 1 to 9. Indian Head National Bank 1 to 4, 6, 7, Greenwich: First National Bank in._ Ito9. and 9. New Canaan: First National Bank 1 to 9. Second National Bank 1, 2, and 4. & Trust Co. Newport: Citizens National Bank 1, 2, 4, 6, 7, Norwalk: National Bank of Norwalk. 1 to 9. and 9. Ridgefield: First National Bank & 1 to 9. Peterboro: First National Bank- 1, 4, and 9. Trust Co. Plymouth: Pemigewasset National 1 and 4. South Norwalk: City National Bank. Ito9. Bank. Stamford: First Stamford National Ito9. Portsmouth: Bank & Trust Co. First National Bank 1, 2, 4, 6, 7, and 9. NEW JERSEY New Hampshire National Bank. 1 and 9. Tilton: Citizens National Bank._ __ 1 and 2. (See also district no. 3) Wilton: Wilton National Bank 1, a 2 n , d 4 9 , . 6, 7, Allendale: First National Bank 1 to 9. Wolfeboro: Wolfeboro National Bank, 1 and 4." Allenhurst: Allenhurst National 1 to 9. Bank & Trust Co. Allentown: Farmers National Bank. 1 to 9. "RHODE ISLAND AsburyPark: Asbury Park National 1 to 9. Newport: Bank & Trust Co. Aquidneck National Bank 1 to 9. Atlantic Highlands: Atlantic High- 1 to 8. Newport National Bank 1 to 9. Ba la y n o d n s n e N : a M tio e n c a h l a n B i a c n s' k . National 1 to 9. Providence: Blackstone Canal National Bank. 1 to 9. Belleville: Peoples National Bank & 1 to 9. National Bank of Commerce & 1 to 9. Trust Co. Trust Co. Bergenfield: Bergenfield National Ito9. Providence National Bank _ 1 to 9. Bank & Trust Co. Bernardsville: Bernardsville Na- 1 to 9. VERMONT tional Bank. Boonton: Boonton National Bank... 1 to 9. Barre: Peoples National Bank 1 to 9. Boundbrook: First National Bank.. Ito9. Bennington: Butler: First National Bank.. 1 to 9. County National Bank. _ _ _ 1 to 9. Caldwell: First National Bank 1 to 9. Caldwell National Bank 1 to 9. Brandon: First National Bank. 1 to 4. Citizens National Bank & Trust 1 to 8. Brattleboro: Vermont Peoples Na- 1 to 9. Co. tional Bank. Carteret: First National Bank . _ . 1 to 9. Burlington: Howard National Bank 1 to 8. Clifton: & Trust Co. Clifton National Bank. 1 to 9. Chester: National Bank of Chester._ 1, 2, 3, and 5 First National Bank 1 to 9. Danville: Caledonia National Bank. 1 to 9. Closter: Closter National Bank & 1 to 9. Derby Line: National Bank of 1 to 3,5, and Trust Co. Derby Line. 9. Cranbury: First National Bank 1 to 9. Enosburg Falls: Enosburg Falls 1, 2, 3, 5, 6, Cranford: First National Bank 1 to 9. National Bank. and 7. Dover: National Union Bank. 1 to 9. Manchester Center: Factory Point 1 to 9. Dunellen: First National Bank 1 to 9. National Bank. Elizabeth: National State Bank 1 to 7 and 9 Middlebury: National Bank of Mid- Ito9. Englewood: Citizens National Bank 1 to 9. dlebury. & Trust Co. Montpelier: Flemington: Flemington National 1 to 9. First National Bank 1 to 4. Bank & Trust Co. Montpelier National Bank. ___ 1 to 9. Freehold: The Montpelier National Bank__ 1 to 9. Central National Bank Ito9. Newport: National Bank of Newport 1 to 7 and 9. First National Bank 1 to 9. Northfield: Northfield National 1 to 9. Frenchtown: Union National Bank_. 1 and 4. Bank. Glen Rock: Glen Rock National Ito9. Rutland: Bank. Central National Bank 1 to 7 and 9. Hackensack: City National Bank & Ito9. Clement National Bank Ito3, 5 to 7. Trust Co. Rutland County National Bank. 1 to 9. Hackettstown: St. Albans: Welden National Bank Ito9. Hackettstown National Bank— Ito9. in St. Albans. Peoples National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

239 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW JERSEY—continued NEW JERSEY—continued Hamburg: Hardyston National Bank. 1 to 8. Sayreville: First National Bank 1 to 8. Highland Park: First National Bank. 1 to 9. Somerville: Second National Bank... Ito4. Hillside: Hillside National Bank Ito9. South Amboy: First National Bank- 1 to 9. Hoboken: First National Bank_. ___ 1 to 4. South River: First National Bank ._ 1 to 9. Irvington: Summit: First National B-ank & Ito9. Irvington National Bank Ito9. Trust Co. Peoples National Bank & Trust 1 to 9. Sussex: Farmers National Bank Ito5. Co. Tenafly: Northern Valley National Ito9. Jersey City: Bank. First National Bank Ito9. Union City: First National Bank-.. Ito9. Franklin National Bank 1 to 7 and 9. Washington: First National Bank Ito9. Hudson County National Bank.. 1 to 9. Weehawken: Hamilton National 1 to 9. Kearny: First National Bank & Ito9. Bank. Trust Co. Westfield: National Bank of West- 1 to 9. Lambert ville: field. Amwell National Bank Ito9. West Orange: First National Bank__ 1 to 9. Lambertville National Bank Ito9. Westwood: First National Bank Ito9. Little Falls: Little Falls National Ito9. Bank. NEW YORK Madison: First National Bank... __ Ito9. Albany: Manasquan: Manasquan National Ito9. National Commercial Bank & Ito8. Bank. Trust Co. Millburn: First National Bank Ito9. New York State National Bank.. Ito9. Milltown: First National Bank Ito9. Amityville: First National Bank & Ito9. Trust Co. First National Bank & Trust Co. Ito9. Amsterdam: Montclair National Bank 1 to 9. Amsterdam City National Bank 1 to 3,5 to S. Morristown: Farmers National Bank 1 to 9. First National Bank 1 to 9. First National Bank Ito9. National Iron Bank Ito9. Auburn: The National Bank of Ito9. Newark: Auburn. Lincoln National Bank... 1 to 9. Babylon: Babylon National Bank 1 to 9. Mount Prospect National Bank.. 1 to 9. & Trust Co. National Newark & Essex Bank- Ito9. Baldwin: Baldwin National Bank & Ito9. ing Co. Trust Co. National State Bank 1 to 9. Baldwinsville: First National Bank Ito9. Union National Bank Ito9. & Trust Co. New Brunswick: Ballston Spa: Ballston Spa National Ito9. National Bank of New Jersey Ito9. Bank. Peoples National Bank Ito9. Batavia: First National Bank 1 to 9. Newton: Sussex & Merchants Na- 1 to 9. Bath: Bath National Bank Ito9. tional Bank. Bay Shore: First National Bank & 1 to 9. Nutley: Trust Co. First National Bank 1 to 9. Beacon: Franklin National Bank Ito9. Fishkill National Bank Ito9. Orange: Matteawan National Bank of Ito9. Orange-First National Bank Ito9. Beacon. Second National Bank 1 to 9. Binghamton: Passaic: Passaic National Bank & Ito9. City National Bank Ito9. Trust Co. First National Bank Ito9. Paterson: Bridgehampton: Bridgehampton 1 to 9. First National Bank 1 to 9. National Bank. Labor National Bank.. Ito9. Bronxville: Gramatan National Ito9. National Bank of America Ito9. Bank & Trust Co. Paterson National Bank 1 to 9. Camden: First National Bank & Ito9. Second National Bank Ito9. Trust Co. Perth Amboy: Canajoharie: Canajoharie National Ito9. First National Bank 1 to 9. Bank Perth Amboy National Bank 1 to 9. Canandaigua: Canandaigua National 1 to 9. Phillipsburg: Bank & Trust Co. Phillipsburg National Bank & 1 to 8. Canton: Trust Co. First National Bank... .__ 1 to 9. Second National Bank Ito9. St. Lawrence County National 1 to 3, 5 to 8. Plainfield* Bank. First National Bank 1 to 9. Carmel: Putnam County National 1 to 9. Plainfield National Bank Ito9. Bank. Pompton Lakes: First National Ito8. Catskill: Catskill National Bank & Ito8. Bank & Trust Co. Trust Co. Prospect Park: Prospect Park Na- Ito9. Cazenovia: Cazenovia National Ito9. tional Bank. Bank. Rahway: Rahway National Bank__. Ito9. Cedarhurst: Peninsula National Ito9. Ramsey: First National Bank & Ito9. Bank. Trust Co. Central Square: First National Bank. 1 to 9. Red Bank: Second National Bank & Ito9. Central Valley: Central Valley Na- Ito9. Ridgewood: Citizens First National 1 to 9. Clayton: First National Exchange Ito9. "JDRdalnlKlr <J5L£T 1T TrnUcSfl \p-inQ. Ito9. Cl B yd an e: k . Briggs National Bank & 1 to 9. Roselle: First National Bank Rutherford: Rutherford National Ito9. Trust Co. Bank. Cohoes: National Bank of Cohoes ... Ito8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW YORK—continued NEW YORK—continued Cooperstown: Irvington: Irvington National Bank 1 to 9. First National Bank 1 to 9. & Trust Co. Second National Bank 1 to 8. Islip: First National Bank 1 to 9. Corning: First National Bank & 1 to 8. Ithaca: First National Bank 1 to 9. Trust Co. Jamestown: National Chautauqua 1 to 8. Cortland: County Bank. National Bank of Cortland 1 to 9. Kingston: Second National Bank & Trust 1 to 9. First National Bank of Rondout. 1 to 9. Co. National Ulster County Bank.__ 1 to 9. Cuba: Roundout National Bank 1 to 9. Cuba National Bank 1 to 9. State of New York National 1 to 9. First National Bank 1 to 9. Bank. Delhi: Delaware National Bank 1 to 9. Liberty: Sullivan County National 1 to 9. Dolgeville: First National Bank 1 to 9. Bank. Dover Plains: Dover Plains Na- 1 to 9. Little Falls: Little Falls National 1 to 9. tional Bank. Bank. Dunkirk: Lockport: Niagara County National 1 to 9. Lake Shore National Bank 1 to 9. Bank & Trust Co. Merchants National Bank 1 to 8. Lowville: Black River National 1 %o 9. East Rockaway: East Rockaway 1 to 9. Bank. National Bank & Trust Co. Lynbrook: Edwards: Edwards National Bank_. 4. Lynbrook National Bank & 1 to 9. Ellenville: First National Bank & Trust Co. Trust Co. 1 to 9. Peoples National Bank & Trust 1 to 9. Elmira: First National Bank & Trust Co. Co. 1 to 9. Malone: Farmers National Bank Ito9. Fairport: Fairport National Bank & Manhasset: First National Bank & 1 to 9. Trust Co. 1 to 9. Trust Co. Farmingdale: First National Bank__ 1 to 9. Massena: First National Bank & 1 to 9. Far Rockaway: National Bank of 4. Trust Co. Far Rockaway. Mattituck: Mattituck National 1 to 9. Floral Park: First National Bank 1 to 9. Bank & Trust Co. & Trust Co. Merrick: First National Bank 1 to 9. Fonda: National Mohawk River 1 to 8. Middletown: Bank. First Merchants National Bank 1 to 9. Fort Plain: Fort Plain National 1 to 9. & Trust Co. Bank. National Bank of Middletown..- 1 to 9. Frankfort: Citizens First National 1 to 9. Mineola: First National Bank 1 to 9. Bank. Monticello: National Union Bank of 1 to 9. Fredonia: National Bank of Fre- 1 to 9. Monticello. donia. Morristown: Frontier National 4. Freeport: Bank. Citizens National Bank 1 to 9. Mount Kisco: Mount Kisco Na- Ito9. First National Bank & Trust Co. 1 to 9. tional Bank & Trust Co. Fulton: Citizens National Bank & 1 to 9. Mount Vernon: First National Bank. 1 to 8. Trust Co. Newburgh: Geneseo: Genesee Valley National 1 to 9. Highland Quassaick National 1 to 9. Bank & Trust Co. Bank & Trust Co. Glens Falls: National Bank of Newburgh Ito9. First National Bank 1 to 9. New Rochelle: First National Bank. 1 to 9. Gl T e r n u s st F C al o ls . National Bank & 1 to 9. New York: Gloversville: Chase National Bank 1 to 9. City National Bank & Trust Co. 1 to 9. Commercial National Bank & Ito9. Fulton County National Bank & 1 to 9. Trust Co. Trust Co. Dunbar National Bank Ito9. Go C s o h u en n : t y N . ational Bank of Orange 1 to 9. F F o ir r s t t G N r a e t e i n o e n a N l a B ti a o n n k al Bank 1 It o to 9 . 9. Gr t a io n n v a i l l le B : a W nk a . shington County Na- 1 to 5. K G i r n ac g e s b N o a ro ti on N a a l t B io a n n a k l Bank of 1 1 t t o o 9 9 . . Groton: First National Bank 2 and 3. Brooklyn in New York. Hampton Bays: Hampton Bays 1 to 9. Lafayette National Bank of Ito9. National Bank. Brooklyn in New York. Hancock: First National Bank 1 to 9. National City Bank 1 to 9. Haverstraw: National Bank & 1 to 9. National Safety Bank & Trust Co. Ito9. Trust Co. Peoples National Bank of Brook- 1 to 9. Hoosick Falls: Peoples First Na- lyn in New York. tional Bank. Public National Bank & Trust 1 to 9. Hudson: Co. Farmers National Bank 1 to 9. Sterling National Bank & Trust 1 to 9. First National Bank & Trust Co_ 1 to 9. Co. Hudson Falls: Northport: First National Bank & 1 to 9. Peoples National Bank 1 to 9. Trust Co. Sandy Hill National Bank 1 to 9. Norwich: Huntington: First National Bank & 1 to 9. Chenango County National Bank 1 to 8. Trust Co. & Trust Co. Ilion: National Bank & Trust Co Ito9. Ilion National Bank & Trust Co. 1 to 9. Nyack: Nyack National Bank & Ito9. Manufacturers National Bank... 1 to 9. Trust Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

241 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW YORK—continued NEW YORK—continued Olean: Sidney: First National Bank in 1 to 9. Exchange National Bank Ito9. Sidney. First National Bank Ito9. Silver Creek: Silver Creek National 1 to 9. Oneida: Oneida Valley National 1 to 9. Bank. Bank. Skaneateles: National Bank & Trust 1 to 9. Oneonta: Co. Citizens National Bank & Trust 1 to 9. Southampton: First National Bank_. Ito8. Co. Spring Valley: First National Bank_. 1 to 9. Wilber National Bank 1 to 9. Springville: Citizens National Bank.. Ito9. Ossining: First National Bank & Ito9. Stamford: National Bank of Stam- 1 to 9. Trust Co. ford. Oswego: First & Second National Ito9. Suffern: Suffern National Bank & 1 to 9. Bank & Trust Co. Trust Co. Ovid: First National Bank 4. Syracuse: Owego: Lincoln National Bank & Trust 1 to 9. First National Bank 1 to 9. Co. Owego National Bank Ito9. Merchants National Bank & Ito9. Patchogue: Peoples National Bank__ 1 to 9. Trust Co. Pearl River: First National Bank & 1 to 9. Tarry town: Tarry town National 1 to 3, 5 to 9 Trust Co. Bank. Peekskill: Ticonderoga: Ticonderoga National Ito9. Peekskill National Bank & Trust 1 to 9. Bank. Co. Troy: Westchester County National Ito9. Manufacturers National Bank... Ito9. Bank. National City Bank Ito9. Perry: First National Bank Ito9. Union National Bank 1 to 9. Plattsburg: Tuckahoe: First National Bank & Ito9. Merchants National Bank in Ito9. Trust Co. Plattsburg. Utica: Oneida National Bank & Ito9. Plattsburg National Bank & 1 to 5, 7 to 9. Trust Co. Trust Co. Valley Stream: Valley Stream Na- Ito9. Pleasantville: First National Bank_. 1 to 9. tional Bank & Trust Co. Port Chester: First National Bank Ito9. Walden: First National Bank & 1 to 9. & Trust Co. Trust Co. Port Henry: Citizens National Bank. Ito9. Walton: First National Bank & 1 to 9. Port Jervis: Trust Co. First National Bank 1 to 9. Warrensburg: Emerson National Ito9. National Bank & Trust Co. of 1 to 9. Bank. Port Jervis. Warsaw: Wyoming County Na- 1 to 9. Port Richmond: Staten Island Na- 1 to 9. tional Bank. tional Bank & Trust Co. Warwick: First National Bank Ito9. Port Washington: Port Washington 1 to 9. Watertown: National Bank & Trust Co. Jefferson County National Bank. Ito9. P Po o u ts g d h a k m ee : p C si i e ti : zens National Bank... Ito9. Watertown National Bank Ito8. F F a a C r ll m o k . i e l r l s N & at i M on a a n l u B fa a c n t k u re & rs T r N u a s - t 1 It t o o 9 9 . . W W W v a e a l l v t i l e e s e r v t r v . l i y l ll i : e e : t C : C N it i i a t z i t e z i n o en n s a s N l N a B t a i a t o n io n k n a o l a l f B W B a a n a n t k k e . r _ . - . . 1 1 1 t t to o o 9 9 9 . . . Fi t r i s o t n N al a B tio a n n a k l . Bank 1 to 9. W B es a t n b k u . ry: Wheatley Hills National 1 to 9 Merchants National Bank & Ito9. Westfield: National Bank of West- Ito9. Trust Co. field. Red Hook: First National Bank 1, 2, and 3. Whitehall: Merchants National 1 to 9. Richfield Springs: First National 1 to 9. Bank. Bank. White Plains: Peoples National 1 to 9. Riverhead: Suffolk County National 1 to 9. Bank & Trust Co. Bank. Rochester: First National Bank & Ito9. Yonkers: Trust Co. Central National Bank Ito9. Rockville Center: Nassau County 1 to 9. Yonkers National Bank & Trust 1 to 9. National Bank. Co. Rome: Farmers National Bank & Ito9. Trust Co. DISTRICT NO. 3 Roscoe: First National Bank & Ito9. Trust Co. DELAWARE Roslyn: Roslyn National Bank & 1 to 9. Trust Co. Delmar: First National Bank Ito8. Rye: Rye National Bank Ito9. Dover: First National Bank 1 to 9. St. Johnsville: First National Bank_ 1 to 9. Harrington: First National Bank 1 to 9. Saranac Lake: Adirondack National Ito9. Laurel: Peoples National Bank Ito8. Bank & Trust Co. Milford: First National Bank & 1 to 9. Saratoga Springs: Saratoga National Ito9. Trust Co. Bank. Seaford: First National Bank Ito8. Saugerties: First National Bank & Ito9. Smyrna: Trust Co. Fruit Growers National Bank & 1 to 9. Scarsdale: Scarsdale National Bank Ito9. Trust Co. & Trust Co. National Bank of Smyrna 1 to 9. Schenectady: Wilmington: Mohawk National Bank 1 to 9. Central National Bank 1 to 9. Union National Bank Ito9. Union National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 3—Continued NEW JERSEY PENNSYLVANIA (See also district no. 2) (See also district no. 4) Abescon: First National Bank 1 to 9. Allentown: Audubon: Audubon National Bank_ Ito9. Allentown National Bank Ito9. Barnegat: First National Bank 1 to 9. Merchants National Bank 1 to 9. Beach Haven: Beach Haven Na- Ito9. Second National Bank Ito9. tional Bank & Trust Co. Altoona: First National Bank Ito9. Beverly: First National Bank & Ito9. Annville: Annville National Bank___ Ito9. Trust Co. Ashland: The Ashland National Ito9. Blackwood: First National Bank & Ito9. Bank. Ashley: First National Bank Ito9. Trust Co. 1 to 9. Atglen: Atglen National Bank 1 to 3. Bordentown: First National Bank___ Avoca: First National Bank Ito9. Bridge ton: Ito9. Bangor: Merchants National Bank.. 1 to 9. Bridgeton National Bank 1 to 9. Bellefonte: First National Bank Ito9. Cumberland National Bank Ito9. Belleville: Kishacoquillas Valley Ito3. Farmers and Merchants Na- National Bank. tional Bank. Ito9. Berwick: Burlington: Mechanics National Berwick National Bank Ito9. Bank. First National Bank 1 to 9. Bethlehem: Camden: Ito9. Betblehem National Bank 1 to 9. American National Bank 1 to 9. First National Bank & Trust Co_ Ito9. First Camden National Bank & Blossburg: Citizens National Bank 1 to 9. Trust Co. Ito9. & Trust Co. Third National Bank & Trust Co. 4. Boyertown: Cape May: Merchants National Co B ll a in n g k s . wood: Citizens National Ito9. Fa C rm o. ers National Bank & Trust Ito9. H E G l a l B m a d s a d e s n r o b k : n o . f r F i o e i : r l d s F t : i r N H st a a t N d io d a n o t a i n o l f n i B e a l a l d n B k N an a k tional 1 I 1 t o t t o o 9 . 9 9 . . B B r r B a id d a N g f n o e a k r p t . d i o o : r n t a : C l o B B m r a id m n g k e e r p & c o ia r T l t ru N N st a a C t t i i o o o n n a a l l I I 1 t t o o to 9 9 . . 9. H H La o i B g k p a h e e n w t w s k o t . e o o l w d l: : n H P : o e F o p i p e rs l w e t s e N l N l a N a ti t a o io t n i n o a a l n l a B B l a B a n n an k k k — i _ n _ 1 I 1 t o t t o o 9 . 9 9 . . B C r a B B i t s a a u t s n o c a k k l u : s . q F C u a a o r : m un e t r y s . National Bank of 1 to 9. M L ed a f k o e r w d: o od B . urlington County Na- 1 to 9. L N e a h ti i o g n h a N l B at a io n n k a o l f B C an at k asauqua 1 It o to 9 . 9. M t e io rc n h a a l n B tv a i n ll k e . : Merchantville Na- 1 to 9. Cha N m a b t e io rs n b a u l r B g: ank of Chambersburg 1 to 9. M M t i o i l o u lv n n i a t ll l e H B : o a M l n ly i k l : l v & U il n l T e io r N n u s a N t t i a o C t n i o o a . n l a B l a B n a k n _ k ._ 1 It o to 9 . 9. Ch B e a V s n te a k r l . l : e D y e N la a w ti a o r n e a l C B ou a n n t k y National 1 1 t t o o 9 9 . . Pa & ul T sb r o u r s o t : C F o i . rst National Bank & 1 to 9. Cl a e t a r C fl l e e l a d r : f le C ld o . unty National Bank 1 to 9. Pe T m ru b s e t r t C on o : . Peoples National Bank 1 to 9. Coa N tes a v ti i o ll n e a : l Bank of Chester Valley. Ito9. Pe & nn T s r G us r t o v C e o : . Penns Grove National Ito9. Colu N m a b ti i o a n : al Bank of Coatesville 1 to 9. Pi B tm an a k n : & P i T tm ru a s n t C N o a . tional Bank & 1 to 9. F C i e r n st t ra C l o N lu a m ti b o i n a a l N B at a i n o k nal Bank.. I 1 t o to 9 . 9. Po T in ru t s P t le C a o s . ant Beach: Ocean County 1 to 8. C D o a n ll s a h s o to h w oc n k : e F n i : r F st i r N st a N tio a n ti a o l n a B l a B nk a n & k. 1 1 t t o o 9 9 . . P R r o N i e n a b c t l e i i o t n o n g n a : : l F B F i i a r r s n s t t k . N N a a t t i i o o n n a a l l B B an an k k & I I t t o o 9 9 . . Da T n r D v u i s a l t l n e v C : il o le . National Bank Ito9. Trust Co. First National Bank 1 to 9. Doylestown: Doylestown National 1 to 9. Salem: Ito9. Bank & Trust Co. City National Bank & Trust Co_ 1 to 9. Du Bois: Salem National Bank & Trust Deposit National Bank 1 to 9. Co. Ito9. Du Bois National Bank Ito9. Swedesboro: Swedesboro National East Stroudsburg: Monroe County Ito9. Bank. Ito9. National Bank. Toms River: First National Bank.__ Easton: Trenton: Ito9. Easton National Bank Ito9. Broad Street National Bank 1 to 9. First National Bank & Trust Co. 1 to 9. First-Mechanics National Bank _ Ito9. Ebensburg: First National Bank 1 to 9. Prospect National Bank 1 to 9. Ed wards ville Peoples National Bank Ito9. Ventnor City: Ventnor City Na- Elizabethtown: First National Bank 1 to 9. tional Bank. 1 to 9. & Trust Co. Vineland: Vineland National Bank Emaus: Emaus National Bank Ito9. & Trust Co. Ito9. Ephrata: Wildwood: Marine National Bank___ 1 to 9. Ephrata National Bank Ito9. Woodbury: First National Bank & Farmers National Bank Ito9. Trust Co. Gap: Gap National Bank & Trust Co. Ito9. Woodstown: Ito9. Gettysburg: First National Bank Ito9. First National Bank Ito9. Woodstown National Bank & Gettysburg National Bank__. Ito9. Trust Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

243 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 3—Continued PENNSYLVANIA—continued PENNSYLVANIA—continued Greencastle: First National Bank 1 to 9. Myerstown: Myerstown National Harleysville: Harleysville National 1 to 9. Bank. Bank. Nanticoke: Harrisburg: Harrisburg National Ito9. First National Bank 1 to 9. Bank. Miners National Bank lto 9. Hatsboro: Hatsboro National Bank.. Ito9. Nanticoke National Bank lto 9. Hatfleld: Hatfield National Bank Ito9. Nazareth: Nazareth National Bank lto 9. Hazleton: & Trust Co. First National Bank Ito9. New Holland: Farmers National 1 to 9. Hazelton National Bank 1 to 9. Bank & Trust Co. Honesdale: Honesdale National Ito9. Newtown: First National Bank & 1 to 7 and 9. Bank. Trust Co. Honey brook: First National Bank__ 1 to 9. New ville: First National Bank lto 9. Hummelstown: Hummelstown Na- 1 to 9. Norristown: tional Bank. Montgomery National Bank lto 9. Huntingdon: Peoples National Bank 1 to 9. First National Bank Ito9. Northampton: Cement National 1 to 8. Union National Bank & Trust Co.1 to 8. Bank of Siegfried. Johnstown: Moxham National Bank- 1 to 9. Northumberland: Northumberland lto 9. Kane: First National Bank Ito9. National bank. Kennett Square: National Bank & 1 to 9. Oley: First National Bank lto 9. Trust Co. of Kennett Square. Orwigsburg: First National Bank lto 9. Kingston: Kingston National Bank.. 1 to 9. & Trust Co. Kutztown: Kutztown National Ito9. Oxford: National Bank of Oxford 1 to 9. Bank. Palmerton: First National Bank 1 toy. Lancaster: Pen Argyl: First National Bank lto 9. Conestoga National Bank 1 to 9. Philadelphia: Fulton National Bank Ito9. Central Penn National Bank lto 9. Lancaster County National Bank. 1 to 9. City National Bank 1 to 9. Langhorne: Peoples National Bank.. 1 to 9. Corn Exchange National Bank lto 9. & Trust Co. & Trust Co. Lansdale: First National Bank 1 to 9. Erie National Bank lto 9. Lansdowne: National Bank of Lans- Ito9. First National Bank 1 to 9. downe. Kensington National Bank 1 to 3, 5 to 9 Lebanon: Market Street National Bank lto 9. First National Bank 1 to 9. National Bank of Germantown lto 8. Lebanon National Bank 1 to 9. & Trust Co. Peoples National Bank 1 to 9. North Broad National Bank lto 9. Lehighton: Northeast National Bank lto 9. Citizens National Bank & Trust 1 to 9. Philadelphia National Bank lto 9. Co. Second National Bank lto 9. First National Bank 1 to 9. Tioga National Bank & Trust Co.lto 9. Lewisburg: Tradesmens National Bank & lto 9. Lewisburg National Bank 1 to 9. Trust Co. Union National Bank 1 to 9. Philipsburg: First National Bank lto 9. Lewistown: Phoenixville: Farmers and Mechan- lto 9. Citizens National Bank Ito9. ics National Bank. Mifflin County National Bank.. Ito9. Pine Grove: Pine Grove National 1 to 9. Russell National Bank 1 to 9. Bank & Trust Co. Lititz: Farmers National Bank 1 to 9. Pittston: Littlestown: Littlestown National 1 to 9. First National Bank lto 9. Bank. Liberty National Bank 1 to 9. Lock Haven: First National Bank... Ito9. Plymouth: First National Bank lto 9. Luzerne: Luzerne National Bank 1 to 9. Port Allegany: First National Bank, lto 9. Mahanoy City: Pottstown: Mal U F ve i n r r i s n o t : n N N N a a t a t i i o t o i n o n a n a l a l l B B B a a n n a k n k k of Malvern. I I 1 t t o o to 8 9 . . 9. N N Ci a a C t t t i i i o z o o e . n n n a a s l l N I B r a o a t n n io k n B a o a l f n B P k a o n tt k st o & w T n rust l l l t t t o o o 9 9 9 . . . Manheim: Potts ville: Keystone National Bank 1 to 9. Miners National Bank lto 9. Manheim National Bank 1 to 9. Pennsylvania National Bank & 1 to 9. Mauch Chunk: Mauch Chunk Na- 1 to 9. Trust Co. tional Bank. Red Lion: M B ec a h n a k n . icsburg: Second National 1 to 9. Fa B rm an e k rs . & Merchants National lto 9. Media: First National Bank Ito9. First National Bank & Trust Co. lto 9. Millheim: Farmers National Bank Ito9. & Trust Co. Ridgway: Ridgway National Bank.. lto 9. Milton: First Milton National Bank. lto 9. Sayre: First National Bank lto 9. Mon tours ville: First National Bank. Ito9. Schuylkill Haven: First National lto 9. Montrose: First and Farmers Na- 1 to 9. Bank & Trust Co. tional Bank & Trust Co. Schwenksville: National Bank & lto 9. Mount Carmel: Trust Co. First National Bank 1 to 9. Scranton: Union National Bank lto 9. First National Bank lto 9. Mount Joy: Third National Bank & Trust Co. lto 9. First National Bank & Trust 1 to 9. Selinsgrove: First National Bank lto 9. Co. Shamokin: Union National Mount Joy Bank- lto 9. Market Street National Bank.... lto 9. Mount ville: Mount ville National 1 to 4. National Dime Bank of Shamo- lto 9. Digitized for F B R an A k S . ER kin. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 4—Continued PENNSYLVANIA—continued K ENTUCKY—continued Shenandoah: Georgetown: Merchants National Bank __ ... Ito9. First National Bank Ito9. Miners National Bank Ito9. Georgetown National Bank 1 to 5, 7 to 9. Shickshinny: First National Bank .. 1 to 3,5 to 8. Harlan: Harlan National Bank.._ __ 1 to 5, 7 to 9. Shippensburg: Lexington: First National Bank & Ito9. First National Bank Ito9. Trust Co. Peoples National Bank 1 to 9. Ludlow: First National Bank Ito9. Smethport: Grange National Bank Ito9. Middlesboro: National Bank of 1 to 5, 7 to 9. of McKean County. Middlesboro. Souderton: Union National Bank & Ito9. Mount Sterling: Trust Co. Montgomery National Bank Ito8. Spring City: National Bank & Trust 1 to 9. Mount Sterling National Bank.. Ito9. Co. Traders National Bank__ 1 to 5, 7 to 9 State College: Newport: First National Bank 1 to 9. American National Bank _._ 1 to 5, 7 to 9 Peoples National Bank Ito9. Newport National Bank 1 to 5, 7 to 9 Stroudsburg: First Stroudsburg Na- 1 to 9. Paintsville: Second National Bank.. Ito8. tional Bank. Paris: National Bank & Trust Co._.1 to 9. Sunbury: First National Bank. __ __ 1 to 9. Pikeville: First National Bank Ito8. Swarthmore: Swarthmore National 1 to 9. Richmond: Madison Southern Na- Ito9. Bank & Trust Co. t tional Bank & Trust Co. Tamaqua: Saylersville: Saylersville National 2 to 8. First National Bank 1 to 9. Bank. Tamaqua National B ank. Ito9. Somerset: Tioga: Grange National Bank. Ito4. Farmers National Bank 1 to 5, 7 to 9 Topton: National Bank of Topton . 1 to 4. First National Bank Ito9. Towanda: Citizens National Bank.. Ito9. Williamsburg: First National Bank. Ito4. Tyrone: First Blair County National Ito9. Winchester: Clark County National 1 to 5, 7 to 9 Bank. Bank Watsontown: Farmers National 1 to 9. OHIO Bank. Alliance: Alliance First National 1 to 9. Waynesboro: Citizens National Bank & Trust 1 to 9. Ashtabula: Co. Farmers National Bank & Trust 1 to 9. First National Bank & Trust Co. Ito9. Co. Weatherly: First National Bank 1 to 9. National Bank of Ashtabula 1 to 7 and 9 Wernersville: Wernersville National 1 to 9. Athens: Bank & Trust Co. Athens National Bank 1 to 7 and 9 West Chester: Bank of Athens, N. B. A__ 1 to 7 and 9 First National Bank. 1 to 9. Canton: First National Bank.. 1 to 7 and 9 National Bank of Chester County Ito9. Cinc A in tl n a a s t N i: ational Bank 1 to 9. West Grove: National Bank & Trust 1 to 9. First National Bank 1 to 7 and 9 Co Lincoln National Bank Ito9. Second National Bank 1 to 7 and 9 Wilk M es in -B er a s r r N e: ational Bank. . Ito9. Circle ville: First National Bank 1 to 7 and 9 Second National Bank Ito9. Central United National Bank__ 1 to 7 and 9 Wyoming National Bank 1 to 9. National City Bank.. _ 1 to 7 and 9 Williamsport: Columbus: First National Bank 1 to 9. City National Bank & Trust Co.1 to 7 and 9 Williamsport National Bank 1 to 9. Huntington National Bank 1 to 7 and 9 Wrightsville: First National Bank. Ito9. Ohio National Bank 1 to 7 and 9 York: Coshocton: Commercial National 1 to 7 and 9 Central National Bank & Trust Ito9. Bank. Co. Dayton: Drovers and Mechancis National Ito9. Merchants National Bank & Ito9. Bank. Trust Co. First National Bank Ito9. Third National Bank & Trust 1 to 7 and 9 Industrial National Bank of Ito9. Co. West York. Winters National Bank & Trust Ito9. Western National Bank Ito9. Co. York County National Bank Ito9. East Liverpool: First National Bank. 1 to 7 and 9 York National Bank & Trust Co. Ito9. Findlay: First National Bank & 1 to 7 and 9 Trust Co. DISTRICT NO. 4 Greenville: Second National Bank.. 1 to 7 and 9 Hamilton: KENTUCKY First National Bank & Trust 1 to 7 and 9 (See also district no. 8) UO. 1 to 9. HillsSbeocroon:d M Neartcihonanatls B Naantkional Bank- 1 to 7 and 9 Ashland: Lancaster: Fairfield National Bank. 1 to 7 and 9 Second National Bank 1 to 5,7 to 9. Lebanon: Lebanon-Citizens National 1 to 7 and 9 Third National Bank 1 to 5, 7 to 9. Bank. Brooksville: First National Bank __ 1 to 5 and 8. Lima: National Bank of Lima 1 to 7 and 9 Covington: First National Bank & 1 to 9. Mansfield: Trust Co. Citizens National Bank & Trust 1 to 4 and 9 Cynthiana: Co. Farmers National Bank Ito9. 1 to 7 and 9 Mansfield Savings Trust Na- National Bank of Cynthiana 1 to 5,7 to 9. tional Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 245 Powers Powers granted granted DISTRICT NO. 4—Continued DISTRICT NO. 4—Continued OHIO—continued PENNSYLVANIA—continued Marietta: Citizens National Bank 1 to 7 and 9. Monessen: Peoples National Bank Ito8. Marion: National City Bank & 1 to 7 and 9. & Trust Co. Trust Co. Monongahela City: First National 1 to 3, 5 to 8. Massillon: First National Bank in 4. Bank. Massillon. New Bethlehem: First National 1 to 9. Mount Vernon: The Knox National 1 to 7 and 9. Bank. Bank. New Brighton: Union National Ito9. Newark: Park National Bank. 1 to 7 and 9. Bank. New Philadelphia: Citizens National 1 to 7 and 9. New Castle: Bank. Citizens National Bank 1 to 9. Piqua: First National Bank of Lawrence Ito9. Citizens National Bank & Trust 1 to 9. County. Co. New Kensington: Piqua National Bank & Trust 1 to 7 and 9. First National Bank 1 to 8. Co. Logan National Bank & Trust 1 to 7. Portsmouth: Security Central Na- 1 to 7 and 9. Co. tional Bank. Oakmont: First National Bank 1. Ravenna: Second National Bank 1, 4, and 9. Oil City: Sandusky: Third National Exchange 1 to 9. First National Bank 1 to 9. Bank. Oil City National Bank Ito9. Springfield: First National Bank & 1 to 9. Pittsburgh: Trust Co. Farmers' Deposit National Bank. 4 and 9. Steubenville: First National Bank 1 to 9. National Exchange Bank & Trust 1 to 7 and 9. Forbes National Bank Ito9. Co. Mellon National Bank 1 to 9. Peoples National Bank 1 to 7 and 9. Union National Bank __ 1 to 9. Tiffin: Punxsutawney: Punxsutawney Na- 1 to 9. Commercial National Bank 1 to 7 and 9. tional Bank. Tiffin National Bank 1 to 7 and 9. Reynoldsville: First National Bank.. Ito9. Toledo: National Bank of Toledo 1 to 7 and 9. Sharon: Troy: First Troy National Bank & 1 to 7 and 9. First National Bank in Sharon.__ 1 to 9. Trust Co. McDowell National Bank Ito8. Warren: Second National Bank _ . Ito9. Merchants and Manufacturers Ito9. Wilmington: Clinton County Na- 1 to 7 and 9. National Bank. tional Bank & Trust Co. Titusville: Second National Bank 1 to 9. Wooster: Wayne County National Ito9. Uniontown: Second National Bank... 1 to 9. Bank. Warren: Warren National Bank 1 to 9. Youngstown: Washington: Citizens National 1 to 3, 5 to Mahoning National Bank_ Ito9. Bank. 7, and 9. Union National Bank 1 to 7 and 9. Waynes burg: Zanesville: First National Bank & Trust Co. 1 to 5, 7 to 9. Citizens National Bank in Zanes- 1 to 7 and 9. Union National Bank 1 to 9. ville. First National Bank 1, 4 and 9. WEST VIRGINIA PENNSYLVANIA (See also district no. 5) (See also district no. 3) Elm Grove: First National Bank 1 to 9. Arnold: National Deposit Bank of 1 to 9. W Sis h t e e e rs li v n i g ll : e: Union National Bank... 1 to 9. Arnold. National Bank of West Virginia-. 1 to 9. Braddock: Braddock National Bank. 1 to 9. National Exchange Bank 1 to 9. Butler: Butler County National Ito9. Ch B a a r n le k r o & i: N Tr a u ti s o t n C al o . Bank of Charle- 1 to 9. DISTRICT NO. 5 roi <sc irust uo. Connellsville: National Bank & 1 to 9. DISTRICT OF COLUMBIA Trust Co. of Connellsville. Erie: Washington: First National Bank 1 to 9. Franklin National Bank 1 to 8. Marine National Bank 1 to 9. Hamilton National Bank Ito8. National Bank & Trust Co ___. Ito9. Liberty National Bank. _ . Ito8. Franklin: Lamberton National Bank 1 to 9. Lincoln National Bank 1 to 8. Greensburg: First National Bank in Ito9. National Bank of Washington... 1 to 8. Greensbnrsr National Metropolitan Bank 1 to 8. Greenville: Riggs National Bank. _ 1 to 8. First National Bank 1 to 9. Second National Bank Ito8. Greenville National Bank 1 "to 9. Grove City: MARYLAND First National Bank Ito9. Baltimore: Grove City National Bank 1 to 9. Baltimore National Bank Ito9. Knox: Clarion County National 1 to 9. First National Bank 1 to 9. Bank of Edenburg. Western National Bank Ito9. Leechburg: First National Bank 1 to 9. Cumberland: McKeesport: First National Bank... 1 to 9. First National Bank Ito9. Meadville: Second National Bank 1 to 9. First National Bank 1 to 5, 7 to 9. Denton: Denton National Bank Ito9. Merchants National Bank & 1 to 9. Easton: Easton National Bank Ito9. Trust Co. Frederick: Farmers & Mechanics Ito9. Meyersdale: Citizens National Bank. Ito9. National Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 5—Continued DISTRICT NO. 5—Continued MARYLAND—continued VIRGINIA—continued Hagerstown: Covington: Nicodemus National Bank 1 to 9. Citizens National Bank Ito9. Second National Bank Ito9. Covington National Bank Ito4. Pocomoke City: Citizens National 1 to 9. Culpeper: Second National Bank Ito9. Ri - s D in an g K S . un: National Bank of Rising 1 to 9. Tu^ Qa nT A » v T m irnill e e a r . ' ican National Bank & Trust 1 to 9. Sun. Rockville: Montgomery County Na- Ito3. First National Bank Ito9. Salisbury: Salisbury National Bank- Ito9. iliii iT*mT*1Tp C *\/*o*i i *rr t *li i O z a . e . ns National Bank Ito9. Snow Hill: First National Bank 1 to 9. First National Bank Ito9. Towson: Towson National Bank 1 to 9. Fairfax: National Bank of Fairfax. _. Ito9. Westminster: Farmville: Farmers & Mechanics National Ito9. First National Bank. 1 to 9. Bank. Peoples National Bank Ito9. First National Bank 1 to 9. Fredericksburg: Planters National Ito9. Williamsport: Washington County Ito9. Bank in Fredericksburg. National Bank. Hampton: Merchants National Ito9. Bank NORTH CAROLINA Harrisonburg: First National Bank Ito9. Asheboro: First National Bank Ito9. National Bank of Harrisonburg-- 1 to 9. Asheville: First National Bank & 1 to 9. Rockingham National Bank Ito9. Trust Co. in Asheville. Leesburg: Charlotte: Loudoun National Bank Ito9. Charlotte National Bank Ito9. Peoples National Bank 1 to 9. Commercial National Bank 1 to 9. Lexington: Union National Bank 1 to 9. First National Bank 1 to 9. Concord: Concord National Bank. 1 to 9. Peoples National Bank Ito9. Elizabeth City: First & Citizens 1 to 9. Rockbridge National Bank 1 to 9. National Bank. Lovingston: First National Bank of Ito9. Gastonia: First National Bank Ito9. Nelson County. Graham: National Bank of Ala- Ito9. Lynchburg: mance. First National Bank Ito9. Greensboro: Security National Bank. 1 to 9. Lynchburg National Bank & Ito9. Lenoir: Union National Bank 1 to 9. Trust Co. Lumberton: National Bank of Lum- Ito9. Marion: Marion National Bank 1 to 9. berton. Marshall: Marshall National Bank 1 to 9. Mooresville: First National Bank 1 to 9. & Trust Co. Morganton: First National Bank 1 to 9. Martinsville: First National Bank.__ 1 to 9. Mount Airy: First National Bank... Ito9. Narrows: First National Bank Ito9. Reidsville: First National Bank Ito9. Newport News: First National Bank- Ito9. Rocky Mount: Planters National 1 to 9. Norfolk: Bank & Trust Co. National Bank of Commerce Ito9. Salisbury: First National Bank Ito9. Seaboard Citizens National Bank Ito9. Thomasville: First National Bank__ 1 to 9. Norton: First National Bank Ito9. Wadesboro: First National Bank Ito9. Orange: Citizens National Bank Ito9. SOUTH CAROLINA National Bank of Orange Ito9. Petersburg: Citizens National Bank_ Ito9. Anderson: Carolina National Bank.. 1 to 9. Phoebus: Old Point National Bank- Ito9. Camden: First National Bank 1 to 9. Portsmouth: American National 1. Charleston: South Carolina National 1 to 9. Bank. Pulaski' ."DRaann itt Ito9. Peoples National B ank Ito9. GChafefsnteeyr:: PMeoeprclehsa nNtsa t&ion Palla Bntaenrks Na- Ito9. Pulaski National Bank 1 to 9. tional Bank. Radford: First and Merchants Na- Ito9. Greenville: tional Bank. First National Bank 1 to 9. Richmond: Peoples National Bank Ito9. Central National Bank 1 to 9. Holly Hill: First National Bank 1 to 3, 5 to 9. First & Merchants National Ito9. Rock Hill: Peoples National Bank.. 1 to 9. Bank. Sumter: National Bank of South Ito9. Roanoke: Carolina. Colonial American National VrRCTNT A Bank 1 to 9. V JLxiVjlXN 1A First National Exchange Bank.. Ito9. Abingdon: First National Bank. Ito9. Rockymount: Peoples National Ito9. Alexandria: Alexandria National Bank... _ Ito9. Salem: Farmers National Bank Ito9. Citizens National Bank 1 to 9. Stanley: Farmers & Merchants Na- Ito9. First National Bank Ito9. tional Bank. Appalachia: First National Bank 1. Staunton: Bedford: Peoples National Bank Ito9. Augusta National Bank ..__ 1 to 9. Blackstone: First National Bank 1 to 9. National Va ley Bank Ito9. Bristol: Dominion National Bank... 1 to 9. Staunton National Bank & Trust Ito9. Charlottesville: Co. National Bank & Trust Co. at Ito9. Strasburg: Charlottesville. First National Bank Ito9. Peoples National Bank 1 to 9. Massanutten National Bank Ito9. Clifton Forge: First National Bank- 1 to 6 and 9. Suffolk: National Bank of Suffolk... Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 247 Powers Powers granted granted DISTRICT NO. 5— Continued DISTRICT NO. 6—Continued VIRGINIA—continued ALABAMA—continued Warrenton: Fauquier National 1 to 9. Talladega: W B ay a n n e k s . boro: First National Bank_. 1 to 9. Isbell National Bank 1 a to n d 3 , 9 5 . to 7 Winchester: Talladega National Bank Ito9. Farmers & Merchants National 1 to 9. Troy: First Farmers & Merchants 1 to 7 and 0. Bank & Trust Co. National Bank. Shenandoah Valley National Ito9. Tuscaloosa: Bank. City National Bank Ito8. Wytheville: First National Farmers 1 to 9. First National Bank Ito8. Bank. Wetumpka: First National Bank Ito9. WEST VIRGINIA FLORIDA (See also district no. 4) Bradenton: First National Bank 1 to 4. Beckley: Beckley National Bank 1 to 9. Daytona Beach: First Atlantic Na- Ito9. Bluefleld: tional Bank. First National Bank 1 to 9. De Funiak Springs: First National Ito8. Flat Top National Bank Ito9. Bank. Charleston: Jacksonville: Charleston National Bank-__ Ito9. Atlantic National Bank 1 to 9. National Bank of Commerce 1 to 9. Barnett National Bank.. Ito9. Clarksburg: Florida National Bank Ito9. Empire National Bank 1 to 9. Lake City: First National Bank Ito9. Merchants National Bank 1 to 9. Miami: Union National Bank 1 to 9. First National Bank Ito9. Grafton: First National Bank 1 to 9. Florida National Bank & Trust Ito9. Huntington: First Huntington Na- Ito9. Co. at Miami. tional Bank. Miami Beach: Miami Beach First Ito9. Madison: Boone National Bank 1 to 4. National Bank. Martinsburg: Old National Bank—. 1 to 9. Ocala: Munroe & Chambliss Na- 1 to 9. Montgomery: Montgomery National 1 to 9. tional Bank. Bank. Orlando: First National Bank at Ito9. Moorefield: South Branch Valley 1 to 3, 5 to 9. Orlando. National Bank. Palm Beach: First National Bank Ito9. Parkersburg: Parkersburg National Ito9. in Palm Beach. Bank. Pensacola: Citizens & Peoples Na- Ito9. St. Marys: First National Bank 1 to 9. tional Bank. Welch: McDowell County National 1 to 9. St. Augustine: St. Augustine Na- 1 to 9. Bank in Welch. tional Bank. Williamson: Sanford: Sanford Atlantic National Ito9. First National Bank 1 to 9. Bank. National Bank of Commerce 1 to 9. Sarasota: Palmer National Bank & 1 to 3, 5 to 7 Trust Co. and 9. DISTRICT NO. 6 Tampa: Exchange National Bank Ito9. ALABAMA First National Bank 1 to 8. Winter Haven: Exchange National Ito9. Albertville: Albertville National Ito9. Bank. Bank. GEORGIA Anniston: Anniston National Bank 1 to 7 and 9. Albany: City National Bank Ito9. Commercial National Bank 1 to 5, 7, and Athens: National Bank of Athens Ito4. 9. Atlanta: First National Bank ^ 1 to 8. First National Bank Ito9. Birmingham: First National Bank. 1 to 9. Fulton National Bank 1 to 9. Cullman: Leeth National Bank 1 to 4. Augusta: National Exchange Bank__ 1 to 9. Decatur: Morgan County National 1,2,3, and 5. Barnesville: First National Bank 1 to 8. Bank. Brunswick: National Bank of Ito9. Dothan: First National Bank 1 to 8. Brunswick. Fayette: First National Bank 1 to 9. Cartersville: First National Bank... Ito9. Florence: First National Bank 1 to 8. Columbus: Fort Payne: First National Bank__. 1. First National Bank Ito9. Greenville: First National Bank Ito9. Fourth National Bank 1 to 9. Mobile: Dalton: First National Bank 1 to 5. American National Bank & 1 to 9. La Grange: La Grange National 1 to 8. Trust Co. Bank. First National Bank 1 to 9. Louisville: First National Bank Ito9. Merchants National Bank Ito9. Macon: First National Bank & 1 to 9. Montgomery: Trust Co. Alabama National Bank Ito9. Moultrie: Moultrie National Bank.. 1 to 9. First National Bank 1 to 9. Quitman: Peoples-First National Ito8. Oneonta: First National Bank 1 to 3, 5 to 9. Bank. Opelika: Rome: Farmers National Bank Ito9. First National Bank Ito9. First National Bank Ito7. National City Bank... Ito9. Opp: First National Bank Ito9. Savannah: S P e ie lm dm a: o C nt i : t y F N irs a t t i N on a a ti l o B na a l n k Bank I It t o o 8 3 . . Ci B ti a ze n n k s . & Southern National Ito9. Sylacauga: Merchants & Planters 1 to 9. Liberty National Bank & Trust Ito9. National Bank. Co. 129288—35 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 6—Continued DISTRICT NO. 7—Continued LOUISIANA ILLINOIS—continued (See also district no. 11) Bata B v a ia ta : via National Bank 1 to 9. B G a re to t L C n n o i a t u R : y i o s N i u F a g i a n r e t a s i : o t N na a N l t i a o B t n i a o a n n l k a B l an B k a . n . k of 1 1 1 t t t o o o 9 9 9 . . . B B C l e h u l a v e F r i l d I i e r s e s s l t r a t o e n n : N d : S a : t e i F c o C o i n r n h a s d a t l r N l N B e a s a a t t n t o i i o k o n n n a a l l N B B a a a t n i n o k k na _ l _ 1 1 1 1 , t t t o o o 2 8 9 9 , . . . 3, 5, Jefferson Parish at Gretna. Bank. and 8. La Fayette: First National Bank 1 to 9. Chicago: Lake Charles: First National Bank__ Ito9. American National Bank & 1 to 9. New H O i O b r e r l l e r e n a a n i n a s s : N . ational Bank in New Ito9. C Co i T B t n y r a t u n i N n s k t e a n C t & i t o o a T n l . a ru l I s B l t l a i C n n o o k i . s & N Tr a u ti s o t n C al o 1 It t o o 9 . 9. W Na h ti i o tn n e a y l B N a a n ti k o n o a f l C B o a m nk merce 1 1 t t o o 9 9 . . Co T n r t u in st e n C t o al . National Bank & 1 to 9. First National Bank 1 to 9. MISSISSIPPI First National Bank of Engle- 1 to 4. wood. (See also district no. 8) Lawndale National Bank 1 to 9. Liberty National Bank 1 to 9. Biloxi: First National Bank 1 to 5. Live Stock National Bank 1 to 9. Canton: First National Bank 1 to 4. Mutual National Bank 1 to 9. Hattiesburg: First National Bank__. 1 to 9. National Builders Bank 1 to 9. Jackson: Terminal National Bank 1 to 9. Capital National Bank in Jack- Ito9. Chillicothe: First National Bank 1 to 9. son. Cicero: First National Bank 1, 2, 3, 5, Jackson State National Bank 1 to 7 and 9. and 8. Laurel: Danville: Commercial National Bank & Ito9. First National Bank 1 to 9. Trust Co. Palmer American National Bank.. 1 to 9. First National Bank 1 to 9. Second National Bank 1 to 8. McComb City: First National Bank. 1 to 3 and 5. Decatur: Meridian: Citizens National Bank... 1 to 9. Citizens National Bank 1 to 9. Vicksburg: National Bank of Decatur.. 1 to 9. First National Bank & Trust Co. ] to 9. Des Plaines: First National Bank 1 to 9. Merchants National Bank & Ito9. Dixon: Dixon National Bank 1 to 9, Trust Co. Dundee: First National Bank _. 1 to 9. Yazoo City: Delta National Bank... Ito9. Elgin: First National Bank 1 to 9. El Paso: Woodford County Na- 1 to 9. TENNESSEE Ev ti a o n n s a t l o n B : a n F k ir . st National Bank & Ito9. Trust Co. (See also district no. 8) Galesburp: First Gale?burg National 1 to 9. Bank & Trust Co. Chattanooga: Havana: Havana National Bank 1 to 9. Commercial National Bank 1 to 9. Kankakee: City National Bank 1 to 4 Hamilton National Bank 1 to 9. Knoxville: Farmers National Bank_. 1 to 9. Clarksville: First National Bank 1. Lake Forest: First National Bank... 1 to 9. Copperhill: First National Bank of 1 to 3, 5 to 8. La Salle: La Salle National Bank 1 to 9. Polk County. & i rust oo. Decherd: First National Bank of 1, 3 to 9. Macomb: Union National Bank 1 to 9. Franklin County. Mattoon: National Bankof Mattoon. 1 to 9. Gallatin: First & Peoples National 1 to 9. Moline: Moline National Bank _ . 1 to 9. Bank. Monticello: National Bank of Mon- 1 to 9. Greeneville: First National Bank Ito9. ticello. Kingsport: First National Bank ___ 1 to 7 and 9. Ottawa: First National Bank 1 to 9. Knoxville: Paris: Hamilton National Bank 1 to 9. Citizens National Bank 1 to 9. Park National Bank 1 to 9. Edgar Countv National Bank.. 1 to 9. Lewisburg: First National Bank 1 to 8. Pekin: American National Bank 1 to 9. Nashville: Peoria: American National Bank 1 to 9. Central National Bank & Trust 1 to 9. Broadway National Bank 1 to 7 and 9. Co. Third National Bank 1 to 9. Commercial Merchants National 1 to 9. Shelbyville: Peoples National Bank_ 1 to 3, 5 to 9. Bank & Trust Co. South Pittsburg: First National 1 to 9. First National Bank 1 to 9. Bank. Princeton: Citizens National Bank.. 1 to 3, 5 to 8. Springfield: First National Bank 2, 3, 5 to 7, Rock ford: and 9. Illinois National Bank & Trust Ito9. Tullahoma: Traders National Bank. 1 to 9. Co. Winchester: Farmers National Bank. 1 to 3, 5 to 9. Swedish-American National 1 to 9. Bank. DISTRICT NO. 7 Third National Bank Ito9. St. Charles: St. Charles National 1 tc>9. Bank. ILLINOIS Springfield: First National Bank 1 to 9. (See also district no. 8) Illinois National Bank 1 to 9. Streator: Union National Bank 1 to 9. Aurora: Sycamore: National Bank & Trust 1 to 9. Merchants National Bank 1 to 9. Co. Digitized for FROAldS SEeRco nd National Bank 1 to 9. Waukegan: First National Bank 1 to 9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

249 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued INDIANA INDIANA—continued (See also district no. 8) South Bend: Merchants National 1 to 9. Bank. Albion: Albion National Bank 2, 3, 5, and 8. Terre Haute: Attica: Central National Bank & 1 to 9. Merchants National Bank _ 1, 2, 3, 5, and Trust Co. Auburn: City National Bank 1 to 9. Terre Haute First National 1 t 8 o . 9. Aurora: First National Bank 1 to 9. Bank. Batesville: First National Bank 1 to 9. Thorntown: Home National Bank... 1 to 8. Bloomington: Tipton: Citizens National Bank 1 to 9. Bloomington National Bank ] to 9. First National Bank 1 to 7 and 9. Wabash: First National Bank in Wa- 1 to 9. BlufTton: Old First National Bank.. 1 to 9. bash. Brazil: Riddell National Bank 1 to 9. IOWA urooKvuie. Franklin County National Bank. 1 to 4. Akron: First National Bank. . 1 to 9. National Brookville Bank 1 to 9. Arlington: American National Bank. 1 to 3. Cloverdale: First National Bank 1 to 9. Aurelia: First National Bank 1 to 9. C C r o a l w um fo b rd u s s v : il F le ir : st National Bank 1 to 9. Boone: Citizens National Bank_._ __". 1 to 3 and 8. Citizens National Bank 1 to 4. Cedar Rapids: Merchants National 1 to 4. First National Bank 1 to 9. Bank. Dana: First National Bank 1 to 3. Charles City: Danville: First National Bank 1 to 9. Citizens National Bank ._ 1 to 9. Dver: First National Bank . 1 to 4. Commercial National Bank. _ 1 to 9. East Chicago: Charter Oak: First National Bank... 1, 2, 3, and 5 First National Bank in East 1 to 9. Clinton: City National Bank 1 to 9. Chicago. Columbus Junction: Louisa County 1, 2,3, and 5. Union National Bank of Indiana 1 to 9. National Bank. Harbor at East Chicago. Council Bluffs: City National Bank.. 1 to 8. Elkhart: First National Bank 1 to 9. Creston: First National Bank 1 to 9. Elwood: First National Bank 1 to 8. Des Moines: Fort Wayne: Central National Bank & Trust 1 to 9. Fort Wa\ne National Bank.l.. 1 to 9. Co. Lincoln National Bank & Trust 1 to 9. Iowa-Des Moines National Bank 1 to 9. Co. & Trust Co. Franklin: Johnson County National 1, 2, 3, 5, Dubuque: First National Bank \ to 9. Bank. and 8. Dysart: Dvsart National Bank__ 1 to 9. Goshen: lirst National Bank 1 to 3, 5 and Eldon: First National Bank 1 to 9. 7. Fair field: First National Bank in 1 to 9. Indianapolis: Fairfield. American National Bank 1 to-9. Fonda: First National Bank 1 to 4. Indiana National Bank.. 1 to 9. Fort Dodge: Fort Dodge National Ito8. Merchants National Bank 1 to 9. Bank. Knightstown: Citizens National 1 to 3, 5 to 7, Gladbrook: First National Bank 1 to 9. Bank. and 9. Grinnell: Poweshiek County Na- I to 9. La Fayette: First-Merchants Na- 1 to 8. tional Bank. tional Bank. Harlan: Harlan National Bank_. 1 to 8. La Porte: First National Bank & 1 to 9. Iowa City: First Capital National 1 to 9. Trust Co. Bank. Liberty: Union County National 1 to 3. Keokuk: Keokuk National Bank 1 to 9. Bank. Knoxville: Community National 1 to 9. Logansport: National Bank of Lo- 1 to 9. Bank & Trust Co. gansport. Mason City: First National Bank 1 to 9. Lowell: Lowell National Bank 1 to 8. Newell: First National Bank _. 1 to 9. Marion: Newton: Newton National Bank 1 to 9. First National Bank in Marion.._ 1 to 9. Oelwein: First National Bank _ Ito7. Marion National Bank 1 to 9. Orange City: Orange City National 1 to 9. Michigan City: Bank. First National Bank 1 to 9. Paullina: First National Bank 1 to 7 and 9. Merchants National Bank 1 to 9. Perry: First National Bank.. . ... 1 to 9. Mishawaka: First National Bank 1 to 9. Peterson: First National Bank.. 1 to 4. Monterey: First National Bank 1 to 3, 5 to 9. Primghar: First National Bank.. 1 to 9. New Carlisle: First National Bank.. 1 to 9. Red Oak: First National Bank 1 to 9. Noblesville: American National Ito9. Remsen: First National Bank. __ _. 1 to 8. Bank. Rippey: First National Bank.. _ __1,2, 3, 5 to 8. Plainfleld: First National Bank & Ito9. Sibley: First National Bank Ito3. Trust Co. Sioux City: Remington: Farmers National Bank. 1 to 3, 5 to 8. First National Bank in Sioux Ito9. Richmond: City. First National Bank Ito9. Live Stock National Bank__ Ito9. Second National Bank.. 1 to 9. Security National Bank 1 to 9. Rochester: First National Bank 1 to 5, 7, and Toy National Bank 1 to 9. 9. Spencer: Clay County National 1 to 9. Rockville: Rockville National Bank__ 1 to 9. Bank. Rushville: Storm Lake: Citizens First National 1 to 9. Rush County National Bank 1 to 4. Bank. Rushville National Bank 1 to 4. Thornton: First National Bank 1 to 9. Shelhyville: Waverly: First National Bank 1 to 4. Farmers National Bank Ito9. Webster City: Farmers National Ito9. Shelby National Bank 1 to 9. 1 Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 8—Continued ARKANSAS—continued (See also district no. 9) Fordyce: Firs tNational Bank Ito9. Forrest City: National Bank of East- 1 to 9. Ann Arbor: First National Bank & 1 to 9. ern Arkansas. Trust Co. Fort Smith: Battle Creek: City National Bank & Ito8. City National Bank 1 to 9. Trust Co. First National Bank 1 to 9. Charlotte: First National Bank 2, 3, 5, and 8. Merchants National Bank 1 to 9. Co ti l o d n w a a l t B er a : n S k o . uthern Michigan Na- 1 to 9. Ho B t ank S . prings: Arkansas National 1 to 9. Detroit: Little Rock: Manufacturers National Bank. _ Ito9. Commercial National Bank 1 to 9. National Bank of Detroit 1 to 9. Peoples National Bank 1 to 9. Flint: National Bank of Flint 1, 2, 3, 5, and Union National Bank 1 to 9. Jackson: National Bank of Jackson__ 1 t 8 o . 9. N Pi e n w e p B o l r u t f : f : F S ir i s m t m N o a n ti s o N na a l t i B on an al k Bank 1 1 t t o o 8 9 . . Kalamazoo: First National Bank & 1 to 9. Texarkana: State National Bank 1 to 9. Trust Co. Lapeer: First National Bank 2,3, 5, and 8. Monroe: First National Bank 1 to 9. ILLINOIS M B us a k n e k g . on: Hackley Union National Ito9. (See also district no. 7) P P e o t r o t s H ke u y r : o n F : ir F s i t rs N t a N ti a o t n io al n a B l a T n r k ust & 1 1 t t o o 9 4 . . Al C to o n . : i n F i A rs l t t o N n. ational Bank & Trust 1 to 9. Savings Bank. Belleville: Quincy: First National Bank 2, 3, 5, and 8. Belleville National Bank 1 to 9. St. Johns: St. Johns National Bank., 2, 3, 5, and 8. First National Bank 1 to 9. ^aginaw: Second National Bank & 1 to 8. St. Clair National Bank 1 to 9. Trust Co. Benld: First National Bank of Benld. 1 to 3, 5 to 8. Union City: Union City National 2, 3, 5, and 8. Bridgeport: First National Bank 1 to 9. Bank. Bunker Hill: First National Bank___ 1 to 9. WISCONSIN Carlinville: Carlinville National 1 to 9. Bank. (See also district no. 9) Carmi: National Bank of Carmi 1 to 9. Beaver Dam: Centralia: Old National Bank 1 to 9. American National Bank _. 1 to 9. East St. Louis: Southern Illinois Na- 1 to 9. Old National Bank 1 to 9. tional Bank. Beloit: Second National Bank 1 to 9. Edw^ardsville: Edwardsville Nation- 1 to 3, 5 to 7. Berlin: First National Bank 1 to 9. al Bank & Trust Co. and 9. Fond du Lac: Effingham: First National Bank 1 to 9. First Fond du Lac National Bank. 1 to 8. Highland: First National Bank 1 to 9. National Exchange Bank 1, 2, 3, 5, and Jonesboro: First National B ank 1 to 9. Green Bay: Kellogg Citizens Na- 1 8 to . 9. L M e a b s a c n o o u n ta : h F : ir F s i t r s N t a N ti a o t n i a o l n a B l a B nk ank in 1 1 t t o o 9 9 . . tional Bank. Mascoutah. Hartford: First National Bank 1 to 7 and 9. Metropolis: City National Bank 1 to 4. Tanesville: First National Bank 1 to 9. Millstadt: First National Bank 1 to 9. Lake Geneva: First National Bonk.. 1 to 9. Murphysboro: First National Bank. 1 to 8. Manitowoc: First National Bank in 1 to 9. Nashville: Manitowoc. Farmers & Merchants National 1 to 9. Marinette: First National Bank 1 to 9. Bank. Menasha: First National Bank 1 ond 4. First National Bank 1 to 9. Milwaukee. Marine National Ex- 1 to 9. National Stock Yards: National 1 to 9. change Bank Stock Yards National Bank of Na- Monroe: First National Bank 1 to 9. tional City. Neenah: O'Fallon: First National Bank 1 to 9. First National Bank 1 to 9. Pittsfleld: First National Bank 1 to 9. National Manufacturers Bank... 1 to 3. Sparta: First National Bank 1 to 3, 5 to 7. Plattoville: First National Bank 1 to 9. Vandalia: First National Bank 1 to 8. Racine: First National Bank & 1 to 9. Trust Co. INDIANA Ripon: First National Bank 1 to 9. Sheboygan: Security National Bank. 1 to 9. (See also district no. 7) Sparta: Farmers National Bank 1 to 9. Stevens Point: Bedford: Bedford National Bank I to 3, 5 to 9. Citizens National Bank.. 1 to 9. Bicknell: First National Bank 1 to 9. First National Bank 1 toS. Boonville: First National Bank 1 to 9. Waukesha: Waukesha National Bank. 1 to 8. Brownstown: First National Bank.. 1 to 3, 5 to 7, Waupun: National Bank of Waupun. 1 to 9. and 9. West Bend: First National Bank 1 to 9. .Cannelton: First Cannelton Na- 1 to 3, 5 to 8. Wisconsin Rapids: First National 1 to 9. tional Bank. Bank. Evansville: National City Bank 1 to 9. DISTRICT NO. 8 Old National Bank 1 to 9. Fort Branch: Farmers & Merchants 1 to 9. National Bank. Madison: First National Bank 1 to 9. El Dorado: First National Bank 1 to 9. Mitchell: First National Bank 1 to 5. Fayetteville: First National Bank... 1 to 9. Petersburg: First National Bank 2, 3, and 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

251 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 8—Continued DISTRICT NO. 8—Continued INDIANA—continued MISSOURI—continued Princeton: Farmers National Bank._ 1 to 3, 5 to 7, Unionville: Marshall National Bank 1 to 3, 5 to 7. and 9. Warrensburg: Peoples National 1 and 4. Seymour: Seymour National Bank. Ito9. Bank. TENNESSEE Tell City: Citizens National Bank 1 to 7 and 9. (See also district no. 6) Vev T ay e : l l F C ir i s ty t N N a a t t i i o o n n a a l l B B a a n n k k I 1 t t o o 9 9 . . Dy B e a r n sb k u . rg: First-Citizens National 1 to 9. Vincennes: American National Bank. 1 to 9. Jackson: W W a a s d P h e e i s n o v g p il l t l e o e s n : : N F a a t r i m on e a rs l N B a an ti k o n & al T B r a u n s k t . I 1 t t o o 9 9 . . Mem N F p i a r h t s i i t o s : n N a a l t i B on an al k B o a f n C k ommerce 1 1 . to 9. Co. First National Bank 1 to 9. Washington National Bank Ito9. National Bank of Commerce in 1 to 9. KENTUCKY Alemphis. Union-Planters National Bank & 1 to 9. (See also district no. 4) Trust Co. Bowling Green—American National 1 and 4. Union City: Old National Bank 1 to 9. Bank. Carrollton: First National Bank 1 to 9. DISTRICT NO. 9 Clay: Farmers National Bank Ito9. MICHIGAN Columbia: First National Bank & 1 to 3,5 to 8. Trust Co. (See also district no. 7) Danville: Hancock: National Metals Bank 1 to 9. Citizens National Bank Ito9. Houghton: Houghton National Bank. 1 to 9. Farmers National Bank 1 to 8. Ironwood: Gogebic National Bank-. 2, 3, 5, and 8. Elizabethtown: First-Hardin Na- Ito9. Lake Linden: First National Brink.. 2, 3,5, and 8. tional Bank. Marquette: Frankfort: State National Bank 1 to 9. First National Bank & Trust Co. 1 to 9. Lawrenceburg: Union National Bank 1 to 9. Anderson National Bank 1 to 3, 5 to 9. Menominee: Lawrenceburg National Bank__. Ito8: First National Bank 1 to 9. Lebanon: Lumbermen's National Bank 2, 3, 5, and 8. Citizens National Bank 1 to 9. Munising: First National Bank of 2, 3, 5, and 8. Farmers National Bank Ito9. Alger County. Marion National Bank 1 to 6 and 8. Negaunee: First National Bank 2, 3,5, and 8. Louisville: Citizens Union National Bank... Ito9. MINNESOTA First National Bank 1 to 9. Albert Lea: Madisonville: Farmers National 1 to 9. First National Bank Ito8. Bank. Freeborn County National 1 to 9. Mayfield: First National Bank 1 to 9. Bank. Morganfield: Morganfield National Ito9. Bemidji: First National Bank 1 to 9. Bank. Blooming Prairie: First National 1,2, 3, and5. Paducah: Peoples National Bank.... Ito9. Bank. Princeton: Chatfield: First National Bank 1 to 5. Farmers National Bank 1 to 9. Duluth: First National Bank 1 to 3, 5 to 9. F C i i r t s y t N & a A tio m n e a r l i c B an a n N k ational Bank- 1 1 t t o o 9 9 . . MISSISSIPPI Minnesota National Bank 1 to 9. (See also district no. 6) Northern National Bank 1 to 9. Eveleth: First National Bank 1 to 3, 5 to 9. Columbus: First Columbus National 1 to 9. Fairmont: Bank. First National Bank 1 to 9. Greenville: First National Bank Ito4. Martin County National Bank.. 1 to 9. West Point: First National Bank 1 to 9. Faribault: Security National Bank 1 to 9. & Trust Co. MISSOURI Fergus Falls: (See also district no. 10) Fergus Falls National Bank & 1 to 8. Carrollton: First National Bank Ito8. Trust Co. Columbia: First National Bank Ito9. Boone County National Bank... Ito9. Hastings: First National Bank Ito9. Exchange National Bank Ito8. Little Falls: First National Bank.... 1, 2, 3, 5, 6, Hannibal: Hannibal National Bank. _ Ito9. 8, and 9. Jefferson City: Exchange National Ito9. Minneapolis: Bank. First National Bank & Trust Co. 1 to 9. Kirksville: Citizens National Bank.. 1 to 8. Marquette National Bank Ito9. Luxemburg: Lafayette National 1 to 9. Midland National Bank & Trust 1 to 9. Bank & Trust Co. Co. Monett: First National Bank 1 to 9. Northwestern National Bank & 1 to 9. Pierce City: First National Bank Ito9. Trust Co. St. Charles: First National Bank Ito9. Northfield: Northfield National Ito9. St. Louis: Bank & Trust Co. Boatmen's National Bank Ito9. Owatonna: First National Bank 1 to 9. First National Bank 1 to 4. Proctor: First National Bank 1 to 9. Mercantile Commerce National Ito9. Red Wing: Bank in St. Louis. First National Bank 1 to 9. Security National Bank, Savings Ito9. Goodhue County National Bank- 1 to 9. & Trust Co. Red Wing National Bank & 1 to 9. South Side National Bank in St. Ito9. Trust Co. Louis. St. Paul: Sedalia: Third National Bank 1 to 3, 5 to 7« American National Bank Ito9. Springfield: Union National Bank.__ 1 to 9. Empire National Bank & Trust 1 to 9. Digitized foTr rFeRntAonS: ETRre nton National Bank 1 to 9. Co. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 9—Continued DISTRICT NO. 9—Continued MINNESOTA—continued SOUTH DAKOTA—continued St. Paul—Continued. Sioux Falls: First National Bank 1 to 9. Citizens National Bank & Trust 1 to 9. Midway National Bank _- 1 to 9. Co. Twin Cities National Bank - 1 to 9. First National Bank & Trust Co~ 1 to 8. St. Peter: First National Bank 1 to 8. Security National Bank & Trust 1 to 9. Spring Valley: First National Bank. _ 1 to 9. Co. T St r i u ll m w a a n te : r: T r F u ir m st a n N a N t a io ti n o a n l a B l a B nk ank... 1 lt o to 9 9 . . WBataenrkto.wn: First Citizens National lto 9. Virginia: American Exchange Na- 1 to 3, 5 to 8. Yankton: First Dakota National 1 to 9. tional Bank. Bank & Trust Co. Waseca: Farmers National Bank 1 to 9. IITTOPAHTOTV Windom: First National Bank 1 to 9. WISCONSIN Winona: (See also district no. 7) W Fir in st o n N a a tio N n a a t l i o B n a al n k & Savings 1 1 t t o o 9 9 . . B C a h r i r p o p n e : w F a ir F s a t l N ls: ational Bank 1 to 3. Bank. First National Bank 1 to 9. Lumbermens National Bank 1 to 9. MONTANA Eau Claire: Billi M ng i s d : land National Bank 1 to 9. Am T e ru ri s c t a C n o. National Bank & 1 to 9. Bo B z a e M n m k o a : n n t : a n C a o N m a m ti e o r n c a ia l l B N an a k t _ i o . n al 1 1 t t o o 4 9 . . Men U o n m i o o n n ie N : a F ti i o rs n t a l N B at a io nk n al B _ ank 1 1 t t o o 9 9 . . Dillon: First National Bank 1 to 7 and 9. Supe F r i i r o s r t : National Bank _ 1 to 7. Great Falls: National Bank of Commerce 1 to 9. First National Bank lto 9. Great Falls National Bank 1 to 4. DISTRICT NO. 10 Helena: First National Bank & 1 to 7 and 9. Trust Co. COLORADO Kalispell: First National Bank 1 to 4. Lewistown: National Bank of Lewis- 1 to 9. Boulder: National State Bank lto 9. town. Brush: First National Bank, lto 3, 5toS Livingston: National Park Bank in 1 to 9. Canon City: Livingston. First National Bank 1 to 9. Miles City: First National Bank 1 to 9. Fremont County National Bank- 1 to 4. Missoula: Center: First National Bank 1 to 4. First National Bank 1 to 7 and 9. Colorado Springs: Western Montana National 1 to 8. Colorado Springs National Bank_ 1 to 9. Bank. Exchange National Bank_ _ ___ 1 to 9. First National Bank 1 to 9. NORTH DAKOTA Denver: American National Bank. __ _ 1 to 7. Bismarck: Colorado National Bank . 1 to 9. Dakota National Bank & Trust 1 to 9. Denver National Bank. ___ __ 1 to 9. Co. First National Bank 1 to 9. First National Bank 1 and 9. United States National Bank lto 9. Dickinson: First National Bank 1 to 9. Durango: Burns National Bank 1 to 7. Ellendale: First National Bank - 1 to 4. Eagle: First National Bank of Eagle 1 to 4. Fargo: County. First National Bank & Trust Co. 1 to 9. Englewood: First National Bank 1 to 4. Merchants National Bank & 1 to 9. Florence: First National Bank _ _ 1 to 9. Trust Co. Fort Collins: Poudre Valley National 1 to 7 and 9 Grafton: Grafton National Bank 1 to 9. Bank. Grand Forks: First National Bank 1 to 9. Fort Morgan: First National Bank__ lto 4. in Grand Forks. Glen wood Springs; First National 1 to 3, 5 to 7 Jamestown: Bank. James River National Bank & 1 to 9. Grand Junction: First National Bank 1 to 9. Trust Co. in Grand Junction. National Bank lto 9. Greeley: Valley City: First National Bank 1 to 9. First National Bank 1 to 9. Greeley National Bank 1 to 9. SOUTH DAKOTA Gunnison: First National Bank 1 to 9. Hugo: First National Bank _ _ 1 to 3. Aberdeen: Las Animas: First National Bank lto 9. Aberdeen National Bank & 1 to 9. Longmont: Trust Co. First National Bank... _ 1 to 9. First National Bank & Trust Co 1 to 9. Longmont National Bank 1 to 9. Arlington: First National Bank 1 to 4. Montrose: Montrose National Bank 1 to 9. Brookings: Security National Bank.. 1 to 9. Ordway: First National Bank 1. Chamberlain: First National Bank 1 to 9. Walsenburg: First National Bank 1 to 9. & Trust Co. Windsor: First National Bank lto 4. Clear Lake: Deuel County National 1 to 9. Bank. KANSAS Deadwood: First National Bank 1 to 9. Anthony: Huron: National Bank of Huron___ _. 1 to 9. Citizens National Bank __ 1 to 8. Lake Norden: First National Bank lto 3, 5 to 8. First National Bank.- _ _ 1 to 4. & Trust Co. Arkansas City: Home National 1 to 9. Lead: First National Bank 1 to 9. Bank. Miller: First National Bank 1 to 9. Atchison: City National Bank 1 to 9. Rapid City: First National Bank... 1 to 7 and 9. Chanute: First National Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

253 FIDUCIARY POWEKS Powers Powers granted granted DISTRICT NO. 10—Continued DISTRICT NO. 10—Continued KANSAS—continued NEBRASKA—continued CofTey ville: Lincoln: Condon National Bank 1 to 3, 5 to 9. Continental National Bank Ito9. First National Bank 1 to 3 and 5. First National Bank 1 to 9. Dodge City: First National Bank 1 to 9. Lyons: First National Bank 1 to 9. Emporia: Nebraska City: Nebraska City Na- 1 to 9. Citizens National Bank 1 to 9. tional Bank. Commercial National Bank & Ito9. Omaha: Trust Co. First National Bank Ito9. Fort Scott: Citizens National Bank__ 1 to 7 and 9. Omaha National Bank 1 to 9. Horton: First National Bank 1 to 4. United States National Bank 1 to 9. Hutchinson: Ord: First National Bank in Ord__.. 1, 2, and 5. American National Bank Ito9. Pender: First National Bank 1 and 3 to 7. Exchange National Bank 1 to 8. Randolph: First National Bank 1 to 9. First National Bank 1 to 4. South Omaha: Stock Yards National 4. Jewel City: First National Bank 1 to 3. Bank. Kansas City: Security National Bank. 1 to 9. Utica: First National Bank 2 and 3. Larned: First National Bank in 1 to 3 and 5. Wahoo: First National Bank 1 to 3, 5 to 9. Larned. Wayne: First National Bank 1 to 9. Lawrence: First National Bank 1 to 8. NEW MEXICO Lawrence National Bank 1 to 8. Leavenworth: First National Bank__ 1. (See also district no. 11) Manhattan: First National Bank 1 to 9. Albuquerque: Union National Bank 1 to 9. Albuquerque National Trust & 1 to 9. Ottawa: Peoples National Bank 1 to 4. Savings Bank. Paola: Miami County National 1 to 9. First National Bank in Albu- 1 to 9. Bank. querque. Pratt: First National Bank 1 to 9. Farmington: First National Bank... 2 and 3. Salina: Raton: First National Bank in Raton 1 to 7. Farmers National Bank 1 to 5 and 8. Santa Fe: First National Bank 1 to 9. National Bank of America 1 to 9. Topeka: National Bank of Topeka 1 to 9. Troy: First National Bank 1 to 3. OKLAHOMA Wellington: First National Bank 1 to 9. Wichita: Ada: First National Bank 1 to 9. First National Bank 1 to 9. Anadarko: First National Bank 1 to 9. Fourth National Bank 1 to 9. Bar ties ville: Southwest National Bank 1 to 9. First National Bank 1 to 9. Union National Bank 1 to 9. Union National Bank 4. Winfield: Bristow: American National Bank__ 1 to 9. First National Bank 1 to 9. Broken Arrow: First National Bank 1 to 4, 6 to 9. Winfield National Bank 1 to 9. Cleveland: First National Bank 1 to 9. Dewey: First National Bank Ito9. Enid: MISSOURI Central National Bank 1 to 9. First National Bank 1 to 9. (See also district no. 8.) Guthrie: First National Bank 1 to 8. Holdenville: First National Bank__. 1 to 9. Cameron: First National Bank 1 to 3. Hominy: I C n a d r e t p h e a n g d e: e n C c e e n : t F ra i l r s N t a N ti a o ti n o a n l a B l a B n a k nk... I 1 t t o o 9 3 . . N Fi a r t s i t o n N a a l t i B o a n n a k l B o a f n C k o mmerce _ 1 1 t t o o 3 9 , . 5 to 9. Joplin: Joplin National Bank & 1 to 9. Hooker: First National Bank 1 to 3 and 5. Ka T n r s u a s s t C C i o t . y: Lawton: City National Bank 1 to 3, 5 to 7, D C Co i r t o l y u v m e N r b s a i t a N io a N n t a i a o l t i n B o a n a l a n B l k a B & n a k n T k rust Co. 1 1 1 t t t o o o 4 9 9 . . and 9. M M Mu c ia A s m k l o e i g : s t e e F e r i : : r s F t i N rs a t ti N o a n t a i l o n B a a l n B k ank I 1 t t a o o n 9 d 3 . , 9 5 . to 7. I F S n t i o t r e s c t r k s N y ta a a t r e t d i o s N n N a a t l a i t o B i n o a a n n l a k l B B an a k nk 1 I 1 t t t o o o 9 9 9 . . . Norm C Fi o a r m n st : m N e a r t c i i o a n l a N l a B ti a o n n k a l & B T a r n u k st Co. I 1 t t o o 8 9 . . Traders Gate City National Bank. 1 to 9. First National Bank.. Ito9. Un C io it n y . National Bank in Kansas 1 to 9. Security National Bank 1 to 9. Okemah: Neosho: First National Bank 1 to 9. First National Bank Ito8. Plattsburg: First National Bank 1 to 9. Okemah National Bank 1 to 9. St. Joseph: Oklahoma City: American National Bank Ito9. City National Bank & Trust Co. 1 to 9. Burns National Bank 1 to 4. Fidelity National Bank 1 to 9. Tootie-Lacey National Bank 1 to 8. First National Bank & Trust Co. Ito9. Liberty National Bank 1 to 9. NEBRASKA Tradesmens National Bank 1 to 7 and 9. Okmulgee: Central National Bank... 1 to 9. Belden: First National Bank 1 to 3, 5 to 9. Shawnee: Federal National Bank.... Ito9. Butte: First National Bank 1 to 3. Stillwater: David City: First National Bank.... 1 to 9. First National Bank Ito9. Emerson: First National Bank 1 to 8. Stillwater National Bank Ito9. Genoa: Genoa National Bank 1 to 9. Tulsa: Grand Island: First National Bank__ 1 to 9. First National Bank & Trust Co. 1 to 9. Holdredge: First National Bank 1 to 9. National Bank of Commerce 1 to 3, 5 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 ANNUAL REPORT OP THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 10—Continued DISTRICT NO. 11—Continued WYOMING TEXAS—continued Buffalo: First National Bank 1 to 4. Del Rio: Del Rio National Bank.... Ito9. Casper: Denison: Casper National Bank 1 to 5. Citizens National Bank 1 to 9. Wyoming National Bank 1 to 9. State National Bank Ito9. American National Bank. _ Ito9. El Paso National Bank Ito9. Stock Growers National Bank.__ 1 to 9. State National Bank 1 to 9. Cody: Floresville: First City National Bank. Ito9. First National Bank 1 to 9. Fort Worth: Shoshone National Bank 1 and 4. Continental National Bank.. 1 to 9. Evanston: First National Bank 1 to 3. First National Bank 1 to 9. Kemmerer: First National Bank 1 to 5. Fort Worth National Bank Ito9. Laramie: First National Bank 1 to 3. Galveston: Powell: First National Bank.. 1 to 8. City National Bank 1 to 9. Rawlins: First National Bank Ito9. First National Bank 1 to 9. Hutchings-Sealy National Bank. 1 to 9. Rawlins National Bank 1 to 9. United States National Bank 1 to 9. Rock Springs: Rock Springs Na- Granger: First National Bank 1 and 2. tional Bank. 1 to 9. Greenville: Greenville National Ex- 1 to 4. Sheridan: First National Bank 1 to 9. change Bank. Thermopolis: First National Bank__ 1 to 9. Houston: City National Bank 1 to 9. DISTRICT NO. 11 First National Bank in Houston. 1 to 9. National Bank of Commerce 1 to 7 and 9. ARIZONA San Jacinto National Bank Ito9. Second National Bank 1 to 7 and 9. (See also district no. 12) South Texas Commercial Na- Ito9. Nogales: First National Bank 1 to 8. State National Bank 1 to 9. Tucson: Consolidated National Bank. 1 to 4. Union National Bank.. 1 to 9. Italy: First National Bank. ... ... 1 to 9. LOUISIANA Kingsville: First National Bank Ito9. La Grange: First National Bank 1. (See also district no. 6) Longview: First National Bank 1 to 3, 5, Homer: Homer National Bank 1 to 8. McKinney: Collin County National 1 to 9. Shreveport: Commercial National Bank in__. Ito9. Marfa: Marfa National Bank.. 1 to 9. First National Bank 1 to 9. Marshall: First National Bank.._L 1 to 3 and 5. NEW MEXICO Marshall National Bank 1 to 5. Midland: Midland National Bank.. 1 to 9. (See also district no. 10) Orange: First National Bank in Orange 1 to 9. Roswell: First National Bank Ito3. Orange National Bank 1 to 9. Silver City: American National Bank. 2 and 3. Palestine: Royall National Bank 1 to 4. Paris: First National Bank 1 to 9. OKLAHOMA Port Arthur: Durant: Durant National Bank in 1 to 3, 5 to 8. First National Bank to 5. Durant. Merchants National Bank to 9. TEXAS San Angelo: Abilene: Central National Bank._ _ . __ ]Lto4. Farmers & Merchants National Ito9. First National Bank to 9. Bank. San Angelo National Bank L to 9. Albany: First National Bank 4. San Antonio: Amarillo: First National Bank 1 to 9. Alamo National Bank L to 9. Austin: Frost National Bank to 9. American National Bank 1 to 9. Groos National Bank to 9. Austin National Bank Ito9. National Bank of Commerce to 9. Bay City: First National Bank 1 and 4. Seguin: First National Bank to 9. Beaumont: Sherman: Merchants & Planters Na- to 9. American National Bank 1 to 9. tional Bank. First National Bank 1 to 9. Stanton: First National Bank.. to 3. Bonham: First National Bank 1 to 3, 5 to 7. Stephenville: Farmers-First National L to 9. Brady: Brady National Bank 1 to 3 and 5. Bank. Brenham: First National Bank 1 to 7 and 9. Teague: Teague National Bank 1 to 9. Brownsville: State National Bank... 1 to 9. Terrell: American National Bank 1 to 8. Cameron: Citizens National Bank... 1 to 9. Texarkana: Texarkana National Ito9. Childress: First National Bank Ito9. Bank. Colorado: City National Bank 1 to 4. Troup: First National Bank 1. Co ti r o p n u a s l C B h an ri k s . ti: Corpus Christi Na- Ito7. Tyle C r: itizens National Bank _ 1 to 9. Corsicana: First National Bank 1 to 9. Peoples National Bank.. 1 to 9. Dallas: Victoria: Victoria National Bank 1 to 4. First National Bank in . 1 to 9. Waco: National Bank of Commerce 1 to 9. Citizens National Bank 1 to 9. Republic National Bank & Trust 1 to 9. First National Bank ]Lto8. Co. Wichita Falls: First National Bank.. JL to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

255 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 12 DISTRICT NO. 12—Continued ALASKA OREGON—continued Fairbanks: First National Bank 1 to 9. Grants Pass: First National Bank of 1 to 3, 5 to 7 ARIZONA Southern Oregon. and 9. Phoenix: First National Bank _ 1 to 9. Harrisburg: First National Bank.. Ito3. Winslow: First National Bank.._ _. 1. Hood River: First National Bank... 1 to 9. Junction City: First National Bank.. 1 to 3, 5 to 7 CALIFORNIA and 9. Bakersfield: First National Bank 1 to 9. Klamath Falls: Beverly Hills: Beverly Hills Na- 1 to 9. American National Bank 1 to 8. tional Bank & Trust Co. First National Bank Ito9. Fu S l a le v r i t n o g n s : B F a i n rs k t . National Trust & 1 to 9. Mar C sh o f o ie s l d B : ay National Bank. _ _ .. Ito9. Long Beach: California First Na- 1 to 9. First National Bank of Coos Bay. 1 to 9. tional Bank Medford: First National Bank Ito9. Los Angeles: Newberg: United States National Ito9. Citizens National Trust & Sav- 1 to 9. Bank of Newberg. ings Bank. Portland: Farmers & Merchants National 1 to 9. First National Bank 1 to 9. Bank. United States National Bank 1 to 9. Seaboard National Bank 1 to 9. Security-First National Bank 1 to 9. UTAH M B ou a n n t k a . in View: First National 4. Logan: First National Bank Ito9. Orange: First National Bank 1 to 9. Ogden: First Security Bank of Utah, 1 to 9. Pasadena: Security National Bank.. 1 to 9. National Association. Pomona: First National Bank 1 to 3, 5 to 7. Price: First National Bank... 2, 3, 5 to 8. Redwood City: First National Bank 1 to 3, 5. 7, Salt Lake City: of San Mateo County. and 9. Continental National Bank & 1 to 7 and 9 Ri & ve S rs a i v d i e n : g s C B iti a z n e k n . s National Trust 1 to 9. Fi T rs r t u N st a C tio o n . al Bank 1 to 4. Sacramento: Capital National Bank._ 1 to 9. Salinas: Salinas National Bank _ _ 4. WASHINGTON San Bernardino: American National 1 to(). Bank. Bellinghain: San Diego: American National Bank 1 to 3 and 9 First National Trust & Savings 1 to 9. Bellingham National Bank 1 to 9. Bank. First National Bank 1 to 5 and 9 San Francisco: Northwestern National Bank Ito9. Anglo California National Bank__ 1 to 9. Burlington: First National Bank 1 to 7 and 9 Bank of America National Trust 1 to 9. Colfax: Farmers National Bank Ito5. & Savings Association. Dayton: Columbia National Bank__ 1 to 3. Bank of California, N. A 1 to 9. Ellensburg: Washington National Ito9. Crocker First National Bank 1 to 9. Bank. Pacific National Bank 1 to 9. Everett: Santa Ana: First National Bank. . 1 to 9. Security National Bank 1 to 9. Santa Barbara: First National Bank 1 to 9. County National Bank & Trust 1 to 9. Longview: First National Bank 1 to 9. Co. Mount Vernon: First National Bank. 1 to 9. First National Trust & Savings 1 to 9. Okanogan: First National Bank 1 to 9. Bank. Port Angeles: First National Bank.. 1 to 9. Stockton: First National Bank 1 to 9. Pullman: First National Bank 1 to 7. Ventura: Union National Bank _. _ 1 to 5. Seattle: Whittier: Whittier National Trust 1 to 9. First National Bank 1 to 9. & Savings Bank. National Bank of Commerce 1 to 9. Woodland: Bank of Woodland, N. A. 1 to 3, 7 to 9. Pacific National Bank 1 to 9. University National Bank Ito9. IDAHO Spokane: Boise: First National Bank of Idalio_ 1 to 5. First National Bank in Spokane- 1 to 9. Hagerman: First National Bank 1. Old National Bank & Union 1 to 9. Hailey: Hailey National Bank 1 to 3. Trust Co. Idaho Falls: American National 1 to 9. Tacoma: Bank. National Bank of Tacoma. Ito9. Lewiston: Lewiston National Bank._ 1 to 9. Puget Sound National Bank Ito9. Moscow: First National Bank Ito4. Toppenish: First National Bank Ito9. Waitsburg: First National Bank Ito9. NEVADA Walla Walla: Reno: First National Bank in Reno.. 1 to 7, and 9. B Fi a r k s e t r N -B a o ti y o e n r a N l B at a io n n k al Bank 1 1 t t o o 9 9 . . OREGON Wenatchee: First National Bank 1 to 9. Yakima: Yakima First National Ito9. Ashland: First National Bank 1 to 9. Bank. Athena: First National Bank 1 to 9. Baker: First National Bank 1 to 9. Corvallis: First National Bank 1 to 9. HAWAIIAN ISLANDS Eug F en ir e s : t National Bank 1 to 9. Honolulu: Bishop National Bank of 1 to 8. United States National Bank 1 to 9. Hawaii at Honolulu. NOTE.—The above list does not include the names of national banks which have received permission to administer trusts transferred to them in connection with the acquisition of assets of other banking institutions, but which have not been granted the right to accept new trust business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DESCRIPTION OF FEDERAL RESERVE DISTRICTS Land urea Population Federal reserve district (square July 1,1934 miles) (estimated) No 1—Boston 61, 345 7, 931, 000 2sr0. 2—New York . . 51,890 16, 749, 000 No. 3—Philadelphia 36. 842 7, 732, 000 No. 4—Cleveland 73, 424 11 589, 000 No 5—Richmond 152 316 11 244 000 No. 6—Atlanta 248,226 11, 518, 000 No. 7—Chicago 190,513 18, 967, 000 No. 8—St. Louis 194, 810 9 791 000 No. 9—Minneapolis 4J 4, 004 5, 427, 000 No. 10—Kansas City - 480,438 8,071,000 No. 11—Dallas 386,116 7, 264, 000 No. 12—San Francisco..- 683, 852 10,142, 000 Total 2, 973, 776 126,425,000 FEDERAL RESERVE DISTRICTS DISTRICT NO. 1—BOSTON 61, 345 7, 931, 000 Connecticut (excluding Fairfield County) 4.189 1, 256, 000 Maine 29, 895 804 000 Massachusetts 8 039 4 335 000 New Hampshire 9,031 470 000 Rhode Island 1,067 705, 000 Vermont 9.124 361, 000 DISTRICT NO. 2—NEW YORK 51,890 16, 749, 000 Connecticut (FairfieId County). 631 399, 000 New Jersey 3, 605 3 291 000 Counties of: Bergen Hunterdon Morris Sussex Essex Middlesex Passaic Union Hudson Monmouth Somerset Warren New York 47. r,54 13, 059, 000 DISTRICT NO. 3—PHILADELPHI A.. 36, 842 7, 732,000 Delaware 1, 965 242 000 New Jersey 3, 909 910, 000 Counties of: Atlantic Cape May Gloucester Ocean Burlington Cumberland Mercer Salem Camden Pennsylvania (eastern part) 30,968 6, 550, 000 Adams Clinton Lebanon Philadelphia Bedford Columbia Lehi^h Pike Berks Cumberland Luzerne Potter Blair Dauphin Lycoming Schuylkill Bradford Delaware McKeau Snyder Bucks Elk Mifflin Sullivan Cambria Franklin Monroe Susquehanna Cameron Fulton Montgomery Tioga Carbon Huntingdon Montour Union Center Juniata Northampton Wayne Chester Lackawanna Northumberland W yoming Clearneld Lancaster Perry York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

257 DESCRIPTION OP FEDERAL RESERVE DISTRICTS FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square July 1, 1934 miles) (estimated) DISTRICT NO. 4—CLEVELAND __. 73,424 11,589,000 Kentucky (eastern 7 17,614 1,270,000 Counties of— Bath Fleming Lawrence Nicholas Bell Floyd Lee Owsley Boone Garrard Leslie Pendleton Bourbon Grant Letcher Perry Boyd Greenup Lewis Pike Bracken Harlan Lincoln Powell Breathitt Harrison McCreary Pulaski Campbell Jackson Madison Robertson Carter Jessamine Magoffin Rockcastle Clark Johnson Martin Rowan Clay Kenton Mason Scott Elliott Knott Menifee W'hitley Estill Knox Montgomery Wolfe Fayette Laurel Morgan Wood ford Ohio 40, 740 6,836, 000 Pennsylvania (western part) 13,864 3,276, 000 Counties of— Allegheny Crawford Indiana Venango Armstrong Erie Jefferson Warren Beaver Fayette Lawrence Washington Butler Forest Mercer Westmoreland Clarion Greene Somerset West Virginia (northern part) 1,206 207,000 Counties of— Brooke Marshall Tyler Hancock Ohio Wetzel DISTRICT NO. 6—RICHMOND 152,316 11,244,000 District of Columbia 62 497,000 Maryland 9,941 1,671,000 North Carolina 48,740 3, 301,000 South Carolina 30,495 1,750,000 Virginia 40,262 2,446,000 West Virginia (southern part) 22,816 1,579,000 Counties of— Barbour Hardy Mingo Roane Berkeley Harrison Monongalia Summers Boone Jackson Monroe Taylor Braxton Jefferson Morgan Tucker Cabell Kanawha Nicholas Upsbur Calhoun Lewis Pendleton Wayne Clay Lincoln Pleasants Webster Doddridge Logan Pocahontas Wirt Fayette McDowell Preston Wood Gilmer Marion Putnam Wyoming Grant Mason Raleigh Greenbrier Mercer Randolph Hampshire Mineral Ritchie DISTRICT NO. 6—ATLANTA 248,226 11,518,000 Alabama 51,279 2, 710, 000 Florida 54,861 1, 575,000 Georgia 58,725 2,911,000 Louisiana (southern r>art."i 26,891 1, 467,000 Parishes of— Acadia Evangeline Rapides Tangipahoa Allen Iberia St. Bernard Terrebonne Ascension Iberville St. Charles Vermilion Assumption Jefferson St. Helena Vernon Avoyelles Jefferson Davis St. James Washington Beauregard Lafayette St. John the Bap- West Baton Calcasieu La Fourohe tist Rouge Cameron Livingston St. Landrv West Feliciana East Baton Orleans St. Martin Rouge Plaquemines St. Mary East Feliciana Pointe Coupee St. Tammanj Mississippi (southern part) "_ 25,519 985,000 AdaCmosunties of—Harrison Lawrence Scott A mite Hinds Leak© Shnrkcy Claiborne Issaquena Lincoln Simpson Clarke Jackson Madison Smith Copiah Jasper Marion Stone Covington Jefferson Nnshoba Walthall Forrest Jefferson Davis Newton Warren Franklin Jones Pearl River Wayne George Kemper Perry- Wilkinson Greene Lamar Pike Yazoo Hancock Lauderdale Rankin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square July 1,1934 miles) (estimated) DISTRICT NO. 6.—ATLANTA—-Continued 30,951 1,870,000 Counties of— Anderson Giles McMinn Scott Bedford Grainger Macon Sequatchie Bledsoe Greene Marion Sevier Blount Grundy Marshall Smith Bradley Hamblen Maury Stewart Campbell Hamilton Meigs Sullivan Cannon Hancock Monroe Sumner Carter Hawkins Montgomery Trousdale Cheat ham Hickman Moore Unicoi Claiborne Houston Morgan Union Clay Humphreys Overton Van Buren Cocke Jackson Perry Warren Coffee Jefferson Pickett Washington Cumberland Johnson Polk Wayne Davidson Knox Putnam White De Kalb Lawrence Rhea Williamson Dickson Lewis Roane Wilson Fentress Lincoln Robertson Franklin Loudon Rutherford DISTRICT NO. 7.—CHK:AGO 190,513 18, 967, 000 Illinois (northern part) 35,448 6, 595, 000 Counties of— Boone Ford Livingston Rock Island Bureau Fulton Logan Sangamon Carroll Grundy McDonough Schuyler Cass Hancock McHenry Shelby Champaign Henderson McLean Stark Christian Henry Macon Stephenson Clark Iroquois Marshall Tazewell Coles Jo Daviess Mason Vermilion Cook Kane Menard Warren Cumberland Kankakee Mercer Whiteside De Kalb Kendall Moultrie Will De Witt Knox Ogle Winnebago Douglas Lake Peoria Woodford Du Page La Salle Piatt Edgar Lee Putnam Indiana (northern part) __ . 26,707 2, 683,000 Counties of— Adams Fountain La Porte Ripley Allen Franklin Madison Rush Bartholomew Fulton Marion St. Joseph Benton Grant Marshall Shelby Blackford Hamilton Miami Starke Boone Hancock Monroe Steuben Brown Hendricks Montgomery Tippecanoe Carroll Henry Morgan Tipton Cass Howard Newton Union Clay Huntington Noble Vermillion Clinton Jasper Ohio Vigo Dearborn Jay Owen Wabash Decatur Jennings Parke Warren De Kalb Johnson Porter Wayne Delaware Kosciusko Pulaski Wells Elkhart Lagrango Putnam White Fayette Lake Randolph Whitley Iowa. _ _. 55,586 2,485,00(1 Michigan (southern part) 40,789 4,758,00C Counties of— Alcona Eaton Lapeef Ogemaw Allegan Emmet Leelanau Osceola Alpena Genesee Lenawee Oscoda Antrim Gladwin Livingston Otsego Arenac Grand Traverse Macomb Ottawa Barry Gratiot Manistee Presque Isle Bay Hillsdale Mason Roscommon Benzie Huron Mecosta Saginaw Berrien Ingham Midland St. Clair Branch Ionia Missaukee St. Joseph Calhoun Iosco Monroe Sanilac Cass Isabella Montcalm Shiawassee Charlevoix Jackson Montmorency Tuscola Cheboygan Kalamazoo Muskegon Van Buren Claire Kalkaska Newaygo Washtenaw Clinton Kent Oakland Wayne Crawford Lake Oceana Weiford Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

259 DESCRIPTION OF FEDERAL RESERVE DISTRICTS FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1,1934 miles) (estimated) DISTRICT NO. 7.—CHICAGO—Continued Wisconsin (southern part). 31,983 2,446,000 Counties of— Adams Green Lake Marquette Sheboygan Brown Iowa Milwaukee Vernon Calumet Jackson Monroe Walworth Clark Jefferson Oconto Washington Columbia Juneau Outagamie Waukesha Crawford Kenosha Ozaukee Waupaca Dane Kewaunee Portage Waushara Dodge Lafayette Racine Winnebago Door Langlade Richland Wood Fond du Lac Manitowoc Rock Grant Marathon Sauk Green Marinette Shawano DISTRICT NO. 8—ST. Louis 194,810 9,791,000 Arkansas 52,525 1,876,000 20,595 1,281,000 Counties of— Adams Franklin Macoupin Randolph Alexander Gallatin Madison Richland Bond Greene Marion St. Clair Brown Hamilton Massac Saline Calhoun Hardin Monroe Scott Clay Jackson Montgomery Union Clinton Jasper Morgan Wabash Crawford Jefferson Perry Washington Edwards Jersey Pike Wayne Emngham Johnson Pope White Fayette Lawrence Pulaski Williamson 9,338 621,000 Counties of— Clark Greene Martin Spencer Crawford Harrison Orange Sullivan Daviess Jackson Perry Switzerland Dubois Jefferson Pike Vanderburg Floyd Knox Posey Warrick Gibson Lawrence Scott Washington 22, 567 1,387,000 Counties of— Adair Crittenden Hopkins Ohio Allen Cumberland Jefferson Oldham Anderson Daviess Larue Owen Ballard Ednionson Livingston Russell Barren Franklin Logan Shelby Boyle Fulton Lyon Simpson Breckenridge Gallatin McCracken Spencer Bullitt Graves McLean Taylor Butler Grayson Marion Todd Caldwell Green Marshall Trigg Galloway Hancock Meade Trimble Carlisle Hardin Mercer Union Carroll Hart Metcalfe Warren Casey Henderson Monroe Washington Christian Henry Muhlenberg Wayne Clinton Hickman Nelson Webster Mississippi (northern part) 20, 843 1,072,000 Counties of— Alcorn De Soto Monroe Tate Attala Grenada Montgomery Tippah Benton Holmes Noxubee Tishomingo Bolivar Humphreys Oktibbeha Tunica Calhoun Itawamba Panola. Union Carroll Lafayette Pontotoc Washington Chickasaw Lee Prentiss Webster Choctaw Leflore Quitman Winston Clay Lowndes Sunflower Yalobusha Coahoma Marshall Tallahatchie Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1,1934 miles) (estimated) DISTRICT NO. 8—ST. LOUIS—Continued Missouri (eastern part). . 58,206 2,748,000 Counties of— Adair Douglas Maries Reynolds Audrain Dunklin Marion Ripley Barry Franklin Mercer St. Charles Benton Gasconade Miller St. Clair Bollinger Greene Mississippi St. Francois Boone Grundy Moniteau St. Louis Butler Harrison Monroe St. Louis City Caldwell Henry Montgomery Ste. Genevieve Callaway Hickory Morgan Saline Camden Howard New Madrid Schuyler Cape Girardeau Howell Oregon Scotland Carroll Iron Osage Scott Carter Jefferson Ozark Shannon Cedar Johnson Pemiscot Shelby Chariton Knox. Perry Stoddard Christian Laclede Pettis Stone Clark Lafayette Phelps Sullivan Cole Lawrence Pike Taney Cooper Lewis Polk Texas Crawford Lincoln Pulaski Warren Dade Linn Putnam Washington Dallas Livingston Rails Wayne Daviess Macon Randolph Webster Dent Madison Ray Wright Tennessee (western •nartA 10, 736 806,000 Counties of- Benton Fayette Henry Shelby Carroll Gibson Lake Tipton Chester Hardeman Lauderdale Weakley Crockett Hardin McNairy Decatur Haywood Madison Dyer Henderson Obion DISTRICT NO. 9—MINNEAPOLIS 414, 004 5,427,000 Michigan (northernnarU 16, 691 335,000 Counties of— Alger Dickinson Keweenaw Menominee Baraga Gogebic Luce Ontonagon Chippewa Houghton Mackinac Schoolcraft Delta Iron Marquette Minnesota 80,858 2, 602, 000 Montana 146,131 l 537, 606 North Dakota 70,183 688,000 South Dakota 76,868 705,000 Wisconsin (northern part) 23, 273 559,000 Counties of— Ashland Dunn Oneida Sawyer Barron Eau Claire Pepin Taylor Bayfield Florence Pierce Trempealeau Buffalo Forest Polk Vilas Burnett Iron Price Washburn Chippewa La Crosse Rusk Douglas Lincoln St. Croix DISTRICT NO. 10—KANSAS CITY 480,438 8,071, 000 Colorado.... 103, 658 1,056, 000 Kansas.- 81, 774 1 905 000 Missouri (western part) 10, 521 930, 000 Counties of— Andrew Cass Holt Nodaway Atchison Clay Jackson Platte Barton Clinton Jasper Vernon Bates De Kalb McDonald Worth Buchanan Gentry Newton Nebraska 76,808 1,395, 000 48,359 239, 00C Counties of— Bernalillo Mora San Miguel Valencia Colfax Rio Arriba Santa Fe Harding Sandoval Taos McKinley San Juan Union Population Apr. 1,1930; decreased 1920 to 1930; no estimate made. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

261 DESCRIPTION OF FEDERAL RESERVE DISTRICTS FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square July 1,1934 miles) (estimated) DISTRICT NO. 10—KANSAS CITY—Continued Oklahoma (northwestern part) 61, 770 2,314,000 Counties oi— Adair Ellis Logan Pontotoc Alfalfa Garfleld Love Pottawatomie Beaver Garvin McClain Roger Mills Beckham Grady Mclntosh Rogers Blaine Grant Major Seminole Caddo Greer Mayes Sequoyah Canadian Harmon Murray Stephens Carter Harper Muskogee Texas Cherokee Haskell Noble Tillman Cimarron Hughes Nowata Tulsa Cleveland Jackson Okfuskee Wagoner Comanche Jefferson Oklahoma Washington Cotton Kay Okmulgee Washita Craig Kingfisher Osage Woods Creek Kiowa Ottawa Woodward Custer Latimer Pawnee Delaware Le Flore Payne Dewey Lincoln Pittsburg Wyoming 97, 548 232, 000 DISTRICT NO. 11—DALLAS 386,116 7,264,000 Arizona (southeastern part) 23,412 133,000 Counties of— Cochise Greenlee Pima Santa Cruz Louisiana (northern part) _»» 18,518 699,000 Parishes of— Bienville De Soto Madison Tensas Bossier East Carroll Morehouse Union Caddo Franklin Natchitoches Webster Caldwell Grant Ouachita West Carroll Catahoula Jackson Red River Winn Claiborne La Salle Richland Concordia Lincoln Sabine New Mexico (southern part) 74,144 198,000 Counties of— Catron Eddy Lincoln Sierra Chaves Grant Luna Socorro Curry Guadalupe Otero Torrence De Baca Hidalgo Quay Dona Ana Lea Roosevelt Oklahoma (southeastern part) 7,644 161,000 Counties of— Atoka Choctaw Johnston Marshall Bryan Coal McCurtain Pushmataha Texas 262,398 6,073,000 DISTRICT NO. 12—SAN FRANCISCO 683,852 10,143,000 Arizona (northwestern part) 90,398 324,000 Counties of— Apache Maricopa Navajo Yavapai Coconino Mohave Pinal Yuma Gila California 155, 652 6,158,000 Idaho 83, 354 448,00C Nevada.- 109,821 94,000 Oregon 95, 607 990,000 Utah . . _ 82,184 520,000 Washington 66,836 1,608,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BRANCH TERRITORIES [December 31,1934] BUFFALO BRANCH (District No. 2).—The 10 most westerly counties of New York State, as follows: Monroe Orleans Allegany Wyoming Chautauqua Genesee Erie Cattaraugus Livingston Niagara CINCINNATI BRANCH (District No. 4).—That part of Kentucky in Federal reserve district No. 4, and the following 25 counties in southern Ohio: Adams Clermont Greene Meigs Ross Athens Clinton Hamilton Miami Scioto Brown Darke Highland Montgomery Vinton Butler Fayette Jackson Pike Warren Clark Gallia Lawrence Preble Washington PITTSBURGH BRANCH (District No. 4).—Those portions of the States of Pennsylvania and West Virginia included in Federal reserve district No. 4. BALTIMORE BRANCH (District No. 5).—The State of Maryland and the following 30 counties of West Virginia: Barbour Grant Lewis Pendleton Taylor Berkeley Hampshire Marion Pleasants Tucker Braxton Hardy Mineral Preston Upshur Calhoun Harrison Monongalia Randolph Webster Doddridge Jackson Morgan Ritchie Wirt Gilmer Jefferson Nicholas Roane Wood CHARLOTTE BRANCH (District No. 5).—The following counties in the States of North Carolina and South Carolina: NORTH CAROLINA Alexander Caldwell Haywood McDowell Swain Alleghany Catawba Henderson Mecklenburg Transylvania Ashe Cherokee Iredell Mitchell Union Avery Clay Jackson Polk Watauga Buncombe Cleveland Lincoln Rowan Wilkes Burke Gaston Macon Rutherford Yancey Cabarrus Graham Madison Stanly SOUTH CAROLINA Abbeville Edgefield Lancaster Newberry Saluda Aiken Fairfleld Lauren s Oconee Spartanburg Anderson Greenville Lexington Pickens Union Cherokee Greenwood McCormick Richland York Chester BIRMINGHAM BRANCH (District No. 6).—The State of Alabama except the following counties: Mobile, Baldwin, Russell, Pike, Barbour, Coffee, Dale, Henry, Covington, Geneva, and Houston, and towns and cities in Lee and Chambers counties located on or south of the Atlanta & West Point Railroad and the Western Railway of Alabama. JACKSONVILLE BRANCH (District No. 6).—The entire State of Florida. NASHVILLE BRANCH (District No. 6).—That part of the State of Tennessee included in Federal reserve district No. 6 with the exception of the city of Chattanooga. NEW ORLEANS BRANCH (District No. 6).—Those parts of the States of Louisiana and Mississippi located in Federal reserve district No. 6, and the counties of Mobile and Baldwin in Alabama. DETROIT BRANCH (District No. 7).—-The following 19 counties in the State of Michigan: Bay Xngham Livingston Saginaw Tuscola Genesee Jackson Macomb Sanilac Washtenaw Hillsdale Lapeer Monroe St. Clair Wayne Huron Lenawee Oakland Shiawassee LITTLE ROCK BRANCH (District NO. 8).—Territory is not determined by State or county lines. Branch territory consists of all cities in Arkansas except those assigned to the head office and to the Memphis branch. (For names of cities see Federal Reserve Interdistrict Collection System list.) LOUISVILLE BRANCH (District No. 8).—Territory is not determined by State or county lines. Branch territory consists of all cities in Kentucky and Indiana, included in Federal reserve district No. 8, except those assigned to the head office. (For names of cities see Federal Reserve Interdistrict Collection System list.) MEMPHIS BRANCH (District No. 8).—Territory is not determined by State or county lines. Branch territory consists of all cities in Mississippi included in Federal reserve district No. 8; all cities in Tennessee included in district No. 8, except those assigned to St. Louis, and cities in Arkansas not assigned to St. Louis or Little Rock. (For names of cities see Federal Reserve Interdistrict Collection System list.) 262 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BRANCH TERRITORIES 263 HELENA BRANCH (District No. 9).—The entire State of Montana. DENVER BRANCH (District No. 10).—The entire State of Colorado and that part of the State of New Mexico included in Federal Reserve District No. 10. OKLAHOMA CITY BRANCH (District No. 10).—That part of the State of Oklahoma located in Federal Reserve District No. 10. OMAHA BRANCH (District No. 10).—The entire States of Nebraska and Wyoming. EL PASO BRANCH (District No. 11).—That part of the States of Arizona and New Mexico located in Federal Reserve District No. 11, and the following 14 counties in the State of Texas: Andrews Ector Jeff Davis Midland Ward Crane El Paso Loving Pecos Winkler Culberson Hudspeth Martin Reeves HOUSTON BRANCH (District No. 11).—The following 41 counties in the southeast part of the State of Texas: Anderson Colorado Jackson Montgomery Shelby Angelina Fayette Jasper Nacogdoches Trinity Austin Fort Bend Jefferson Newton Tyler Bastrop Galveston Lavaca Orange Victoria Brazoria Grimes Lee Polk Walker Brazos Hardin Liberty Sabine Waller Burleson Harris Madison San Augustine Washington Chambers Houston Matagorda San Jacinto Wharton Cherokee in the State of Texas: ANTONIO BRABrcH (District No. A A r ta a s n c s o a s s a D Co e m W al itt J H im ida H lg o o gg L L l i a v n e o O ak T St e a r r r r ell Bandera Dimmit Jim Wells Mason Travis Bee Duval Karnes Maverick Uvalde Bexar Edwards Kendall McMullen Val Verde Blanco Frio Kenedy Medina Webb Brewster Gillespie Kerr Nueces Willacy Brooks Goliad Kimble Presidio Wilson Caldwell Gonzales Kinney Real Zapata Calhoun Guadalupe Kleburg Refugio Zavalla Cameron Hays La Salle San Patricio Los ANGELES BRANCH (District No. 12).—That part of the State of Arizona located in Federal Reserve District No. 12, and the following counties in California: Imperial Los Angeles Riverside San Diego Ventura Inyo Orange San Bernardino Santa Barbara PORTLAND BRANCH (District No. 12).—The entire State of Oregon, except the towns of Klamath Falls, Lakeview, and Merrill, which are affiliated with the head office, and the following five counties in the State of Washington: Clarke Cowlitz Klickitat Skamania Wahkiakum and the town of Ilwaco, Wash. SALT LAKE CITY BRANCH (District No. 12).—The entire State of Utah and the following counties in Idaho and Nevada: IDAHO Ada Bonneville Custer Jerome Payette Adams Butte Elmore Lemhi Power Bannock Camas Franklin Lincoln Teton Bear Lake Canyon Fremont Madison Twin Falls Bingham Caribou Gem Minidoka Valley Blaine Cassia Gooding Oneida Washington Boise Clark Jefferson Owyhee NEVADA Clark Elko Lincoln White Pine SEATTLE BRANCH (District No. 12).—The following 16 counties in the State of Washington, except the town of Ilwaco, Wash. Clallam King Lewis Pierce Snohomish Grays Harbor Kitsap Mason San Juan Thurston Island Kittitas Pacific1 Skagit Whatcom Jefferson SPOKANE BRANCH (District No. 12).—The following counties in the States of Washington and Idaho: WASHINGTON Adams Columbia Garfield Pend Oreille Walla Walla Asotin Douglas Grant Spokane Whitman Benton Ferry Lincoln Stevens Yakima Chelan Franklin Okanogan IDAHO Benewah Boundary Idaho Latah Nez Perce Bonner Clearwater Kootenai Lewis Shoshone i Except the town of Ilwaco (see Portland branch). 129288—35 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

to FEDERAL RESERVE DISTRICTS OS _ , MINN. , 1 MINNEAPOLISC 8 O • i BOUNDARIES OF FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE. BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Pase Held by Federal Reserve banks 100 Held by group of accepting banks 166 Held by member banks on call dates 150-151 Maturity of bills held by Federal Reserve banks 99, 101 Number of pieces handled by Federal Reserve banks 41, 103, 104, 105 Open-market discount rates 4, 134, 135 Outstanding 165 Payable in foreign currencies 88, 90, 100 Purchased by member banks 150, 158, 160, 162 Rates, discount and open-market: Average rates earned on bills bought by Federal Reserve banks. 40, 133 Buying rates of Federal Reserve banks 4, 133 Change in Federal Reserve bank rates 1, 129-132 Open-market rates in New York City 4, 134, 135 Trade, held by Federal Reserve banks 100 Acts amending Federal Reserve Act. (See Federal Reserve Act.) Additions and withdrawals, banks in Federal Reserve System 45, 177 Adjusted-service certificates, discount of paper secured by 98 Administrator, list of national banks authorized to act as 236 Advances to industries by Federal Reserve banks. (See Industries, loans to.) Advances to member banks under section 10 (b) of Federal Reserve Act__ 98, 99 Extension of time limit 53 Rates on 129 Advisory Council, Federal: Meetings of 62 Expenses of : 112 Members of 201 Recommendations of, to Federal Reserve Board 201-205 Affiliates of member banks 2, 58-60 Voting permits, applications for 2, 60 Agencies of Federal Reserve banks. (See Branches and agencies.) Amendments to Federal Reserve Act. (See Federal Reserve Act.) Area of Federal Reserve districts 256-261 Assessment for expenses of Federal Reserve Board 63, 112, 210 Assets and liabilities: Federal Reserve banks: At the end of each month 90 At the end of 1933 and 1934 92-95 Weekly statement and balance-sheet items 88 Member banks: Country banks 142 National and State banks 142 On call dates 146 Reporting banks: In 91 cities 158 In New York City 160 Outside New York City 162 National banks 142 Reserve city member banks 142 State bank members 142 Assignee, list of national banks authorized to act as 236 Automobiles: Factory employment index 194 Factory pay-roll index 193 Production index 192 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 INDEX Balance sheets. (See Condition of banks.) Page Bank consolidations , 45, 177 Bank examinations 54 Bank debits 166 Bank failures. (See Bank suspensions.) Bank mergers 45, 177 Bank premises, Federal Reserve 42, 89, 91, 92, 109, 112, 113 Book value 109 Cost of .___ 109 Date occupied 109 Depreciation charges 113 Repairs, cost of 112 Bank suspensions 3, 25, 26, 167-176 By Federal Reserve districts and States 168-174 By years 167 Deposits of banks suspended- 167, 169, 170, 171, 173, 175, 176 Loans to banks by Reconstruction Finance Corporation 26 Number: By Federal Reserve districts and States 172, 174 Classified according to capital stock 167 Bankers' acceptances. (See Acceptances.) Bankers' balances of member banks 142, 146, 148, 159, 161, 163 Banking Act of 1933, administration of 2, 57 Banking conditions in 1934, discussion of 1 Banking corporations engaged in foreign banking business, examination of _ 55 Baumann, John C, appointed assistant counsel of Federal Reserve Board 63 Biils bought by Federal Reserve banks 67-83, 88-95, 99, 100 Earnings on 40, 110, 112 Rates of 40, 133 Holdings: By classes 100 By maturities 101 Open-market purchases 88, 92 On call dates 82 Outright 88, 90 Payable in foreign currencies 88, 90, 100 Under resale agreement 90 Volume of: Federal Reserve banks 41, 103, 104 Federal Reserve branch banks 44, 105 Bills discounted by Federal Reserve banks 67-83, 85, 87, 88-95, 101 Earnings on 40, 110, 112, 133 Rates of 40, 133 Holdings: By classes 98 By maturities 99, 101 By months 85 By States 87 On call dates 82 Secured by United States Government obligations 88, 92, 94, 98, 99 Under resale agreement 90 Volume of 41, 103, 104 Bills payable and rediscounts, member banks on call dates 148 Black, Eugene R., Governor of Board, resignation of 62 Boatwright, H. Lee, assistant counsel, resignation of 63 Bonds: Capital issues 183 Index of prices 184 Of Federal Farm Mortgage Corporation as security for advances to member banks, amendment to Federal Reserve Act 47 Paper secured by: Discount rates 136 Held by member banks 150 United States. (See United States Government securities.) Yield on 4, 185 Book value, Federal Reserve bank premises 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 267 Borrowings of member banks at Federal Reserve banks: Page All banks 152, 155 Banks in New York City, Chicago, and other reserve cities 155-157 Reporting member banks: In 91 cities 159 In New York City 161 Outside New York City 163 Branches and agencies of Federal Reserve banks: Bank premises: Cost of 109 Date occupied 109 Book value 109 Clearing operations 44, 105 Counties comprising territory 262, 263 Directors of 212-215 Expenses of 44 Managers of 212-215 Number of 43 Territory 262,263 Volume of operations 44, 105 Brokers, loans to: As reported by New York Stock Exchange 165 By member banks: In 91 cities 158 In New York City 160, 164 By weeks 164 On call dates 150 Outside New York City 162 Building: Contracts awarded 28, 31, 186 Eligibility of construction loan for rediscount, provisions of act 49 For Federal Reserve Board 43, 52 Account 210 Materials, wholesale prices 196, 197 Buildings, Federal Reserve banks 42, 109 Book value. 109 Cost of bank premises 109 Date occupied 109 Depreciation charges 113 Repairs, cost of 112 Business conditions in 1934 4, 28-33 Report of Federal Advisory Council on 201 Call loans: In New York City 164, 165 Money rates in New York City 134, 135 Capital: Banks suspended 167 Federal Reserve banks 89, 91, 93, 95 Member banks 142, 146 Requirement for membership in System, amendment to act regarding 50 State bank members of System.. 216 Capital issues 4, 183 Capital stock: Reduction in, number of applications approved by Board 56 State member banks, classification according to 233—235 Car loadings, index of 28, 186 Cash in vault, member banks 141, 159, 161, 163 In 91 cities 159 In New York City 161 Outside New York City 163 Cash reserves of Federal Reserve banks 84, 88, 90, 92, 94 Cement, clay, and glass: Factory employment index 194 Factory pay-roll index 193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 INDEX Central banks, foreign: Page Discount rates 138 Gold reserves 9 Chart showing 10 Open-market rates 138 Central reserve city banks: Condition of 142 Demand and time deposits 148 Deposits, reserves, and borrowings at Federal Reserve banks 152, 155 Loans and investments 144, 150 Certificates of indebtedness, Treasury: Held by Federal Reserve banks 92, 94, 102 Yield on 134 Chairmen of board of directors of Federal Reserve banks. (See Federal Reserve agents.) Changes in discount rates of Federal Reserve banks 1, 129 Changes in membership in Federal Reserve System 45/177 Charts: All member banks—loans, investments, deposits, and holdings of securities 18 Excess reserves of member banks 15 Gold reserves of central banks and governments 10 Manufactures, durable and nondurable 29 Reserve bank credit and related items 13 Wholesale prices 32 Check clearing and collection: Gold settlement fund transactions 106 Operations, volume of: Federal Reserve banks 41, 103, 104 Federal Reserve branch banks 44, 105 Par list, number of banks on 44, 108 Chemicals: Factory employment index 194 Factory pay-roll index 193 Prices, wholesale, index of 196, 197 Chicago, member banks in: Condition of 142 Deposits of 148, 152 Deposits, reserves, and borrowings at Federal Reserve banks 152, 156 Loans and investments 144, 150 Circulation, money. (See Currency; Federal Reserve notes; Money.) Classification according to capital stock, State bank members 233-235 Classification of demand and time deposits of member banks 148 Classification of loans and investments of member banks 144, 150 Clayton Antitrust Act, administration of 2, 57 Clayton, Lawrence, appointed assistant to Governor 63 Coal, index of production 192 Coin: Circulation 124 Held by Federal Reserve banks 88, 90, 92 Received and counted: At Federal Reserve banks 41, 103, 104 At Federal Reserve branch banks 44, 105 Collateral held by Federal Reserve banks as security: For Federal Reserve notes 93, 94, 115 For Federal Reserve bank notes 93, 94, 116 Collateral notes of member banks held by Federal Reserve banks 98, 99 Collection of checks. (See Check clearing and collection.) Commercial paper: Money rates in New York City 134, 135, 136 Outstanding 165 Purchased by member banks 150, 158, 160, 162 Commodity prices, wholesale 31, 196, 197 Chart showing 32 Condition of banks: All banks in the United States 140, 141 Deposits, exclusive of interbank deposits; number of banks 140 Loans and investments 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 269 Condition of banks—Continued. Federal Reserve banks: Assets and liabilities: Page At the end of each month 90 At the end of 1933 and 1934 92-95 Weekly statement and balance-sheet items 88 Bills bought. (See Bills bought.) Bills discounted. (See Bills discounted.) Deposits, reserves, note circulation, and cash ratio 84 United States securities, holdings of. (See United States securities.) Member banks: All banks: Assets and liabilities: On Dec. 31, 1934, by classes of banks 142 On call dates, 1920-34 146 Changes during 1934 23 Classification of demand and time deposits 148 Classification of loans and investments on call dates 150 Classification of loans, investments,, and deposits, by classes of banks 144 Deposits subject to reserve, reserves required, reserves held, and borrowings at Federal Reserve banks 152, 155-157 Net demand and time deposits: By months 153 In larger and smaller centers 154 Reporting banks: In 91 cities 158 In New York City 160 Outside New York City 162 Consolidations, bank 45, 177 Construction contracts awarded 28, 31, 186 Construction loan, eligibility of, for rediscount; provisions of act 49 Copper, index of production 192 Cost of Federal Reserve bank premises 109 Counties in Federal Reserve districts 256-261 Counties in Federal Reserve branch territories 262-263 Country member banks: Condition of 142 Demand and time deposits 148 Deposits, reserves, and borrowings at Federal Reserve banks 152 Loans and investments 144, 151 Credit: Federal Reserve bank. (See Federal Reserve bank credit.) Member bank 17, 139 Credit agreements, Federal Reserve banks with foreign central banks 53 Currency: Amounts received and counted: At Federal Reserve banks 41, 103, 104 At Federal Reserve branch banks 44, 105 Circulation 7, 12, 16, 67-82, 84, 123, 124, 125 By kinds 124 By months 123 Chart showing 13 Paper 16, 125 Revised to exclude gold coin 67 Federal Reserve, cost of___ 112, 210 Currie, Lauchlin, appointed assistant director of Division of Research and Statistics 63 Debentures of intermediate credit banks held by Federal Reserve banks. 91 Debits to individual account 166 Deferred availability items of Federal Reserve banks 89, 91, 93 Deficient reserve penalties imposed by Federal Reserve banks 110, 112 Demand deposits. (See Deposits.) Department-store sales 28, 186 129288—35 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 INDEX Deposits: Page All banks in the United States, exclusive of interbank deposits 140 Banks suspended 167-171, 175, 176 Federal Reserve bank 84, 89, 91, 93 Foreign bank 84, 89, 91, 93, 95, 148 Government: Held by Federal Reserve banks 67-82, 84, 89, 91, 93 Held by member banks 143, 144, 146, 148, 159, 161, 163 In 91 cities 159 In New York City 161 On call dates 146 Outside New York City 163 Insurance of 27 Examination of banks 2, 55 Provisions of act extending time limit on 50 Recommendations of Federal Advisory Council relative to 205 Member bank: All banks 4, 17-22, 142, 144, 146, 148, 152, 153, 154, 155 Chart showing 18 Classification of time and demand, on call dates 148 Net demand and time 153, 154, 155 By months 153 In larger and smaller centers 154 Subject to reserve, reserves required, reserves held, and borrowings at Federal Reserve banks 152, 155-157 Reporting banks: In 91 cities 159 In New York City 161 Outside New York City 163 Payment of interest on: Amendment to regulation Q 52 Rate of interest fixed by Board 1 Recommendations of Federal Advisory Council relative to 203 Moneys of Federal Savings and Loan Insurance Corporation with Federal Reserve banks, provisions of law relating to 49 Nonmember bank 67-82, 140 Postal savings 148 Rate of interest fixed by Board on time and savings 1 State bank members of Federal Reserve System 216 Deputy chairmen of board of directors of Federal Reserve banks, list of _ 212—215 Directors of Federal Reserve banks: List of 212-215 Meetings, expenses of 112 Directors of member banks, stock ownership by, provisions of act regarding 50 Discount and open-market operations of Federal Reserve banks: Acceptances. (See Acceptances.) Bills bought 67-83, 88-95, 99, 100 Earnings on 40, 110, 112 Rates .of 40, 133 Holdings: By classes 100 By maturities 101 Open-market purchases 88, 92 On call dates 82 Outright 88,90 Payable in foreign currencies 88, 90, 100 Under resale agreement 90 Volume of: Federal Reserve banks 41, 103, 104 Federal Reserve branch banks 44, 105 Bills discounted 67-83, 85, 87, 88-95, 101 Earnings on 40, 110-112 Rates of 40, 133 Holdings: By classes 98 By maturities 99, 101 By months 85 By States 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 271 Discount and open-market operations of Federal Reserve banks—Con. Bills discounted—Continued. Page On call dates 82 Secured by United States Government obligations 88, 92, 94, 98, 99 Under resale agreement 90 Volume of 41, 103, 104 Collateral notes of member banks discounted and held 98, 99 Discounts for individuals, partnerships, and corporations 98,99 Dollar exchange bills discounted or purchased 88, 90 Industrial advances and commitments to make industrial advances. 85, 86 Maturity of bills purchased or held 99, 101 Loans to industries. (See Industries, loans to.) Number of banks discounting paper: By districts 96 By months 96 By States 97 Number of pieces handled 41, 103, 104 Rates charged and rates of earnings on bills discounted 40, 133 United States Government securities: Earnings and rates of earnings 40, 110, 112, 133 Paper secured by, purchased and held 88, 92, 94, 98, 99 Purchased and held 67-83, 88-95, 102 By classes 102 Volume of operations 41, 103, 104 Discount and open-market rates: Average rates earned by Federal Reserve banks on: Bills discounted 40, 133 United States secuirties 40, 133 Buying rates on acceptances 4, 133 Central banks in foreign countries: Changes in 138 Open-market rates 138 Changes in Federal Reserve bank rates 1, 129-132 Open-market rates in New York-City 4, 134, 135 By months 134 By weeks 135 Rates charged customers: In New York City 136 In principal cities 137 Discounts for individuals, partnerships, and corporations 98, 99 Rates 130, 131 Districts, Federal Reserve. (See Federal Reserve districts.) Dividends: Federal Reserve banks 40, 111, 113 Member banks 178 National banks 178 State bank members 179 Dollar bankers' acceptances held by group of accepting banks 166 Dollar exchange bills held by Federal Reserve banks 88, 90 Due from foreign banks to Federal Reserve banks 83, 88, 90, 92, 94 Due to and from banks (bankers' balances) 142, 146, 148, 159, 161, 163 Earmarked gold for foreign account 119, 120 Earnings and expenses: Federal Reserve banks 39-41, 89, 110-114, 133 Each bank during year 1934 112 Earnings, by sources 110 Rates of earnings 40, 133 Member banks 178 National banks 178 State member banks 178 Eccles, Marriner S., appointed Governor of Federal Reserve Board 62 Eligible paper held by Federal Reserve agent as security: For Federal Reserve bank notes 116 For Federal Reserve notes 115 Employees: Federal Reserve banks, number and salaries 41, 112, 216 Federal Reserve Board, number and salaries 206 mployment, factory 28, 186, 194 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 INDEX England: Page Discount rates of Bank of 138 Gold reserves, chart showing 10 Open-market money rates 138 Examinations, bank: Corporation engaged in foreign banking 55 Federal Reserve banks 55 Private banks 60 State member banks 54 Under Federal deposit insurance 2, 55 Excess reserves: Federal Reserve banks 4, 12, 14, 84 Member banks 1, 4, 12, 14, 15, 22, 152, 155-157 Chart showing 15 Executor, list of national banks authorized to act as 236 Expenses: Branches and agencies of Federal Reserve banks 44 Federal Reserve banks 39, 40, 110, 112 Fiscal agency departments of Federal Reserve banks 114 Federal Reserve Board 63, 210, 211 Member banks 178-179 National banks 178-179 State bank members 178-179 Exports and imports: Acceptances based on, held by Federal Reserve banks 100 Gold 5, 7, 121, 122 By countries 121 By months 122 Expressage, cost of, at Federal Reserve banks 112 Factory employment and pay rolls 28, 31, 186, 193, 194 Failures, bank. (See Bank suspensions.) Farm products, prices of, index of 196 Federal Advisory Council: Meetings of 62 Expenses of 112 Members of 201 Recommendations of, to Federal Reserve Board 201-205 Federal deposit insurance 27 Examination of banks under 2, 55 Provisions of act extending time limit on 50 Recommendations of Federal Advisory Council relative to 205 Federal intermediate credit banks, bills discounted for 90 Federal Open Market Committee, meeting of 62 Federal Reserve Act, provisions of acts amending 45-52 Act of June 30, 1934—Gold Reserve Act: Conditions as to acquisition or transportation of gold 46 Redemption of currency in gold 46 Reduction in weight of gold dollar; stabilization fund 47 Relating to Federal Reserve notes 46 Transfer of gold from Federal Reserve banks to United States 46 Acts of January 31 and April 27, 1934: Federal Reserve banks as fiscal agents of Home Owners' Loan Corporation 48 Obligations eligible for purchase by Federal Reserve banks 47 Security for 15-day advances to member banks by Federal Reserve banks 47 Act of March 6, 1934—Direct obligations of United States as security for Federal Reserve notes, extension of time limit 48 Act of May 18, 1934—Robbery of member bank 48 Act of June 6, 1934—Securities Exchange Act 49 Act of June 16, 1934: Capital requirements for membership in Federal Reserve System. 50 Insurance of bank deposits, extension of time limit 50 Stock ownership by directors of member banks 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IKDEX 273 Federal Reserve Act, provisions of acts amending—Continued. Act of June 19, 1934: Criminal provisions 52 Building for Federal Reserve Board 52 Industrial advances by Federal Reserve banks 50 Liability of national banks 51 Act of June 27, 1934: Applicability of restrictions on real-estate loans to loans under Housing Act 48 Deposit of moneys of Federal Savings and Loan Insurance Corporation with Federal Reserve banks 49 Eligibility for rediscount of construction loans 49 Federal Reserve agents: Conferences of, expenses of 112 Federal Reserve note accounts 115 Federal Reserve bank note accounts 116 Gold fund, summary of transactions 107 List of 112-115 Salaries of 216 Federal Reserve bank credit: Annual averages 67, 83 By weeks (Wednesday series) 71-77 Chart showing 13 Discussion of 12-15 End of month series 78-81 Monthly averages 68, 83 On call dates 82 Outstanding 83 Weekly averages 69—70 Federal Reserve bank float 83, 90 Federal Reserve bank notes: Circulation 124 Federal Reserve agents' accounts 116 Held by Federal Reserve banks 88, 90, 92, 94 Federal Reserve banks: Agreements with foreign banks to purchase commercial bills 53 As fiscal agents for Home Owners' Loan Corporation, provisions of law 48 Bank premises 42, 89, 91, 92, 109, 112, 113 Cost of 109 Bills bought by. (See Bills bought.) Bills discounted by. (See Bills discounted.) Branches and agencies of: Bank premises 109 Clearing operations 44, 105 Counties comprising territory 262 Directors of 212-215 Expenses of 44 Managers of 212-215 Number of 43 Territory 262 Volume of operations 44, 105 Building operations 42, 109 Capital 89, 91, 93, 95 Chairman of boards of directors, list of 212-215 Clearing operations 41, 103, 104 Condition of. (See Condition of banks.) Deposits. (See Deposits.) Directors, list of 212-215 Discount rates. (See Discount and open-market rates.) Discounts. (See Discount and open-market operations.) Dividends paid 40, 111, 113 Earnings and expenses 39-41, 110-114, 133 Each bank during year 1934 112 Earnings, by sources 110 Rates of earnings 40, 133 Employees, number and salaries 41, 112, 216 Examinatons, number of 55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 INDEX Federal Reserve banks—Continued. Fiscal agency operations 114 Franchise tax paid to Government 111 Gold settlement fund 106 Governors: Conferences, expenses of 112 List of 212-215 Salaries of 216 Number of banks discounting paper at 96,97 Officers and directors, list of 212-215 Officers, salaries of 216 Profit and loss account 113 Redemption fund 88, 90, 92 Reserves. (See Reserves.) Resources and liabilities. {See Assets and liabilities.) Salaries, officers and employees 41, 112, 216 Tax, franchise, paid to Government 111 Volume of operations 41, 103, 104, 105 All banks 41, 103 Branches 43, 105 Each bank 104 Federal Reserve Board: Assessment for expenses of 63, 112, 210 Baumann, John C, appointed assistant counsel 63 Black, Eugene R., Governor, resignation of 62 Boatwright, H. Lee, assistant counsel, resignation of 63 Building for 43, 52 Clayton Act, administration of 2, 57 Clayton, Lawrence L., appointed assistant to Governor 63 Conferences with advisory council 62 Currie, Lauchlin, appointed assistant director of Division of Research and Statistics 63 Directory 206 Division of Security Loans created 63 Eccles, Marriner S., appointed Governor 62 Employees, number and salaries 206-209 Expenses of 63, 112,210 Martin, H. Warner, assistant to Governor, resignation of 63 Members of '. 206 Miller, Adolph C, reappointed member 63 Morgenthau, Henry, Jr., appointed ex-officio chairman 62 Owens, Joseph T., appointed assistant counsel 63 Parry, Carl E., appointed chief of Division of Security Loans 63 Receipts and disbursements 210, 211 Regulations of 52 Salaries of officers and employees 206-209 Terms of members 206 Thomas, J. J., designated vice governor 62 Thomas, Woodlief, appointed assistant director of Division of Research and Statistics 63 Williams, Gray: Appointed assistant counsel 63 Resignation of 63 Woodin, William H., ex-officio chairman, retirement of 62 Federal Reserve branch banks: Bank premises 109 Clearing operations 44, 105 Counties comprising territory 262, 263 Directors of 212-215 Expenses of 44 Managers of 212-215 Number of 43 Territory 262, 263 Volume of operations 44, 105 Federal Reserve districts: Area, square miles 256-261 Counties comprising branch territory 262—263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 275 Federal Reserve districts—Continued. page Counties in divided States 256-261 Map showing outline 264 Population 256-261 Federal Reserve interdistrict collection system. (See Check clearing and collection.) Federal Reserve notes: Amendment to section 16 of Federal Reserve Act relative to 46 Circulation 84, 89, 91, 93, 95, 124 Cost of 112,210 Eligible paper held as collateral against 115 Federal Reserve agents' accounts 115 Gold certificates held as collateral against 93, 95, 115 Held by Federal Reserve banks 88, 90, 92, 94 Obligations of United States as security for, extension of time limit 48 Fiduciary powers of national banks: List of national banks authorized to exercise. 236-255 Number of permits issued 56 Fiscal agency operations of Federal Reserve banks 114 Float, Reserve bank 83,90 Food products: Factory employment index 194 Factory pay-roll index 193 Production index 192 Food prices, wholesale, index of 196 Foreign bank deposits held by Federal Reserve banks 84, 89, 91, 93, 95 Foreign banking, corporations engaged in, examination of 55 Foreign banks: Deposits of, held by Federal Reserve banks 84, 89, 91, 93, 95 Due to Federal Reserve banks from 83, 88, 90, 92, 94 Foreign capital issues 183 Foreign central banks: Agreement with Reserve banks to purchase commercial bills 53 Money rates: Changes in 138 Open-market rates 138 Foreign currency, acceptances payable in, holdings of Reserve banks 88, 90 Foreign deposits, member banks 148 Foreign trade 8 France: Discount rates of Bank of 138 Gold reserves, chart showing 10 Open-market money rates 138 Franchise tax paid by Federal Reserve banks to Government 111 Freight-car loadings, index of 28, 186 Fuel, index of wholesale prices 196 Germany: Discount rates of Reichsbank 138 Gold reserves, chart showing 10 Open-market money rates 138 Gold: Certificates: Held as collateral against Federal Reserve notes 93, 95, 115 Held by Federal Reserve banks 88, 90, 92, 94 Circulation 7, 124 Revision of figures 67 Earmarked for foreign account 119, 120 Federal Reserve agents' fund 107 Imports and exports 5, 7, 121, 122 By countries 121 By months 122 Output of mines 9 Proclamation of President fixing weight of dollar 3, 5, 47 Purchases 5 Reserve Act of 1934, provisions of, affecting Federal Reserve Act 3, 5, 46 .Reserves of Federal Reserve banks 5-7, 9, 88, 90, 92, 94 Chart showing 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 INDEX Gold—Continued. Page Reserves of foreign central banks 9 Chart showing 10 Settlement fund 106 Stock, monetary, in United States 3, 5-7, 67-82, 119, 120 Analysis of changes in 120 Chart showing 13 Years 1914-34 119 Weight of dollar 3, 5, 47 World stock of 9 Government bonds. (See United States Government securities.) Government deposits: Held by Federal Reserve banks 67-82, 84, 89, 91, 93 Held by member banks 143, 144, 146, 148, 159, 161, 163 In 91 cities 159 In New York City 161 On call dates 146 Outside New York City 163 Government securities. (See United States Government securities.) Governor of Federal Reserve Board: Black, Eugene R., resignation of 62 Eccles, Marriner S., appointed 62 Woodin, William H., retirement of 62 Governors of Federal Reserve banks: Conferences of, expenses of 112 Black, Eugene R.: Reappointment of 62 Death of 62 List of 212-215 Salaries of 216 Great Britain. (See England.) Guardian of estates, national banks authorized to act as 236 Imports and exports: Bankers' acceptances based on, held by Federal Reserve banks 100 Gold 5,7, 121, 122 By countries 121 By months 122 Index numbers: Factory employment 194 Factory pay rolls 193 Manufactures 192 Minerals 192 Production, employment and trade 186 Security prices 194 Individuals, partnerships, and corporations: Discounts for 98, 99 Rates of discount 130, 131 Industries, loans to, by Federal Reserve banks__2, 33-35, 83, 85, 86, 88, 90, 92, 94 By Federal Reserve districts 85 Discount rates * 131 Earnings on 112 Outstanding, by weeks 86 Provisions of act relating to 50 Provisions of Regulation S relating to 52 Volume of 103, 104 Insurance: Federal deposit 27 Examination of banks under 2, 55 Provisions of act extending time limit 50 Recommendations of Advisory Council relative to 205 Federal Reserve banks 112 Interbank loans, discount rates 136 Interest earned by member banks 178, 179 Interest on deposits, payment of: Recommendations of Advisory Council relative to 203 Rate of interest fixed by Board 1 Regulation Q, amendment to 52 Investments and loans. (See Loans and investments.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IJNTDEX 277 Iron and steel: Factory employment index 194 Factory pay-roll index 193 Production index 186 Iron-ore shipments 192 Italy: Discount rates of Bank of 138 Open-market money rates 138 Japan: Discount rates of Bank of 138 Open-market money rates 138 Land area of Federal Reserve districts 256-261 Lead production, index of 192 Leased-wire system, cost of 210 Leather: Factory employment index 194 Factory pay-roll index 193 Production index 186 Products, wholesale prices 196 Legal fees, Federal Reserve banks 112 Liberty Loan bonds held by Federal Reserve banks 88, 102 Loans: Secured by stocks and bonds: Made by member banks on call dates 150 Money rates in New York City 136 To banks by Reconstruction Finance Corporation 26 To brokers: As reported by New York Stock exchange 165 By member banks: In 91 cities 158 In New York City 160, 164 By weeks 164 On call dates 150 Outside New York City 162 To individuals, partnerships, and corporations 98, 99 Discount rates on 130, 131 To industries, by Reserve banks 2, 33-35, 83, 85, 86, 88, 90, 92, 94 By Federal Reserve districts 85 Discount rates 131 Earnings on 112 Outstanding, by weeks 86 Provisions of act relating to 50 Provisions of Regulation S relating to 52 Volume of 103, 104 To member banks in exceptional and exigent circumstances 98, 99 Extension of time limit 53 Discount rates 129 Loans and investments: All banks in the United States 141 Member banks: All banks : 17, 142, 144, 146, 150 By classes of banks 144 Chart showing 18 On call dates 150 Reporting banks: In 91 cities _ 158 In New York City 160 Outside New York City 162 State bank members of Federal Reserve System 216-232 Losses, reserve for, at Federal Reserve banks 113 Lumber: Factory employment index 194 Factory pay-roll index 193 Production index 192 Machinery: Factory employment index 194 Factory pay-roll index 193 Managers of branches of Federal Reserve banks, list of 212-215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 INDEX Manufactures: Page Chart showing 29 Index of production 186, 192 Map outlining Federal Reserve districts 264 Martin, H. Warner> assistant to Governor, resignation of 63 Maturities, bills discounted and bought by Reserve banks 99, 101 Member and nonmember bank credit 139 Member banks: Acceptances held 166, 150 Advances to, under section 10 (b) of act 98, 99 Extension of time limit 53 Rates on 129 Affiliates of 2, 58-60 Voting permits, applications for 2, 60 Assets and liabilities: All banks 146 Reporting banks 158-162 Bank suspensions 3, 25, 26, 167-176 Bankers' balances 142, 146, 148, 159, 161, 163 Borrowings at Federal Reserve banks: All banks 152, 155 Banks in New York City, Chicago, and other reserve cities___ 155-157 Reporting banks: In 91 cities 159 In New York City 161 Outside New York City 163 Brokers' loans: In 91 cities 158 In New York City 160, 164 By weeks 164 On call dates 150 Outside New York City 162 Capital 142, 146 Changes in membership 45, 177 Consolidations 45, 177 Deposits: All banks . 4, 17-22, 142, 144, 146, 148, 152, 153, 154, 155 Chart showing 18 Classification of time and demand on call dates 148 Government 148, 159, 161, 163 Net demand and time 153, 154, 155 Subject to reserve, reserves required, reserves held, and borrowings at Federal Reserve banks 152, 155-157 Reporting banks 159, 161, 163 Dividends declared 178 Dividends paid to, by Federal Reserve banks 40, 111 Earnings, expenses, and dividends 178 Excess reserves. 1,4, 12, 14, 15,23, 152, 155-157 Chart showing 15 Failures 3, 25, 26, 167-176 List of, with loans, investments, deposits, capital, and surplus 216-231 Loans and investments: All banks 17, 142, 144, 148, 150 By classes of banks 144 Chart showing 18 On call dates 150 Reporting banks 158, 160, 162 Loans to brokers 150, 158, 160, 162, 164 Reporting banks in New York City, by weeks 164 Mergers.-- 45, 177 National banks: Additions to and withdrawals from System 45, 177 Condition of 142 Deposits 140 Earnings, expenses, and dividends, 178 Loans and investments 141 Number 45, 140, 177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 279 Member banks—Continued. National banks—Continued. page Suspensions 25, 167-173 Trust powers: List of banks authorized to exercise 235-255 Number of permits issued 56 Number of 45, 140, 177 Number of, discounting paper at Federal Reserve banks „ 96, 97 Number of, on par list 44, 108 Reserve balances. __ 1, 4, 12, 13, 14, 22, 67-81, 86, 89, 91, 93, 95, 146, 158, 161 All banks 86, 142, 146, 152 By Federal Reserve districts 86 Chart showing 13 Factors influencing volume of 12 On call dates 146- Reporting banks 159, 161, 16a Reserves required, reserves held, deposits subject to reserve, and borrowings at Federal Reserve banks 152, 155-157 Robbery of, law providing penalty for 48 State banks: Changes in membership 45, 177 Classification according to capital stock 233-234 Condition of 142 Earnings, expenses, and dividends 178 List of, with loans, investments, deposits, capital, and surplus. 216-231 Number of . 45, 140, 177,216 Suspensions 3, 25, 26, 167-176 Stock ownership by directors, provisions of law relating to 50 Withdrawals from System 45, 177 Membership in Federal Reserve System: Changes in 45, 177 State banks and trust companies, list of 216-231 Membership in par collection system 44, 108 Mergers, bank 45, 177 Metals, wholesale price index of 196, 197 Miller, Adolph C., reappointed member of Board 63 Mineral production, index of 192 Monetary gold stock of United States 3, 5-7, 67-82, 119, 120 Analysis of changes in 120 Chart showing 13 Years 1914-34 119 Money in circulation 7, 12, 16, 67-82, 84, 123, 124, 125 By kinds 124 By months 123 Chart showing 13 Paper 16, 125 Revised to exclude gold coin 67 Money rates: In foreign countries 138 In New York City In principal cities lHf Morgenthau, Henry, jr., appointed Secretary of the Treasury 62 Municipal warrants held by Federal Reserve banks 91 Mutual savings banks: Deposits 140 Loans and investments 141 Number of 140 National bank notes: Circulation 124 Held by Federal Reserve banks 88 National banks: Additions to and withdrawals from System 45, IT * Condition of 142 Deposits 140 Earnings, expenses, and dividends 178 Loans and investments 141 Number 45, 140, 177 Suspensions 25, 167-176 Digitized for FRA1S29E2R88 -35 19 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 INDEX National banks—Continued. Trust powers: Page List of banks authorized to exercise 235—255 Number of permits issued 56 Netherlands: Discount rates of Bank of 138 Gold reserves, chart showing 10 Open-market money rates 138 New York City, member banks in: Condition of 142 Deposits 148, 152 Deposits, reserves, and borrowings at Federal Reserve banks 152, 155 Loans and investments 144, 150 New York Stock Exchange: Act regulating, provisions of 3, 35 Borrowings of brokers as reported by 165 Regulations prescribed by Board 35-39, 52 Nonferrous metals: Factory employment index 194 Factory pay-roll index 193 Production index 192 Nonmember banks: Bank suspensions 25, 167-176 Bills discounted for 88, 90, 98 Deposits 67-82, 140 Loans and investments 141 Number of 140 Number on par list 44, 108 Number of banks in the United States 140 Number of member banks 140, 177 Number of member banks discounting paper at Federal Reserve banks _ _ 96, 97 Officers and directors of Federal Reserve banks, list of 212-215 Officers and employees: Federal Reserve banks, number and salaries 41, 216 Federal Reserve Board, number and salaries 206-209 Open Market Committee, Federal, meeting of 62 Open-market operations. (See Discount and open-market operations.) Open-market rates. (See Discount and open-market rates.) Owens, Joseph T., appointed assistant counsel of Board 63 Par collections. (See Check clearing and collection.) Par list, number of banks on 44, 108 Parry, Carl E., appointed chief of Division of Security Loans 63 Pay rolls, factory, index of 44, 108 Penalties for deficient reserves 110, 112 Permits under Clayton Act 57 Permits under section 32 of Banking Act of 1933 57 Permits, voting, by holding company affiliates 59 Petroleum refining: Factory employment index 194 Factory pay-roll index 193 Production index 192 Postal savings deposits 146 Population of Federal Reserve districts 256-261 Postage, Federal Reserve banks, cost of 112 Premises, Federal Reserve banks 42, 89, 91, 92, 109, 112, 113 Book value 109 Cost of 109 Date occupied 109 Depreciation charges 113 Repairs, cost of 112 Prices: Retail 33 Security 184 Wholesale commodity 28, 31, 196, 197 Chart showing 32 Printing and stationery, Federal Reserve banks, cost of 112 Private banks, examination of 60 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 281 Page Proclamation of President fixing weight of gold dollar 3,5 Production, index of 28, 29, 186 Profit and loss account of Federal Reserve banks 113 Public-utility stocks, prices of 184 Railroad car loadings, index of 186 Railroad stocks, prices of 184 Rates, discount. (See Discount rates.) Real estate, loans on: Applicability of restrictions under Housing Act 48 Made by member banks 150, 158, 160, 162 Receipts and disbursements by the Federal Reserve Board 210, 211 Receiver, list of national banks authorized to act as 236 Recommendations of Federal Advisory Council 201-205 Reconstruction Finance Corporation, loans to banks by 26 Registrar of stocks and bonds, list of national banks authorized to act as 236 Regulations of the Federal Reserve Board: Regulation Q—Payment of interest on deposits: Amendment to 52* Recommendations of Federal Advisory Council relative to 203 Regulation S—Loans to industries 52 Regulation T—Stock exchange 35-39, 52 Recommendations of Federal Advisory Council relative to 202, 205 Rent paid by Federal Reserve banks 112: Reporting member banks. (See Member banks.) Reserve balances of member banks 1, 4, 12, 13, 14, 22, 67-81, 86, 89, 91, 93, 95, 146, 158, 161 All banks 86, 142, 146, 152 By Federal Reserve districts 86 Chart showing 13 Factors influencing volume of 12 On call dates 146 Reporting banks _ _ _ __ 159,161,163 In 91 cities 159 In New York City 161 Outside New York City 163 Reserve bank float 83, 90' Reserve city member banks: Condition of 142' Demand and time deposits 149* Deposits, reserves required, reserves held, and borrowings at Federal Reserve banks 152, 157 Loans and investments 144, 151 Reserves: Deficiencies in, penalties for 110, 11.2 Federal Reserve banks 84, 88, 90, 92, 94 Cash 88,90,92,94 Excess 4, 12, 14, 84 Gold 5-7, 9, 88, 90, 92, 94 Member banks: Allbanks__ _ 1,4,12,13,14,22,67-81,86,142,146,152 Excess 1, 4, 12, 14, 15, 22, 152, 155-157 Chart showing 15 Deposits subject to reserve, reserves required, reserves held and borrowings at reserve banks 152, 155-157 On call dates 146 Reporting banks 159, 161, 163 Resources and liabilities: Federal Reserve banks: At the end of each month 90 At the end of 1933 and 1934 92, 95 Weekly statement and balance-sheet items , 88 Member banks: Country banks 142 National and State banks 142 On call dates 146 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 INDEX Resources and liabilities—Continued. Member banks—Continued. Reporting banks: In 91 cities 158 In New York City 160 Outside New York City 162 National banks 142 Reserve city national banks 142 State member banks 142 Robbery of member bank, law providing penalty for 48 Rubber products: Factory employment index 194 Factory pay-roll index 193 Production index 192 Salaries: Federal Reserve banks . 112, 216 Federal Reserve Board 206-209 Savings deposits, rate of interest fixed by Board 1 Secretary of the Treasury: Morgenthau, Henry, Jr., appointed 62 Woodin, William H., retirement of 62 Securities Exchange Act of 1934: Provisions of 3, 49 Rules and regulations prescribed by Board under 35-39 Regulation T, provisions of 52 Security prices 184 Silver: Circulation 124 Held by Federal Reserve banks 88 Monetary stock 11 Price of 11 Purchase of, under Silver Purchase Act 11 Silver Purchase Act of 1934, provisions of 8, 11 State banks: Affiliates of member banks. (See Affiliates.) Capital 216 Changes in membership 45, 177 Classification according to capital stock 233-235 Condition of 142 Deposits 140 Earnings, expenses, and dividends 178 List of, with loans, investments, deposits, capital, and surplus 216-232 Loans and investments 141, 142, 144 Number of 45, 140, 177, 216 Number of applications for reduction in capital stock approved by Board 56 Suspensions 25, 167—176 Unlicensed banks, number and deposits 25, 170, 171 State, county, and municipal deposits in member banks 146 Stocks and bonds: Issues of 183 Loans secured by, made by member banks: In New York City 164 On call dates 150 Money rates on loans secured by 136 Prices of 184 Stock exchange: Act regulating, provisions of 3, 35 Borrowings of brokers as reported by 165 Recommendations of Federal Advisory Council relative to 202, 205 Regulations prescribed by Board 35-39, 52 Stock ownership by director of member banks, provisions of act regarding. 50 Surplus: Federal Reserve banks 89,91,93,95,111,113 Member banks 142, 148 State bank members of Federal Reserve System 216 Suspensions, bank. (See Bank suspensions.) Sweden, Bank of, discount rates 138 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 283 Switzerland: Discount rates of Bank of 138 Open-market money rates 138 Tax, franchise, paid by Federal Reserve banks to Government 111 Tax on premises, Federal Reserve banks 112 Telegraph, leased-wire system, cost of 210 Telephone and telegraph expenses: Federal Reserve banks 112 Federal Reserve Board 210 Textiles: Factory employment index 194 Factory pay-roll index 193 Prices, wholesale 196, 197 Production index 192 Thomas, J. J., designated Vice Governor of Federal Reserve Board 62 Thomas, Woodlief, appointed assistant director of Division of Research and Statistics 63 Time and demand deposits. (See Deposits.) Tobacco manufactures: Factory employment index 194 Factory pay-roll index 193 Production index 192 Trade acceptances held by Federal Reserve banks 100 Trade, wholesale 29, 186 Traveling expenses, Federal Reserve banks 112 Treasury bills held by Federal Reserve banks 88, 102 Treasury bonds: Held by Federal Reserve banks 102 Yield on 134, 185 Treasury certificates of indebtedness: Held by Federal Reserve banks 92, 94, 102 Yield on 134 Treasury notes: Circulation 124 Held by Federal Reserve banks 88, 92, 94, 102 Yield on__, 134 Trust companies. (See State banks.) Trust powers of national banks: List of banks authorized to exercise 236-255 Number of permits issued 56 United States Government deposits: Held by Federal Reserve banks 84, 89, 91, 93, 95 Held by member banks 143, 148, 159, 161, 163 In 91 cities 159 In New York City 161 On call dates 148 Outside New York City 163 United States Government securities: As collateral against Federal Reserve bank notes. 116 As collateral against Federal Reserve notes 115 Provisions of act extending time limit 48 Average yield on 134, 135, 185 Bills discounted secured by, held by Federal Reserve banks. 88, 92, 94, 98, 99 Bonds: Held by Federal Reserve banks 88, 92, 94, 102 Prices of 185 Yield on 4, 185 Certificates of indebtedness: Held by Federal Reserve banks 92, 94, 102 Yield on 134 Earnings and rates of earnings on purchases by Reserve banks 40, 110, 112, 133 Held by Federal Reserve banks 67-83, 88-95, 102 By classes 102 Bought outright 38, 90, 102 Bought under resale agreement 90, 102 Chart showing 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 INDEX United States Government securities—Continued. Page Held by member banks 4, 17, 142, 144, 148, 150, 158, 160, 162 Issues of 4 Issues, redemptions, and Exchanges handled by fiscal agency departments of banks ,:_ "___ 41, 103, 104 Liberty bonds held by Federal Reserve banks 88, 102 Paper secured by, held by Federal Reserve banks 88, 92, 94, 98 Rates of earnings on purchases by Federal Reserve banks 40, 133 Treasury bills held by Federal Reserve banks 99, 92, 94, 102 Treasury bonds: Held by Federal Reserve banks 92, 94, 102 Yield on 185 Treasury notes: Held by Federal Reserve banks 88, 92 Yield on_L_ «______!___ 134 Volume handled by Federal Reserve banks 41, 103, 104, 105 United States notes in circulation 124 Volume of operations of Federal Reserve banks: All banks 41, 103, 104 Branches 44, 105 Each bank 104 Warehouse receipts, loans secured by, money rates on i 136 Warrants, municipal, held by Federal Reserve banks 90 Wholesale commodity prices, index of___-.,. 186 Williams, Gray: ' Appointed assistant counsel. uo Resignation of 63 Wholesale commodity prices 28 31, 196, 197 7 Chart showing 32 Wholesale trade, index of 186 Withdrawals from Federal Reserve System 45, 177 Woodin, William H., Secretary of the Treasury, retirement of 62 Yields on bonds "_ 185 o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis