Annual Report of the Federal Reserve Board, 1935

TWENTY-SECOND ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COVERING OPERATIONS FOR THE YEAR 1935 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1936 Digitized foFro rF sRalAe SbyE tRhe Superintendent of Documents, Washington, D. C. Price 30 cents http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DECEMBER 31, 1935 MABRINEE S. ECCL.ES, Chairman. EX-OFFICIO MEMBERS J. J. THOMAS, Vice Chairman. HENRY MORGENTHAU, JR., CHARLES S. HAMLIN. Secretary of the Treasury. ADOLPH C. MILLER. J. F. T. O'CONNOR, GEORGE R. JAMES. Comptroller of the Currency. M. S. SZYMCZAK. LAWRENCE CLAYTON, Assistant to the Chairman. ELLIOTT THURSTON, Special Assistant to the Chairman. CHESTER MORRILL, Secretary. LISTON P. BETHEA, Assistant Secretary. S. R. CARPENTER, Assistant Secretary. J. C. NOELL, Assistant Secretary. WALTER WYATT, General Counsel. GEORGE B. VEST, Assistant General Counsel. B. MAGRUDER WINGFIELD, Assistant General Counsel. LEO H. PAULGKR, Chief, Division of Examinations. R. F. LEONARD, Assistant Chief, Division of Examinations. C. E. CAGLE, Assistant Chief, Division of Examinations. FRANK J. DRINNEN, Federal Reserve Examiner. E. A. GOLDENWEISER, Director, Division of Research and Statistics. WOODLIEF THOMAS, Assistant Director, Divisiwi of Research an& Statistics. LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics. E. L. SMEAD, Chief, Division of Bank Operations. J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations. J. E. HOEBETT, Assistant Chief, Division of Bank Operations. CARL E. PARRY, Chief, Division of Security Loans. PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans. O. E. FOULK, Fiscal Agent. JOSEPHINE E. LALLY, Deputy Fiscal Agent. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS TEXT OF REPORT Page Introduction - 1 Federal Reserve policy 2 Industrial advances by Federal Reserve banks 4 Banking Act of 1935 5 Increase in gold and silver reserves 7 Member bank reserves 11 Member bank credit 1& Money in circulation 24 Money rates and bond yields 28 Stock prices and security loans 30 Capital issues 34 Business conditions .. . 36 Developments in the banking structure . 40 Earnings and expenses of Federal Reserve banks 44 New building for Board of Governors 46 Building operations of the Federal Reserve banks 47 Branches and agencies of the Federal Reserve banks 47 Federal Reserve inter district collection system 48 Amendments to the law relating to the Federal Reserve System 48 Changes in the regulations of the Board 63 Credit agreements with foreign central banks 66 Bank examinations 66 Trust powers of national banks 68 Reductions in capital stock of national banks ,. . 69 Administration of sections 8 and 8A of the Clayton Antitrust Act 69 Administration of section 32 of the Banking Act of 1933 70 Affiliates of member banks 71 Meetings of Federal Open Market Committee 72 Meetings of Federal Advisory Council 72 Organization, staff, and expenditures 72 in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLES FEDERAL RESERVE BANKS RESERVE BANK CREDIT AND RELATED ITEMS: Page No. 1. Annual averages, 1918-35 76 No. 2. By months, 1934-35 77 No. 3. By weeks (Wednesday figures), 1935 78 No. 4. Call dates, 1921-35 79-80 No. 5. Deposits, total reserves, note circulation, and reserve percentage of Federal Reserve banks, by months, 1932-35__ 81 No. 6. Federal Reserve banks—assets and liabilities (in detail), Dec. 31, 1935 82-83 No. 7. Assets and liabilities of Federal Reserve banks (in detail) at the end of each month 84-85 No. 8. Assets and liabilities of each Federal Reserve bank at end of 1934 and 1935 86-89 No. 9. Number of member banks discounting paper at Federal Reserve banks, by Federal Reserve districts, 1927-35 90 No. 10. Bills discounted—holdings of each Federal Reserve bank on Dec. 31, 1935, by classes 90 No. 11. Holdings of bills discounted and bills bought by Federal Reserve banks, by maturities, 1934-35 91 No. 12. Holdings of United States Government securities by Federal Reserve banks at end of 1934 and 1935, by classes 92 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS: No. 13. Volume of operations in principal departments, 1931-35 93 No. 14. Volume of operations in principal departments of each Federal Reserve bank, 1935 94-95 No. 15. Volume of operations of branches of Federal Reserve banks__ 96-97 No. 16. Industrial advances and commitments, Nov. 28, 1934, to Dec. 31, 1935 98 No. 17. Industrial advances, by Federal Reserve districts 98 No. 18. Commitments to make industrial advances, by Federal Reserve districts 98 INTERDISTRICT SETTLEMENT FUND: : No. 19. Summary of transactions through the fund, 1926-35 99 No. 20. Summary of transactions through the fund, by districts, 1935_ 99 FEDERAL RESERVE AGENTS' GOLD CERTIFICATE FUND: No. 21. Summary of transactions through the fund, 1926-35 100 No. 22. Summary of transactions through the fund, by districts, 1935- 100 MEMBERSHIP IN PAR COLLECTION SYSTEM: No. 23. Number of banks on par list and not on par list, by districts and by States, on December 31, 1934 and 1935 101 FEDERAL RESERVE BANK PREMISES: No. 24. Cost of bank premises of Federal Reserve banks and branches to December 31, 1935 102 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS V EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS: Page No. 25. Earnings of Federal Reserve banks, by sources, 1914-35 103 No. 26. Total earnings, current expenses, and net earnings of Reserve banks, and disposition made of net earnings, 1914^35__ 104-105 No. 27. Earnings and expenses of all Federal Reserve banks combined, 1926-35 106-107 No. 28. Earnings and expenses of the Federal Reserve banks during 1935 108-109 No. 29. Reimbursable expenditures of the Federal Reserve banks during 1935 110 FEDERAL RESERVE NOTES: No. 30. Federal Reserve agents' accounts at the end of each month._ 111 GOLD, FOREIGN EXCHANGE, AND MONEY IN CIRCULATION GOLD: No. 31. Monetary gold stock of the United States, 1914-35 115 No. 32. Analysis of changes in monetary gold stock, by months, 1921-35 116 No. 33. Gold held under earmark by Federal Reserve banks for foreign account, by months, 1927-35 116 No. 34. Gold movements to and from United States, by countries 1932-35 117 No. 35. Gold movements to and from United States, by years 117 FOREIGN EXCHANGE RATES: No. 36. Averages of noon buying rates for cable transfers in New York, 1919-35 118 MONEY IN CIRCULATION: No. 37. United States money in circulation, by months, 1914-35 119 No. 38. Kinds of money in circulation, 1919-35 120 No. 39. Paper currency, by denominations, and coin in circulation, 1930-35 121 DISCOUNT RATES AND MONEY RATES DOMESTIC MONEY RATES: No. 40. Federal Reserve bank discount rates 125-127 No. 41. Federal Reserve bank buying rates on acceptances—changes from January 1, 1932, to December 31, 1935 127 No. 42. Short-term open-market rates in New York City, by months, 1932-35 128 No. 43. Short-term open-market rates in New York City, by weeks, _ 129 No. 44. Rates charged customers by banks in principal cities (weighted averages), 1923-35 130 MONEY RATES IN FOREIGN COUNTRIES: No. 45. Discount rates of foreign central banks, 1935 131 No. 46. Open-market rates in foreign countries, by months, 1924-35. 132 MEMBER AND NONMEMBER BANKS ALL BANKS IN THE UNITED STATES: No. 47. Number of banks, and deposits other than interbank deposits, 1914-35 134 No. 48. Loans and investments of member and nonmember banks, 1914-35 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VI ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS ALL MEMBER BANKS: Page No. 49. Condition on December 31, 1935, by classes of banks 136-137 No. 50. Classification of loans, investments, borrowings, and capital stock on December 31, 1935, by classes of banks 138-139 No. 51. Principal assets and liabilities on call dates, 1921-35 140-141 No. 52. Classification of loans and investments on call dates, 1928-35 142-145 No. 53. Reserves, deposits, and borrowings on call dates, 1928-35. 146-149 No. 54. Deposits subject to reserve, reserves required, and reserves held, by months, 1935 150 No. 55. Net demand and time deposits, reserves held, and excess reserves, by months, 1935 151-152 No. 56. Net demand and time deposits of member banks in larger and smaller centers, 1934-35 153 No. 57. Member banks in New York City, Chicago, and other reserve cities—deposits subject to reserve, reserves required, and reserves held, by weeks, 1935 154-156 No. 58. Changes in number of member banks during 1934 and 1935-_ 157 No. 59. Changes in number of nonmember banks during 1934 and 1935 157 No. 60. Earnings, expenses, dividends, and operating ratios, 1928-35 158-159 REPORTING MEMBER BANKS IN LEADING CITIES: No. 61. Principal assets and liabilities, by weeks and months (101. cities) 160-163 No. 62. New York City banks—Principal assets and liabilities, by weeks and months 164-167 No. 63. Banks outside New York City—Principal assets and liabilities, by weeks and months 168—171 BROKERS' LOANS: No. 64. Loans to brokers and dealers, secured by stocks and bonds, made by reporting member banks in New York City, by weeks 172 No. 65. Brokers'borrowings, 1933-35 173 BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING: No. 66. Dollar bankers' acceptances and commercial paper outstanding, 1931-35 174 No. 67. Dollar bankers' acceptances, by classes, 1934-35 174 BANK DEBITS: No. 68. Debits to individual accounts, by banks in principal cities, 1926-35 175 BANK SUSPENSIONS: No. 69. Bank suspensions, 1921-35 176 No. 70. Banks suspended, by districts and by States, in 1933 177-178 No. 71. Banks suspended, by districts and by States, in 1934 and 1935 179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS VII BUSINESS CONDITIONS CAPITAL ISSUES AND SECURITY PRICES: Page No. 72. Capital issues, 1919-35 183 No. 73. Security prices, 1919-35 184 No. 74. Bond yields, 1919-35 185 INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE AND PRICES: No. 75. Production, employment, and trade, 1919-35 186-188 No. 76. Production of manufactures, by groups, 1919-35 189 No. 77. Production of minerals, by industries, 1919-35 190 No. 78. Factory pay rolls, by groups, 1919-35 191 No. 79. Factory employment, by groups, 1919-35 192-193 No. 80. Wholesale commodity prices in the United States, by months and years, 1913-35 194 No. 81. Wholesale commodity prices in the United States, by weeks_ 195 APPENDIX Record of policy actions: Page Board of Governors of Federal Reserve System 199-230 Federal Open Market Committee 231-235 Recommendations (and directory) of the Federal Advisory Council 236-239 Directory of the Board of Governors of the Federal Reserve System 239 Salaries of officers and employees of the Board of Governors 240-243 Receipts and disbursements of the Board of Governors 244-245 Governors and directors of Federal Reserve banks 246-249 Salaries of officers and employees of Federal Reserve banks 250 State bank and trust company members of Federal Reserve System: List of members, with location, loans, investments, etc 251—267 Number of banks, classified according to size of capital stock 268 Capital stock of banks, classified according to size of capital stock. 269 Deposits of banks, classified according to size of capital stock 270 Number of banks, classified according to size of total deposits 271 Total deposits of banks, classified according to size of total deposits. 272 Fiduciary powers granted to national banks 273—292 Description of Federal Reserve districts 293-298 Description of Federal Reserve branch territories 299-300 Map of Federal Reserve districts - 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LETTER OF TRANSMITTAL BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, Washington, May 5, 1936. The SPEAKER OF THE HOUSE OF REPRESENTATIVES. Pursuant to the requirements of section 10 of the Federal Reserve Act, as amended, I have the honor to submit the Twenty-second Annual Report, prepared by direction of the Board of Governors of the Federal Reserve System, covering operations during the calendar year 1935. Yours respectfully, M. S. ECCLES, Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPOKT OF THE BOAED OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For the Federal Reserve System an outstanding development of the year was the enactment of the Banking Act of 1935 which made important amendments in the Federal Reserve Act. The new law represents a recognition of broader functions of the System as a factor in the country's economic life and emphasizes and clarifies the distribution of responsibility between the component parts of the System. It preserves the autonomy of the regional banks in matters of local concern, but places responsibility for national monetary and credit policies on the Board of Governors and the Federal Open Market Committee. In the credit situation important developments during 1935 were a further growth of bank reserves, resulting from a continued inflow of gold that was due chiefly to- a movement of foreign capital to the United States. Bank deposits increased, reflecting in part the gold inflow but in larger part expenditure by the United States Government of funds raised through the sale of its obligations to banks. Banks increased their other investments as well, and their loans, following declines in earlier years, showed a small growth. Rates charged customers by member banks in leading cities declined during the year and open-market money rates and yields on high-grade bonds remained at near the low levels reached early in the year. The large volume of deposits accumulated in the financial centers and the inflow of capital from abroad were important factors in the activity of the security markets during the year. There was more extensive use of available investment funds than in other recent years. Prices of securities rose sharply and trading on stock exchanges increased, but there was little growth in the amount of bank credit used in the stock market until the last 2 months of the year. New security issues were in larger volume than in the 4 preceding years, but were almost entirely for the purpose of refunding at lower interest rates previously existing obligations. Issues to obtain new capital showed some increase but continued small in total amount as compared with predepression years. The small volume of issues to obtain new capital reflected the fact that the 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS accumulated cash resources of business were nearly sufficient to finance such expansion as business recovery made necessary. In business there were further increases in production, especially in the durable-goods industries, larger sales of goods to consumers, little evidence of accumulation of inventories, relatively stable commodity prices at a level higher than in 1934, and an increase in profits of corporations. Improvement was widespread, but the volume of business remained substantially belowT the level attained before the depression and unemployment continued large. The principal elements of the national income, however—earnings of workers in industry and trade, agricultural income, and corporate profits— showed increases during the FEDERAL RESERVE POLICY Federal Reserve policy during 1935 continued to be directed toward monetary ease. In the first 5 months of the year eight Federal Reserve banks reduced discount rates to 2 percent and one to iy percent. After these reductions rates were 1% percent at the 2 Federal Reserve banks of New York and Cleveland and 2 percent at the other 10 Reserve banks. These rates were continued through the remainder of the year, as there were no developments in the business and credit situation which warranted a change in existing policy with respect to discount rates. Minimum rates on industrial advances were also reduced at three Reserve banks in 1935. Following passage of the Banking Act of 1935 revising provisions of section 10 (b) of the Federal Reserve Act under which advances may be made to member banks, each Federal Reserve bank established a rate on such advances of one-half of 1 percent in excess of the discount rate. These rates represented a considerable reduction from the levels in effect at the time the previous provisions of section 10 (b) expired on March 3, 1935. In November the Board of Governors announced that effective January 1, 1936, maximum rates of interest that could be paid on time and savings deposits by member banks would be 1 percent on time deposits payable in less than 90 days, 2 percent on time deposits payable in less than 6 months and not less than 90 days, and 2y percent on all other time deposits and on savings deposits. 2 A uniform maximum of 2y percent had been in effect on all time 2 and savings deposits since February 1, 1935. Previously the rate had been 3 percent. In view of the large and growing volume of excess reserves, no further action directed toward obtaining easier money conditions was necessary during 1935. On the contrary, the continued growth of excess reserves raised the question of taking measures to reduce Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 3 them. In the last 2 months of 1935 total reserves of member banks averaged about $5,700,000,000, required reserves about $2,700,000,000, and excess reserves about $3,000,000,000, while holdings of United States Government securities by the Federal Reserve banks -totaled $2,400,000,000. Thus excess reserves substantially exceeded the total amount of open-market securities held by the Reserve banks and were likewise in excess of $2,700,000,000, the amount by which reserve requirements could at that time be increased under the law, which provides that requirements can be raised to not more than double existing requirements. In the latter part of the year the Board gave frequent consideration to probable future changes in the volume of excess reserves, to possibilities of excessive credit expansion on the basis of these reserves, to methods of reducing the reserves and controlling credit expansion, and to the proper timing of such action. After a meeting of the Board of Governors with the Federal Open Market Committee on December 17 and 18, at which these matters were considered, the Board and the Committee issued the following statement: The Board of Governors of the Federal Reserve System and the Federal Open Market Committee have given extended consideration to the general business and credit situation and to the recommendation of the Federal Advisory Council and are of the opinion: 1. That continued improvement has been made in business and financial conditions but that the country is still short of a full recovery. 2. That the primary objective of the System at the present time is still to lend its efforts to a furtherance of recovery. 3. That there is at the present time no evidence of overexpansion of business activity or of the use of business credit. 4. That the present volume of member bank reserves, which have been greatly increased by imports of gold from abroad, continues to be excessive, far beyond the present or prospective requirements of credit for sound business expansion. Therefore, the special problem created by the continuing excess of reserves has had and wTill continue to have the unremitting study and attention of those charged with the responsibility for credit policy in order that appropriate action may be taken as soon as it appears to be in the public interest. During the course of the year the Board took action on a number of other questions of policy not directly concerned with interest rates, open-market operations, or member bank reserves. The more important of these actions are described in other appropriate sections of this report. A record of all actions taken by the Board on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 ANNUAL, REPORT OF FEDERAL RESERVE GOVERNORS matters of policy on and after August 23, 1935, together with reasons for such actions, is given in an appendix to this report, which is presented in accordance with the provisions of section 10 of the Federal Reserve Act, as amended by the Banking Act of 1935. During the year the Federal Open Market Committee held four meetings and its executive committee held a number of interim meetings. Matters relating to the size, composition, and distribution of the System investment account, to the problem of excess reserves, to new United States Government security issues, and to other aspects of the business and credit situation were discussed at these meetings. Recommendations were made regarding changes in securities held in the System account and regarding transfers of participations among the various Federal Reserve banks. No specific changes were recommended as to the total amount of securities to be held in the account. In accordance with the provisions of section 10 of the Federal Reserve Act, as amended by the Banking Act of 1935, a record of actions taken by the Open Market Committee from August 23, 1935, to the end of the year is published in the appendix to this report. INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS During the year 1935 the Federal Reserve banks received approximately 2,500 applications for industrial advances under the provisions of section 13b of the Federal Reserve Act. This is a little less than half the number received in the 6 months following the enactment on June 19, 1934, of the amendment empowering the Reserve banks to make such advances. The amount of applications received in 1935 was $116,000,000, compared with $190,000,000 in 1934. The Federal Reserve banks approved 973 applications during 1935 representing an aggregate of $72,000,000, as against 1,020 applications in 1934 for an aggregate of $52,000,000. In other words, although the number and amount of applications received in 1935 was much less than in 1934, the number of applications approved was nearly as large and the amount approved was considerably larger than in 1934. The smaller proportion of approvals in 1934 was due largely to the fact that, during the first few months of operation under the new authorization, a relatively large proportion of the applications were found to be either unsatisfactory credit risks or ineligible under the law. The total amount of applications approved by the Federal Reserve banks up to the end of 1935 was $124,000,000, including $26,000,000 conditionally approved. The largest amount of advances and commitments outstanding at any one time has been $61,000,000, but the total of such credit actually made available to borrowers up to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OE FEDERAL RESERVE GOVERNORS 5 end of 1935 (including $3,000,000 of approved advances and commitments in process of completion) was $98,000,000, part of which had been repaid, part unused, and part advanced by participating institutions. Vigorous steps were taken by the System to inform the public that working capital advances might be made by the Federal Reserve banks directly to borrowers. It was realized at the outset that the new facilities offered by the Federal Reserve banks for making loans for working capital purposes must be actively brought to the attention of potential borrowers, since the general public was not accustomed to dealing with the Federal Reservebanks nor was it aware of the fact that these banks might now make direct loans to industrial and commercial concerns. Articles descriptive of the facilities which the Federal Reserve banks have for making industrial loans appeared during the year in magazines,, newspapers, and trade papers. Radio talks were also made, and pamphlets were issued by various Federal Reserve banks. Through the medium of conferences in Washington and visits by a member of the Board to the Federal Reserve banks, the Board has kept closely in touch with the work of the Reserve banks and industrial advisory committees on industrial loans. Before making advances directly to borrowers the Federal Reserve banks usually encourage local banks to make the advances under protection of commitments from the Federal Reserve banks, or to participate with the Federal Reserve banks in the advances that they make. A commitment, as authorized by the law, obligates a Federal Reserve bank, upon request of the financing institution, to discount or purchase an obligation representing an advance by that institution for the purpose of furnishing working capital to an established business. The Reserve bank, in assuming such an obligation, will obligate itself for as much as 80 percent of any loss thereon. The commitment, therefore, assures the local bank of the loan's liquidity, and protects it against a loss in excess of 20 percent of the loan. BANKING ACT OF 1935 Important amendments were made in the Federal Reserve Act by the Banking Act of 1935, which was signed by the President on August 23. The act incorporates into law much of the experience acquired by the System during the more than two decades of its operation. It reflects a broader conception of the System's functions in the country's economic life than existed at the time the System was established, and it defines more clearly and fixes more firmly the responsibilities of the Board in Washington and of the regional Reserve banks. It permanently removes from the operations of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Federal Reserve banks and the member banks some of the restrictions which at critical times prevented them from effectively rendering the services for which they were established, and it clarifies and simplifies a number of features of the administration of the System. The more important provisions relating to the Federal Reserve System are contained in title II of the act. Title I revises the provisions relating to the insurance of deposits, and title III contains many clarifications and improvements in the technical provisions of existing banking law. The principal provisions of the act are discussed more fully in a subsequent section of this Annual Report. Title II provides for reconstitution of the Federal Reserve Board under the name of the Board of Governors of the Federal Reserve System with longer terms and larger salaries for its members. As reconstituted effective February 1, 1936, the Board, instead of consisting of six appointive members and the Secretary of the Treasury and the Comptroller of the Currency as ex-officio members, will have seven appointive members and no ex-officio members. The law provides for reorganization of the Federal Open Market Committee as of March 1, 1936, to consist of the seven members of the Board of Governors and five representatives of the Federal Reserve banks, instead of, as previously, one representative from each of the 12 Federal Reserve banks. This change, together with other powers vested in the Board, places greater responsibility for the exercise of national credit policies upon the Board of Governors. The law, however, preserves the local autonomy of the regional banks in their dealings and relations with the member banks in their respective districts, and provides for participation of representatives of the regional banks in the formulation of national monetary and credit policies. Other provisions broaden the lending powers of the Federal Reserve banks by permitting them to make advances to member banks on paper heretofore ineligible except in exceptional circumstances and liberalize the conditions under which national banks may make loans on real estate. The act clarifies and alters the power of the Board to change reserve requirements of member banks and provides for periodic review by the Board of discount rates established by the Reserve banks. Changes are also made in the administrative organization of the Federal Reserve banks. The act provides that the Board shall keep a complete record of actions taken by the Board and the Federal Open Market Committee upon all questions of policy relating to open-market operations, including votes taken and a statement of reasons underlying the action, and that the Board shall also keep a similar record with respect to all questions of policy determined by the Board and shall include in its annual report a full account of actions taken and a copy of the records required to be kept. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS "i The record of actions taken on questions of policy, as required by the law, for the period from the date of the passage of the act, August 23, 1935, to the end of the year, is published as an appendix to this report. Discussion of the more important of these actions is included in the appropriate sections of this report. After the passage of the banking act, the Board gave consideration to revision of its regulations affected by provisions of the act. Before the end of the year revisions of five existing regulations and one new regulation were issued. These regulations are discussed in a subsequent section of this report, and the considerations governing the Board in their adoption are given in the record of policy actions published in the appendix. INCREASE IN GOLD AND SILVER RESERVES Monetary reserves of the country were further increased during J935 by gold imports and Treasury silver purchases. In the 2 years 1934 and 1935 the gold stock showed an increase of $6,100,- 000,000, of which about $2,800,000,000 represents the increment accruing to the Treasury from revaluation of gold on January 31, 1934, from $20.67 per ounce to $35 per ounce. This increment has not yet increased member bank reserves to a material extent, for $1,800,000,000' of it is still held in the stabilization fund and the remaining $1,000,000,000 is either in the general fund of the Treasury or has been utilized in ways that for the most part have left member bank reserves unaffected. One of these ways—the use of part of the gold increment for retiring national bank notes—is described on page 27. Disregarding the gold increment resulting from revaluation, additions to gold and silver stocks affecting member bank reserves during the 2 years amounted to $3,900,000,000, of which $200,- 000,000 represents gold acquired by the Reconstruction Finance Corporation and the Treasury before revaluation in January 1934, but not taken up into gold stock Until that time, and $600,000,000., the issuance of silver certificates and coins. The growth of $3,100,000,000 in the monetary gold stock of the United States in the period of less than two years since revaluation was unprecedented in the history of the country. During the 20 years 1914-33, which included the great movements of the war and post-war periods, gold stock increased by $2,400,000,000. In part the difference is accounted for by the higher price at which gold now enters into the account, but a more important feature has been the unprecedented volume of the gold flow, even when measured in ounces. Factors behind gold and silver movement.—Additions to the monetary gold and silver stocks since revaluation, totaling $3,700,000,000, were Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS to the extent of $400,000,000 of domestic origin, such as mine output of the metals, sale of scrap gold by the public, and nationalization of silver holdings. The remaining $3,300,000,000 came from abroad. The sustained movement of gold from abroad, notwithstanding the heavy purchases of silver by the Treasury, was the outcome of several factors in the international balance of payments of the United States. Chief among these factors were an influx of capital from foreign centers and, to a less extent, a surplus of merchandise exports. Surplus of merchandise exports.—Reduction in the gold content of the dollar came after the value of the dollar on the exchanges had declined, with a consequent stimulus to exports. In the closing months of 1934, however, with decreased supplies resulting from the drought and from production-control measures and with the advance in agricultural prices, exports of farm products diminished, though exports of manufactured goods continued to increase. There was also a considerable growth of imports,, reflecting in part the agricultural situation and in part the effects of recovery in this country both on the demand for imported raw materials by industry and on the demand for other imported commodities by the American public. As a consequence, the export surplus that developed in the year ending October 1934 to the amount of $510,000,000 was reduced to $180,000,000 in the succeeding 12 months. In the closing months of 1935, however, a substantial increase in several agricultural exports and the continued widening of the market for American industrial products abroad led to the largest surplus of merchandise exports since 1930. For the entire period from revaluation to the end of 1935, exports exceeded imports by nearly $700,- 000,000. Inflow of capital.—A far larger part of the imports of gold and silver since January 1934 is attributable to the influx of capital from abroad. The heavy inward movement of capital immediately following revaluation represented in part the return of funds that had been transferred abroad in 1933. But there were also political difficulties in France at the time such as have dominated other periods of international capital movements. A special problem has been created for the gold-bloc countries as a group by the general abandonment elsewhere in the world of previously existing exchange parities and the introduction of exchange controls by several countries that still officially adhere to the old parities. A series of crises has occurred, differing in intensity, but each characterized by a sharp outward movement of capital and gold from the gold-bloc countries. The most general movement of this sort, although not the first r occurred in the spring of 1935 after Belgium had devalued its currency. During the ensuing movement Switzerland, the Netherlands,. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 9 and France lost large amounts of gold. In July and again in September there were further gold withdrawals from the Netherlands as a result of political difficulties connected with the Government's economy program. When the substance of this program was approved early in October, the movement of gold was reversed; but in November a similar crisis developed in France during the preparations for the meeting of the French Parliament at the end of the month to debate the 1936 budget. With settlement of the most pressing fiscal and political issues the capital outflow ceased. In addition to the recurrent difficulties of the gold-bloc currencies other factors operated upon the flow of capital to the United States in 1935. At the beginning of the year the approaching adjudication of the gold-clause cases by the Supreme Court led to a movement of capital to this country. Little of this capital went abroad again after the Court's decisions were handed down, because the European difficulties that preceded the gold-bloc crisis in the spring were already developing. Later in the year another factor became operative in the growing tension in Europe over the Ethiopian situation. A transfer of liquid balances from London to New York began in September and reached its height early in October. The nationals of many countries who had employed London as a financial center, as well as the British themselves, were active in the movement. Toward the end of October this movement subsided, but the continuance of disturbed conditions abroad militated against a return flow of the balances during the remainder of the year. Another type of movement developed in 1935 and was continuing on a substantial scale at the end of the year. Foreign purchases of American secur~4ies began to exceed sales in May 1935. The intensification of this movement in the autumn may be attributable in some degree to disturbed political conditions abroad, but the movement as a whole appears to reflect a feeling among foreign investors that an opportunity for profitable investment of their funds is offered by the American market. In the final month of the year it was the sustained purchases of securities in this country by foreign interests that more than offset a small withdrawal of foreign balances and continued the net inward movement of capital which had characterized the year. World gold supplies.—The increase in the monetary gold stock of the United States in the period of nearly 2 years since revaluation has not meant a corresponding decline in central gold reserves abroad. While gold was being shipped to the United States it was being produced by the world's mines at the rate of $1,000,000,000 a year and the Indian public continued to make sales from the accumulated hoards of the past. 56048—36 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS This was in contrast to the situation that existed before the depression. For a number of years before the depression, world gold production, valued on the old par basis, was at a rate of about $400,000,000 a year. Of this amount from $100,000,000 to $200,000,000 was annually taken for industrial uses or for Indian hoards, leaving $300,- 000,000 or less available for central reserves. Today the sale of Indian gold exceeds the demand for industrial uses, and mining output has not only increased b}r 50 percent in terms of ounces, but an ounce of gold is now the equivalent of $35 instead of $20.67. Except as hoarding develops in Europe, therefore, the amount of new gold available for central gold reserves exceeds $1,000,000,000 a year. As a result of this situation the increase of $3,100,000,000 in monetary gold stocks of the United States in the period from February 1, 1934, to the end of 1935, was accompanied by a decline of only $1,100,- 000,000 in the gold reserves of foreign central banks. The larger part of this decline occurred in gold reserves of the Bank of France, although there were also substantial reductions in central reserves of the Netherlands, Switzerland, and Italy. Silver purchases.—The increase of $600,000,000 in silver certificates and coin in the United States in 1934 and 1935 reflected, in the main, operations carried out in accord with the silver-buying program of the Government. Up to December 27, 1935, acquisitions of silver, as announced by the Treasury, amounted to 835,000,- 000 ounces, of which 59,000,000 ounces were received from domestic mines, 112,000,000 ounces represented the nationalization of silver in the United States on August 9, 1934, and 664,000,000 ounces were purchased abroad under authority of the Silver Purchase Act. The two principal sources of American silver acquisitions have been new production and withdrawals from Chinese stocks. The bulk of this silver has been bought in the London market, where Treasury operations were the dominant factor during most of 1935, but considerable amounts of silver have been shipped direct to the United States from Mexico, Canada, and other producing countries, and during 1934 direct importations from China were in substantial volume. The direct shipment of silver from China to the United States ceased soon after the Chinese Government in October 1934 imposed prohibitive charges on silver exports, but the drain of silver from China was not stopped by this action. The subsequent depreciation of the yuan against its theoretical silver parity provided a strong incentive to smuggle silver out of the country, and during 1935 the amount of Chinese silver that reached the London silver market through various channels was comparable in volume to the supplies from this source in 1934. Effective November 4, 1935, the Chinese Government issued a series of decrees providing for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 11 compulsory delivery of all silver coin and bullion to the Government and for the issue of an inconvertible paper currency to be managed with the object of maintaining a stable value for the yuan in terms of foreign currencies. The effect of these measures was to remove China definitively from the silver standard. Subsequently the profit on smuggling silver out of China was largely eliminated by the sharp decline in the world market price for silver. MEMBER BANK RESERVES Growth of reserves in 1935.—As a result of the increase in gold and silver stock, the reserves of the Federal Reserve banks and the reserve balances of member banks increased further by large amounts in 1935. as in 1934. Member bank reserve balances showed a growth of $1,500,000,000 in 1935. The increase in reserve funds resulting from the growth of $1,900,000,000 in the country's monetary gold stock and of $400,000,000 in silver money was partly offset by reductions in reserves arising from increases of $350,000,000 in the amount of money in circulation, of $400,000,000 in funds held by the Treasury on deposit in the Reserve banks, and of nearly $100,000,000 in nonmember deposits and other accounts at the Reserve banks. The net increase of $1,500,000,000 in total reserve balances was partly absorbed by an increase of nearly $500,000,000 in reserve requirements in consequence of a continued growth of member bank deposits, and excess reserves showed an increase of more than $1,000,000,000. Early in December excess reserves reached a total of $3,300,000,000, a new high level in the history of the Federal Reserve System, but in the 10 days preceding Christmas a large increase in Treasury deposits at Reserve banks, arising from the sale of new securities and income-tax receipts, together with seasonal currency withdrawals, resulted in a decrease of over $600,000,000 in member bank reserves. This reduction had no effect on the money market, and before the end of the year the return flow of currency increased the bank's reserve funds. At the end of December excess reserves amounted to $2,850,000,000, and early in January 1936 they again exceeded $3,000,000,000. Changes in reserve situation since 1929.—Growth of bank reserves was a part of a series of developments that, since the reversal of Federal Reserve policy in the latter part of 1929, have been contributing to easier money conditions. The nature of these changes is shown in part on the accompanying chart. At various times between the autumn of 1929 and the end of 1933 the Reserve banks purchased $2,300,000,000 of Government obligations. Not all of this amount, however, constituted a net addition to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 ANNUAL REPORT OF FEDERAL, RESERVE GOVERNORS MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS -{ Monthly Averages of Daily Figures.), BILLIONS OF DOLLARS 10 ' 10 Member Bank Reserve Balances Treasury Cash and Deposits with F. R. Banks 1929 1930 1931 1932 1933 1934 1935 RESERVE BANK CREDIT BILLIONS OF DOLLARS Monthly Averages of Daily Figures ; BILLIONS OF DOL ARS 1929 1930 1931 1932 1933 1934 1935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 13 •member bank reserves. The major part of the reserves thus made available was utilized by member banks to reduce indebtedness to the Reserve banks in existence at the beginning of the period and incurred during the depression at times of currency and gold withdrawals. The more important net changes for the period as a whole were a decrease of nearly $900,000,000 in member bank borrowings, an increase of about $1,000,000,000 in currency in circulation, and an increase in member bank reserves of $400,000,000. Since, however, :as shown in the second chart, required reserves of the member banks had declined by $400,000,000 as a result of the decline in deposits, MEMBER BANK RESERVE BALANCES BILLIONS OF DOLLARS _( Monthly Averages of Daily Figures > BILLIONS OF DOLLARS 6 6 O 1929 1930 1931 1932 1933 1934 1935 member banks had more than $800,000,000 of excess reserves at the end of 1933. This was a much larger volume of excess reserves than had ever before been held by member banks. These excess reserves should be compared with a portfolio of $2,400,000,000 of Government securities which were available for sale in the open market if absorption of reserves should become desirable. This was the situation at the end of 1933. During the next 2 years the relationship between the Federal Reserve banks and the money market was fundamentally altered. Because of developments previously explained, excess reserves increased from $800,000,- 000 to about $3,000,000,000, while the portfolio of Government securities of the Federal Reserve banks remained at $2,400,000,000. It is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS partly for this reason that Congress gave to the Board the power to absorb excess reserves through increasing reserve requirements for member banks to a maximum of double the percentages prevailing in 1935, thus providing the Board with an additional instrument for preventing injurious credit expansion. Distribution of member bank reserves.—All classes of member banks in all Federal Reserve districts held reserves in excess of requirements throughout 1935. On December 31, 1935, total reserve balances held with Federal Reserve banks by member banks were more than double the amount required. As shown in the following table, the percentage of total to required reserves of all member banks was 204 percent, as compared with 177 percent at the begining of the year. Similar percentages by classes of banks and by districts as of December 31, 1935, ranged from 110 percent at reserve city banks in the New York district to almost 300 percent at country banks in the Minneapolis, Kansas City, and Dallas districts. PERCENTAGE OF TOTAL TO REQUIRED RESERVES, BY CLASSES OF MEMBER BANKS, DEC. 31, 1934, AND DEC. 31, 1935 Dec. 31, 1935 Dec. 31, 1934 Central reserve city banks: New York 213 171 Chicago 204 208 Reserve city banks. 186 175 Country banks 214 180 All member banks 204 The increase in the percentage of total to required reserves was largest at New York City banks, -while at Chicago banks there was a slight decline. Country banks in all districts showed substantial increases, owing in large part to the reduction in required reserves that resulted from changes under the Banking Act of 1935 in the method of calculating net demand deposits, described on page 18. The increase in the percentage of total to required reserves for all reserve city banks was relatively small, and in the Minneapolis,. Kansas City, Dallas, and San Francisco districts decreases were shown in the percentages for banks in this class. Since, as previously explained, the increase in member bank reserve balances during 1935 arose mostly from gold imports, additional reserve funds were generally received first by banks in New York City. A large part of these reserves were widely distributed among banks in other sections by the flow of payments from one region to another. An important factor in this flow of payments was the investment by banks in Government obligations and the expenditure of the proceeds by the Treasury, which thus gradually Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 15 transferred the funds to other banks and to other sections of the country. Reserve city banks and country banks held a part of the reserve funds thus acquired in the form of excess reserves, invested another part, and deposited the remainder with correspondent banks. The table shows changes in loans and investments and reserves of the three principal classes of member banks during 1935; figures showing changes in the various types of deposits at these banks are given in the table on page 22. CHANGES IN LOANS AND INVESTMENTS AND RESERVES OF MEMBER BANKS DEC. 31, 1934, TO DEC. 31, 1935 [In millions of dollars] Central Total reserve Reserve Country city banks city banks banks LORDS +147 +219 +35 -107 Investments _. __ . +1, 688 + 725 +717 +246 Total loans and investments +1, 835 +944 +752 + 139 Reserves with Federal Reserve banks: Required _ +435 +324 +133 -23 Excess +1, 057 +736 + 193 +128 Total +1, 492 +1,060 +326 +105 Balances with banks in United States +627 +11 -1-236 +380 A large part of the increase in reserve balances with Federal Reserve banks was at central reserve city banks (New York and Chicago), while country banks, where the increase in reserve balances was smaller, showed a substantial growth in balances held with other banks. At reserve city banks the total increase in balances held with the Federal Reserve banks and with other banks was relatively smaller than at other classes of banks. City banks used a considerable part of their surplus funds in the purchase of investments, mostly United States Government securities. Country banks, on the other hand, which showed a smaller increase in investments and a decline in loans, deposited with other banks the larger part of the increase in their available funds. Country banks, therefore, had available a larger volume of idle funds than is indicated by the figures for excess reserves, while a large part of the excess reserves of the central reserve city banks in New York and Chicago represented redeposited idle funds held for country banks, the withdrawal of which would reduce the excess reserves of the central reserve city banks. Reserve city banks also held a substantial amount of balances due to banks, which increased in 1935 and which might be considered as an offset to their excess reserves and balances with other banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Keserve position of individual member banks.—Substantial excess reserves were held in 1935 not only by the various groups of banks but also by the majority of individual banks. With a view to determining the reserve position of individual member banks and the possible effect upon them of an increase in reserve requirements, the Board of Governors made a study of required and excess reserves of each member bank on the basis of the call reports of November 1, 1935. Between that date and the end of the year there wTas little change in the total volume of excess reserves and probably few important changes in the distribution of these reserves among individual banks. These reports showed that on November 1 about 4,200 of the total of 6,400 member banks held reserve balances that were 50 percent or more in excess of reserve requirements. The following table shows a distribution of the number of central reserve city, reserve city, and country banks according to the ratio of excess reserves to required reserves. NUMBER OF MEMBER BANKS ON NOV. 1, 1935, DISTRIBUTED ACCORDING TO THE RATIO OF EXCESS RESERVES TO REQUIRED RESERVES Central reserve city Total banks number Reserve Percentage of excess to required reserves of b m e e r m- New b c a i n ty ks C b o a u n n k t s ry banks York Chicago Less than 25 percent 1,283 116 1,148 25-49 percent 956 56 894 50-99 percent 1,227 64 1,154 100 percent or over 2, 934 100 2,817 Total number of member banks. 6,400 336 6,013 On the basis of these figures it appears that the proportion of member banks holding a large amount of excess reserves was greater among country banks than among city banks. The number of banks with excess reserves of 100 percent and over amounted to 47 percent for country banks, 33 percent for central reserve city banks, and 30 percent for reserve city banks. About 19 percent of all country member banks held reserves that were less than 25 percent in excess of requirements, while about 35 percent of central reserve city and reserve city banks were in this group. In view of the fact that many banks had deposited, a large part of their available funds with other banks and could transfer these funds to the Federal Reserve banks in case additional reserves were needed to meet an increase in reserve requirements, attention was also given to the amount of demand balances carried by member banks on deposit with other domestic banks. Such balances do not represent additional reserves of member banks taken as a whole, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 17 but may be a means of shifting reserves from one bank or group of banks to another. Of the 1,283 banks which would have had to increase their reserves to meet a 25-percent increase in reserve requirements, all but 41, as shown in the following table, had balances with correspondent banks sufficient to supply the additional reserves required. Of all the member banks 345, or 5 percent, had excess reserves plus balances with other banks insufficient to meet an increase of 100 percent in reserve requirements, while 6,055 banks had excess reserves and other balances sufficient to meet such an increase. NUMBER OF MEMBER BANKS ON NOV. 1, 1935, DISTRIBUTED ACCORDING TO THE RATIO OF EXCESS RESERVES PLUS BALANCES DUE FROM DOMESTIC BANKS TO- REQUIRED RESERVES Central reserve Percenta d g o e m o e f s e t x ic c e b s a s n re k s s e r to ve r s e q p u lu ir s e b d a l r a e n s c e e r s v e d s ue from o n f T u b m o m e t b r a e e m l r - Ne c w ity banks R b e c a s i n e ty k rv s e C b o a u n n k t s ry banks York Chicago Less than 25 percent 41 37 25-49 percent 71 5 61 50-99 percent... 233 19 202" 100 percent or over 6,055 20 10 312 5,713 Total number of member banks 6,400 38 336 6,01& As already shown, there were 1,283 member banks on November 1 which were either deficient in reserves or held excess reserve balances amounting to less than 25 percent of required reserves. The amount of additional reserves that these banks would have needed in case of a 25-percent increase in reserve requirements was $95,000,000 in the aggregate, representing 2 percent of the total volume of reserve balances held by member banks on that date. Of this total $22,500,000 would have been needed by central reserve city banks in. New York, $14,000,000 by other banks in the New York district, and $15,000,000 by banks in the San Francisco district. But, as explained, all but 41 banks had sufficient balances on deposit with correspondent banks to supply these needs. These 41 banks would have needed $13,000,000, in addition to their balances with correspondents, to meet a 25 percent increase in requirements. To provide all banks with excess reserves of 50 percent, i. e., to enable them to meet a 50-percent increase in reserve requirements, the 2,239 banks that were short of the necessary reserves on November 1, 1935, needed additional reserves of $266,000,000, and, if bank balances had been used in full, 112 banks would still have needed $50,000,000. To meet an increase of 100 percent in reserve requirements, nearly $800,000,000 additional reserves would have been needed by 3,466 banks, and, if other bank balances were employed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS for the purpose, there would still have been 345 banks with an aggregate shortage of $240,000,000. Of this amount $200,000,000 would have been required by banks in New York City. These computations make no allowance for the effect upon banks holding balances of other banks of the withdrawal of a part of such balances. Eecognition would also need to be given to the fact that banks would probably not wish to use all of their balances with correspondents to build up reserve balances. Thus the amounts which would have to be obtained by member banks in case of an increase in reserve requirements would be somewhere between the two sets of figures given above—those assuming no withdrawal of bankers' balances and those assuming withdrawal of these balances to the fullest extent needed. Individual member banks needing additional reserves could borrow from the Federal Reserve banks, or they could obtain funds from other banks holding large surplus reserves not only by drawing on their balances but also by borrowing from them or by the sale to them of marketable assets. The sale of assets to others than banks and the calling of open-market loans would also redistribute reserve funds among member banks. New York City banks, which hold large balances for other banks subject to withdrawal in case of need and which carry practically no balances with other banks, have relatively large amounts of readily marketable assets, such as Treasury bills, bankers' acceptances, and brokers loans, which can be sold or called or allowed to run off without replacement at maturity. It is possible by this method for a member bank in case of need to tap the large supply of excess reserves held by other banks. Banking operations of this nature, as well as the usual flow of payments in connection with governmental, commercial, industrial, and financial transactions, may considerably alter the distribution of reserves among individual banks without changing the aggregate amount of reserve balances of all member banks. Change in method of computing required reserves.—In the Banking Act of 1935 a change was made in the method of computing net demand deposits against which reserves must be carried by member banks with Federal Reserve banks. Previously net demand deposits were computed for each reporting bank separately by adding to demand deposits, other than those of banks and the United States Government, any excess of amounts due to banks over amounts due from banks. The Banking Act of 1935 prescribes that reserves be carried by member banks against United States Government deposits and permits deductions to be made from gross demand deposits instead of only from balances due to banks. As a consequence, when the new provisions went into effect on August 24, banks in New York City, which hold large Government Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 19 deposits, showed an increase in net demand deposits, while country banks, whose balances due from banks exceed their balances due to banks and their Government deposits, showed decreases. It is estimated that as of June 29, 1935, the new method of computing net demand deposits would have resulted in a reduction of about $35,000,000 in reserve requirements of all member banks. Requirements of central reserve city banks would have been increased by $45,000,000, while those of country banks would have been reduced by $75,000,000. Some reserve city banks would have shown increases and others decreases, with a small decline in the total for the group. Late in November the Board issued a revised Regulation D relating to reserves of member banks. This regulation incorporates the •changes described above, and also, in accordance with the authority conferred upon the Board by the Banking Act of 1935 to change reserve requirements, provides that the actual net balance which each member bank is required to maintain on deposit with the Federal Reserve bank of its district shall be changed by such percentage, within the limits prescribed by law, as the Board shall prescribe from time to time in order to prevent injurious credit expansion or .contraction. MEMBER BANK CREDIT Part of the additional lending power obtained from the increase in reserves was used by member banks during 1935 in the purchase of investment securities and part was held as excess reserves. Investments were principally in direct and guaranteed obligations of the United States. Deposits of individuals, partnerships, corporations, and local and State public bodies showed a further increase of about $3,800,000,000 during 1935, reflecting principally the inflow of gold and Treasury expenditures from balances previously accumulated as well as from funds newly borrowed from banks during the year. United States Government deposits at member banks consequently declined. Interbank balances showed a further substantial increase, reflecting the continued growth of idle funds held by banks. Xoans and investments.—Total loans and investments of all member banks, as shown in the chart, increased by $1,835,000,000 during 1935. The largest increase occurred in obligations fully guaranteed by the United States Government, which rose by $780,000,000, while direct obligations of the Government increased by $600,000,000 and other securities by $310,000,000. Holdings of direct Government obligations by all member banks showed a smaller increase during the year 1935 than in any other year since 1930, owing in part to the retirement of the bonds securing national bank notes, which bonds were almost Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS wholly held by banks. The increase in fully guaranteed obligations,, which occurred in the first three-quarters of the year, reflected in part exchanges of previously held securities guaranteed only as to interest, that were retired during the year, in part exchanges for mortgage loans held by the banks, and in part purchases from other holders. Loans to brokers and dealers in securities, which had shown little change during the first 10 months of the year, increased by more than $200,000,000 in the last 2 months, and loans to customers on securities, which had declined steadily since 1930, showed little change in the last few months of 1935. Other loans to customers, comprising prin- ALL MEMBER BANKS BULLIONS OF DOLLARS BILLIONS OF DOLLARS 15 15 10 10 Reserve balances. Cash in vault, and Balances with other banks 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 cipally loans for agricultural, industrial, and commercial purposes,, showed a continuous increase during the year, following declines in all years since 1929. Most of the increase in total loans and investments during 1935 was at central reserve and reserve city banks, which showed increases in all three classes of investments and in loans to customers other than on stocks and bonds. Brokers' loans increased at New York City banks and declined at other banks, owing largely to an increase in commissions charged by New York City banks for making such loans for other banks. Country banks increased their holdings of Government-guaranteed obligations and of other securities, but showed decreases in holdings of direct Government obligations, reflecting Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 21 retirement of bonds bearing the circulation privilege. Loans on securities by country banks continued to decline, while their other loans to customers showed little chango. LOANS AND INVESTMENTS OF MEMBER BANKS [In millions of dollars] Dec. 31, Dec. 31, 1935 1934 Change Total loans and investments 29,985 28,150 +1,835 Loans to banks _ 155 -57 Loans to other customers: Secured by real estate _ 2,284 2,273 + 11 Secured by stocks and bonds 3,089 3,296 -207 Reporting banks' own acceptances 232 -63 Otherwise secured and unsecured- _ 5,00G 4,708 +298 Open-market loans: Acceptances and commercial paper bought 482 520 -38 Loans to brokers and dealers in New York City 1,047 843 +204 U. S. Government obligations: Direct..... 10, 501 9,906 +595 Fully guaranteed 1,768 989 +779 Other securities. 5,541 5,227 +314 Growth of member-bank deposits.—Deposits of the general public at member banks increased by $3,840,000,000 during 1935 and at the end of the year were $8,650,000,000 larger than in June 1933, the report date showing the smallest total in the depression period. Deposits of foreign banks, including balances due to own foreign branches, increased by $350,000,000 in the year, and the excess of deposits of domestic banks over balances due from domestic banks, representing principally balances due to nonmember banks, increased by about $500,000,000. Thus during 1935 deposits at member banks of the public and of nonmember and foreign banks showed a total growth of $4,700,000,000, which was derived principally from the following sources: (1) The increase of $1,900,000,000 in monetary gold stock, from which should be deducted about $200,000,000 representing the withdrawal of balances held abroad by member banks; (2) Treasury expenditures of $800,000,000 withdrawn from their deposits with member banks, of $600,000,000 derived from the increase in holdings of direct Government obligations by member banks, of $200,000,000 obtained by sale of securities to the Postal Savings System in return for funds withdrawn from member banks, and of $400,000,000 from silver certificates issued; and (3) funds made available by member banks by additional purchases of nearly $800,000,000 of fully guaranteed Government obligations and by an increase of about $500,000,000 in their other loans and investments. The principal factor reducing deposits was an increase of about $300,000,000 in money in circulation outside of banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Adjusted demand deposits at member banks, representing the checking accounts of individuals, partnerships, corporations, and local and State public bodies, increased by $3,100,000,000 in 1935. At the close of the year they amounted to $18,800,000,000, as compared with $12,100,000,000 at licensed member banks on June 30, 1933, the lowest point for any call-report date in recent years, and $16,600,000,000* on December 31, 1929, the pre-depression maximum. Time deposits,, other than balances of banks and of the Postal Savings System, increased by $730,000,000 in 1935 and on December 31 amounted to about $10,000,000,000 as compared with $8,100,000,000 in June 1933 and $12,900,000,000 at the end of 1929. United States Government deposits at member banks showed a decline of nearly $800,000,000 in 1935. There was also a decrease of $230,000,000 in postal-savings deposits, representing funds withdrawn by the Postal Savings System, because of the inability or unwillingness of banks to pay the required rate of interest on these deposits. These funds were invested in Government obligations by the Postal Savings System. Further growth in balances held for domestic banks, amounting to* $1,140,000,000 for the year as a whole, reflected the continued abundance of funds available to banks. The total of these balances at the year-end reached a new high level of $5,850,000,000. From 1922 to 1929 they generally fluctuated between $3,000,000,000 and $4,000,- 000,000. Balances of foreign banks increased by $300,000,000 during 1935 and amounts due to own foreign branches increased by $50,- 000,000. At the same time balances with banks in foreign countries were reduced by $130,000,000 and amounts due from own foreign branches by $90,000,000. These changes reflected the movement of balances to this country from abroad by both domestic and foreign holders, which was an important factor in the large gold imports of 1935. DEPOSITS OF ALL MEMBER BA^KS [In millions of dollars] Outstand- Changes since Dec. 31, 1934 ing, all member D b e a 1 c n 9 . 3 k 5 3 s 1 , , m b e a A m n l k l b s er C r b e e c s a n e i n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry Demand deposits—adjusted.. 18, 801 +3,115 + 1,335 +1,025 +755. Time deposits 1 10,041 +726 +40 +363 +323 U. S. Government deposits.. 844 -792 -516 -236 -41, Postal-savings deposits 218 -234 -54 -107 -74 Deposits held for domestic banks. 5,847 +1,144 +615, +456 +73". Deposits held for foreign banks 449 +295 + 283 +12 * Exclusive of postal-savings and interbank deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 23 Adjusted demand deposits, figures of which were first published by the Board in 1935, are computed by adding to demand deposits other than those of banks and the United States Government the items of certified and officers' checks and cash letters of credit and travelers' checks outstanding and subtracting checks and other cash items reported as on hand or in process of collection. Beginning December 31, 1935, cash items on hand but not in process of collection, amounting to about $15,000,000, were reported separately and on that date the figure for adjusted demand deposits was computed without deducting that item. These collection items, given on the asset side of the call report, show in part the amount of so-called "float" outstanding, which varies considerably from time to time and together with interbank balances involves a double counting of deposits. Cash items forwarded to correspondent banks for collection and credit and charged to such banks are in large part included in balances due from banks and to that extent cannot be deducted in computing adjusted demand deposits. Increases during 1935 in adjusted demand deposits, time deposits, and deposits held for banks, as well as declines in United States Government and postal-savings deposits, as shown in the table, were common to all groups of member banks. The increase in adjusted demand deposits was relatively somewhat larger at city banks than at country banks. This is in contrast to 1934 when the increase in deposits was relatively larger at country banks than at city banks. The increase in time deposits occurred chiefly outside New York and Chicago, the two central reserve cities. Withdrawal of United States Government deposits was largely concentrated at city banks. Increases in deposits held for domestic and for foreign banks occurred almost entirely at banks in New York City, Chicago, and other largo financial centers. Increase in deposits at all banks.—Although adjusted demand deposits of member banks in 1935 were above the 1929 maximum, similar deposits of all banks in the United States were still somewhat below 1929 levels. Available figures for nonmember banks for earlier years are less accurate than those for member banks, because some of the States did not obtain reports of deposits classified according to kinds, and also because nonmember banks probably included a larger amount of collection items in amounts reported as due from banks than did member banks, which diminishes the accuracy of any computation of adjusted demand deposits. On the basis of such information as is available, it appears that adjusted demand deposits of all banks in the United States declined by about $8,000,000,000 from June 1929 to June 1933 and increased by about $6,000,000,000 to June 1935. By June 1935, time deposits of all banks had recovered nearly $2,000,000,000 of the total decline of about Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS $7,500,000,000, while United States deposits and bankers' deposits were much larger than in 1929. Deposits held by the Postal Savings System and not redeposited in banks increased by about $800,000,000 between June 1929 and June 1935, and, for reasons subsequently explained, the amount of currency in circulation outside of banks in 1935 was about $1,000,000,000 larger than in 1929. The total amount of bank deposits and currency held by the public in June 1935 was, therefore, about $5,500,000,000 less than in June 1929. This difference was considerably reduced by a further increase in deposits in the lasthalf of 1935, amounting to'$1,800,000,000 for insured banks. Bank debits and turn-over of deposits.—Volume of debits to individual depositors' accounts at banks was larger in 1935 than in any of the 3 previous years, reflecting increased business and stock-market activity. At banks in 140 cities outside of New York City debits in the year were 15 percent larger than in 1934. In New York City, where debits are to a considerable extent affected by stock-market activity, the increase amounted to about 10 percent. In the last quarter of 1935 debits in New York City were approximately 25 percent larger and in other cities 20 percent larger than in the last quarter of 1934. The increase in debits was not so rapid as the growth in deposits, and therefore the rate of deposit turn-over continued at a low level. Member-bank earnings.—Member banks, taken as a whole, showed net profits in 1935 for the first time since 1931, notwithstanding the low. level of money rates and the large volume of idle funds on which the banks received no return. For the first half of 1935 member banks reported net income of about $80,000,000. Results for the second half year are not yet available. No other 6-month period since the first half of 1931 has resulted in net profits for the member banking system principally because the banks have been obliged to write off heavy losses. In the first half of 1935 the amount of losses written off b}^ member banks was much smaller than in similar periods of other recent years and recoveries on assets previously written off were large. MONEY IN CIRCULATION Increase in 1935.—The amount of money in circulation increased by $350,000,000 during 1935, reflecting principally demands for currency to meet an increase in wage payments and in retail trade. At. the seasonal peak toward the end of the year the amount of money in circulation wa$ $6,000,000,000, a larger amount than at any time in the past, except during the banking crisis in March 1933, and $1,200,000,000 above the seasonal peak in 1928, when the level of retail trade and pay rolls was considerably higher than in 1935. The larger amount of money in circulation as compared with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 25 1928 reflects a continuation in private hoards of a substantial amount of currency which was withdrawn during the period of banking difficulties, the practice of a number of State and local governmental bodies of holding funds in currency rather than on deposit in banks, and the increased use of cash instead of checks to meet current payments, due to the absence of banking facilities in some localities and to the growth of service charges by banks. PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [In millions of dollars] Oct. 31, Dec. 31, Dec. 31, Dec. 31, 1930 1932 1934 1935 Gold coin 63 181 Other coin _ __ _ 436 400 451 478 Paper currency: $1 389 368 423 460 $2 43 34 32 33 $5 661 635 771 815 $10 1,029 1,109 1,288 1,373 $20 1, 054 1,307 1,326 1,359 $50 and over 644 1,435 1,254 1,369 Total money in circulation i 4,206 5,388 5,536 5.882 i Total shows amounts outside of Federal Reserve banks and the Treasury, while figures by denominations include holdings of small amounts of unassorted currency in Federal Reserve banks and the Treasury. Some indication of these various tendencies is afforded by figures on denominations of currency in circulation, which are shown in the table, giving the amount of coin and of various denominations of notes in circulation as of selected dates in recent years. In October 1930, which is the earliest date for which comparable figures on this basis are available, the amount of currency in circulation was near the low level for recent years. Wage payments and retail trade had declined somewhat and the hoarding movement had not begun. Figures for December 1932 show, on the one hand, the effects of hoarding, without the sharp and temporary movement in the 2 following months which immediately preceded the bank holiday, and, on the other hand, the influence of a further decline in the use of currency in trade and pay rolls. Figures for the later dates illustrate developments during the subsequent period of business recovery and banking reconstruction. From October 1930 to the end of December 1932 circulation of currency of denominations of $50 and over increased by about $800,000,000, and that of $10 and $20 denominations increased by a total of over $300,000,000, and circulation of gold coin increased by more than $100,000,000, reflecting widespread withdrawal of deposits from banks and hoarding of currency. Circulation of smaller denomination currency and of other coin, on the other hand, decreased somewhat, reflecting the decline in industry and trade. 56048—36 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 ANNUAL EEPOET OF FEDERAL RESERVE GOVERNORS 111 1933, except during the period preceding the bank holiday when currency withdrawals were widespread, and in 1934 the return of hoarded currency was responsible for declines in notes of $50 and over. In those years, however, there were increases in circulation of small-denomination notes and of coin other than gold, which may be attributed in part to the demand for currency to meet the expansion in retail trade and pay rolls, in part to a growth in vault cash holdings of banks, and in part to a tendency to use cash rather than checks. The tendency toward the greater use of currency rather than checks in current payments is in part responsible for the fact that the amount of currency in active use is larger at present than during the years before the depression, despite a lower level of pay roils and retail trade. Figures of currency in circulation by denominations are not available for 1928, but some indication of this tendency is afforded by the circulation figures for subsidiary silver, silver dollars, and $1 notes, which do not reflect the influence of hoarding. From the end of 1928 to the end of 1935 the amount of subsidiary silver in circulation increased by $20,000,000 or 7 percent, and the estimated total of $1 notes and silver dollars in circulation increased by about $50,000,000, or more than 10 percent. In 1935 the increase in circulation of small-denomination currency continued in response to increases in retail trade and pay rolls. Circulation of large-denomination notes also increased in 1935, reflecting at least in part the holding of public funds in currency because, in view of low yields on investments and legal restrictions on rates that banks may pay on deposits, many banks were unable to pay the interest rates which the public bodies were required by law to demand. That the amount of large-denomination currency in circulation at the end of 1935 was still some $700,000,000 larger than in October 1930 reflected principally, however, the continued holding in currency of a part of the savings of the public. There were substantial shifts during 1935 in the kinds of currency in circulation, as shown in the following table. All liability for national bank notes outstanding was transferred from the issuing banks to the Treasury, and these notes were retired from circulation to the extent of $360,000,000. The process of eliminating national bank notes from the circulating medium is described in some detail below. The retirement of gold certificates and of Federal Reserve bank notes from circulation also continued during 1935. The reductions in these classes of currency totaled $420,000,000, and there were increases of $490,000,000 in Federal Eeserve notes, $240,000,000 in silver certificates, and $40,000,000 in other forms of money in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 27 KINDS OF MONEY IN CIRCULATION OUTSIDE OF TREASURY AND FEDERAL RESERVE BANKS [In millions of dollars] Dec. 31, Dec. 31, Change 1935 1934 Coin _ 478 451 +27 Notes in active circulation: Federal Reserve notes ._ 3,667 3,176 +491 Silver certificates 828 592 4-236 United States notes .. 275 265 + 10 Total 4,770 4,032 +738 Notes in process of retirement: National bank notes _ . _ - _ _ 458 820 -362 Gold certificates 109 130 -22 Federal Reserve bank notes . __ _ 66 102 -35 Treasury notes of 1890 1 1 Total _ 634 1,052 -419 Grand total _.._ _ 5,882 5,536 +346 Retirement of national bank notes.—Final retirement of national bank notes was begun in 1935 with the calling of bonds permanently bearing the privilege of being pledged by national banks as collateral for circulating notes and with expiration of the temporary grant of that privilege to other bonds. In March 1935 the United States Treasury called for redemption on July 1 all outstanding 2 percent consols of 1930 and for redemption on August 1 all 2 percent Panama Canal loan bonds. These issues were the only outstanding United States Government securities that carried permanently the circulation privilege. The temporary circulation privilege granted in 1932 to Treasury bonds bearing an interest rate of not more than 3% percent expired on July 22. Thus all provision for issuing national bank notes had ceased by August 1. From early in March, when the bonds were called, to the end of June national banks deposited with the United States Treasury about $410,000,000 of funds, thereby transferring to the Treasury the liability for redeeming these notes upon return from circulation. During this period about $90,000,000 of national bank notes were retired, largely as they became unfit for further circulation and were returned to the Treasury. The difference between these two amounts, $320,- 000,000, represented funds temporarily placed at the disposal of the Treasury. These funds were not specifically earmarked but were placed in the general-fund balance of the Treasury. Receipts by the Treasury from this source, as well as from income taxes and payments for securities in March, increased Treasury balances of cash and deposits with Reserve banks and resulted in a temporary decline in member bank reserve balances, but subsequently these reserves were replenished by Treasury disbursements from its balances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS The next stage in the elimination of national bank notes from the circulating medium of the country was the retirement of the bonds. On July 1 national banks which still had national bank notes outstanding against the pledge of consols were allowed to offset this liability against amounts due to them for redeemed consols and against balances remaining in their redemption fund with the Treasury applicable to these notes. Funds needed by the Treasury to redeem consols were acquired principally by withdrawals from depositary banks. As a result these transactions w^ere completed without any significant change in aggregate member bank reserve balances. The expiration of the temporary circulation privilege on July 22 necessitated the deposit of funds with the Treasury to cover the liability for national bank notes secured by these bonds. Since no bonds matured on this date the only offsetting item consisted of the relatively small balance remaining in the redemption fund applicable to notes outstanding against these bonds. Practically all of these transactions were completed prior to July 22. The redemption of Panamas on August 1 required the same sort of transactions as the redemption of consols, but the amounts involved were much smaller. The final stage is the actual redemption of national bank notes. When the Federal Reserve banks ship unfit national bank notes to the Treasury for retirement payment is made by a charge against the Treasury's account at the Reserve banks. The Treasury replenishes its account from time to time by depositing with the Reserve banks gold certificate credits, based upon the gold increment arising from the revaluation of the dollar. In this way retirement of these notes is effected without reduction in member bank reserve balances or in the Treasury's working balance. That part of the gold increment not reserved for other uses, amounting to about $640,- 000.000, was set aside for this purpose. This amount was closely similar to the amount of bonds bearing the circulation privilege outstanding at the date of the call and also to the amount of national bank notes secured by bonds. There was at that time an additional $220,000,000 of national bank notes outstanding for the retirement of which funds had already been deposited with the Treasury. By the end of the year $390,000,000 of the gold increment had been used by the Treasury to retire notes, there were still $470,000,000 of national bank notes outstanding, and the Treasury held $250,000,000 of the gold increment for further retirement of these notes. MONEY RATES AND BOND YIELDS Continued growth during 1935 in the volume of idle funds, held both in bank reserves and in deposits at banks, was accompanied Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 29 by little further change in short-term open-market money rates and only small declines in the yields of the highest-grade bonds. Yields on lower-grade bonds of railroads and public utilities, however, declined substantially during the year. Short-term money rates continued at low levels during 1935, with rates on open-market commercial paper at three-fourths of 1 percent from the middle of January and on 90-day bankers' acceptances at one-eighth of 1 percent throughout the year. The rate on call loans on the New York Stock Exchange was reduced from 1 percent to one-fourth of 1 percent in April and remained at that level until October, when by joint action of New York banks the rate was increased to three-fourths of 1 percent. Ninety-day time money, which early in the year was offered at 1 percent with three-fourths percent bid, beginning in April was quoted at a flat rate of one-fourth of 1 percent, but toward the end of the year was raised to a nominal rate of 1 percent. Yields on 9-month Treasury bills declined in July to .05 of 1 percent, increased to as high as .25 of 1 percent in September, and subsequently declined to an average of .09 percent in December. During the first half of the year nine of the Federal Reserve banks reduced their discount rates. By Ma}^ 15, 1935, 10 Federal Reserve banks had established a rate of 2 percent and the other two, New York and Cleveland, had a rate of iy percent. 2 Rates charged by member banks in principal cities on prime loans to customers, as indicated by averages compiled by the Board, declined somewhat more than open-market rates during the year. At the end of the year rates at New York City banks averaged about 2% per* cent, those in other northern and eastern cities, 3% percent, and those in southern and western cities about 4^ percent. Yields on the highest-grade bonds, including long-term United States Government bonds and high-grade municipal and corporate bonds, declined further during the first half of 1935 but at a slower rate than in 1934. In August and September yields on these bonds increased as prices declined, and subsequent price increases were not sufficient to carry the yields back to the record low levels of midsummer. At the end of the year the yields on long-term United States Government bonds averaged about 2% percent as compared with nearly 3 percent at the beginning of the year. Average yields on high-grade municipal bonds declined during the year from 3*/o percent to 3 percent, and those on the highest-grade corporate bonds from slightly above to slightly below 3% percent. Average prices and yields of lower-grade corporate bonds did not follow the same course as the highest-grade obligations. During March the prices of the lower-grade railroad bonds declined sharply, with a consequent increase in yields. In the subsequent months prices Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 ANNUAL EEPORT OF FEDERAL, RESERVE GOVERNORS of these bonds increased and by the end of the year were again at their February levels. Prices of lower-grade utility bonds also increased, with the consequence that average yields on lower-grade corporate bonds included in Moody's compilation of bond yields reached new low levels since 1928. At the end of the year average yields on these bonds were below 5y percent as compared with over 6 percent at the 2 beginning of the year. STOCK PRICES AND SECURITY LOANS During 1935 the stock market was more active than at any time since the summer of 1933. Beginning in March prices advanced during most of the remainder of the year, and the volume of transactions increased. For the most part the increase in prices reflected cash purchases and was not accompanied by a corresponding increase in bank loans on securities. In the absence of flotation of new security issues, other than for refunding outstanding issues, this demand from investors was influential in raising the prices of existing securities. After a moderate decline in the early part of the year which was terminated in March, prices advanced during the remainder of the year, except for brief interruptions beginning in August and again in November. This was the most sustained advance in the stock market since 1929. Average prices of the 421 stocks compiled by the Standard Statistics Co. increased by a little more than 50 percent from the low point in March to the end of the year. By the latter part of the summer this average had passed the previous high point reached in July 1933 and by the end of the year it was near the level of the middle of 1931. Average prices of 351 industrial stocks increased by 50 percent from March to the end of the year. Prices of utility stocks, which had declined steadily for more than a year prior to March 1935, increased by nearly 80 percent from that month to the end of the year. At the latter date, however, they were still below the highest levels reached in 1933. Railroad stocks did not participate fully in the advance until November and December. By the end of the year average prices of railroad stocks were 50 percent above their low level of March but considerably below their high point of 1933. Security loans.—As indicated in the accompanying chart, during the first 9 months of 1935 security loans by member banks in leading cities to borrowers other than brokers and dealers in securities continued the decline which had been almost uninterrupted since 1930. Loans by these banks to brokers and dealers in securities to finance customer^' transactions and dealers' holdings showed increases during the year. The increase in April reflected in large part the tak- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 31 ing over by New York City banks of loans made by nonreporting banks, when the rate of interest on street loans was reduced to less than the fee charged by New York banks for making these loans for their SECURITY LOANS AND STOCK PRICES BILLIONS OF DOLLARS Wednesday figures BILUONS OF DOLLARS LOANS ON SECURITIES BY REPORTING MEMBER BANKS Loans to Borrowers cither than Brokers and Dealers Loans to Brokers and Dealers 1932 1933 1934 1935 correspondents. Other fluctuations during the year reflected principally borrowings by dealers in Government securities in connection with public-debt operations. The sharp increase in November and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS December reflected in part Government security operations and temporary borrowing to meet usual end-of-year cash requirements of brokers and their customers, but was in part sustained during January. Brokers' advances to their customers on margin accounts showed a continuous increase after the middle of the year. These advances were financed by brokers in part by increasing their borrowings from banks and in part from credit balances held with brokers by such of their customers as were not indebted to them. It is an unusual development for a rise of 50 percent in stock prices in a short period of time not to be accompanied by a substantial increase in the amount of bank credit used for carrying securities. The abundance of funds in the hands of investors is in large part responsible for this unusual condition, and the margin requirements prescribed in accordance with the Securities Exchange Act of 1934 for loans by brokers to their customers appear also to have been a factor. These requirements limited withdrawals of cash from margin accounts for the purpose of realizing profits from a rise in stock prices, and thereby reduced the need of borrowing by brokers. Effect of margin requirements on loans.—The formula for determining margin requirements, stated (but not required) in the law and adopted by the Board in its regulation concerning extension of credit by brokers and dealers in securities, provides that a loan on a security must not be greater than whichever is the higher of: (1) 55 percent of the current market price of the security, or (2) 100 percent of the lowest market price of the security since July 1, 1933, but not more than 75 percent of the current market price. The theory on w^hich the statutory margin formula was based was to provide for a constant increase of restraining influences as the prices of stocks advanced above their lows. So long as the price of a stock was less than 133 percent of the low price in the period prescribed, a customer might borrow from a broker as much as 75 percent of its market price, because up to that point 75 percent of the market price would not exceed 100 percent of the low price. When the price of a security advanced above 133 percent of its low price, the amount that could be borrowed on it did not increase and the percentage margin requirement, therefore, increased as the price advanced. Under the statutory formula this condition continued until the price rose above 182 percent of its low, when a constant 45-percent margin requirement became effective. The reason that the situation changed at the 182-percent line was that 55 ! percent of 182 is 100, so that at prices above 182 percent of the low a loan of 55 percent of the market price would be more than a loan of 100 percent of the low price and would, therefore, be the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 33 alternative chosen as the basis of calculating margin requirements and loan values. One effect of this formula was that, during the rise of the price of a security from 133 to 182 percent of the low price, no additional amount could be borrowed on the security, and consequently the profits arising out of the rise could not be withdrawn or used as margin for additional borrowing. In other words profits could not be pyramided, and the stretch of value between 133 and 182 percent of the low price of a stock came to be known as the "antipyramiding zone." When a rise in the price of a stock carried it above 182 percent of its low, however, each additional advance of $1 enabled the borrower to withdraw 55 cents of his profits or to use that amount as margin for additional borrowing. Profits could once more be pyramided. Toward the end of 1935 stocks in which three-fourths of the trading was done, including most of the more active and important stocks, were subject to the 45-percent margin requirement; less than 8 percent required a margin of 25 percent, the lowest permitted under the regulation; and on the remainder required margins ranged from 25 to 45 percent of their current market prices. It is estimated that at the end of 1935 margins required on active issues averaged about 40 percent of current market prices, as compared with about 30 percent at the time the Board's Regulation T was put into effect in October 1934. This automatic increase in margin requirements as stock prices advanced represents the effects of the operation of the statutory formula. During a part of the advance pyramiding of profits was not possible for most stocks, but the rise in prices brought an increasing number of stocks to the level at which pyramiding (with a 45-percent margin) was again possible. Thus the statutory formula had ceased to operate as a prevention of pyramiding on the majority of active stocks. It was largely because of this situation that in January 1936 the Board announced that effective February 1 the margins required on securities which had risen most in price would be raised from 45 to 55 percent of current market price. This had the effect of raising from 182 to 222 percent of the low price the level to which the price must have advanced before pyramiding of profits again becomes possible, because not until the price rises above 222 percent is 45 percent of the market price more than 100 percent of the low price. It is estimated that after this change stocks with a volume of trading amounting to about one-third of the total dollar volume of trading in stocks on the New York Stock Exchange were in the socalled antipyramiding zone and stocks in which nearly two-thirds of the trading is done were subject to the maximum margin requirement of 55 percent. On this group of stocks, pyramiding of profits Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS would still be possible, since for each dollar of price advance 45 cents would become available to margin additional borrowing. -/administration of Securities Exchange Act of 1934.—The Board's Re filiation T, issued in September 1934, relating to the extension and maintenance of credit by members of national securities exchanges and brokers and dealers transacting a business in securities through the medium of such members, continued in effect during 1935 without substantial amendment. Six amendments promulgated during the year related to matters of detail, with the exception of an amendme it fixing at 100 percent the margin requirement on certain shorttern warrants. This amendment, which was issued simultaneously wii h rules of the Securities and Exchange Commission concerning the registration of warrants for "when issued" trading, was designed to bring into conformity the margin requirements applicable to all shcrt-term warrants registered on national securities exchanges, whether such warrants be issued or unissued. These amendments, ther with a number of rulings issued during the year in interpretation of Regulation T, were published currently in the Federal Re erve Bulletin. he Board established during the year a system of monthly repo *ts from brokers and dealers in securities, giving customers' debit ances of the reporting firm, the amount of money borrowed, and a number of other related items. The reporting firms include not y member firms of the New York Stock Exchange but also memon firms of other important exchanges. The purpose of these rebei ts is to provide current statistical information for the use of the po ird in the performance of its duties under the Securities Exchange Bo of 1934, and particularly the duty to prevent, by prescribing Ac rgin requirements, the excessive use of credit for the purpose of ma •chasing or carrying securities. Current changes in the reported pu ires, for all reporting firms as a group or for classes of such firms, fig 1 provide information needed for this purpose. It is the Board's wi ention, after the reliability and accuracy of the figures have been int ed, to arrange for their current publication. tes CAPITAL ISSUES '. during 1935 the capital markets began to respond to the extremely low level of money rates and the large volume of funds awaiting investment. Increased activity was confined largely to new security issues to replace existing obligations bearing higher coupon rates, me st of which were called for redemption before maturity dates. The vo ume of refunding issues in 1935 greatly exceeded that of any other post-war year. Securities issued by domestic corporations to raise new capital, that is to secure funds for working capital, expansion of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 35 plant, and repayment of bank loans, were substantially larger than in the immediately preceding years, but the total was still of nominal proportions as compared with more nearly normal periods. Although the large refunding operations during 1935 represented merely the substitution of one security for another and not a flow of new investment funds through the capital market into industry, they were important as indicating the first major step undertaken by corporations and other organizations to take advantage of the easy conditions in the money market. Through them, furthermore, costs of fixed debt were reduced. New security issues, including those for refunding other issues, began to be offered in larger volumn near the end of the first quarter of 1935 and offerings continued to be large during the balance of the year. Issues during the entire year, excluding those of the Federal Government, totaled $4,700,000,000. This compares with average annual issues of $1,700,000,000 during the period 1932-34 and of $8,500,- 000,000 during the period 1925-28. Of the total issues during 1935, $3,300,000,000, or about 70 percent, were for refunding purposes. Refunding operations by domestic corporations, chiefly public utility companies, aggregated about $1,900,000,000 and those of the Federal land banks and other Federal credit agencies $1,000,000,000. Security offerings by domestic corporations were larger during 1935 than in any year since 1931. Issues to raise new capital, which include issues to repay bank loans, totaled $400,000,000, as compared with annual averages of $220,000,000 during the period 1932-34, and of $4,300,000,000 during the period 1925-28. The larger part of the securities offered during 1935 to secure new funds came from Federal, State, and local Governments. Outstanding bonds and notes of the Federal Government, excluding the Consols and Panamas retired during the year from the gold increment, increased about $1,800,000,000 and issues of State and local governments to secure new funds totaled $900,000,000, making an aggregate amount of $2,700,000,000 of new funds acquired during the year by the various governments through the sale of obligations with maturities of 1 year or more. The refinancing of farm- and home-mortgage loans through the exchange of mortgages for bonds fully guaranteed by the United States continued at a slower rate during 1935. Refunding of mortgage obligations in this manner has been the work of agencies under the Farm Credit Administration and of the Home Owners' Loan Corporation. A large part of these refunding operations were completed in 1934 when a total of $2,800,000,000 of bonds fully guaranteed by the United States were issued, $1,000,000,000 by the Federal Farm Mortgage Corporation and $1,800,000,000 by the Home Owners' Loan Corporation. Except for about $700,000,000, which included Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 ANNUAL REPORT OF FEDERAL, RESERVE GOVERNORS bones sold at public and private offering, a small amount sold directly to the Federal Savings and Loan Insurance Corporation and thosj exchanged for partially guaranteed obligations, these securities were issued in exchange for mortgage loans. During 1935 the amo mt of these fully guaranteed bonds outstanding increased furt ler by $1,400,000,000, including an increase of $400,000,000 in the Federal Farm Mortgage Corporation bonds and of $1,000,000,000 in 1 ome Owners' Loan Corporation bonds. From the proceeds of these issues, however, $325,000,000 was used to refund outstanding Hone Owners' Loan Corporation bonds guaranteed as to interest only, and $100,000,000 of the Federal Farm Mortgage Corporation bom s were sold publicly and small amounts sold privately to secure cash to make mortgage loans and for other purposes. BUSINESS CONDITIONS E ;onomic activity in the United States showed a sustained increase in 1935 following irregular upward movements in 1933 and 1934. Industrial production for the year, as measured by the Federal Reserv} index, was 14 percent larger than in 1934 and was about half way between the low level of 1932 and the high level of 1929. Emplo} ment also increased, but the volume of unemployment continued muci larger than in predepression years. Distribution of commodities increased, and there was no general accumulation of inventories. Industrial output, which had increased in the latter part of 1934, was maintained during the first half of 1935 and increased considerably after the middle of the year. In the fourth quarter the Board's index of industrial production averaged 99 percent of the 1923-25 avei age as compared with an index of 90 percent for the year. In the two and a half years preceding 1935 there were four periods of i icreasing industrial activity; each of the first three of these was foil >wed by a sharp decline, whereas the upturn in late 1934 was mai itained in 1935. T he nature of these developments is indicated in the accompanying cha *t, which shows the Board's seasonally adjusted index of industria \ production, together with important component indexes of production for various industries or groups of industries, all expressed in terns of points in the total index, so that it is possible to see how much of a movement in the total index was accounted for directly by cha lges in activity in any of these industries. Ii the summer of 1932 there was a small increase in industrial pro iuction, reflecting in large part an increase in textile output from an unusually low level. This increase was followed by a decline and by March 1933, at the time of the banking crisis, the index of industrial production was at about the same low level as in the summer of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 37 1932. Output increased rapidly from March 1933 to July of that year, stimulated by the reopening of banks, the low level of stocks INDEX OF INDUSTRIAL PRODUCTION POINTS IN ADJUSTED FOR SEASONAL VARIATION, 1923-25 AVERAGE FOR T0TAL=100 POINTS IN TOTAL INDEX TOTAL INDEX 110 110 100 100 90 90 80 80 70 70 60 60 50 50 20 20 10 10 0 0 30 30 20 20 10 10 0 0 20 20 Minerals '10 10 1932 1933 1934 1935 of certain commodities, and the prospects of higher costs and higher prices in many lines. This advance was partly speculative and was followed immediately by a sharp decline. The third advance, be- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 ANNUAL REPORT OF FEDERAL. RESERVE GOVERNORS tween November 1933 and May 1934, and the subsequent decline in activity in the summer of 1934 reflected primarily fluctuations in the outp it of steel, which had been produced in substantial quantities for s ock in anticipation of price advances in the third quarter. The advaice from September 1934 to January 1935 was general for the industries shown on the chart, except for meat packing. Di ring 1935 production increased further and in most individual industries was larger than in 1934, with the greatest expansion in outp it of durable manufactures, such as automobiles, machinery, steel and lumber, which had been produced in extremely small volume during the depression. In the industries producing nondurable manufactures, the principal changes were a sharp increase in activity lat woolen mills and a considerable decline in activity at meat-packing estat lishments. There were increases in output of most other nondurable products. Construction work continued at a relatively low level, and as in othe • recent years a large part of the work was publicly financed. Eesi lential building, which had been exceptionally small in amount in tie three preceding years, showed a widespread and sustained growth, reflecting improvement in the real estate situation and in the availability of mortgage funds. For the year as a whole the volune of residential building was nearly double that of the precedi: lg year but still only about one-fifth as large as in the peak years of tie post-war period. Value of contracts awarded for other constru ;tion increased sharply in the last part of 1935 and for the year as a whole was slightly larger than in 1934. Ir agriculture, output of crops, particularly grain crops, was substantially larger than in 1934, when drought conditions prevailed, but marketings of livestock showed a sharp decline. Accompanying larger output in 1935, employment and pay rolls also increased. The growth in employment at factories, however, was considerably smaller than that in production or pay rolls, owing in large part to an increase in the average number of hours worked by employees, particularly in the last half of the year. Unemployment, although somewhat reduced from the large volume of the three preceding years, continued at a much higher level during 1935 than in the peak years of business activity in the post-war period, reflecting a rate of activity which was still considerably lower than in that period and also an increase in the number of persons of working age and further technical improvements in industrial ope: -ations. The volume of domestic trade was larger in 1935 than in 1934. Dej artment-store sales increased during the year, and the Board's ann ual index was 79 percent of the 1923-25 average, compared wTith Digitized for7 F5R iA eSrEcRe nt in 1934. Sales of general merchandise in rural areas were http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 39 substantially larger than in any year since 1930. The number of automobiles sold showed a considerable advance during 1935 and was the largest since 1929. The dollar volume of sales at chain grocery stores increased somewhat, owing in part to higher food prices, while at chain variety stores sales were about the same in amount as a year earlier. Freight-car loadings increased slightly during the year. Value of foreign trade in 1935 was 14 percent larger than in 1934. Exports increased by about 7 percent, while imports were about 24 percent greater, and the excess of exports amounted to $234,000,000 as compared with $478,000,000 in 1934. In the last part of the year exports showed a substantial increase. Of the commodities exported, machinery and vehicles showed the largest increase, while exports of animal products and wheat declined considerably. The growth in imports was general, with food products and industrial raw materials showing the largest increases. The increase in imports of food products reflected in part the effects of the drought in 1934 upon domestic output. Wholesale commodity prices, w^hich advanced rapidly in 1933 and 1934, showed little further increase during 1935 from the general level reached early in the year. The average for the year, according to the index of the Bureau of Labor Statistics, was 7 percent above that for 1934 and 23 percent above 1932. During 1935 there were substantial increases in prices of livestock, meats, and hides, while prices of coffee and of grains other than wheat declined considerably. Commodities other than farm products and foods continued to show little change in the average level of their prices from that reached in the latter part of 1933. Prices of leading basic raw materials, which had risen most sharply in 1933 and had as a group increased further in 1934, on the average were at about the same level at the end of 1935 as a year earlier. Retail prices of foods, according to the index of the Bureau of Labor Statistics, advanced considerably during the first quarter of 1935, reflecting increases in the price of meats and fruits and vegetables, but showed relatively little change during the remainder of the year. The Bureau's index of the cost of living wTas somewhat higher in 1935 than in the three preceding years. Income in both urban and rural areas continued to increase. Pay rolls at manufacturing establishments, mines, railroads, and public utilities showed a combined increase of about 11 percent over the 1934 level. The largest increases were at factories, while smaller increases were reported by mines, railroads, and public utilities. Farm income, including Government benefit payments, was about 9 percent larger than in 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Profits of large industrial corporations during 1935 were larger than in the previous year. Although the recovery of profits from the deficits of 1932 has been substantial, the levels attained in 1935 were less than half those of 1929. Industries showing the most marked improvements in profits during the year 1935 included manufacturing of automobiles and automobile accessories, electrical equipment, machinery, building materials, steel, and textile products. Owing to profits from operations during the last 4 months of the year, railroads as a group reported a substantial increase in earnings, which almost covered their annual fixed charges, as compared with large aggregate deficits in every other year since 1931. Profits of public utilities were somewhat larger than in 1934. Dividend declarations also increased in 1935, and, according to one compilation, were larger in December than for the same month of any year since 1931. DEVELOPMENTS IN THE BANKING STRUCTURE During 1935 the country's banking structure showed a greater degree of stability than in any other recent year and the number of banking offices was approximately the same at the end of the year as at the beginning. According to preliminary figures, 149 new banks were organized and 84 suspended or unlicensed banks wrere reopened during the year, while 34 banks were suspended and 307 banks were merged, absorbed, consolidated, or liquidated, making a net decrease of 108 in the number of banks. There was, on the other hand, an increase of 133 in the number of branches in 1935, as shown in the table on page 42, so that the number of banking offices increased from 18,950 to 18,975 during the year. Changes in membership.—The number of member banks of the Federal Reserve System decreased by 55 in 1935 to 6,387 at the end of the year. This decrease was due largely to the merger, absorption, consolidation, or liquidation of 122 banks, partly offset by the organization of 33 new national banks and the admission of 38 State banks to membership in the Federal Reserve System. The 6,387 member banks on December 31, 1935, included 5,386 national banks and 1,001 State member banks. At the end of December 1935 loans and investments of member banks constituted 66 percent of the total loans and investments of all banks and 84 percent of the total loans and investments of all banks other than mutual savings banks. Changes in the number of member banks during 1935 are summarized in the following table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 41 CHANGES IN NUMBER OF MEMBER BANKS DUKING 1935 Number of active member banks at beginning of year 6, 442 Increases: Organizations of national banks (including successions and conversions) : 33 Admissions of State banks to membership 38 Reopening (licensing) of suspended and unlicensed banks 3 Total additions 74 Decreases: Withdrawals of State banks from membership 3 Suspensions 4 Mergers, absorptions, consolidations, and liquidations 122 Total decreases 129 Net decrease 55 Number of active member banks at end of year 6, 387 Changes in the number of nonmember banks.—The number of banks not members of the Federal Reserve System decreased during 1935 from 9,406 to 9,353. This decrease was due to the merger, absorption, consolidation, or liquidation of 185 banks, the suspension of 30 banks, and the admission of 38 State banks to membership in the Federal Reserve System, partly offset by the organization of 116 new banks and the reopening of 81 suspended or unlicensed banks. Preliminary figures showing changes in the number of nonmember banks during 1935 appear in the following table. CHANGES IN NUMBER OF NONMEMBER BANKS DURING 1935 Number of active nonmember banks at beginning of year 19, 406 Increases: Organizations of new banks (including successions and conversions) - 116 2 Withdrawals of State banks from membership 3 Reopenings of suspended and unlicensed banks 81 Total additions 200 Decreases: Admissions of State banks to membership 238 Suspensions 30 Mergers, absorptions, consolidations, and liquidations 185 Total decreases 253 Net decrease 53 Number of active nonmember banks at end of year : 19, 353 1 Exclusive of trust companies and other financial institutions which do not receive deposits but which are included in State bank abstracts; inclusive of mutual savings banks and of private banks under State supervision. See also footnotes appended to table on page 42. 2 Includes 3 new banks which were admitted to membership in the Federal Reserve System on the dates of opening. 56048—36 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Branch offices.—There was a net increase during 1935 of 133 in the number of branches maintained by banks (including mutual savings banks and private banks). The number of branches of national banks increased by 84; the number of branches of State member banks decreased by 29; and the number of branches of nonmember banks increased by 78. The number of banks maintaining branches increased from 796 to 883. Of this net increase of 87, 72 were nonmember banks, the number of national banks with branches increasing only by 6 and the number of State members by 9. For the most part the nonmembers responsible for this increase maintain only 1 branch each. The increase in branches maintained was accounted for wholly by branches outside head office cities, there being a decrease of 29 in the number of branches maintained inside head office cities. The banking offices at the beginning and end of the year 1935 are shown in the following tabulation: NUMBER OF BANKS AND BANKING OFFICES [Active banks, operating without restrictions] Dec. 31, 1934 Dec. 31, 1935 Class of bank N b b a e u n r m k o s - f b o N b r f e a f u i r n c m e c o s - h f i b T n f a i g o c n t e k o a s f l - - N b b a e u r n m k o s - f b o N b r f e a f u r i n c m e c o s h - f i b T n f a i g o c n t e k a o s l - f- National banks 5,462 1,243 6,705 5.386 1,327 6,713 State banks (members of Federal Reserve System)... 980 981 1,961 1,001 952 1,953 Total members of Federal Reserve System 6,442 2,224 8, 666 6,387 2,279 8,666 Nonmember commercial banks * 8,680 749 9,429 8,647 820 9,467 Mutual savings banks _. 579 126 705 568 133 701 Private banks under State supervision 2 _. 147 3 150 138 3 141 Total. 15,848 3,102 18,950 15, 740 3,235 18,975 1 Exclusive of trust companies and other financial institutions which do not receive deposits but which are included in State banking department abstracts. 2 The figures for both 1934 and 1935 include 46 private banrs not under State supervision on Dec. 31, 1934, which reported to the Comptroller of the Currency on that date but which were placed under State supervision during the year 1935 ; other private banks (not under State supervision) are not included. Private banks not under State supervision which reported to the Comptroller of the Currency under the provisions of sec. 21 (a) of the Banking Act of 1933 numbered 140 on Dec. 31, 1934, and 144 on June 29, 1935 ; under amended provisions of law, private banks no longer report to the Comptroller of the Currency. NOTE.—Figures for banks not members of the Federal Reserve System are preliminary. Insured deposits.—The Banking Act of 1935 established the Federal deposit insurance fund on a permanent basis, continuing the insurance of each depositor in each insured bank in a sum not exceeding $5,000. Banks participating in the fund were made subject to annual assessments equal to one-twelfth of 1 percent of their deposit liabilities as defined in the law. On December 31,1935,14,177 banks with deposits of $45,101,000,000 were participating in Federal deposit insurance. Of these, 6,387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 43 banks with deposits of $38,454,000,000 were members of the Federal Keserve System. The tabulation shows that the number of insured banks increased by 49 in the 15 months beginning with October 1, 1934. The number of insured accounts and the volume of insured deposits for this date are also shown. More recent comparable figures are not available. NUMBER AND DEPOSITS OF BANKS PARTICIPATING IN THE FEDERAL DEPOSIT INSURANCE CORPORATION Dec. 31, 1935 Oct. 1, 1934 Number Class of bank Total Total Insured of Number deposits Number deposits deposits insured (000,000 (000,000 (000,000 accounts omitted) omitted) omitted) (000 omitted) National 5,386 $24,802 5,451 $20,073 $8,491 26, 376 State (members of the Federal Reserve System) 1,001 13,652 970 10,971 3,583 9,561 Mutual savings - _ . 56 978 68 1,038 801 1,495 Other 7,734 5,669 7,639 4,944 3,581 13,814 Total 14,177 45,101 14,128 37,026 16, 456 51, 246 Bank suspensions and receiverships.—Bank suspensions in 1935 numbered 34, compared with 57 in 1934, and were fewer than in any other post-war year. Of the 34 banks with deposits of $10,099,000 which suspended during 1935, 26 with deposits of $9,160,000 were participating in the Federal deposit insurance fund. The Comptroller of the Currency has reported that all of the 1,417 * national banks which were unlicensed after the banking holiday of 1933 have since been licensed or placed in liquidation or receivership. In 489 of them the creditors were paid in full and for the group as a whole unsecured depositors recovered 75 percent of their claims. At the end of 1935 there were about 1,400 active receiverships of national banks which had deposit liabilities of $1,842,000,000 at the time they closed. To the end of 1935, unsecured depositors in these banks have been repaid more than $1,068,000,000. Comparable figures for State bank receiverships are not available. During the year the Eeconstruction Finance Corporation made aggregate loans of $114,000,000 to further the disbursement of funds to depositors of banks in process of liquidation. The investment of the Eeconstruction Finance Corporation in the capital structure of bank's increased slightly during the year to $882,000,000. 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

44 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS Gross earnings of the Federal Reserve banks in 1935 amounted to $42,752,000, or $6,151,000 less than in 1934. After adding other income and deducting current expenses of $31,577,000, reserves for depreciation on bank premises, reserves for losses, self-insurance, etc., there remained net earnings of $9,437,000, or $5,794,000 less than the amount of net earnings for 1934. Earnings, expenses, dividend payments, etc., for all Federal Eeserve banks combined for 1935 and 1934 are shown in the following table. EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1935 AND 1934 [In thousands of dollars] 1935 1934 Total earnings 42,752 48,903 Current expenses. 31, 577 29,242 Current net earnings... 11,175 19,661 Additions (profits on sales of U. S. Government securities, etc). 6,914 8,926 Deductions (depreciation and other reserves, etc.) 8,652 13, 356 Net deductions from current net earnings. 1,738 4,430 Net earnings 9,437 15, 231 Dividends paid 8.505 8,781 Payment to United States Treasurer (sec. 13b). Transferred to surplus (sec. 13b)_ -._ _. '27 -60 Transferred to surplus (sec. 7) 607 6,510 r Revised. All Federal Eeserve banks paid dividends to member banks at the rate of 6 percent per annum on paid-in capital. These dividends amounted to $8,505,000. Gross and net earnings during the year 1935 and the distribution of net earnings of each Federal Eeserve bank are shown in the following table. FINANCIAL RESULTS OF OPERATIONS OF THE FEDERAL RESERVE BANKS DURING 1935 Payment to Gross Net Dividends U. S. Treas- Transferred Transferred Federal Reserve bank earnings earnings paid urer (sec. to surplus to surplus 13b) (sec. 13b) (sec. 7) Boston $2, 727, 242 $670, 565 $621, 553 ' $49,012 New York 13,131,386 4,336, 264 3,411,268 64, 238 $860, 758 Philadelphia.. 3,123,918 867, 763 856, 286 41,984 $33,340 -63,847 Cleveland 3, 674,866 780,861 772,127 8,734 Richmond 2, 231,854 388, 328 293,644 66, 714 27,970 Atlanta 1, 672, 606 345, 668 260, 538 9,066 76,064 Chicago 6,177, 615 771, 220 753, 583 17, 637 St. Louis 1, 850, 595 235, 288 236,187 Minneapolis.. 1,455, 877 -69,179 185, 448 16,854 -271,481 Kansas City.. 1,946,902 239, 859 239,859 Dallas 1, 507, 244 266, 857 237, 615 ' 23,428 5,814 San Francisco. 3, 251, 854 603, 631 636, 866 -33,235 Total... 42, 751,959 9, 437,125 8, 504,974 ' 297, 667 27,176 607,308 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 45 Earnings on total bills and securities were about $6,200,000 less in 1935 than in 1934. This decrease in earnings was due primarily to a reduction from 1.91 percent to 1.68 percent in the average rate of earninge, but also in part to a reduction of about $26,000,000 in average daily holdings of bills and securities. 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 disc B o i u ll n s ted Bi i l m n ls a o b r p o k e u e n t ght U G n s o i e v t c e e u d r r n i S t m i t e a e s t n e t s s A b e i l c l l l u s o r a i t t h n ie e d s r Daily average holdings: 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 i 3,294 1935 2,469,542 7,306 4,922 2,430,821 i 26,493 Earnings: 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 i 152 1935 41,472 156 36 39, 796 i 1,484 Average rate of earnings (percent): 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 1935—. 1.68 2.14 .73 1.64 15.60 i Includes industrial advances. Current expenses of the Federal Eeserve banks in 1935 were $31,577,000 or $2,335,000 more than in 1934. Salary payments during 1935 including contributions to the retirement system of the Federal Eeserve banks were $1,800,000 in excess of such payments in 1934. Substantial increases over 1934 in other items of expenditure were as follows: Taxes on banking house, $50,000; repairs and alterations, banking house, $50,000; postage and expressage, $180,000; cost of printing Federal Reserve notes, $820,000. Substantial reductions in expenses were reported as follows: Insurance on currency and security shipments, $60,000; other insurance, $50,000; printing and stationery, $50,000; and taxes on Federal Reserve bank notes, $370,000. The average number of officers and employees during 1935 was 11,649 compared with 11,727 in 1934. The average number of officers and employees assigned to fiscal agency, custodianship, and depositary work for the United States Government and governmental agencies during 1935 was 2,656. The volume of work handled in the principal operating departments of the banks, of which a measurement is available, during each of the last 4 years was as follows. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1932 1933 1934 1935 NUMBER OF PIECES HANDLED l Bills discounted: Applications _ 178,000 81,000 15,176 5,084 Notes discounted 779,000 346,000 42,128 12, 702 Industrial advances: Notes discounted 463 973 Commitments to make industrial advances 227 552 Bills purchased in open market for own account 76,000 79.000 7,400 1,932 Currency received and counted.__ 2,025,552,000 2,013,459,000 2, 067,835,000 2,148, 485, 000 Coin received and counted __. 2, 654, 787,000 2,497,928,000 2, 565,164, 000 2, 590,859,000 Checks handled 734, 538,000 688, 933, 000 818,847,000 885,190,000 Collection items handled: U. S. Government coupons paid 2__ 17,710, COO 18,099, 000 21,555,000 22,633, 000 All other 7,468,000 8, 371, 000 7, 436, 000 7,119, 000 Issues, redemptions, and exchanges by fiscal agency department: U. S. Government direct obligations 1,956,000 3,502,000 5,281,000 6,838,000 All other 3, 742,000 Transfers of funds.. _ 1,469,000 1, 290,000 1,125,000 982, 000 AMOUNTS HANDLED Bills discounted $18,648,306,000 $9, 632,808,000 $714, 361, 000 $229, 546,000 [ndustrial advances: Notes discounted 14,884,000 28, 479,000 Commitments to make industrial advances . _. 11,443,000 29,223, 000 Bills purchased in open market for own account __ _ 762, 755,000 898,001, 000 75,903,000 31,446,000 Currency received and counted 10,952, 597,000 11, 710, 364, 000 9,932,601,000 9,837, 681,000 Coin received and counted 360, 295,000 624,617, 000 298, 297, 000 275, 608,000 Checks handled _ 176, 591, 791,000 157,833, 692, 000 179, 544,488, 000 202, 989, 742, 000 Collection items handled: U. S. Government coupons paid *__ 529, 086,000 578,082, 000 699, 325, 000 751,916, 000 All other 5, 427,817,000 5, 539, 659, 000 6, 742,974, 000 7,948, 641, 000 Issues, redemptions, and exchanges by fiscal agency department: U. S. Government direct obligations 19, 444,110, 000 24, 622, 726, 000 29,941, 049, 000 30, 755, 611, 000 All other .. . - 3, 346,189, 000 Transfers of funds 116,040,041,000 85, 059," 151,000 73, 077,156, 000 80, 483,190, 000 1 Two or more checks, coupons, etc., handled as a single item, are counted as one "piece." 2 Includes coupons from obligations guaranteed by the United States. s Figures for years prior to 1935 not available. NEW BUILDING FOR BOARD OF GOVERNORS In the Annual Eeport for 1934 the steps which had been taken up to the point of holding a competition for the selection of an architect for the Board's new building and the selection of a jury to pass upon the designs submitted were described. On May 18, 1935, the Board selected Paul P. Cret, of Philadelphia, as its architect on the basis of the results of the competition, Mr. Cret's design having been given first place by unanimous choice of the jury. The studies prepared by Mr. Cret following his selection as architect were approved by the National Capital Park and Planning Commission and the Fine Arts Commission and on January 8, 1936, the plans and specifications drawn as a basis for letting a contract for the construction of a new building were approved by the Board. Invitations to builders to submit bids for the construction of the new building were issued immediately and January 29, 1936, was fixed as the date for opening Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 47 the bids, with a view to the completion of the new building before July 1, 1937. In the meantime a ^contract was awarded for the demolition and removal of the existing temporary building on the Board's property; but, because of occupancy of the building by another Government agency which had difficulty in finding suitable quarters elsewhere, the work of demolition was not started until January 2,1936. In the development of the plans for the new building and in arrangements for beginning its construction the Board has had the benefit of the constructive advice, assistance, and cooperation of the Procurement Division of the Treasury Department, the Architect of the Capitol, and the National Park Service, as well as of the National Capital Park and Planning Commission and the Fine Arts Commission. BUILDING OPERATIONS OF THE FEDERAL RESERVE BANKS Construction of additions to the buildings occupied by the Federal Reserve banks of New York and Philadelphia was nearing completion at the end of 1935. All Federal Reserve banks and their branches are now housed in buildings owned by the banks except the Cincinnati, Charlotte, Portland, Seattle, and Spokane branches. BRANCHES AND AGENCIES OF THE FEDERAL RESERVE BANKS The 25 branches and 2 agencies which were in operation at the end of 1934 continued to function throughout the year 1935. Beginning June 1, 1935, the agency located at Habana, Cuba, has been operated by the Federal Reserve Bank of Atlanta as a System agency instead of as an agency of the Atlanta Federal Reserve Bank as heretofore. The following table shows a comparison of the volume of work handled in certain departments by branches during the years 1932, 1933, 1934, and 1935. VOLUME1 OF OPERATIONS OF FEDERAL RESERVE BRANCHES AND AGENCIES 1932 1933 1934 1935 Checks handled: Number 205,505,000 193,799,000 233, 518,000 255, 210,000 Amount $34,048,272,000 $33, 618, 776,000 $43,109,445,000 $49,995, 681,000 Currency received and counted: Number of pieces -- 470, 285,000 472,870,000 489, 527,000 520,823,000 Amount $2,222,943,000 $2, 543,130,000 $2,195,428,000 $2,319,907,000 Coin received and counted: Number of pieces 574,622,000 526,189,000 531, 547, 000 485,403, 000 Amount $71,273,000 $126, 211,000 $68,136,000 $62,246,000 i Two or more checks, etc., handled as a single item, are counted as one "piece." Current expenses during 1935 of the branches and agencies amounted to $6,311,000, compared with $5,917,000 during 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS FEDERAL RESERVE INTERDISTRICT COLLECTION SYSTEM At the end of 1935 there were* 12,653 banks on the Federal Reserve par list, comprising all member banks (6,387) and 6,266 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 198, partly as a result of the reduction in the number of banks in operation, and the number not on the par list increased by 51. Of the 2,694 banks not on the par list at the end of 1935, 1,447 were located in 11 Southern States and 1,129 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 two banks in the Cleveland district were on the Federal Reserve par list. INTEBDISTBICT COLLECTION SYSTEM * Member banks Nonmember s a b v a in n g ks s , b o a t n h k e s r than mutual Federal Reserve district On par list Not oil par list Dec. 31, Dec. 31, 1935 1934 Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1935 1934 1935 1934 United States 6,387 6,451 6,266 6,464 2,694 2,643 Boston _ 365 371 175 174 New York 793 792 301 314 Philadelphia. _ 656 656 267 268 Cleveland 622 629 642 638 2 1 Richmond 404 401 327 336 319 310 Atlanta __ _ 328 332 93 99 666 663 Chicago 702 683 1,690 1,740 226 211 St Louis 390 394 888 926 387 376 Minneapolis 501 524 198 214 709 697 Kansas City _ 726 734 1,062 1,108 178 168 Dallas 550 555 315 335 174 183 SanjFrancisco 350 380 308 312 33 34 1 Includes all banks on which checks are drawn, whether operating with or without restrictions, and all private banks, whether or not under State supervision. AMENDMENTS TO THE LAW RELATING TO THE FEDERAL RESERVE SYSTEM The Banking Act of 1935 making important changes in the Federal Reserve System and in the law relating thereto was approved by the President on August 23, 1935. Provisions of this act and of other legislation enacted during 1935 affecting the Federal Reserve System are summarized below. JOINT RESOLUTION OF JUNE 14, 193 5 The provisions of section 22 (g) of the Federal Reserve Act, as amended by the Banking Act of 1933, prohibiting the making of loans by member banks to executive officers, permitted such loans Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 49 made before June 16, 1933, to be renewed or extended for not more than 2 years if in accord with sound banking practice. By joint resolution of Congress, approved by the President June 14, 1935, it was provided that loans made to an executive officer prior to June 16, 1933, may be renewed or extended for not more than 5 years from such last-mentioned date where the board of directors of the member bank shall have satisfied themselves that it is in the best interest of the bank and that the officer indebted has made reasonable effort to reduce his obligations, these findings to be evidenced by resolution of the board of directors spread upon the minute book of the bank. A similar provision was later included in the Banking Act of 1935, referred to below. JOINT RESOLUTION OF JUNE 2 8, 1935 By a joint resolution of Congress, approved by the President June 28, 1935, the insurance of bank deposits under the Temporary Federal Deposit Insurance Fund was extended from July 1, 1935, to August 31, 1935. Before the expiration of the period as thus extended, the Banking Act of 1935 was passed, which set up an immediately effective permanent plan of deposit insurance superseding the temporary plan of insurance. ACT OF AUGUST 23, 193 3, "BANKING ACT OF 1935" The Banking Act of 1935 contained many important amendments to the Federal Reserve Act and to the laws relating to the Federal Reserve System, some of the more important of which are summarized below. The act consisted of three divisions, title I, Federal Deposit Insurance; title II, Amendments to the Federal Reserve Act, and title III, Technical Amendments to the Banking Laws. Federal deposit insurance.—-The act contained a complete revision of section 12B of the Federal Reserve Act relating to insurance of bank deposits by the Federal Deposit Insurance Corporation. At the time of the enactment of the Banking Act of 1935, bank deposits were insured under the provisions of a temporary plan of insurance and, although the law had contained provisions for a permanent plan of insurance, this had not come into effect. The Banking Act of 1935 set up a new permanent plan of insurance, effective immediately, superseding the existing temporary plan. Onty a few of the most important provisions of this section as revised are noted here. In lieu of the previous provisions of the permanent plan of deposit insurance, under which there would have been insured 100 percent of deposits up to $10,000, 75 percent of deposits between $10,000 and $50,000, and 50 percent of deposits above $50,000, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS act provided that $5,000 shall be the maximum amount insured for one depositor, conforming in this respect to the amount of deposits insured under the temporary plan of insurance existing at the time of the enactment of the Banking Act of 1935. Under the amended law deposits of trust funds are insured to the extent of $5,000 for each trust estate in addition to the insurance of other deposits owed the trust beneficiary. In lieu of the assessments aggregating not more than 1 percent of insured deposits to which banks insured under the temporary insurance plan were subject and of the requirement that banks which were to be insured under the permanent plan purchase stock in the Federal Deposit Insurance Corporation and then be liable for unlimited assessments, insured banks under the plan set up in the act are subject to an annual assessment of one-twelfth of 1 percent of their deposits payable semiannually. It was provided that a separate insurance fund for mutual savings banks may be established by the Corporation and for such separate fund a lower rate of assessment may be provided. The Federal Deposit Insurance Corporation was directed to prohibit by regulation the "payment of interest on demand deposits in insured nonmember banks." For that purpose the directors may define the term "demand deposits", but such exceptions must be made to the prohibition as are made for member banks. The Federal Deposit Insurance Corporation directors also "shall from time to time limit by regulation the rates of interest or dividends which may be paid by insured nonmember banks on time and savings deposits." The directors are required to "define what constitutes time and savings deposits in an insured nonmember bank" and they shall "prescribe different rates for such payment on time and savings deposits having different maturities, or subject to different conditions respecting withdrawal or repayment, or subject to different conditions by reason of different locations, or according to the varying discount rates of member banks in the several Federal Reserve districts." The regulations must prohibit the payment of any time deposit before maturity except upon conditions prescribed by the directors, and must prohibit the waiving of any requirement of notice before payment of a savings deposit except as to all savings deposits having the same requirement. A penalty of $100, recoverable by the Corporation, is provided for violation. It was provided that any nonmember bank of the Federal Eeserve System may under certain conditions become an insured bank. The insured status of a member bank is terminated when it ceases to be a member bank; but for 2 years thereafter the bank remains liable for assessments and retains the insurance on insured deposits held by it when it ceased to be a member bank, less subsequent withdraw- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPOET OF FEDERAL RESERVE GOVERNORS 51 als. In lieu of the former provisions which would have terminated the insurance of all nonmember banks on July 1, 1937, it was provided that no State bank which during the calendar year 1941 or any succeeding calendar year has average deposits of $1,000,000 or more shall be an insured bank or have any part of its deposits insured after July 1 following the calendar year in which it had such deposits, unless such bank be a member of the Federal Reserve System; but the restriction was made inapplicable to a savings bank, mutual savings bank, Morris Plan bank, or trust company doing no commercial banking business, or to a bank located in Hawaii, Alaska, Puerto Rico, or the Virgin Islands. President and vice presidents of Federal Reserve banks.—Paragraph "Fifth" of section 4 of the Federal Reserve Act was amended, effective March 1, 1936, to provide specifically for a "president" and "vice presidents" at each Federal Reserve bank. Under the amended law, the president is the chief executive officer of the bank and is appointed by the board of directors, with the approval of the Board of Governors of the Federal Reserve System, for a 5-year term; and all other executive officers and all employees of the bank are directly responsible to him. The first vice president is appointed in the same manner and for the same term as the president, and is to serve as chief executive officer of the bank in the absence or disability of the president or during a vacancy in that office. Vacancies in the office of president or first vice president are filled in the same manner as original appointments, and for the remainder of the term of the predecessors. Requirements for admission to Federal Eeserve System.—A new paragraph was added to section 9 of the Federal Reserve Act so that, in order to facilitate the admission to membership of any State bank which is required to become a member bank in order to be an insured bank, the Board of Governors may waive in whole or in part the requirements of section 9 relating to the admission of such bank to membership. If such a bank is admitted with capital less than that required for the organization of a national bank in the same place and its capital and surplus are not, in the Board's judgment, adequate in relation to the bank's liabilities to depositors and other creditors, the Board may require such bank to increase its capital and surplus to such amount as the Board may deem necessary within such period as the Board may deem reasonable; but no such bank shall be required to increase its capital beyond that required for the organization of a national bank in the same place. NOTE.—Under the law it cannot be determined before the end of the year 1941 what banks will be required to become members of the Federal Reserve System in order to be insured banks and, therefore, the Board cannot exercise its authority to waive eligibility requirements before the end of the year 1941. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Names of Board, governor, and vice governor.—The act provided that hereafter the Federal Reserve Board shall be known as the "Board of Governors of the Federal Eeserve System" and that the governor and vice governor shall be known as the "chairman" and "vice chairman", respectively, and shall be designated from among the members of the Board by the President for a term of 4 years. Organization of Board.—Section 10 of the Federal Eeserve Act was amended to provide that the Board of Governors of the Federal Reserve System shall be composed of seven members appointed by the President with the advice and consent of the Senate. Under the amendment, it was provided that the Secretary of the Treasury, the Comptroller of the Currency, and the six appointive members in office on the date of the enactment of the Banking Act of 1935 should continue to serve as members of the Board until February 1, 1936: and the term of each successor is fixed by the President at not more than 14 years, so that not more than one term will expire in any 2-year period. Thereafter, instead of serving a 12-year term, each member will hold office for a term of 14 years from the expiration of the term of his predecessor, unless sooner removed for cause by the President. Upon the expiration of their terms of office, members of the Board will continue to serve until their successors are appointed and have qualified. A member appointed to fill a vacancy shall serve for the unexpired term of his predecessor. Salaries and reappointment of Board members.—The act increased Board members' salaries from $12,000 a year to $15,000; and added a new provision that a person appointed after enactment of the act shall not be eligible for reappointment after he has served a full term of 14 years. Record of action by Board and Open Market Committee.—Section 10 of the Federal Reserve Act w^as amended so as to require the Board to keep a complete record of action taken by it and by the Federal Open Market Committee, and the reasons underlying such action, on all questions of open-market operations and all other questions of policy, and to include in its annual report a full account of all such action together with a copy of the record required to be kept. Advances to member banks.—Section 10 (b) of the Federal Eeserve Act, which, prior to its expiration on March 3, 1935, authorized any Federal Reserve bank, under rules and regulations prescribed by the Board, to make advances to any member bank on its time or demand notes secured to the satisfaction of such Federal Reserve bank, was reenacted as permanent law and amended in certain respects. The requirement that such advances be made only "in exceptional and exigent circumstances" and when the member bank cannot obtain adequate credit accommodations under other provisions of the Federal Reserve Act was eliminated; and the requirement that such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OE FEDERAL RESERVE GOVERNORS 53 note must bear interest at a rate not less than 1 percent per annum higher than the highest discount rate in effect at such Federal Reserve bank on the date of such note was changed to a requirement that the rate of interest be not less than one-half percent per annum higher. A provision was added requiring the notes of the member bank to have maturities of not more than 4 months. Open-market operations.—Section 12A of the Federal Reserve Act was amended, effective March 1, 1936, so that instead of the Federal Open Market Committee consisting of one member from each Federal Reserve district, it consists under the amended law of the seven members of the Board of Governors of the Federal Reserve System and five annually-elected representatives of the Federal Reserve banks. One of the five Reserve bank representatives is elected by the directors of the Federal Reserve banks of Boston and New York; one by the directors of the Federal Reserve banks of Philadelphia and Cleveland; one by the directors of the Federal Reserve banks of Chicago and St. Louis; one by the directors of the Federal Reserve banks of Richmond, Atlanta, and Dallas; and one by the directors of the Federal Reserve banks of Minneapolis, Kansas City, and San Francisco. An alternate for each representative is elected in the same manner as the representative. The Committee is required to ''consider, adopt, and transmit to the several Federal Reserve banks, regulations relating to the open-market transactions of such banks." Not only are Federal Reserve banks forbidden to engage in openmarket operations except in accordance with such regulations, but they also are forbidden to "decline to engage" in such operations except in accordance with the direction of and regulations adopted by the Committee. Purchase and sale of Government obligations and Government guaranteed obligations.—Section 14 (b) of the Federal Reserve Act was amended to provide that obligations of the United States and those fully guaranteed as to principal and interest by the United States may be bought and sold without regard to maturities, but only in the open market. Discount rates of Reserve banks.—Section 14 (d) of the Federal Reserve Act which provided that Federal Reserve banks may from time to time establish discount rates, subject to review and determination of the Board, was amended to require that "each such bank shall establish such rates every 14 days, or of tener if deemed necessary by the Board." Reserve requirements of member banks.—Section 19 of the Federal Reserve Act was amended to permit the Board to change the reserve requirements of member banks "in order to prevent injurious credit expansion or contraction"; and to eliminate the necessity for first having a declaration, upon the affirmative vote of five Board mem- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS bers and the approval of the President, that "an emergency exists by reason of credit expansion." The changes may be made for member banks located in reserve and central reserve cities, for member banks not in reserve or central reserve cities, or for all member banks; but the affirmative vote of not less than four Board members is required for such a change, and the reserves required of a member bank as a result of such a change may not be less than the requirements on the date of enactment of the Banking Act of 1935 nor more than twice such requirements. Real-estate loans by national banks.—Section 24 of the Federal Reserve Act, relating to real-estate loans by national banks, was amended to eliminate the requirement that the real estate upon which such loans are made must be located in the bank's Federal Keserve district or within 100 miles of the place in which the bank is located. The requirement that the bank take the entire amount of an obligation secured by real estate was retained as to such an obligation purchased by the bank. The limitation to 50 percent of the actual value of the property was changed to 50 percent of the appraised value; and in addition to retaining the exemption of mortgages insured under title II of the National Housing Act from the 5-year limitation on maturities and 50 percent limitation on appraised values, the amendment permitted amortized loans to be made in amounts not exceeding 60 percent of the appraised value of the real estate and for terms not longer than 10 years if installment payments are sufficient to amortize at least 40 percent of the principal within 10 years. The permissible aggregate of real-estate loans of a national bank was changed from 25 percent of the bank's paid-in and unimpaired capital and surplus or 50 percent of its savings deposits, whichever is greater, to 100 percent of its paid-in and unimpaired capital and surplus or 60 percent of its time and savings deposits, whichever is greater. Salary and appointment of Comptroller of the Currency.—Section 325 of the Revised Statutes was amended to increase the Comptroller of the Currency's salary as Comptroller from $5,000 a year to $15,000 a year, thus replacing the portion of his salary which he formerly received as a member of the Federal Reserve Board and also increasing his salary to the same extent that Board members' salaries were increased. The provision that his appointment be made upon the recommendation of the Secretary of the Treasury also was eliminated. "Accidental" holding company affiliates eliminated.—Section 2 (c) of the Banking Act of 1933 was amended to eliminate from all the provisions regarding "holding company affiliates" (except section 23A of the Federal Reserve Act, which deals with a member bankV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 55 loans to such affiliates and investments in and loans on the securities of such affiliates), any corporation all the stock of which is owned by the United States or any "organization which is determined by the Board of Governors of the Federal Reserve System not to be engaged, directly or indirectly, as a business in holding the stock of, or managing or controlling, banks, banking associations, savings banks, or trust companies." Section 21 of the Banking Act clarified; inapplicable to banks selling mortgages.—Section 21 (a) (1) of the Banking Act of 1933 was amended to make it clear that it does not prohibit any financial institution or private banker from engaging in the securities business to the limited extent permitted to national banks under section 5136 of the Revised Statutes. (Section 5136 limits national banks, in dealing in and underwriting securities, to United States Government obligations, general obligations of States or subdivisions, obligations issued under the Federal Farm Loan Act or by the Federal Home Loan banks or the Home Owners' Loan Corporation, and certain obligations insured under section 207 of the National Housing Act.) It also was made clear that section 21 (a) (1) does not prohibit a bank from selling, without recourse or agreement to repurchase, obligations evidencing loans on real estate. Receipt of deposits by persons not subject to State or Federal regulation.— Section 21 (a) (2) of the Banking Act of 1933, which prohibited any person not subject to examination and regulation under State or Federal law from engaging in the business of receiving deposits unless such person submitted to examination by the Comptroller of the Currency or the Federal Reserve bank of the district, was amended so as to prohibit any person from engaging in such business with other than his or its own officers, agents, or employees, unless such person (1) is incorporated under and authorized to engage in such business by Federal or local law; or (2) is permitted by local law to engage in such business and is subject under such law to examination and regulation; or (3) submits to periodic examination by the banking authorities of the locality where the business is conducted and makes and publishes periodic reports of condition under the same conditions as required by local law in the case of incorporated banking institutions. Seasonal agencies of national banks.—Section 5155 of the Revised Statutes was amended to permit a national bank in a State which by statute permits State banks to maintain branches within county or greater limits, to establish, with the approval of the Comptroller of the Currency, without regard to the capital requirements of the sec tion, a "seasonal agency in any resort community" in the same county as the main office of such bank. However, the privilege applies only if no other bank is doing business in the place where the agency is to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 ANNUAL REPORT OF FEDERAL. RESERVE GOVERNORS be located, and any permit for such an agency must be revoked upon the opening of a State or national bank in such community. By reason of the provisions of section 9 of the Federal Reserve Act, State member banks may, with the approval of the Board of Governors of the Federal Reserve System, establish such agencies under the same conditions. Interlocking relationships between member banks and securities com^ panies.—Section 32 of the Banking Act of 1933 was rewritten, effective January 1, 1936, to make the prohibitions against interlocking relationships between member banks and securities companies extend to the employees of both such organizations in addition to their officers and directors; and individuals engaged in the securities business are subjected to the same prohibitions as officers, directors, and employees of companies and members of partnerships so engaged. Permission of the Board for such interlocking relationships may be given "in limited classes of cases" and by "general regulations" rather than by individual permit. Such relationships may be permitted when they "would not unduly influence the investment policies of such member bank or the advice it gives its customers regarding investments", rather than when they would be "not incompatible with the public interest." The description of the securities businesses in question was changed from those "engaged primarily in the business of purchasing, selling, or negotiating securities" to those "primarily engaged in the issue, flotation, underwriting, public sale, or distribution, at wholesale or retail, or through syndicate participation, of stocks, bonds, or other similar securities." The prohibition against correspondent relationships between member banks and securities companies was eliminated. Change in amount of investment securities of one obligor that may be held by member bank.—Section 5136 of the Revised Statutes was amended to eliminate the existing prohibition against a member bank purchasing and holding more than 10 percent of a particular issue of investment securities, but the total obligations of one obligor which may be purchased and held by a member bank was reduced from 15 percent of the bank's paid-in and unimpaired capital and 25 percent of its unimpaired surplus, to 10 percent of each, though banks were not required to dispose of securities lawfully held on the date of enactment of the bill. Purchase of stocks for account of customers.—It was made clear, in conformity with previous rulings of the Comptroller of the Currency and the Board, that national and other member banks may purchase and sell stocks for the account of their customers but not for their own accounts. Obligations insured under section 207 of National Housing Act.—Section 5136 of the Revised Statutes was amended to include within the group Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 57 of securities that may be dealt in by member banks free from the restrictions of that section, obligations insured under section 207 of the National Housing Act, if the debentures to be issued in payment of such insured obligations are guaranteed as to principal and interest by the United States. Separation of member bank stock certificates from those of other corporations.—The requirement of section 5139 of the Revised Statutes and section 9 of the Federal Reserve Act that stock certificates of national banks or State member banks may not "represent the stock" of any other corporation, except a member bank or a corporation existing on the date the requirement became effective "engaged solely in holding the bank premises", was changed so that such certificates merely may not "bear any statement purporting to represent the stocks" of any other corporation, and the transfer of such a certificate may not be conditioned upon the transfer of stock of any corporation, except a member bank or a corporation "engaged on June 16, 1934, in holding the bank premises." A provision also was added to the effect that the section shall not operate to prevent the transfer of stock of another corporation being conditioned upon the transfer of a member bank stock certificate. Yoting permit unnecessary for liquidation.—Section 5144 of the Revised Statutes was amended to eliminate the necessity for a voting permit in cases where shares of a member bank held by a holding company affiliate are to be voted merely in favor of placing the bank m voluntary liquidation or taking any other action pertaining to voluntary liquidation of the bank. Limited voting permits and cumulative voting clarified.—Section 5144 of the Revised Statutes was amended to make it clear that holding company affiliates which have obtained a voting permit are entitled to the right of cumulative voting given other shareholders by the section, and also to make it clear that the Board of Governors of the Federal Reserve System may issue limited voting permits and is not confined to issuing general voting permits. Assets required of holding company.—Section 5144 (c) of the Revised Statutes wa3 amended to relieve a holding company affiliate, to the extent that the bank stock owned by it is not subject to statutory liability, from the provisions of section 5144 (b) which require a holding company affiliate after June 16, 1938, (1) to possess and maintain readily marketable assets other than bank stock in an amount not less than 12 percent of the aggregate par value of all such stock controlled by it and to increase such amount by 2 percent per annum of such par value until such assets amount to 25 percent of the par value of such bank stock; and (2) to reinvest in readily marketable assets other than bank stock all net earnings over 6 percent per annum on the book value of its own shares until Digitized for FRA5S6E0R48 —36 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS such assets amount to 25 percent of the aggregate par value of all bank stock controlled by it. In lieu of these requirements, a holding company affiliate, to the extent that the shares of bank stock held by it are not subject to statutory liability, was made subject to the provisions of section 5144 (c) which require the holding company affiliate after June 16, 1938, to establish and maintain out of the net earnings over 6 percent per annum on the book value of its own shares, a reserve of readily marketable assets of not less than 12 percent of the aggregate par value of such bank stock controlled by it. Reduction in Federal Reserve bank stock to conform to reduction in member bank's surplus.—Section 5 of the Federal Reserve Act was amended to require member banks to reduce their holdings of Federal Reserve bank stock upon a reduction in their surplus, just a$ they were already required to do upon a reduction in their capital. Certification to Comptroller of the Currency upon change in capital stock of Federal Reserve bank.—The provisions of section 5 of the Federal Reserve Act requiring the directors of a Federal Reserve bank to execute a certificate to the Comptroller of the Currency upon an increase in the capital stock of such bank, and the provisions of section 6 of the Federal Reserve Act requiring a similar certification upon a reduction in such capital stock, were repealed. Publication of condition reports of State member banks.—Section 9 of the Federal Reserve Act was amended to authorize the Board of Governors of the Federal Reserve System to prescribe the information to be contained in, and form of, condition reports of State member banks, and to require publication of such reports under regulations of the Board. Limitation on loans by member banks on Government obligations.—Section 11 (m) of the Federal Reserve Act was amended to place State member banks on a parity with national banks in lending on the security of bonds or notes of the United States issued since April 24, 1917, certificates of indebtedness of the United States, Treasury bills of the United States, or obligations guaranteed as to principal and interest by the United States, by changing the limitation on loans to one individual on such security, from 10 percent of the bank's unimpaired capital and surplus to 25 percent thereof, as provided for national banks in section 5200 of the Revised Statutes. The latter provision was amended to make it cover Treasury bills of the United States and obligations guaranteed as to principal and interest by the United States, as well as the other Government obligations listed above. Indorsement or other security sufficient for Reserve bank discounts for individuals.—The third paragraph of section 13 of the Federal Reserve Act was amended to require either indorsement or othor security, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

• ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 59 rather than both, for paper discounted by Federal Reserve banks for individuals or corporations unable to secure adequate credit accommodations from other banks. Definition by Board of various classes of deposits.—The definitions of "demand deposits" and "time deposits" were stricken from section 19 of the Federal Eeserve Act, and instead the Board of Governors of the Federal Reserve System was authorized to define for the purposes of the section the terms, "demand deposits", "gross demand deposits", "deposits payable on demand", "time deposits", "savings deposits", and "trust funds", to determine what is to be deemed a paymeet of interest and to prescribe regulations to effectuate the purposes of the section; but the term "time deposits" continues to include "savings deposits" for the purposes of the provisions regarding member bank reserve requirements. Deduction of "amounts due from banks" in computing reserve requirements.—Section 19 of the Federal Reserve Act was amended so that, for purposes of computing member bank reserves, amounts due from other banks (except Federal Reserve banks and foreign banks) and cash items in process of collection payable immediately upon presentation in the United States may be deducted from gross demand deposits rather than merely from amounts due to other banks. Payment of deposits and interest thereon by member banks.—Section 19 of the Federal Reserve Act was amended to add to the exemptions from the prohibition against the payment of interest by member banks on demand deposits: (1) contracts existing when a bank joins the System, and (2) deposits payable outside the States of the United States and the District of Columbia (rather than merely those payable in foreign countries). The exemption of deposits made on behalf of any State or subdivision thereof as to which interest is required by State law and of deposits made by mutual savings banks, is terminated, under the amended law, 2 years after the date of enactment of the Banking Act of 1935; and during this 2-year period there are added to these exemptions deposits made by savings banks and deposits of trust funds on which interest is required by State law. So much of existing law as requires the payment of interest on funds deposited by the United States or any territory or possession thereof as is inconsistent with the provisions of section 19 was repealed. The provision authorizing the Board, in limiting the rate of interest which may be paid by member banks on time and savings deposits, to prescribe different rates in different circumstances, was changed to a provision that the Board "shall prescribe different rates for such payment on time and savings deposits having different maturities, or subject to different conditions respecting withdrawal or repayment, or subject to different conditions by reason of different Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS locations, or according to the varying discount rates of member banks in the several Federal Reserve districts." The absolute prohibition against the payment of time deposits before maturity was relaxed to permit such payments under conditions prescribed by the Board; and deposits payable only at offices of member banks located outside the States of the United States and the District of Columbia were exempted from all restrictions on payment before maturity and all restrictions on interest rates. Eeserves required against Government deposits.—At the end of section 19 of the Federal Eeserve Act a new paragraph was added requiring member banks to keep the same reserves against deposits of the United States as against other deposits, thus repealing the contrary provisions of the Liberty Bond Acts. Waiver of reports or examinations of affiliates.—A new paragraph was added to section 21 of the Federal Reserve Act to permit the Board of Governors of the Federal Reserve System or the Comptroller of the Currency, as the case may be, to waive examination of, or reports from, affiliates of a member bank, when they are '"not necessary to disclose fully the relations between such affiliate and such bank and the effect thereof upon the affairs of such bank." Criminal provisions clarified, extended to insured banks.—Section 22 (a) was amended to make it clear that the prohibitions against loans or gratuities to bank examiners from member banks, and their officers and employees, apply only to banks subject to examination by such examiners; and also to make it clear that the prohibitions and penalties set forth in section 22 (a) apply to State examiners examining member banks as well as to Federal examiners, but not to private examiners. The prohibitions were extended to cover insured banks. Federal Deposit Insurance Corporation examiners subjected to criminal provisions.—The prohibition in section 22 (b) of the Federal Reserve Act against a national bank examiner receiving compensation from any bank, or officer or employee thereof, was extended to Federal Deposit Insurance Corporation examiners; and the restrictions against examiners revealing the borrowers or collateral of member banks was extended to cover insured banks. Borrowings by executive officers of member banks; elimination of criminal penalty.—Section 22 (g) of the Federal Reserve Act forbidding executive officers of member banks to borrow from their banks was amended by adding a provision giving the Board of Governors of the Federal Reserve System power to remove such officers for violations, in lieu of the provision subjecting such officers to fine or imprisonment. The $10,000 fine on the bank was eliminated. Such loans as were outstanding on June 16, 1933, may, under the amended law, be extended or renewed until June 16, 1938, if a finding by the bank directors that such renewal is in the bank's interest and that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPOKT OF FEDERAL RESERVE GOVERNORS 61 the officer has made reasonable effort to reduce his obligation is spread on the bank's minute book. With the prior approval of a majority of the bank's directors, loans not exceeding $2,500 from a member bank to an executive officer are permitted. Borrowing by a partnership in which one or more executive officers have individually or collectively a majority interest are within the prohibition. It was made clear that executive officers may, for the protection of the bank, indorse paper previously taken by it in good faith or may incur indebtedness to the bank for the purpose of protecting the bank against loss or giving financial assistance to it. The Board was given power to define terms used in the section and prescribe regulations to effect its purposes. Restrictions on loans to affiliates relaxed.—The exemptions from the limitations of section 23A on member banks' loans to affiliates and loans on any investments in the securities of affiliates were broadened so as to include among such exemptions (1) affiliates "engaged on June 16, 1934", in holding the bank premises (the old law required them to be "solely" so engaged) or in maintaining and operating properties acquired for banking purposes prior to that date; (2) wholly owned subsidiaries of foreign banking corporations organized under the Federal Reserve Act; (3) wholly owned subsidiaries of similar corporations in which national banks are authorized to invest under section 25 of the Federal Eeserve Act; (4) affiliates engaged solely in holding obligations of, or fully guaranteed as to principal and interest by, the United States (the previous exemption applied only to affiliates holding such direct obligations) ; (5) affiliates which became such through a bona fide previous debt; and (6) affiliates which are such because their shares are held by the bank as fiduciary (except when the beneficiaries are a majority of the bank's stockholders). The section also was made inapplicable to affiliate indebtedness arising from the unpaid balance due on assets purchased from the bank, and to loans secured by, or extensions of credit against obligations of, or fully guaranteed as to principal and interest by, the United States. Industrial loans relieved of real-estate restrictions.—Section 24 of the Federal Eeserve Act was amended to exempt from the restrictions of that section on real estate loans, all "working capital" loans to industry in which the Reconstruction Finance Corporation or a Federal Reserve bank has participated or made a commitment, or which it has discounted, loaned upon, or purchased. Interlocking bank directorates.—The provisions of the Clayton Act relating to interlocking bank directorates were rewritten to provide that "no private banker or director, officer, or employee of any mem- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS ber bank of the Federal Reserve System or any branch thereof shall be at the same time a director, officer, or employee of any other bank, banking association, savings bank, or trust company organized under the National Bank Act or organized under laws of any State or of the District of Columbia, or any branch thereof, except that the Board of Governors of the Federal Reserve System may by regulation permit such service as a director, officer, or employee of not more than one other such institution or branch thereof." However, the prohibition does not apply in the case of (1) a bank of which more than'90 percent of the stock is owned by the United States or by any corporation of which the United States owns more than 90 percent of the stock; (2) a bank formally in liquidation or receivership; (3) a corporation principally engaged in foreign banking which has entered into an agreement with the Board pursuant to section 25 of the Federal Reserve Act; (4) a bank of which more than 50 percent of the common stock is owned by persons who own more than 50 percent of the common stock of the member banks; (5) a bank not located and having no branch in the same place where the member bank or branch thereof is located, or in a place contiguous or adjacent thereto; (6) a bank not engaged in a class or classes of business in which the member bank is engaged; and (7) a mutual savings bank having no capital stock. Until February 1,1939, the amended section will not affect the service of any director, officer, or employee of any member bank or branch thereof who was lawfully serving on the date the amendment was enacted. Reduction in stock of national bank.—Section 5143 of the Revised Statutes was amended to eliminate the necessity for a national bank obtaining the approval of the Board of Governors of the Federal Reserve System in addition to the approval of the Comptroller of the Currency, before reducing its capital stock. Branches of State member banks.—Section 9 of the Federal Reserve Act was amended to require the approval of the Board of Governors of the Federal Reserve System instead of the Comptroller of the Currency, for State member banks to establish or maintain out-oftown branches. Interest on postal-savings deposits.—Section 8 of the Postal Savings Depository Act of June 25, 1910, was amended so as to permit the withdrawal of postal-savings deposits by depositors without notice and without loss of interest, except that no interest may be allowed for any period of less than 3 months. Under the amended law, the rate of interest paid on such deposits may not exceed the rate which may lawfully be paid on savings deposits by member banks located in or nearest to the place where the depository office is situated, and postal-savings depositories may deposit funds on time with member banks subject to the provisions of the Federal Reserve Act and regu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 63 lations thereunder regarding payment of time deposits and interest thereon. Preferred stock and capital notes and debentures.—It was provided by the act that in a case in which a national bank, State member bank, or bank applying for membership in the Federal Reserve System has outstanding preferred stock, the determination of whether or not its capital is impaired and the amount of such impairment shall be based upon the par value of its stock, even though the amount which the holders of the preferred stock are entitled to receive in the event of retirement of the stock or liquidation of the bank shall be greater than the par value of such stock. Capital notes and debentures of the type which the Reconstruction Finance Corporation may purchase, and obligations expressly subordinated thereto, may be excluded from the total liabilities of such a bank in determining whether its capital is impaired. Other provisions.—In addition to the provisions which have been specifically referred to above, the Banking Act of 1935 contained a number of other provisions relating to national banks and to nonmember banks whose deposits are insured by the Federal Deposit Insurance Corporation, as well as certain miscellaneous provisions of lesser importance. CHANGES IN THE REGULATIONS OF THE BOARD During the year 1935, a number of changes were made in the regulations of the Board. These will be mentioned briefly below. Payment of interest on deposits.—Late in the year 1934 the Board announced a change in its Regulation Q relating to the payment of deposits and interest thereon by member banks, effective February 1, 1935, under which the maximum rate of interest payable on time and savings deposits by member banks was reduced from 3 percent to 2y 2 percent, and certain other detailed amendments were made. In the latter part of November 1935, this regulation was revised, effective January 1, 1936.' Up to that date the maximum rate payable by member banks on both time and savings deposits had been 2y percent per annum. Under the revised regulation, the maximum 2 rate payable on savings deposits continued to be 2y percent, but with 2 regard to time deposits the following schedule of maximum rates was prescribed: On time deposits having a maturity of 6 months or more or payable upon written notice of 6 months or more and on postalsavings deposits, 2y percent; on time deposits having a maturity of 2 less than 6 months and not less than 90 days or payable upon written notice of less than 6 months and not less than 90 days, 2 percent; and on time deposits having a maturity of less than 90 days or payable upon written notice of less than 90 days, 1 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS In lieu of the requirement theretofore contained in the regulation that savings deposits shall consist of funds accumulated for bona fide thrift purposes, there was substituted a requirement that they shall consist of funds of one or more individuals or of an organization operated primarily for religious, philanthropic, charitable, educational, fraternal, or other similar purposes, and not operated for profit. The provision of the regulation requiring the presentation of the pass book whenever a withdrawal is made was liberalized so as to permit withdrawals through payment to any authorized person presenting the pass book and to permit withdrawals without presentation of the pass book where payment is made to the depositor in person or is remitted by an instrument payable to the depositor. The revised regulation defined the term "interest" so as to include, among other things, the payment or absorption of exchange or collection charges which involve out-of-pocket expenses. However, pending action by the Federal Deposit Insurance Corporation on its regulation relating to the payment of interest on deposits by insured nonmember banks, the Board, on December 28, 1935, deferred until further action by the Board, the effective date of subsection 1 (f) of the regulation, which contains the definition of the term "interest." The regulation also permitted the payment of time deposits before maturity in certain circumstances, and authorized loans to depositors on security of time or savings deposits at a rate of interest not less than 1 percent in excess of the rate paid on the deposits. Reserves of member banks.—The Board also issued, effective January 1, 1936, a revision of Regulation D relating to the reserves which member banks are required to maintain with the Federal Reserve banks, making a number of changes in the regulation to conform to amendments to the law contained in the Banking Act of 1935. Reserve requirements were not changed in the revised regulation but, in accordance with the authority conferred upon the Board by the Banking Act of 1935 to change reserve requirements, the revised regulation provides that the actual net balance which each member bank is required to maintain on deposit with the Federal Reserve bank of its district shall be changed by such percentage, within the limits prescribed by law, as the Board shall prescribe from time to time in order to prevent injurious credit expansion or contraction. Loans to executive officers.—The Banking Act of 1933 amended section 22 of the Federal Reserve Act by adding thereto a new subsection which prohibited member banks from making loans to their executive officers and prohibited such officers from borrowing from such banks, under a criminal penalty. The criminal penalty was discontinued by the Banking Act of 1935 and the Board of Govern- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 65 nors was authorized by that act to issue regulations with respect to this subject and to remove offending officers from office for violation. The Board's new Regulation O was issued pursuant to this authority to become effective January 1, 1936, and contains, among other things, definitions of the terms "executive officer", "extension of credit", and similar terms. The Board's old Regulation O, issued in 1915, and containing instructions to Federal Reserve agents regarding the issuance and retirement of Federal Reserve notes, was revoked, and revised instructions on the subject were issued in a letter addressed to the Federal Reserve agents. Extension of credit by brokers, dealers, and members of securities exchanges.—During the year the Board approved six amendments to its Regulation T relating to the extension and maintenance of credit by brokers, dealers, and members of national securities exchanges. Four of these amendments became effective on May 10, 1935, one on August 8, 1935, and one on October 29, 1935. The amendments, which were largely of a clarifying or technical character, related to cash transactions and such administrative matters as maintenance of credit in limited cases without collateral or required collateral, the payment of interest and dividends from restricted accounts under certain limitations, the transfer of accounts from one customer to another, and the elimination of loan value for short-term warrants evidencing rights to subscribe to securities. Membership of State banking institutions in the Federal Reserve System.—The Board also approved a revision of its Regulation H relating to membership of State banking institutions in the Federal Reserve System to become effective January 1, 1936. A number of changes made necessary by recent amendments to the law were incorporated in the revised regulation, and the standard conditions of membership to be accepted by State institutions upon admission to the Federal Reserve System were revised and simplified. Issuance and cancelation of Federal Eeserve bank stock.—The Board's Regulation I, relating to the increase or decrease of capital stock of Federal Reserve banks and the cancelation of old and the issue of new stock certificates, was revised, effective January 1, 1936. The procedure for the issuance and cancelation of Federal Reserve bank stock was simplified in the, revised regulation, which also contains certain changes necessary to conform to recent amendments to the statute. Holding company affiliates—voting permits.—Regulation P relating to holding company affiliates and voting permits was amended, effective January 1, 1936, so as to incorporate certain changes, mostly of a technical character, made necessary by amendments to the law contained in the Banking Act of 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS CREDIT AGREEMENTS WITH FOREIGN CENTRAL BANKS Federal Reserve participation in the two credits granted to the National Bank of Hungary in 1931 by the Federal Reserve Bank of New York, with the approval of the Board of Governors of the Federal Reserve System and in association with other Federal Reserve banks, the Bank for International Settlements, and a number of foreign central banks, was reduced during 1935 from $3,140,000 to $2,520,000. Most of the reduction occurred on April 18, partly by anticipation of the schedule of repayments embodied in the consolidated agreement of 1933, to which reference was made in the annual report of the Board for that year. Federal Reserve participation in the credits takes the form of purchases of prime commercial bills guaranteed by the National Bank of Hungary. The demand deposit at the Bank for International Settlements made by the Federal Reserve banks with the approval of the Board of Governors for the purchase from time to time of bills guaranteed by that bank, as well as Federal Reserve holdings of bills purchased under the arrangement, remained substantially unchanged during 1935. At the end of the year the deposit amounted to $540,000 and bill holdings amounted to $2,000,000. On February 20, 1935, the Federal Reserve banks, acting through the Federal Reserve Bank of New York and with the approval of the Board of Governors of the Federal Reserve System, granted a credit of $200,000 to the National Bank of Nicaragua secured by gold. The credit was to run for a period of approximately 4 months, but by May 8 it was completely repaid. Between November 6 and December 23, additional short-term credits secured by gold were granted by the Federal Reserve banks in an aggregate amount of $350,000, to mature between February 8 and April 21, 1936. These credits were granted to the National Bank of Nicaragua for the purpose of meeting a seasonal shortage of dollar exchange pending the sale abroad of the Nicaraguan coffee crop. BANK EXAMINATIONS Under the provisions of the Federal Reserve Act, State member banks are subject to examinations made by direction of the Board of Governors of the Federal Reserve System or of the Federal Reserve banks by examiners selected or approved by the Board of Governors. The examination of State member banks made pursuant to such provisions are made by examiners for the various Federal Reserve banks, whose appointments are approved by the Board of Governors and who work under the direction of the Federal Reserve agents. The policy approved by the Board of Governors of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 67 Federal Reserve System 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 accordance with the policy of making joint examinations wThereever practicable in order to avoid duplication of examinations and minimize any inconvenience to the banks examined, most of the examinations of State member banks made during the year by examiners for the Federal Reserve banks were joint examinations made in cooperation with the State banking authorities. In the latter part of 1933 and in accordance with the procedure approved by the Board of Governors, each of the Federal Reserve agents made arrangements to add to his staff one or more examiners especially qualified to make examinations of trust departments. The development of more complete examinations of the trust departments of State member banks was an important feature of the examinations of such banks during the year 1934 and this phase of examination procedure was further developed in the program of examinations of State member banks in 1935. Particular emphasis in the examination of trust departments of State member banks continued to be laid upon policies and practices of the banks in the investment of trust funds and the discharge of their fiduciary responsibilities. A conference of the assistant Federal ^Reserve agents in charge of examinations for the Federal Reserve banks, the chief examiners and the trust examiners for the Federal Reserve banks, and representatives of the Board of Governors, was held in Washington in the fall of 1935. The conference, similar to the one held in 1934, was called at the request of the Board of Governors for the purpose of further coordinating the examination activities of the various Federal Reserve banks and developing a more uniform procedure with respect thereto. Under the provisions of section 12B of the Federal Reserve Act, as amended June 16, 1934, the Board of Governors was required to certify to the Federal Deposit Insurance Corporation, in connection with the inauguration of the permanent plan for insurance of deposits which had been postponed until July 1, 1935, whether or not the assets of each State member bank which had made application to become a class A stockholder of the Corporation were adequate to enable it to meet all of its labilities to depositors and other creditors as shown by the books of the bank. As had been the case in the preceding year, a program of examinations of State member banks was developed by the Board of Governors and the Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS agents to provide current reports of examination on the basis of which the required certifications might be made. In anticipation of the inauguration of the permanent plan of insurance on July 1, 1935, the Federal Deposit Insurance Corporation submitted to the Board of Governors the names of a number of Slate member banks which had made application to become class A stockholders of the Corporation and requested the Board to make the required certifications of the banks named. A number of certifications were made by the Board of Governors to the Federal Deposit Insurance Corporation prior to July 1, 1935, but the necessity for further action in this connection was removed by the postponement of the effective date for permanent insurance of deposits and the subsequent enactment of the Banking Act of 1935 which eliminated the requirement for certification. All of the 12 Federal Keserve banks were examined during the year by the Board's Division of Examinations. An examination by the Board's Division of Examinations was made during the year of the head office of the only banking corporation now in operation organized under the provisions of section 25 (a) of the Federal Keserve Act, generally referred to as the Edge Act, to engage in foreign and international banking business, TRUST POWERS OF NATIONAL BANKS During the year 1935 30 national banks were granted authority by the Board to exercise tone or more trust powers under the provisions of section 11 (k) of the Federal Keserve Act and 15 national ? banks surrendered their right to exercise such powers. In addition to granting trust powers as stated above, the Board also gave consideration to a 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 trust accounts from a predecessor bank but not to acquire new fiduciary business; 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. On December 31, 1935, 1,923 national banks were holding permits to exercise trust powers. A list of such banks appears on pages 273-292 of this report. In addition, 13 national banks were authorized at that time to exercise restricted trust powers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 69 REDUCTIONS IN CAPITAL STOCK OF NATIONAL BANKS The Banking Act of 1935, effective August 23, 1935, eliminated the requirement that reductions in capital stock of national banks be approved by the Board of Governors of the Federal Reserve System. During the period from January 1, 1935, to August 23, 1935, the Board approved the applications of, 76 national banks for permission to reduce the amount of their capital stock. In a great majority of the cases the reductions were in connection with the issuance of preferred stock, the released capital being used to provide for the elimination of worthless and undesirable assets. ADMINISTRATION OF SECTIONS 8 AND 8A OF THE CLAYTON ANTITRUST ACT Section 329 of the Banking Act of 1935 amended the Clayton Antitrust Act by repealing section 8A thereof and by substituting for the first three paragraphs of section 8 a provision prohibiting a private banker or a director, officer, or employee of a member bank of the Federal Reserve System from being at the same time a director, officer, or employee of any other bank, banking association, savings bank, or trust company organized under the National Bank Act or organized under the laws of any State or of the District of Columbia except in certain classes of cases described in the statute and in such other cases, involving not more than one other such institution, as the Board of Governors of the Federal Reserve System may by regulation permit. Under the provisions of the act as amended individual permits are no longer issued by the Board. From January 1, 1935, to August 23, 1935, the effective date of the Banking Act of 1935, the Board acted upon the applications of approximately 680 persons for individual permits to serve at the same time as director, officer, or employee of more than one bank, banking association, savings bank, or trust company where such service was, without such a permit, within the prohibitory provisions of the law. On August 23, 1935, the applications of 20 persons not previously acted upon by the Board were pending in the Board's offices in Washington. A number of these cases involved relationships which were no longer prohibited by the Clayton Act as amended. In addition a small number of cases consisting of applications previously disapproved were awaiting reconsideration. Pursuant to the authority contained in the act as amended, the Board granted permission to any person who had filed an application for permission to serve two or more banks within the prohibitions of section 8 of the Clayton Antitrust Act which had been received at the offices of the Board in Washington on or before August 23, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

70 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 1935, and on which the Board had taken no action prior to such date, to serve as director, officer, or employee of any member bank named in such application and of any other one bank, banking association, savings bank, or trust company named in such application, in addition to any service otherwise lawful under the Clayton Antitrust Act, until the adoption of general regulations by the Board or until March 1, 1936, whichever was the earlier. On January 4, 1936, the Board adopted and issued a revision of its Regulation L relating to Interlocking Bank Directorates Under the Clayton Act based upon the provisions of section 8 as amended by the Banking Act of 1935. In the revised regulation the permission above referred to was made applicable to individuals whose applications were pending on August 23, 1935, at the offices of the Federal Reserve agents as well as at the Board's offices in Washington, and was made effective until the next election of directors of the institutions involved or until March 1, 1936, whichever was the earlier, provided the Board had taken no adverse action on such application prior to August 23, 1935. Permission was granted under similar circumstances to a private banker to serve one bank included in his application. ADMINISTRATION OF SECTION 3 2 OF THE BANKING ACT OF 193 3 Section 32 of the Banking Act of 1933 made 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 prohibited correspondent relationships between such organizations and member banks, except when authorized by a permit therefor issued by the Board; and the Board was authorized to issue such permit if in its judgment it was not incompatible with the public interest and to revoke such permit if the public interest required. During 1935 the Board acted upon 28 applications of individuals under the provisions of that section. Of this number, 5 were denied, and in the remaining cases, it was found that the statute was not applicable. In connection with such cases, there was no change in the policy of the Board which was outlined in its annual report for 1934. The Board also considered a number of requests for rulings as to the applicability of this section in cases in which formal applications were not filed, and also gave further consideration to a number of applications which had previously been denied. The Board also extended until January 1, 1936, the blanket permit referred to in its annual report for 1934 authorizing member banks to have correspondent relationships in connection with underwriting and dealing in United States Government obligations, municipal bonds, and certain other specified types of securities which member Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 71 banks are authorized to underwrite and deal in under other provisions of law. As indicated elsewhere in this report, section 32 of the Banking Act of 1933 was amended, effective January 1, 1936, by the Banking Act of 1935. The amendments eliminated the provisions dealing with correspondent relationships, and made several other changes, one of which authorized the Board to permit interlocking personnel relationships between member banks and securities organizations of the kind referred to above in limited classes of cases, by general regulations rather than by individual permits. AFFILIATES OF MEMBER BANKS The Banking Act of 1935 amended former provisions of law pertaining to reports of affiliates by authorizing the Comptroller of the Currency and the Board to waive the requirement of reports of affiliates of national banks or State member banks, respectively, in cases in which, in their judgment, a report is not necessary to disclose fully the relations between the affiliate and the bank and the effect thereof upon the affairs of the bank. Under authority of the amended provisions both the Board and the Comptroller of the Currency have prescribed conditions with respect to the waiving of such reports. In substance, the waiver applies in all cases where the member bank has no financial interest in the affiliate, either as stockholder or creditor, in an amount in excess of $5,000 or 1 percent of the bank's capital and surplus, whichever is the less, and in all cases where the affiliation arises purely from a fiduciary relationship. The effect is to exempt banks from furnishing reports of organizations which technically are their affiliates, but where the relationship has no practical effect upon the affairs of the banks concerned. Section 301 of the Banking Act of 1935 amended section 2 of the Banking Act of 1933 by providing that the term "holding company affiliate" shall not include (except for purpose^ of section 23A of the Federal Eeserve Act) any organization which is determined by the Board not to be engaged, directly or indirectly, as a business in holding the stock of, or managing or controlling, banks, banking associations, savings banks, or trust companies. Under authority of this provision the Board made such determinations with respect to 72 organizations. During the year 1935 the Board acted upon the applications for voting permits submitted by holding company affiliates of member banks in accordance with the provisions of section 5144 of the Revised Statutes, as amended, and section 9 of the Federal Eeserve Act, as amended, and authorized the issuance of permits as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS For general purposes, 34; for miscellaneous limited purposes only, such as issuance of preferred stock, reduction of common stock, etc., 72; for the election of directors for the year 1935 and the transaction of routine matters only, 7; for the election of directors for the year 1935, the transaction of routine matters and for other miscellaneous purposes, 8; for the election of directors for the year 1936 and the transaction of routine matters only, 9. In connection with the issuance of general voting permits, the Board approved, after careful consideration, a form of agreement containing certain standard provisions which, in its opinion, would be appropriate to accomplish the purposes of the law, to be executed by each holding company affiliate as a condition precedent to the issuance of a general voting permit, in addition to such special conditions as the Board might see fit to prescribe in authorizing the issuance of general permits in particular cases. The standard form of agreement is discussed more fully on page 217. 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 1935. These meetings were held on February 5, May 27-28, October 22-24, and December 17-18, 1935. 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 1935 on the following dates: February 19-20, April 10 ; September 23-24, and November 20-21. ORGANIZATION, STAFF, AND EXPENDITURES On January 2, 1935, Philip E. Bradley was appointed assistant chief of the Division of Security Loans. Effective May 1, 1935, George B. Vest and B. Magruder Wingfield were appointed assistant general counsel to the Board; R. F. Leonard and C. E. Cagle were appointed assistant chiefs of the Division of Examinations; and J. E. Horbett was appointed assistant chief of the Division of Bank Operations. On May 9,1935, Elliott Thurston was appointed as special assistant to the Governor of the Board. Mr. Thurston's title was changed to special assistant to the Chairman, effective August 23, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPOET OF FEDERAL RESERVE GOVERNORS 73 Effective August 23, 1935, the title of Lawrence Clayton, formerly assistant to the Governor, was changed to assistant to the Chairman. The total cost of conducting the work of the Board during the year 1935 was approximately $1,457,435.70. This is exclusive of expenditures in the amount of $825,431.38 made in connection with the acquisition of a site for, and expenses in connection with, the new building to be erected by the Board. Two assessments were levied against the Federal Reserve banks aggregating $1,405,897.96, 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 1935 by the auditor of the Federal Reserve Bank of Cleveland and certify by him to be correct. 56048—36 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT AND RELATED ITEMS No. 1.—RESERVE BANK CREDIT, MEMBER BANK RESERVE BALANCES, AND RELATED ITEMS, ANNUAL AVERAGES, 1918-35 [Averages of daily figures. In millions of dollars Member Reserve bank credit outstanding Treas- Treas- bank reserve ury ury Other balances Year c B o d e i u i d l s n l - s t-bo B u il g ls ht s U G m e e . c r o e n u S v n - r . - t - O s b c R e r a t e r h n e v d e - k e - r Total s M t t g o a o o r c l n y d k e 2 - n re b a c a n a t u a n i c n l o r d y k - n 3 - l c M e a i y t r i o c o i n u n n - - b p F a w c a o d . n a n i s e k s t R d i - h h s ts . * b p m e o N r s e o i m d t n s e - - 5 - c s o F e R e a u e r r c n e a v d - - l t e - s6 Total c E e x s - s' ities it i 1918 . . _ 1,134 287 134 168 1,723 2,871 1,867 4,371 391 108 95 1,497 1919 1,906 324 254 141 2,625 2,842 1,716 4,729 464 115 155 1,719 1920 2,523 385 324 158 3,390 2,582 1,695 5,191 293 67 280 1,835 1921 1,797 91 264 46 2,198 3,004 1,758 4,663 263 28 336 1, 671 1922 571 159 455 41 1,226 3,515 1,871 4,248 268 30 286 1, 781 1923 736 227 186 56 1,205 3,774 1,991 4,535 255 27 280 1, 873 1924 373 172 402 49 996 4,152 2,017 4,592 260 27 263 2,023 1925 490 287 359 59 1,195 4,094 2,000 4,582 244 31 264 2,167 1926 572 281 350 55 1,258 4,165 1,985 4,645 242 28 284 2,209 1927 442 263 417 53 1,175 4,277 2,000 4,605 226 31 300 2,290 1928 840 328 297 40 1,505 3,919 2,008 4,496 225 29 327 2,355 1929 952 241 208 59 1,459 3,996 2,015 4,476 229 30 376 2,358 43 1930 272 213 564 38 1,087 4,173 2,025 4,245 239 28 393 2,379 55 1931 327 245 669 33 1, 274 4,417 2,025 4,672 251 97 373 2,323 89 1932 521 71 1,461 24 2,077 3,952 2,096 5,328 275 56 351 2,114 256 1933. 283 83 2,052 11 2,429 4,059 2,271 5,576 343 147 350 2,343 528 1934 36 25 2,432 10 2,502 7,512 2,381 5,403 2,879 185 253 3, 676 1,564 1935 7 5 2,431 32 2,475 9,059 2,478 5,585 2,919 252 255 5,001 2,469 1 Includes Government overdrafts in 1918, 1919, and 1920. 2 By proclamation of the President dated at 3:10 p. m. Jan. 31, 1934, the weight of the gold dollar was reduced from 25Mo grains to 15%! 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." 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. 4 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. s 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." i Figures not available prior to 1929 and since April 1933 are for licensed member banks only. NOTE.—For description of figures and discussion of their significance, see Bulletin for July 1935, pp. 419- 429. Reprints of article, together with all available back figures for data contained in tables 2, 3, 4, and 5, may be obtained upon request from Division of Research and Statistics. 76 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

77 RESERVE BANK CREDIT No. 2.—RESERVE BANK CREDIT, MEMBER BANK RESERVE BALANCES, AND RELATED ITEMS, BY MONTHS, 1934-35 [In millions of dollars] Member Month c K B o d e e i i u d l s s n l - e s t r - v b e o B b u i a l g l n s h k t c s U G m e r e e c . r o e S d u n v n . i r - - t - t o O s b c u R e r a t t e r h e n s v d e - t k e - a r nd T i o n t g al s M t g t o a o o c r l n y k d e 2 - n r T e b a c a u n r a t a u n e i r c n o l y r a d y k - n S - ' l c M e a i y t r i o c o i n u n n - - b p T F w c a a u o d . r a n n r i e s e s t k y R d i a - h h t s s s . 4 - b p m N e o r s e o i m d t n s e - - - c O s o F e R e u a t e r r h c n e a v d - t e - l s e - r * b T a o b n a t k a l a l r n e c s E e e x s r - ve ities it Averages of daily figures 1934 January 101 1132,432 9 2,656 4,036 2,302 5,382 397 146 3042,764 February... 70 872,432 8 2,597 7,138 2,303 5,339 3,448 136 2932,822 891 March 55 402,437 3 2,535 7,602 2,333 5,368 3,298 144 2983,361 1,375 April 43 162,439 9 2,507 7,736 2,377 5,366 3,222 170 2683,594 1,541 May 36 6 2,431 6 2,479 7,759 2,378 5,355 3,083 249 2343,695 1,623 June 28 5 2,424 7 2,464 7,821 2,363 5,341 3,054 226 2373,790 1,685 July 23 5 2,432 9 2,469 7,893 2,364 5,350 2, 999 219 2303,928 1,789 August 21 5 2,432 6 2,463 7,971 2,378 5,355 2,976 208 2284,045 1,884 September. 22 5 2,431 102,469 7,971 2,411 5,427 3,054 197 2273,947 1,754 October 12 6 2,430 8 2,457 7,989 2,415 5,473 3,011 177 2343,964 1,731 November 18 6 2,430 122,466 8,047 2,455 5,494 2,970 165 2384,100 1,834 December. 10 6 2,430 262,472 8,191 2,494 5,577 3,120 181 2424,037 1,748 1935 January 8 6 2,430 212,465 8,284 2,504 5,411 3,053 194 2424,355 2,035 February. _ 6 6 2,430 202,462 8,465 2,513 5,439 2,965 189 2464,601 2,237 March 7 5 2,431 182,461 8,552 2,526 5,477 3,122 236 2504,452 2,065 April 6 5 2,431 292,471 8,641 2,548 5,500 3,209 258 2564,436 2,026 May 7 5 2,434 302,476 8,755 2,534 5,507 2,942 278 2594,778 2,297 June 8 5 2,431 362,479 9,025 2,513 5,522 2,989 266 2604,979 2,438 July.. 7 5 2,430 302,473 9,128 2,504 5,550 3,032 293 2594,970 2,385 August 7 5 2,431 332,476 9,180 2,441 5,576 2,795 233 2615,232 2,636 September. 10 5 2,430 352,480 9,246 2,389 5,651 2,734 236 2525,243 2,628 October 8 5 2,430 392,482 9,545 2,398 5,704 2,693 307 2535,469 2,820 November. 7 5 2,430 402,482 9,777 2,410 5,770 2,630 256 2565,757 3,061 December.. 6 5 2,430 532,494 10,072 2,454 5,897 2,869 276 2635,716 2,983 End of month figures 1934 Jan. (Wed.) 83 1112,434 2 2,630 4,033 2,302 5,289 597 141 2872,652 745 Feb. (Wed.) 64 622,432 8 2,567 7,438 2,302 5,354 3,440 127 2923,093 1,146 Mar. (Sat.). 54 292,447 152,545 7,694 2,361 5,394 3,292 157 2993,457 1,444 Apr. (Mon.) 39 9 2,431 6 2,485 7,757 2,378 5,368 3,148 268 2363,599 1,534 May (Th.). 31 5 2,430 -4 2,463 7,779 2,368 5,357 3,052 222 2323,746 1,662 June (Sat.). 25 5 2,432 102,472 7,856 2,366 5,373 3,015 233 2323,840 1,732 July (Tues.) 22 5 2,432 3 2,462 7,931 2,361 5,317 2,971 207 2294,029 1,875 Aug. (Fri.). 23 5 2,432 4 2,464 7,978 2,408 5,396 2,968 208 2264,052 1,867 Sept. (Sat.)- 15 6 2,431 112,464 7,978 2,405 5,456 3,051 178 2283,934 1,727 Oct. (Wed.) 11 6 2,430 8 2,455 8,002 2,434 5,453 3,031 164 2374,006 1,748 Nov. (Fri.)_ 11 6 2,430 6 2,453 8,132 2,468 5,549 3,022 161 2394,081 1,801 Dec. (Mon.) 7 6 2,430 202,463 8,238 2,511 5,536 3,150 189 2414,096 1,814 1935 Jan. (Th.)_. 7 6 2,430 192,461 8,391 2,495 5,380 2,991 191 2434,543 2,206 Feb. (Th.). 6 6 2,430 232,465 8,527 2,519 5,467 3,004 207 2464,587 2,199 Mar. (Sat.). 8 5 2,437 212,471 8,567 2,540 5,493 3,358 226 2534,247 1,846 Apr. (Tues.)- 6 5 2,430 272,468 8,710 2,544 5,478 2,996 271 2634,715 2,253 May (Fri.)_ 8 5 2,430 262,469 8,858 2,525 5,540 2,969 254 2574,832 2,318 June (Sat.). 6 5 2,433 372,480 9,116 2, 506 5,568 2,968 325 2614,979 2,414 July (Wed.) 7 5 2,430 232,465 9,144 2,510 5,518 2,991 253 2575,100 2,513 Aug. (Sat.). 11 5 2,432 372,485 9,203 2,398 5,629 2,694 198 2605,305 2,708 Sept. (M.). 10 5 2,430 322,477 9,368 2,386 5,683 2,740 304 2505,254 2,600 Oct. (Th.)_. 6 5 2,430 402,482 9,693 2,400 5,713 2,657 299 2585,648 2,970 Nov. (Sat.). 6 5 2,430 392,480 9,920 2,438 5,846 2,619 284 2535,835 3,100 Dec. (Tu.)_ 5 5 2,431 452,486 10,125 2,476 5,882 3,110 255 2535,587 2,844 For footnotes see table 1. Back figures.—See special reprint referred to in note, table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 3.—RESERVE BANK CREDIT, MEMBER BANK RESERVE BALANCES, AND* RELATED ITEMS, BY WEEKS, 1935 (WEDNESDAY FIGURES) [In millions of dollars] Member Reserve bank credit outstanding Treas- Treas- 3ank reserve^ (W D d e a d a n y t e e ) s- c B o d i u is l n l - s t-bo B u il g ls ht s U m G i e e t . c r i o e S e n u v n s . - r - t - O s b c R e r a t i e r h n e t v d e - k e - r Total M i t g t a o o o c r l n y k d e 2 - n r b a e a c u a t n u n a i r n c o y l r d k - y n - 3 M e a t y i t r o i c o i n u n n - - p F w c a a u o . d a n n r i s e s t y k R d i - h h t s s . b p m N e o r e o s i m n d ts - e - 5 - 3 O s F o e R e a t u e r r h c e a n d v - e - l t - e r s6 To b t a a l l anc ( m e c E e e e d s a s x s ) t t - s i 7 - - 1935 Jan. 2 2,431 2,461 8,243 2,514 5,534 3,164 190 240 4,090 1,802 Jan. 9 2,430 242,467 8,258 2,508 5,420 3,094 194 242 4,283 1, 986- Jan.16... 2,430 2,468 8,273 2,504 5,382 3,019 215 242 4,388 2,069 Jan.23._. 2,430 2,463 8,308 2,500 5,347 2,994 188 241 4,501 2,162 Jan.30._. 2,430 2,460 8,387 2,497 5,358 3,007 194 242 4,542 2, 203- Feb. 6.... 2,430 2,466 8,421 2,503 5,407 2,930 176 246 4,633 2,284 Feb. 13..- 2,430 2,450 8,456 2,525 5,430 2,995 18! 245 4,580 2, 240- Feb. 20___ 2,430 2,448 8,489 2,522 5,442 2,932 193 247 4,645 2,272: Feb. 27— 2,430 2,450 8,524 2,520 5,442 3,006 211 246 4,588 2,201 Mar. 6__._ 2,430 102,452 8,546 2,517 5,478 2,998 23' 246 4,555 2,185' Mar. 13— 2,430 2,460 8,551 2,525 5,454 3,009 238 247 4,588 2,191 Mar. 20... 2,430 2,455 8,554 2,521 5,453 3,220 243 254 4,361 1,950 Mar. 27— 2,430 2,452 8,563 2,535 5,436 3,335 241 253 4,285 1,888 Apr. 3 2,431 2,462 8,568 2,548 5,497 3,404 230 253 4,193 1,821 Apr. 10... 2,430 2,463 8,614 2,549 5,48" 3,376 224 253 4,28: 1,907 Apr. 17— 2,431 2,470 8,672 2,549 5,512 3,149 271 257 4,501 2,095 Apr. 24... 2,430 2,45! 8,701 2,550 5,459 2,978 288 258 4,719 2, 264 May 1 2,430 2,463 8,721 2,543 5,489 2,978 276 263 4,721 2,252' May 8 2,430 2,466 8,728 2, 536 5,496 2,938 277 261 4,758 2,304 May 15— 2,430 2,473 8,737 2, 534 5,494 2,901 259 4,822 2,350 May 22... 2, 430 2,459 8,762 2,531 5,481 2,906 285 259 4,821 2,328 May 29— 2,430 2,467 2,526 5,511 2,970 262 258 4,827 2,322 June 5 2,430 2,475 8,916 2,521 5,514 3,030 196 25' 4,914 2,400 June 12... 2,430 2,472 9,016 2,514 5,493 2,988 214 258 5,049 2,521 June 19— 2,430 2,482 9,089 2,510 5,498 3,023 301 264 4, 9962,445 June 26— 2,430 2,472 9,109 2,508 5,498 2,991 306 263 5,029 2,471 July3 2,431 2,468 9,119 2,504 5,619 3,002 312 258 4,900 2,320 July 10.— 2,430 2,473 9,123 2,503 5,551 2,932 302 263 5, 05: 2,456 July 17... 2,430 2,472 9,127 2,501 5,530 3,086 302 258 4,924 2,340 July 24... 2,430 2,460 9,135 2,503 5,496 3,134 265 258 4,945 2,335 July 31... 2,430 2,465 9,144 2,510 5,518 2,991 253 25: 5,100 2, 513 Aug. 7— 2,430 2,476 9,158 2,477 5,550 2,932 253 261 5,115 2,547 Aug. 14... 2,430 2,47' 9,184 2,437 5,558 2,775 251 259 5,254 2,667 Aug. 21... 2,430 2,468 9,189 2,421 5,574 2,722 230 260 5,291 2, 682" Aug. 28— 2,430 2,471 9,197 2,408 5,573 2,683 213 260 5,346 74& Sept. 4.. 2,430 2,472 9,209 2,395 5,650 2,746 193 259 5,228 2,643- Sept. 11. 2,430 2,479 9,219 2,391 5,638 2,629 186 248 5,388 2, 790 Sept. 18. 2,430 2,472 9,240 2,390 5,632 2,839 244 250 5,136 2,527 Sept. 25. 2,430 2,474 9,297 2,382 5,626 2,778 250 5,236 2,592 Oct. 2.... 2,430 2,470 9,414 2,399 5,688 2,814 306 251 5, 2242, 569' O O O O c c c c t t t t . . . . 3 2 1 9 0 3 6 . . . . . . . . . 2 2 2 2 , , , , 4 4 4 4 3 3 3 3 0 0 0 0 2 2 2 2 , , , , 4 4 4 4 7 9 7 7 8 6 2 4 9 9 9 9 , , , , 5 4 6 6 8 2 6 8 4 9 3 6 2 2 2 2 , , , , 3 3 4 4 9 9 0 0 6 7 ] 4 5 5 5 5 , , , , 6 6 6 6 9 9 8 8 6 8 6 4 2 2 2 2 , , , , 6 7 6 6 4 9 9 6 7 3 4 5 3 3 2 2 0 1 9 9 7 3 2 6 2 2 2 2 5 6 5 5 ' C 0 4 5 5 5 5 , , , , 3 6 5 5 3 5 3 7 0 3 4 5 2 2 2 2 , , , , 8 9 9 6 7 0 8 9 8 0 1 4 - ' Nov. 6.... 2,430 2,462 9,714 2,40: 5,754 2,655 236 260 5, 6712, 993 Nov. 13.. 2,430 2,492 9,747 2,39c 5,741 2,641 24! 257 5,746 3,052 Nov. 20- 2,430 2,471 9,804 2,40c 5,739 2,648 26! 253 5, 7823, 069' Nov. 27~ 2,430 2,472 9,874 2,42: 5,820 2,62£ 28: 252 5, 7893,051 Dec. 4... 2,430 2,471 10,005 2,442 5,845 2,626 283 26: 3,173 Dec. 11__ 2,430 2,474 10,06S 2,447 5, " 2,558 28C 271 6,04C 3,304 Dec. 18_. 2,43C 2,483 10,09* 2,458 5,902 3,161 281 258 5,43' 2, 706 Dec. 24.. 2,43: 2,523 10,11. 2,464 5,"" 3,15 26C 25C 5, 42S 2,693 Dec. 31- 2,43: 2,48e 10,125 2,476 5, 3, IK 2bl 252 5, 587 2,844 For footnotes see table 1. Digitized for FBRacAkS figEuRre s.—See special reprint referred to in note, table 1. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 4.—RESERVE BANK CREDIT, MEMBER BANK RESERVE BALANCES, AND RELATED ITEMS, CALL DATES, 1921-35 [In millions of dollars] Reserve bank credit outstandingr Member bank re- Treasury Treasury serve balances Call date* Bills dis- Bills G U ov . e S r . n- R O es th er e v r e ta s M r t y o o c n g k o e 2 - ld a t n b i c d o a u n n r n a k - a l - i M n l a o c ti i n o r e c n y u- c d F a e e w s p h d i o e t s a h r i a n t l s d d m e N e p m o o n s b i - e t r s5 a R F c O c e e o d s th e u e r e r n v a r t e l s6 Total Ex (e c s e t s i- s* counted bought ment bank i oiai rency 3 Reserve mated) securities credit banks * 1921—Apr. 28 (Thursday)... 2,062 105 268 31 2,466 2,869 1,713 4,763 276 34 318 1,657 23 June 30 (Thursday).. _ 1,751 40 259 45 2,096 2,988 1,750 4,624 241 28 338 1,604 -28 Dec. 31 (Saturday) 1,144 145 234 40 1,563 3,373 1,842 4,403 310 27 285 1,753 99 1922—Mar. 10 (Saturday).... 613 91 466 7 1,177 3,445 1,838 4,201 230 37 274 1,719 56 June 30 (Friday) 461 161 555 24 1,202 3,498 1,862 4,176 253 30 283 L, 820 31 Dec. 29 (Friday) 609 271 426 83 1,389 3,645 1,957 4,537 232 28 275 ,919 68 1923—Apr. 3 (Tuesday) 723 265 245 51 1,284 3,683 1,984 4,451 308 21 279 ,891 49 June 30 (Saturday) 837 206 102 58 1,202 3,763 1,975 4,536 243 29 280 L, 852 2 Sept. 14 (Friday) 864 181 111 71 1,227 3,832 1,999 4,619 267 21 281 L, 870 40 Dec. 31 (Monday) 723 355 134 27 1,238 3, 957 2,009 4,757 251 23 275 L, 898 14 1924—Mar. 31 (Monday).... 518 228 263 17 1,026 4,077 2,015 4,612 328 22 269 L, 885 12 June 30 (Monday) 334 37 431 30 831 4,201 2,019 4,562 262 23 261 L, 944 -30 Oct. 10 (Friday) 226 180 589 46 1,041 4,216 2,018 4,608 269 25 259 2,114 25 Dec. 31 (Wednesday).. 320 387 540 54 1,302 4,212 2,025 4,760 262 39 258 2,220 59 1925—Apr. 6 (Monday) 402 305 360 48 1,115 4,047 2,015 4,549 233 34 265 2,095 17 June 30 (Tuesday) 491 254 353 46 1,144 4,073 1,997 4,524 229 27 263 2,172 21 Sept. 28 (Monday) 608 259 332 44 1,243 4,094 1,985 4,634 244 28 269 2,145 4 Dec. 31 (Thursday) ___. 643 374 375 67 1,459 4,112 1,977 4,817 219 29 272 2,212 -44 1926—Apr. 12 (Monday) 525 262 363 15 1,165 4,165 1,984 4,613 270 23 281 2,125 -43 June 30 (Wednesday).. 521 249 385 39 1,194 4,160 1,986 4,598 212 20 282 2,229 3 Dec. 31 (Friday) 637 381 315 49 1,381 4,205 1,991 4,808 218 65 293 2,194 -56 1927—Mar. 23 (Wednesday). 457 231 342 24 1,054 4, 313 1,994 4,535 205 23 298 2,300 80 June 30 (Thursday)... 443 211 370 58 1,082 4,300 2,003 4,564 242 34 296 2,249 -64 Oct. 10 (Monday) 446 258 503 29 1,236 4,286 2,003 4,667 223 31 302 2,302 1 Dec. 31 (Saturday).... 582 392 617 64 1, 655 4,092 2,006 4,716 226 26 301 2,487 63 1928—Feb. 28 (Tuesday) 481 346 401 19 1,247 4,075 2,007 4,408 231 22 311 2,355 23 June 30 (Saturday) 1,095 217 235 38 1,585 3,822 2,006 4,510 224 29 325 2,325 -20 Oct. 3 (Wednesday).. 1,026 310 231 64 1,631 3,838 2,010 4,520 239 32 339 2,350 38 Dec. 31 (Monday) 1,056 489 228 35 1,809 3,854 2,012 4,686 225 27 348 2,389 -41 * 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. (For other footnotes see table 1.) Back figures.—See special reprint referred to in note, table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 4.—RESERVE BANK CREDIT, MEMBER BANK RESERVE BALANCES, AND RELATED ITEMS, CALL DATES, 1921-35—Continued 00 O [In millions of dollars] Reserve bank credit outstanding Member bank re* Treasury Treasury serve balances Call date* Bills dis- Bills G U ov . e S r . n- R O es th er e v r e ta s M r to y o c n g k e o 2 - ld a t n b i c d o a u n n r n a k - a l - i M n l a o c ti i n r o c e n u y - c d F a e e w s p h d o i e t s a h r i n a t l s d d m e N e p m o o s n b i - t e s r ' a R F c O c e e o d s th e u e r e n r v r a t e s l Excess 7 counted bought ment bank Total rency 3 Reserve Total (estisecurities credit banks4 mated) 3 1929—Mar. 27 (Wednesday) 1,024 170 1,429 3,887 2,012 4,380 225 28 363 2,332 24 June 29 (Saturday) 1,037 82 216 1,400 4,037 2,019 4,459 240 28 374 2,356 23 8 Oct. 4 (Friday) 898 297 134 1,414 4,087 2,010 4,552 240 28 389 2,301 -18 Dec. 31 (Tuesday): 632 392 511 1,583 3,997 2,022 4,578 245 30 393 2,355 -73 1930—Mar. 27 (Thursday) 205 279 529 1,051 4,137 2,022 4,203 236 25 400 2,345 54 June 30 (Monday) 272 128 591 1,018 4,248 2,025 4,235 237 40 391 2,389 Sept. 24 (Wednesday) 167 198 602 991 4,219 2,026 4,148 256 25 391 2,416 1931— D M e a c r . . 3 2 1 5 ( ( W W e e d d n n e e s s d d a a y y ) ) 2 1 5 6 1 5 36 8 4 3 5 7 9 2 9 9 1,3 8 7 5 3 8 4 4 , , 4 3 0 0 2 6 2 2 , , 0 0 2 2 7 7 4 4, , 2 6 6 0 0 3 2 2 3 6 0 2 2 2 4 8 375 2 2 , , 3 4 5 7 7 1 33 = June 30 (Tuesday)- 149 106 668 943 4,669 2,C22 4,535 271 77 2,381 73 Sept. 29 (Tuesday) ••330 423 750 1,532 4,470 2,023 4,937 262 134 2,329 130 Dec. 31 (Thursday) 638 339 817 1,853 4,173 2,035 5,360 276 110 354 1,961 -33 1932—June 30 (Thursday) 440 67 1,784 2,310 3,632 2,057 5,408 222 42 345 1,982 162 Sept. 30 (Friday) * 332 33 1,854 2,233 3,906 2,154 5,366 315 36 352 2,225 375 Dec. 31 (Saturday) 235 33 1, 855 2,145 4,226 2,204 5,388 280 43 355 2,509 576 1933—June 30 (Friday) 164 48 1,998 2,220 4,031 2,286 5,434 299 166 346 2,292 475 Oct. 25 (Wednesday) 115 7 2,400 2,526 4,036 2,277 5,321 302 167 357 847 Dec. 30 (Saturday) 98 133 2,437 2,688 4,036 2,303 5,519 287 132 360 2,729 859 1934—Mar. 5 (Monday) 60 52 2,447 2,565 7,505 2,302 5,403 3, 355 135 293 3.186 1,235 June 30 (Saturday) 25 5 2,432 2,472 7,856 2,366 5,373 3,015 233 232 3,840 1, 732 Oct. 17 (Wednesday) 12 2,430 2,457 7,990 2,410 5,469 2,968 183 239 3,996 1,762 Dec. 31 (Monday) 7 2,430 2,463 8,238 2,511 5,536 3,150 189 241 4,096 1,814 1935—Mar. 4 (Monday). __. 7 2,430 2.456 8, 545 2,518 5,504 2,969 235 248 4,563 2,196 June 29 (Saturday) 6 2,433 2,480 9,116 2,506 5,568 2,968 325 261 4,979 2,414 o Nov. 1 (Friday) 7 2,430 2,480 9,703 2,404 5, 738 2,659 247 258 5,685 3,003 Dec. 31 (Tuesday) „ 5 2,431 2,486 10,125 2,476 5,882 3,110 255 253 5,587 2,844 »• Revised. O (For footnotes see preceding page and table 1.) CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.RESERVE BANK CREDIT 81 No. 5.—DEPOSITS, TOTAL RESERVES, NOTE CIRCULATION, AND RESERVE PER- CENTAGE OF FEDERAL RESERVE BANKS, BY MONTHS, 1932-35 [Monthly averages of daily figures. In thousands of dollars] Deposits Reserves * Month Total M re b s e a e m n rv b k e e s r m U G er . e o n S n v - . t - b F e a i o g n r n k - Other Total Excess n c R F u o e e l t d s a e e e t i r c r o v i a r n e l - s c p e R e e r n e v r - t - e - 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 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, 376,4*77 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, 555 2,863, 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, 886 9,845 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 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 66.7 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 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, 029115, 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, 355136,868 17, 740 163, 066 5,358, 665 2, 542,156 3, 230, 621 70.6 1935 January 4, 621,195 4, 354,901 72, 603 18,918 174, 773 5, 516, 280 2, 651,415 3,118,618 71.3 February 4,845,888 4,601, 366 55,452 13,904 175,166 5, 746, 597 2,800, 768 3,124,421 72.1 March 4, 890, 584 4,452, 244 202,016 16,940 219, 384 5, 819,381 2,845, 689 3,154,971 72.3 April 4,965, 532 4,436,321 270,890 19, 790 238, 531 5,905, 770 2, 899, 219 3,171, 538 72.6 May .„ 5,115,936 4, 777, 845 60, 285 248,922 6,047, 645 2,991,098 3,164,923 73.0 June 5, 326,077 4,978,868 81,003 26, 531 239, 675 6, 290,914 3,146, 346 3, 201,103 73.8 July 5,456, 544 4,970, 204 193,107 24, 819 268,414 6,491,466 3, 274, 288 3, 268,471 74.4 August 5, 530,459 5, 232,191 65, 752 22, 019 210,497 6, 630, 557 3, 361,130 3, 334,415 74.8 September. _ 5,580,957 5, 242,784101,753 17, 584 218,836 6,766, 237 3,439,452 3,433, 624 75.1 October 5, 830, 635 5,468, 553 55, 299 19, 213 287, 570 7,088, 300 3, 643,981 3,508,992 75.9 November- 6, 062,199 5,757, 219 49,434 29, 519 226, 027 7, 397, 586 3,842, 229 3, 583,967 76.7 December.— 6, 315, 272 5,715, 582323,983 32,854 242,853 7, 759,832 4, 070, 663 3,697,059 77.5 1 Figures include certain classes of coin and currency not counted as a part of reserves prior to May 12, 1933. Back figures.—See Annual Report for 1933 (tables 9 and 10) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No, 6,—FEDERAL RESERVE BANKS—ASSETS AND LIABILITIES IN DETAIL, DEC. 31, 1935 1 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 3,970,842 Gold certificates in interdistrict settlement fund with Board of Governors 3,572,028 Gold certificates held by banks 10,487 Gold certificates on hand and due from U. S. Treasury 7,553,357 Redemption fund—Federal Reserve notes 17,444 Total gold reserves 7,570,801 Other cash: United States notes 67,443 Silver certificates 167,957 Standard silver dollars __ 3,985 National bank notes. 10,099 Federal Reserve bank notes 1,335 Subsidiary silver, nickels, and cents. 13,731 Total other cash 264,550 Total reserves 7,835,351 Bills discounted: Secured by U. S. Government obligations direct and/or fully guaranteed: Discounted for member banks _ 1,538 For others 3 Total secured by U. S. Government obligations direct and/or fully guaranteed _ 1,541 Other bills discounted: For member banks 2,778 For others _ 353 Total other bills discounted _ 3,131 Total bills discounted 4,672 Bills bought—payable in foreign currencies 4,656 Industrial advances 32,493 U. S. Government securities bought outright: Bonds issued since 1921 __. _ 215,032 Other Government bonds 644 Total bonds 215,676 Treasury notes.. 1,641,597 Treasury bills _ 572,958 U. S. securities bought under repurchase agreement: Bonds issued since 1921 500 Total U. S. Government securities 2,430,731 Other securities 181 Total bills and securities 2,472,733 Due from foreign banks 665 Federal Reserve notes of other Reserve banks 27,445 Uncollected items: Transit items _ 552,499 Exchanges for clearing house _ 29,283 Other cash items 22,007 Total uncollected items 603,789 Bank premises.... 50,398 All other assets: Claims account closed or suspended banks 5,110 Premium on securities _ 16,601 Interest accrued 10,613 Deferred charges 452 Suspense account and miscellaneous assets _ 6,542 Total all other assets 39,318 Total assets — 11,029, 699 i Before closing books at end of year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 83 No. 6.—FEDERAL RESERVE BANKS—ASSETS AND LIABILITIES IN DETAIL, DEC. 31, 1935—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) 4,047,052 Held by banks and branches - 326,527 Forwarded for redemption 11,451 Federal Reserve notes in actual circulation _ 3,709,074 Deposits: Member bank—reserve account 5,586,433 U. S. Treasurer—general account 543,544 Foreign bank _._ _ _ 28,935 Other deposits: Nonmember clearing account _-. 91,325 Officers' checks ... 22,149 Federal Reserve exchange drafts - 571 Allother... 111,851 Total other deposits 225,896 Total deposits _ 6,384,808 Deferred availability items: Government transit items 17,970 All other transit items 573,586 Total deferred availability items .— 591,556 Capital paid in _ 130,512 Surplus (sec. 7) 144,893 Surplus (sec. 13b) _ 24,201 Reserve for contingencies: Reserve for self-insurance - 9,092 Reserve for losses _ 21,594 Total reserve for contingencies. 30,686 All other liabilities: Earnings: Gross earnings 42,752 Current expenses _ 31,577 Current net earnings. 11,175 Add—profit and loss 6,914 Deduct: Furniture and equipment _._ 236 Dividends accrued since closing of books 8,505 Net earnings available for depreciation allowances, reserves, and surplus.. 9,348 Accrued dividends unpaid 777 Unearned discount 29 Discount on securities ._ 244 Suspense account and miscellaneous liabilities _ 3,571 Total all other liabilities 13,969 Total liabilities 11,029,699 Back figures—See Annual Report for 1934 (table 15) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 7—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) AT THE END OF EACH MONTH 00 [In thousands of dollars] 1934 1935 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 5,124,347 5,389,056 5, 542,567 5, 576,023 5, 748,844 5, 878, 298 6,180,188 6,224,116 6, 482,233 6, 613, 650 7, 033, 647 7,329, 649 7, 553, 357 Redemption fund—Federal Reserve notes - - - - 19, 060 15, 875 16, 299 15, 649 20, 520 22, 248 22, 882 21,829 19,915 19, 697 19, 727 17, 669 17, 444 Other cash __ __ ___ 257, 577 275,346 247,913 232, 933 244,137 207, 444 222, 979 269,230 213, 596 204, 237 231, 685 218, 557 264, 550 Total reserves 5,400,984 5, 680, 277 5,806, 779 5, 824, 605 6, 013, 501 6,107, 990 6, 426,049 6, 515,175 6, 715, 744 6, 837, 584 7, 285,059 7, 565, 875 7, 835, 351 Redemption fund—Federal Reserve bank notes 1,677 1,841 250 Bills discounted: For member banks _- 6,988 6,595 5,693 7,373 5,678 8,385 5,740 6,563 11, 261 9,760 6,332 6,072 4,316 For nonmember banks, etc 74 65 269 243 144 40 29 7 8 8 9 • 107 356 Total bills discounted 7,062 6,660 5,962 7,616 5,822 8,425 5,769 6,570 11,269 9,768 6,341 6,179 4,672 Bills bought: Payable in dollars 112 36 Payable in foreign currencies 5,501 5,502 5,504 5,305 4,696 4,700 4,689 4,687 4,685 4,688 4,676 4,674 4,656 Total bills bought 5,613 5,538 5,504 5,305 4,696 4,700 4,689 4,687 4,685 4,688 4,676 4,674 4,656 Industrial advances 14,301 17, 545 19, 397 21,173 26,309 26, 967 27, 638 28,354 29, 467 30,166 32, 729 32, 574 32,493 U. S. Government securities: Bought outright 2, 430,256 2,430,309 2,430, 282 2, 437,303 2, 430, 215 2, 430, 220 2, 432, 246 2, 430, 209 2, 432, 210 2, 430,179 2, 430,194 2,430,178 2,430, 231 Under resale agreement - 500 500 Total U. S. Government securities. 2, 430, 256 2,430, 309 2,430, 282 2, 437, 303 2, 430, 215 2, 430, 220 2, 432, 746 2, 430, 209 2, 432, 210 2, 430,179 2, 430,194 2, 430,178 2,430, 731 Other Reserve bank credit: Other securities.-. _ 181 181 181 Due from foreign banks 805 805 803 702 702 700 633 635 640 638 641 645 665 Reserve bank floatl 4,880 206 3,144 2 904 27 2 2,113 8.548 2 5, 438 6,549 1,651 6, 765 5,514 12, 233 Total Reserve bank credit outstanding 2, 462,917 2, 461,063 2, 465,092 2, 471,195 2, 467, 771 2, 468,899 2,480, 023 2,465,017 2,484, 820 2, 477, 090 2, 481, 527 2, 479,945 2,485, 631 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve notes of other Reserve banks 28,502 19,145 18,445 15,067 18,150 15,316 18, 951 17,127 19,989 21, 823 22, 741 20, 262 27, 445 Uncollected items not included in float. _ 455,252 459,125 [485,883 429, 666 506, 434 475,476 511, 095 460, 873 432, 064 443,148 534,139 620,167 591, 556 Bank premises 49,161 49,307 49,436 49, 524 49, 617 49, 701 49, 826 49, 904 49, 966 50,074 50,169 50, 279 47, 723 All other assets 43, 652 48, 657 42,947 40, 205 47,227 43,197 47, 516 46, 632 42, 771 42, 055 43,538 Total assets 8,442,145 1, 719, 4158,872,579 8,833, 004 9,095, 678 9,164, 609 i, 529,141 9, 555,612 9, 749, 215 9, 872,490 10, 415, 690 10, 780,066 11,025, 800 LIABILITIES Federal Reserve notes: Held by other Federal Reserve banks 28, 502 19,145 18,445 15, 067 18,150 15,316 18, 951 17,127 19, 989 21,823 22, 741 20,262 27,445 Outside Federal Reserve banks 3,192, 605 3,065,377 3,135,869 3,150, 582 3,134, 629 3,173, 219 3, 238, 889 3, 244,495 3,378,601 3, 451,996 3, 509,150 3, 626,835 3, 681, 629 Total Federal Reserve notes in circulation 3 _ 3, 221,107 3, 084, 522 3,154,314 3,165, 649 3,152, 779 3,188, 535 3,257,840 3, 261, 622 3, 398, 590 3, 473,819 3, 531,891 3, 647,097 3, 709, 074 Federal Reserve bank note circulation— net -. 26,390 25,412 1,301 Deposits: Member bank—reserve account 4, 543,331 4, 587,083 4, 247, 242 4, 714, 787 4,831, 626 4, 978, 770 5, 099, 616 5,305, 337 5, 253,916 5, 647, 701 5,835,228 5, 587,208 Government 120, 746 75, 588 95,156 418, 858 98,360 60,449 102, 235 125, 981 58, 751 54, 569 52, 647 46, 425 543, 770 Foreign bank 19,394 14,184 14, 602 19,186 15, 252 70,063 23, 772 23, 288 18,254 14, 452 22, 415 39,178 28,935 Other deposits 169, 264 176,475 192,116 207,306 255, 419 184,212 301,218 229, 553 179, 957 289,637 276, 413 245, 246 225,896 Total deposits 4,405,350 4,809, 578 4, 888,957 4,892, 592 5,083, 818 5,146, 350 5,405, 995 5, 478, 438 5, 562, 299 5,612, 574 5,999,176 6,166, 077 6, 385,809 Deferred availability items 455, 252 459,125 485,883 429, 666 506, 434 475, 476 511, 095 460, 873 432, 064 443,148 534,139 620,167 591, 556 Capital paid in 146,725 147, 002 146, 922 146, 662 146, 655 146, 575 146, 647 146, 732 130,653 130, 356 130, 440 130, 512 Surplus (sec. 7) 144,""" 144,893 144, f" 144, 893 144, 893 144, 893 144, 893 144, 893 144, 893 144,893 144, 893 144, 893 145, 501 Surplus (sec. 13b) 11, 560 13,445 14, 781 19, 209 20, 065 20, 870 21, 572 22, 824 23, 457 23, 457 23, 457 24, 235 Reserve for contingencies 30, 816 30, 820 30, 824 30, 804 30,807 30, 781 30, 777 30, 781 30, 777 30, 694 30, 698 30, 701 35,081 All other liabilities 3,543 6, """ 5,960 7,697 11, 076 11,854 11, r 10, 786 11, 036 13,252 21, 080 17, 234 4,032 Total liabilities 8, 442,145 8, 719, 415 8, 872, 579 8, 833,004 9,095, 678 9,164, 609 9, 529,141 9, 555, 612 9, 749,215 872,490 10, 415, 690 10, 780,066 11,025,800 Contingent liability on bills purchased for foreign correspondents 675 317 405 20 Commitments to make industrial advances 10,047 11, 738 14, 435 15,964 16,929 19, 507 20,798 23,022 26,837 27,036 28, 036 27, 649 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 30, by the amount of Federal Reserve notes held by (a) other Federal Reserve banks and (b) the U. S. Treasury. Back figures.—See Annual Report for 1934 (table 16), and similar tables in previous annual reports. OO C Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 8.—ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK AT END OF 1934 AND 1935 00 [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 ASSETS Gold certificates on hand and due from U. S. Treasury-5,124,347 7, 553,357 363, 292 516, 822 1,836,676 3,320,993 271,119 370, 230 383, 641 515,847 185,213 231,954 Redemption fund—Federal Reserve notes 19,060 17,444 662 2,995 1,499 1,792 2,525 1,168 1,770 1,055 1,923 1,283 Other cash 257, 577 264, 550 31, 028 32, 719 56, 764 54,360 35, 661 34,078 13,315 19, 226 13, 259 13,649 Total reserves 5,400,984 7, 835,351 394,982 552,536 1,894,939 3,377,145 309,305 405,476 398,726 536,128 200,395 246,886 Redemption fund—Federal Reserve bank notes 1,677 250 1,427 Bills discounted: Secured by U. S. Government obligations direct and/or fully guaranteed 3,494 1,541 995 307 1,538 832 556 250 190 10 75 45 Other bills discounted - 3,568 3,131 60 61 2,690 2,198 437 128 125 33 64 13 Total bills discounted 7,062 4,672 1,055 368 4,228 3,030 993 378 315 43 139 58 Bills bought in open market - 5,613 4,656 404 343 1,982 1,738 584 484 528 444 209 175 Industrial advances 14,301 32,493 1,775 2,941 813 7,741 3,236 6,768 932 1,784 1,540 4,460 IL S. Government securities: Bonds 395,665 216,176 23, 206 14,420 141,018 55,908 25,138 16,848 30,558 19, 070 14,859 10,209 Treasury notes - _ 1,507,116 1,641,597 98,827 107,636 475, 234 498,307 104, 810 120,857 134,108 149,491 65,195 80,028 Treasury bills 527,475 572,958 35,638 35, 615 161, 566 187,668 37,172 39,415 48,359 49,464 23,509 26,479 Total U S. Government securities 2,430, 256 2,430,731 157,671 157,671 777,818 741,883 167,120 177,120 213,025 218,025 103, 563 116, 716 Othpr securities 181 Total bills and securities _ 2,457, 232 2,472,733 160,905 161,323 784,841 754,392 171,933 184,750 214,800 220,296 105,451 121,409 Due from foreign banks 805 665 60 50 299 265 87 69 77 63 31 25 Federal Reserve notes of other banks 28,502 27,445 352 343 6,950 5,483 1,373 1,506 1,763 1,461 4,050 3,411 Uncollected items - 460,132 603, 789 50,870 67,045 126,519 166,040 38, 756 40,928 40,953 54,129 37, 748 48,099 Bank premises 49,161 47,723 3,168 3,113 11,437 10, 781 4,411 4,830 6,629 6,525 3,027 2,918 All other assets 43,652 38,094 617 411 30,002 27,956 5,178 3,801 1,324 1,324 1,392 863 Total assets 8,442,145 11,025,800 611, 204 784,821 2,856,414 4,342,062 531,043 641,360 664,272 819,926 352,094 423,611 LIABILITIES Federal Reserve notes in actual circulation 3,221,107 3,709,074 270,943 316,739 680,935 807, 718 240,444 271,870 306,626 352,515 167,825 181, 523 Fpdpral Reserve bank note circulation—net 26,390 922 25,468 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Deposits: Member bank—reserve account 4,095,946 5, 587,208 251,604 326,489 1,749,711 2,747,431 211, 578 274,326 274, 278 334,461 124,826 165,767 U. S. Treasurer—general account - - 120,746 543,770 10,820 46,872 29,697 330,925 4,315 10, 518 4,760 39, 294 8,585 13,184 Foreign bank 19,394 28,935 1,381 2,095 6,848 10,542 1,995 2,881 1,842 2,765 729 1,077 Other deposits 169,264 225,896 1,794 3,245 123,496 165,156 1,978 10,175 4,226 3,514 995 2,427 Total deposits 4,405,350 6,385,809 265, 599 378, 701 1,909,752 3,254,054 219,866 297,900 285,106 380,034 135,135 182,455 Deferred availability items .. ._ 455,252 591,556 50,420 65,359 120, 723 160,139 37,578 40,293 41,088 56, 330 36, 588 44, 760 Capital paid in 146, 725 130, 512 10, 762 9,430 59, 606 51,006 15,131 12,328 13,062 12,299 4,975 4,590 Surplus (sec. 7) _ _ . 144,893 145, 501 9,902 9,902 49,964 50,825 13,470 13,406 14,371 14,371 5,186 5,186 Surplus (sec 13b) 8,069 24,235 912 2,876 773 7,744 1,049 2,132 906 1,007 957 3,363 Reserve for contingencies 30,816 35,081 1,648 1,713 7,510 8,849 2,996 3,000 3,000 3,113 1,416 1, 512 All other liabilities. 3,543 4,032 96 101 1,683 1,727 509 431 113 257 12 222 Total liabilities 8,442,145 11,025,800 611,204 784,821 2,856,414 4,342,062 531,043 641,360 664,272 819,926 352,094 423,611 Ratio of total reserves to deposit and Federal Reserve note liabilities combined (percent) _ 70.8 77.6 73.6 79.5 73.1 83.1 67.2 71.2 67.4 73.2 66.1 67.8 Commitments to make industrial advances 10, 047 27,649 1,697 3,338 3,892 9,948 399 861 979 1,639 412 2,289 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent 3, 520,365 4, 047,052 299,034 346,973 770,506 928,859 262, 321 288, 626 326, 535 370, 830 181, 254 194,630 Held by Federal Reserve bank _. 299, 258 337,978 28,091 30,234 89,571 121,141 21,877 16, 756 19,909 18,315 13,429 13,107 In circulation- 3,221,107 3, 709,074 270,943 316, 739 680,935 807,718 240,444 271,870 306, 626 352, 515 167, 825 181, 523 Collateral held by agent as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury __ 3,316,200 3,970,843 299,617 356,617 788, 706 938, 706 223,000 290,000 291, 715 376,440 146,340 176,000 Eligible paper 5,487 2,716 1,055 343 2,773 1,307 830 343 315 10 113 45 U. S. Government securities.. 241,400 127, 500 40,000 35,000 36,000 19,000 FEDERAL RESERVE BANK NOTE STATEMENT Federal Reserve bank notes: Issued to Federal Reserve bank (outstanding) 37, 590 1 511 25,871 10, 208 Held by Federal Reserve bank 1 . _. 11,200 589 403 10,208 In circulation—net _ 26, 390 922 25,468 Collateral pledged against outstanding notes: Discounted and purchased bills U. S. Government securities 42,874 5,000 25, 874 12,000 00 ^1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 8.—ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK AT END OF 1934 AND 1935—Continued 00 00 [In thousands of dollars] Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 ASSETS Gold certificates on hand and due from U. S. Treasury.121,475 173, 298 1,025,816 1,342, 261 193,736 226,121 139, 798 136, 744 187,308 189,173 106,021 128, 870 310, 252 401,044 Redemption fund—Federal Reserve notes 3,853 2,869 1,311 522 614 799 330 540 613 849 328 681 3,632 2,891 Other cash 13,849 12,057 33, 384 30,342 11,927 18,000 11, 341 8,229 11,431 19,000 8,739 6,659 16,879 16, 231 Total reserves 139,177 188, 224 1,060, 511 1, 373,125 206, 277 244, 920 151,469 145, 513 199,352 209, 022 115,088 136, 210 330, 763 420,166 Redemption fund—Federal Reserve bank notes Bills discounted: Secured by U. S. Government obligations direct and/or fully guaranteed 6 25 3 3 24 69 12 95 Other bills discounted. 51 13 2 41 15 42 102 550 12 37 25 Total bills discounted 57 38 2 41 3 18 42 126 619 12 12 132 25 Bills bought in open market 303 165 707 577 116 87 81 61 155 128 154 126 390 328 Industrial advances 847 928 921 1,853 419 392 1,752 1, 589 433 1,146 1,045 1,780 588 1,111 U. S. Government securities: Bonds . 13, 585 8,240 62,144 25, 623 13, 797 9,420 15, 350 12,956 13,335 10, 014 18, 818 16, 033 23,857 17,435 Treasurv notes 59, 307 64, 596 273,102 242, 064 58,359 74,346 37, 058 47,173 57, 703 73,132 38, 701 47, 293 104, 712 136, 674 Treasury bills 21,385 21, 373 93,097 88,002 21,044 24,434 13,181 15,439 20,806 24,198 13, 956 15, 649 37, 762 45,222 Total U. S. Government securities 94, 277 94, 209 428,343 355, 689 93,200 108,200 65, 589 75, 568 91,844 107,344 71,475 78, 975 166,331 199,331 Other securities 181 Total bills and securities 95,484 95,340 429,973 358,160 93, 738 108, 697 67,422 77, 260 92, 558 109,418 72, 686 80,893 167,441 200, 795 Due from foreign banks. . 28 24 105 80 9 4 6 3 23 18 23 17 57 47 Federal Reserve notes of other banks 1,731 1,644 4,776 4,978 1,901 2,027 1,128 1,248 1,400 2,030 421 608 2,657 2,706 Uncollected items 15, 243 23, 283 58,140 80,345 18,455 24, 737 11,990 16, 071 25, 020 34,088 15,451 19, 607 20,987 29,417 Bank premises _. . __ 2,325 2,284 4,955 4,826 2,629 2,451 1,580 1,531 3,447 3,360 1,684 1,524 3,869 3,580 All other assets 1,834 1,449 768 405 194 215 771 427 260 190 856 761 456 292 Total assets 255, 822 312, 248 1, 559, 228 1, 821,919 323, 203 383,051 234, 366 242, 053 322, 060 358,126 206, 209 239, 620 526, 230 657,003 LIABILITIES Federal Reserve notes in actual circulation 132,968 156,385 788,933 851,080 142,880 163, 304 106, 686 110, 562 117,654 141, 690 53,845 76, 064 211,368 279,624 Federal Reserve bank-note circulation—net Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Deposits: Member bank—reserve account ._ _ 84,804 112, 539 633, 316 790, 266 129, 419 159, 725 97,422 96,228 162,475 168,793 121,135 123,816 255, 378 287, 367 U. S. Treasurer—general account. 5,921 1,603 32, 551 52, 388 11, 728 14, 517 2,590 3,155 4,002 2,275 2,578 4,856 3,199 24,183 Foreign bank 672 1,048 2,417 3,376 633 873 441 698 537 786 537 757 1,362 2,037 ci Other deposits 3, 708 6,166 2,685 2,340 9,370 8,646 6,268 7,057 2,322 892 1,143 2,234 11, 279 14,044 ^ Total deposits . -.. 95,105 121, 356 670, 969 848, 370 151,150 183, 761 106, 721 107,138 169, 336 172, 746 125, 393 131, 663 271, 218 327, 631 ^ Deferred availability items __ 14,438 21, 336 58, 879 79, 603 18, 988 25, 903 12,136 15, 513 26, 244 33, 947 17, 720 21, 694 20, 450 26, 679 1 Capital paid in 4,368 4,168 12, 723 12, 048 4,088 3,757 3,134 2,999 4,068 3,916 4,048 3,773 10, 760 10,198 a, Surplus (sec. 7). ... 5, 540 5,616 21, 350 21,350 4,655 4,655 3,42.0 3,149 3,613 3,613 3,777 3,783 9,645 9,645 T Surplus (sec 13b) 754 754 707 1,391 382 546 751 1,003 293 1,142 1,256 585 1,021 1 Reserve for contingencies _ __ 2,595 2,606 5,325 7,576 893 970 1,211 1,501 806 841 1,363 1, 361 2,053 2,039 1 All other liabilities 54 27 342 fci 501 167 155 307 188 46 231 63 26 151 166 Total liabilities 255, 822 312, 248 1, 559, 228 1,821, 919 323, 203 383, 051 234, 366 242,053 322, 060 358,126 206, 209 239, 620 526, 230 657,003 Ratio of total reserves to deposit and Federal Reserve note liabilities combined (percent) 61.0 67.8 72.6 80.8 70.2 70.6 71.0 66.8 69.5 66.5 64.2 65.6 68.5 69.2 Commitments to make industrial advances 590 498 30 156 1,212 2,256 138 28 1,353 593 808 4,580 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent. . .__ . __ _. 151,812 178,580 826, 824 896, 413 147, 362 171,816 111,439 115, 463 127, 477 150, 726 61,484 83,687 254, 317 320,449 Held by Federal Reserve bank 18, 844 22,195 37, 891 45, 333 4,482 8,512 4,753 4,901 9,823 9,036 7,639 7,623 42, 949 40, 825 In circulation __ 132, 968 156, 385 788, 933 851,080 142,880 163, 304 106, 686 110, 562 117, 654 141, 690 53,845 76, 064 211, 368 279, 624 Collateral held by agent as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury 91, 385 133,685 819,513 911, 000 141, 936 169, 632 110, 000 106, 500 124, 550 135, 000 62, 675 83,000 216, 763 294, 263 Eligible paper 141 25 2 3 8 33 111 699 12 3 132 U. S. Government securities 65, 000 47, 000 10, 000 8,000 3,000 2,400 10,000 5,000 17,000 1, 500 40, 000 30,000 FEDERAL RESERVE BANK NOTE STATEMENT Federal Reserve bank notes: Issued to Federal Reserve bank (outstanding) Held by Federal Reserve bank In circulation—net Collateral pledged against outstanding notes: Discounted and purchased bills U S Government securities Back figures.—SeeA nnual Report for 1934 (table 17) and similar tables in previous annual reports. 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 9.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RESERVE BANKS, BY FEDERAL RESERVE DISTRICTS, 1927-35 District 1927 1928 1929 1930 1931 1932 1933 1934 1935 Boston 261 265 306 280 294 260 246 122 77 New York .__ - .. . 602 623 651 658 736 717 656 379 219 Philadelphia 552 562 594 613 722 609 541 283 135 Cleveland 43C 421 475 459 457 408 383 132 33 Richmond 383 386 384 345 353 309 290 83 38 Atlanta 300 315 352 311 301 217 241 74 30 Chicago _ _.- . . 746 685 708 656 695 662 474 39 16 St. Louis . 309 292 338 343 334 303 226 66 15 Minneapolis 275 224 249 234 266 333 271 47 14 Kansas City 377 381 417 447 432 470 405 51 27 Dallas. . 318 296 359 375 375 353 267 51 60 San Francisco 316 268 280 270 295 376 270 66 28 Total 4,869 4,718 5,113 4,991 5,260 5,017 4,270 1,393 692 Back figures.—See Annual Report for 1934 (table 19) and similar tables in previous annual reports. No. 10.—BILLS DISCOUNTED—HOLDINGS OF EACH FEDERAL RESERVE BANK ON DEC. 31, 1935, BY CLASSES [In thousands of dollars] Rediscounted bills Member bank collateral notes Dis- Federal Reserve bank c T la ( o s a s t l e a l s l ) m l b G S g i a g y d u e e f o n t a u i e c n a r v d U t l u e e r t i l e / a o r d c y . o o r e n n t n r b S d - s - - . a s s O e n e w c c d t u u h i s r r e u e e e r n d d - - l m b G i S g g a y d e u e f o n a t i n u c a e v t d U r u t l r i e e e l / o a . r d y c o r e o n n t n r S d - b s - . , - c b S e o y l e l i l c g a o u i t t b r e h e l r e e d a r l s a r p c S b e i e n f u o t o c y l e i d r i u . e r c g c n s u 1 b i h s d t b 0 r e i a i n e l l c s s e l o d ( o u - s e b r t - ) a f v p o c n s i p a t r o d h d i o r o u u i t i r p n n n a n c a s s t l o - e d , s s r r i , - - - 1935 BovSton . . -_ 368 307 61 New York 3,030 64 832 540 1,594 0) Philadelphia 378 93 250 35 Cleveland 43 10 33 Richmond 58 45 13 Atlanta 38 25 13 Chicago - 41 41 St. Louis 18 15 23 Minneapolis _ . . 42 34 S Kansas City _ ... . _ 619 537 69 10 3 Dallas. _ 12 3 9 San Francisco 25 25 Total -.. 4,672 731 1,538 803 1,594 6 1 Less than $500. 2 Secured by U. S. Government direct obligations. Back figures.—See Annual Report for 1934 (table 22) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

91 KESEEVE BANK CREDIT No. 11.—HOLDINGS OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERAL RESERVE BANKS, BY MATURITIES, 1934-35 [In thousands of dollars] Maturity Date Total W 15 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 o t o d n a t 6 h y s s m O o v n er th 6 s Bills discounted" 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 Mur. 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 N De o c v . . 2 2 6 8 11 9, , 2 8 8 7 1 2 9 7, , 2 8 8 8 1 4 8 4 6 0 6 4 398 6 6 9 3 9 8 2 7 5 4 1935—Jan. 30 - 7, 058 5,416 627 635 358 22 Feb. 27 6,464 4,353 880 332 671 216 12 Mar. 27 7,678 5, 533 244 170 1,639 77 15 Apr. 24 .-.. 4,582 176 1,530 390 113 33 May 29 8,286 6,176 821 226 16 June 26 7,137 5,070 412 110 1,294 235 16 July 31 6,570 4,386 617 876 468 218 5 Aug. 28 9,409 7,025 916 564 776 124 4 Sept. 25 9,547 7,508 303 1,325 71 Oct. 30 6,128 3,749 597 876 247 649 10 Nov. 27 6,032 3,761 784 231 118 1,136 2 Dec. 31 4,672 2,115 185 176 1,628 560 Bills bought: 1934—Jan. 31 111,397 33,092 31, 661 29,153 17,431 60 Feb. 28 62,345 26, 462 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 July 25 5,271 654 473 1,511 Aug. 29 5,247 3,594 456 741 456 Sept. 26 5,812 149 3,703 349 1,611 Oct. 31 6,082 1,101 684 486 3,811 Nov. 28 5,683 2,745 250 1,799 889 Dec. 26 --. 5,611 1,165 695 1,027 2,724 1935—Jan. 30 5,538 657 1,506 2,989 Feb. 27 5,505 3,388 702 704 711 Mar. 27 5,306 208 4,042 529 527 Apr. 24 4,696 247 381 559 3,509 May 29 4,700 1,997 1,390 354 June 26 4,690 870 607 714 2,499 July 31 4,687 463 566 1,350 2,308 Aug. 28 4,685 2,036 502 1,249 Sept. 25 4,688 572 1,603 2,233 Oct. 30 4,676 165 682 521 3,308 Nov. 27 - 4,674 532 1,958 713 1,471 Dec. 31 4,656 2,086 Back figures.—See Annual Report for 1934 (table 26) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 12,—HOLDINGS OF U. S. GOVERNMENT SECURITIES BY FEDERAL RESERVE BANKS AT END OP 1934 AND 1935, BY CLASSES [In thousands of dollars] Dec. 31, 1934 Dec. 31. 1935 Rate of interest In System In System c ( e p n er t) - Total m o a p r e k n et a I c n c o o t u h n e t r s Total m o a p r e k n et In a o c t - her account account counts Bonds: Conversion loan of 1946-47. 3 1644 1644 1644 1644 Liberty loan of 1932-47 ... 25,027 25,025 2 Liberty loan of 1933-38 209,244 169,869 39,375 Treasury bonds of 1941 r 20, 012 20,000 '12 44,440 44,429 11 Treasury bonds of 1940-43. ' 9,773 ' 9,773 2,409 2,400 9 Treasury bonds of 1941-43. 2,667 2,667 7,167 4,500 2,667 Treasury bonds of 1943-45. 25,696 25,000 696 22, 694 21,500 21,194 Treasury bonds of 1944-46. 43,475 39,000 4,475 33,162 33,121 41 Treasury bonds of 1943-47. 5,772 5,772 3,710 3,000 710 Treasury bonds of 1945-47. 12,738 11,750 988 Treasury bonds of 1946-48. 3 4 40,000 40,000 40, 700 40,700 Treasury bonds of 1946-49 1,869 1,869 1,870 1,870 Treasury bonds of 1947-52 535 535 525 525 T T r r e e a a s s u u r r y y b b o o n n d d s s o o f f 1 1 9 9 4 4 4 9 - - 5 5 4 2. 4 4,380 4,380 2 4 , , 8 3 1 7 0 9 2,015 4,3 7 7 9 9 5 Treasury bonds of 1951-55. 3 534 534 533 533 Treasury bonds of 1946-56. 3% 6,037 6,037 6,037 6,037 Treasury bonds of 1955-60. 32,358 31,034 1,324 Total bonds _ . 395, 665 318, 894 r 76, 771 216,176 194,449 21,727 Treasury notes: Series maturing: Mar. 15, 1935 81,500 74,350 7,150 June 15, 1935 3 143, 605 130,395 13, 210 Aug. 1, 1935 96, 257 85,723 10,534 Dec. 15, 1935 ?P 86,032 73, 621 12,411 Apr. 15, 1936 179,912 162,386 17,526 151,912 134,386 17, 526 June 15, 1936.._ 58,892 50,000 8,892 57,945 49,053 8,892 Aug. 1, 1936 86,942 79,042 7,900 86,942 79,042 7,900 Sept. 15, 1936 59,905 58,967 938 54,905 53,967 938 Dec. 15, 1936 2% 101,368 101,368 92,368 92,368 Feb. 15, 1937 3 66, 682 64,185 2,497 85,442 78,590 6,852 Apr. 15, 1937 3 85, 425 84,175 1,250 88,070 86, 820 1,250 Sept. 15, 1937 91, 824 84, 750 7,074 94,334 86, 960 7,374 Feb. 1, 1938 60,070 58, 820 1,250 73,766 72,016 1,750 Mar. 15, 1938 3 96,599 96,349 250 94, 599 94,349 250 June 15, 1938 49, 719 48, 400 1,319 82,952 74,324 8,628 Sept. 15, 1938 94,134 80, 281 13,853 91, 484 76, 831 14,653 Mar. 15, 1939 92, 666 82, 651 10, 015 June 15, 1939 68, 250 66,750 1,500 90, 847 90,485 362 Dec. 15, 1939 M 79,476 77,076 2,400 Mar. 15, 1940 143,275 129, 375 13,900 June 15, 1940 . 122, 287 121,883 404 Dec. 15, 1940 iM 58, 327 44,156 14,171 Total Treasury notes 1,507,116 1, 399, 562 107, 554 1, 641,597 1, 524,332 117,265 Treasury bills 527,475 504, 694 22,781 572,958 504, 368 68,590 Total holdings 2,430, 256 2, 223,150 207,106 2,430, 731 2, 223,149 207,582 1 Includes $500, 3-percent loan of 1961. 2 Includes $500,000 acquired under repurchase agreement. r Revised. Back figures.—See Annual Report for 1934 (table 27) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 93 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS No. 13.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS, 1931-35 [Number in thousands; amounts in thousands of dollarsl 1931 1932 1933 1934 1935 NUMBER OF PIECES HANDLED * Bills discounted: Applications 109 178 81 5 Notes discounted 513 779 346 13 Industrial advances: Notes discounted- 1 Commitments _. .6 Bills purchased in open market for own account. 221 76 79 1,932 Currency received and counted 2, 269, 292 2,025, 552 2,013,459 2,067, 835 2,148, 485 Coin received and counted 2, 900, 462 2, 654,787 2,497,928 2, 565,164 2, 590, 859 Checks handled 864, 615 734,538 688,933 818,847 885,190 Collection items handled: U. S. Government coupons paid * 17, 322 17, 710 18, 099 21, 555 22, 633 All other 6,927 7,468 8,371 7,436 7,119 Issues, redemptions/and exchanges by fiscal agency department: U. S. Government direct obligations._ 2,431 1,956 3,502 5,281 6,838 All other. 3,742 Transfer of funds 1, 663 1,469 1,290 1,125 AMOUNTS HANDLED Bills discounted . 14, 555, 590 18, 648,306 9, 632, 808 714, 361 229, 546 Industrial advances: Notes discounted 14, 884 28, 479 Commitments 11,443 29,223 Bills purchased in open market for own account 2, 998, 415 762, 755 898,001 75,903 31,446 Currency received and counted 12,668,638 10,952, 597 11, 710, 364 9, 932, 601 9,837, 681 Coin received and counted 585, 945 360, 295 624, 617 298, 297 275, 608 Checks handled 248,172,956 176, 591, 791 157, 833, 692 179, 544, 488 202,989, 742 Collection items handled: U. S. Government coupons paid 2 479, 960 529,086 578,082 699,325 751,916 Allother 7, 321,814 5,427, 817 5, 539, 659 6, 742,974 7,948, 641 Issues, redemptions, and exchanges by fiscal agency department: U. S. Government direct obligations.. 17, 348,971 19, 444,110 24,622, 726 29, 941, 049 30, 755, 611 Allother (3) (3) (3) 3, 346,189 Transfer of funds 162,095,081 116, 040,041 85,059,151 73,077,156 80,483,190 1 2 or more checks, coupons, etc., handled as a single item are counted as 1 "piece." 2 Includes coupons from obligations guaranteed by the United States. 3 Figures for previous years not available. Back figures.—See Annual Report for 1934 (table 28) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 14.—VOLUME OP OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK, 1935 CD Philadel- Minne- Kansas San Fran- Total Boston New York phia Cleveland Richmond Atlanta Chicago St. Louis apolis City Dallas cisco NUMBER OF PIECES HANDLED 1 Bills discounted: Applications _ 5,084 511 2,067 1,059 175 282 199 40 206 292 135 Notes discounted. 12, 702 546 5,498 1,713 177 272 463 142 677 2, 755 321 Industrial advances: Notes discounted 973 273 118 73 40 57 104 45 29 Commitments 552 112 36 112 12 115 Bills purchased in open market for own account._. 2 1,932 Currency received and counted 2,148,485,000 203, 641,000 612, 567,000 185,017,000 125, 756,000 113, 347, 000 107,483,000 376i,,4 42266,,0 0C0 114, 755,000 4[4,,94 984,80,0 0C 67, 522, 000 51,653, 000 145,370, 000 Coin received and counted-. 2,590,859,000 357, 261,000 1,018,339,000 27l,i 050,000 133,054,0.0..0 168,535,000 58,991,000 218,886,000 107,870,000 19l,,6 06077,,0 0C0 51,652,000 45, 258,000 .14400,,335566,,000000 Checks handled 885,190,000 91, 799,0"0" 0 163,755,000 ~7'4,094,000 93, 226,000 59, 518,000 38,923,000 126,604,000 49, 273,000 28,997,000 63, 852,000 40, 410, 00054, 739, 000 Collection items handled: U. S. Gov't coupons paid 3 22, 633,000 1,160,000 5, 653, 000 1,319,000 2, 893,000 794,000 694,000 4, 434,000 1,384,000 803,000 1,476,000 544,000 1, 479, 000 All other 7,117,000 412,000 2,271,000 352,000 398,000 302,000 207,000 820,000 363,000 895, 000 357,000 203, 000 537,000 Issues, redemptions, and exchanges by fiscal agency department: U. S. Gov't direct obligations 6, 838,000 423,000 1, 728,000 429,000 915,000 275,000 169,000 1,338,000 467,000 219,000 407,000 136, 000 332,000 All other . 3, 744, 000 103,000 1, 595,000 96,000 144,000 113,000 46,000 667,000 188,000 213,000 312,000 54, 000 213,000 Transfer of funds.. 981,000 26,000 255, 000 64,000 52,000 59,000 42,000 160,000 59,000 33,000 72,000 65,000 94,000 AMOUNTS HANDLED (in millions of dollars) Bills discounted 229.5 27.8 130.7 21.4 7.9 8.9 2.7 11.8 2.0 0.7 3.2 4.2 8.2 Industrial advances: Notes discounted 28.5 1.7 8.6 6.7 1.3 3.6 .6 2.0 .3 1.1 1.0 1.0 .6 Commitments 29.2 3.0 8.8 1.3 1.6 2.2 .3 .6 4.4 .4 1.6 .6 4.4 Bills purchased in open market for own account- -_ 31.4 2.3 12.0 3.2 3.0 1.2 1.1 3.7 .6 .5 .8 .8 2.2 Currency received and counted 9,837.7 952.0 2,918.5 795.9 593.0 481.7 368.8 1,845.9 435.5 217.4 282.7 176.1 770.2 Coin received and counted-. 275.6 30.3 103.3 25.6 12.8 13.8 7.5 18.7 12.1 3.8 8.1 5.4 34.2 Checks handled 202,989. 7 12, 872. 5 62, 516.8 19, 650. 8 17,843. 5 10, 436.5 8,608.8 26,815.0 10,693. 4 4,882.6 10,505.3 6, 451.0 11,713. 5 Collection items handled: U. S. Gov't coupons paid 3__ _._ 751.9 49.0 399.6 39.4 60.0 17.2 9.8 84.4 21.3 12.9 21.2 8.3 28.8 All other 7,948.6 614.6 2,176. 7 255.2 504.8 305.2 218.7 2,099.9 456.4 341.2 349.6 276.3 350.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Issues, redemptions, and exchanges by fiscal agency department: U. S. Gov't direct obligations 30,755.6 1,287.1 20,052. 2 906.1 1,130.8 721.1 286.7 3,521.4 752.3 3161 655.6 386.2 740.0 Allother 3,346.1 95.1 1,848.9 126.8 178.8 123.7 36.7 357.6 124.1 1365 176.8 42.4 98.7 Transfer of funds 80,483.1 2,951.8 31,061.8 2, 526. 0 3,304. 5 4,215.3 1,428.3 15,451.1 2,957.1 1,588.9 3,963.0 3026.7 8,008. 6 1 2 or more checks, coupons, etc., handled as a single item are counted as 1 "piece." 2 Purchased by Federal Reserve Bank of New York for System account. 3 Includes coupons from obligations guaranteed by the United States. Back figures.—See Annual Report for 1934 (table 29) and similar tables in previous annual reports. CO O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 15,—VOLUME OF OPEBATIONS OF BRANCHES OF FEDERAL RESERVE BANKS CO O Issues, redemptions, Noncash collection items and exchanges by fishandled cal agency department Federal Reserve branch and district number B co il u ls n t d e i d s- C c u e c r i o v re u e n n d c te y a d n r d e- ce c C i o v o u e in n d t r e a e d n - d h C a h n e d c l k ed s U. S. Gov- Tra f n u s n fe d r s of G c o o v u e p r o n n m s e i nt All other d e ir r e n c m t e o n b t li- All other gations 3 NUMBER OF PIECES HANDLED,* 1935 S No. 2—Buffalo 112 39,518,000 36,561,000 11,536,000 113,000 89,000 10, 788 12, 366 No. 4—Cincinnati 28,734,000 49,540,000 19,039,000 757,000 33,000 107,655 32, 742 10,683 Pittsburgh 44,687,000 35,849,000 38,414,000 564,000 34,000 73,849 16,007 9,606 No. 5—Baltimore ~~95~ 51,316,000 116,752,000 21,378,000 414,000 122,000 71, 776 37,998 12, 630 Charlotte 13,788,000 10, 554,000 7,654,000 55,000 46,000 11, 644 No. 6—Birmingham 9,323,000 6,870,000 5, 660,000 52,000 17,000 5,244 Jacksonville 18,808,000 9,033,000 6,549,000 85,000 54,000 5,852 Nashville 12,570,000 4, 672,000 5,086,000 52,000 31,000 2,946 New Orleans 21 21,961,000 21,405,000 6,891,000 208,000 37,000 37,736 11,002 7,803 No. 7—Detroit 6 77,530,000 45,802,000 17,665,000 463,000 149,000 23,616 14, 274 23, 299 No. 8—Little Rock 10 7,642,000 4,608,000 4,115,000 58,000 64,000 2,295 735 6,961 Louisville 8 16,937,000 12,533,000 10, 333,000 327,000 39,000 17,736 3,656 8,474 Memphis 12 18, 602,000 9, 593,000 4,160,000 80,000 46,000 5,143 871 8,776 No. 9—Helena 1 2,135,000 1,474,000 3, 297,000 48,000 25,000 10, 582 No. 10—Denver 129 10,769,000 7, 586,000 8,958,000 265,000 64,000 12, 306 2,369 8,719 Oklahoma City,. 8,712,000 7, 209,000 15,890,000 87,000 53,000 5,172 59 5,860 Omaha 330 9,505,000 9,580,000 11,613,000 279,000 86,000 9,255 2,487 16, 207 No. 11—El Paso 84 3,213,000 1,512,000 2,927,000 33,000 13,000 4,259 O Houston 7 10,483,000 11,607,000 7,150,000 112,000 52,000 18,474 O San Antonio 63 9, 233,000 6,797,000 6, 272,000 87,000 36,000 10,410 No. 12—Los Angeles 81 73,010,000 55,141,000 18,806,000 539,000 88,000 54,510 10,837 40,458 H Portland.. 8,479,000 5, 745,000 5, 783,000 166,000 39,000 3,577 6,791 Salt Lake City.. 4,586,000 3,074,000 6, 223,000 137,000 198,000 7,389 1,254 9,748 Seattle 11,911,000 9,649,000 5, 375,000 168,000 44,000 12, 367 2,074 7,237 Spokane 2,589,000 1,820,000 4,436,000 63,000 53,000 6,620 1,139 6,020 Total. 1,000 516,041,000 484, 966,000 255, 210,000 5,212,000 1, 512,000 487, 212 141, 763 271,049 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AMOUNTS HANDLED: 1935 (in thousands of dollars) No. 2—Buffalo 4,630 181, 935 3,326 2, 246, 226 3,554 44, 297 6,733 446 896,407 No. 4—Cincinnati 101, 479 5,320 2. 855, 575 12,602 99,929 92,926 24, 585 360. 616 Pittsburgh 217,024 2,747 8, 883, 050 19, 447 88,729 102,350 17, 749 743,136 No. 5—Baltimore._ 217. 547 8,172 3, 266, 714 11,138 161,840 294,024 49,068 855,170 Charlotte 48, 673 1,280 1, 574,132 479 38,590 1,046, 376 No. 6—Birmingham 29,599 960 1, 221,158 420 15, 239 135, 953 Jacksonville 78,183 1,270 1,223, 683 1,128 31, 395 181, 500 Nashville 37, 345 585 1,159, 698 528 50, 659 88, 946 New Orleans 484 71, 647 2,205 1, 258, 206 3,018 62,973 60,110 9,421 359, 722 No. 7—Detroit 277 475, 622 3,142 6, 744, 515 7,482 186,411 11,688 3,838 2, 726, 719 No. 8—Little Rock 89 27, 688 490 751, 288 523 42, 556 856 357 172, 315 Louisville 125 66, 580 1,159 2,187, 222 3,864 66, 546 6,182 1,553 396,231 Memphis 425 51, 707 1,814 937, 732 854 52, C94 1,958 879 465, 035 No. 9—Helena 9 12, 626 1,140 482, 285 415 20,895 145,414 O No. 10—Denver 1,231 62, 878 1,529 1, 862, 351 3,625 61, 201 6,403 751 560,136 Oklahoma City.. 31, 843 932 2, 004, 272 812 27, 766 1,418 51 222, 5fi9 Omaha 1,752 43, 367 1,714 1, 767,018 3,320 96,134 6,240 1,350 653, 895 No. 11—El Paso 39 13,476 317 353,021 317 12, 298 98, 323 Houston 268 35,826 1,177 1, 256, 999 1,607 79, 670 1, 073, 606 No. 12— S L a o n s A A n n g to e n le i s o 4,4 1 3 03 6 30 32 1 , , 1 7 5 2 6 5 16, 8 2 2 3 4 1 3,1 9 5 1 5 1, , 8 9 4 1 5 1 9,8 9 1 73 0 4 6 6 8 , , 5 7 1 5 3 2 84,159 4,286 2, 3 0 3 5 8 0 , ,4 9 7 5 8 6 O Portland 48, 866 1,302 1,142,162 1,809 30, 278 12, 863 1,271 442, 980 Salt Lake City.. 29, 250 1,994 878,473 1,326 45,021 3,042 335 360, 357 O Seattle 1,702 65,943 2,034 1,118,904 1,924 5,309 610 465, 714 Spokane 26 16,916 546 753, 241 578 21, 268 3,053 670 141, 111 Total.. 18, 286 2, 299, 901 62, 210 49,995, 681 91,553 1,485, 723 699, 314 117, 220 14, 981,665 O 1 Includes coupons from obligations guaranteed by the United States. 3 2 2 or more checks, coupons, etc., handled as a single item are counted as 1 "piece." NOTE.—Currency received and counted during 1935 by agencies of the Federal Reserve Bank of Atlanta: Habana, Cuba, 1,560,000 pieces, amount $12,059,000; Savannah, Ga., 3,222,000 pieces, amount $7,947,000. Coin received and counted by Habana, Cuba, none; Savannah, Ga., 437,000 pieces, amount $36,000. Back figures.—See Annual Report for 1934 (table 30) and similar tables in previous annual reports. CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 16.—INDUSTRIAL ADVANCES AND COMMITMENTS, JUNE 19, 1934, TO DEC. 31, 1935 [Amounts in thousands of dollars] Applications Applications approved to date by Federal Reserve banks recommended (with and without conditions) for approval D W m a d e t e o a e d a y n n c ( t e h o l h s a f - ) st N re b A u c e e m p r i p v - l e i d c A a t m t o i o o d n u a s n te t N A ( o m w b b u u d i y e t i t v m t t r h c e i I s - o n e o a n s d r n A d u y t d i o m s t C t i w o r o d o i n i u a a m t s t n h l e ) t - - N b u e m r T - o A ta m l ount R F v s b e e t a o i s a d a a n n u e d e n n c g r t r - v k d - e a e - l s R F s m b c e e t m o i a o a s e d n u n m e n i n e g t t r d k - r - t v - s a - e l b p p c r u le o o t t v m e n e d - o d t i o r b d p e r c r y E i p p w a r a l a x e w n a i i i d - - p t t d n h , - , - F p p i s s n a i i t a o t t n n a g i r i t u o t g a n t i i u o t n i n c d - n n a - c i - - - s - 1934 Nov. 28— 4,635 166,433 961 46,599 828 42,202 9,765 6,657 20,390 4,398 988 Dec. 26... 5,053 187,696 1,122 54, 531 984 49,634 13,589 8,225 20,966 5,558 1,296 1935 Jan. 30 5,283 195,710 1,341 73, 470 1,168 64, 518 17,493 11, 739 26, 362 7,160 1,764 Feb. 27... 5, 595 205, 581 1,432 76, 575 1,268 72, 525 19,163 13, 963 26, 591- 10, 727 2,081 Mar. 27... 5,897 217, 756 1,521 79,490 1,364 76,441 20, 785 15,732 23, 552 13, 900 2,472 Apr. 24... 6,130 225,900 1, 633 86, 374 1,467 81,134 26, 206 16,908 16, 956 17,185 3,879 May 29... 6,428 245,078 1, 734 90, 799 1,571 86,282 26, 977 19,425 13, 850 21, 802 4,228 June 26... 6,618 263, 482 1,815 102, 331 1,646 88,778 27, 518 20, 579 11, 248 24,900 4,533 July 31.... 6,863 271, 768 1,907 109, 603 1,739 103, 633 28, 354 23,022 19, 735 26,911 5,611 Aug. 28... 7,029 278, 022 1,970 112, 629 1,786 107, 244 29,447 26, 314 15, 319 29,556 6,608 Sept. 25.._ 7,195 292, 747 2,009 121,837 1,834 115, 350 30,132 26, 892 18, 791 32, 475 7,060 Oct. 30.... 7,388 299, 927 2,083 126,192 1,901 118, 378 32, 719 27,057 13, 357 36, 565 8,680 Nov. 27... 7,500 302, 331 2,134 130,502 1,948 121,947 32, 634 28, 002 13, 466 38, 952 8,893 Dec. 31 s__ 7,615 306, 708 2,176 132,460 1,993 124, 493 32, 493 27, 649 11, 548 44,025 8,778 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guarantees of advances and commitments made by Federal Reserve banks. 3 Tuesday. Back figures.—See Annual Report for 1934 (table 12). No. 17.—INDUSTRIAL ADVANCES, BY FEDERAL RESERVE DISTRICTS [Monthly averages of daily figures. In thousands of dollars] 1935 Total B to o n s- Y N o e r w k P a p d h h e i ia l l - - 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 o t u . is M p n o e i l a n i - s - K C s i a a t n s y - D la a s l- F C S r i a s a c n n o - January 15,329 1,790 902 3,406 1,013 1,835 943 1,004 436 1,802 494 1,101 603 February 18,409 1,948 1,280 3,795 1,199 2,871 1,070 1,314 490 1,824 635 1,317 March 20,130 2,154 1,690 3,642 1,355 3,448 1,080 1,400 517 1,890 762 1,503 April 24,352 2,168 4,564 3,651 1,338 3,659 1,090 1,983 531 1,953 961 1,771 683 May 26, 651 2,180 6,201 3,407 1,375 4,154 1,118 2,182 550 2,010 996 1,799 679 June 27, 341 2,164 6,538 3,426 1,545 4,380 1,090 2,081 514 2,032 1,106 1,792 673 July _. 28,180 2,259 6,870 3,669 1,578 4,515 1,075 1,936 467 2,060 1,154 1,844 753 August 29, 232 2,868 6,964 3,804 1,671 4,585 1,065 1,934 448 2,086 1,159 1,840 808 September.- 29,853 2,876 7,178 4,094 1,759 4,572 1,043 1,963 453 2,147 1,130 1, 825 813 October 32,120 2,873 7,444 6,341 1,777 4,483 1,078 1,907 432 1,989 1,117 1, 826 853 November _. 32, 623 2,958 7,654 6,922 1,777 4,429 1,023 1,883 406 1, 771 1,13? 1,, 805 862 December. . 32, 666 2,953 7,805 6,835 1,761 4,441 937 1,856 401 1,669 1,144 1, 786 1,078 Back figures.—See Annual Report for 1934 (table 11). No. 18.—COMMITMENTS TO MAKE INDUSTRIAL ADVANCES, BY FEDERAL RESERVE DISTRICTS [Monthly averages of daily figures. In thousands of dollars] 1935 Total B to o n s- Y N o e r w k P a p d h h e i ia l l - - 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 o t u . is M p n o e i l a n 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 - January 10,936 1,700 4,357 317 1,171 450 772 33 1,198 28 910 February... 12, 777 1,891 4,957 305 1,337 607 740 396 1,324 """25 108 1,087 March. 15, 285 2,456 6,160 318 1,291 767 729 453 1,451 31 271 1,358 April 16,490 2,660 6,238 478 1,435 927 726 485 1,477 34 391"""75 1,564 May 18,400 2,747 7,228 493 1,476 1,367 749 501 1,545 68 355 183 1,688 June . 20,041 2,899 7,971 669 1,468 1,455 601 500 1,780 84 258 410 1,946 July 21, 591 2,916 8,212 785 1,596 1,738 663 513 1,862 150 242 448 2,466 August 24,272 3,341 9,295 731 1,840 1,723 600 501 1,919 148 572 448 3,154 September- 26,729 3,447 9,767 927 1,777 1,832 601 520 1,928 149 1,176 476 4,129 October 26,645 3,366 9,661 830 1,799 1,857 534 524 2,034 142 1,286 597 4,015 November. . 27,352 3,264 9,655 881 1,820 1,959 499 524 2,330 140 1,322 597 4,361 December. _ 27, 813 3,289 9,962 835 1,693 2.237 510 313 2.276 139 1,354 595 4,610 Back figures.—See Annual Report for 1934 (table 11). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OP FEDERAL RESERVE GOVERNORS 99 INTERDISTRICT SETTLEMENT FUND No. 19.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-35 [In millions of dollars] Daily settlements between Federal Balance Reserve banks Inter- Balance Year and month at begin- Reserve With- Deposits at end of ning of Federal bank drawals period period Transit Reserve transfers 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 1935 1, 718.3 91,026.6 644.0 1,472.0 2,277. 5 4,131. 2 3,572.0 1935 January 1,718. 3 7,389.0 64.3 97.5 64.2 394.2 2,048. 3 February. 2,048.3 6,422.1 41.6 139.0 167.1 288.9 2,170.1 March .'._. 2,170.1 8,205.3 50.6 90.0 131.1 184.0 2, 223. 0 April 2, 223.0 7, 517. 5 45.2 184.0 131.3 286.2 2, 378.0 May 2, 378.0 7, 595.6 50.5 216.0 57.0 200.5 2, 521. 5 June. 2, 521. 5 7,439.4 44.4 186.0 127.1 406.3 2,800. 7 July ._.. 2.800. 7 8,161.1 55.2 139.5 195. 3 144.0 2,749. 4 August 2, 749. 4 7,140. 5 55.6 127.0 515.0 775.5 3,010.0 September 3,010.0 7, 313.6 58.4 102.0 349.5 320.8 2,981. 3 October 2,981. 3 7,939. 7 63.0 73.0 187.9 511.1 3,304. 5 November 3,304. 5 7, 382.7 58.5 70.0 142.8 339.2 3, 500. 8 December 3,500.8 8,520.0 56.7 48.0 209.3 280.5 3,572.0 Backf igures.—-See Annual Report for 1934 (table 31) and similar tables in previous annual reports. No. 20,—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1935 [In millions of dollars] Daily settlements between Federal Reserve banks Inter-Reserve Balance Feder b a a l 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 e r r a i l n n o g R s te e- bank transfers d W ra i w th a - ls p D os e i - ts a o in t f n c b e f l s u u o s n s s i e d - Dec. 31 Pay- Re- Pay- Re- Pay- Rements ceipts ments ceipts ments ceipts Boston 59.5 6,141. 6 6,334. 6 57.7 46.2 124.0 38.5 62.5 67.3 160.2 New York 973.5 28,689.8 29,960. 3 143.1 138.3 815.5 98.0 353.9 1, 214. 6 2,382.3 Philadelphia 48.1 6,920.0 6,851. 7 60.9 63.9 59.0 103.5 199.8 252.7 80.2 Cleveland 91.9 6,957.0 7,153.1 71.8 48.7 109.0 23.0 250.2 210.8 139.4 Richmond 38.9 6,062. 7 6,066. 7 49.3 45.5 61.0 85.5 148.0 140.3 56.0 Atlanta 29.0 3, 248. 4 3,017.5 27.2 56.4 50.5 114.5 106.5 254.7 39.6 Chicago _ 206.2 13, 415. 7 13, 271. 8 92.4 96.3 159.5 309.5 489.3 704.3 431.3 St. Louis 51.8 5,276. 2 5,061.1 37.4 47.8 22.5 121.5 199.0 309.3 56.5 Minneapolis 29.8 2,006.7 1, 737. 6 27.7 20.6 8.0 163.5 63.4 184.5 30.2 Kansas City 62.8 4,873. 6 4, 514.1 32.2 27.1 14.0 210.5 70.7 229.8 53.7 Dallas 43.3 3, 281. 8 3,196. 2 22.8 14.7 26.0 56.0 113.2 179.5 45.9 San Francisco 83.5 4,153.1 3,861.9 21.5 38.5 23.0 148.0 221.0 383.5 96.8 Total 1, 718. 3 91,026. 6 91,026. 6 644.0 644.0 1,472.0 1,472. 0 2, 277. 5 4,131. 2 3,572. 0 Backf igures.—See Annual Report for 1934 (table 32) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 ANNUAL EEPOKT OF FEDERAL RESERVE GOVERNORS FEDERAL RESERVE AGENTS' GOLD CERTIFICATE FUND No. 21.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-35 [In millions of dollars] Balance Year and month a n t i b n e g g o in f - d W raw ith a - ls Deposits T t r o a n b s a fe n r k s Tra fr n o s m fers a B t a e l n an d c o e f period bank period 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 1932-. 1,250. 7 4.0 3,101. 6 3,084. 5 1, 237. 6 1933-. 1, 237. 6 4.0 4,030. 3 3,938. 5 1,149. 7 1934.. 1,149. 7 1.0 1, 003. 3 2,458. 3 2, 605. 7 1935-. 2, 605. 7 .5 864.0 2, 223. 7 3,965.8 1935 January. _. 2, 605. 7 98.5 62.8 2, 569.9 February. 2, 569. 9 49.0 149.6 2, 670. 6 March 2, 670. 6 114.5 126.5 2, 682. 6 April 2, 682. 6 .5 102.2 119.5 2, 700.4 May 2, 700.4 66.5 52.5 2, 686.4 June 2, 686.4 101.3 124.0 2, 709.0 July % 709.0 98.0 193.2 2,804. 2 August 2, 804. 2 57.5 514.0 3,260. 7 September. 3, 260.7 50.0 346.9 3, 657.6 October 3, 557. 6 35.0 185. 9 3, 708.5 November. 3, 708.5 37.0 141.8 3, 813. 3 December. _ 3, 813. 3 54.5 207.0 3,965.8 Back figures.See Annual Report for 1934 (table 33) and similar tables in previous annual reports. No. 22.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1935 [In millions of dollars] Federal Reserve bank B J a a l n an . c 1 e d W ra i w th a - ls Deposits T t r o a n b s a f n e k rs Tra b fr n a o s n m f k ers a b B t u a c s l l i a o n n s e c e s e s of Dec. 31 Boston 299.6 57.0 356.6 New York 596.5 342.2 938.7 Philadelphia 160.4 69.0 198.7 290.0 Cleveland 202.5 0.5 74.5 247.9 376.4 Richmond .. . 146.3 109.3 139.0 176.0 Atlanta 77.7 49. C 105.0 133.7 Chicago 505.4 81.2 486.8 911.0 St Louis 132 6 161.0 198.0 169.6 Minneapolis 110.0 66.0 62.5 106.5 JCansas City 1C8.8 43.0 69.3 135.0 Dallas . . 62.7 92.0 112.3 83.0 San Francisco 203.3 119.0 205.0 289.3 Total . . 2, 605. 7 .5 864.0 2, 223. 7 3,965.8 Back figures.—See Annual Report for 1934 (t*Me 34) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPOET OF FEDERAL RESERVE GOVERNORS 101 MEMBERSHIP IN PAR COLLECTION SYSTEM No. 23.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES, ON DEC. 31, 1934 AND 1935 [Comprises all banks on which checks are drawn, including private banks whether or not under State supervision, operating either with or without restrictions. Banks not on par list comprise nonmember 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] Dec. 31, 1934 Dec. 31,1935 Nonmember banks Nonmember banks Federal Reserve district or State Member On par Not on Member On par Not on banks list par list banks list par list Boston 371 174 365 175 New York 792 314 793 301 Philadelphia __. 656 268 656 267 Cleveland 629 1 622 642 2 Richmond 401 310 404 327 319 Atlanta 332 663 328 93 666 Chicago 683 1,740 211 702 226 St. Louis 394 926 376 390 387 Minneapolis.-. 524 214 697 501 198 709 Kansas City... 734 1,108 168 726 1,062 178 Dallas 555 335 183 550 315 174 San Francisco.. 380 312 34 350 33 Total . 6,451 6,464 2,643 6,387 6,266 2,694 New England: STATE Maine 46 27 46 29 New Hampshire 53 12 53 12 Vermont 43 33 43 33 Massachusetts 166 46 160 45 Rhode Island 14 9 14 9 Connecticut 60 65 65 Middle Atlantic: New York.. 578 207 578 202 New Jersey 289 122 289 113 Pennsylvania 784 329 783 328 East North Central: Ohio 326 387 321 391 Indiana 131 411 133 405 7 Illinois 358 508 22 364 502 19 Michigan 164 355 3 175 332 3 Wisconsin 119 348 163 121 330 165 West North Central: Minnesota 228 76 381 220 73 392 Iowa 148 430 96 144 421 108 Missouri 142 523 58 138 497 67 North Dakota 69 8 135 66 7 137 South Dakota 87 26 99 75 24 300 Nebraska .- 147 148 150 146 134 159 Kansas 206 536 1 206 521 1 South Atlantic: Delaware 20 23 20 24 Maryland 70 121 73 112 District of Columbia.. 11 10 11 10 Virginia 157 117 50 156 118 49 West Virginia._ 98 82 6 98 81 6 North Carolina 54 17 147 54 16 145 South Carolina 23 5 107 24 5 119 Georgia--. 83 14 226 82 12 233 Florida 54 18 54 17 80 East South Central: Kentucky 109 312 13 109 309 14 Tennessee 77 74 180 177 68 178 Alabama 90 6 125 87 6 124 Mississippi 28 7 179 28 7 175 West South Central: Arkansas 59 73 114 57 121 Louisiana 34 14 102 34 12 104 Oklahoma 218 184 12 215 180 12 Texas 510 316 128 506 297 119 Mountain: Montana 66 67 36 18 Idaho 35 28 33 27 Wyoming 34 23 34 22 Colorado 86 74 86 67 New Mexico 27 16 26 15 Arizona 12 4 10 5 Utah... 26 32 27 Nevada.__ 8 Pacific: Washington 94 79 28 84 74 29 Oregon 59 44 50 46 4 California 146 124 139 123 Digitized for FBRacAkS fiEguRr es.—See Annual Report for 1934 (table 35) and similar tables in previous annual reports. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 ANNUAL REPORT OP FEDERAL RESERVE'GOVERNORS FEDERAL RESERVE BANK PREMISES j No. 24.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS AND BRANCHES TO DEC. 31, 1935 Cost of Cost of buildings land includ- Total Federal Reserve bank ing old Fixed cost of Book or branch b d u is e i h l m d e o i d n l , - gs ch a m i n n d a e - ry o A th l e l r Total la b n i u d n i g l a d s n - d va n l e u t e, Date occupied net equipment Boston $1,246, 726 $662,157 $3,542, 603 $4, 204, 760 $5,451,486 $3,112,513 March 1922. New York 5, 226,045 3, 274,89112,142, 29515,417,186 20,643,23110, 318,645 October 1924. 2 255, 000 465, 707 465, 707 720, 707 462, 000 May 1928. Buffalo 21, 900, 830 695,321 3,917,076 4, 612, 397'6,513,227 4,830, 221 December 1917. Philadelphia.._ 1, 295, 490 1, 610, 638 6,464, 253 8,074,891 9,370,381 4, 566,344 August 1923. Cleveland 781, 364 352, 719 1,049,451 1,402,170 2,183, 534 1,958, 582 December 1931. Pittsburgh Richmond 271,924 482, 652 2, 040, 667 2, 523, 319 2, 795, 243 1, 614, 220 October 1921. Baltimore 250,487 330,439 1, 247, 262 1, 577, 701 1,828,188 1,304, 560 September 1928. Atlanta 283, 000 175, 279 1,358,082 1, 533, 361 1, 816, 361 1, 043, 700 October 1918. Birmingham 124,137 47,448 311,336 358, 784 482,921 323,081 January 1927. Jacksonville 45,842 25, r "• 217,330 243, 286 289,128 175, 774 June 1924. Nashville 2 48,000 25,101 211, 616 236,717 284, 717 156,969 December 1922. > New Orleans... 201, 250 159, 502 738,404 897,906 1,099,156 584, 613 October 1923. Chicago 2,963, 548 1, 286, 782 6, 233,952 7, 520, 73410,484, 282 4,002, 695 July 1922. Detroit 650,000 114, 566 1, 006,869 1,121, 435 1, 771,435 823, 655 December 1927. St. Louis 1, 355,374 1,141, 449 2,111,: 3, 253, 258 4, 608, 632 1, 752, 517 June 1925. Little Rock 85, 007 103, 608 233, 079 336, 687 421, 694 230, 292 March 1925. Louisville 2 131,177 35, 230 226,259 261, 489 392, 666 206, 454 June 1919. Memphis 100,906 44, 062 233, 645 277, 707 378, 613 262, 857 June 1929. Minneapolis 600, 521 625, 571 2, 316, 746 2,942, 317 3, 542,838 1, 505, 894 February 1925. Helena 2 5,000 16,109 156, 290 172, 399 177,399 25,181 February 1921. Kansas City 495, 300 841, 320 3, 391,101 4, 232, 421 4, 727, 721 2, 239, 993 November 1921. Denver 101, 512 60, 593 449,876 510, 469 611,981 374,135 November 1925. Oklahoma City. 65, 021 77, 480 409,890 487, 370 552,391 311,098 April 1923. Omaha 176, 427 73, 479 397, 938 471,417 647, 844 434, 652 December 1925. Dallas 189,831 352, 671 1,172, 684 1, 525, 355 1, 715,186 1, 009, March 1921. El Paso 39, 003 10,824 111,369 122,193 161,196 78,382 August 1920. Houston 66,313 60, 001 286, 801 346, 802 413,115 240, 855 February 1922. San Antonio— 75,002 21, 238 157,958 179,196 254,198 194,914 October 1928. San Francisco.. 412,996 784,102 3,144, 407 3,928, 509 4,341, 505 1, 953, 678 December 1923. Los Angeles 453, 458 282, 698 988,109 1, 270,807 1, 724, 265 1, 252, 754 April 1930. Salt Lake City. 114,075 84, 814 341, 449 426,263 540,338 373, 227 February 1927. Total 20,010, 56613,858, 700 57,076, 313 70,935, 013 90,945, 579 47,724,107 OTHER REAL ESTATE ORIGINALLY ACQUIRED FOR BANKING HOUSE PURPOSES New York: Annex Bldg $592, 679 $215,418 $1,451, 570 $1, 666, 988 $2, 259, 667 $1, 135,866 No. 10 Gold St.... 2 45, 000 125,864 125,864 170, 864 78, 000 Pittsburgh 2 297, 000 138,994 560,460 699,454 996,454 383,154 Richmond (Annex Bldg.) 10, 333 104, 217 482,482 586,699 667,032 240, 343 Total.. 1,015,012 458, 629 2, 620,37d 3, 079,005 4,094,017 1, 837, 363 i Estimated cost to complete addition, $77,000. s Purchased buildings—"Cost of land" represents appraised value, remainder of purchase price included in "Cost of buildings." a Estimated cost to complete addition, $219,000. 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

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 103 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS No. 25.—EARNINGS OF FEDERAL RESERVE BANKS, BY SOURCES, 1914-35 Earnings Year 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 S n u O m . r n i G e ti n o e t v s - D p r e e e n f s i a e c l r i t v e ie e n s t o m u i s s F s c o r e o u l m l r a c n 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 1926 _ 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 1935 42, 751,959 156,160 35,894 39, 796,177 6,560 2, 757,168 Total . 1,161,914, 251 664, 677, 656 149,344, 700 304,122,044 8,850, 291 34,919, 560 i Include earnings on industrial advances and commitments as follows: 1934, $137,909; 1935, $1,725,620. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 26.—TOTAL EARNINGS, CURRENT EXPENSES, AND NET EARNINGS OF RESERVE BANKS AND DISPOSITION MADE OP NET EARNINGS, 1914-35 Earnings and expenses Disposition of net earnings Total earnings Current Net earnings1 Dividends T t r o a n su sf r e p r l r u e s d T t r o a n su sf r e p r l r u e s d Pa T i r d e a to s u U re . r S. F pa ra id n c t h o i s U e . t S ax . expenses paid (Sec. 7) (Sec. 13b) (Sec. 13b) Government2 Aggregates, years 1914-35: Boston $77,433,348 $35, 973. 813 $38,105,010 $10, 815, 476 $20,132, 282 -$3,155 $49, 012 $7, 111, 395 New York _ _-. _ .. 343,357,648 120,719,965 208,816, 724 47, 399, 749 93,354, 283 -7,808 64, 238 68,006, 262 Philadelphia - 89, 710,675 37, 594, 824 47,892, 858 14, 232, 591 28, 026,938 32, 444 41,984 5, 558,901 Cleveland 102,466, 057 45, 602, 489 48,196, 971 14,835,837 28, 518,109 -8,156 8,734 4, 842,447 Richmond 54,459,133 26,686,930 23, 749,894 6,461, 269 10,994, 050 27, 672 66,714 6, 200,189 Atlanta 55,113,390 23, 276, 034 25,158,128 5, 313, 328 10,887, 805 -2, 632 9,066 8,950, 561 Chicago 165,330,482 67,403,911 84, 274,107 17,870, 388 41,098, 878 -26, 322 17, 637 25, 313, 526 St. Louis ._- -_ ._- 49, 772,668 26,036, 072 18, 044,192 5, 541, 658 9, 747,851 -946 2, 755, 629 Minneapolis. 37, 748,808 18,511, 245 16,185,317 3, 812, 424 7,157,971 -4, 832 16, 854 5, 202, 900 Kansas City _ - 55,133, 380 31,071, 867 19, 761, 543 5, 082,107 7, 743,958 -3, 622 6,939,100 Dallas 40, 774,186 23,001, 765 13, 555, 340 4, 829,364 8,142,499 23, 428 560, 049 San Francisco 90, 614,476 45,359, 944 37,376, 332 10, 219, 768 19, 495,127 -35, 904 7, 697, 341 Total 1,161, 914, 251 501,238,859 581,116, 416 146, 413, 959 3 285,299, 751 -33, 261 297, 667 149,138, 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 1,134, 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 O O 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, 901 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 1 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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, Oil, 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 r 1935 42, 751, 959 31, 577,443 9,437,125 8, 504,974 ' 607,422 ' 27,062 ' 297,667 Total . . 1,161,914, 251 501, 238,859 581,116,416 146,413,959 3 285, 299, 751 -33, 261 297, 667 149,138,300 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. ** 3 Charges direct to surplus account have been made as follows: 1927—$500,000 depreciation on bank premises; 1934—$139,299,557 representing cost of F. D. I. C. stock purchased s^ by the Federal Reserve banks. H> r Revised. J_f O i 5 W Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 21,—EARNINGS AND EXPENSES OF ALL FEDERAL RESERVE BANKS COMBINED, 1926-35 EARNINGS 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 Total D Pu is r c c o h u as n e te d d b b il i l l s l . s __ _ $2 1 2 0 , ,0 5 0 5 3 1 , ,5 08 6 1 1$17 1 , ,2 0 0 10 6 , , 6 7 7 7 7 8 $ • 3 13- 8 , - , 0 3 -2- 3 0• 4 , - ,1 5•• 4 3 0 5 $4 12 7 , , 7 0 9 6 0 3 , , 3 6 4 6 9 2$10 6 , ,0 67 8 2 1 , .1 2 8 1 7 5 $9 5 , ,0 8 0 20 9 , , 5 54 4 6 1 $17 2 ' , ,, 7 8 8 8 5, 1 ,0 2 5 1 8 3 $9 1 , , 1 2 3 3 7 8 , , 0 0 3 6 8 8 $1, 2 1 3 4 1 1 , , 3 2 6 2 7 5 $1 3 5 5 6 , ,1 8 6 9 0 4 $17 59 4 , :, , 5 5 8 8 4 5 , , 7 5 7 2 0 5 Industrial advances 121, 274 1,484, 040 1, 605,314 U. S. Government securities 12, 589,119 14, 206,174 10,827, 702 8,163, 486 17, 273, 331 12,428, 297 26, 923, 568 37, 529,872 46,130,941 39, 796,177 225,868, 667 3 Commitments to make industrial advances. 16, 635 241, 580 258, 215 Miscellaneous 2,455, 834 2,600, 855 1,870,483 2,937,999 "~2,~ 3977311 '~2~442~895 " ~2," 428," 978"l," 582," 340 1, 261, 371 1,038,108 21, 016,174 Total earnings - 47, 599, 595 43,024, 484 64,052,86QJ 70,955,466 36,424, 044 29, 701, 279 50, 018, 817 49, 487, 318 48,902,813 42, 751, 959 482,918, 665 CURRENT EXPENSES Salaries: Officers $2,433, 898$2,451, 504$2, 554,649 $2, 641,961 $2, 679, 838$2, 706, 834$2, 666, 876$2, 634. 532$2, 721, 799$2, 612, 490$26,104, 381 Clerical employees 11, 695, 52911, 704, 29811, 786, 26211,841,813 11,746,849 11,533,467 11, 259, 48811,433,766 11, 501, 91611,464, 499 115,967,887 All other 2, 614, 344 2, 628, 052 2,718,.r~~ 2,781,698 2, 827,487 2, 773, 960 2, 768,107 3, 344, 097 3,396,f~~ 3, 277, 351 29,130, 887 Contributions—Retirement system 1, 343,116 3,452,174 4, 795, 290 Governors' conferences 5,575 4,924 6,392 6, 051 2,427 4,517 4,309 5,168 5,667 6, 407 51,437 Federal Reserve agents' conferences 3,123 3,081 3, 538 1,865 2,880 1,975 2,366 3,325 22,153 Federal Advisory Council 12,153 13,146 14,078 15, 074 12, 583 13, 705 14,715 13,913 13, 507 16, 271 139,145 Directors' meetings. 151, 754 156,168 150, 617 156, 959 155,502 175,112 180, 915 180, 043 149, 808 142, 769 1, 599, 647 Industrial Advisory Committee 10,931 12, 310 23, 241 Traveling expenses l 266,114 235, 680 222,178 195, 943 198,373 214,581 212, 328 296, 260 282, 571 263, 007 2, 387, 035 Assessments for Federal Reserve Board's expenses. 721, 724 779,116 697, 677 781, 644 809, 585 718, 554 728, 810 800,160 1, 372, 022 1, 405, 898 8, 815,190 Legal fees 127, 401 71,122 108, 745 83, 095 95, 701 81, 507 95,150 120,259 106,1 80, 027 974,399 Insurance on currency and security shipments 619,468 623, 953 612,459 641,238 594,102 517,284 332,549 374,378 306,240 247, 267 4,868,938 Other insurance 392, 799 399,196 413, 432 424, 604 426, 633 419, 504 457, 595 473, 721 325, 823 273, 923 4,007, 230 Taxes on banking house 1, 369, 018 1,402,384 1, 426,929 1,469,917 1, 374,368 1,496, 288 1, 502, 756 1, 242,383 1, 352, 279 1,401, 641 14, 037, 963 Light, heat, power, and water 331,802 323,186 328, 050 336, 797 338, 622 332, 989 339,516 348, 860 373,135 370. 299 3, 423, 256 g Repairs and alterations, banking house 201, 359 162, 276 193, 329 215, 314 176, 880 95,166 156,071 123,437 145, 233 194, 649 1, 663, 714 Rent. 238, 753 239,472 264, 303 230, 972 242,132 166, 393 166, 356 165, 279 163, 227 178, 599 2, 055,486 Office and other supplies- 391 708 384, 025 404, 965 426, 810 391,148 331, 442 315, 608 349, 303 348, 537 344, 615 3, 688,161 Printing and stationery... 467,955 471, 508 457, 648 456, 766 426,186 371, 615 349, 948 470,719 400,098 351, 518 4, 223,961 Telephone 191, 350 199, 945 202, 593 205, 860 210, 223 242,971 252, 886 298, 853 245, 385 225, 065 2, 275,131 Telegraph 510, 991 473,139 484,788 502, 629 499, 392 494,927 426,932 466,442 300, f 317,911 4, 478,134 O Postage 1, 780, 244 1, 833, 358 1,860,311 1, 941, 474 1, 747,151 1,628, 864- 1, 872, 001 2,425, 528 2, 228, 778 2,324, 990 19, 642, 699 O Expressage 425,493 437, 692 457,085 501, 357 475,409 445, 942 418, 247 490, 216 446, 665 530, 042 4, 628,148 Miscellaneous expenses... 683, 206 676, 378 729,989 726, 870 733, 725 795, 896 662, 427 658, 324 671, 340 607,141 6. 945, 296 H Total, exclusive of cost cf currency 25, 635, 76125, 673, 60326.098,910 26, 591, 71126,167,196 25, 561, 51825,185, 56526, 718, 00728, 215, 67530,100, 863 265,948,809 I Federal Reserve currency: Original cost 1, 602, 643 1, 709,491 678, 721 2, 962. 344 2, 039, 726 1, 386,199 985, 295 1, 841, 631 497, 576 1,315, 924 15, 019, 550 Cost of redemption 111, 778 135, 349 127,179 137, 058 135,804 92, 947 120, 521 156,952 142, 200 144, 840 1,304, 628 O Taxes on Federal Reserve bank note circulation.... 506, 247 385, 945 15,816 Total current expenses.. 27,350,182 27,518,443 26,904,810 29, 691,113 28,342,726J 27,040,664 26,291,381 29, 222,837 29, 241,396 31, 577, 443283,180,995 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFIT AND LOSS ACCOUNT Earnings. _ _. $47, 599,595 $43!,, 002244,,484 $64,052,860 $70),, 995555,,496 $36,424, 044 $29),, 770011,, 279 $5)0, ,0 01188,, 817 $4),9 4,4878,7, 318 $48, 902, 813 $42, 751,959 $4!8, 29,18, 665 Current expenses _ 27, 350,182 27, 518,443 26,904,810 29, 691,113 28, 342, 726 27, 0.4.0., .6..6 4 26,291, 381 29, 222,837 29, 241,„3_9 631,577,443 283,180,995 Current net earnings. 20, 249,413 15, 506,041 37,148,050 41, 264, 383 8, 081, 318 2, 660,615 23, 727, 43620, 264, 481 19, 661,417 11,174, 516 199, 737, 670 Additions to current net earnings: Profit on U. S. Government securities sold.. 2, 849, 567 2,851,148 3,701,250 1,056, 246 7, 992, 543 6, 518,931 24, 969, 685 Withdrawn from reserves for losses 313, 343 375,065 250,000 402,060 187,010 59,931 128, 579 3,057 1, 719,045 A Fo ll r e o i t g h n e r exchange profit 330,078 210, 657 196, 412 705, 803 222, 790 149,504 123,268 705, 505 804, 877 2 17 2 0 1 , , 1 9 5 0 5 3 3, 2 61 2 9 1 , , 1 7 5 9 5 7 CD Total additions. 330,078 524,000 571, 477 955,893 3,474,417 3,187, £ 3,884,449 1, 761, 751 8, 925, 999 6,914,046 30, 529,682 Deductions from current net earnings: B ank premises—depreciation 2,096,062 2 1, 777, - 1,959, 289 1, 952, 071 1, 905, 689 1,888,443 1, 754,867 2, 922, 209 4, 215, 939 2,675, 700 23,147, 732 Furniture and equipment 532,889 799, 602 638,840 537, 550 541, 385 158, 667 248, 362 286, 881 238,123 235, 775 4, 218,074 X Reserve for losses 1, 210,486 242,879 580, 766 883,000 409, 865 527,033 1,239,942 9,882, 616 7,186, 865 2, 567, 203 24, 730,655 Reserve for self-insurance 59,845 100,012 627, 973 1, 788, 322 552, 264 1, 769,075 569, 347 1, 628, 657 63,402 7,158,897 Assessment for building for Board of Gover- i nors........ 1,001,187 1,001,187 All other•» _ 68,464 61,836 1, 790, 638 656, 502 158, 350 302,068 285, 395 407, 772 6,423 2,108,170 5, 925, 618 Total deductions. _ 3, 967, 746 2, 981, 792 5, 597, 506 5,817, 445 3, 567,553 2,876,211 5,297, 641 14,068, 825 13, 356,007 8, 651, 437 66,182,163 Net deductions from current net earnings. 3, 637, 668 2, 457, 792 5,026,029 4,861, 642 +311,451 1,413,192 12, 307, 074 4,430, 008 1, 737, 391 35,652,481 Net earnings 16, 611, 745 13, 048,249 32,122,021 36, 402, 741 2, 972,066 22, 314, 244 7,957,407 15, 231,409 9,437,125 164, 085,189 Dividends paid 7,329,169 7, 754, 539 8, 458, 463 9, 583,913 10, 268, 598 10,029, 760 9, 282, 244 8,874, 262 8, 781, 661 8, 504, 974 88, 867, 583 Franchise tax paid U. S. Government._. 818,150 249, 591 2, 584, 659 4, 283, 231 17,308 2,011,418 0) 9,964, 357 Paid United States Treasurer (sec. 13b). ' 297,667 297,667 Transferred to surplus (sec. 13b) -60, 323 r 27,062 -33, 261 Transferred to surplus (sec. 7) 8,464,426 5, 044,119 21, 078, 899 22, 535, 597-2, 297, 724 -7,057,694 11,020, 582 -916,855 6, 510, 071 607,422 64, S TOTAL REIMBURSABLE EXPENDITURES OF FEDERAL RESERVE BANKS 1 Expenditures as fiscal agents and custodians for 3 the Treasury Department and U. S. Government agencies, not included in "current expenses" as shown in preceding table $124,422 $355,8 $371, 262 $150, 675 $161, 086 $213, 557 $1, 239,421 $2, 257,022 $3, 653, 897 $4,261,174 $12, 788,316 1 Other than those connected with Goverandnors' agents' conferences and meetings of directors, the Federal Advisory Council and the Industrial Advisory Committees. 2 Exclusive of $500,000 charged directly against surplus by Minneapolis to reduce book value of banking house to approximate market value. 3 Includes net loss of $1,594,749 on U. S. Government securities sold. * Banking Act of 1933 eliminated the provision in the Federal Ressrve Act requiring the payment of a franchise tax. * Revised. Back figures.—See Annual Report for 1925 (table 67). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 28.—EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 1935 o EARNINGS 00 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 L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra a n n cisco Discounted bills . - __ $156,160 $13,145 $87,069 $12,324 $7, 584 $6,431 $3,036 $1,879 $992 $1,039 $8, 762 $6,651 $7,248 Purchased bills 35,894 2,626 13, 619 3,615 3,407 1,329 1,323 4,240 734 587 969 934 2,511 Industrial advances - 1,484,040 120,032 294,132 255, 211 88,456 236, 221 63,007 99,107 25,016 116,167 44,482 97,425 44, 784 U. S. Government securities 39, 796,177 2,559,709 12,569,700 2,820,465 3,488,442 1,836,042 1,524, 200 5,83V, 040 1,728, 739 1,292, 200 1,683, 344 1,382,121 3,074,175 Commitments to make industrial advances, _ __ 241, 580 23,598 85,163 2,258 18, 335 18,939 3,275 8,501 20,623 934 16,842 3,178 39, 934 Deficient reserve penalties.. .- 6,560 463 722 473 417 329 1,118 824 543 394 241 819 217 M iscellaneous . 1,031,548 7,669 80,981 29,572 68, 225 132, 563 76,647 226,024 73,948 44, 556 192, 262 16,116 82,985 Total earnings 42,751,959 2,727,242 13,131, 386 3,123,918 3,674,866 2, 231,854 1,672,606 6,177,615 1,850,595 1,455,877 1,946,902 1, 507,244 3,251.854 CURRENT EXPENSES Salaries: Officers _ $2,612,490 $149,650 $583,340 $152,910 $192,012 $184, 597 $200, 351 $327,816 $165,661 $119, 679 $154,453 $153,455 $228, 566 Clerical employees 11,464,499 764,940 3, £67,462 1, 034,042 1,040,425 618,194 405,942 1, 326,400 535, 254 421,027 592,923 424,073 1,033,817 Other employees 3, 277, 351 163,625 847, 615 179,630 441, 731 185,408 97,014 378, 277 168, 630 139,682 224,829 114,285 336,625 Contributions—Retirement system, _ 3,452,174 227,980 903,109 258,275 292, 333 215,652 128,013 475,400 187,920 119,202 222,849 144,029 277,412 Governors' conferences 6,407 363 616 90 693 231 186 607 506 619 585 1,114 797 Federal Advisory Council. 16,271 1,392 955 750 823 1,247 997 1,135 1,350 1,617 1,350 2,055 2,600 Directors' meetings 142, 769 5,297 20,035 7,407 9,420 6,475 17,240 8,113 13,460 11,301 21, 722 6,005 16,294 Industrial Advisory Committee 12, 310 1,349 1,231 384 657 552 382 820 621 3,315 1,092 540 1,367 Traveling expenses l 263,007 6,516 49,813 33,398 28,216 19,244 18,166 27,853 8,642 27,022 8,487 10,105 25,545 Assessments for Federal Reserve Board's expenses 1,405,898 101,948 519,674 138,641 130, 700 55, 529 49,191 161, 587 42,120 34,118 37, 655 37,974 96, 761 Legal fees 80,027 2,507 2,842 7,582 5,782 5,490 11,070 502 31 11,878 12, 716 9,511 10,116 Insurance on currency and security shipments 247, 267 33,362 54,795 26,023 23,014 15,964 12,892 28,612 5,070 7,775 8,306 9,323 22,131 Other insurance 273,923 15,996 48,970 19,850 17,355 15, 716 18,936 20,800 21,783 20,507 31,714 17,763 24,533 Taxes on banking house 1,401,641 174,920 398,827 71,096 131, 574 65, 215 57,081 154,354 52,936 82,079 86,428 32, 217 94,914 Light, heat, power, and water 370,299 24,876 72,467 32,33« 42,189 17,318 18,448 40,107 22,487 19,994 33,860 18,830 27,387 Repairs and alterations, banking house 194,649 6,136 88, 222 6,770 13,462 4,461 25,012 14,398 7,855 6,977 11,066 2,710 7,580 Rent 178,599 240 1,158 85,098 15,739 4,573 15,338 3,000 1,280 52,173 Office and other supplies 344,615 18,914 82,793 37, 262 34,088 18,917 17,952 27, 539 16,117 14,086 24,025 16,511 36,411 Printing and stationery 351, 518 34, 736 68,959 29,047 35,096 21,991 23,357 38, 316 20,640 18, 232 17,986 13,972 29,186 Telephone 225,065 18,210 73, 562 30,837 16,700 8,908 7,338 15,106 11,948 7,302 7,204 9,027 18,923 Telegraph 317,911 6,196 39,518 11,992 20, 752 23,042 43,941 24, 610 26,377 12,490 42,824 21, 722 44,447 Postage 2, 324,990 269,552 395, 771 215,660 199,872 171,148 134,877 276, 222 88,879 106, 726 160, 736 113,296 192,251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Expressage 530,042 53,850 125,723 52,998 43,201 52,614 35,804! 60,439 18,186 9,871 26,198 23,036 28,122 Miscellaneous expenses 607,141 30,932 122,243 63,961 49,051 33,426 30,582 66,564 37,282 40,980 35, 787 27,317 69,016 Total, exclusive of cost of currency 30,100,863 2,113,487 7,768,542 2,412,099 2,854,244 1, 757,078 1,359,345 3,490,915 1,456,755 1, 236,479 1,764,795 1, 210,150 2,676,974 Federal Reserve currency: Original cost 1, 315,924 108,446 389,336 105,099 89,663 74,097 69,955 184,192 97,754 51,147 42,375 14,280 89, 580 Cost of redemption 144,840 12,667 27,918 14,224 10,977 8,908 7,885 22,433 10,429 5,424 5,592 4,738 13,645 Taxes on Federal Reserve banknote circulation \ 15,816 1,083 14, 733 Total current expenses 31, 577,443 2, 235,683 8,200,529 2, 531,422 2,954,884 1,840,083 1,437,185 3,697, 540 1,564,938 1,293,050 1,812, 762 1,229.168 2, 780,199 PROFIT AND LOSS ACCOUNT Earnings $42, 751,959 $2, 727, 242 $133,,113311,,386 $3,123,918 $3I,, 667744,,866 $2, 231,854 $1,672,606 $6,177,615 $1,850,595 $1L,4, 54555,8,77 $1L,9.94466,,902 $1.,, 550077, ,244 $31,,251,854 Current expenses. 31, 577,443 2,235,683 8,200,529 2, 531, 42" 2 2,954,8~8 4 1,840,083 ~t, 437,185 3,697, 540 1, 564,9""3 8 '1 ,293,050 1,815, 762 1, 229,"1"6 8~2, 780,199 Current net earnings.. 11,174,516 491, 559 4,930,857 592,496 719,982 391,771 235,421 2,480,075 285,657 162,827 134,140 278,07 471,655 Additions to current net earnings: Profit on U. S. Government securities sold 6,518,931 355,512 2,678,196 389,903 488,850 257,648 213,954 901,875 244,755 148, 210 235,400 172,443 432,185 Withdrawn from reserves for losses 3,057 390 1,1 684 Foreign exchange profit. __ -. 221,155 15,923 81,384 21,894 21,010 8,183 7,962 25,654 6,635 5, 308 5,971 5,750 15,481 Allother 170,903 15,896 412 118 504 8,939 11,295 23,775 7,185 37,492 6,174 3,834 55. 279 Total additions _. 6,914,046 387,331 2, 759,992 411,915 510,364 274,770 233, 211 951,304 258,575 191,400 247, 545 184,010 503,629 Deductions from current net earnings: Bank premises— depreciation 2,675,700 55,832 1,394,688 156,776 109,688 47,293 140,624 176,917 48,917 93, 327 162,465 289,173 Furniture and equipment 235,775 9,783 51,659 32,386 23,634 21,670 13,334 26, 516 20,833 15,095 3,776 6,438 10,651 Reserve for losses 2, 567.203 64,932 1,290,413 4,601 112, 593 101,147 1,443 79,337 9,869 Reserve for self-insurance 63,402 58,843 4,559 Assessment for building for Board of Governors 1,001,187 72,083 368,635 99,052 94,675 37,141 35,618 116,194 30,485 24,403 26,637 26,143 70,121 Allother 2,108,170 190,347 609 61,807 8,567 25, 276 1,473,957 1,372 334,991 3,658 183 1,708 Total deductions 8,651,437 208, 325 3,354,585 136,648 449,485 278, 213 122,964 2,660,159 308,944 423,406 141,826 195, 229 371, 653 Net deductions from current net earnings 1,737,391 +179,006 594.593 +275, 267 +60,879 3,443 +110, 247 1,708,855 50,369 232,006 +105, 719 11, 219 +131,976 Net earnings.. 9,437,125 670, 565 4,336,264 867,763 780,861 388,328 345,668 771, 220 235, 288 -69,179 239,859 266, 857 603,631 Dividends paid 8,504,974 621,553 3,411,268 856, 286 772,127 293,644 260,538 753, 583 236,187 185,448 239,859 237, 615 636,866 Paid United States Treasurer (sec. 13b) r297, 667 '49,012 64, 238 41,984 8,734 66,714 9,066 17,637 16,854 '23,428 Transferred to surplus (sec. 13b) '27,062 —114 33, 340 27,970 -33,235 Transferred to surplus (sec. 7) ' 607,422 r 860,872 -63,847 ""76,'O64 -271,481 5,814 i Other than those connected with governors' and agents' conferences and meetings of directors, the Federal Advisory Council, and the Industrial Advisory Committees. r Revised. Back figures.—See Annual Report for 1934 (table 39) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1*0. 29,—REIMBURSABLE EXPENDITURES OF FEDERAL RESERVE BANKS DURING 1935 [Expenditures as fiscal agents and custodians for the Treasury Department and U. S. Government agencies. Not included in "current expenses" as shown in preceding table] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - 1 Treasury Department1 .. '$1,463,969 $62, 570 $484,839 $64,059 $160,806 $65,199 $30,441 $208,658 $56,815 $64,501 '$146,153 $47,980 $71,948 Reconstruction Finance Corporation.- 2,103,845 35,516 163,081 102,492 191,005 210, 751 367,751 445,322 219,139 63,913 74,301 140,215 90,359 Other U. S. Government agencies '693,360 26,843 148,985 13,355 48,611 29, 530 44,877 65,580 60,935 54,162 '105,072 39, 766 55,644 Total. 4, 261,174 124, 929 796, 905 179,906 400, 422 305,480 443,069 719,560 336,889 182, 576 325, 526 227,961 217,951 O i Includes expenditures account U. S. Government direct issues only. S r Revised. O Back figures.—See Annual Report for 1934 (table 40) and similar tables in previous annual reports. *1 a O O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES No. 30.—FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH [In thousands of dollars] 1934 1935 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 the Comptroller 6,626,918 6, 571,299 6,534,234 6, 516,047 6,499, 806 6,422, 306 6,488,422 6,520,230 6, 542,891 6, 602,489 6, 674,943 6,711,281 6, 761, 662 O Federal Reserve notes held by Federal W Reserve agents 3,106, 5533,201, 518 3, 111, 087 3, 099,959 3,074,025 2,993, 781 2,995, 571 2,988,090 2,893,290 2,866, 610 2,856,860 2,808,560 2, 714,610 Federal Reserve notes issued to Federal • o Reserve banks: Held by issuing Federal Reserve bank 299, 258 285,259 268,833 250,439 273, 002 239,990 235,011 270, 518 251,011 262, 060 286,192 255, 624 337,978 Held by other Federal Reserve banks 28, 502 19,145 18,445 15,067 18,150 15,316 18,951 17,127 19,989 21,823 22,741 20,262 27,445 Held by U. S. Treasury.._ 16,989 17,123 17,192 15,440 15,109 14, 511 15,975 12,054 16, 235 13,460 14,107 14,601 14,982 In circulation 1 3,175,616 3,048,254 3,118,677 3,135,142 3,119, 520 3,158, 708 3,222, 914 3, 232,441 3, 362,366 3,438, 536 3,495,043 3,612,234 3, 666, 647 Total notes issued . 3, 520,365 3,369, 781 3,423,147 3, 416, 088 3,425, 781 3,428, 525 3,492, 851 3, 532,140 3,649, 601 3, 735,879 3/818, 083 3,902, 721 4,047,052 Collateral held as security for Federal w Reserve notes issued to Federal Reserve banks: m Gold certificates: fel In vault 710,502 685,802 616,920 585, 626 585, 626 585,626 585, 626 585, 626 184, 610 41,580 5,000 5,000 5,000 W In gold fund—Board of Governors. 2, 605, 698 2, 569,948 2,670,553 2, 682, 553 2,700, 353 2, 686, 353 2, 709,013 2,804, 213 3, 260, 748 3, 557, 608 3, 708, 518 3, 813, 343 3,965,843 M Total gold certificates 3,316,200 3, 255, 750 3,287,473 3, 268,179 3, 285,979 3, 271,979 3, 294, 639 3, 389, 839 3,445, 358 3, 599,188 3, 713, 518 3,818, 343 3, 970, 843 O Eligible paper 5,487 5,190 3,955 5,761 4,110 6,862 4,276 5,090 9,804 8,312 4,881 4,542 2,716 O U. S. Government securities- 241,400 186, 000 203,000 231,100 226,100 237,900 231, 000 205, 000 223,900 169,900 141, 000 123,100 127, 500 fel Total collateral held 3, 563,087 3,446,940 3,494,428 3, 505, 040 3, 516,189 3, 516, 741 3,529,915 3, 599,929 3, 679, 062 3, 777,400 3,859, 399 3, 945,985 4,101, 059 Collateral required as security for Federal Reserve notes 3, 520,365 3,369, 781 3,423,147 3, 416, 088 3, 425, 781 3,428, 525 3,492, 851 3, 532,140 3, 649, 601 3, 735,879 3,818, 083 3, 902, 721 4, 047, 052 Collateral pledged in excess of Federal Reserve notes issued 42,722 77,159 71,281 88,952 90,408 88, 216 37,064 67, 789 29,461 41, 521 41,316 43, 264 54,007 i This figure corresponds with that given under the same caption in table 38. It differs from that given in table 7 by the amount of Federal Reserve notes held by (a) other Federal Reserve banks and (6) the U. S. Treasury. Back figures.—See Annual Report for 1934 (table 41) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD, FOREIGN EXCHANGE, AND MONEY IN CIRCULATION 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 115 GOLD No. 31.—MONETARY GOLD STOCK * OF THE UNITED STATES, 1914-35 [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 <Ko 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... 1,636 1,535 2,038 2,635 2,873 2,875 2,643 2,679 3,398 3,666 4,002 February.. 1,632 1,551 2,038 2,709 2,875 2,878 2,600 2,713 3,436 3,676 4,036 March 1,644 1, 582 2,036 2,818 2,878 2,878 2,563 2,799 3,463 3,683 4,077 April 1,655 1,606 2,031 2,850 2,879 2,890 2,554 2,877 3,477 3,695 4,124 May _. 1,642 1,642 2,049 2,846 2,885 2,890 2,569 2,944 3,484 3,741 4,168 June 1,604 1,699 2,158 2,933 2,876 2,826 2,578 2,988 3,498 3,763 4,201 July 1,572 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 1935 January... 4,136 4,125 4,277 4,086 3,840 4,004 4,356 4,129 4,266 4,033 8,391 February.. 4,077 4,136 4,299 4,075 3,866 4,066 4,378 4,067 4,093 7,438 8,527 March 4,052 4,155 4,310 4,018 3,901 4,136 4,410 4,103 3,995 7,694 8,567 April 4,055 4,151 4,323 3,979 3,973 4,204 4,439 4,080 4,025 7,757 8,710 May 4,070 4,146 4,321 3,873 4,014 4,230 4,511 3,865 4,028 7,779 8,858 June 4,073 4,160 4,300 3,822 4,037 4,248 4,669 3,632 4,031 7,856 9,116 July 4,080 4,184 4,293 4,054 4,230 4,662 3,687 4,033 7,931 9,144 August 4,095 4,186 4,301 3,836 4,073 4,214 4,708 3,801 4,041 7,978 9,203 September. 4,095 4,179 4,284 3,838 4,085 4,224 4,454 3,906 4,037 7,978 9,368 October.... 4,120 4,186 4,254 3,855 4,099 4,248 4,005 3,977 4,036 8,002 9,693 November. 4,110 4,190 4,164 3,841 4,080 4,284 4,127 4,053 4,036 8,132 9,920 December. 4,112 4,205 4,092 3,854 3,997 4,306 4,173 4,226 4,036 8,238 10,125 Month Averages f o ig f u e r n e d s of month Averages of daily figures 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 2,889 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 2,896 2,870 2,827 2,568 3,105 3,553 3, 810 4,229 September. 1,561 1,813 2,303 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 1935 January... 4,181 4,120 4,240 4,090 3,828 3,995 4,335 4,165 4,260 4,036 8,284 February.. 4,105 4,138 4,289 4,086 3,856 4,030 4,369 4,097 4,204 7,138 8,465 March 4,053 4,157 4,308 4,048 3,879 4,107 4,395 4,085 3,974 7,602 8,552 April 4,053 4,161 4,314 4,000 3,939 4,156 4,424 4,094 4,014 7,736 8,641 May 4,066 4,147 4,364 3,920 4,005 4,218 4,480 3,986 4,026 7,759 8,755 June 4,073 4,151 4,319 3,832 4,024 4,241 4,578 3,669 4,030 7,821 9,025 July 4,075 4,173 4,288 3,826 4,048 4,245 4,671 3,654 4,032 7,893 9,128 August 4,085 4,180 4,298 3, 831 4,064 4,209 4,688 3,743 4,036 7,971 9,180 September. 4,099 4,184 4,297 3,838 4,081 4,216 4,661 3, 853 4,040 7,971 9,246 October 4,104 4,185 4,279 3,846 4,094 4,233 4,160 3,939 4,037 7,989 9,545 November. 4,120 4,190 4,203 3,864 4,087 4,266 4,076 4,005 4,036 8,047 9,777 December. 4,110 4,194 4,129 3,855 4,037 4,296 4,163 4,142 4,036 8,191 10, 072 1 Gold coin and bullion (including foreign coin) held by U. S. Treasury and Federal Reserve banks (including gold held under earmark abroad). Amounts held abroad under earmark (end of month figures) as follows: 1917, June-Dece'mber, $52,500,000; 1918, January-May, $52,500,0€0; 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. 2 Averages of daily figures. NOTE.—With respect to revaluation of gold stock as of Jan. 31, 1934, see footnotes to table 1. For figures as of other dates see tables 1, 3, and 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 32.—ANALYSIS OF CHANGES IN MONETARY GOLD STOCK, 1921-35 [In millions of dollars] Y m e o a n r t o h r o m a s G f t t o o o y o e n c r n e l k d t a d h r c s g r t I e o i o n n a c l - s d k e im g N o p e l o d t rt N m f l e e r e a a o a t r r m s - k r e e l - O to fa t r h c s - e 2 r Month a m s G t t o o o o e n c f l n d k t d h c s g r t I e o i o n n a c l - d s k e im g N o p e l o d t rt N m f l e e r e a o a a t r m r s k r - e e * - O to f t a r h c s e - 2 r 1921 3,373 734. 667.4 18.7 48.5 1934 1922 3,642 268. 238.3 -3.7 33.9 1923 3,957 315. 294.1 20.3 January 4,033 -2.1 -2.8 12.2 1924 4,212 255. 258.1 -42^2 39.8 February *... 7,4383,405.0 452.6 68.7 1925 4,112-100. -134.4 32.2 2.1 March .... 7,694 256.1 237.3 -.8 19. 6 1926 4,205 92. 97.8 -26.3 21.1 April 7,757 62.2 54.7 -1.1 8.6 1927 4,092-112. 6.1 -160.2 41.3 May 7,779 22.4 33.6 .5 -11.6 1928 3,854-237. -391. 9 119.5 34.5 June 7,856 77.1 63.7 1.0 12.5 1929 3,997 142. 175.1 -55.4 22.8 July 7,931 74.4 52.3 .6 21.4 1930 4,306 280.1 -2.4 31.9 August 7,978 47.4 37.2 -1.1 11.2 1931 4,173-133. 145.3 -320.8 42.1 September 7,978 .4 -18.7 2.4 16.6 1932 4,226 52. -446. 2 457.5 41.6 October 8,002 23.5 10.8 .3 12.4 1933 4.036 -190. -173.4 -58.0 41.1 November 8,132 129.9 120.9 -.1 9.1 1934 3 S, 238 14, 202. 1,133. 9 82.62,986.1 December 8, 238 106. 2 92.1 .1 14.1 10,1251, 887. 1,739.0 .2 148.0 1935 1935 1933 January. 8,391 153.3 149.4 1.1 2.8 4,266 40.0 128.5 -91. 5 3.0 February 8,527 135.3 122.8 .2 12.3 January 4,093-173.4 3 17.8-178.3 -12.9 March _. 8,567 40.4 13.0 -.7 28.1 February 3,995 -97. 2 3-22.1 -100.1 25.0 April 8,710 143.4 148.6 -2.3 -2.9 March 4,025 29.5 -10.0 33.7 5.7 May 8/858 148.1 140.0 -1.5 9.6 April 4,028 3.6 -21.1 22.1 2.6 June 9,116 257.1 230.4 1.0 25.8 May 4,031 2.2 -3.2 3.5 1.9 July 9,144 27.9 16.2 -.4 12.1 June 4,033 2.7 -83.9 84.5 2.1 August 9,203 59.5 46.0 1.8 11.7 July 4,041 7.5 -80.4 79.5 8.4 September... 9,368 165.0 156.7 1.0 7.3 August 4,037 -3.8 -56.7 49.3 3.6 October 9,693 325.2 315.3 -1.9 11.8 September. __ 4,036 -.7 -32.4 26.9 4.8 November 9,920 226.7 210.6 .6 15.5 October 4,036 -.8 .6 .1 December 10,125 205. 2 190.0 1.3 13.9 November 4,036 -9.1 11. -3.1 December 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 31, note 1, and table 33. 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 results principally from 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, except total monetary gold stock, see Annual Report for 1932 (table 47) and similar tables in previous annual reports; see table 31 for revised monetary gold stock figures by months in earlier years. No. 33.—GOLD HELD UNDER EARMARK BY FEDERAL RESERVE BANKS FOR FOREIGN ACCOUNT, BY MONTHS, 1927-35 [In thousands of dollars]l End of month 1927 1928 1929 1930 1931 1932 1933 1934 1935 January 19, 779 193, 919 144,898 134, 794 125, 795 433,149 92, 552 «46, 874 7,886 February 16, 599 191,051 144, 898 134, 794 123, 295 406, 781 270,837 ' 10, 709 7,649 March 18,101 155, 251 137, 391 119, 795 120, 295 348,469 370, 929 ° 11, 546 8,310 April 19, 101 109, 511 88, 821 119, 295 127, 795 344, 501 337, 228 «12, 679 10, 611 May ._ __ 114,101 136,050 72, 694 117, 295 123, 795 366, 650 315,114 o 12,190 12,147 June.. 114,601 105, 997 80, 207 115, 295 31,531 395, 447 311, 569 11, 204 11,149 July 114,417 45,050 102, 194 118, 295 61, 231 339, 210 227, 099 c 10, 616 11, 572 August 116,918 39,134 103, 194 118, 295 77, 231 238, 709 147, 632 11, 671 9,776 September 125, 918 40, 334 109, 795 114, 303 356, 321 168,421 98, 326 9,252 8,761 October 150,919 39,134 114,296 120, 410 463, 931 120, 646 71,459 «8, 993 10, 624 November 190, 919 64,136 113, 292 122, 536 435, 821 72,080 70, 859 9.077 10,051 December 199,419 79, 897 135, 295 137, 695 458, 534 73, 694 59,079 9,017 8,801 i At $20.67 a fine ounce through January 1934 and at $35 a fine ounce thereafter. See footnotes to table 1. c Corrected. NOTE.—For statistics of gold earmarked abroad for account of Federal Reserve banks see table 31, note 1. Digitized for FRASER Back figures.—See Annual Report for 1934 (table 45) and similar tables in previous annual reports. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

117 GOLD No. 34.—GOLD MOVEMENTS TO AND FROM THE UNITED STATES, BY COUNTRIES [In thousands of dollars] * 1932 1933 193^t 193,5 Imports Exports Imports Exports Imports Exports Imports Exports Belgium 1,031 83, 602 895 12,968 4,059 4 Czechoslovakia 6,504 Denmark 841 England 68, 718 15,132 55,204 48, 826 510,161 8,530 316,302 575 France _ _ 16, 649 458,298 30,079 246,113 2S0, 531 29,991 934, 302 59 Germany 381 13, 738 1,071 3,603 4 147 63 296 Italy 2 107 24,044 899 12 3 Netherlands 18,690 115,277 19,347 11, 445 102,924 7,414 227,225 41 Norway 6,100 6 Poland and Danzig 63 Portugal 2,386 602 Spain 15 22 7 45 Sweden 5,002 Switzerland 287 118, 560 11, 631 12, 656 254 968 U. S. S. R 885 18,099 Yugoslavia 12 300 795 Canada 64, 757 184 20,141 247 86, 785 173 95, 245 74 Newfoundland 1,550 39 89 Centra] America 1,392 3 850 6 2,978 2,814 Mexico 20,407 320 4,859 579 30,388 288 14, 583 915 West Indies 3,784 525 1 2,221 1,135 Argentina _ 13,000 9 14 15 12 19 Bolivia 19 105 124 Brazil 1,312 2 12 15 British Guiana 207 49 5 2 Chile 1,624 2,337 5,226 1,882 6,593 Colombia 3,242 97 1 16, 952 8 10,899 Ecuador 1,053 1,660 1,007 24 1, 555 5,185 Peru 3,242 126 1,537 1,396 2,148 Uruguay 4,384 864 Venezuela 1,770 506 150 840 620 Australia 7,510 3,176 1,029 3,498 British India 26, 596 25, 629 76,820 75,267 China 23.280 5,931 171 Hong Kong 15, 763 6,890 16, 281 9,431 Straits Settlements 348 Dutch East Indies 2,901 801 7 1 19 Palestine 8 341 Japan . 49, 720 6,702 4 New Zealand 1,681 187 77 Philippine Islands 7,052 6,023 12, 038 15, 335 1 All other 100 51 107 105 198 Total 363,315 809, 528 193,197 366, 652 1,186, 671 52, 759 1, 740, 979 1,960 i Figures represent customs valuations which, with some exceptions, are 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 1934, table 46, and similar tables in previous annual reports,For figures by months see Federal Reserve Bulletin. No. 35.—GOLD MOVEMENTS TO AND FROM THE UNITED STATED, 1921-35 [In thousands of dollars] 1 Net im- Net im- Year Imports Exports ports or Month Imports Exports ports or exports (—) exports (—) 1921 691, 248 23,891 667, 357 1922 275,170 36, 875 238, 295 1935 1923 322, 716 28,643 294, 073 January 149, 755 363 149, 392 1924 319, 721 61, 648 258,073 February 122,817 46 122,771 1925 128, 273 262, 640 -134,367 March 13, 543 540 13,003 1926 213,504 115, 708 97, 796 April 148, 670 62 148, 608 1927 207, 535 201, 455 6,080 May 140, 065 49 140,016 1928 168,897 560, 759 -391,862 June 230, 538 166 230,372 1929 291, 649 116, 583 175, 066 July 16, 287 59 16, 228 1930 396, 054 115,967 280,087 August 46, 085 102 45, 983 1931 612,119 466, 794 145, 325 September 156,805 86 156,719 1932.. 363, 315 809, 528 -446, 214 October 315, 424 76 315, 348 1933 193,197 366, 652 -173,455 November 210, 810 242 210, 568 19342 1,186, 671 52, 759 1,133, 912 December 190,180 170 190,010 1935 1. 740. 979 1,960 1. 739.019 1 Figures represent customs valuations which, with some exceptions, are 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 Commeree figure, since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal Reserve Bank of New York until March 1. Backf igures.—For data by months in earlier years, see Annual Report for 1934 (table 47) and similar Digitized fort aFbRleAs SinE pRre vious annual reports. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS FOREIGN EXCHANGE RATES No. 36.—FOREIGN EXCHANGE RATES, 1919-35 [Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month A (p r t e g i s n e o n a ) - i B ( e b l e g lg i a u ) m B r ( e r m i a s i z l ) i - l l C (d a o n l a la d r a ) ( C p h e i s l o e ) i ( C y h u i a n n a ) ( m k D r a e o n r n - k e) E ( n p g o l u a n n d d ) F (f r r a a n n c c e ) 1919 99.0180 12. 7670 26. 7350 95.5970 22. 5550 23. 2850 442. 5800 13.6820 1920 90. 7040 7. 3800 22. 5130 89.2760 18.4540 15. 7750 366. 4270 7. 0400 1921 72.9999 7. 4461 13.1153 89.5549 12. 0574 17. 7965 384. 9056 7. 4554 1922 81.8166 7. 6829 12. 9486 98. 4783 12. 2159 55. 6073 20. 9470 442. 9165 8. 2013 1923 78. 5727 5. 2190 10. 2285 98. 0352 12. 2423 52. 6223 18. 3643 457. 4825 6. 0811 1924 78.1308 4. 6438 10. 9403 98. 7322 10. 5448 52. 6973 16. 7228 441. 7064 5. 2368 1925 91. 3822 4. 7580 12.1962 99.9615 11.6031 56.9066 21.1310 482.8944 4. 7671 1926 92.1497 3 3. 3721 14. 4357 99. 9889 12.0766 49. 9807 26. 2257 485. 8235 3. 2427 1927 96. 2950 13. 9157 11. 8383 99. 9720 12. 0652 43. 9414 26. 7251 486.1024 3. 9240 1928 96. 4801 13.9281 11. 9737 99. 9094 12.1451 46.1378 26. 7426 486. 6223 3.9210 1929 95.1274 13. 9124 11. 8078 99. 2472 12. 0601 41. 9007 26. 6802 485. 6879 3. 9161 1930 83. 5050 13.9524 10. 7136 99. 8424 12. 0785 29. 9166 26. 7650 486. 2126 3. 9249 1931 66. 7375 13.9285 7.0290 96.3528 12.0669 22. 4369 25.0581 453. 4990 3.9200 1932 58. 4433 13.9137 7.1223 88.0896 7. 9079 21. 7357 18. 8317 350. 6067 3. 9276 1933 * 72. 8009 17. 8996 7. 9630 91. 9587 7. 67872 28.5979 19. 0709 423. 6821 5. 0313 1934 33. 5793 23. 2867 8. 4268101.0060 10.1452 34.0937 22. 4998 503. 9302 6. 5688 1935 32 6585 18.4241 8. 2947 99. 4933 5. 0833 36. 5707 21. 8834 490.1761 6. 6013 1935—January 32. 6038 23. 3150 8.1451 100.1825 5.0630 34.9924 21. 8447 489. 2457 6. 5820 February. __ 32. 4607 23. 32G3 8.1282 99. 8852 5.0761 36. 5369 21. 7594 487. 3466 6. 5936 March 31. 8033 22. 7564 8. 2363 99.0647 5.0885 38. 2960 21. 3244 477. 6211 6. 6232 April 32. 2220 16. 9430 8. 2578 99. 5277 5.1000 38. 7908 21.5902 483.6812 6. 5970 May 32. 5572 16.9461 8. 2797 99. 8977 5.1000 41.0979 21. 8175 488. 7755 6. 5883 June 32. 8687 16. 9393 8.3122 99.9078 5.0996 40. 4002 22. 0458 493. 4922 6. 6121 July 33.0262 16. 9117 8. 3146 99.8322 5.0990 38. 6791 22.1303 495. 7659 6. 6242 August 33.1204 16. 8878 8.3657 99. 7799 5. 0633 36. 8645 22.1848 496. 9880 6. 6262 September.. 32.8563 16. 8618 8. 3378 99. 2563 5.0515 37. 6226 22.0112 493. 0654 6. 5908 October 32. 7140 16. 8468 8. 3791 98. 5800 5. 0694 35. 6091 21. 9092 490. 7834 6. 5892 November.. 32.8152 16.8946 8, 3792 98. 9236 5.0950 29. 6485 21. 9834 492. 4950 6.5862 December.._ 32. 8542 16. 8565 8. 3902 99. 0453 5.0937 29. 4496 22.0012 492. 8772 6. 5986 Ger- Year or month ( m m r a e a i r n c k h y ) s- ( I r n u d pe i e a ) I (l t i a r l a y ) J ( a y p en a ) n N ( e l f t a lo n h r d e i s r n - ) N (k o r r o w n a e y ) ( S pe p s a e i t n a) S (k w r e o d n e a n ) S ( w f l i r a t a n z n d e c r ) - 1919 3. 0440 40. 2950 11.3690 51.1840 39.1470 24. 5760 19.8230 25. 5420 18. 9830 1920 1. 7510 38. 8790 4. 9700 50. 3680 34.4190 16. 5300 15.9380 20.4940 16. 9030 1921 1. 2045 26. 2198 4. 2936 48. 2485 33. 6470 14. 9071 13.5314 22. 5397 17. 3539 1922 .2323 28. 7409 4. 7559 47. 8037 38. 4975 17. 5016 15. 4828 26.1661 19. 0652 1923 « . 0020 31.1103 4. 6016 48. 5845 39.1005 16. 6710 14. 4529 26. 5548 18. 0600 1924 22. 9980 31. 7835 4. 3580 41.1857 38. 2109 13. 9403 13. 3375 26. 5223 18. 2228 1925 23. 8013 36. 2642 3. 9776 41.0362 40.1601 17. 8836 14. 3443 26. 8479 19. 3268 1926 23. 7996 36. 3267 3. 8894 47.1163 40.0984 22. 3347 14.8959 26. 7646 19. 3130 1927 23.7638 36.3117 5.1560 47.4113 40.1065 26. 0477 17. 0592 26.8148 19. 2618 1928 23.8614 36. 4663 5. 2571 46. 4096 40. 2238 26. 6876 16. 5942 26. 8002 19. 2596 1929 23. 8086 36. 2020 5. 2334 46. 0997 40.1622 26. 6827 14. 6833 26. 7839 19. 2792 1930 _ __ 23. 8541 36. 0672 5. 2374 49. 3898 40. 2251 26. 7598 11. 6670 26. 8543 19. 3820 1931 23. 6302 33. 6895 5. 2063 48. 8509 40. 2298 25. 0546 9. 5453 25. 2540 19. 4009 1932 23. 7492 26. 3468 5.1253 28.1112 40. 2949 18. 0039 8. 0438 18. 4710 19. 4049 1933 30. 5179 31. 8159 6.7094 25. 6457 51.7209 21. 4292 10. 7189 22.0324 24. 8355 1934 39. 3751 37. 8793 8. 5617 29. 7153 67. 3831 25.3161 13.6150 25. 9815 32. 3663 1935 40. 2575 36. 9640 6 8. 2471 28. 7067 67. 7147 24. 6268 13. 6783 25. 2710 32. 4972 1935—January 40.0614 36.8611 8. 5209 28. 4725 67. 4562 24.5815 13.6408 25. 2267 32. 3055 February 40.1178 36. 7994 8. 4730 28. 3913 67. 5602 24. 4880 13. 6626 25.1256 32. 3525 March 40. 3722 36. 0210 8.3368 27. 9837 67. 9506 24.0265 13. 7232 24. 6264 32. 5301 April ..40. 2638 36. 4393 8. 2821 28. 3679 67. 4576 24. 2975 13. 6693 24. 9325 32. 3645 Mav 40. 2472 36.8602 8. 2253 28. 7295 67. 6195 24. 5563 13. 6522 25.1988 32. 3230 June 40. 4072 37. 1944 8. 2566 28.9931 67. 8743 24. 7910 13. 6982 25. 4408 32. 6800 July 40. 3538 37. 3467 8. 2259 29.1510 67. 9862 24. 9062 13. 7259 25. 5583 32. 7474 August 40. 3456 37. 4849 8. 2074 29. 3192 67. 7819 24. 9482 13. 7296 25. 6227 32. 7180 September. _40. 2278 37. 2082 8.1409 28. 9378 67. 5556 24. 7710 13.6569 25. 4219 32. 5042 October 40. 2251 37. 0217 8.1243 28. 6687 67. 7416 24. 6570 13. 6537 25. 3030 32. 5326 November.. 40. 2251 37.1419 6 8.1024 28. 6828 67.8024 24. 7399 13. 6477 25. 3877 32. 4449 December... 40. 2167 37. 2008 6 8. 0750 28. 7386 67. 7696 24.7605 13.6704 25. 4092 32. 4324 1 Partly or wholly nominal since April 1933. 2 Quotations on yuan not available 1919-21; averages for Shanghai tael: 1919, 129.8350 cents; 1920,118.5990 cents; 1921, 70.7787 cents; 1922, 74.9281 cents. Beginning Apr. 10, 1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver. Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents. 3 Average for franc through 1926 and for belga thereafter (belga=5 francs). Average for 1926 is for franc for Jan. 2-Oct. 25. Average for belga for Oct. 26-Dec. 31 was 13.9095 cents. < Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average for 1933 is for gold peso for Jan. 1-Dec. 10. No quotations Dec. 11 and 12. s Average for mark through 1923 and for reichsmark thereafter. In November 1923 marks became officially convertible into reichsmarks at rate of 1,000,000,000,000 marks for one reichsmark. e Nominal beginning November 23, 1935. Back figures.—For monthly averages in earlier years, see Federal Reserve Bulletin, which also includes data for other countries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 119 MONEY IN CIRCULATION No. 37.—UNITED STATES MONEY IN CIRCULATION,1 BY MONTHS, 1914-35 [In millions of dollars. For figures by weeks, see table 3] 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 4,612 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 4,576 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 1935 January 4,515 4,554 4,559 4,390 4,370 4,275 4,323 5,354 5,358 5,289 5,380 February ___ 4,561 4,617 4,598 4,403 4,411 4,292 4,333 5,317 6,258 5,354 5,467 March 4,524 4,573 4,575 4,462 4,461 4,262 4,321 5,172 6,033 5,394 5,493 April 4,495 4,620 4,604 4,461 4,389 4,189 4,365 5,178 5,716 5,368 5,478 May 4,550 4,636 4,606 4,457 4,451 4,264 4,415 5,193 5,525 5,357 5,540 June. 4,524 4,598 4,564 4,510 4,459 4,235 4,535 5,408 5, 434 5,373 5,568 July 4,505 4,622 4,559 4,414 4,430 4,139 4,550 5,439 5,343 5,317 5,518 August 4,579 4,643 4,567 4,516 4,553 4,246 4,765 5,405 5,325 5,396 5,629 September.. 4,629 4,691 4,661 4,559 4,532 4,214 4,959 5,366 5,363 5,456 5,683 October 4,682 4,734 4,659 4,519 4,551 4,206 5,253 5,341 5,348 5,453 5,713 November. _ 4,757 4,750 4,665 4,703 4,642 4,373 5,249 5,361 5,455 5,549 5,846 December.. 4,817 4,808 4,716 4,686 4,578 4,603 5,360 5,388 5,519 5,536 5,882 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 1935 January 4,576 4,604 4,617 4,498 4,461 4,365 4,408 5,358 5,344 5,382 5,411 February 4,518 4,567 4,556 4,422 4,399 4,267 4,311 5,340 5,605 5,339 5,439 March 4,528 4,577 4,569 4,423 4,422 4,245 4,303 5,244 6,711 5,368 5,477 April. 4,517 4,595 4,592 4,443 4,392 4,231 4,360 5,165 5,850 5,366 5,500 May _ 4,504 4,584 4,573 4,435 4,397 4,210 4,392 5,169 5,589 5,355 5,507 June.. 4,503 4,594 4,544 4,449 4,400 4,202 4,463 5,243 5,455 5,341 5,522 July 4,507 4,629 4,564 4,459 4,477 4,196 4,549 5,464 5,388 5,350 ,.5,550 August 4,530 4,625 4,562 4,456 4,490 4,189 4,660 5,432 5,329 5,355 5, 576 September. _ 4,621 4,682 4,630 4,517 4,524 4,206 4,846 5,398 5,345 5,427 5,651 October 4,658 4,714 4,647 4,549 4,523 4,214 5,191 5,356 5,369 5,473 5,704 November.. 4,673 4,718 4,649 4,573 4,558 4,241 5,231 5,356 5,394 5,494 5,770 December. _ 4,832 4,844 4,761 4,721 4,656 4,536 5,324 5,412 5,524 5,577 5,897 1 Money outside Treasury and Federal Reserve banks (prior to November 1914, money outside Treasury). 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. For figures as of other dates see tables 1, 3, and 4. 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 elfect upon the figures. s Averages of daily figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 38.—KINDS OF MONEY IN CIRCULATION 1 [Outside Treasury and Federal Reserve banks. In millions of dollars] End of y e m a o r nth or Total G co o i l n d c i G c e a r o t t l i e d f s - S s d i l t a l a a o r v n r l d - e s d r - c c t S v a i e i f e t l r i - e r - - s T n 1 u r o o 8 e r t 9 y f a e 0 s s - S s v a s i u i d r e l b - y r i - - c M n o o i i - r n U S n n t o a i t t t e e e s s d a F n s l e e o r d R t v e e e e s r - - n s b F e e R o a e r r e t n a v d - e k l e - s t b n i N o a o n t n a e - k a s l 1919. 5,091 189 141 244 274 2,916 672 1920_ 5,325 188 219 70 255 95 261 3,256 209 695 1921. 4,403 152 177 237 91 275 2,372 97 705 1922 _ 4,530 136 303 246 93 285 2,373 37 708 1923. 4,757 123 584 374 261 98 306 2,224 14 714 1924 _ 4,760 122 970 390 266 100 297 1,842 706 1925- 4,817 127 1,113 390 275 105 295 1,816 635 1926_ 4,808 122 1,092 397 281 108 297 1,824 5 629 1927. 4,716 115 1,074 400 286 112 293 1,763 4 619 1928- 4,686 108 991 410 291 116 294 1,808 4 616 1929_ 4,578 97 880 417 294 119 265 1,862 3 597 1930_ 4,603 81 1,118 404 281 119 296 1,641 3 623 1931 _ 5,360 122 877 389 271 117 2,603 3 656 1932—January 5,354 120 850 367 260 115 282 2,648 3 677 February... 5,317 119 820 363 260 114 280 2,634 3 691 March 5,172 117 779 355 259 114 274 2,546 3 693 April 5,178 124 758 356 257 114 282 2,551 3 703 May 5,193 148 735 355 257 114 290 2,558 3 702 June 5,408 166 716 353 256 114 2,780 3 701 July 5,439 167 351 254 113 2,838 3 700 August 5,405 162 350 255 113 285 2,793 3 744 September- 5,366 158 644 359 257 113 286 2,731 3 785 October 5,341 158 624 361 257 113 289 2,689 3 817 November.. 5,361 167 635 361 258 113 291 2,675 3 826 December.. 5,388 181 601 371 258 113 294 2,716 3 820 1933—January 5,358 192 591 350 250 111 287 2,707 3 836 February... 6,258 284 649 362 252 111 301 3,405 3 861 March 6,033 80 393 376 258 112 266 3,621 17 879 April 5,716 48 323 360 255 112 261 3,362 50 915 May 5,525 37 280 359 256 112 265 3,167 99 922 June 5,434 34 265 361 257 113 269 3,061 126 920 July 5,343 33 252 365 258 113 275 2,974 129 914 August 5,325 32 242 372 261 114 277 2,953 133 911 September.. 5,363 25 232 385 265 115 280 2,966 156 909 October 5,348 25 225 387 267 116 277 2,930 189 903 November.. 5,455 24 219 394 269 117 285 2,998 206 913 December. _ 5,519 24 213 407 272 117 286 3,044 918 1934—January 5,289 178 391 267 116 283 2,894 202 927 February—_ 5,354 167 399 370 117 289 2,949 194 938 March 5,394 161 403 272 118 289 3,005 178 936 April 157 400 274 118 282 3,025 162 918 May 5,357 153 402 277 120 279 3,038 151 906 June 5,373 150 401 280 119 280 3,068 142 902 July 5,317 146 399 280 121 277 3,044 133 885 August 5,396 143 438 282 122 274 3,103 125 878 September- 5,456 139 483 284 122 274 3,131 119 870 October 5,453 136 510 288 123 273 3,124 112 856 November.. 5,549 133 558 291 124 273 3,176 107 853 December. . 5,536 130 592 294 125 265 3,176 101 820 1935—January 5,380 127 580 287 123 259 3,048 97 827 February.. . 5,467 126 599 289 123 263 3,119 94 823 March 5,493 123 623 290 123 264 3,135 92 810 April 5,478 121 653 294 124 268 3,120 88 778 may 5,540 119 695 296 125 281 3,159 85 747 June 5,568 117 701 297 125 285 3,223 81 704 July 5,518 115 702 298 125 280 3,232 78 654 August 5"" 114 739 298 126 283 3,362 75 596 September. 5,683 112 756 302 127 286 3,439 73 553 October 5,713 111 773 306 128 281 3,495 70 514 November- 5,846 110 812 309 130 284 3,612 487 December. _ 5,882 109 312 131 275 3,667 458 i For description of revision of figures for total money and gold coin in circulation, see Bulletin for July 1935, p. 423, footnote 3, or reprint of this article, Supply and Use of Member Bank Reserve Funds, p. 5, footnote 3. Back figures.—See Annual Report for 1934 (table 49) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

121 MONEY IN CIECULATION No. 39.—PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Coin Paper currency J $50 and over End of month Gold Other $1 $2 $5 $10 $20 $5,000 Total 2 $50 $100 $500 $1, 000 and $10,000 1930 63 436 389 43 661 1,029 1,054 644 64 437 397 43 676 1,059 1,091 704 December 81 437 404 45 696 1,083 1,130 852 1931 71 421 370 41 644 1,012 1,078 789 69 421 371 41 637 1,013 1,078 784 67 422 369 40 630 1,015 1,070 785 65 423 373 41 630 1,021 1,085 847 66 424 377 40 639 1,030 1,090 861 76 425 374 39 644 1,037 1,115 932 Tnlv 76 422 373 39 640 1,041 1,118 949 76 421 378 39 659 1,077 1,178 1,047 September 89 423 382 39 664 1,089 1,226 1,154 100 422 385 39 685 1,136 1,299 1,278 96 422 385 39 682 1,134 1,301 1,281 December 122 421 388 40 684 1,145 1,329 1,336 1932 120 407 366 37 650 1,116 1,329 1,410 119 406 361 37 643 1,113 1,326 1,387 117 404 353 36 624 1,077 1,289 1,343 April 124 401 352 35 629 1,076 1,280 1,349 148 401 353 35 625 1,069 1,275 1,362 T 166 400 350 34 623 1,081 1,313 1,513 July 167 397 348 33 625 1,101 1,335 1,506 162 398 348 33 623 1,097 1,326 1,491 September 158 399 356 33 627 1,102 1,311 1,458 158 400 358 33 629 1,103 1,301 1,435 November 167 401 358 34 628 1,098 1,315 1,434 December 181 400 368 34 635 1,109 1,307 1,435 1933 192 390 350 32 615 1,077 1,311 1,464 284 392 361 33 675 1,190 1,478 1,924 80 399 375 33 729 1 254 1,488 1,778 April 48 395 358 32 688 1 205 1,406 1,664 May 37 396 356 32 660 1,150 1,349 1,554 404 686 153 288 22 June --- 34 397 355 32 654 1,143 1,335 1,490 391 662 145 273 20 July 33 399 360 32 656 1,138 1,312 1,419 377 636 136 254 17 August - 32 403 366 33 664 1,153 1,300 1,380 367 620 131 246 17 September 25 408 380 33 685 1,181 1,302 1,356 362 612 127 239 17 October 25 412 382 33 682 1,178 1,303 1,338 357 607 124 232 19 November 24 415 388 33 702 1,205 1,336 1,358 362 613 125 239 20 December 24 418 402 33 719 1,229 1,342 1,360 364 618 125 237 18 1934 Jaiiii&rV 412 386 32 699 1,173 1,288 1,307 350 593 119 228 16 February 417 393 33 722 1,212 1,304 1,294 347 587 117 225 17 JVIarch 420 397 33 730 1,230 1,302 1,295 346 584 117 230 17 April 422 394 33 722 1,225 1,292 1,287 342 581 117 230 17 May 427 396 33 719 1,225 1,288 1,280 341 579 116 228 16 June 430 396 33 724 1,231 1,293 1,275 342 579 117 225 12 July 431 893 32 719 1,219 1,277 1,254 336 569 113 223 13 August 435 403 33 741 1,250 1,294 1,251 335 568 112 222 14 September 437 411 32 755 1,266 1,311 1,256 336 571 113 223 13 October 442 410 32 752 1,265 1,314 1,252 335 571 112 221 13 November 447 422 32 776 1,300 1,332 1,249 337 571 111 214 15 December. 452 423 32 771 1,288 1,326 1,254 337 577 112 216 12 1935 January 441 401 32 740 1,240 1,293 1,246 336 571 111 214 12 February- 443 407 31 755 1,275 1,314 1,257 340 575 112 217 13 March 445 410 32 754 1,285 1,309 1,267 341 578 113 221 13 April 449 411 32 749 1,266 1,300 1,278 340 580 116 230 13 May - 453 420 32 760 1,290 1,309 1,287 343 588 115 225 15 June 454 419 32 760 1,296 1,309 1,303 349 598 116 225 14 July 455 415 31 755 1,273 1,289 1,303 344 596 116 231 17 August 457 424 32 778 1,324 1,313 1,312 347 598 116 233 18 September 463 433 32 788 1,334 1,321 1,324 349 603 118 232 22 October 467 435 32 787 1,337 1,329 1,336 354 610 119 233 21 November 472 448 32 815 1,380 1,354 1,349 356 617 120 234 22 December 478 460 33 815 1,373 1,359 1,369 358 627 122 239 23 1 Includes unassorted amounts held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Digitized for F2 RSeApSarEatRe f igures for different denominations not available prior to May 1933. http://fraser.stlouis5fe6d0.4o8r—g/3 6 9 Federal Reserve Bank of St. Louis

DISCOUNT RATES AND MONEY RATES 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 125 DOMESTIC MONEY RATES No. 40.—FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] 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 - L S ou 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 - A. Rates on rediscounts for and advances to member banks under sees. 13 and 13a of the Federal Reserve Act In effect Jan. 1,1934.. 2H 2 3H 3 3H 3* VA 1934—Feb. 2 . . Feb 3 2 Feb. 8 2 VA 3 Feb 9 3 3 Feb. 10 3 Feb. 16 2 Mar 16 3 Dec. 15 01/ Dec. 21 VA 1935—Jan. 3 2 Jan. 8 VA 2V£ Jan. 11 VA Jan. 14 2 Jan. 17 2 Jan. 19 2 May 8.. _ 2 May 9 2 May 10 2 May 11 VA May 14 2 In effect Dec. 31,1935. 2 VA 2 VA 2 2 2 2 2 2 2 2 B. Rates on advances to member banks under sec. 10 (b) of the Federal Reserve Act In effect Jan. 1,1934 _ _ 4 4 4 4 5 Hi 4 5 5 4 1934—Mar. 12 4 July 10 4 July 16 Hi 1935—Jan. 14 4 Jan.31i VA. Aug. 26 i 2V£ Sept. 14 Sept. 20 VA 2H Sept. 23 Oct. 3 v/ Oct. 8 V/ Oct. 10 2 Oct. 19 z 2 Oct. 29 VA Nov. 2 In effect Dec. 31,1935. 2H 2 2 2H VA 2M 2H 2K * Sec. 10 (b), as originally enacted, expired by limitation on Mar. 3, 1935. This section was reenacted in amended form by the Banking Act of 1935, approved Aug. 23,1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No, 40.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued [Percent per annum] 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 - L S ou 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 - C. Rates on discounts for and advances to individuals, partnerships,, and corporations under the third paragraph of sec. 13 of the Federal Reserve Act. In effect Jan. 1,1934__ 6 6 6 6 6 6 6 6 6 6 6 6 1934—Mar. 20 5 July 10 53^ 5 July 16 5H July 24 5 In effect Dec. 31,1935_ 6 6 6 5 5M 5 6 5M 6 5 6 6 D. 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. In effect Jan, 1,1934_. 4 4 4 4 4H 4 4H 4H 4H 4 1934—Feb. 8. . 3H Feb. 19 4 Feb. 23 4 Mar. 12 4 Mar. 17 . 4 1935—Feb. 21 4 May 10 May 11 3H In effect Dec. 31,1935. 4 4 3H 4 4 4 4 4H VA 4 4 E. 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 5H 6 6 July 12 4-6 July 13 5-6 July 14 6 July 20 4-6 5-6 1935—Feb 23 4-6 Mar. 22 3H-6 April 9 4^-6 In effect Dec. 31,1935.3K-6 4-6 4-6 4^-6 6 6 5-6 6 4-6 5-6 5-6 F. 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—juiy io 4-5 (2) (3) 5-6 5-6 VA 4^-5 4 July 12 3^-5 July 13 5-6 July 14 5 July 17 4-6 July 20 4-5 1935—Mar. 22 Apr 9 4 In effect Dec. 31,1935. VA 4-5 (2) 4 4-6 5 5-6 VA 4^-5 4 5-6 4-5 > Same as rate charged borrower by financing institution but not less than 4 percent. ! 1 percent below rate charged borrower by financing institution but not less than 4 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOMESTIC MONEY RATES 127 No. 40.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued [Percent per annum] 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 l l a e n v d e- m Ri o c n h d - la A n t t - a C ca h g i o - L S ou 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 - 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 obligated for any loss. 1934—July 10 3 3H 4 5-6 5-6 4^-5 4 July 12 3 July 13 4 July 14.. 5 July 17 4-6 July 20. 3-4 1935—Jan 17 3 Apr. 9 3H Apr 16 3 In'effect Dec. 31,1935. 3 3 3 3H 4-6 5 3 4H 4^-5 4 4 3-4 H. Rates on commitments under the second paragraph of sec. 13b of the Federal Reserve Act. 1934—July 10 V2 1-2 H-i 1-2 4H 1 1-2 July 13 4 1 July 14 4H-2 July 20 1-2 July 28 H-2 Aug. 24 I Aug. 30 1 Sept. 4 1-2 Sept 6 H-2 Sept. 15 y Nov. 21 2 4M-2 1935—Mar 22 H-l Mar. 29..> M-2 Apr 8 1-2 Apr. 9 — . . 1 Apr 10 1 Dec. 4 M-2 In effect Dec. 31,1935. H-i 1-2 V2-2 1 1-2 1-2 1 *H-2 1 K-2 * Flat charge. Back figures.—See Annual Report for 1934 (table 51) and similar tables in previous annual reports. No. 4=1.—FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES 1- CHANGES FROM JAN. 1, 1932, TO DEC. 31, 1935 [Buying rates at the Federal Reserve Bank of New York. ,Percent per annum] Date effective I d t a o y l s 5 16 d a t y o s 30 31 d a t y o s 45 46 d a to y s 60 61 d a t y o s 90 91 d a to y s 120 12 d 1 a y to s 180 In effect Jan. 1,1932.. 3 1932—Jan. 12 2% 3 3 3 Feb. 26 2Y 2% 2% J M un ar e . 2 2 4 5 21/ V 2 iy V2 1933—Feb. 16— y Feb. 27-. Mar. 1 1H Mar. 2 2 2 2 Mar. 3 3/4 Mar. 13 3H Mar. 17 3 3 3 3 Mar. 20 2V2 Mar. 22 2 2 2lA J O u c n t. e 2 2 0 9 _ 1 ] 1 1lA 1 4 In effect Dec. 31,1935.. V2 V2 i Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. Back figures.—See Annual Report for 1934 (table 52) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 42.—SHORT-TERM OPEN-MARKET RATES IN NEW YORK CITY, BY MONTHS, 1932-35 [Percent per annum] Prevailing rate on- Average rate on— Average Stock-exchange U. S. Treasury bills yield on Month co P m ri m m e e r- Prime Stock-ex- call loans i offered within month 2 T U r . e a S s . cial bankers' change ury 3-5 paper, accept- time year mo 4 n -6 ths an d c a e y s, s 90 9 l 0 o a d n a s y , s New Renew- mo 3 n - th mo 6 n - th mo 9 n - th notes 3 bills bills bills 1932—January 2.61 2.65 2.68 February 2.50 2.50 2.66 March 2.50 2.50 2.08 April 2.50 2.50 .77 May.. 2.50 2.50 .43 June 2.50 2.50 .41 July__ 2.08 2.08 .42 August 2.00 2.00 .44 3.00 September 2.00 2.00 .23 2.96 October 1.35 1.35 .18 2.'76 November 1.00 1.00 .18 2.77 December 1.00 1.00 .09 2.50 1933—January 1.00 1.00 .21 2.40 February 1.00 1.00 .49 2.54 March 3.27 3.32 2.29 3.09 April 1.29 1.37 .57 2.90 May -. 1.00 1.00 .42 2.68 June. 1.00 1.00 .27 2.53 July. 1.00 1.00 .37 2.49 August _- .98 .98 .21 2.48 September .75 .75 .10 2.31 October .75 .75 .16 2.32 November .75 .75 .42 2.98 December .94 .94 .70 3.23 1934—January 1.00 1.00 .67 3.11 February 1.00 1.00 .63 0.85 2.80 March.__ 1.00 1.00 .08 .27 2.43 April _ 1.00 1.00 .08 .18 2.05 May.. 1.00 1.00 .06 .14 1.92 June 1.00 1.00 .07 1.73 July 1.00 1.00 .08 1.57 August _-. 1.00 1.00 .20 1.75 September 1.00 1.00 .27 2.25 October 1.00 1.00 .21 2.00 November 1.00 1.00 .22 1.99 December 1.00 1.00 .15 1.78 1935—January - 1.00 1.00 .14 1.60 February 1.00 1.00 .12 0.17 1.42 March 1.00 1.00 .10 .16 1.21 April -. .63 .64 .17 1.20 May .25 .25 .15 1.12 June .25 .25 .13 1.14 July.. .25 .25 .07 1.16 August .25 .25 .10 1.22 September .25 ,25 .22 1.43 October .29 .29 .20 1.37 November .75 .75 .14 1.29 December .75 .75 .09 1.26 1 Monthly averages of daily quotations. 2 When no rate is shown, no bills of the stated maturity were offered. s When no yield is shown, no notes of the stated maturity were outstanding. Back figures.—See Annual Report for 1934 (table 54) and similar tables in previous annual reports, also Federal Reserve Bulletin for May 1936, p. 317. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOMESTIC MONEY RATES 129 No. 43.—SHORT-TERM OPEN-MARKET RATES IN NEW YORK CITY, BY WEEKS [Percent per annum] Prevailing rate on— Week ending (Saturday) 1935 Jan. 5 Jan. 12 Jan.19 Jan. 26 Feb.2 Feb. 9 Feb. 16..... Feb. 23 Mar. 2 Mar. 9 Mar. 16 Mar. 23 Mar. 30 Apr. 6 Apr. 13 Apr. 20 Apr. 27 May 4 May 11 May 18 May 25 June 1 June 8 June 15 June 22 June 29 July 6 July 13 July 20 July 27 Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Sept. 7 1.38 Sept. 14 1.40 Sept. 21 1.55 Sept. 28 1.49 Oct. 5. 1.48 Oct. 12 1.42 Oct. 19 1.33 Oct. 26 1.30 Nov. 2 1.32 Nov. 9 1.28 Nov. 16 1.29 Nov. 23 1.28 Nov. 30 1.29 Dec. 7 1.26 Dec. 14 1.24 Dec. 21 1.25 Dec. 28 1.22 1 Weekly averages of daily quotations. 2 When no rate is shown, no bills of the stated maturity were offered. 3133-day bills. 3 IQQ.rlaTT Vnila 4 Bills maturing on Mar. 16,1936. Back figures.—See Annual Report for 1934 (table 55) and similar tables in previous annual reports, also Digitized foFr eFdeRraAl SREesRe rve Bulletin for May 1936, p. 317. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 44.—RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES, 1923-35 [Weighted averages of prevailing rates. Percent per annum] 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 New York City: January 4.82 5 21 4.16 4.64 4.66 4.56 5.74 5.64 4.24 4.71 4.12 3.58 2.83 February 4.91 5.07 4.43 4.68 4.56 4.44 5.73 5.35 4.31 4.71 4.11 3.43 2.90 March 4.98 5.06 4.53 4.62 4.56 4.59 5.81 5.22 4.20 4.72 4.88 3.31 2.64 April . 5.32 4.98 4.48 4.62 4.63 4.72 5.85 4.91 4.17 4.69 4.33 3.39 2.61 May 5.27 4.89 4.38 4.66 4.63 4.97 5.88 4.74 4.11 4.55 4.24 3.42 2.69 June 5.21 4.64 4.36 4.58 4.60 5.09 5.93 4.59 4.13 4.61 4.10 3.30 2.66 July 5.29 4.21 4.46 4.38 4.56 5.38 5.88 4.48 4.05 4.42 3.93 3.30 2.61 August 5.18 4.09 4.36 4.62 4.41 5.56 6.05 4.41 3.97 4.45 3.97 3.33 2.67 September 5.33 4.20 4.57 4.81 4.44 5.63 6.06 4.29 3.93 4.30 3.79 3.26 2.72 October 5.37 4.41 4.62 4.85 4.49 5.63 6.08 4.26 4.27 4.35 3.76 3.28 2.72 November 5.39 4.13 4.61 4.79 4.35 5.56 5.86 4.17 4.67 4.12 3.52 3.22 2.77 December 5.21 4.29 4.70 4.79 4.50 5.63 5.74 4.16 4.64 4.22 3.48 3.18 2.61 Year 5.19 4.60 4.47 4.67 4.53 5.15 5.88 4.69 4.22 4.49 4.02 3.33 2.70 8 other northern and eastern cities: January 5.34 5.53 4.80 5.14 4.99 4.73 5.87 5.88 4.61 5.07 4.89 4.65 4.08 February 5.38 5.38 4.79 5.11 4.98 4.76 5.86 5.66 4.63 5.13 4.84 4.49 4.02 March __ 5.52 5.37 4.89 5.15 4.88 4.81 5.91 5.47 4.62 5.14 5.39 4.52 4.05 April 5.49 5.31 4.92 5.17 4 90 4.91 6.00 5.22 4.57 5.10 5.09 4.52 3.99 May 5.54 5.26 4.95 5.07 4.95 5.04 6.09 5.13 4.55 5.14 4.99 4.39 3.88 June _ . 5.45 5.12 4.95 4.87 4.93 5.36 6.02 5.06 4.49 5.13 4.97 4.30 3.78 July 5.47 5.09 4.90 4.92 4.90 5.57 6.08 4.81 4.48 5.05 4.82 4.15 3.87 August 5.64 4.80 4.98 4.91 4.87 5.59 6.11 4.79 4.47 5.12 4.68 4.12 3.79 September 5.59 4.87 5.04 5.08 4.77 5.80 6.24 4.74 4.48 5.03 4.65 4.11 3.75 October 5.57 4.87 5.16 5.15 4.79 5.80 6.25 4.75 4.62 4.96 4.51 4.13 3.75 November 5.51 4.80 5.20 5.07 4.82 5.82 6.12 4.66 4.87 4.88 4.54 4.08 3.63 December 5.48 4.87 5.17 5.09 4.76 5.91 5.94 4.68 4.91 4.88 4.59 3.98 3.67 Year 5.50 5.11 4.98 5.06 4.88 5.34 6.04 5.07 4.61 5.05 4.83 4.29 3.86 27 southern and western cities: January _ 5.90 6.02 5.57 5.56 5.72 5.53 5.94 6.12 5.50 5.61 5.60 5.40 4.95 February 5.91 5.91 5.55 5.65 5.71 5.53 5.96 6.05 5.43 5.61 5.56 5.39 4.84 March 5.83 5.89 5.61 5 62 5 65 5.54 6.04 5.98 5.40 5.64 5.66 5.40 4.85 April... 5.94 5.89 5.61 5.65 5.57 5.54 6.07 5.86 5.36 5.63 5.68 5.34 4.80 May 5.92 5.79 5.58 5.61 5 59 5.56 6.10 5.75 5.26 5.64 5.66 5.28 4.79 June 5.91 5.69 5.59 5.55 5.54 5.67 6.16 5.69 5.34 5.62 5.62 5.19 4.76 July. . 5.96 5.63 5.59 5.54 5.52 5.77 6.17 5.63 5.30 5.63 5.54 5.07 4.58 August 5.98 5.57 5.60 5.56 5.53 5.80 6.22 5.58 5.28 5.68 5.53 5.05 4.63 September 5.94 5.55 5.55 5.60 5.61 5.82 6.27 5.55 5.32 5.63 5.55 5.04 4.51 October 5.95 5.47 5.53 5.66 5.56 5.87 6.29 5.54 5.38 5.56 5.50 5.05 4.55 November 5.99 5.53 5.55 5.67 5.56 5.90 6.29 5.50 5.53 5.55 5.42 4.93 4.51 December 5.99 5.53 5.61 5.68 5.60 5.91 6.20 5.43 5.56 5.60 5.43 4.92 4.55 Year 5.94 5.71 5.58 5.61 5.60 5.70 6.14 5.72 5.39 5.62 5.56 5.17 4.69 NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates, which are given in tables 42 and 43. 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 (6) 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 1934 (table 57) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 131 MONEY RATES IN FOREIGN COUNTRIES No. 45.—DISCOUNT RATES OF FOREIGN CENTRAL BANKS, 1935 [Percent per annum] 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. 1,1935 2 4 4 3.65 2H 2 1935—Mar. 25 ZH Apr. 5 Ztt Apr 10 May 3 2H May 16 . _ 4 May 24 3 May 27 4 May 29 6 June 1 5 June 21 5 June 27 __ 4 July 5 4 July 6 m July 18 . . .. July 19 3 July 25 . . 5 July 26 6 Aug. 3 . ._ _ . 5 Aug. 9 3 Aug. 12 Sept. 9 5 Sept. 17 6 Oct. 17 5 Oct. 22 Nov. 5 Nov. 14 ZVi Nov. 15 4 Nov. 22 5 Nov. 26 6 In effect Dec. 31,1935 2 6 4 5 3.65 Back figures.—See Annual Eeport for 1934 (table 58) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 46.—OPEN-MARKET DISCOUNT RATES IN FOREIGN COUNTRIES, 1924-35 [Percent per annum] Nether- Switzer- Year or month England France Germany Italy Japan lands land (London) (Paris) (Berlin) (Milan) (Tokyo) (Amster- (Zurich) dam) 1924 3.46 9.06 4.20 3.50 1925 4.13 5.69 7.65 7.15 7.89 3.10 2.28 1926 - 4.45 5.66 4.92 8.44 7.66 2.84 2.52 1927 4.24 2.89 5.49 7.72 6.87 3.67 3.27 1928 4.16 3.02 6.51 5.47 i 6.39 4.23 3.33 1929 5.26 3.48 6.86 6.69 5.60 4.82 3.32 1930 2.57 2.35 4.42 5.91 5.50 2.08 2.02 1931 3.60 1.56 6.35 5.91 5.48 1.47 1.43 1932 1.87 1.29 4.93 5.79 6.12 .81 1.52 1933 .68 1.59 3.86 3.87 5.44 1.10 1.50 1934 .82 2.01 3.78 3.10 5.19 .89 1.50 1935 .58 3.19 3.15 4.16 5.11 3.18 2.19 1934 January - 1.01 2.12 3.87 3.00 5.29 .50 .50 February . .95 2.59 3.87 3.00 5.29 .78 ] March .95 2.75 3.87 3.00 5.29 1.24 ]L.50 April . . .96 2.70 3.87 3.00 5.29 2.07 ]L.50 May .91 2.60 3.87 3.00 5.26 1.33 ] 50 June - - .91 2.09 3.76 3.00 5.20 .78 ] 50 July .87 1.78 3.75 3.00 5.11 .74 ] 50 August .79 1.75 3.75 3.00 5.11 .75 ]L.50 September .73 1.50 3.81 3.00 5.11 .61 ..5C October .77 1.45 3.81 3.00 5.11 .59 November .45 1.44 3.63 3.19 5.11 .63 : 50 December .57 1.50 3.50 4.00 5.11 .60 L.50 1935 Januarv - . . 3 38 6 2 1. . 7 1 9 2 3 3. . 4 5 1 1 4 4 . . 0 0 0 0 5 5 . . 1 1 1 1 . . 5 58 9 ] 5 5 0 0 .57 2.12 3.38 3.89 5.11 .60 April .59 2.14 3.38 3.50 5.11 3.65 1.80 May .59 2.56 3.09 3.50 5.11 3.78 2.39 June 71 5.72 3.00 3.50 5.11 4.42 2.60 July .65 4.06 3.00 3.50 5.11 3.25 2.79 August .60 3.06 3.00 4.17 5.11 4.78 2 47 September - .58 2.85 3.02 4.87 5.11 5.48 2.40 October .63 2.71 3.04 5.00 5.11 4.70 2.37 November _ .57 3.89 3.01 5.00 5.11 3.15 2.44 December .71 5.89 3.00 5.00 5.11 3.20 2.50 i Average for last 10 months only; figures not available for January and February. See note. NOTE.—Rates apply to bankers' acceptances, except those for Japan, which apply to commercial bills. Annual figures for France, Italy, and Switzerland are averages (based on daily figures) from the monthly bulletin of the Swiss National Bank. The remaining annual rates have been compiled by the Board as follows: For Germany, 1927-35, and for England, averages of daily figures; for Germany, 1925-26, and for Netherlands, averages of monthly averages; for Japan, averages of the means of the monthly highs and lows, 1924-27, and of the means of the monthly high and low prevailing rates, 1928-35. For further 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.—For data by months in earlier years, see Annual Report for 1934 (table 59) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER AND NONMEMBER BANKS 133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS ALL BANKS IN THE UNITED STATES No, 47.—ALL BANKS 1 IN THE UNITED STATES—NUMBER OF BANKS, AND DEPOSITS OTHER THAN INTERBANK DEPOSITS, 1914-35 Number of banks Deposits, other than interbank deposits (in millions of dollars) Date2 Member banks Non b m an e k m s ber Member banks Non b m an e k m s ber Toatlall, Mu- Toatlall, Mubanks Total ti N on a a - l State t s u av al - Other banks Total ti N on a a - l State t s u a a v l - Other ings ings 1914—June 303. 26,274 3 7, 514 3 644318,116 18, 566 3 6, 374 3 3,916 3 8, 276 1915—June 23_. 26,605 7,614 7,597 17 639 18,352 19,131 6,678 6,609 68 3,951 8,502 1916—June 30- 27,041 7,605 7,571 34 632 18, 804 22,759 8,395 8,159 235 4,188 10,176 1917—June 20. _ 27,495 7,652 7,599 53 632 19, 211 26, 352 10,301 9,742 559 4,422 11, 630 1918—June 29.. 28, 334 8,212 7,699 513 636 19, 486 28, 765 15, 671 11, 214 4,457 4,422 8,673 1919—June 30- 28, 600 8,821 7,779 1,042 633 19,146 33, 603 19,170 12,951 6,219 4, 751 9,682 1920—June 30_. 29, 829 9,398 8,024 1,374 631 19,800 37, 72121,915 14,316 7,600 5,187 10, 618 1921—June 30_. 30, 560 9,745 8,150 1,595 634 20,181 35, 742 20,637 12,991 7,646 5,575 9,529 1922—June 30.. 30,158 9,892 8,244 1,648 630 19, 636 37, 61522,397 13, 821 8,575 5,780 9,439 1923—June 30_. 29, 833 9,856 8,236 1,620 628 19,349 40, 68823,871 14, 490 9,380 6,295 10, 522 1923—Dec. 31- 29,505 9,774 8,179 1,595 630 19,101 42,163 24,996 15,231 9, 764 6,455 10, 712 1924—Dec. 31 __ 28, 806 9,587 8,043 1,544 623 18, 596 45, 835 27,836 16, 69411,141 6,898 11,101 1925—Dec. 31. _ 28, 257 9,489 8,048 1,441 621 18,147 49,224 30,029 18,06611,964 7,298 11, 897 1926—Dec. 31.. 27, 367 9,260 7,906 1,354 618 17,489 50,155 30, 474 18, 02212, 453 7,763 11,918 1927—Dec. 31.. 26, 416 9,034 7,759 1,275 618 16, 764 52,909 32,063 19,66212, 401 8,344 12, 502 1928—Dec. 31 _. 25, 576 8,837 7,629 1,208 613 16,126 56, 766 34,826 21,40713, 419 8,849 13,091 1929—Dec. 31 ._ 24, 630 8,522 7,403 1,119 609 15, 499 55,289 33,865 20,29013, 575 8,916 12, 508 1930—Dec. 31.. 22, 769 8,052 7,033 1,019 603 14,114 53, 039 32, 560 20,13812,422 9,507 10,972 1931—Dec. 31- 19, 966 7,246 6,368 878 597 12,123 45,821 27, 432 17, 27110,161 10,105 8,284 1932—Dec. 31.. 18,390 6,816 6,011 805 594 10,980 41, 643 24, 803 16,101 8,701 10,022 6,818 1933—June 30 <_14, 519 5,606 4,897 709 576 8,337 37, 99823, 338 14, 772 8,566 9,713 4,946 Dec. 30.. 15,011 6,011 5,154 857 579 8,421 38, 505 523,771 15, 386 8,385 9,708 5,026 1934—June 30.. 15, 835 6,375 5,417 958 578 8,882 41,870 26,615 17,097 9,518 9,780 5,475 Dec. 31- 16, 042 6,442 5,462 980 579 9,021 ••44, 77028,943 18,51910, 424 9,828 6,000 1935—Mar. 4.. 16, 024 6,422 5,446 976 579 9,023 44, 455 28,589 18, 50210,087 9,837 6,029 June 29. _ 15, 994 6,410 5,425 985 571 9,013 45, 76629,496 19, 03110,465 9,920 6,350 Nov. 1- 15,904 6,400 5,403 997 571 8,933 47, 52231, 072 20,12810,944 9,936 6,513 Dec. 31- 15, 837 6,387 5,386 1,001 570 8,880 48,964 32,159 20,88611, 273 9,963 6,842 r Revised. 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, during the period June 1934-June 1935, private banks which, under the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency; under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the above figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935 (p. 883) and May 1936 (p. 398). 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. « Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 48.—ALL BANKS J IN THE UNITED STATES—LOANS AND INVESTMENTS OF MEMBER AND NONMEMBER BANKS, 1914-35 [In millions of dollars] Loans and investments Loans Investments Date 2 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 a - l State M sav u i t n u g a s l Other banks Total ti N on a a - l State M sav u i t n u g a s l Other w 1914—June 30 20,788 3 8,313 3 3,979 3 8,496 15,257 3 6,443 3 2,124 3 6,689 5,532 3 1, 870 31,855 31,807 1915—June 23_ 21.466 8,764 8,688 76 4,040 8,662 15,653 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 10,050 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, 723 15,413 10, 903 4,510 2,336 6,974 11,847 6,827 4,809 2,018 2,492 2,528 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 2,182 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 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 3 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, 266 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 3,256 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 i 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 1931—Dec. 31 49, 704 30, 575 19, 094 11,482 10,488 8,641 31, 305 19, 261 11, 905 7,356 6,218 5,827 18, 399 11,314 7,189 4,126 4,270 2,814 1932—Dec. 31_ _ 44, 946 27,469 17, 399 10,071 10,182 7,294 26,063 15, 204 9,828 5,376 6,079 4,780 18,883 12, 265 7,571 4,695 4,103 2,514 1933—June 30 * 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 CD 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 1,877 1934—June 30 42,502 27,175 17,011 10,163 9,904 5,423 21,278 12, 523 7,681 4,842 5,648 3,108 21,224 14,652 9,331 5,321 4,256 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 1935—Mar. 4 43, 747 28, 271 18,067 10, 204 9,775 5,701 20,394 11,953 7,479 4,474 5,478 2,963 23,353 16, 318 10, 588 5,730 4,297 2,738 June 29 _. 44, 416 28,785 18,051 10, 733 9,852 5,779 20, 272 11,928 7,353 4,575 5,341 3,003 24,145 16,857 10, 698 6,158 4,511 2,777 Nov. 1 -. 45,008 29, 301 18,449 10,853 9,854 5,853 20,140 11,841 7,292 4,549 5,302 2,997 24,868 17,460 11,157 6,303 4,552 2,856 Dec. 31 45, 715 29, 985 18,951 11,034 9,804 5,929 20,329 12,175 7,494 4,681 5,210 2,944 25, 386 17,810 11,457 6,353 4,594 2,983 CO For footnotes see table 47. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS CO No. 49.—ALL MEMBER BANKS—CONDITION ON DEC. 31, 1935, BY CLASSES OF BANKS [Amounts in thousands of dollars] Central reserve city member n All member Al m l e n m at b io e n r al A m l e l m S b ta e t r e banks Re m se e r m ve b e c r ity C m o e u m n b tr e y r t • " > * banks banks banks banks banks New York Chicago o ASSETS Loans (including overdrafts) 12,175,102 7,494,188 4,680,914 3,433,803 475,929 4,347,492 3,917,878 § TJ. S. Government direct obligations _ 10,500, 527 6,545,407 3,955,120 3, 424, 619 1,060,647 4,075,572 1,939, 689 ^ Securities fully guaranteed by U. S. Government.__ .._ __. 1.767,864 1, 255,397 512,467 400, 511 88, 300 655,791 623,262 o Other securities.. _ 5, 541,381 3,655,698 1,885, 683 1,159,150 242, 761 1,700,900 2, 438, 570 ^ Total loans and investments - 39,984,874 18,950,690 11,034,184 8,418,083 1,867,637 10, 779, 755 8, 919,399 hj Customers' liability on account of acceptances 179, 071 89, 077 89,994 134, 752 6,707 34, 629 2,983 fel Banking house, furniture, and fixtures ___ 991, 684 645,977 345,707 240, 905 24,905 337,198 388,676 O Other real estate owned -. 366, 979 183,110 183,869 31,414 8,007 147, 944 179,614 fej Reserve with Federal Reserve banks _ 5, 573, 212 3,436,909 2,136, 303 2, 540, 738 510, 765 1, 594,481 927,228 W Cash in vault - 664, 778 490,378 174,400 64,912 38, 764 256,151 304,951 £> Balances with private banks and American branches of foreign banks 36, 759 25, 531 11, 228 1,854 10, 455 21,182 3,268 f1 Demand balances with other domestic banks 3, 621, 009 2,798,052 822,957 109, 360 197,970 1, 701,823 1, 611, 856 Time balances with other domestic banks _ _ _ 118, 111 94, 521 23, 590 28 1,050 56, 427 60,606 &j Balances with banks in foreign countries.. 50, 788 37,364 13,424 33, 332 1,656 13,183 2,617 M Due from own foreign branches 5 572 5 572 1,111 4,461 W Cash items in process of collection 2, 254, 755 1, 244, 353 1,010,402 1,133, 206 135, 270 751, 598 234,681 H Cash items not in process of collection 15, 972 12, 036 3,936 1,706 653 7,990 5,623 W Acceptances of other banks and bills sold with endorsement. _ 11,137 7,136 4,001 9,501 398 1,056 182 <1 Securities borrowed . 791 547 244 160 80 551 K Other assets 246, 543 151,927 94, 616 58, 304 39, 079 87, 539 61, 621 Total assets.. ___ 44,122, 035 28,173,180 15,948,855 12, 779, 366 2,843,316 15,795,497 12, 703,856 O LIABILITIES Demand deposits: Individual*, partnerships, and corporations. _ 18, 035, 082 10,893, 787 7,141, 295 6,479, 327 1,301, 023 6,000,997 4, 253,735 ^ U. S. Government 844, 041 583, 248 260, 793 224,194 98, 261 384, 623 136,963 O States, counties, and municipalities 2,139,464 1,667,199 472,265 323,089 208,059 707,315 901,001 &J Banks in United States 5,695, 795 3, 588,578 2,107, 217 2,337,719 521, 571 2,421, 777 414,728 Ul Banks in foreign countries 443,998 202,413 241, 585 410, 012 4,359 28, 244 1,383 Certified and officers' checks, cash letters of credit, and travelers' checks,etc. 881, 706 450,162 431, 544 523, 588 26,934 204.127 127,057 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Time deposits: Individuals, partnerships, and corporations: Evidenced by savings pass books 8,293,860 5, 889, 680 2,404,180 309, 530 362,109 3, 354,884 4,267, 337 Certificates of deposit ___ 815,901 640, 231 175, 670 55,402 18, 708 198, 013 543, 778 Open accounts 548,372 254,442 293,930 225,154 29, 732 236,981 56, 505 Christmas savings and similar accounts 21, 503 12.014 9,489 610 2,782 6,543 11, 568 Postal savings ___ _. 217, 564 186,852 30, 712 2,980 21 78, 533 136,030 States, counties, and municipalities 361,346 308,420 52,926 12,305 4 266, 000 83, 037 Banks in United States 150, 775 121,942 28,833 56 50 134, 294 * 16,375 Banks in foreign countries __. 4,776 3,433 1,343 3,985 791 Total deposits — 38,454,183 24,803,401 13,651, 783 10,907,951 3,573,613 14,023,122 10,949,497 Secured by pledge of loans and/or investments 3,100, 721 2, 360,755 739,966 430, 377 307, 312 1, 454,847 908,185 Not secured by pledge of loans and/or investments 35, 353, 462 22, 441, 646 12,911,816 10, 477, 574 2, 266, 301 12, 568, 275 10, 041, 312 Due to own foreign branches _ _ _. 51,379 30, 540 20, 839 51, 379 Agreements to repurchase securities sold 8,108 2,301 5,807 4,950 1,341 1,817 Bills payable and rediscounts 6,091 3,002 3,089 28 18 6, 045 Acceptances of other banks and bills sold with endorsement 11,137 7,136 4,001 9,501 1,056 182 Acceptances executed for customers 173, 204 84, 603 88, 601 131, 081 6, 776 33,162 2,185 Acceptances executed by other banks for reporting banks.._ __ 24, 367 13, 066 11, 301 16,950 317 6,G66 1,034 Securities borrowed 791 547 244 160 80 551 Interest, taxes, and other expenses accrued and unpaid 68,607 42, 711 25,896 16,973 8,518 28,158 14,958 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures 41, 019 25, 683 15, 336 16, 672 1,943 13. 360 9,044 ft C O a th p e it r a l l i a n b o i t l e it s i e a s nd debentures.._ _ _._ 1 1 3 1 7 5 , , 9 1 7 0 7 0 62,141 1 7 1 5 5 , , 8 1 3 0 6 0 5 2 1 5 , , 2 6 0 5 4 0 22, 2 6 5 8 0 8 3 4 2 6 , , 3 0 0 8 0 6 3 4 1 2 , , 9 9 9 0 9 0 W Capital stock _ _ 2, 518, 640 1,754, 675 763,965 640, 280 136,350 789, 576 952,434 ft U Su n r d p i l v u i s d ed profits—net _ _ 1, 4 7 5 1 8 0 , , 2 5 9 9 2 9 8 3 8 0 6 2 , , 3 0 4 6 7 3 8 1 2 5 4 5 , , 5 9 3 4 6 5 6 1 7 2 2 0 , , 5 6 5 3 1 1 4 1 4 2 , , 5 9 8 7 0 9 5 1 3 5 8 8 , , 9 1 7 8 9 7 4 1 5 6 4 6 , , 4 4 8 9 9 5 Reserves for contingencies 336, 375 150,963 185,412 113,380 34, 789 121,431 66, 775 Retirement fund for preferred stock and capital notes and debentures 6,166 5,001 1,165 25 115 2,575 3.451 Total liabilities (including capital account) 44,122,035 28,173,180 15,948, 855 2, 843, 316 15,795,497 12,703,8,56 Number of banks _ __ __ 6,387 5,386 1,001 14 336 5,999 Back figures—SeeA nnual Report for 1934 (table 62) and similar tables in previous annual reports. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No» 50.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, BORROWINGS, AND CAPITAL STOCK ON DEC. 31, 1935, BY CLASSES OF BANKS CO [Amounts in thousands of dollars] Central reserve city All national All State member banks Reserve city Country All member member member member member 2 banks banks banks banks banks New York Chicago Loans—Total _ 12,175,102 7,494,188 4, 680,914 3,433,803 475,929 4, 347,492 3,917,878 Acceptances of other banks payable in United States 181,011 71, 675 109,336 157,558 1,208 18,987 3,258 o Bills, acceptances, etc., payable in foreign countries __ ._ 28, 917 13,076 15,841 15,678 1,280 10, 259 1,700 Commercial paper bought in open market 271,949 205,048 66,901 5,158 12,032 119,543 135, 216 Loans to banks: On securities 31, 917 19, 958 11, 959 16, 668 5,055 9,078 1,116 All other. __ ._ __ 66,068 43, 657 22,411 25, 036 784 24,481 15,767 Loans on securities exclusive of loans to banks—Total 4,135,686 2,200,895 1,934, 791 1,870,436 177, 730 1,174,008 913,512 To brokers and dealers in New York 1,046,875 312, 998 733,877 1,017,930 500 21,324 7,121 To brokers and dealers elsewhere .. 196, 268 113,197 83,071 59, 970 27, 789 95, 697 12,812 Toothers 2,892,543 1, 774, 700 1,117,843 792,536 149,441 1,056, 987 893, 579 Real estate loans: On farm land _. 251, 215 208, 920 42, 295 259 714 96, 785 153, 457 On other real estate 2,032, 634 1,107,452 925,182 139,990 13,835 997,308 881, 501 Reporting banks' own acceptances . __ - 169, 397 105, 579 63, 818 106, 973 14,109 45,879 2,436 All other loans (including overdrafts) _ 5,006, 308 3,517, 928 1,488, 380 1,096,047 249,182 1, 851,164 1,809, 915 Loans eligible for rediscount with Federal Reserve banks 2,095,040 1,486, 540 608,500 521, 229 88, 855 716, 991 767, 965 U. S. Government direct obligations—Total ._ 10,500,527 6,545,407 3,955,120 3,424,619 1,060, 647 4,075, 572 1,939,689 Bonds - 3,905,485 2, 719, 852 1,185, 633 749, 278 243, 202 1, 723, 794 1,189, 211 O Treasury notes 5,403,466 3,188,093 2, 215,373 1,810, 475 604,119 2,266,626 722,246 Treasury bills 1,191, 576 637,462 554,114 864,866 213,326 85,152 28, 232 2 Securities fully guaranteed by U« S. Government—Total._. 1,767,864 1,255,397 512,467 400,511 88, 300 655,791 623,262 Reconstruction Finance Corporation 241, 404 183,478 57, 926 133,892 81,844 11, 273 % 14, 395 o Federal Farm Mortgage Corporation 435, 506 317, 796 117, 710 27,129 4,048 196,842 207,487 Home Owners' Loan Corporation 1,090, 954 754,123 336,831 239,490 2,408 447, 676 401, 380 GO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Other Securities—Total- 5, 511,381 3,655,698 1, 885,683 1,159,150 242,761 1,700,900 2,438,570 Obligations of: States, counties, municipalities, etc 2,159,097 1, 437, 041 722,056 505, 484 140. 613 717,067 795, 933 Public utilities 855, 647 605,418 250, 229 116. 794 24,336 196,487 518,030 Railroads 821,837 581, 561 240, 276 133, 798 15,190 211, 571 461, 278 Federal land banks 175,161 130, 680 44,481 24, 413 8 53,503 97, 237 Intermediate credit banks 97,829 63, 572 34, 257 56,973 611 35,938 4,307 Joint stock land banks 21, 656 18, 213 3,443 190 11 2,371 19, 084 Territorial and insular possessions 18,418 12, 754 5,664 1,662 219 5,450 11, 087 Real estate corporations 74,325 40,039 34, 286 12, 514 2,926 36,725 22,160 Other domestic corporations 564,032 386,471 177, 561 86,114 24,167 178,022 275,729 Stock of: Federal Reserve banks 130,317 79,382 50, 935 40,123 5,532 41, 020 43, 642 Real estate corporations 48,520 31,451 17,069 1,789 2,238 26,111 18,382 Banks and banking corporations 65, 981 26, 295 39, 686 23, 755 418 28,334 13,474 Other domestic corporations. 264, 654 79,130 185, 524 99, 695 12,806 91,851 60, 302 Foreign securities: Central governments 122,035 77, 456 44, 579 36, 773 8,640 35,478 41,144 Provincial, State, and municipal governments- 57, 054 40, 021 17,033 2,610 3,660 18, 718 32,066 Other foreign securities ._. 64,818 46, 214 18,604 16, 463 1,386 22, 254 24,715 Bills payable and rediscounts—Total. 6,091 3,002 3,089 28 18 6,045 With Federal Reserve banks: Bills payable 3,556 1,596 1,960 3,556 Rediscounts 782 682 100 15 767 All other: Bills payable 1,638 637 1, 001 1,638 Rediscounts 115 87 28 Par value of capital stock—Total- 2, 527,246 1, 761,963 765, 283 640,280 136,350 789,614 961, 002 First preferred 1 564, 583 487, 558 77,025 100, 300 66,000 164,082 234, 201 Second preferred *_. 29,180 21,021 8,159 7,650 21. 530 Common. _ 1, 933,483 1, 253, 384 680,099 ~539,~986" ~76,~350" 617,882 705, 271 i Retirable value exceeds par value, as follows: National banks—First preferred stock, by $9,425,000; second preferred stock, by $304,000. State banks—First preferred stock, by $4,986,000; second preferred stock, by $1,070,000. Back figures.—See Annual Report for 1934 (table 63) and similar tables in previous annual reports. CO CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 51.—ALL MEMBEK BANKS—PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES, 1921-35 [In millions of dollars] Loans and investments l Deposits * Re- Investments serve Bal- Interbank All other Net Bills Call date Total Loans Total o d U m G b e i . r l r o e i e n g n v S c - a t - t . - s O e ti c t e h u s e ri r - b s w F e R a e e r n r i e a t v d k - h l - e s v C a i a n u s l h t b d a w o a n t m n i i c c t k e e h s s s 2 - Total b m D a ti n e o c s k - - sb e F a i o n g r k n - s m U G er . e o n S n v - . t - P S in a o a g l v s s t - - m D a e n - d Time d j m u e T p s a i o t e n e s d d it 4 s d d s e e t u s o p m e b o r j a r v e s e n c e i - t d t s c r p a e o a b a d n u y l i d n e s - t - s c C o a t a u a c p - n l i t - 5 b N b a e u n r m k o s - f tions 1921—Apr. 28 (Thurs.) 24,390 18,487 5,903 2,496 3,407 1,654 564 1,325 22,830 2,665 273 () 13,549 6,343 12,409 14,389 2,313 4,156 June 30 (Thurs.) 24,121 18,119 6,002 2,561 3,441 1,625 530 1,354 23, 350 2,688 390 49 13, 905 6,318 12,271 14, 321 2,022 4,133 9,745 Dec. 31 (Sat.) — 23, 482 17,394 2,581 3,507 1,758 478 1,450 23,247 2,835 306 44 13,656 6,406 12,296 14, 449 1,364 4,093 9,779 1922—Mar. 10 (Fri.)__ 23, 278 17, 080 2,701 3,497 1,723 469 1,614 23,660 3,142 330 43 13, 526 6,620 12,220 14,498 758 4,185 9,816 June30 (Fri.)--- 24,182 17,165 7,017 3,205 3,812 1,835 465 1,647 25, 547 3,124 156 46 15,091 7,129 13,137 15, 539 592 4,214 9,892 Dec. 29 (Fri.)_._ 25, 579 17, 930 7,649 3,754 3,896 1,939 562 1,806 27, 288 3,453 462 58 15, 728 7,587 13,569 16, 203 727 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 3,474 404 58 15,179 8,085 13, 485 16, 086 815 4,356 9,850 June 30 (Sat.)-. 26, 507 18, 750 7,757 3,835 3,922 .,871 429 1,596 27, 088 3,184 296 61 15,229 8,317 13, 595 16, 066 944 4,367 9,856 Sept. 14 (Fri.)_. 26, 319 18, 719 7,600 3,685 3,915 ,869 523 1,640 26, 942 3,166 144 62 15,165 8,404 13,518 15,919 983 4,436 9,843 Dec. 31 (Mon.). 26, 487 18, 842 7,645 3,603 4,042 ,900 561 1,824 28, 507 3,476 237 65 16,144 8,586 13,628 16, 376 808 4,378 9,774 1924—Mar. 31 (Mon.) 26,663 19, 045 7,618 3,534 4,084 494 1,644 28, 270 3,447 292 76 15, 642 8,814 13, 403 16,112 614 4,468 9,681 June 30 (Mon.). 27,167 19, 204 7,963 3, 575 4,387 ,965 504 1,940 29, 566 3,820 179 94 16, 363 9,110 13, 906 16,838 443 4,486 9,650 Oct. 10 (Fri.)-_. 28, 311 19, 713 8,599 3,866 4,733 2,121 528 2,430 30, 795 4,453 302 100 16, 442 9,498 14, 637 17, 804 325 4,594 9,635 Dec. 31 (Wed.). 28, 746 19,933 8,813 3,874 4,939 2,228 2,339 32,384 4,504 242 17, 832 9,707 15, 038 18, 468 408 4,532 9,587 1925—Apr. 6 (Mon.).. 29,046 20,176 3,894 4,975 2,092 523 2,091 31, 249 4,041 412 16, 669 10, 028 14, 761 17, 708 486 4,669 9,531 June 30 (Tues.)- 29, 518 20, 655 8,863 3,780 5,082 2,191 524 2,017 32, 457 3,978 177 17, 922 10, 286 15, 227 18, 277 559 4,690 9,538 Sept. 28 (Mon.)_ 30,176 21,285 3,761 5,129 2,147 525 2,031 32, 075 3,828 278 17, 502 10,372 15, 483 18,259 712 4,688 9,539 Dec. 31 (Thurs.) 30, 884 21, 996 3,728 5,160 2,238 575 2,155 34, 250 4,169 304 96 19,124 10, 557 15, 943 19, 260 733 4,678 1926—Apr. 12 (Mon.). 30, 819 21, 785 9,034 3,805 5,229 2,136 540 1,934 32, 893 3,802 379 17, 758 10, 855 15, 442 18, 392 620 4,826 9, 412 June 30 (Wed.). 31,184 22, 060 9,123 3,745 5,378 2,236 534 1,980 33, 762 3,935 228 96 18, 426 11,077 15, 794 18,804 612 4,832 9,375 Dec. 31 (Fri.) — 31, 642 22, 652 8,990 3,389 5,601 2,210 523 2,066 34, 528 4,003 234 100 18, 852 11, 340 15, 783 18,922 760 4,944 9,260 1927—Mar. 23 (Wed.)_ 31, 949 22, 327 9,622 3,835 5,787 2,321 538 1,896 33, 750 3,388 446 407 106 17, 691 11,711 15, 694 18, 542 546 5,086 9,144 June 30 (Thurs.) 32, 756 22,938 9,818 3,796 6,022 2,280 538 1,968 35, 393 3,508 563 218 107 18, 894 12,103 16, 063 19, 250 541 5,147 9,099 Oct. 10 (Mon.)_. 33,186 23, 227 9,959 3,856 6,103 2,320 539 2,077 35, 476 3,567 581 435 111 18,433 12,348 15, 971 19,170 528 5,295 9,087 Dec. 31 (Sat.) — 34, 247 10,361 3,978 6,383 2,514 523 2,210 36, 657 3,808 733 267 107 19, 083 12, 658 16, 590 20,105 663 5,341 9,034 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1928-Feb. 28 (Tues.). 33,688 23,099 10,590 4,216 6,374 2,367 526 1,941 35,367 3,496 635 86 110 18,227 12,813 16, 093 19, 236 581 5,404 8,983 June 30 (Sat.)-- 35,061 24, 303 10, 758 4,225 6,534 2,342 449 1,897 36, 050 3,263 604 257 108 18, 487 13, 331 16,142 19,191 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 3,597 480 159 117 18, 635 13,159 15, 980 18, 995 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 3, 773 535 262 134 21,167 13,195 16, 503 19, 944 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 3,184 438 411 116 19, 527 13,099 16,057 18, 833 1,153 6,174 8,755 June 29 (Sat.)— 35, 711 25,658 10,052 4,155 5, 898 2,359 433 1,885 35, 866 3,172 515 348 115 18, 663 13, 053 16, 324 18, 977 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 3,264 544 315 120 19,426 12, 974 16, 268 18, 952 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 3,612 698 143 122 20,543 12,862 16, 647 19, 797 879 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 3,307 622 325 128 18, 290 13,112 15, 889 18, 489 347 6,760 8,406 June 30 (Mon.). 35, 656 25, 21410,442 4,061 6,380 2,408 484 2,360 38,069 3,943 726 281 134 19, 643 13, 342 16, 043 19,170 435 6,726 8,315 Sept. 24 (Wed.). 35, 472 24,738 10,734 4,095 6,639 2,415 470 2,463 36, 245 3,918 775 257 144 17, 684 13, 466 15, 787 18, 657 316 6,827 8,246 Dec. 31 (Wed.). 34,860 23,870 10,989 4,125 6,864 2,475 593 2,456 37,029 3,980 784 267 189 18, 796 13, 012 15, 869 18,969 355 6,593 8,052 1931—Mar. 25 (Wed.)_ 34, 729 22, 84011,889 5,002 6,886 2,364 461 2,791 35,902 4,372 669 502 242 17, 031 13, 084 15, 488 18,481 281 6,598 7,928 June30 (Tues.). 33,923 21, 816 12,106 5,343 6,763 2,396 519 2,517 36,123 4,118 667 395 279 17, 696 12, 968 15, 208 18,357 217 6,430 7,782 Sept. 29 (Tues.) 33, 073 20, 874 12,199 5,564 6,635 2,339 554 1,935 33,396 3,309 775 526 360 16, 208 12, 218 14, 666 17, 445 466 6,359 7,599 Dec. 31 (Thurs.) 30, 575 19, 26111,314 5,319 5,996 1,975 523 1,662 30, 711 2,895 425 412 463 15, 753 10, 764 13,658 16, 067 839 5,999 7,245 > 1932— S J e u p n t e . 3 3 0 0 ( ( T F h r u i r . s )_ . _ ) 2 2 8 8 , , 0 0 4 0 5 1 1 1 6 5 , , 9 5 2 8 4 71 1 1 2 , , 4 1 1 2 4 0 5 6 , , 6 3 2 6 8 6 5 5 , , 7 7 8 5 6 5 2 1 , , 2 9 3 9 5 8 4 47 0 8 7 2 1 , , 0 73 4 1 9 2 2 7 8 , , 8 4 3 1 6 7 2 3, , 3 9 3 4 9 0 2 1 1 7 8 9 3 7 8 3 7 8 6 6 1 9 0 5 1 1 3 3 , , 5 7 9 7 5 0 9 9, , 8 9 3 5 1 0 1 1 2 2 , , 3 43 5 3 8 1 1 4 4 , , 6 4 2 8 6 2 8 6 1 9 5 7 5 5 , , 6 5 6 7 1 1 6 6 , , 9 9 8 0 0 4 t t " r1 1 Dec. 31 (Sat.)— 27,469 15, 20412,265 6,540 5,726 2,511 423 2,416 28, 690 3,695 245 475 708 13, 813 9,753 12, 691 15,193 547 5,409 6,816 1933 6-June30 (Fri.)__. 24, 786 12, 85811,928 6,887 5,041 2,235 405 2,008 26, 563 3,146 147 806 788 13, 574 8,102 12, 089 14,156 191 4,837 5,606 Oct. 25 (Wed.)_. 24, 953 13, 05811,894 6,801 5,093 2,651 447 1,917 26, 584 3,077 123 918 781 13, 444 8,241 12,384 14, 389 188 4,908 5,818 Dec. 30 (Sat.)— 25,220 12, 833 12, 386 7,254 5,132 2,678 471 2,031 27,167 3,222 136 967 778 13, 807 8,258 12, 674 14, 821 143 4,962 6,011 1934—Mar. 5 (Mon.)._ 26, 548 12, 70613,842 8,667 5,175 3,148 486 2,376 29, 280 3,768 180 1,790 755 14, 225 8,563 13, 066 15, 582 91 5,006 6,206 June 30 (Sat.)._. 27,175 12, 523 14, 652 9,136 5,515 3,819 473 2,760 31, 012 4,192 163 1,658 585 15,318 9,098 14, 261 17, 067 35 5,105 6,375 Oct. 17 (Wed.)_. 27, 559 12,293 15, 267 9,186 6,081 3,976 550 2,930 32, 285 4,601 140 1,143 472 16, 719 9,210 15, 312 18, 408 24 5,120 6,433 Dec. 31 (Mon.). 28,150 12, 02816,122 9,906 6,216 4,082 609 3,149 33,848 4,703 154 1,636 452 17, 589 9,315 15, 686 18, 851 13 5,054 6,442 1935—Mar. 4 (Mon.).. 28, 271 11,953 16,318 9,821 6,497 4,518 534 3,386 34, 054 5,240 177 1,270 399 17,474 9,493 15, 999 19, 508 17 5,107 6,422 June 29 (Sat.)— 28, 785 11,928 16,856 9,871 6,985 4,933 537 3,396 34, 938 5,114 278 779 307 18, 713 9,747 17, 530 21,045 9 5,114 6,410 Nov. 1 (Fri.)_... 29, 301 11,841 17, 459 10, 080 7,379 5,662 541 3,760 37,178 5, 690 366 650 227 20, 265 9,981 18, 509 21, 436 9 5,172 6,400 Dec. 31 (Tues.). 29, 985 12,175 17,810 10, 501 7,309 5,573 665 3,776 38,454 5,847 449 844 218 21,056 10,041 18,801 22,169 6 5,145 6,387 1 For further classification of loans and investments and deposits, see tables 52 and 53. 2 Prior to Dec. 31, 1935, excludes balancas with private banks to the extent that such balances were reported in "Other assets." Prior to Oct. 25, 1933, excludes time balances with domestic banks which, on that date, amounted to $69,000,000 and which prior to that time were reported in "Other assets." 3 Included in time deposits prior to June 30, 1921. < Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935, less cash items reported on hand but not in process of collection. « Aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, etc. «Beginning June 1933, figures relate to licensed banks only. Back figures.—See Annual Report for 1934 (table 64). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 52.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS, ON CALL DATES, 1928-35 to [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U. S. Govern- 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 - T lo o a t n a s l Total C Y N k b o s T i i r e o u e d t o o r y r t w e - s - k * o se t t T o h i c e u n e o s r ri s - f l a R a O r n e m n d a lo l a e n s e o s t r s O t a e t h t a a n e e t l r e a Jb a p c B o a R n $ c o w n c e e r k e p - t n - s s t • - O c c u w a u u n s t n h e r i r s s e e - d e e e d d r - - b L a o t n o a k n s s Total U a a c p b A n n e a P l c i p c e y t e u - e t - i - s r d n ch a a b B p a s r a b i e o l y l d l a e - s d pa b p C p m o c a e u o i p e a r m g r e l h - r - t k L C Y N e b o i r t r o e t s o o a y r w n - k i i n s Total D m i e re n t c t i t o o n a b F g s n l u u i t g e a l a l e r y - - d s O e ti c t e h u s e ri r - States TOTAL—ALL MEMBER BANKS 1928—Oct. 3 34,929 24, 325 21, 240 850 5,/96 421 2,668 11, 507 548 2,537 80 101 457 1,899 10, 604 4,386 6,218 Dec. 31 35,684 25,155 21, 460 975 6,373 412 2,711 10,991 538 3,158 109 103 390 2,556 10, 529 4,311 6,217 1929—Mar. 27 „ 35,393 24, 945 21,903 1,014 6,526 403 2,720 11, 240 548 2,493 146 93 1,879 10, 448 4,454 5,994 June 29 35,711 25,658 22, 517 921 6,813 404 2,760 11,618 670 2,471 108 90 249 2,025 10,052 4,155 5,898 D O e c c t. . 4 3 . 1 3 3 5 5 , , 9 9 3 1 4 4 2 2 6 6 , , 1 16 5 5 0 2 23 3 , , 1 2 9 4 4 9 9 8 3 0 9 3 7 7 , , 1 6 7 8 0 5 3 38 9 8 2 2 2 , , 8 7 0 6 3 0 1 11 1 , , 9 5 8 1 8 5 6 7 4 1 0 4 2 2, , 2 2 4 7 2 5 2 9 1 3 2 8 7 0 0 2 2 9 2 1 8 1 1 , , 8 6 8 6 5 0 9 9 , ,7 7 4 8 9 4 4 3, , 8 0 6 2 3 2 5 5 , , 7 9 2 2 7 1 1930—Mar. 27 35,056 25,119 21, 495 706 7,024 394 2,776 10, 595 527 3,097 175 79 499 2,344 9,937 4,085 5,852 June 30 35, 656 25,214 21, 566 819 7,242 386 2,769 10, 349 535 3,113 170 71 507 2,365 10, 442 4,061 6,380 Sept. 24 35,472 24, 738 21,010 774 7,090 387 2,776 9,982 466 3,262 205 62 523 2,472 10, 734 4,095 6,639 Dec. 31 34,860 23,870 21,007 675 7,266 387 2,847 9,831 631 2,233 315 55 366 1,498 10, 989 4,125 6,864 1931—Mar. 25 34, 729 22,840 19,940 575 386 2,834 () 446 2,454 361 101 361 1,630 11,889 5,002 June 30 33,923 21,816 19, 257 515 6,602 388 2,830 178 8,744 457 2,103 389 113 384 1,217 12,106 5, 343 6,763 Sept. 29 33,073 20,874 18, 713 521 6,321 376 2,773 130 8,592 599 1,563 268 70 296 928 12,199 5,564 6,635 Dec. 31 30, 575 19, 261 17, 570 391 5,899 359 2,678 116 8,126 790 901 146 41 140 575 11,314 5,319 5,996 1932—June 30 28,001 16, 587 15,267 283 5,009 362 2, 531 189 6,892 573 747 313 34 122 278 11,414 5,628 5,786 Sept. 30 28,045 15,924 14,497 258 4,828 368 2,517 158 6,368 457 970 407 34 115 414 12,121 6,366 5,755 Dec. 31 27,469 15,204 13,905 241 4,608 356 2,505 225 5,970 444 855 375 30 93 357 12, 265 6,540 5,726 1933—June 30 3 24,786 32,858 11,337 165 3,752 2,064 192 4,857 330 1,191 291 25 87 788 11,928 6,887 5,041 Oct.>25_ 24,953 13,059 11, 523 178 3,631 311 2,052 257 5,092 297 1,238 303 24 164 748 11,894 6,801 5,093 Dec. 30 - 25, 220 12,833 11,315 166 3,606 318 2,041 213 4,972 287 1,231 223 37 132 480 12,386 7,254 5.132 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1934—Mar. 5__ 26, 548 12, 706 11,093 164 3,480 298 2,084 250 4,817 225 1,387 350 26 157 855 13,842 8,667 181 4,995 June 30... 27,175 12, 523T 10,804 208 3,309 288 2,068 210 4,721 153 1,566 264 20 200 1,082 14, 652 9,137 *276 5, 239 Oct. 17.. 27, 559 12, 293 10, 782 167 3,158 266 2,030 229 4,932 149 1,361 276 30 253 802 15, 267 9,186 709 5,372 Dec. 31.. 28,150 12,028 10, 509 187 3,110 262 2,012 232 4,708 155 1,363 256 31 232 843 16,122 9,906 5,227 1935—Mar. 4__ 28, 271 11, 953 10, 420 184 3,031 263 1,987 207 4, 748 133 1,400 235 o4 255 875 16, 318 9,821 1,200 5, 298 June 29— 28,785 11, 928 10,369 192 2,931 259 2,019 135 4,834 119 1,440 201 17 247 975 10,857 9,871 1,558 5,427 Nov. 1.... 29, 301 11,841 10,465 179 2,885 252 2,027 159 4,963 94 1,282 154 27 260 841 17, 460 10,080 1,764 5,615 Dec. 31... 29,985 12,175 10, 548 196 2,893 251 2,033 169 5,006 98 1,529 181 29 272 1,047 17,810 10, 501 1,788 5,541 NEW YORK CITY 5 1928—Oct. 3— 7,197 5,254 3,920 45 1,491 130 8 2,253 287 1,048 50 55 63 880 1,942 1,130 813 Dec. 31— 7,951 6,018 3,940 50 1,658 132 (2) 2,100 288 1,791 61 61 29 1,639 1,933 1,094 839 1929—Mar. 27.. 7,726 5,754 4,253 52 1,692 148 (2) 2,361 251 1,250 59 52 37 1,102 1,972 1,135 838 June 29— 8,160 6,341 4,532 63 1,814 173 2,480 314 1,495 58 58 21 1,359 1,819 1,006 813 Oct. 4... 8,150 6,344 4,846 46 1,898 175 8 2,726 302 1,196 59 33 8 1,096 1,807 989 817 Dec. 31.. 8,774 6, 683 4,964 55 2,145 169 2,595 322 1,396 128 46 21 1,202 2,091 1,112 979 1930—Mar. 27 _. 8,238 6,192 4,338 60 1,876 150 8 2,252 199 1,655 89 40 49 1,477 2,046 1,150 897 J S D u e e n c p . e t. 3 3 2 1 0 4 - - . 8 8 8 , , , 7 5 5 9 5 8 8 7 2 6 6 6, , , 1 5 3 4 9 5 7 6 9 4 4 4 , , , 3 2 3 0 7 3 9 8 8 1 8 6 0 6 8 4 2 1 1 , , , 9 9 0 5 1 3 4 5 3 1 1 1 5 4 5 7 7 7 ( ( 2 2 ) ) 2 2 2 , , , 1 0 0 2 9 5 9 0 4 1 1 2 9 6 8 6 9 3 2 1 1 , , , 0 5 9 9 2 1 1 5 2 1 1 1 4 4 8 8 4 8 2 2 2 9 8 2 3 2 3 5 2 4 1 1 1 , , , 2 8 7 8 8 1 1 3 4 2 2 2 , , , 2 1 4 0 9 3 3 8 5 1 1 1, , , 2 1 0 3 4 9 9 7 1 1 1 1 , , , 1 1 0 0 9 5 7 7 6 1931—Mar. 25.. 8,473 5,811 4,007 121 1,839 149 (2) 1,896 154 1,651 199 51 35 1,367 2,662 1,466 1,196 June 30— 8,287 5,486 3,839 127 1,770 160 1,627 150 1,497 296 44 94 1,063 2,801 1,656 1,145 Sept. 29. 8,253 5,220 3,850 116 1,699 152 1,777 250 1,121 201 33 48 839 3,032 1,830 1,202 Dec. 31.. 7,460 4,763 3,694 87 1,641 153 155 1,735 374 695 107 17 29 542 2,697 1,768 928 104 1932—June 30- 6,715 3,682 2,856 65 1,279 159 17378 1,216 260 565 262 21 23 258 3,033 2,008 1,025 Sept. 30. 7,112 3,604 2,638 63 1,237 154 90 1,094 203 763 341 18 14 391 3,508 2,429 1,079 Dec. 31.. 7,327 3,538 2,621 61 1,186 159 148 1,066 216 701 330 15 19 337 3,789 2,603 1,186 -June 30 '_ 7,133 3,424 2,297 38 1,044 157 120 937 162 964 224 10 10 720 3,709 2,551 1,158 Oct. 25— 6,971 3,470 2,436 47 985 149 179 1,075 143 891 233 8 27 624 3,501 2,320 1,181 Dec. 30— 6,995 3,453 2,395 45 989 147 130 1,084 146 912 170 17 19 706 3,542 2,362 1,179 1934—Mar. 5__ 7,351 3,419 2,321 47 938 155 171 1,009 112 986 276 8 14 687 3,932 2,768 105 1,059 June 30_. 7,666 3,401 2,202 55 882 155 144 965 68 1,131 225 10 13 883 4, 265 3,053 * 157 «1,056 Oct. 17.. 7,545 3,243 2,294 50 826 150 159 1,108 66 883 232 12 8 631 4,300 2,954 237 1,109 Dec. 31.. 7,761 3,159 2,202 54 820 139 164 1,024 63 894 210 16 6 662 4,602 3,246 278 1,078 1935—Mar. 4... 7,783 3,155 2,198 56 805 139 145 1,054 52 904 203 19 4 678 4,628 3,200 1,131 June 29— 8,303 3,319 2,146 58 783 138 82 1,085 48 1,126 183 7 5 930 4,983 3,462 348 1,174 Nov. 1—. 8,167 3,199 2,185 59 775 136 101 1,114 35 979 135 12 4 828 4,968 3,340 405 1,223 Dec. 31... 8,418 3,434 2,196 60 793 140 107 1,096 42 1,196 158 16 5 1,018 4,985 3,425 401 1,159 See footnotes at end of table. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 52.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS, ON CALL DATES, 1928-35—Continued [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U. S. Govern- 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 - T lo o a t n a s l Total C Y N b k o s T r i i e o u e o d t o r y r t - w e s - k * o se t t T o h i c e u n e o s r ri s - f l R a a O r n e m n d a lo l a e n e s o s t r s O t a e t h a t a n e e t l r e a b a c p o a R n i c o w n n c e e r g - k e p n t- s s t' ' O c c u w a u u n s t n e r h r i s s - e e d e e e d d r - -L ba o t n o a k n s s Total U a a c p b A n n e a P l c i c p e y t u - e e t - i - s r d n ch a a b B p a s r b a i e o l y l d l a e - s d pa b p C p m o c a e u o i p e a r g m r e l h - r - t k L C Y N e b o r i r t o e t o s o a y r w - n k * i s n Total D m ir e e n c t t i t o o n a b F g s n l u u i t g e a l a l r e y - - d s O e ti c t e h u s e ri r - OTHER RESERVE CITIES 1928—Oct. 3 — 14,121 10,186 9,096 2,694 127 1,409 4,178 214 875 199 640 3,935 1,894 2,041 Dec. 31 14,066 10,221 9,267 818 2,916 121 1,426 3,986 213 742 18 150 540 3,844 1,836 2,008 1929—Mar. 27 13,925 10,189 9,286 848 2,892 114 1,395 0) 4,036 258 645 43 147 423 3,736 1,896 1,840 June 29 13, 832 10, 222 9,434 753 2,965 115 1,388 (2) 4,213 308 480 17 88 349 3,611 1,765 1,846 D O e c c t. . 4 31 1 1 3 3 , , 7 9 8 8 6 4 1 1 0 0 , , 5 5 3 9 2 5 9 9 , , 7 7 7 4 5 8 767 3 3 , , 3 1 0 0 9 2 1 11 1 1 2 1 1 , , 3 4 7 4 9 8 8 4 4 , ,4 2 1 1 5 4 2 34 9 8 4 4 5 3 2 8 6 5 8 1 1 7 0 5 8 4 2 1 5 3 0 3 3 , , 3 2 8 5 8 3 1 1, , 4 6 8 7 4 1 1 1 , , 7 7 1 6 7 9 1930—Mar. 27 13, 575 10,159 8,951 553 3,051 115 1,429 3,802 263 945 59 242 609 3,416 1,662 1,754 June 30.. 13, 701 10,016 9,029 660 3,151 112 1,413 3,693 278 710 18 301 353 3,685 1,686 1,999 Sept. 24 _ 13,972 10,025 8,726 599 3,033 112 1,414 3,567 234 1,064 54 337 643 3,947 1,785 2,161 Dec. 31 13, 758 9,723 8,906 513 3,143 122 1,509 3,620 286 531 122 212 167 4,035 1,727 2,308 1931—Mar. 25._. _ 13, 966 9,289 8,409 390 2,976 123 1,496 3,424 235 645 158 212 227 4,676 2,313 2,364 June 30 13, 567 8,818 8,100 340 2,848 128 1,493 3,270 247 471 91 189 124 4,749 2,408 2,342 Sept. 29 13,016 8,455 7,845 362 2,730 122 1,463 3,143 284 326 67 167 56 4,561 2,301 2,260 Dec. 31 12,115 7,890 7,407 276 2,530 121 1,417 3,028 347 135 35 62 16 4,228 2,133 2,093 1932—June 30 11,045 6,891 6,519 198 2,205 125 1,282 2,661 254 118 62 4,154 2,187 1,966 Sept. 30 _._ 10,979 6,553 6,196 178 2,127 126 1,280 2,421 205 151 65 4,427 2.465 1,961 Dec. 31—. — 10, 535 6,173 5,879 164 2,005 122 1,278 2,237 178 115 46 12 4,362 2,462 1,900 1933—June 30 s 9,780 5,159 4,846 111 1,590 126 1,035 1,915 129 184 51 58 4,621 2,867 1,754 Oct. 25. 9,951 5,306 4,912 117 1,542 122 1,022 75 2,033 120 274 91 100 4,645 2,889 1,757 Dec. 30 10,157 5,158 4,797 106 1,524 122 1,030 1,937 103 258 78 5,000 3,209 1,790 1934—Mar. 5 10, 816 5, 053 4,669 101 1,465 117 1,041 1,870 79 306 89 138 5,763 3,954 75 1, 734 June 30 11,054 4,950 4,586 138 1,388 118 1,027 1,853 53 311 115 6,104 4,102 4 94 1,908 Oct. 17 11,367 4,945 4,562 102 1,319 105 1,015 1,956 55 328 151 123 6,423 4,240 257 1,926 Dec. 31 11, 609 4,845 4,459 118 1,294 103 1,005 1,873 65 320 135 131 6,764 4,155 356 1,857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1935—Mar. 4 11,739 4,807 4,436 113 1,251 105 1,909 315 13 142 134 6,933 4,601 453 1,878 June 29 11,743 4,650 4,425 120 1,216 101 1,019 1,917 175 125 26 7,093 4,478 658 1,957 Nov. 1... 12,313 4,724 4,522 107 1,209 93 1,020 2,034 162 124 10 7,589 4,865 751 1,973 Dec. 31—. 12, 647 4,823 4,599 123 1,205 97 1,011 2,100 185 132 22 7,824 5,138 744 1,944 COUNTRY BANKS 1928—Oct. 3 13, 612 8,885 8,225 117 1,610 294 1,129 5,075 614 17 195 378 4,727 1,352 3,365 Dec. 31 13, 667 8,915 8,254 107 1,799 290 1,154 4,904 625 211 376 4,751 1,332 3,370 1929—Mar. 27 13, 741 9,001 8,364 114 1,942 289 1,176 4,843 598 192 354 4,740 1,424 3,316 June 29 13, 719 9,095 8,551 105 2,034 237 1,199 4,926 496 140 316 4,623 1,384 3,240 Oct. 4 13, 780 9,226 8,627 125 2,170 279 1,205 4,847 553 144 376 4, 554 1,361 3,193 Dec. 31 13,375 8,936 8,481 83 2,231 276 1,188 4,705 403 163 203 4,439 1,267 3,172 s 1930—Mar. 27 13,243 8,768 8,206 93 2,097 279 1,198 4,541 497 207 258 4,475 1,273 3,202 June 30 13,157 8,602 8,229 90 2,137 274 1,201 s 4,527 312 171 129 4,554 1,229 3,326 Sept. 24 12,944 8,354 8,007 88 2,112 275 1, 205 4,326 164 115 4,589 1,219 3,370 Dec. 31 12, 519 8,001 7,762 59 2,090 254 1,191 4,158 120 49 4,519 1,159 3, 359 1931—Mar. 25 12, 290 7,740 7,524 64 2,033 251 1,188 3,978 158 114 36 4,550 1,224 3,326 June 30 ___ 12,068 7,513 7,318 47 1,984 230 1,177 3,847 135 101 30 4,555 1,279 3,276 Sept. 29 11,805 7,199 7,018 43 1,892 254 1,157 3,672 116 81 32 4,605 1,433 3,172 Dec. 31 10,999 6,469 28 1,728 237 1,109 3,362 71 16 4,392 1,418 2,974 1932—June 30 _.. 10,240 6,014 5,892 20 1,525 238 1,090 3,015 64 36 13 4,226 1,432 2,794 Sept. 30 9,954 5,767 5,663 17 1,464 241 1,084 2,854 55 36 4,187 1,471 2,715 Dec. 31 9,607 5,493 5,405 15 1,417 234 1,070 2,667 39 28 4,114 1,474 2,640 1933—June 30 3 7,873 4,275 4,194 15 1,117 182 873 2,005 43 27 3,598 1,469 2,129 Oct. 25 _ 8,031 4,283 4,175 14 1,104 189 881 1,984 73 46 3,748 1,592 2,156 Dec. 30 8,068 4,223 4,123 15 1,092 198 865 1,952 62 34 3,845 1,683 2,162 1934—Mar. 5 _... 8,381 4,234 4,103 16 1,077 181 887 1,937 95 54 4,148 1,946 2,202 June 30 8,456 4,172 4,016 14 1,039 170 886 1,903 124 72 4,283 1,982 * 2, 276 Oct. 17... 8,649 4,105 3,926 15 1,012 161 885 1,868 150 95 4,545 1,992 215 2,337 Dec. 31.... 8,780 4,025 3,849 14 158 867 1,810 149 92 4,756 2,108 355 2,293 1935—Mar. 4..__ 8,749 3,991 3,786 16 157 1,785 181 109 4,757 2,020 448 2,289 June 29 8,739 3,959 3,798 13 932 158 1,831 139 116 4,780 1,931 553 2,296 Nov. 1 8,821 3,919 3,758 13 902 154 871 1,815 141 132 4,903 1,875 609 2,419 Dec. 31 8,919 3,918 3,754 13 894 153 1,810 147 135 5,002 1,940 623 2,439 i Loans (secured by stocks and bonds) to brokers and dealers in securities. »Included in following column, prior to June 1931. 3 Beginning June 30, 1933, figures relate to licensed banks only. * An estimated small amount of Home Owners'Loan Corp3rationb3nds guaranteed by the II. S. Government as to both interest and principal are included in "other securities." « Central reserve city banks only. Back figures.—Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Xo. 53.—ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-35 [In millions of dollarsj Demand deposits Time deposits Call date b s s w F e e a R R e e r r n r i e e v a t d v k - h - l e - e s s v C a i a u n s l h t b a w m a B n d t n i i e a o c c k t s l e - h - s - s i p c t i e p C a i t o o s o e r r s l a r s o e l m n t s e - c i e o h c n s 2 - d f - b m D a I t n n i e o c t k s - e - s rb b a e F a n i o n g k r k n - s m U G er . e o n S n v - . t - P fu u n b d li s c c l c C h e e c c r o a f t e t e e i e a o f n c t e c f r r s d e f d . d i t s k h 3 - r i i ' t s s - , , s t p I p u i h v n e c n o o a a o t e i i d r n c d r p l r r a s t . i s - - - s - - , - , , ju d i m t s e s D t a p e a e n o d d - d s - * - b m D a I t n n i e o c t s k - e - s rb b a e F a n i o n g k r k n - s f P u l u n ic b d - s P i s n t a o a g v l s s - - s d b a e E p o v b n a v o i I y c s n n k i s e - g s d d s iv c i d o C i d c e r e u a p p o i r t a t o o f t e i l r s f s s a - - , t i p o c O a n o r a s p u t c , n e n - e e n t t s r c s . h s s C c i a i p o m m a h v a s u n r i c , a i n n i d - l s s a g t t s r s - r B i o n o w g r s - - TOTAL—ALL MEMBER BANKS 1928—Oct 3 2,348 519 2,026 2,655 3,462 480 159 1,243 1,134 16,258 15,980 114 405 117 9,703 1,882 1,:69 1,154 Dec. 31 2,409 564 2,124 4, 665 3,649 535 262 1,300 2,264 17, 604 16,503 124 418 134 9,810 1,895 1,071 1,162 1929—Mar. 27 2,339 517 1,741 3,470 3,070 438 411 1,385 1,819 16,323 16,057 113 429 116 9,728 1,832 1,110 1,153 June 29 2,359 433 1,885 2,339 3,092 438 348 1.512 849 16,303 16,324 80 78 477 115 9,834 1,745 997 1,198 Oct. 4 . 2,322 497 2,005 3,158 3,153 431 315 ,224 1,489 16, 713 16, 268 111 112 491 120 9,604 1,743 1,136 1,150 Dec. 31 -__ 2,374 658 2,167 3,896 3,517 544 143 1,335 1,681 17, 526 16, 647 95 154 595 122 9,592 1,741 934 879 1930—Mar. 27 2,353 497 1,902 2,401 3,204 446 325 ,446 1,211 15, 633 15,889 103 176 536 128 9,626 1,811 1,140 347 June 30 2,408 484 2,360 3,600 3,832 501 281 568 1,581 16, 494 16,043 112 224 571 134 9,678 1,862 1,233 435 Sept. 24 _ 2,415 470 2,463 1,897 3,817 542 257 ,276 846 15, 562 15, 787 101 234 572 144 9,632 1,960 1,303 316 Dec 31 2,475 593 2,456 2,926 3,873 547 267 ,362 1,294 16,139 15, 869 107 238 509 189 9,591 1,885 1,027 355 1931—Mar. 25 , 2,364 461 2,791 1,543 4,236 468 502 ,479 693 14,860 15,488 135 201 530 242 9,446 1, 928 1 180 281 June 30 2,396 519 2,517 2,488 4,004 512 395 L, 556 1,074 15,066 15,208 114 155 508 279 9,316 1,906 1,237 217 Sept. 29 2,339 554 1,935 1,542 3,222 663 526 ,350 682 14,177 14, 666 86 112 440 360 8,768 1,787 1,223 466 Dec 31 1,975 523 1,662 2,095 2,832 398 412 ,303 797 13,652 13, 658 63 26 388 463 8,134 1,472 771 839 1932'—June 30 1,998 478 1,731 1,337 2,870 172 387 1,314 566 11,890 12,433 70 7 337 610 7,491 1,350 772 815 Sept. 30 . 2,235 407 2,049 1.237 3,269 213 738 L,034 514 12,047 12,358 70 5 342 695 7,258 1,381 851 697 Dec. 31 2,511 423 2,416 1,122 3,609 243 475 .119 422 12,273 12,691 87 1 342 708 7,259 1,352 799 547 1933—June 30 s 2,235 405 2,008 1,485 3,057 145 806 1,087 657 11,830 12,089 89 1 300 788 6,127 1,038 7 579 59 191 Oct 25 2,651 447 1,917 1,060 2,990 117 918 1.106 465 11,873 12,384 87 6 270 781 6,261 989 7 647 74 184 Dec. 30 2,678 471 2,031 1,132 3,139 129 967 ]L,320 378 12,109 12,674 83 7 301 778 6,429 900 7 610 18 183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1934— Mar. 5.. 3,148 486 2,376 1,159 3,676 173 1,790 1,425 549 12,252 13,066 92 7 305 755 6,747 880 7 595 36 91 June30. 3,819 473 2,760 1,057 4,070 155 1,658 1,598 372 13,349 14,261 122 8 333 585 7,168 931 ?605 59 35 Oct. 17.. 3,976 550 2,930 1,407 4,466 136 1,143 1,680 590 14,449 15,312 135 4 294 472 7,352 934 550 80 24 Dec. 31.. 4,082 609 3,149 1,903 4,569 147 1,636 1,799 838 14,951 15,686 134 7 294 452 7,599 882 520 19 13 1935—Mar. 4.. 4,518 534 3386 1,475 5,095 169 1,270 1,861 741 14,872 15,999 145 8 290 399 7,746 884 533 40 17 June 29. 4,933 537 3396 1,183 4,978 273 779 2,091 417 16,206 17,530 136 5 285 307 7,986 869 543 65 Nov. 1_. 5,662 541 3760 1,756 5,558 361 650 2,251 686 17, 327 18, 509 132 6 310 227 8,142 821 623 85 Dec. 31.. 5,573 665 3776 2,255 5,696 444 844 2,139 882 18,035 18,801 151 5 361 218 8,294 816 548 22 * ^ NEW YORK CITY • 1928—Oct. 3.... 722 53 82 1,443 950 421 28 71 783 4,478 3,889 66 11 20 560 66 478 285 Dee. 31.. 809 65 120 3,140 1,213 470 52 133 1,765 5,488 4,245 57 10 19 588 77 518 390 1929—Mar. 27.. 766 60 127 2,386 922 375 136 90 1,488 5,032 4,225 45 6 18 636 75 510 234 June 29.. 784 57 157 1,189 1,019 379 78 144 511 5.035 4,500 iiT61 7 18 639 69 401 360 Oct. 4___. 735 58 196 1,998 940 365 71 75 1»163 5,054 4,295 47 93 20 18 633 80 483 165 Dec. 31.. 827 68 179 2,406 1,198 464 20 128 1,180 5,847 4,750 40 133 33 18 617 77 417 179 1930—Mar. 27.. 793 63 112 1,555 959 364 91 61 945 4,927 4,377 42 144 25 19 636 101 494 39 June 30.. 814 58 156 2,503 1,311 423 79 123 1,245 5,602 4,467 50 184 16 18 642 107 548 116 Sept. 24.. 858 49 106 1,105 1,106 445 56 68 596 4,841 4,400 40 169 17 17 643 79 548 47 Dec. 31., 899 95 145 1,794 1,349 463 37 110 865 5,482 4,663 37 182 13 38 452 96 477 37 1931-Mar. 25.. 831 47 133 893 1,340 388 142 107 435 4,882 4,532 33 144 26 49 409 124 518 27 June 30.. 847 54 136 1,594 1,352 432 116 152 780 5,098 4,436 24 115 33 50 399 117 537 17 Sept. 29.. 883 68 102 866 1,135 568 129 137 458 4,816 4,544 6 79 19 60 342 109 520 36 Dec. 31.. 665 54 105 1,168 988 333 167 180 480 4,803 4,295 2 21 11 64 320 86 325 61 1932—June 30... 772 52 96 722 1,103 146 118 117 359 4,287 4,041 3 5 10 68 309 97 310 14 Sept. 30... 971 42 98 687 1,346 187 306 67 350 4,350 4,081 4 4 20 76 308 137 341 1 Dec. 31... 1,132 47 115 491 1,562 216 173 93 177 4,540 4,319 6 1 7 80 315 146 382 13 1933—June 30«.. 846 46 101 874 1,255 127 332 96 461 4,676 4,358 22 1 4 110 280 133 251 Oct. 25.... 968 42 90 553 1,215 100 379 71 299 4,513 4,330 1 5 10 106 282 121 272 31 Dec. 30... 903 47 93 476 1,200 112 422 141 167 4,494 4,325 1 6 14 107 278 97 244 5 1934—Mar. 5.. 1,170 67 91 631 1,402 154 843 109 368 4,422 4,268 7 13 105 284 83 231 June 30_ 1,417 64 97 415 1,591 135 802 167 154 4,894 4,800 1 7 12 69 293 106 246 Oct. 17-. 1,443 64 84 666 1,689 116 559 201 360 5,107 5,001 1 3 8 65 290 112 216 Dec. 31.. 1,576 86 103 1,069 1,798 126 792 229 540 5,370 5,069 1 7 4 56 292 94 204 1935—Mar. 4__ 1, 856 58 86 810 2,047 147 572 190 500 5,329 5,209 1 7 4 44 298 88 207 June 29 _ 1,935 51 133 447 1,983 248 369 354 149 5,924 5,979 4 6 27 301 75 186 Nov. 1... 2,590 54 109 873 2,203 327 219 468 413 6,104 6,112 4 13 3 304 66 304 Dec. 31.. 2,541 65 111 1,133 2,338 410 224 323 524 6,479 6,193 4 12 3 310 55 225 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 53,—ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-35—Continued fin millions of dollars] 00 Demand deposits Time deposits Cash se R rv e- es a B n a c l e - s ite re m - s Interbank C f e i r e t d i- I v n i d d i - - De- Interbank Indiv co id r u po al r s a , t i p o a n r s t , n e e t r c s . hips, Call date b w F e R a e r n i e a t d k h - l - s v C a i a u n s l h t b w m a d t n i e i o c k t s - h - s1 p c t e p o a o i s o r s r l o s l n t e e i c o c n 2 d - - f b m D a ti n e o c s k - - s b e F a i o g n r k n - s m U G er . e o n S n v - . t - P fu u n b d li s cc l h e c c a o t e e a o f n t c f r s e i f d s k h - r ' s s , s t p p u i h n c o o a a o e i n r p l r r r a s t s s - - - , - , , j i d u m t e s s a p t e a n o d d s d - - * b m D a ti n e o c s k - - s b e F a i o n g r k n - s f P u l u n ic b d - s P i s n t a o a g v s l s - - s d a e E p v b n a v i c y n s i e - s g d s C i d c e e a o p r t t f e o if s s - - c O o a p u c e n - n ts s C s a i m a m h v n r i a i n i d l s s g a t r s - r B i o n o w g r s - credit, etc. books it acetc.3 counts OTHER RESERVE CITIES 1928— Oct. 3 _ - 963 165 955 977 2,081 94 527 210 6,386 6,146 54 271 3,973 528 539 534 Dec. 31 949 181 1,027 1,226 2,009 159 483 328 6,678 6,264 59 292 3,982 540 456 442 58 1929—Mar. 27 928 160 834 891 1,774 198 532 207 6,222 6,070 291 3,876 492 451 559 June 29. 937 135 937 903 1,723 205 597 195 6,279 6,168 331 3,982 446 424 413 Oct. 4 940 156 962 919 1,822 182 444 193 6,436 6,154 331 3,837 445 444 614 Dec. 31 920 169 1,081 1,199 1,914 84 466 332 6,588 6,186 429 3,880 465 421 333 1930—Mar. 27. 944 147 972 673 1,880 166 502 149 6,049 6,027 364 44 3,910 493 500 71 June 30 965 146 1,284 846 2,145 151 524 199 6,221 409 45 3,940 541 517 61 Sept. 24 947 138 1,386 629 2,310 141 449 145 6,119 408 51 3,942 654 567 73 Dec. 31 980 180 1,336 875 2,139 177 491 277 6,199 6,092 368 64 4,091 619 455 75 1931—Mar. 25 951 141 1,564 505 2,486 285 487 148 5,810 5,940 365 89 4,066 651 541 71 June 30 972 168 1,363 673 2,247 212 551 176 5,849 5,904 350 112 3,991 667 541 23 Sept. 29. 902 176 1,046 518 1,756 265 465 133 5,472 5, 553 304 155 3,731 613 529 169 Dec. 31 812 166 872 706 1,550 184 430 196 5,245 5,165 271 219 3,468 470 358 337 1932—June 30 767 173 1,011 448 1,511 209 462 126 4,550 4,690 233 310 3,182 426 359 274 Sept. 30 _- 823 134 1,280 411 1,678 336 354 95 4,684 4,722 211 359 3,107 432 385 210 Dec. 31 931 144 1,534 467 1, 782 229 411 154 4, 745 4,843 232 349 3,110 427 346 115 1933—June 30 » 937 156 1,205 462 1,575 356 437 124 4,578 4,677 209 394 2,715 299 267 18 16 Oct. 25 1,154 172 1,142 389 1,545 425 455 98 4,727 4,892 172 382 2,744 274 297 24 21 Dec. 30 1,202 198 1,169 484 1,685 434 557 126 4,822 5,021 204 371 2,814 246 296 8 16 1934—Mar. 5 1,293 189 1,333 393 1,993 766 613 107 4,823 5,150 206 349 2,945 243 293 14 June 30 1,633 194 1,559 468 2,178 682 700 132 5,305 5,670 106 234 260 3,146 260 299 22 Oct. 17 1,685 228 1,590 552 2,431 458 692 132 5,871 6,143 117 199 197 3,233 247 284 29 Dec. 31 1,683 247 1,750 627 2,430 767 193 5,992 6,324 117 187 3,368 227 272 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1935— Mar. 4_. 1,746 231 1,873 502 2,684 22 546 826 151 5,901 6,376 128 211 167 3,454 239 277 June 29 _. 2,079 250 1,856 544 2,649 24 319 872 164 6,522 7,013 119 203 118 3,570 246 300 Nov.l 2,172 251 2,038 662 2,955 32 335 889 167 7,128 7,523 115 218 84 3,654 218 266 Dec. 31 2,105 295 1,989 887 2,943 33 483 915 231 7,302 7,562 134 266 79 3,717 217 267 COUNTRY BANKS 1928—Oct. 3 663 302 990 235 431 2 36 646 140 5,395 5,946 14 123 52 5,169 1,288 151 334 Dec. 31 652 319 977 298 427 2 50 684 171 5,437 5,993 9 116 54 5,240 1,278 330 10 1929—Mar. 27 644 297 780 194 374 2 77 763 124 5,089 5, 762 132 55 5,215 1,264 360 June 29 639 241 792 247 350 4 64 771 143 4,989 5,656 139 55 5,214 1,230 426 Oct. 4 647 284 847 241 391 2 63 705 132 5,222 5,819 140 59 5,133 1,219 371 Dec. 31 627 321 908 291 405 3 39 742 169 5,091 5,711 133 61 5,095 1,199 367 1930—Mar. 27 617 286 817 173 365 3 67 884 118 4,657 5,485 147 65 5,080 1,217 236 June 30 629 280 921 250 376 3 51 921 137 4,670 5, 478 145 71 5,098 1,214 259 Sept. 24 610 284 971 163 402 3 60 760 105 4,602 5,303 147 76 5,046 1,226 Dec. 31 595 317 975 258 387 2 53 762 152 4,458 5,114 128 88 5,047 1,170 1931—Mar. 25 582 273 1,094 146 410 2 75 884 110 4,168 5,016 138 104 4,972 1,154 183 June 30 578 297 1,017 222 405 3 67 853 118 4,119 4,868 125 117 4,926 1,122 177 Sept. 29 554 309 787 157 332 1 132 748 91 3,888 4,569 117 145 4,695 1,065 261 Dec. 31 498 302 685 221 295 2 61 692 122 3,604 4,197 106 179 4,346 916 441 1932—June 30... 458 253 624 167 257 1 60 734 82 3,052 3,701 94 231 4,001 826 527 Sept. 30 441 230 671 140 244 2 96 613 69 3,013 3.556 110 260 3,842 812 485 Dec. 31 448 232 767 164 263 1 72 615 90 2,988 3, 530 104 279 3,835 779 418 1933—June 30 ».. _. 452 203 702 149 228 1 116 555 72 2,576 3,054 86 285 3,132 605 167 Oct. 25 529 232 685 118 230 1 114 579 68 2,633 3,162 87 293 3,236 593 136 Dec. 30 573 225 769 172 254 1 111 622 85 2,793 3,328 83 300 3,337 556 123 1934—Mar. 5 685 230 951 135 281 1 181 702 74 3,007 3,648 87 301 3,518 554 83 > June 30 769 216 1,105 174 300 1 174 731 85 3,150 3,792 87 256 3,729 565 35 Oct. 17 848 258 1,257 189 345 1 125 787 98 3,472 4,188 87 210 3,830 575 17 Dec. 31 822 275 1,296 207 340 2 178 804 106 3,589 4,292 84 210 3,939 560 13 1935—Mar. 4. 916 246 1,427 163 364 1 152 845 90 3,642 4,414 75 188 3,994 557 14 June 29 920 236 1,406 192 347 1 90 865 104 3,761 4,538 76 162 4,115 547 9 Nov. 1 900 237 1,613 221 399 2 95 895 106 4,095 4, 875 78 140 4,184 537 Dec. 31 927 305 1,676 235 415 1 137 901 127 4,254 5,047 83 136 4,267 544 1 Prior to Dec. 31, 1935, excludes balances with private banks to the extent that such balances were reported in *'Other assets." Prior to Oct. 25, 1933, excludes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on hand but not in process of collection, .amounting on that date to $16,000,000. 3 Includes "Due to Federal Reserve banks (transit account)", known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935. < Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935, less cash items reported on hand but not in process of collection. s Beginning June 1933, figures relate to licensed banks only. « Central Reserve city banks. 7 Includes deposits the payment of which was deferred beyond the time originally contemplated, either by agreement with depositors or otherwise, as follows: 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. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 54.—ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED AND RESERVES HELD, BY MONTHS, 1935 [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves held Class of bank and month Reserves N m e a t n d d e 1 - Time2 Total required Total Excess All member banks: January 18,993 9,914 28,907 2,320 4,355 2,035 February. 19,361 9,996 29,357 2,365 4,601 2,237 March. 19, 554 10,031 29, 586 2,388 4,452 2,065 April. 19, 768 10,114 29,882 2,411 4,436 2,026 May 20, 377 10,194 30, 571 2,481 4,778 2,297 June 20,899 10,103 31,003 2,541 4,979 2,438 July 21, 295 10,107 31,401 2,585 4,970 2,385 August— 21,311 10,152 31,463 2,596 5,232 2,636 September 21,179 10,157 31,336 2,615 5,243 2,628 October. 21,464 10, 289 31,753 2,649 5,469 2,820 November 21,872 10,289 32,161 2,696 5,757 3,061 December 22,200 10,280 32,480 2,733 5,716 2,983 New York City: 3 January... 7,043 651 7,694 935 1,651 716 February 7,268 658 7,926 965 1,864 899 March 7,399 651 8,050 981 1,760 779 April 7,481 664 8,145 992 1,715 723 May 7,655 663 8,318 1 015 1,813 798 June 7,967 597 8,565 1,054 1,969 915 July 8,095 607 8,702 1,071 1,938 868 August 8,253 643 8,896 1,092 2,306 1,214 September 8,642 630 9,272 1,142 2,320 1,177 October... 8,693 688 9,382 1,151 2,460 1,309 November 8,850 657 9,508 1,170 2 563 1,393 December 9,013 632 9,644 1,191 2,541 1,350 Chicago:3 January 1,477 379 1,856 203 454 250 February. _ 1,512 377 1,889 208 393 185 March 1,466 379 1,845 202 360 158 April. 1,409 393 1,801 195 427 232 May 1,562 442 2,004 216 606 389 June 1,632 447 2,079 226 681 455 July 1,700 410 2,111 233 586 352 August.. 1,687 397 2,084 231 490 258 September 1,740 389 2,129 238 484 246 October... 1,783 398 2,181 244 541 297 November 1,867 398 2,265 255 614 359 December. 1,870 399 2,269 255 608 353 Reserve city banks: January 6,050 4,028 10, 078 726 1,383 658 February. _ 6,094 4,080 10,174 732 1,433 701 March 6,196 4,107 10,304 743 1,427 684 April 6,336 4,123 10,459 757 1,403 646 May 6,523 4,120 10, 643 776 1,425 649 June 6,643 4,092 10, 734 787 1,411 624 July_— 6,780 4,088 10,868 801 1,486 685 August 6,787 4,097 10,885 802 1,500 698 September 6,821 4,121 10, 942 806 1,539 734 October. 6,973 4,158 11,131 822 1,560 738 November _ 7,110 4,183 11, 293 837 1,639 803 December 7,249 4,201 11,450 851 1,631 780 Country banks: January. 4,422 4,857 9,280 455 867 412 February 4,487 4,881 9,368 461 911 451 March 4,493 4,895 9,387 461 905 443 April 4,542 4,935 9,477 466 890 424 May 4,638 4,969 9,606 474 935 461 June _ 4,657 4,967 9,624 475 918 443 July 4,719 5,002 9,720 480 960 480 August 4,584 5,015 9,599 471 937 465 September 3,975 5,017 8,992 429 900 471 October 4,016 5,045 9,061 432 908 476 November 4,045 5, 050 9,095 435 941 506 December. 4,069 5,049 9,117 436 935 499 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). The Ba nking Act of 1935, approved Aug. 23, 1935, changed the method of computing net demand deposits. See p. 18. 2 Subject to reserve requirements of 3 percent. 3 Central reserve city banks only. Back figures.-~-SeQ Annual Report for 1934 (table 67) and similar tables in previous annual reports* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

151 ALL MEMBEE BANKS No. 55.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, RESERVES HELD, AND EXCESS RESERVES, BY MONTHS, 1935 [Averages of daily figures. In millions of dollars] Deposits subject to Deposits subject to reserve Reserves held Reserves held Month Net de- Net demand1 Time Total Total Excess mand1 Time Total Total Excess 1935 Boston district New York district January 1,237 713 1,950 302 173 8,022 2,077 10, 099 1,841 791 February 1,254 713 1,967 303 173 8,266 2,086 10, 352 2,070 March 1,261 712 1,973 296 165 8,382 2,084 10, 466 1,955 858 April 1,288 712 2,000 296 162 8,488 2,107 10, 595 1,921 811 May. 1,308 712 2,021 297 161 8,685 2,111 10, 795 2,031 June 1,324 711 2,034 291 154 8,991 2,038 11,030 2,170 997 July 1,374 709 2,083 303 162 9,145 2,051 11,196 2,148 957 August 1,342 713 2,055 296 158 9,291 2,089 11,380 2,507 1,294 September- 1,328 712 2,041 306 168 9,592 2,080 11, 673 2,518 1,261 October 1,337 710 2,047 303 165 9,655 2,149 11,804 2,656 1,389 November- 1,341 706 2,047 319 180 9,822 2,111 11,933 2,769 1,483 December-.. 1,356 700 2,056 336 196 9,997 2,076 12,073 2,756 1,449 1935 Philadelphia district Cleveland district January 1,062 1,021 2,083 217 1,229 1,108 2,337 275 129 February 1,074 1,030 2,105 216 1,229 1,128 2,358 288 142 March 1,100 1,026 2,125 222 1,249 1,135 2,384 304 156 ApriL - 1,101 1,035 2,136 221 92 1,284 1,141 2,424 309 157 May. 1,129 1,030 2,159 221 1, 352 1,152 2,504 320 162 June 1,173 1,009 2,182 227 1, 381 1,154 2,535 300 139 July- 1,196 1,014 2,210 226 1,393 1,168 2,561 309 147 August 1,184 1,018 2,202 232 1,392 1,175 2,566 316 153 September- 1,162 1,019 2,181 242 107 1,326 1,175 2,501 330 172 October 1,196 1,019 2,215 262 123 1,312 1,185 2,497 328 170 November. _. 1,208 1,015 2,223 269 129 1,339 1,193 2,532 359 198 December... 1,237 1,009 2,245 266 124 1,366 1,189 2,555 336 173 1935 Richmond district Atlanta district January 660 473 1,133 131 513 333 846 82 29 February... 667 480 1,147 139 526 335 861 83 28 March 671 486 1,157 152 546 332 878 85 29 April 662 489 1,152 142 559 337 897 86 28 May 679 491 1,170 150 556 342 898 84 26 June 683 487 1.171 144 550 343 893 86 29 July 690 489 1,179 151 546 345 891 104 47 August 694 487 1,181 157 543 343 886 102 44 September.. 654 487 1,141 160 527 343 871 103 46 October 676 488 1,164 163 550 342 893 105 46 November. 688 489 1,177 169 566 342 908 109 49 December.. 703 487 1,190 170 590 343 933 108 46 1935 Chicago district St. Louis district January... 2,557 1,123 3,680 696 376 625 339 964 146 February.. 2,602 1,135 3,737 680 354 628 342 970 146 80 March 2,579 1,152 3,730 635 313 641 344 985 140 72 April 2,537 1,181 3,717 685 646 346 992 125 56 May 2,742 1,245 3,987 893 550 667 349 1,016 112 June 2,819 1,258 4,077 950 597 664 349 1,013 138 July 2,909 1,234 4,143 868 504 677 351 1,028 158 August.. 2,859 1,229 4,087 779 420 665 352 1,017 145 74 September.. 2,774 1,228 4,002 743 651 352 1,003 147 78 October 2,823 1,248 4,070 784 423 668 354 1,022 164 92 November.. 2,938 1,259 4,198 880 505 684 356 1,040 169 96 December.. 2,960 1,264 4,225 880 503 695 354 1,050 165 91 i See footnote 1, table 54. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No, 55.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, RESERVES HELD, AND EXCESS RESERVES, BY MONTHS, 1935—Continued [Averages of daily figures. In millions of dollars] Deposits subject to Deposits subject to reserve Reserves held reserve Reserves held Month Net de- Net demand * Time Total Total Excess mand1 Time Total Total Excess 1935 Minneapolis district Kansas City district January. __ 429 343 772 103 803 312 1,115 169 February.. 428 344 772 99 809 315 1,124 173 92 March 439 343 782 101 816 315 1,131 175 93 April 438 345 783 96 830 314 1,144 175 92 May_ 435 343 777 102 864 316 1,180 186 100 June 458 339 797 113 894 308 1, 202 182 93 July 460 340 800 118 895 305 1, 200 181 92 August 431 340 771 115 869 305 1,174 174 87 September. 391 340 731 105 814 307 1,121 173 90 October. _. 419 342 761 106 818 307 1,125 170 87 November. 428 343 771 108 815 308 1,123 171 88 December. 434 344 777 104 806 306 1,112 172 90 1935 Dallas district San Francisco district January ___ 590 196 787 126 1,266 1,874 3,140 268 90 February.. 609 197 806 134 1,270 1,890 3,160 270 94 March 606 193 799 123 L, 266 1,908 3,174 265 April 606 194 800 113 1,328 1,913 3, 241 267 84 May 604 195 798 108 1,357 1,908 3, 265 274 June 609 193 803 109 1,353 1,915 3,268 269 84 July 618 194 813 118 L, 391 1,907 3, 297 285 96 August 631 195 825 121 1,412 1,907 3, 318 289 September. 568 194 762 107 1,391 1,919 3, 310 309 118 October. __ 582 194 776 107 L, 428 1,952 3,379 320 124 November. 589 195 784 116 1,454 1,971 3,425 319 120 December. 586 195 780 119 1,470 2,014 3,484 301 100 i See footnote 1, table 54. Back figures.—See Annual Report for 1934 (table ( (table 13) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

153 ALL MEMBER BANKS No. 56.—NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS, 1934-35 [Averages of daily figures. In millions of dollars] p p l a b M o o a n a p f c d e n u e 1 m s k l 5 o a s , b 0 w v t i i 0 e e n o i r 0 r t n h u p p n l b M o a d a p c e e n e u r m s k l a 1 s b w 5 t i i e , n o 0 i r t 0 n h 0 p p l a b M o o a n a p f c e d n e u 1 m s k l 5 o a s , b 0 w v t i 0 i e e n o i r 0 r t n h u p p n l b M o a d a p c e e n u e r m k s la 1 s b w 5 t i i e , o n 0 i r t 0 n h 0 Month Month Net Net Net Net de- Time de- Time de- Time de- Time mand de- mand de- mand de- mand dede- posits de- posits de- posits de- posits posits i posits ] posits ! posits ] 1934 1935 January 13, 613 7,356 1,408 1,871 January. _ 17, 204 7,840 1,789 2,074 February. _. 13, 858 7,423 1,485 1,910 February . 17, 543 7,916 1,818 2,080 March 14, 340 7,510 1,511 1,927 March 17,733 7,949 1,821 2,082 April 14, 931 7,609 1,526 1,943 April 17, 936 8,022 1,833 2,092 May 15,168 7,678 1,552 1, 965 May.. 18, 503 8,081 1,874 2,113 June 15, 426 7,736 1,561 1,975 June_. 19,019 7,993 1,881 2,110 July 15,679 7,799 1, 597 1, 998 July.. 19, 400 7,972 1,894 2,135 August 15, 859 7,810 1,631 2, 009 August. 19, 459 8,009 1,852 2,143 September.. 16,123 1, 682 2,019 September 19, 602 8,011 1, 577 2,146 October 16,476 7.796 1, 732 2,030 October 19,887 8,132 1,578 2,157 November.. 16, 755 7,790 1,7G9 2,050 November 20, 293 8,121 1,579 2,169 December. _ 16. 993 7,718 1,776 2,052 December 20, 662 8,110 1,539 2,170 1 See footnote 1, table 54. Back figures.—See Annual Report for 1934 (table 69) and similar tables in previous annual reports. 56048—36 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 57.—MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVE CITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, AND RESERVES HELD, BY WEEKS, 1935 [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves held Week ending (Friday) Reserves N m e a t n d d e i - Time 2 Total required Total Excess New York City: 3 1935—Jan. 4... 6,897 648 7,545 916 1,564 Jan. 11.. 6,920 646 7,566 919 1,594 675 Jan.18.. 7,044 649 7,693 935 1,606 671 Jan. 25.. 7,098 653 7,751 942 1,678 736 Feb. 1.... 7,209 657 7,866 957 1,802 845 Feb. 8.... 7,240 655 7,895 961 1,872 911 Feb. 15... 7,246 658 7,905 962 1,844 882 Feb. 22... 7,262 658 7,920 964 1,869 906 Mar. 1.. 7,345 660 8,005 975 1,871 Mar. 8__ 7,386 648 8,034 980 1,800 821 Mar. 15. 7,470 647 8,117 991 1,784 794 Mar. 22. 7,378 651 8,028 979 1,725 747 Mar. 29. 7,359 654 8,013 976 1,726 750 Apr. 5... 7,419 661 1,684 699 Apr. 12.. 7,346 8,010 975 1,648 674 Apr. 19.. 7,448 8,112 988 1,701 713 Apr. 26.. 7,586 665 8,251 1,006 1,779 773 May 3__ 7,686 667 8,353 1,019 1,778 759 May 10. 7,559 664 8,223 1,003 1,757 754 May 17. 7,590 666 8.256 1,007 1,820 814 May 24. 7,680 663 8,343 1,018 1,844 826 May 31. 7,765 658 8,423 1,029 1,863 834 June 7... 7,848 606 8,454 1,038 1,912 874 June 14.. 7,902 596 8,498 1,045 1,994 949 June 21.. 8,010 595 8,605 1,059 1,998 939 June 28.. 8,063 592 8,655 1,066 1,981 915 July 5... 8,084 603 8,687 1,069 1,852 783 July 12.. 8,051 607 8,658 1,065 1,918 853 July 19.. 8,098 604 8,702 1,071 1,895 824 July 26. _ 8,129 608 8,738 1,075 1,962 887 Aug. 2.. 8,142 616 8,758 1,077 2,152 1,075 Aug. 9__ 8,073 642 8,715 1,069 2,187 1,118 Aug. 16. 8,153 646 8,799 1,079 2,290 1,211 Aug. 23. 8,237 645 8,882 1,090 2,351 1,261 Aug. 30. 8,534 642 9,176 1,129 2,400 1,271 Sept. 6... 8,531 636 9,167 1,128 2,364 1,235 Sept. 13.. 8,580 9,209 1,134 2,350 1,215 Sept. 20.. 8,646 9,274 1,143 2,238 1,095 Sept. 27. 8,728 629 9,357 1,154 2,302 1,149 Oct. 4... 640 9,443 1,164 2,396 1,233 Oct. 11.. 8,674 9,362 1,148 2,370 1,222 Oct. 18_. 8,685 9,374 1.150 2,426 1,276 Oct. 25.. 8,672 707 9,379 1,149 2,536 1,387 Nov. 1.. 690 9,382 1.151 2,565 1,414 Nov. 8 8,739 664 9,403 1,156 2,535 1,379 Nov. 15. 8,770 9,428 1,160 2,540 1,380 Nov. 22. 8,863 9,522 1,172 2,572 1,400 Nov. 29. 9,006 650 9,656 1,190 2, 593 1,403 Dec. 6... 9,079 644 9,723 1,200 2,647 1,447 Dec. 13.. 9,074 637 9,711 1,199 2,693 1,494 Dec. 20.. 9,034 626 9,660 1,193 2,480 1,287 Dec. 27.. 8,884 9,510 1,174 2,376 1,202 For footnotes, see table 54. Back figures.—See Annual Report for 1934 (table 70) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS 155 No. 57.—MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVE CITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, AND RESERVES HELD, BY WEEKS, 1935—Continued [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves held Reserves Week ending (Friday) Net de- required mand Time Total Total Excess Chicago: 3 1935—Jan. 4__. 1,450 377 1,827 200 413 214 Jan. 11_. 1,455 378 1,833 200 433 233 Jan.18.. 1,479 378 1,857 204 470 266 Jan. 25.. 1,496 379 1,875 206 486 280 Feb. 1— 1,497 380 1,877 206 442 236 Feb. 8— 1,493 380 1,873 205 394 188 Feb. 15- 1,499 382 1,880 206 396 190 Feb. 22- 1,526 375 1,901 210 396 186 Mar. 1__ 1,538 369 1,907 211 387 176 Mar. 8__ 1,525 374 1,899 210 381 172" Mar. 15. 1,522 376 1,898 209 384 175- Mar. 22.. 1,470 382 1,852 203 360 157 Mar. 29.. 1,403 383 1,786 194 330 136 Apr. 5-_ 1,243 381 1,624 173 302 129* Apr. 12- 1,357 383 1,740 188 364 176'. Apr. 19- 1,434 391 1,825 198 429 230 Apr. 26- 1,489 404 1,893 206 510 304 May 3_- 1,524 419 1,943 211 557 347 May 10_ 1,543 448 1,991 214 575 361 May 17.. 1, 561 -449 2,009 216 602 386 May 24_ 1,573 441 2,014 218 619 402 May 31. 1,583 435 2,017 219 421 June 7— 1,562 434 1,997 216 654 June 14. 1,616 435 2,051 223 673 450 June 21- 1,680 448 2,129 232 703 471 June 28- 1,664 465 2,130 230 465 July5.- 1,681 434 2,115 232 408 July 12. 1,713 408 2,122 235 622 387 July 19. 1,698 409 2,107 233 577 344 July 26- 1,691 2,099 232 557 32 5 g 1,691 408 2,099 232 529 297 Aug. 9__ 1,657 409 2,066 228 482 254 Aug. 16-. 1,663 410 2,073 229 494 266 Aug.23_. 1,700 390 2,090 233 496 263 Aug. 30_. 1,731 377 2,108 236 488 251 Sept. 6_ . 1,735 378 2,113 237 481 244 Sept. 13_ 1,731 388 2,119 237 479 242 Sept. 20_ 1,747 391 2,138 239 484 245 Sept. 27. 1,747 2,143 239 491 252 Oct.4__ 1,735 395 2,131 237 492 255 Oct. 11-. 1,744 396 2,140 239 507 269 Oct. 18.. 1,779 396 2,176 243 540 297 Oct. 25. 1,802 2,202 246 563 317 Nov 1,843 403 2,245 252 589 337 Nov 1,846 403 2,249 252 591 339 Nov 1,863 404 2,267 254 613 359 Nov 1,870 396 2,267 255 617 362 Nov 1,889 391 2,280 257 635 378 Dec. 6— 1,873 391 2,284 255 621 Dec. 13. 1,864 392 2,256 254 638 383 Dec. 20_ 1,885 398 2,283 257 624 367 Dec. 27- 1,875 407 2,282 256 342 For footnote, see table 54, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 57.—MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVE CITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, AND RESERVES 4 HELD, BY WEEKS, 1935—Continued [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves held Week ending (Friday) Reserves Net de- required mand Time Total Total Excess Reserve city banks: 1935—Jan. 4 6,018 10,017 722 1,292 570 Jan. 11.... 6,028 4,016 10,045 723 1,361 638 Jan. 18...- 6,086 4,026 10,112 729 1,414 684 Jan. 25 6,051 4, 037 10,088 726 1,418 692 Feb. 1— 6,041 4,046 10,087 725 1,392 667 Feb. 8— 6,016 4,059 10,074 723 1,415 692 Feb. 15- 6,082 4,076 10,157 730 1,444 714 Fel). 22.. 6,132 4,092 10, 224 736 1,443 707 Mar. 1.- 6,153 4,101 10,254 738 1,435 Mar. 8.. 6,111 4,113 10, 224 735 1,451 717 Mar. 15. 6,231 4,102 10,333 746 1,494 748 Mar. 22. 6,229 4,097 10,326 746 1,427 682 Mar. 29. 6,222 4,111 10, 334 746 1,356 611 Apr. 5— 6,237 4,121 10,358 747 1,350 602 Apr. 12.. 6,282 4,115 10,397 752 1,353 601 Apr. 19.. 6,374 4,119 10,493 761 1,386 625 Apr. 26- 6,395 4,126 10,521 763 1,476 712 May 3__ 6,401 4,135 10, 536 764 1,447 683 May 10_ 6,456 4,119 10, 575 769 1,439 669 May 17 _ 6,537 4,122 10,658 777 1,435 658 May 24. 6, 553 4,120 10, 673 779 1,420 641 May 31- 6,585 4,112 10,696 782 1,407 June 7— 6,570 4,088 10, 658 780 1,392 613 June 14.. 6,643 4,079 10, 722 787 1,420 634 June 21,. 6,669 4,088 10, 757 790 1,406 616 June 28.. 6,671 4,099 10,770 790 1,421 631 July 5— 6,716 4,098 10, 814 795 1,440 645 July 12- 6,761 4,099 10,861 799 1,495 696 July 19- 6,834 4,097 10,930 806 1,516 710 July 26- 6,785 4,093 10,879 801 1,481 Aug. 2__ 6,782 4,095 10,877 801 1,466 665 Aug. 9__ 6,775 4,093 10,869 800 1,486 686 Aug. 16. 6,817 4,097 10,914 805 1,500 696 Aug. 23_ 6,837 4,096 10, 933 807 1,507 701 Aug. 30 _ 6,739 4,098 10,838 797 1,519 722 Sept. 6... 6,723 4,100 10,823 795 1,513 718 Sept. 13.. 6,760 4,104 10,864 799 1,581 782 Sept. 20.. 6,849 4,121 10,970 809 1,557 749 Sept. 27.. 6,918 4,140 11,058 816 1,530 714 Oct. 4... 6,874 4,149 11,023 812 1,474 662 Oct. 11- 6,931 4,144 11,075 817 1,537 719 Oct. 18- 6,978 4,154 11,132 822 1,575 752 Oct. 25- 7,003 4,168 11,171 825 1,584 758 Nov 7,049 4,176 11, 225 830 1,599 769 Nov 7,088 4,180 11,269 834 1,626 791 Nov 7,110 4,182 11,293 837 1,640 804 Nov, 7,116 4,183 11, 298 837 1,658 821 Nov. 7,132 4,185 11,317 839 1,652 813 Dec. 6— 7,151 4,171 11,322 840 1,658 818 Dec. 13.. 7,184 4,190 11,374 844 1,696 852 Dec. 20.. 7,258 4,205 11,463 852 1,610 758 Dec. 27.. 7,333 4,216 11,548 1,570 710 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS 157 No. 58.—CHANGES IN NUMBER OF MEMBER BANKS DURING 1934 AND 1935 1934 1935 Total National State Total National State Number of active member banks at beginning of year.. 6,011 5,154 857 6.442 5,462 980 Increases: Organizations of national banks (including successions and conversions) 406 406 33 33 Admissions of State banks to membership 125 125 38 33 Reopening (licensing) of suspended and unlicensed banks _ _. 75 50 25 3 1 2 Total additions- _ 606 456 150 74 34 40 Decreases: Withdrawals of State banks from membership. __ 5 5 3 3 Suspensions _ _ 1 1 4 4 Mergers, absorptions, consolidations, and liquidations _.. 169 147 22 122 106 16 Total decreases 175 148 27 129 110 19 Net increase or decrease +431 +308 +123 -55 -76 +21 Number of active member banks at end of year 6,442 5,462 980 6,387 5,386 1,001 Back figures.—See Annual Report for 1934 (table 90) and similar tables in previous annual reports. No. 59.—CHANGES IN NUMBER OF NONMEMBER BANKS1 DURING 1934 AND 1935 1934 1935 Number of active nonmember banks at beginning of year _ 8,970 9,406 Increases: Organizations of new banks (including successions and conversions) _.. 217 2 116 Withdrawals of State banks from membership 5 3 Reopenings of suspended and unlicensed banks 674 81 Total additions 896 200 Decreases: Admission of State banks to membership 125 2 38 Suspensions - 56 30 Mergers, absorptions, consolidations, and liquidations 279 185 Total decreases 460 253 Net increase or decrease +436 -53 Number of active nonmember banks at end of year 9,406 9,353 1 Includes mutual savings banks and private banks under State supervision (see table on p. 42 for the number of such banks in operation and for the number of branches maintained by banks at the end of 1934 and 1935). In addition, the figures for the beginning and end of 1934 and 1935 include 46 private banks not under State supervision which reported to the Comptroller of the Currency during the period June 1934-June 1935 pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933 and which were placed under State supervision during the year 1935; the total number of private banks which reported to the Comptroller of the Currency under the provisions of sec. 21 (a) of the Banking Act of 1933 was 131 on June 30, 1934, 140 on Dec. 31, 1934, and 144 on June 29, 1935. Under amended provisions of law, private banks no longer report to the Comptroller of the Currency. 2 Includes 3 new banks which were admitted to membership in the Federal Reserve System on the dates of opening. NOTE.—The differences between the number of nonmember banks in operation as shown in this table and the number shown in table 47 are due principally to the fact that the figures in this table exclude trust companies and other financial institutions which do not receive deposits but which are included in State bank abstracts and are consequently also included in the figures in table 47 (these institutions numbered 72 on Dec. 31, 1935). Minor differences in the 2 sets of figures are due to the exclusion from this table and the inclusion in table 47 of a few banks absorbed by other banks, banks in liquidation, and banks operating under restrictions, which were included in State bank abstracts, and to the fact that for some States (as shown in a footnote appended to table 47) the figures in table 47 are as of call dates prior to the end of the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 60.—MEMBEB BANKS—EARNINGS, EXPENSES, DIVIDENDS, AND OPERATING RATIOS 1928-1935 oo Amounts (in thousands of dollars) Amounts per $100 of loans and investments i2 1928 1929 1930 1931 1932 1933 1934 1935 1928 1929 1930 1931 1932 1933 1934 1935 Earnings: Interest and discount on loans 1,374,130 1, 562, 769 1, 349, 364 1,072, 927 851,007 604, 297 540,014 498, 419$3. 9b$4.38$3. 81$3.21 $2.98 $2.42 $2.01$1 7? Interest and dividends on investments . 498, 420 472,868 472, 351 480, 296 457, 712 426, 391 473, 791 467, 217 1.44 1.32 1.33 1.44 1.60 1.71 1.76 1.62 Interest on balances with other banks- 33,178 33, 264 35, 799 28, 682 16, 759 7,705 2,425 1,681 .09 .09 .10 .09 .06 .03 .01 .01 Collection charges, commissions, fees, fel Fo e r t e c ign department 2 4 2 4 , , 9 66 1 2 3 2 6 6 1 , , 2 2 9 0 9 9 2 50 5 , , 0 3 1 2 1 8 3 25 8 , , 3 7 8 2 9 7 2 2 2 7 , , 9 5 4 3 3 1 2 2 4 1, , 7 4 9 8 1 7 2 1 7 7 , , 8 9 1 7 0 5 2 1 8 2 , , 8 2 2 8 5 2 . . 0 1 7 3 . . 0 1 7 7 . . 1 0 5 7 . .0 1 8 1 . . 1 0 0 8 . . 1 0 0 9 . . 1 0 0 7 . , 1 0 0 4 O Trust department 65. 956 77, 589 80, 280 75, 041 64,822 59, 658 70, 994 77, 703 .19 ,22 ,23 ,2? .23 .24 .26 .27 S 0 e t r h v e ic r e c u ch rr a e r n g t e s e a o r n n i d n e g p s o 3 sit accounts } 154,765 164,995 144, 789 120,362 112, 844 \ f 7 2 1 0 , ,5 96 7 1 4 8 27 3, , 2 6 4 1 5 9 3 8 5 4 , , 6 8 3 8 4 8 .46 .41 .36 .40 ( \. . 2 0 9 8 . . 1 3 0 1 . . 1 2 2 9 Total earnings from current operations^ _ 2,194, 024 2,398, 993 2,157,922 1,841,424 1, 553, 618 1, 236, 864 1, 243, 873 1, 206, 649 6.33 6.71 6.10 5.51 5.45 4.95 4.62 4 17 Expenses: Interest on deposits: Time 439, 384 444, 636 450,865 387, 284 301, 863 231, 765 227, 371 196,490 1.26 1.25 1.27 1.16 1.06 .93 .84 .68 Demand 234,926 246,493 225, 280 140,691 97,862 42, 802 12,494 9, 298 .68 .69 .64 .42 .34 .17 .05 .03 Bank 75, 352 68,131 72,817 52, 935 34, 599 13, 424 3,498 2, 695 .22 .19 .21 .16 .12 .05 .01 .01 Total 749, 662 759, 260 748,992 580,910 434,324 287, 991 243, 363 208, 483 2.16 2.13 2.12 1.74 1.52 1.15 .90 72 Salaries and wages 440,000 463,847 451, 776 412,531 356, 557 306,021 327, 424 334, 468 1.27 1.30 1 28 1.23 1.25 1.22 1.22 1.16 Interest and discount on borrowed money 48, 443 64, 265 22,001 19,136 38, 814 15,178 3,637 1,230 .14 .18 .06 .06 .14 .06 .01 § Taxes 113,759 112, 476 113,418 80, 367 67,077 58,028 62, 278 63, 680 .33 .31 .32 .26 .24 .23 .23 .22 Other expenses „ 261, 947 283, 872 268,148 236, 435 246, 612 192,082 212, 687 224, 654 .75 .79 .76 .71 .86 .77 .79 .78 fel Total current expenses 1, 613, 811 1, 683, 720 1, 604, 335 1, 335, 379 1,143, 384 859, 300 849. 389 832, 515 4.65 4.71 4.53 3.99 4.01 3.44 3.15 2.88 Net earnings3 . 580, 213 715, 273 553, 587 506, 045 410, 234 377, 564 394, 484 374,134 1.68 2.00 1.57 1.51 1.44 1.51 1.46 1.29 O Recoveries, profits on securities, etc.: On loans 26. 502 25, 204 23,402 28,000 24, 584 28,815 44, 389 71,901 08 07 07 .08 .09 .12 .16 .25 On investments2 __ .. _. 101, 449 95, 062 83,186 83,619 60,191 80,072 185, 591 277, 027 .29 .27 .23 .25 .21 .32 .69 .96 Allother 12, 898 16, 448 11, 641 15,053 28, 334 15, 998 23, 979 27, 078 .04 .05 .03 .05 .10 .06 .09 .09 Total3 140,849 136, 714 118, 229 126, 672 113,109 124, 885 253. 959 376, 006 .41 .39 .33 .38 .40 .50 .94 1.30 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Losses and depreciation: On loans 119, 290 139, 588 194, 725 295, 241 403, 272 425, 442 451, 782 252, 374 .34 .39 .55 .88 1.41 1.70 1.68 .87 On investments 45, 293 95, 465 109, 028 264,170 304, 961 344, 053 320, 496 198, 765 .13 1.07 1. 38 On banking house, furniture, and fixtures 31,832 33,171 36, 601 29. 061 21, 370 35, 758 39, 422 33, 586 .09 .07 .14 All other 20, 779 27, 249 24, 960 31, 984 48, 627! 53, 0 61, 244 53, 537 .06 .07 .10 .17 .21 .23 .18 Total losses and depreciation. 217,194 295, 473 365, 314 620, 45f 778, 23()| 858, 279 872, 9441 538, 262 .62 1.03 3.43 3.24 Net profit, or net loss (—).. 503,868 558, 514 305, 502 12, 261 -254, 887 -355,830 -224, 501 211,878 1.45 .87 .04 -1.42 -.83 Cash dividends declared 4--. 327, 422 403, 628 371, 968 335, 792 245, 074 150, 804 173, 656 186, 810 Loans 2 24,153, 677!25, Gil, 655 25, 018, 222 21, 732, 23916, 743, 94012,916,73012, 476, 572ll 1,985.150 Investments2 10, 568, 202 10,112, 473 10, 377,190 11, 699, 502111, 778, 58012,089, 54914, 453, 885 16, 913, 308 Loans and investments 2 34, 721,879 35, 727,12835, 395,41233, 431, 791 28, 522, 520 24, 986, 279 26, 930, 457 28, 898, 4581 Time deposits2 13, 197, 788113, 33i, 64413,611,0521'2," 9"8"3, "4 2'0 10, 775, 7"83~ 9,073,494 9, 616,323110, 181, 426 Total deposits 2 36,657,242(37,266,248 3~'", 021, 15344,632,007123,913,401 26, 771. 634 30, 718, 669|35, 694, 475 Capital funds 2 5 5,622,3121 6.360,306 6.722.782 66. ,3 9359. 5,8 6866 6i !5 . 56,80 6. 601,41545! 4, 902, 3159, 049. 525 5, 118, 478 Net profit, or net loss (—), per $100 of capital funds 5 8.96$3. 75$4. 56$0.19-$4. 50-$7. 26-$4. 45 54.14 Interest and discount on loans per $100 of loans 5. m6.10 5.39 4.94 5. 08 4.68 4.33 4.16 Losses on loans per $100 of loans .49 .54 . 781.36 2.41 3.29 3.62 2.11 Interest and dividends on investments per $100 of investments 4.72 4. 684.55 4.11 3.89 3.53 3.28 2.76 Losses on investments per $ 100 of investments .43 .941.05 2.26 2.59 2.85 2.22 1.18 Interest on time deposits per $100 of time deposits 3. 333. 343.31 2. 99 2. 80 2.55 2.36 1.93 Total deposits per $1 of capital funds5 6.5? 5.86 5. 515.41 5. 11 5.46 6.08 6.97 Loans and investments per $1 of capital funds 5 6.18 5. 625.26 5.23 5.04 5.10 5.33 5.65 1 The ratios are based upon data taken from the customary abstracts of reports of condition and of earnings and dividends. It should bs borne in mind in using them that the statistics employed represent aggregates for all member bants reporting on the various dates, an:i r,ne ratios ara tharefora ratios of aggragates in which figures for large banks have a statistical influence somewhat disproportionate to their number in comparison with the figures for small banks. No adjustments have, been made in the underlying data for changes during a given year in the number of banks whose reports underlie the statistics, sinca the figures presented are for sufficiently large groups that the results appear not to be appreciably affected by these changes. 2 For 1933, figures of loans, investments, deposits, and capital funds are averages of amounts from reports of condition for 3 call dates (June 30, Oct. 25, and Dec. 30, 1933); for other years they are averages of amounts for all call dates during the year and the last call date in the previous year. <* Figures for 1928-31 have been revised by transferring profits on securities sold from ''Earnings" to "Recoveries, profits on securities, etc." 4 Includes interest on capital notes and debentures. * By "capital funds" is meant the 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. Prior to July 1932, reserves for dividends were also included in capital funds. Back figures.—See Annual .Report for 1934 (table 91) and similar tables in previous annual reports. Ox CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS REPORTING MEMBER No. 61.—WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES— [In millions of dollars] Loans to customers (except banks) Open-market loans Total Date or month i m n lo a v e n a e n n d s t s t s - Total T N k o s o i e u e d b w r t e s - r - o- o o c t n T u h o r e s i r e - s - e l R o st a e a n a t s l e c O u lo s t t a t h o o n e m s r b L a o t n o a k n s s m A a c e c a n o r c n c m c e d e i p - s a t l - k t L o N e o r b e s a w r n o i s n - York ties ers 2 paper York City i bought City i 1935 Jan. 2 19,482 6,785 176 2,259 1,136 3,214 123 450 757 Jan. 9 19,425 6,738 167 2,235 1,134 3,202 127 449 731 Jan.16. _ . 19, 520 6,735 175 2,232 1,135 3.193 123 442 769 Jan. 23 19,514 6,731 171 2,245 1,132 3,183 126 456 739 Jan.30 19, 504 6, 737 173 2,241 1,129 3,194 122 446 718 Feb. 6 19,470 6,739 169 2,236 1,127 3,207 120 434 695 Feb. 13 19,517 6,753 172 2,229 1,128 3,224 123 433 723 Feb. 20.... 19,486 6,761 174 2,222 1,127 3, 238 113 441 700 Feb. 27 19, 581 6,758 172 2,193 1,123 3,270 118 445 740 Mar. 6 19,727 6,798 179 2,215 1,120 3,284 106 434 854 Mar. 13 _ 19, 797 6,788 177 2,208 1,120 3,283 103 423 854 Mar. 20 19,770 6,807 181 2,216 1,120 3,290 110 425 773 Mar. 27. 19, 748 6,788 195 2,200 1,122 3,271 102 432 761 Apr. 3— 19, 793 6,783 176 2,185 1,122 3,300 120 440 741 Apr. 10 19, 822 6,762 171 2,172 1,121 3,298 120 431 752 Apr. 17 19,928 6,757 167 2,166 1,119 3,305 116 417 798 Apr. 24 19,883 6,731 174 2,149 1,118 3,290 104 411 850 May 1 19,959 6,757 192 2,146 1,119 3,300 114 403 881 May 8 19,808 6,709 177 2, 124 1, 118 3,290 105 402 819 May 15 19,741 6,714 169 2, 132 1,118 3,295 127 402 812 May 22__ 19, 775 6,684 169 2,128 1.116 3,271 134 395 846 May29__ 19, 787 6,710 176 2,116 1,157 3,261 162 375 864 J J J J u u u u n n n n e e e e 5 2 1 1 9 6 2 __ _ 2 1 1 1 0 9 9 9 , , , , 9 7 0 8 5 5 0 3 2 8 2 4 6 6 6 6 6, . , , , 7 7 7 6 7 1 1 2 9 6 1 0 3 0 2 1 1 1 1 1 7 8 6 7 7 3 3 8 6 2 2 2 2 2 2 , , , , , 1 1 1 1 1 1 0 1 2 1 1 4 5 6 7 1 1 1 1 1 , , , , , 1 1 1 1 1 4 4 5 4 5 9 9 5 7 2 3 3 3 3 3 , , , , , 2 3 2 2 2 8 0 7 7 5 6 8 8 7 0 1 1 1 1 1 0 2 1 3 5 2 2 3 3 3 3 3 6 4 5 3 2 9 4 3 2 2 8 8 8 8 9 1 4 3 2 8 1 3 8 1 3 July 3 19, 828 6,681 175 2,094 1,147 3,265 83 316 .860 J J J J A A A A u u u u u u u u l l l l y y y y g g g g . . . . 3 2 1 1 2 7 2 1 4 1 0 7 1 8 4 — . _ _ . 2 2 1 1 1 1 1 1 0 0 9 9 9 9 9 9 , , , , , , , , 7 7 8 0 0 8 7 8 9 3 6 8 5 4 9 3 9 0 8 9 4 5 2 9 6 6 6 6 6 6 6 6 , , , , , , , , 6 7 5 5 6 6 6 5 6 0 5 9 7 3 5 8 3 2 4 4 7 9 7 4 1 1 1 1 1 1 1 1 7 7 6 6 7 6 6 6 1 2 7 5 0 3 0 2 2 2 2 2 2 2 2 2 , , , , , , , , 0 0 0 0 0 0 0 0 7 8 7 8 7 7 6 7 9 6 6 1 1 1 6 7 1 1 1 1 1 1 1 1 , , , , , , , , 1 1 1 1 1 1 1 3 3 3 3 1 3 3 3 9 9 3 5 6 8 5 2 6 3 3 3 3 3 3 3 3 , , , , , , , , 3 2 2 2 2 1 2 2 0 7 8 0 7 9 2 8 5 8 1 2 9 0 0 8 1 1 9 8 9 8 0 0 7 7 7 5 8 3 3 0 4 5 3 3 3 3 3 3 3 3 1 1 1 1 0 0 1 1 6 1 2 3 6 8 0 0 8 8 8 8 8 8 7 8 5 8 5 4 2 4 7 3 5 1 3 2 5 9 8 2 S S S S e e e e p p p p t t t t . . . . 4 2 1 1 5 1 8 2 2 1 1 0 0 9 9 , , , , 4 9 4 9 7 5 0 1 4 6 8 0 6 6 6 6 , , , , 6 7 6 7 6 7 8 2 9 3 2 7 1 1 1 1 6 6 6 6 1 9 5 2 2 2 2 2 , , , , 0 0 0 0 6 6 7 8 1 1 3 0 1 1 1 1 , , , , 1 1 1 1 4 3 3 4 4 6 9 0 3 3 3 3 , , , , 3 3 3 3 2 8 0 5 1 0 7 2 1 8 9 7 0 2 4 4 9 3 3 3 3 2 1 1 2 4 9 4 4 8 8 8 84 7 2 4 6 8 5 2 Oct. 2__ 20,420 6,768 160 2,080 1,147 3,381 87 324 793 Oct. 9 20, 354 6,776 154 2,079 1,148 3,395 90 329 787 O O O c c c t t t . . . 3 2 1 0 3 6 2 2 2 0 0 0 , , , 3 3 3 2 7 0 2 8 0 6 6 6 , , , 7 7 7 1 5 2 3 9 3 1 1 1 5 5 5 8 2 6 2 2 2, , , 0 0 0 8 7 7 1 5 7 1 1 1 , , , 1 1 1 4 4 4 6 5 2 3 3 3 , , , 3 3 3 4 4 8 3 0 0 8 8 8 3 4 1 3 3 3 2 2 2 6 9 7 7 7 7 9 7 9 6 9 7 Nov. 6 20, 426 6,765 159 2,078 1,140 3,388 87 333 815 Nov. 13 20,490 6,757 155 2,082 1,141 3,379 84 340 819 Nov. 20 20,490 6,799 173 2,085 1,140 3,401 86 353 850 Nov. 27 20, 632 6,820 170 2,094 1,141 3,415 150 356 882 Dec. 4 20, 518 6,815 169 2,102 1,140 3,404 98 357 915 Dec. 11 20. 521 6,843 177 2,118 1,138 3,410 74 357 909 Dec. 18. 20,970 6,814 171 2,111 1,140 3,392 79 356 918 Dec. 24. 20,939 6,831 183 2,111 1,136 3,401 76 362 Dec. 31 .. 20,895 Monthly averages: January 19,489 6,744 172 2,242 1,133 3,197 125 449 743 February. _ 19, 514 6,752 171 2,220 1,126 3,235 119 438 715 March 19, 761 6,796 183 2,210 1,121 3,282 105 428 811 April -. 19,856 6, 758 172 2,168 1,120 3,298 116 424 785 May 19, 814 6,715 177 2,129 1,126 3,283 129 395 844 June 19, 887 6,720 172 2,117 1.151 3,280 114 350 844 July 19,909 6,667 173 2,089 1,142 3,263 93 314 869 August 19, 825 6,623 165 2,074 1,136 3,248 83 311 830 September 20,187 6,680 163 2,065 1,137 3,315 89 316 844 October 20, 355 6,751 159 2,078 1,146 3,368 85 327 800 November 20, 510 6,770 161 2,081 1,141 3,387 102 338 820 December. _ 20, 769 6,824 174 2,107 1,139 3,404 81 358 921 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 1 Includes reporting banks' own acceptances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 161 BANKS IN LEADING CITIES ASSETS AND LIABILITIES, BY WEEKS AND MONTHS [In millions of dollars] Investments U. S. Government Reserves Due obligations Other Fe w d i e th ral Cash in fr m om es t d ic o- Date or month Total securi- Reserve vault banks 3 Fully ties banks Direct guaranteed 1935 11,367 7,771 641 2,955 3,218 321 1,973 Jan. 2. 11,380 7,776 647 2,957 3,388 311 1,911 Jan. 9. 11,451 7,809 660 2,982 3,458 289 2,009 Jan. 16. 11,462 7,808 673 2, 981 3,588 293 1,973 Jan. 23. 11,481 7,810 664 3,007 3,623 303 1,986 Jan. 30. 11,482 7,802 679 3,001 3,671 299 2,002 Feb. 6. 11,485 7,777 698 3, 010 3,632 319 2,061 Feb. 13. 11,471 7,795 710 2,966 3,676 310 2,069 Feb. 20. 11, 520 7,791 731 2,998 3,643 314 2,074 Feb. 27. 11,535 7,783 750 3, 002 3,569 301 2,038 Mar. 6. 11, 629 7,853 749 3, 027 3,603 310 2,081 Mar. 13. 11,655 7,887 746 3, 022 3,394 304 1,985 Mar. 20. 11, 665 7,858 752 3, 055 3, 359 309 1,957 Mar. 27. 11, 709 7,858 772 3, 079 3,228 296 1,929 Apr. 3. 11, 757 7,902 789 3, 066 3,329 314 1,902 Apr. 10. 11, 840 7, 963 788 3, 089 3,534 307 1,996 Apr. 17. 11, 787 7,912 784 3,091 3,757 309 2,044 Apr. 24. 11,804 7,902 782 3,120 3,741 287 2,095 May 1. 11, 773 7,895 782 3,096 3,767 299 1,996 May 8. 11,686 7,848 779 3,059 3,838 299 2,079 May 15. 11,716 7,844 801 3, 071 3,874 307 2,046 May 22. 11, 676 7,778 791 3,107 3,879 314 1,999 May 29. 11, 766 7,867 917 2, 982 3, 938 307 1,971 June 5. 11,771 7,853 924 2,994 4,114 322 2,047 June 12. 11,934 7,949 967 3, 018 4,043 316 2,003 June 19. 11, 965 7,970 964 3, 031 4,072 328 2,052 June 26. 11,791 7,824 972 2,995 3,875 321 2,095 July 3. 11, 788 7,762 976 3, 050 4,051 334 2,079 July 10. 12, 096 8,044 996 3, 056 3,917 31S 2,071 July 17. 12,123 8,073 1,013 3, 037 3,918 323 2,018 July 24. 12, 034 7,947 1,017 3, 070 4,084 322 2,019 July 31. 11, 960 7,864 1,019 3, 077 4, 095 322 2, 045 Aug. 7. 11, 951 7,849 1,020 3, 082 4,239 332 2,105 Aug. 14. 11,978 7,847 1,021 3,110 4,295 322 2,123 Aug. 21. 12,022 7,877 1,035 3,110 4,354 333 2,143 Aug. 28. 12, 047 7,864 1,083 3, 100 4,223 323 2,168 Sept. 4. 12, 039 7,840 1,100 3, 099 4, 373 347 2,239 Sept. 11. 12, 473 8,249 1,100 3,124 4,147 333 2,240 Sept. 18. 12, 471 8,227 1,093 3,151 4,264 339 2,202 Sept. 25. 12, 390 8,183 1, 094 3, 113 4,200 325 2, 256 Oct. 2. 12, 379 8,171 1,096 3,112 4,304 352 2,247 Oct. 9. 12, 325 8,118 1,119 3,088 4,479 332 2, 308 Oct. 16. 12, 391 8,130 1,128 3,133 4. 563 340 2, 234 Oct. 23. 12, 476 8,177 1,133 3,166 4,632 350 2,219 Oct. 30. 12, 458 8,236 1,138 3,084 4,641 349 2, 283 Nov. 6. 12, 493 8,295 1,141 3,057 4,708 363 2,388 Nov. 13. 12, 488 8,333 1, 135 3, 020 4,754 346 2,350 Nov. 20. 12, 480 8,301 1,137 3,042 4,759 358 2,323 Nov. 27. 12, 362 8,221 1,134 3,007 4,894 361 2,370 Dec. 4. 12, 360 8,216 1,136 3,008 5, 024 379 2,342 Dec. 11. 12, 782 8,643 1,129 3,010 4,492 387 2,293 Dec. 18. 12, 775 8,616 1,131 3,028 4,466 386 2,246 Dec. 24. 12, 646 8,468 1,126 3,052 4,597 369 2,308 Dec. 31. Monthly averages: 11, 428 7,795 657 2,976 3,455 304 1,970 January. 11,490 7,791 705 2, 994 3,655 310 2,052 February. 11,621 7,845 749 3,027 3,481 306 2,015 March. 11,773 7,909 783 3,081 3,462 307 1, 968 April. 11,731 7,853 787 3,091 3,820 301 2,043 May. 11,859 7,910 943 3,006 4,041 318 2,018 June. 11,966 7,930 994 3,042 3,969 323 2,056 July. 11,978 7,859 1,024 3,095 4,245 327 2,104 August. 12, 258 8,045 1,094 3,119 4,251 336 2,212 September. 12, 392 8,156 1,114 3,122 4,435 339 2,253 October. 12,480 8,291 1,138 3, 051 4,715 354 2,326 November. 12,585 8,433 1,131 3,021 4.694 376 2,312 December. 3 Includes dollar balances due from American branches of foreign banks, Excludes time balances with domestic banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 61.—WEEKLY REPOETING MEMBER BANKS IN 101 LEADING [In millions of dollars] Cash Demand deposits items Total reported assets Date or month h in c a a e o s s n p s l d l r o e o o n c o c f - r - a O s t s h e e ts r l T ia o b t i a l l - m D e o I s - n ti t c erba F n o k reign Go U m v . e e n S r t . n- c C h e f e e i r t c e t c k d i . s - , Other tion ities banks banks 1935 Jan. 2__ 1,623 28,270 4,348 133 1,437 669 12, 368 Jan. 9_. 1,005 ,654 27, 694 4,343 128 1,429 435 12,023 Jan. 16 1,193 , 652 28,121 4,492 126 1,424 487 12, 257 Jan. 23 1,057 , 613 28,038 4,482 146 1,384 436 12. 228 Jan. 30 1,045 ,608 28,069 4,467 172 1,310 484 12,244 Feb. 6 894 1, 560 27,896 4,587 175 1,308 388 12,077 Feb. 13 1, 351 1, 546 28, 426 4, 648 177 1,216 512 12,485 Feb. 20 1,189 1,531 28,261 4.704 173 1,166 480 12,363 Feb. 27 1,169 1,548 28, 329 4,701 165 1,098 466 12, 496 Mar. 6 1,379 1, 570 28,584 4,787 158 1,094 716 12,401 Mar. 13 1,093 1, 548 28, 432 4,771 157 1,093 402 12, 626 Mar. 20 1,095 1,507 28,055 4, 581 158 1,094 445 12, 396 Mar. 27 1,101 1,510 27,984 4,517 164 1.094 460 12, 420 Apr. 3 1,163 1,519 27, 928 4,519 165 1,095 543 12, 308 Apr. 10 1,077 1,489 27,933 4,469 181 1,095 462 12,445 Apr. 17 1, 230 1,453 28,448 4,655 194 1.093 479 12, 740 Apr. 24 1, 239 1,445 28,677 4,684 193 1,092 638 12, 759 M M M a a a y y y 8 1 15 1 1 1 , , , 8 2 0 4 9 2 9 1 8 1 1 1 , , , 4 4 4 6 3 5 0 7 4 2 2 28 9 8 , , , 3 7 3 3 9 0 5 1 2 4 4 4, , , 5 7 6 8 5 5 8 4 5 1 1 1 9 8 9 1 8 2 1,0 9 8 2 4 7 0 3 5 8 4 5 7 3 4 7 7 2 1 1 1 3 2 3 , , . 0 8 2 8 3 0 3 5 3 May 22 1,076 1,483 28,561 4, 597 210 839 450 13,127 May 29 1,108 1,494 28, 581 4, 543 283 777 462 13, 202 J J J J u u u u n n n n e e e e 5 2 1 1 6 2 9 1 1 1 1 , , , , 0 0 2 1 7 5 0 9 1 5 3 8 1 1 1 1 , , , , 4 4 3 3 0 6 8 7 0 7 7 2 2 2 2 2 8 8 8 8 . , , , 9 8 8 5 9 2 8 1 6 0 4 2 4 4 4 4 , , , , 6 6 6 6 1 3 3 2 7 0 2 6 2 2 2 2 6 6 5 8 6 9 8 2 7 7 7 7 8 2 2 8 5 5 4 2 4 4 4 5 2 3 7 3 9 4 3 4 1 1 1 1 3 3 3 3 , , , , 1 6 5 6 6 0 3 0 7 2 9 3 J J J J J A A A A S S N S S O O O O O u u u u u e e e e u u u u c o c c c c l l l l l p p p p y y y y t y g t t t g g g t v . . . . . t t t t . . . . . . . . . 3 3 2 9 3 1 2 2 1 1 7 2 2 1 6 4 2 1 1 1 4 0 0 3 7 6 1 8 4 5 8 1 _ 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , , , , , 0 1 2 1 2 0 2 1 1 4 0 1 3 2 1 1 0 9 3 6 0 7 5 0 2 7 4 1 5 4 1 8 0 6 0 2 7 7 4 4 5 5 4 4 0 7 3 3 5 5 9 9 0 0 0 7 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , , , , , , , 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 8 7 9 6 7 8 8 5 9 6 0 9 7 6 7 5 6 7 5 6 6 2 4 8 8 6 2 9 7 7 1 1 5 1 0 6 9 8 5 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 2 3 8 9 9 9 0 9 0 8 9 8 8 9 9 8 8 9 0 9 9 , , , , , . , , , , , , , , , , , , , 9 7 6 5 0 8 0 8 0 7 0 4 6 0 2 3 7 9 7 1 9 7 9 9 7 5 4 7 8 7 2 8 2 2 5 6 7 8 1 1 3 3 1 6 6 7 6 3 7 7 1 1 5 5 1 8 9 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , , , , , , , 6 7 8 7 7 8 6 7 9 8 9 1 0 0 0 2 1 2 0 2 7 1 1 7 0 7 2 0 6 4 9 3 0 4 3 1 4 7 1 1 5 3 8 7 4 7 6 6 2 9 9 4 7 7 3 6 7 2 2 2 2 2 2 2 2 2 2 3 2 2 2 3 3 3 3 3 3 5 4 6 5 5 6 5 7 6 6 7 6 4 6 6 6 9 6 0 6 5 9 9 8 3 6 5 0 0 8 2 6 6 3 8 8 4 2 7 7 4 5 5 5 3 5 5 5 5 5 7 7 5 5 7 7 6 5 5 5 0 5 5 6 6 5 4 6 2 3 3 5 4 2 2 4 2 2 1 0 0 2 1 3 5 5 0 3 0 0 7 6 9 7 7 2 2 4 4 4 5 4 4 4 4 4 4 4 4 4 3 5 4 4 4 4 4 2 4 6 6 2 0 4 6 4 6 6 0 2 1 9 9 3 5 9 6 5 7 0 2 6 1 2 3 3 9 0 1 4 2 6 6 9 0 3 7 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 4 4 3 3 3 3 4 3 4 4 3 4 3 4 , , , , , , , , , , , , , , , , , , , 8 8 7 8 8 0 8 1 8 0 0 6 7 7 5 9 2 3 3 3 0 0 4 5 2 3 9 4 2 9 6 0 0 2 8 5 4 8 6 6 0 3 0 5 0 0 8 3 2 8 7 7 5 3 5 2 0 Nov. 13 1,420 1,381 30, 724 5, 355 377 526 476 14, 701 Nov. 20 1,286 1,433 30, 607 5,313 434 502 526 14,629 N De o c v . . 4 27 1 1 , , 3 2 5 2 0 3 1 1, , 4 4 2 2 2 1 3 30 0 , , 8 7 5 8 5 7 5 5 , , 2 3 1 8 7 9 4 4 4 3 0 8 4 5 8 0 2 4 4 5 7 2 6 2 1 1 4 4 , , 6 8 1 4 2 2 D D D D e e e e c c c c . . . . 3 2 1 1 1 4 1 8 1 1 1 1 , , , , 4 3 8 2 3 1 7 9 9 7 2 5 1 1 1 , , , 3 3 3 8 9 9 6 5 0 3 3 3 3 0 1 0 0 , , , , 9 9 4 7 8 6 3 4 3 7 6 4 5 5 5 5 , , , , 1 2 3 2 7 1 3 2 1 9 8 2 4 4 4 3 3 4 6 6 0 4 7 7 7 0 0 5 0 1 5 2 5 4 7 5 9 2 6 3 7 2 1 1 1 1 4 4 5 4 , , , , 9 0 7 6 1 3 0 2 1 2 9 0 Monthly averages: January 1,185 1, 637 28,040 4,426 141 1,397 502 12, 224 February 1,151 1.546 28, 228 4, 661 172 1,197 460 12, 355 March _._ 1,167 1,534 28, 264 4,664 159 1,094 505 12,461 April 1,177 1,477 28.247 4,582 184 1,094 530 12, 563 May 1,270 1, 466 28,714 4,628 213 891 553 13,090 June 1,132 1,407 28,803 4, 627 269 754 467 13,478 July.— .- 1,153 1,367 28,777 4,721 257 483 467 13,724 August 1,051 1,377 28, 929 4, 778 268 558 425 13, 756 September 1,169 1,389 29, 544 4,997 270 628 460 13,992 October 1, 218 1,374 29,974 5,125 351 633 453 14,124 November 1, 343 1,387 30,635 5,282 385 519 484 14,638 December 1.429 1.403 30, 983 5. 2P.8 438 POP 14 77R Back figures.—See Annual Report for 1932 (table 79) and article on ''Member Bank Statistics" in Federal Reserve Bulletin for November 1935. Reprints of this article, which contains also a description of the Digitized ford FatRa,A mSaEyR b e obtained upon request from the Division of Research and Statistics. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KEPOKTING MEMBER BANKS 163 CITIES—ASSETS AND LIABILITIES, BY WEEKS AND MONTHS [In millions of dollars] Time deposits D de e p m o a si n t d s Interbank Bo in rr g o s w- O ab t i h l e it r i e li s - a C c a c p o i u t n a t l Date or month adjusted * Domestic Foreign Other banks banks 1935 11,414 119 6 4,810 1 906 3,479 Jan. 2. 11,453 122 6 4,820 1 905 3,482 Jan. 9. 11, 551 120 6 4,823 9 900 3,477 Jan.16. 11,607 124 7 4,850 4 898 3,479 Jan. 23. 11, 683 123 7 4,860 9 915 3,478 Jan. 30. 11, 569 126 7 4, 873 7 870 3,480 Feb. 6. 11,646 129 7 4,874 11 884 3,483 Feb. 13. 11,654 129 7 4,874 5 877 3,483 Feb. 20. 11,793 127 7 4, 878 11 897 3,483 Feb. 27. 11,738 130 7 4,875 8 917 3,491 Mar. 6. 11,935 133 6 4, S62 5 895 3,482 Mar. 13. 11,746 137 6 4,883 26 851 . 3,478 Mar. 20. 11, 779 134 6 4,898 2 811 3,478 Mar. 27. 11, 688 134 6 4,910 16 750 3,482 Apr. 3. 11,830 132 7 4,909 742 3,491 Apr. 10. 11,989 132 7 4,930 2 725 3,491 Apr. 17. 12,158 127 7 4,940 1 740 3,496 Apr. 24. 12,231 130 8 4,991 722 3,498 May 1. 12, 244 1,29 8 4,977 2 722 3,503 May 8. 12, 334 133 8 4; 983 17 707 3,507 May 15. 12, 501 130 8 4,966 8 714 3,512 May 22. 12,556 129 7 4,935 4 730 3,509 May 29. 12,530 121 4 4.876 2 711 3, 500 June 5. 12,872 119 4 4,852 1 691 3,501 June 12. 12, 875 119 4 4,889 688 3,503 June 19. 12,977 121 5 4,880 20 729 3,495 June 26. 12,921 123 5 4,842 2 666 3,476 July 3. 13,038 119 5 4,852 1 679 3,483 July 10. 13,138 117 5 4,839 31 655 3,483 July 17. 13,132 119 5 4,851 22 641 3,482 July 24. 12,962 118 5 4,856 17 642 3,487 July 31. 12,949 121 5 4,873 12 643 3,488 Aug. 7. 13,094 123 6 4, 880 2 651 3,486 Aug. 14. 13, 218 122 6 4,852 657 3,491 Aug. 21. 13,263 125 6 4,839 1 701 3,492 Aug. 28. 13,168 121 6 4.833 4 681 3,495 Sept. 4. 13,290 119 6 4,841 1 732 3,494 Sept. 11. 13, 237 118 5 4,866 12 721 3,489 Sept. 18. 13,438 119 4 4,870 25 738 3,487 Sept. 25. 13, 246 121 4 4,890 1 731 3,488 Oct. 2. 13, 220 119 4 4,913 1 737 3,493 Oct. 9. 13, 268 119 5 4,921 3 740 3,493 Oct. 16. 13,463 118 5 4,963 2 741 3,502 Oct. 23. 13,598 117 5 4,899 801 3,504 Oct. 30. 13,558 116 4 4,895 793 3,514 Nov. 6. 13, 720 119 4 4,892 2 808 3,515 Nov. 13. 13, 819 117 3 4,872 1 803 3,514 Nov. 20. 14, 018 119 3 4,872 825 3,513 Nov. 27. 13,911 116 3 4,843 1 852 3,527 Dec. 4. 14,092 120 3 4,856 1 866 3,522 Dec. 11. 13,843 117 2 4,868 1 818 3,519 Dec. 18. 13, 785 118 2 4,883 5 804 3,518 Dec. 24. 13,887 128 3 4,911 1 765 3,506 Dec. 31. Monthly averages: 11, 542 122 6 4,833 5 905 3,479 January. 11, 666 128 7 4,875 9 882 3,482 February. 11,800 134 6 4,879 10 869 3,483 March. 11,916 131 7 4,922 5 739 3,490 April. 12,373 130 8 4,970 6 719 3,506 May. 12,814 120 4 4,874 6 705 3,499 June. 13,038 119 5 4,848 14 657 3,482 July. 13,131 123 6 4,861 4 663 3,489 August. 13, 283 119 5 4,853 10 718 3,492 September. 13, 359 119 5 4,917 1 750 3,496 October. 13, 779 118 4 4,883 1 807 3,514 November. 13,904 120 3 4,872 2 821 3,518 December. * Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 62.—WEEKLY REPORTING MEMBER BANKS IN NEW YORK [In millions of dollars] Loans to customers (except banks) Open-market loans Total Date or month i m n lo a v e n a e n n d s t s t s - Total T N k o s o i e u e d b r t w e s - ro- o o c t n T u h r o e s i r e - s - e l R o st a e a n a t s l e c O lo u t t a s h o t n e o s r - L ba o t n o a k n s s m A a c a c e n o n r c c m c e d e i p s - a t l - k t L o N e o r b e a s w r n i o n s - York ties mers 2 paper York Cityi bought City i 1935 Jan. 2 . 7,346 2,117 54 773 130 1,160 62 227 598 Jan 9 7,332 2,099 54 768 130 1 147 65 231 564 Jan. 16 7,487 2,112 55 779 131 1,147 62 227 603 Jan. 23 ._ 7,465 2,126 55 792 131 1,148 66 240 579 Jan. 30.-- _ 7,422 2,125 55 792 131 1,147 64 232 559 Feb. 6- 7,363 2,119 57 790 131 1 141 61 224 536 Feb. 13 7,392 2, 138 59 785 131 1,163 64 222 564 Feb. 2O.._ 7,307 2.136 58 785 131 1,162 56 227 542 Feb. 27 7,401 2,121 56 764 131 1,170 61 228 582 Mar. 6 7,547 2,146 55 779 131 1 181 51 221 676 Mar. 13. 7,602 2,140 54 773 130 1.183 50 212 678 Mar. 20 7, 539 2,149 54 780 130 1,185 54 211 609 Mar. 27.. 7,566 2; 117 54 769 130 1,164 48 220 604 Apr. 3__ 7,661 2,131 55 762 130 1,187 67 227 576 Apr. 10 . 7,635 2,129 54 757 130 1,188 66 218 578 Apr. 17— 7,741 2,123 54 754 130 1,185 64 212 692 Apr. 24 7,736 2,104 56 742 128 1,178 52 206 791 Hay 1 7,830 2,104 58 745 129 1,172 62 203 832 Mav8 7,630 2, 088 57 737 128 1,166 51 202 769 May 15 7,605 2.097 57 739 128 1,173 72 200 769 May 22_ 7,656 2,086 59 737 128 1,162 79 197 806 May 29 7,690 2,074 58 731 127 1,158 108 183 828 June 5 7 631 2,058 58 729 128 1 143 66 178 775 June 12_ _ 7,674 2,102 58 737 127 1,180 51 169 806 June 19 7,730 2,086 60 733 127 1,166 60 160 798 June 26. _ 7, 775 2,082 60 733 126 1,163 62 153 844 Julv 3. 7, 718 2,096 66 732 125 1,173 4? 149 886 July 10. 7,612 2,077 60 730 124 1,163 43 144 823 July 17 . . 7,805 2,096 59 732 123 1,182 55 138 841 July24_ 7, 785 2,075 58 729 123 1,165 56 141 822 July 31. _ 7, 548 2,008 57 723 122 1.106 62 133 793 Ausr. 7 7,504 2,014 55 723 122 1,114 61 131 805 Aug. 14 __ 7,519 2,031 56 721 122 1,132 44 128 817 Aug. 21_. 7, 558 2, 077 57 723 122 1, 175 36 129 S14 Aug. 28 7,543 2, 074 56 712 122 1,184 34 129 751 Sept. 4 7,580 2, 053 58 710 122 1,163 41 126 794 Sept. 11 7 656 2, 065 56 704 123 1,182 34 129 847 Sept. 18 7,852 2, 075 55 706 123 1,191 54 131 817 Sept. 25. 7,882 2, 096 56 714 123 1,203 70 135 800 Oct. 2 . 7,822 2, 122 58 728 123 1, 213 44 136 821 Oct. 9 7,793 2,124 57 727 123 1,217 49 136 768 Oct. 16 7,704 2,124 57 721 193 1,223 44 140 761 Oct. 23 7,658 2,055 59 715 123 1,15* 44 141 773 Oct. 30. 7,694 2,052 58 713 123 1,158 41 147 770 Nov. 6_ 7, 734 2,086 58 723 123 1,182 44 145 781 Nov. 13 7, 812 2,093 60 723 123 1,187 45 150 795 Nov. 20 7,817 2,090 59 731 123 1,177 48 156 797 Nov. 27 7,949 2,102 60 732 123 1,187 114 169 827 Dec. 4 7,856 2,097 59 734 124 1,180 62 170 860 Dec 11 7,883 2 099 59 744 124 1,172 39 170 891 Dec. 18 7,993 2,107 59 757 124 1,167 45 169 886 Dec. 24_ 7, 955 2,083 59 746 128 1,150 42 170 895 Dec. 31 7,917 2,090 59 743 127 1,161 42 174 955 Monthly averages: January 7,410 2,115 55 780 130 1,150 64 231 581 Februarv _ 7,366 2,129 58 781 131 1,159 60 225 556 March 7, 564 2,138 54 775 131 1,178 51 215 642 April 7,693 2,123 55 754 130 1,184 62 216 659 May _. _ 7,682 2,089 58 737 128 1,166 75 197 801 June 7, 703 2,082 59 733 127 1,163 60 165 806 July 7,694 2,070 60 729 123 1,158 52 141 833 August 7,531 2, 050 56 720 122 1,152 43 129 797 September 7,743 2,073 56 709 123 1,185 50 130 814 October 7, 734 2,096 58 721 123 1,194 43 140 779 November 7,828 2, 092 59 727 123 1,183 63 155 800 December.. 7,921 2,095 59 745 125 1,166 46 171 897 » Loans (secured by stocks and bonds) to brokers and dealers in securities. Includes reporting banks' own acceptances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

165 REPORTING MEMBER BANKS CITY—ASSETS AND LIABILITIES, BY WEEKS AND MONTHS [In millions of dollars] Investments U. S. Government Reserves Due obligations Other Fe w d i e th ral C v a a s u h l i t n fr m om es t d ic o- Date or month Total securi- Reserve banks 3 Fully ties bank Direct guaranteed 1935 4,342 3,103 273 966 1,501 50 83 Jan. 2. 4,373 1 3,127 269 977 1,527 45 71 Jan. 9. 4,483 3, 209 268 1,006 1,505 40 73 Jan. 16. 4,454 3,179 272 1,003 1,646 42 74 Jan. 23. 4,442 3,150 272 1,020 1,720 49 73 Jan. 30. 4,423 1 3,129 283 1,011 1,804 50 72 Feb. 6. 4,404 3,117 277 1,010 1,765 57 77 Feb. 13. 4,346 3,090 275 981 1,826 53 72 Feb. 20. 4,409 3,108 285 1,016 1,773 54 67 Feb. 27. 4,453 3,128 284 1,041 1,701 49 66 Mar. 6. 4,522 3,198 276 1,048 1,704 51 65 Mar. 13. 4,516 3, 202 274 1,040 1,622 53 66 Mar. 20. 4,577 3, 230 276 1,071 1,644 50 64 Mar. 27. 4,657 3,290 279 1,088 1,530 49 65 Apr. 3. 4,644 3,310 275 1,059 1,576 52 64 Apr. 10. 4,650 3, 319 272 1,059 1,631 50 68 Apr. 17. 4,583 3, 263 261 1,059 1,734 44 69 Apr. 24. 4,629 3, 290 262 1,077 1,699 41 70 May 1. 4,520 3, 221 260 1,039 1,679 42 73 May 8. 4,467 3,198 257 1,012 1,749 45 71 May 15. 4,488 3,199 270 1,019 1,764 45 72 May 22. 4,497 3, 225 247 1,025 1,806 49 71 May 29. 4,554 3,285 299 970 1,840 43 71 June 5. 4,546 3, 274 299 973 1,955 45 72 June 12. 4,626 3,314 329 983 1,889 43 71 June 19. 4,634 3,324 316 994 1,885 46 103 June 26. 4,545 3, 245 320 980 1,689 48 112 July 3. 4,525 1 3,187 319 1,019 1,906 45 109 July 10. 4, 675 3, 327 323 1, 025 1,756 42 96 Julv 17. 4,691 3, 330 336 1,025 1,853 42 96 July 24. 4,552 3,174 342 1,036 2,122 44 95 July 31. 4,493 3,103 355 1,035 2,132 42 90 Aug. 7. 4,499 3,106 358 1, 035 2,223 45 94 Aug. 14. 4,502 3,089 355 1,058 2,276 42 97 Aug. 21. 4,555 3,136 359 1,060 2,333 44 95 Aug. 28. 4, 566 3,125 371 1,070 2,250 45 94 Sept. 4. 4,581 3,148 372 1,061 2,294 49 93 Sept. 11. 4,775 3,326 372 1,077 2,118 47 96 Sept. 18. 4,781 3,312 366 1,103 2,223 50 91 Sept. 25. 4,699 3,268 366 1,065 2,267 49 89 Oct. 2. 4,716 3,280 367 1,069 2,251 57 85 Oct. 9. 4,635 3,209 377 1,049 2,331 53 82 Oct. 16. 4,645 3,181 381 1,083 2,416 55 82 Oct. 23. 4,684 3,189 382 1,113 2,442 58 76 Oct. 30. 4,678 3,258 382 1,038 2,388 60 83 Nov. 6. 4,729 3,317 381 1,031 2, 415 58 82 Nov. 13. 4,726 3,346 373 1,007 2,460 55 79 Nov. 20. 4,737 3,332 373 1,032 2,435 61 81 Nov. 27. 4,667 3,276 374 1,017 2,565 57 87 Dec. 4. 4,684 3,289 377 1,018 2,610 59 80 Dec. 11. 4,786 3,415 376 995 2,265 61 88 Dec. 18. 4,765 3,378 382 1,005 2,264 63 79 Dec. 24. 4,656 3,243 383 1,030 2,446 57 77 Dec. 31. Monthly averages. 4,419 3,154 271 994 1,579 45 75 January. 4,396 3, 111 280 1,005 1,792 53 72 February. 4,517 3,189 278 1,050 1,668 51 65 March. 4,633 3,295 272 1,066 1,618 49 67 April. 4,520 3,227 259 1, 034 1,739 45 71 May. 4,590 3,299 311 980 1,892 44 79 June. 4,598 3,253 328 1,017 1,865 44 102 July. 4,512 3,108 357 1,047 2,241 43 94 August. 4,676 3,228 370 1,078 2,221 48 94 September. 4,676 3, 225 375 1. 076 2,341 54 83 October. 4,718 3,313 378 1,027 2,424 59 81 November. 4,712 3.320 379 1, 013 2.430 60 82 December. 3 Includes dollar balances due from American branches of foreign banks. Excludes time balances with domestic banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 62.—WEEKLY REPOKTING MEMBER BANKS IN NEW YORK [In millions of dollars] Cash Demand deposits items Total reported as on Other assets Interbank Date or month h in a n p d ro o c r - assets U.S. C f e ie rt d ic e o s l s le o c- f l T ia o b t i a l- l m D es o t - ic Foreign G m ov e e n r t n- ch e e t c c k . s, Other tion ities banks banks 1935 Jan 2 952 763 10,695 1,796 113 735 473 5,206 Jan. 9 522 749 10,246 1,786 110 731 296 4,957 Jan.16 633 748 10,486 1,871 108 731 329 5,074 Jan.23 590 715 10,532 1, 868 128 713 298 5 138 Jan.30 585 699 10,548 1,869 152 680 332 5,135 Feb. 6 437 657 10,383 1,903 155 680 234 5,059 Feb. 13 732 638 10,661 1,948 156 623 372 5,193 Feb 20 671 624 10, 553 1,985 151 574 337 5,153 Feb. 27 622 629 10,546 1,958 144 525 318 5,240 Mar 6 853 648 10,864 2,018 137 526 562 5,250 Mar. 13 547 626 10,595 2,006 136 527 254 5,306 Mar. 20 — 583 604 10,467 1,881 137 527 300 5,243 Mar 27 598 611 10,533 1,846 143 527 313 5,348 Apr. 3 637 620 10,562 1,836 144 527 382 5 296 Apr. 10 - 581 594 10,502 1,829 160 527 320 5,300 Apr. 17 637 569 10,696 1,960 170 527 327 5,349 Apr. 24 717 562 10,862 1,949 171 526 457 5,385 May 1 1,199 569 11,408 1,994 164 495 665 5,722 May 8 532 557 10,513 1,867 168 457 283 5 369 May 15 - 691 569 10,730 1,923 169 429 372 5,461 May 22 543 601 10,681 1,896 187 410 291 5,528 May 29 576 605 10, 797 1,883 260 383 303 5,603 June 5 _ 533 587 10, 705 1,896 258 389 276 5,597 June 12 623 524 10,893 1,888 246 388 325 5,780 June 19 641 509 10,883 1,893 241 362 372 5,754 June 26 - . 535 512 10,856 1,914 234 361 271 5,792 July 3 _ 671 511 10, 749 1,970 225 201 356 5,726 July 10 575 516 10, 763 1,951 226 182 289 5,830 July 17 599 505 10,803 1,913 228 245 304 5,833 July 24 509 509 10, 794 1,893 231 244 267 5,873 July 31 665 510 10,984 2,040 243 244 298 5,874 Aug. 7 . 488 500 10, 756 1,993 228 246 256 5,732 Aug 14 588 510 10,979 2,007 238 249 313 5,867 Aug. 21 529 511 11,013 2,036 244 250 268 5,895 Aug. 28 525 512 11, 052 2,055 245 247 282 5,896 Sept 4 471 501 10,941 2,089 238 230 239 5,835 Sept. 11 _ 571 494 11,157 2,179 233 231 284 5,925 Sept. 18 665 495 11, 273 2,175 236 297 309 5,939 Sept. 25 _ 659 505 11,410 2,085 265 297 409 6,010 Oct. 2 . 571 483 11, 281 2,156 281 298 290 5,923 Oct. 9 591 499 11, 276 2,145 319 299 347 5,815 Oct 16 712 471 11,353 2,151 339 245 293 5,966 Oct. 23 . _ 584 468 11,263 2,106 337 195 291 5,950 Oct. 30 - 571 469 11, 310 2,110 335 196 248 6,049 Nov 6 713 470 11, 448 2,173 338 196 316 6,058 Nov 13 673 478 11, 518 2,214 332 189 271 6,128 Nov. 20 660 483 11, 554 2,229 345 176 299 6,138 Nov 27 706 519 11, 751 2,197 401 176 346 6,258 Dec 4 622 503 11, 690 2.286 407 167 321 6,113 Pec 11 662 493 11, 787 2,265 401 152 289 6,293 Dec 18 779 476 11,662 2,173 399 196 369 6,177 Dec 24 654 472 11,487 2,125 401 197 315 6,108 Dec. 31 1,055 471 12,023 2,200 408 198 483 6,394 Monthly averages: Januarv 657 735 10, 501 1.838 122 718 346 5,102 February - - 616 637 10, 536 ,948 152 601 5,161 March 645 622 10, 615 ,938 138 527 357 5,287 April 643 586 10, 656 ,893 162 527 371 5,333 May 708 580 10,825 ,913 189 435 383 5,537 June - 583 533 10, 834 ,898 245 375 311 5,730 July 604 510 10,819 1.953 231 223 304 5,827 August 533 508 10, 950 2,023 239 248 280 5,847 September.. 591 498 11,195 2,132 243 264 310 5,927 October - . 606 478 11,296 2,133 322 247 294 5,941 November 688 488 11, 568 2,203 354 184 308 6,146 December 754 483 11, 730 2,210 403 182 355 6,217 Backf igures.—See Annual Report for 1932 (table 80) and article on "Member Bank Statistics" in Federal Reserve Bulletin for November 1935. Reprints of this article, which contains also a description of Digitized fotrh Fe RdaAtSa,E mRa y be obtained upon request from the Division of Research and Statistics. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

167 KEPORTING MEMBEK BANKS CITY—ASSETS AND LIABILITIES, BY WEEKS AND MONTHS [In millions of dollars] Time deposits Demand a d d e ju p s o te si d ts • Interbank Bo in rr g o s w- O ab th il e it r i e li s - a C c a c p o i u ta n l t Date or month Other Domestic Foreign banks banks 1935 4,727 1 6 598 1 301 1,465 Jan. 2. 4,731 1 6 598 1 298 1,462 Jan. 9. 4,770 1 6 602 301 1,463 Jan. 16. 4,846 1 7 611 2 302 1,464 Jan. 23. 4,882 1 7 608 1 301 1,462 Jan. 30. 4,856 1 7 611 275 1,458 Feb. 6. 4,833 7 610 292 1,459 Feb. 13. 4,819 7 613 273 1,459 Feb. 20. 4,936 7 610 4 282 1,457 Feb. 27. 4,959 7 601 3 299 1,460 Mar. 6. 5,013 6 605 295 1,459 Mar. 13. 4,960 6 608 20 289 1,455 Mar. 20. 5,063 6 609 287 1,453 Mar. 27. 5,041 1 6 617 16 276 1,461 Apr. 3. 5,039 7 622 275 1 462 Apr. 10. 5,039 7 618 274 1,464 Apr. 17. 5,125 7 620 282 1 465 Apr. 24. 5,188 7 623 271 1 467 May 1. 5,120 - 7 620 2 271 1,469 May 8. 5,142 7 621 11 267 1,470 May 15. 5,276 7 620 4 266 1,472 May 22. 5,330 6 608 282 1,469 May 29. 5,340 3 561 266 1 459 June 5. 5,482 3 556 251 1,456 June 12. 5,485 3 556 246 1 456 June 19. 5,528 3 547 15 263 1,456 June 26. 5,411 3 566 251 1 451 July 3. 5,544 3 566 264 1,452 July 10. 5,538 3 561 25 238 1,453 July 17. 5,631 3 568 17 243 1,455 July 24. 5,507 3 571 14 242 1,455 July 31. 5,500 3 599 9 239 1,451 Aug. 7. 5,592 4 601 249 1 451 Aug. 14. 5,634 4 602 263 1 451 Aug. 21. 5,653 4 599 274 1 450 Aug. 28. 5,603 4 591 262 1 453 Sept. 4. 5, 638 4 588 263 1,450 Sept. 11. 5,583 3 586 10 269 1,449 Sept. 18. 5,760 3 592 25 275 1,449 Sept. 25. 5,642 3 603 279 1 448 Oct. 2. 5,571 3 624 275 1 449 Oct. 9. 5,547 4 624 281 L 450 Oct. 16. 5,657 4 651 278 1 451 Oct. 23. 5,726 4 591 325 1,452 Oct. 30. 5, 661 3 585 321 1,458 Nov. 6. 5,726 4 591 330 1 459 Nov. 13. 5,777 3 585 320 1 459 Nov. 20. 5,898 3 583 330 1 457 Nov. 27. 5,812 3 575 356 1 462 Dec. 4. 5,920 3 572 354 1,458 Dec. 11. 5,767 2 563 325 1,458 Dec. 18. 5,769 2 568 313 1 458 Dec. 24. 5,822 3 566 313 1,458 Dec. 31. Monthly averages: 4,791 1 6 604 1 300 1,463 January. 4,861 1 7 611 1 281 1,458 February. 4,999 1 6 606 6 292 1,457 March. 5,061 7 619 4 277 1,463 April. 5,211 7 618 3 271 1,469 May. 5,459 3 555 4 257 1,456 June. 5,526 3 566 11 248 1,453 July. 5,594 4 600 2 256 1,451 August. 5,646 589 9 267 1,450 September. 5,629 3 619 287 1,450 October. 5,766 4 586 325 1,458 November. 5,818 569 332 1,459 December. * Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 63.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE [In millions of dollars] Loans to customers (except banks) Open-market loans Total Date or month i m n l a o v e n a e n d n s t s s t- Total T Y N s o k o i e o u e d b r w t r e s - r k o- o o c t n t T u h i e r o e s s i e r - s - e l R o s e t a a a n t l s e - cu O l e o s t t r a t h o s o n 2 e m s r - b L a o t n o a k n s s m A p a c e c a n a o r c n p c m c e d e e i p - s a r t l - k t L o Y N e o r o b e s a r w r n k i o n s - City i bought City i 1935 Jan. 2 __ 12,136 4,668 122 1,486 1,006 2,054 61 223 159 Jan 9 12, 093 4, 639 113 1,467 1,004 2,055 62 218 167 Jan. 16 ... 12, 033 4,623 120 1,453 1,004 2,046 61 215 166 Jan 23 12, 049 4,605 116 1,453 1,001 2,035 60 216 160 : Jan 30 12, 082 4,612 118 1,449 998 2,047 58 214 159 Feb 6- — --- 12,107 4, 620 112 1,446 996 2,066 59 210 159 Feb 13 12,125 4,615 113 1,444 997 2,061 59 211 159 Feb 20 12,179 4,625 116 1,437 996 2,076 57 214 158 Feb 27 -- --- 12,180 4,637 116 1,429 992 2,100 57 217 158 Mar. 6 — 12,180 4,652 124 1,436 989 2,103 55 213 178 Mar 13 12,195 4,648 123 1,435 990 2,100 53 211 176 Mar. 20 12, 231 4,658 127 1, 436 990 2,105 56 214 164 Mar 27 12,182 4,671 141 1,431 992 2, 107 54 212 157 Apr 3 - 12,132 4,649 121 1,423 992 2,113 53 213 165 Apr 10 12,187 4, 633 117 1,415 991 2.110 54 213 174 i Apr 17 - 12,187 4, 634 113 1,412 9S9 2,120 52 205 106 Apr 24 - 12,147 4,627 118 1,407 990 2,112 52 205 59 Mlay 1 12,129 4,653 134 1,401 990 2, 128 52 200 49 May 8 12,178 4,621 120 1,387 990 2,124 54 200 50 May 15 12, 136 4,617 112 1, 393 990 2,122 55 202 43 , May 22 __ 12,119 i 4,598 110 1,391 988 2,109 55 198 40 May 29 12, 097 1 4,636 118 1,385 1, 030 2,103 54 192 36 June 5 -- 12,127 4, 632 110 1,388 1,027 2,107 56 191 36 June 12 12,160 4, 660 118 1,389 1,025 2,128 54 184 37 June 19 12, 222 4,637 113 1, 382 1, 022 2,120 53 184 40 June 26 -- 12, 227 4, 628 112 1,378 1,023 2,115 50 179 39 July 3 12, 110 4,615 117 1,372 1,022 2,104 41 173 35 July 10 12,118 4,604 115 1, 364 1, 023 2,102 42 172 37 July 17 12, 284 4,606 113 1, 354 1,016 2, 123 43 174 40 July 24 12, 269 4, 5S8 109 1, 350 1,016 2, 113 41 175 33 July 31 12, 297 4, 569 113 1,358 1,014 2,084 41 173 32 Aug 7 12, 295 4, 570 116 1,353 1,013 2,088 39 182 37 Aug 14 12, 273 4,563 109 1,350 1, 016 2,088 39 183 36 Aug 21 12, 310 4,580 106 1, 354 1,014 2,106 38 181 35 i Aug 28 12, 296 4,580 104 1, 359 1, 013 2,104 41 181 27 ! Sept 4 12, 328 4, 586 104 1,356 1,010 2,116 41 182 38 Sept 11 12, 318 4, 604 109 1,357 1, 013 2,125 40 185 31 Sept 18 12, 558 4,607 106 1,355 1, 016 2,130 40 188 25 Sept 25 12, 574 4, 631 106 1,359 1,017 2,149 39 189 25 ; Oct 2 12, 598 4, 651 111 1,352 1,021 2,167 43 188 25 Oct. 9 12, 561 4, 644 103 1, 353 1,024 2,164 41 188 25 ' Oct 16 12, 596 4,652 97 1,358 1, 025 2,172 39 189 26 Oct. 23 -- 12, 664 4,668 99 1,362 1,022 2,185 40 186 24 Oct 30 12, 684 4,661 94 1,362 1,023 2,182 40 182 9 Nov 6 12, 692 4,673 98 1,358 1,019 2,198 43 181 15 Nov. 13 12, 678 4,672 99 1, 355 1,017 2,201 39 183 20 ! Nov 20 12, 673 4,667 96 1,351 1,018 2,202 38 184 22 i Nov 27 12, 683 4,697 ! 113 1,353 1,017 2,214 36 184 23 Dec. 4 -_ 12. 662 4,723 111 1,360 1, 017 2,235 36 186 22 Dec 11 12, 638 4,716 110 1,358 1,016 2, 232 35 187 24 Dec 18 12, 977 4. 736 118 1,361 1,014 2,243 34 188 23 Dec. 24 __. 12, 984 4, 731 112 1,365 1,012 2,242 34 186 23 Dec 31 12, 978 4,741 124 1,368 1,009 2,240 34 188 25 Monthly averages: January 12, 079 4,629 117 1,462 1,003 2,047 61 218 162 February 12,148 4,623 113 1,439 995 2,076 59 213 159 March 12,197 4, 658 129 1, 435 990 2,104 54 212 169 April 12,163 4,635 117 1,414 990 2,114 54 208 126 May . _- 12, 132 4,628 119 1,392 998 2,117 54 198 43 June 12,184 4, 638 113 1,384 1,024 2,117 54 185 38 July . 12, 215 4,597 113 1,360 1, 019 2,105 41 173 36 August 12, 294 4. 573 109 1, 354 1,014 2,096 40 182 33 September 12, 444 4, 607 107 1, 356 1,014 2, 130 39 186 30 October 12, 621 4, 655 101 1, 357 1, 023 2,174 42 187 21 November 12, 682 4,678 102 1,354 1,018 2, 204 39 183 20 December ___ 12, 848 4.729 115 1.362 1.014 2. 238 35 187 24 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. s Includes reporting banks' own acceptances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

169 REPORTING MEMBER BANKS NEW YORK CITY—ASSETS AND LIABILITIES, BY WEEKS AND MONTHS [In millions of dollars] Investments Reserves U.S. Government with Due Total obligatio F n u s lly s O e t c t i h e u s e ri r - R F b e e a d s n e e k r r v s a e l C v a a s u h l t in f b r m o a m e n s k t d s i c o 3 - Date or month Direct guaranteed 1935 7,025 4,668 368 1,989 1,717 271 1,890 Jan. 2. 7,007 4,649 378 1,980 1,861 266 1,840 Jan. 9. 6,968 4,600 392 1, 976 1,953 249 1,936 Jan. 16. 7,008 4,629 401 1,978 1,942 251 1,899 Jan. 23. 7,039 4, 660 392 1,987 1,903 254 1,913 Jan. 30. 7,059 4,673 396 1,990 1,867 249 1,930 Feb. 6. 7,081 4,660 421 2,000 1,867 262 1,984 Feb. 13. 7,125 4,705 435 1,985 1,850 257 1,997 Feb. 20. 7,111 4,683 446 1, 982 1,870 260 2,007 Feb. 27. 7,082 4, 655 466 1,961 1,868 252 1,972 Mar. 6. 7,107 4,655 473 1,979 1,899 259 2,016 Mar. 13. 7,139 4,685 472 1,982 1,772 251 1,919 Mar. 20. 7, 088 4, 628 476 1,984 1,715 259 1,893 Mar. 27. 7,052 4,568 493 1,991 1,698 247 1, 864 Apr. 3. 7,113 4, 592 514 2,007 1,753 262 1,838 Apr. 10. 7,190 4,644 516 2,030 1, 903 257 1, 928 Apr. 17. 7,204 4,649 523 2,032 2,023 265 1, 975 Apr. 24. 7,175 4,612 520 2, 043 2,042 246 2, 025 May 1. 7, 253 4,674 522 2,057 2,088 257 1,923 May 8. 7,219 4, 650 522 2,047 2,089 254 2,008 May 15. 7, 228 4, 645 531 2, 052 2,110 262 1,974 May 22. 7,179 4,553 544 2,082 2, 073 265 1,928 May 29. 7,212 4,582 618 2,012 2,098 264 1. 900 June 5. 7,225 4,579 625 2,021 2, 159 277 1,975 June 12. 7, 308 4,635 638 2,035 2,154 273 1,932 June 19. 7,331 4,646 648 2,037 2,187 282 1,949 June 26. 7,246 4, 579 652 2,015 2,186 273 1, 983 July 3. 7,263 4, 575 657 2,031 2.145 289 1,970 July 10. 7,421 4,717 673 2,031 2,161 276 1, 975 July 17. 7,432 4,743 677 2,012 2, 065 281 1,922 July 24. 7,482 4, 773 675 2,034 1,962 278 1,924 July 31. 7,467 4,761 664 2,042 1,963 280 1, 955 Aug. 7. 7,452 4,743 662 2,047 2,016 287 2, 011 Aug. 14. 7,476 4,758 666 2,052 2,019 280 2,026 Aug. 21. 7,467 4,741 676 2,050 2,021 289 2,048 Aug. 28. 7, 481 4, 739 712 2,030 1,973 278 2, 074 Sept. 4. 7,458 4,692 728 2, 038 2,079 298 2,146 Sept. 11. 7,698 4, 923 728 2,047 2,029 286 2, 144 Sept. 18. 7,690 4,915 727 2,048 2,041 289 2,111 Sept. 25. 7,691 4,915 728 2,048 1, 933 276 2,167 Oct. 2. 7,663 4,891 729 2,043 2,053 295 2,162 Oct. 9. 7,690 4,909 742 2, 039 2, 148 279 2,226 Oct. 16. 7, 746 4,949 747 2, 050 2,147 285 2, 152 Oct. 23. 7,792 4,988 751 2,053 2,190 292 2,143 Oct. 30. 7, 780 4, 978 756 2,046 2, 253 289 2, 180 Nov. 6. 7, 764 4,978 760 2,026 2,293 305 2,286 Nov. 13. 7,762 4,987 762 2,013 2,294 291 2,271 Nov. 20. 7,743 4,969 764 2,010 2,324 297 2,242 Nov. 27. 7, 695 4,945 760 1,990 2,329 304 2,283 Dec. 4 7,676 4,927 759 1, 990 2,414 320 2, 262 Dec. 11 7,996 5,228 753 2, 015 2.227 326 2, 205 Dec. 18. 8, 010 5, 238 749 2, 023 2,202 323 2,167 Dec. 24. 7, 990 5,225 743 2,022 2,151 312 2,231 Dec. 31. Monthly averages: 7,009 4,641 386 1,982 1,876 259 1,895 January. 7,094 4, 680 425 1,989 1,863 257 1,980 February. 7,104 4, 656 471 1,977 1,813 255 1,950 March. 7,140 4,614 511 2,015 1,844 258 1, 901 April. 7,211 4, 626 528 2, 057 2,081 256 1,972 May. 7,269 4,611 632 2,026 2,149 274 1, 939 June. 7,368 4,677 666 2, 025 2,104 279 1,954 July. 7,466 4, 751 667 2,048 2,004 284 2,010 August. 7,582 4,817 724 2.041 2,030 288 2,118 September. 7,716 4,931 739 2,046 2, 094 285 2.170 October. 7,762 4,978 760 2,024 2,291 295 2,245 November. 7,873 5. 113 752 2. 008 2. 2R4 316 2. 230 December. 3 Includes dollar balances due from American branches of foreign banks. Excludes time balances with domestic banks. Digitized for FRAS5E6R0 48—36 12 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 63.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE NEW fin millions of dollars] Cash Total D€ mand deposits items assets reported Interbank as on Other Certi- Date or month h in c e a o s n p l s d l r e o o c o c f - r - assets l T i i a t o i b t e i a s l l - m b D a e n s o k t - i s c F b o a re n i k g s n G m U ov . e S e n r . t n- ch f e e i t e c c d k . s, Other tion 1935 Jan. 2.. 671 896 17, 581 2,552 20 702 196 7,162 Jan.9 433 905 17,448 2,557 18 698 139 7,066 Jan. 16 560 904 17,635 2,621 18 693 158 7,183 Jan. 23 467 898 17,506 2,614 18 671 138 7,090 Jan. 30_. 460 909 17, 521 2,598 20 630 152 7,109 Feb. 6 457 903 17, 513 2,684 20 628 152 7,018 Feb. 13._. 619 908 17,765 2,700 21 593 140 7,292 Feb. 20 518 907 17, 708 2,719 22 592 143 7,210 Feb. 27 547 919 17,783 2,743 21 573 148 7,256 Mar. 6 526 922 17,720 2,769 21 568 154 7,151 Mar. 13 546 922 17,837 2,765 21 566 148 7,320 Mar. 20 512 903 17,588 2,700 21 567 145 7,153 Mar. 27 503 899 17,451 2,671 21 567 147 7,072 Apr. 3 526 899 17,366 2,683 21 568 161 7,012 Apr. 10 496 895 17, 431 2,640 21 568 142 7,145 Apr. 17 593 884 17,752 2,695 24 566 152 7,391 Apr. 24 522 883 17, 815 2,735 22 566 181 7, 374 May 1 650 891 17,983 2,760 24 525 212 7,481 May 8 496 880 17, 822 2,721 23 486 154 7,466 May 15 600 885 17,972 2,732 23 446 170 7,622 May 22 533 882 17, 880 2,701 23 429 159 7,599 May 29 532 889 17, 784 2,660 23 394 159 7,599 June 5 538 880 17, 807 2,734 24 396 158 7,570 June 12 580 876 18,027 2,738 23 394 148 7,822 June 19 -_ 557 863 18, 001 2,724 25 363 162 7,785 June 26— 520 875 18, 040 2,718 24 363 158 7,811 July3 618 858 18, 028 2,834 24 199 186 7,942 July 10 534 854 17,910 2,820 27 181 158 7,870 July 17 561 851 18,108 2,764 27 306 158 8,003 July 24 491 859 17, 887 2,728 27 306 158 7,834 July 31 540 862 17, 863 2,694 26 308 162 7,833 Aug. 7 489 855 17, 837 2,722 27 309 145 7,793 Aug. 14..- - 587 868 18, 042 2,771 28 311 150 7,939 Aug. 21 508 871 18,014 2,777 26 311 144 7,948 Aug. 28 488 882 18,024 2,752 27 310 144 7,954 Sept. 4 582 900 18,135 2,837 28 293 157 7,990 Sept. 11 593 892 18,326 2,870 27 296 140 8,105 Sept. 18 590 881 18,488 2,891 26 433 160 8,084 Sept. 25 545 886 18,446 2,862 29 433 141 8,082 Oct. 2 633 903 18, 510 2,921 26 424 177 8,060 Oct. 9 533 898 18, 502 2,954 27 423 149 8,033 Oct. 16 735 888 18, 872 3,082 28 384 167 8,289 Oct. 23 586 892 18,726 3,006 31 350 152 8,240 Oct. 30. 574 898 18, 781 2,997 33 351 153 8,293 Nov. 6. 602 891 18,907 3,073 30 350 177 8,322 Nov. 13 747 897 19, 206 3,141 31 337 168 8,573 Nov. 20 626 898 19,053 3,084 32 326 177 8,491 Nov. 27 644 914 19,104 3,020 33 328 180 8,584 Dec. 4 601 918 19,097 3,103 33 315 201 8,499 Dec. 11 633 929 19,196 3,073 37 300 187 8,618 Dec. 18 660 910 19, 305 3,046 37 509 193 8,543 Dec. 24.. 663 918 19, 257 3,046 35 508 178 8, 501 Dec. 31 817 924 19, 413 3,022 32 503 244 8,638 Monthly averages: January 528 902 17,539 2,588 19 679 156 7,122 February 535 909 17, 692 2,713 20 596 145 7,194 March 522 912 17,649 2,726 21 567 148 7,174 April—. 534 891 17, 591 2,689 22 567 159 7,230 May_. 562 886 17,889 2,715 24 456 170 7, 553 June 549 874 17,969 2,729 24 379 156 7,748 July 549 857 17,958 2,768 26 260 163 7,897 August. 518 869 17,979 2,755 27 310 145 7,909 September 578 891 18,349 2,865 27, 364 150 8,065 October 612 896 18,678 2,992 29 386 159 8,183 November 655 899 19, 067 3,079 31 335 176 8,492 December 675 920 19, 253 3,058 35 427 201 8,559 Back figures.—See Annual Report for 1932 (table 81) and article on "Member Bank Statistics" in Federal Reserve Bulletin for November 1935. Reprints of this article, which contains also a description of the data, may be obtained upon request from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS 171 YORK CITY—ASSETS AND LIABILITIES, BY WEEKS AND MONTHS—Continued [In millions of dollars] Time deposits Demand Interbank d ad e j p u o st s e i d ts - i Bo in rr g o s w O ab th il e it r i e li s - a C c a c p o i u t n al t Date or month Other Domesti< Foreign banks banks 1935 6,687 118 4,21! 605 2,014 Jan. 2. 6,722 121 4,222 607 2,020 Jan 9. 6,781 119 4,221 599 2,014 Jan. 16. 6,761 123 4, 239 596 2,015 Jan. 23. 6,801 122 4,252 614 2,016 Jan. 30. 6,713 125 4,262 595 2,022 Feb. 6. 6,813 128 4,264 592 2,024 Feb. 13. 6,835 128 4,261 604 2,024 Feb. 20. 6,857 126 4,268 615 2,026 Feb. 27. 6,779 129 4,274 618 2,031 Mar. 6. 6,922 132 4,257 600 2,023 Mar. 13. 6,786 136 4,275 562 2,023 Mar. 20. 6,716 133 4,289 524 2,025 Mar. 27. 6,647 133 4,293 474 2,021 Apr. 3. 6,791 132 4, 28V 467 2,029 Apr. 10. 6, 950 132 4,312 451 2,027 Apr. 17. 7,033 127 4,320 458 2,031 Apr. 24. 7 7 7 , , , 1 1 04 2 9 3 4 2 1 1 1 3 2 3 3 9 0 4 4 4 , , , 3 3 3 5 6 6 7 2 8 4 4 4 4 5 5 0 1 1 2 2 2 , , , 0 0 0 3 3 3 4 1 7 M M M a a a y y y 8 1 1 . 5 . . 7,225 130 4, 346 448 2,040 May 22. 7,226 129 4,327 448 2,040 May 29. 7 7 7 7 , , , , 4 1 3 3 4 9 9 9 9 0 0 0 1 1 1 1 1 2 2 1 2 1 1 3 9 1 9 4 4 4 4 4 , , , , , 3 2 2 3 3 7 3 9 1 3 6 5 3 6 3 4 4 4 4 6 4 4 4 6 2 0 5 2 2 2 2 , , , , 0 0 0 0 3 4 4 4 9 1 7 5 J J J J J u u u u u n n l n n y e e e e . 3 5 2 1 . 1 6 9 . 2 . . . 7,510 119 4,286 415 2,025 July 10. 7 7 7 7 , , , , 4 5 4 6 0 5 0 9 1 5 0 4 1 1 1 1 2 1 1 1 1 9 8 7 4 4 4 4 , , , , 2 2 2 2 7 8 7 8 4 5 8 3 4 4 3 4 0 9 1 1 0 8 5 7 2 2 2 2 , , , , 0 0 0 0 3 2 3 3 1 7 2 0 J J J A u u u u l l l y y y g . 3 2 1 7 1 7 4 . . . . 7,449 I 123 4,279 404 2,037 Aug. 14. 7 7 7 , , , 6 5 5 1 8 0 0 4 2 1 1 12 2 2 1 5 2 4 4 4 , , , 2 2 2 5 4 4 0 0 2 3 4 4 9 2 0 4 7 2 2 2 2 , , , 0 0 0 4 4 3 0 2 5 A A Se u u p g g t . . . 2 4 21 8 . . . 7, 565 119 4, 253 419 2,042 Sept. 11. 7,652 118 4,280 469 2,044 Sept. 18. 7 7 , , 6 6 7 5 8 4 1 1 2 1 1 9 4 4 , , 2 2 8 7 7 8 4 4 6 5 3 2 2 2 , , 0 0 4 3 0 8 S O e c p t. t . 2 2 . 5. 7,604 119 4,289 452 2,040 Oct. 9. 7,649 119 4,297 462 2,044 Oct. 16. 7 7 7 , , , 8 8 7 0 2 7 6 1 2 1 1 1 1 1 1 6 8 7 4 4 4 , , , 3 3 3 1 1 0 0 2 8 4 4 4 7 5 6 6 9 3 2 2 2 , , , 0 0 0 5 5 4 1 2 3 N O O o c c t t v . . . 3 2 6 0 3 . . . 7,897 119 4,301 472 2,056 Nov. 13. 7,994 117 4,287 478 2, 056 Nov. 20. 8 8 , , 0 1 4 2 2 0 1 1 1 1 6 9 4 4 , , 2 2 6 8 8 9 4 4 8 9 3 5 2 2 , , 0 0 5 5 5 6 N De o c v . . 4 2 . 7. 8,099 120 4,284 496 2,065 Dec. 11. 8,172 117 4,305 512 2,064 Dec. 18. 8,076 118 4,315 493 2,061 Dec. 24. 8,016 128 4,345 491 2,060 Dec. 31. 8,065 452 2,048 Monthly averages: 6,751 121 4,229 605 2,016 January. 6,805 127 4,264 601 2,024 February. 6,801 133 4,273 577 2,026 March. 6,855 131 4,303 462 2,027 April. 7,162 130 4,352 448 2,037 May. 7,355 120 4,319 448 2,043 June. 7,512 119 4,282 409 2,029 July. 7,537 123 4,261 407 2,038 August. 7,637 119 4,264 451 2,042 September. 8 7 , , 0 7 1 3 3 0 1 1 1 1 1 2 9 8 0 4 4 4 , , , 2 3 2 9 0 9 7 3 8 4 4 4 8 8 6 9 2 3 2 2 2 , , , 0 0 0 5 5 4 9 6 6 N D O e o c c t v o e e b m m e b r b . e e r r . . * Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS BROKERS' LOANS No, 64.—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 Date or month Total F ac o c r o o u w nt n F o b o f a - r n to k o w s u n 1 t- ot F h o e r rs D l e o m an an s d T lo i a m n e s 1935 Jan. 2 794 652 141 540 254 Jan. 9 761 618 141 515 246- Jan. 16 800 658 140 557 243 Jan. 23 774 634 138 532 242 Jan.30 754 614 138 514 240' Feb. 6 735 593 140 496 239 Feb. 13 766 623 141 529 237 Feb. 20 742 600 139 510 232 Feb. 27 780 638 140 550 230 Mar. 6 876 731 144 658 218 Mar. 13 876 732 143 664 212 Mar. 20 808 663 143 598 210 Mar. 27 796 658 135 590 206 Apr. 3 771 631 136 569 202 Apr. 10 774 632 136 565 209 Apr. 17 792 746 44 552 240 Apr. 24 876 846 29 579 297 M Ma a y y 8 1 _- 8 9 4 1 6 2 8 82 9 6 0 6 52 0 9 1 3 31 1 7 1 May 15 846 826 19 520 326 May 22 884 865 19 558 326 May 29 904 886 18 565 339 J J J u u u n n n e e e 5 1 1 2 9 8 8 8 8 7 5 2 6 1 8 8 8 6 5 3 4 8 3 1 1 1 8 8 8 5 5 5 1 2 3 0 6 5 3 3 3 4 4 5 7 1 0 June 26.. 922 904 18 567 355 J J J J J u u u u u l l l l l y y y y y 3 3 2 1 1 1 4 0 7 9 8 9 8 8 9 6 1 9 6 9 7 5 5 5 9 9 8 8 8 0 5 5 8 8 0 2 0 3 0 1 1 1 1 1 5 5 5 6 5 4 5 5 5 5 8 7 3 4 2 6 9 3 3 1 3 3 3 3 3 7 7 6 8 7 4 9 6 8 2' A A A A u u u u g g g g . . . . 7 2 2 1 1 8 4 8 8 8 8 2 7 8 8 2 5 8 6 8 8 8 8 6 0 7 7 0 7 3 1 1 1 1 1 5 5 5 5 4 5 4 4 9 0 0 9 4 9 0 2 3 3 4 3 8 8 9 1 1 8 4 3 S S O S S O O O O e e e e c c c c c p p p p t t t t t . . . . . t t t t . . . . 9 2 2 3 1 1 4 2 1 3 0 6 1 . 5 8 9 8 8 8 8 8 8 8 8 8 1 6 8 3 3 9 7 4 4 3 8 7 7 2 9 3 0 6 9 3 9 8 8 8 8 8 8 8 8 8 5 0 7 2 5 7 1 3 2 3 2 3 2 5 6 9 8 2 8 9 1 1 1 1 1 1 1 1 5 5 5 4 5 4 4 4 4 4 4 3 3 4 3 4 3 3 3 4 6 9 6 5 2 8 1 2 4 8 6 9 1 9 1 0 7 5 6 4 4 4 4 4 4 4 4 5 5 1 6 5 7 7 7 6 7 0 0 9 6 2 8 6 1 6 3 3 8 Nov. 6. 865 855 10 370 495 Nov. 13 866 856 10 375 491 Nov. 20 900 887 10 424 476 Nov. 27 932 919 13 460 472 Dec. 4 964 950 13 504 460 D D D D e e e e c c c c . . . . 2 3 1 1 5 1 8 1 1,0 9 9 2 5 6 8 9 8 1,0 9 9 1 5 4 4 4 5 1 1 1 1 4 4 4 4 6 5 5 0 1 3 2 3 1 4 4 4 4 2 3 6 6 7 Averages: January 777 635 140 532 245 February 756 614 140 521 235 March 839 696 141 627 212" April 803 714 86 566 237 May _ 878 858 19 554 324 June 883 865 18 535 348 July 908 893 15 532 376 August 868 853 15 474 394 September 886 871 15 434 452 October 848 836 12 368 480 November 870 859 11 379 491 December 970 956 14 522 448 i Member and nonmember banks outside New York City (domestic banks only); includes unknown! amount for customers of these banks. Digitized for FBRacAkS figEuRre s.—See Annual Report for 1934 (table 74) and similar tables in previous annual reports. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BROKERS' LOANS 173 No. 65.—BROKERS' BORROWINGS, 1933-35 !{Net borrowings on 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 Date Total c b F o t a a r m r u n n o d s p k m t a s - c b b p f b i r a o F a e r a o n r g i s r n e k v , o k e i k e a n m e i g n r s t t - n e s c , g , . Total c b F o t n a a r m r u i n n o e d s p k m s t a s - b b c p f b i a r F o a e r a o n r i g r s n e k v o k , e i k e a e m n i g n r t s t - n e s c , g , . Total p b F t c a a e r o r n n u t o m i c k s e m . t - s s , , b c p f b i a F o a r e a n r i g r s n e v o , k e i k a m n e g in s t t - n e , c g . 1933 Jan. 31 270 255 166 104 103 Feb. 28 360 298 223 162 137 136 Mar. 31 311 247 208 145 103 102 Apr. 29 322 268 207 157 115 111 May 31 529 461 398 332 130 129 June 30 780 694 583 498 197 196 July 31 916 822 679 590 237 232 Aug. 31 917 841 634 563 283 278 Sept. 30 897 806 624 535 272 271 Oct. 31 776 706 515 445 261 261 Nov. 30 789 712 544 468 245 244 Dec. 30 845 776 529 247 247 1934 Jan. 31 903 64 627 563 64 276 276 Feb. 28 938 862 76 657 582 75 281 280 Mar. 31.... 981 873 108 714 606 108 267 267 Apr. 30 1,088 973 116 812 697 115 276 275 May 31 1,016 912 104 722 619 103 294 293 June 30 1,082 980 102 740 639 101 342 341 July 31 923 849 74 588 518 70 335 331 Aug. 31 874 803 71 545 481 64 329 322 ;Sept. 29 832 769 62 532 472 60 300 297 Oct. 31 827 761 66 546 484 63 281 277 Nov. 30 831 765 66 558 495 63 273 270 Dec. 31 880 813 67 616 553 63 264 260 1935 Jan. 31 825 758 576 514 249 244 Feb. 28 816 750 573 511 243 239 Mar. 30 773 706 553 490 220 216 Apr. 30 805 762 510 471 295 291 May 31 793 759 472 440 321 319 June 29 808 776 474 444 334 332 July 31 769 741 420 394 349 347 Aug. 31 772 750 399 378 373 372 Sept. 30 781 759 363 342 418 417 Oct. 31 792 772 336 317 456 455 Nov. 30 821 407 382 439 439 Dec. 31 907 547 516 391 391 Back figures.—See Annual Eeport for 1934 (table 75) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS BANKERS' ACCEPTANCES AND COMMERCIAL PAPER No. 66.—DOLLAR BANKERS1 ACCEPTANCES AND COMMERCIAL PAPER, 1931-35 [In millions of dollars] Dollar bankers' acceptances Commercial paper outstanding2 Held by End of month Total outstanding accepting banks i 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 January... 1,520 571 332 626 485 108 85 108 171 February.. 1, 520 550 343 325 452 103 84 117 177 March 1,467 472 377 261 423 106 72 133 182 April 1,422 410 404 391 108 64 139 17a May 1,413 464 505 356 111 60 142 173 June 1, 368 554 487 317 103 73 151 159 July 1,228 668 552 296 100 97 168 164 August 1,090 606 108 107 188 177 September 410 110 123 192 183 October 1,040 230 113 130 188 180 November. 1,002 296 110 133 178 178 December. 974 262 81 109 166 172 i Figures include both own acceptances held and purchased acceptances held. 3 Paper maturing within 6 months; includes some finance company paper sold in the open market. Figures reported by dealers to the Federal Reserve Bank of New York. Back figures.—See Annual Report for 1934 (tables 76-77) and similar tables in previous annual reports. No. 67.—DOLLAR BANKERS' ACCEPTANCES, BY CLASSES fin thousands of dollars] Based on— Based on goods stored in Goods foreign End of month Total I U m S i n t n p a i t o t t o e e r s d ts E U S f x r n t p o a i o t t m e e r s d ts st U ( S h o w n o t r a e a i u t d t r s e e e e s d i - n d b s o p G h e m o t i o w p i e o n p e s d t e e t s s d i n c ex D c o h l a l n ar ge c b s o f h e o u t i r w p n e p i t e g r e e i n d e n s credits) points 1934 January 771,326 89, 294 225, 327 263,440 13,078 5,179 175,008 February __ 750,127 97,879 202, 785 248. 391 12, 568 4,196 184, 309 March 685,154 102, 520 185,888 214,868 10, 673 3,137 168,068 April _ 613,129 102, 650 163, 740 175, 214 10, 586 2,686 158, 252 May 568, 791 100, 385 149,950 153,110 10,442 3,349 151, 554 June 534,193 96, 984 145,132 131,515 9,031 3,503 148,028 July 515, 605 93,825 135,409 130,141 8,237 3,574 144,418 August 520, 003 88, 509 139,704 137,838 8,871 4,248 140,833 September 539,420 93,879 137,600 157,769 8,704 4,157 137, 311 October 561, 602 93,425 146, 797 176, 725 7,606 3,933 133,117 November 561,381 89,422 148,479 187, 089 7,430 2,088 126,87a December 543, 385 89,165 139, 933 185, 720 7,533 2,373 118, 661 1935 January .__ 615, 813 86,461 132,925 171,300 8,117 2,590 114,420 February 492, 765 91,881 123,180 157,446 8,533 2,625 109,100 March 465,860 101, 296 122, 202 126, 081 7,734 2,411 106,136 April 413,373 102,876 113, 833 88,182 7,648 2,095 98, 739 May __ 374, 755 106, 605 99, 632 68,162 7,834 1,645 90, 878 June 343,286 101, 962 93, 762 47, 653 9,147 1,581 89.181 July _ 320,891 99,101 86, 316 37,457 9,084 2,636 86,297 August 321, 807 101, 527 81,426 43, 022 8,970 3,988 82,875 September 327, 834 101, 723 76, 721 58, 003 8,257 4, 393 78, 737 October.. __. 362, 984 105, 531 74, 653 87, 686 10, 038 3,514 81, 561 November 387,374 105,187 84, 097 100, 726 10, 697 2,979 83, 688 December.- 396,958 107,489 93, 502 99,327 10,684 2,415 83, 540 Back figures.—See Annual Report for 1933 (table 97) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

175 ANNUAL KEPOKT OF FEDERAL RESERVE GOVERNORS BANK DEBITS No. 68.—DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN PRINCIPAL CITIES, 1926-35 [Amounts in millions of dollars] TOTAL, ALL REPORTING CENTERS Month 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 January 57, 526 58,200 66,572 86,826 64,291 49,578 36,086 26,386 29,257 32,166 February 47, 689 51,110 57,746 74,185 55,751 40,626 29,370 24,131 26,815 27, 619 March 59, 693 61,921 74,287 87,393 69,275 49,998 32,092 (*) 31,783 33, 948 April 55, 073 59,054 70,550 78,682 66.535 49,459 32,188 24,276 33,290 33,870 May 51. 089 57,386 75,244 80,347 65,322 46,784 27,446 27,232 30,820 32,436 June 53,933 60,211 76,395 73,623 65,948 48,331 29,234 31,745 32,416 33, 871 July 54,386 57,026 62,560 81,714 56,208 42,339 27,297 33,217 29,849 35,693 August.- 49,947 56,850 61,875 81,187 49,024 36,549 27,005 -27,222 27,666 32, 586 September 50, 023 60,046 66,656 81,666 51,773 39,369 27,782 26,395 25,986 31,339 October 55, 965 62,793 76,917 100,042 57,941 41,694 27,291 28,254 29,004 35, 209 November 50, 598 60,478 75,048 86,116 45,125 31,433 22,532 25,964 26,854 34,780 December 60, 666 69,292 86,672 70,750 55,767 39, 160 28,941 28,395 33,304 39,170 Total for year—.646, 587 7"l4T367" 850, 522 982, 531 7027960 515, 320 347, 264 3 303.2~L5~ 357, 044" 402, 718 NEW YORK CITY January 30, 538 31, 258 37, 884 54, 719 34,732 24,556 17, 676 12,413 14, 023 14,997 February 24,813 27,439 32, 740 46, 288 31,117 20,947 14, 381 12, 036 13, 231 12, 549 March. 33, 008 34,492 44,786 55,425 40, 740 27. 590 16,160 (2) 15, 608 15, 895 April 29, 300 32, 007 41, 778 47,980 38, 631 26, 820 15, 557 12,012 16,953 15,905 May 26, 571 31, 270 45, 270 50,043 37,423 25,072 12,913 13,977 14, 652 14, 551 June 28,196 33, 008 45,456 43, 262 37, 691 25,893 14, 202 16, 742 15, 388 15, 667 July 27, 659 30,750 35, 084 49, 215 29, 599 21, 007 12, 728 17,3.54 13, 842 16, 737 August 26, 233 31,654 35,103 49, 034 25, 052 17, 501 13,459 13, 075 12, 285 14,732 September 25, 618 33, 369 38, 726 50, 343 27, 383 20, 073 14,164 12, 340 11,121 14, 014 October 28, 755 34, 090 45,189 63, 325 30, 781 20, 677 12,944 13, 280 12, 285 15, 733 November 25,791 33, 282 45,469 53, 604 22,490 14,464 9,815 12, 204 11,343 15, 542 December 32, 577 38,938 52,727 39, 850 29, 000 19, 233 13, 967 13, 014 15,215 17, 684 Total for year__ 339, 056 391,558 500,212 603,089 384,639 263,834|167,965 148,449 165,948 184, 006 140 OTHER CITIES 1 January 23,607 25,001 28,095 25, 691 21, 697 15,893 12, 053 13,198 14,983 February... 20,102 21, 753 24,489 21, 508 17,084 12, 870 10, 401 11,784 13,111 March 23.458 25, 847 28,099 24,983 19,421 13, 729 (2) 14,077 15, 754 April 22,537 25, 225 26, 770 24, 315 19, 620 14,366 10,616 14, 278 15,645 May 21,449 26,346 26,492 24,388 18,858 12,498 11, 509 14,105 15, 557 June__ 22,466 27,029 26,404 24, 621 19,406 12,901 12,969 14,754 15,808 July 23, 300 23. 897 28, 416 23,145 18, 444 12, 511 13, 878 13,910 16, 550 August 20, 778 23,401 28, 310 20,941 16, 526 11, 756 12, 376 13, 421 15, 536 September. 21, 336 24,450 27, 274 21, 253 16, 627 11, 767 12, 215 12,888 15,016 October 23, 780 27, 705 32, 202 23, 679 18,125 12, 354 13,027 14,465 16,844 NoxTember_. 21, 593 25,880 28,486 19,686 14,605 10,935 11,927 13,409 16,685 December.. 24,493 29,659 26,902 23,107 17,112 12,820 13, 287 15,700 18,676 Total for year.. _ 268,900 282,303 306,193 331.938 277,317 217,523 154,401 134,257 165, 989 190,165 OTHER REPORTING CITIES Total debits for year 4 38, 631 40,506 44,117 47, 504 41,003 33,963 24,898 3 20, 509 25,107 28, 547 Number of cities4. 121 123 127 128 125 125 123 120 129 131 1 Comprises centers for which bank debit figures are available beginning with 1919, except that the following substitutions have been made from time to time. Fargo, N. Dak., for Great Falls, Mont., beginning with 1920; Greenville, S. C, for Charleston, S. C, beginning with May 1928. 2 Not available, complete data not having been reported on account of bank holiday. 3 Total for 11 months. * The figures for each given year cover the reporting cities (other than the 141 cities) for which back debits were reported throughout the year. NOTE.—Figures represent debits or charges on the books of reporting member and nonmember banks to deposit accounts of individuals, partnerships, corporations, and the United States, State, county, and municipal governments. The figures include debits to postal savings accounts, other savings accounts, payments from trust accounts on deposit in the banking department, and certificates of deposits paid; they do not include debits to the accounts of other banks or in settlement of clearing house balances, payments of certified and officers' 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 within a single calendar month being prorated on the basis of the number of business days falling within the respective months. Back figures.—See Annual Report for 1934 (table 78) and similar tables in previous annual reports; series begins with 1919. Corresponding figures for each Federal Reserve district and for each reporting Digitized focr eFnRterA aSreE aRv ailable in mimeographed form beginning with 1919 and may be had upon request. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS BANK SUSPENSIONS No. 69.—BANK SUSPENSIONS, 1921-35 {Banks closed either permanently or temporarily, on account of financial difficulties, by order of supervisory authorities or by the directors of the bank.] [For figures of insuredbanks suspended, during 1934 and 1935, see table 71] Number of banks Deposits1 (in thousands of dollars) Year or period Total ti N on a a - l m S b t e a e m r te - m N b e o e m n r - - Total National m S em tat b e er m N em on b - er Banks suspended: 1921 . 505 52 19 434 172,188 20, 777 17,363 134,048 1922 367 49 13 305 93,043 20,197 7,113 65,733 1923 646 90 32 524 149,601 34, 244 12, 559 102, 798 1924 775 122 38 615 210,151 64,890 13, 645 131,616 1925 618 118 28 472 167, 555 55, 574 9,883 102,098 1926 976 123 35 818 260,378 43,998 23,466 192,914 1927 . 669 91 31 547 199,329 45, 547 17,942 135,840 1928 499 57 16 426 142, 580 36,483 10,247 95,850 1929 659 64 17 578 230,643 41,614 16,459 172, 570 1930 1,352 161 27 1,164 853, 363 170.446 202,399 480, 518 1931 2,294 409 107 1,778 1,690, 669 439.171 293,957 957, 541 1932 1,456 276 55 1,125 715,626 214.150 55,153 446,323 1933: Jan. 1-Mar. 15 2 449 66 23 360 215, 341 73,183 21, 742 120,416 Mar. 16—Dec. 31 179 9 6 164 145, 710 17, 322 3, 527 124,861 Banks not licensed following banking holiday that have since been placed in liquidation or receivership 3.. _ 2,113 866 74 1,173 2, 523. 938 1, 363, 393 672, 260 488,285 1934 57 1 56 36, 937 40 36,897 1935 . - 34 4 30 10, 099 5, 313 4,786 Total 13, 648 2, 558 521 10, 569 7, 817,151 2, 646, 342 1,377,715 3, 793, 094 1 Deposits of nonlicensed national banks (in 1933) are as of dates of conservatorship; deposits of nonlicensed State bank members are as of the nearest call dates prior to the date of liquidation or receivership; deposits of nonlicensed nonmember banks are based on the latest data available at the time the banks were reported as having been placed in liquidation or receivership; deposits of suspended national and State bank members are as of dates of suspension; and deposits of suspended nonmember banks are as of dates of suspension or the latest available call dates prior thereto. 2 Includes 39 banks with deposits of $15,080,000 which were placed in receivership during the banking holiday (Mar. 6 to Mar. 15, 1933). 3 At the close of the banking holiday, Mar. 15, 1933, 1,400 national banks with deposits of $1,942,574,000 and 221 State bank members with deposits of $924,177,000 had not been licensed to reopen. As indicated above, 866 of the nonlicensed national banks and 74 of the nonlicensed State bank members were placed in liquidation or receivership; the remainder were licensed during 1933-35. On Apr. 12, 1933, the first date following the banking holiday for which complete data for both member and nonmember banks are available, there were 1,108 nonlicensed national banks with deposits of $1,818,541,000,148 nonlicensed State bank members with deposits of $841,382,000, and 2,938 nonlicensed nonmember banks with deposits of $1,317,607,000. The net reduction in the number of nonli censed banks by Apr. 12,1933, was a result principally of the licensing of additional banks and secondarilyof the placing of nonlicensed banks in liquidation or receivership, but certain other minor adjustments in the figures of nonlicensed banks came about by reason of miscellaneous changes in the status of banks. Of the 2,938 nonlicensed nonmember banks on Apr. 12, 1933, all but 40 had either been licensed to reopen or had been placed in liquidation or receivership by Dec. 31,1935 (the latter figure includes 3 banks which were suspended in 1932 and which were permitted to operate on a restricted basis following the banking holiday in 1933 but which had neither been licensed nor placed in liquidation or receivership by Dec. 31, 1935, and 10 banks whose licenses had been revoked after the banking holiday and which had not been relicensed or otherwise disposed of by Dec. 31, 1935). NOTE.—Corresponding data by classes of banks, by Federal Reserve districts and by States appear in the Annual Reports for 1933 (tables 103-104) and 1934 (tables 81-84) and 1935 (table 70); monthly figures for the period 1921-32 appear in the Annual Report for 1932 (table 94). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS 177 No, 70.—BANKS SUSPENDED, BY DISTRICTS AND BY STATES, IN 1933 1 Number of banks Deposits (in thousands of dollars) * Federal Reserve district and State 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 National m S b t e e a m t r e - m N b e o e m n r - - DISTRICT Boston 60 14 140, 048 63,241 35, 053 41, 754 New York.. 111 28 172,803 126, 762 7,211 38,830 Philadelphia 115 81 29 192, 214 126,123 11,190 54,901 Cleveland 279 126 142 615, 769 139,171 357,835 118,763 Richmond 178 64 110 228, 077 80, 559 48,162 99, 356 Atlanta 143 40 98 212, 074 41, 722 124, 219 46,133 Chicago 748 227 500 896, 078 693, 012 54, 038 149, 028 St. Louis 332 63 245 148, 323 44,108 51, 075 53,140 Minneapolis 199 59 136 50, 239 27, 837 1,085 21,317 Kansas City 359 83 275 103, 233 50,855 112 52, 266- Dallas 89 34 51 30,152 9,296 326 20, 530 San Francisco _ 128 43 69 95, 979 51, 212 7,223 37, 544 Total 2,741 941 103 1,697 2, 884, 989 1, 453, 898 697, 529 733,562 STATE New England: Maine 25 10 73, 227 37,118 36,109 New Hampshire 5 5,373 5,373 Vermont 12 10, 754 8,415 2, 339 Massachusetts 16 47,016 12, 335 31,375 3,306 Rhode Island 1 2,491 2,491 Connecticut 4 8,133 1,187 6,946 Middle Atlantic: New York 74 53 117,381 91,965 4,882 20, 534 New Jersey 53 46 69.313 55, 634 2,329 11, 350 Pennsylvania __ 191 124 305,883 190, 466 12,938 102, 479 East North Central: Ohio 160 52 470, 658 48,918 356, 087 65, 653 Indiana 153 41 108 93, 967 54, 554 8, 286 31,127 Illinois 211 96 113 132, 732 65, 941 526 66, 265 Michigan 153 48 92 623,161 562, 010 43, 548 17, 603 Wisconsin 134 35 45, 541 26, 746 18, 795 West North Central: Minnesota 25 64 17,928 7,972 118 9,838 Iowa 226 58 166 56, 301 20, 034 1,678 34, 589 Missouri 196 13 166 106,969 31, 780 31, 524 43, 665 North Dakota 21 8 13 7,460 5,528 1,932 South Dakota 27 7 20 4,402 1,934 2,468 Nebraska 161 24 1 136 24, 982 7,211 17, 659 Kansas 68 20 14, 429 5,893 8,536 South Atlantic: Delaware 1 175 175 Maryland 32 17 1 72, 220 13, 698 30, 642 27, 880 District of Columbia 14 4 43, 281 28,519 14, 762 Virginia 29 12 1 30, 550 9,456 15,021 6,073 West Virginia 44 18 1 30,910 14,158 118 16, 634 North Carolina 45 10 1 40, 353 9,035 2,381 28,937 South Carolina 20 5 14, 842 6,743 8,099 Georgia 13 6 4,404 1,497 2,907 Florida 17 4 1 5,759 2,987 579 2,193 East South Central: Kentucky 32 17 11,861 7,689 4,172 Tennessee.. _ 42 29, 049 24,088 208 4,753 Alabama 35 11,163 3,604 507 7, 052 Mississippi 20 13, 323 3,598 626 9,099 West South Central: Arkansas 44 25,570 1,684 18, 717 5,169 Louisiana 58 164, 660 6,843 123,133 34, 684 Oklahoma.. 60 12, 527 7,348 5,179 Texas 64 18, 296 8,914 9,056 For footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS JVo. 70.—BANKS SUSPENDED, BY DISTRICTS AND BY STATES, IN 1933-—Continued Number of banks Deposits (in thousands of dollars) Federal Reserve district and State 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 National m S b t e e a m r te - m N b e o e m n r - - STATE—continued -Mountain: Montana 17 4 3 10 5,007 1, 231 967 2,809 Idaho 14 2 1 11 2,484 1,097 357 1,030 Wyoming _ . 3 3 293 293 Colorado 35 20 15 9,477 7, 375 2,102 New Mexico 6 2 4 6, 747 4,392 2,355 Arizona 4 1 3 934 311 623 Utah 6 1 1 4 2, 251 386 271 1,594 Nevada _ . Pacific: Washington 31 9 5 17 10, 267 4,237 2, 704 3,326 Oregon 31 11 13 11,671 6, 909 2, 633 2,129 California 43 19 2 22 68,814 38, 272 1. 258 29, 284 i These figures include 449 banks suspended Jan. 1 to Mar. 15,1933,179 licensed banks suspended Mar. 19 #0 Dae. 31, 1933, and 2,113 banks not licensed immediately following the banking holiday that have since been placed in liquidation or receivership. District and State figures for banks suspended Jan. 1 to Mar. 15, 1933, and licensed banks suspended Mar. 16 to Dec. 31, 1933, appear in tables 81 and 82, respectively, of the 1934 Annual Report. District and State figures for the 2,113 banks not licensed following the banking holiday that have since been placed in liquidation or receivership may be derived by deducting the figures .shown in tables 81 and 82 of the 1934 Annual Report from those shown in the above table. At the end of 1935, all but 27 of the banks which did not receive licenses immediately following the banking holiday had either been licensed to reopen or had been placed in liquidation or receivership. The number ;and deposits of these 27 banks (all nonmembers) are distributed by States as follows: Num- Num- State ber of Deposits State ber of Deposits banks banks Arkansas 4 $380, 000 Nebraska 2 $123, 000 Florida. 1 224, 000 Nevada 1 183, 000 TVIaine 2 14, 240, 000 North Dakota _ . _ 4 359,000 Massachusetts 1 1, 595, 000 Oregon 1 84, 000 Michigan 1 429, 000 South Carolina 3 691, 000 Mississippi 1 323, 000 Wisconsin 1 83,000 Missouri 5 667, 000 In addition, there were 3 nonmembor banks with deposits of $627,000 which suspended in 1932 and which were permitted to operate on a restricted basis following the banking holiday in 1933 but which had neither been licensed nor placed in liquidation or receivership by Dsc. 31, 19?5, and 10 nonmember banks with deposits of $10,216,000 whose licenses had bean revoked after the banking holiday and which had neither been relicensad nor placed in liquidation or receivership by Dec. 31,1935. 2 Deposits of member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or receivership included herein 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 reported closing of the banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS 179 No. 71.—BANKS SUSPENDED, BY DISTRICTS AND BY STATES, IN 1934 AND 1935 1934 1935 Number of banks Deposits 2 (In thou- Number of banks Deposits 2 (In thoususpended sands of dollars) suspended sands of dollars) Federal Reserve district and State» In- In- In- Insured Not sured Not sured Not sured Not (mem- in- (mem- in- (mem- in- (mem- in- Total a b n e d r s ( u n r o e n d - Total a b n e d r s ( u n r o e n d - Total a b n e d r s ( u n r o e n d - Total a b n e d r s ( u n r o e n d non- mem- non- mem- non- mem- non- memmem- ber) mem- ber) mem- ber) mem- ber) ber) 3 ber;* ber) * ber) < DISTRICTS New York 8 8 28, 348 28, 348 2 2 649 649 Philadelphia 3 3 935 935 1 1 4, 545 4,545 Cleveland 4 1 3 1,784 1,062 722 1 1 261 261 Richmond 3 3 636 636 2 2 449 449 Atlanta 2 1 1 236 202 34 3 3 285 285 Chicago _ 17 3 14 2, 606 438 2,168 8 5 3 1,461 1,211 250 St. Louis 11 2 9 1,663 137 1,526 3 2 1 470 265 205 Minneapolis 4 2 2 371 113 258 Kansas City . ._ 5 5 358 358 10 7 3 1,427 1,126 301 Dallas 3 3 369 369 San Francisco 1 1 183 183 Total 57 9 48 36,937 1,952 34, 985 34 26 8 10, 099 9,160 939 STATE Middle Atlantic: New York . 2 2 7, 059 7, 059 New Jersey 8 8 22,114 22,114 2 2 649 649 Pennsylvania 2 1 1 1,172 1,062 110 1 1 4,545 4,545 East North Central: Ohio 3 3 722 722 1 1 261 261 Indiana 14 1 13 2,037 69 1. 968 1 1 18 18 Illinois 2 1 1 349 236 113 1 1 29 29 Michigan 1 1 48 48 1 1 59 59 Wisconsin 5 2 3 714 202 512 5 4 "I 1,355 1,152 203 West North Central: Minnesota 1 1 73 73 Missouri 7 1, 311 1, 311 5 2 3 882 419 463 Nebraska 3 3 275 1 1 194 194 Kansas .... 1 1 72 3 2 1 226 183 43 South Atlantic: Virginia 2 2 467 467 1 1 313 313 South Carolina._ 1 __ 1 169 169 1 1 136 136 Georgia 2 1 236 202 34 3 3 285 285 East South Central: Kentucky 1 1 68 68 1 1 36 36 West South Central: Oklahoma 1 1 11 11 3 3 559 559 Texas 3 3 369 369 Mountain: Montana 1 1 40 40 Pacific: California. 1 1 183 183 1 States listed only in cases where suspensions occurred. 2 Deposits of insured banks suspended are as of dates of suspension and deposits of banks not insured are based on the latest data available at time of the report of closing of the banks. 3 All were nonmember banks except 1 national bank in Montana. «All were nonmember banks except the following national banks: 1 in Pennsylvania, 1 in Ohio, 1 in Nebraska, and 1 in Virginia. Back figures—See table 69 and Annual Report for 1934 (tables 81-84) and 1933 (tables 103-104). 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 OP FEDERAL RESERVE GOVERNORS 183 BUSINESS CONDITIONS No. 72.—CAPITAL ISSUES [In millions of dollars] New issues Domestic Total Y m ea o r n a th nd m d e o s - - Corporate e a f t i o n i g c r d n - Total S n m a p t i n a c a u d l i t - - e a c F e g i e r e e a d s n l - 1 - Total 1919 3,626 3, 234 678 310 2,246 1920 3,732 3,235 672 0 2,563 1921 3,644 3,021 L, 199 122 1,702 1922 4,391 3,627 L, 071 344 2,215 1923 4,437 4,016 L, 043 337 2,635 1924 5,557 4,588 L, 380 179 3,029 1925 6,201 5,125 ,352 169 3,605 1926 6,314 5,189 L, 344 91 3,754 1927 7,556 6,219 L, 475 87 4,658 1928 8,040 6,789 379 64 5,346 1929 10, 091 9. 420 1,418 0 8,002 1930 6,909 6,004 1,434 87 4,483 1931 3,089 2,860 1,235 75 1, 551 1932 .. ._1,194 1,165 762 77 325 1933 720 708 483 64 161 1934 »• 1, 386 ' 1, 386 ••803 405 178 1935 1,486 1,438 884 150 404 1933 January 65 65 33 10 22 February 20 20 17 1 1 March 17 17 13 0 3 April. 26 26 9 0 17 May 44 44 40 0 4 June 116 109 97 0 12 July 122 116 29 35 53 August 46 46 32 0 14 September... 64 64 37 18 October 58 58 55 0 November 87 87 80 0 December 57 57 41 0 1934 January. . 48 48 37 5 February 81 81 61 7 March 99 99 83 3 April 141 141 98 15 May 100 100 58 13 June 119 119 98 12 July 214 214 88 105 August 180 180 19 153 September 39 39 32 0 October 122 122 38 83 November 104 104 86 10 December 139 139 104 0 1935 January 92 92 80 6 February 50 50 44 0 March 108 108 100 0 April 90 90 64 4 May 87 87 41 0 June 58 58 44 0 July 134 134 79 0 August 198 152 36 85 September... 177 177 132 0 October 145 144 56 15 November 116 116 82 0 December 231 231 124 40 Oi CO Bonds and notes Long- Shortterm term 499 311 1,039 522 1,275 161 1,540 104 1,833 143 1,924 276 2,231 221 2,418 249 2,963 221 2,175 210 1,873 205 2,460 520 951 289 271 34 24 17 112 32 323 11 18 1 1 0 0 0 16 1 0 3 (2) 0 0 0 0 0 0 0 0 7 0 16 0 6 0 13 0 14 9 28 23 29 26 9 0 20 (2) 8 8 7 4 0 8 8 35 34 5 1 7 7 8 8 22 11 45 39 14 14 55 27 30 29 45 42 73 70 33 30 67 45 O OM H 0 0 18 0 1 0 0 0 2 0 0 COO 0 0 0 oooco Stocks 1,436 1,002 265 570 659 829 1,153 1,087 1,474 2,961 5,924 1,503 311 20 120 35 69 3 0 3 1 3 9 53 14 OC OC 6 16 6 1 5 5 3 9 2 0 2 0 1 2 0 0 5 6 0 28 OC OC OC OC For- eign 392 497 623 764 421 969 1,076 1,125 1,337 1,251 671 905 229 29 12 0 48 0 0 0 0 0 7 6 0 0 0 oo oooo 0 0 0 ooooo ooo Refunding issues Domestic Total do- mestic and Cor- for- po- eign rate 815 422 342 225 646 568 906 734 682 530 759 492 924 618 1,044 820 2,218 1,850 1,858 1,584 1,422 1,374 709 474 949 821 557 319 343 219 774 312 3,186 1,864 45 42 37 36 3 2 19 17 23 12 108 48 45 43 10 0 31 1 2 19 43 8 50 101 44 189 162 29 32 35 33 48 49 46 180 0 413 1 384 0 454 0 506 46 227 0 259 1 217 0 264 0 186 OOO All other 13 11 9 72 75 19 67 62 127 36 13 53 72 180 63 453 1,296 3 1 1 2 5 6 2 10 13 1 0 9 1 18 2 41 2 6 13 37 58 39 3 41 24 165 126 36 10 19 10 22 31 4 22 6 12 36 2 46 23 23 112 68 134 279 82 303 115 338 487 19 180 28 231 28 179 34 217 44 101 86 r Revised. 1 Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal Farm Mortgage Corporation, and Home Owners' Loan Corporation. 2 Less than $500,000. Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 73.—SECURITY PRICES [Average of daily or weekly figures] Bonds Common stocks (1926=100) > Year and month U. S. Mu- Corporate 3 fe P r r r e e - d Gov- nic- stocks Indus- Rail- Public ern- ipal 3 Total trial road utility ment s g ( r h a i d gh e) Total In tr d ia u l s- R ro a a i d l- Utility Number of issues.. 2-11 15 20 20 20 20 419 347 32 40 1919 94.3 90.1 110.9 70.7 72.6 70.1 60.3 1920 88.4 83.7 103.2 64.2 66.1 63.9 54.5 1921 89.4 82.5 103.0 55.2 51.6 61.8 57.8 1922 99.2 93.2 114.0 67.7 64.7 72.7 70.9 1923 98.6 92.9 114.4 69.0 66.6 71.9 73.8 1924 102.2 93.7 115. 2 72.8 69.6 76.7 78.9 1925 103.6 95.2 () () 118.6 89.7 88.4 89.5 94.9 1926 105.0 95.3 93.6 101.7 97.3 121.0 100.0 100. 0 100.0 100.0 1927 108. 2 96.7 95.9 107.0 99.2 127.1 118.3 118.4 119.1 116.0 1928 106.4 95.6 95.8 106.7 100.0 130.9 149.9 154.3 128.5 148.9 1929 102. 0 92.7 93.2 103.3 97.7 127.4 190.3 189.4 147.3 234.6 1930 105. 7 95.4 92.6 106.0 99.4 126.4 149.8 140.6 124.9 214.6 1931 103. 6 96.4 81.8 93.9 97.2 119.1 94.7 87.4 72.5 148.7 1932 98.5 87.8 63.2 64.8 80.5 96.1 48.6 46.5 26.4 79.1 1 1 9 9 3 3 3 4 1 10 0 3 2 . . 5 5 8 9 7 7 . . 1 3 8 6 1 9 . . 9 2 8 7 3 0 . . 8 5 8 8 0 7 . . 6 8 1 1 0 2 4 0 . . 8 7 6 72 3 . . 4 0 6 8 5 1 . . 7 1 3 4 7 1 . . 7 5 7 6 8 8 . . 0 9 1935 -.. 106.0 109.4 88.2 79.4 98.2 133.8 78.3 90.8 34.0 71.4 1934 January 100. 2 87.4 78.5 75.6 79.0 80.9 111.2 74.6 82.9 44.5 72.2 February 102.1 89.8 84.0 79.8 85.8 86.5 116.5 80.9 88.9 50.5 80.7 March 103.1 93.1 84.8 80.5 86.4 87.7 117.5 77.2 85.1 47.5 76.2 April 103.7 94.8 87.0 82.8 88.7 89.7 120.2 79.6 88.3 49.3 76.3 May 104. 7 97.4 86.1 82.5 86.9 89.1 121.0 71.8 79.6 43.3 69.7 June 104.9 100.4 86.3 82.5 87.1 89.4 122.1 73.1 81.0 43.9 71.6 July 105. 6 100.0 86.1 83.2 85.8 89.4 123.5 71.4 79.7 41.2 69.2 August 104. 3 99. 1 83.9 82.6 81.3 87.9 122.6 67.5 76.3 35.3 64.5 September 102. 3 98.6 83.0 82.2 79.3 87.6 121.0 67.4 76.2 35.4 64.0 October 103. 4 100.9 84.1 82.5 81.6 88.1 120.9 67.6 76.7 35.9 63.2 November 103. 7 102.7 84.3 83.4 81.0 88.6 124, 1 68.3 78.4 34.8 60.8 December 104.1 103.5 85.8 85.4 83.3 88.8 127.8 80.6 35.9 58.8 1935 January 105. 4 104.6 87.6 86.7 85.0 91.2 129.1 70.1 81.9 35.0 57.6 February—. 106.4 105.6 87.4 86.7 82.0 93.4 130.2 68.0 80.1 32.3 55.1 March 106. 2 107.6 84.5 85.2 74.7 93.6 131.3 64.6 78.2 28.4 53.4 April 106.8 107.9 85.5 85.9 75.0 95.5 132.2 67.5 78.9 29.4 59.1 May __. 106.8 107.5 87.1 87.3 76.5 97.4 134.8 73.1 85.7 30.9 63.7 June— 107.0 107.8 88.3 87.3 79.3 98.4 134.0 75.5 87.4 32.4 69.8 July 107.3 112.9 89.2 88.5 78.8 100.2 134.8 78.8 91.2 33.8 73.3 August 106.5 114.4 89.9 89.0 79.6 100.9 135.4 83.0 95.0 35.8 80.6 September- 104.7 110.7 90.4 89.4 80.6 101.0 135.0 85.0 97.5 37.0 81.9 October 104.9 109.4 89.8 89.8 78.4 101.0 134.8 85.2 98.5 34.3 81.0 November.. 105. 3 111.6 91.1 90.8 79.8 102.7 136.9 93.3 107.4 37.6 90.1 December.. 105.2 112.6 92.5 91.0 83.1 103.1 137.0 95.3 109.2 41.4 91.6 1 Number of issues revised to represent more accurately the stocks included; monthly averages revised to include Wednesday figures by weeks ending within the month. 2 Average price of outstanding issues except those due or callable within 8 years. 3 Price indexes derived from average yields. 4 Average of prices adjusted to a $7 annual dividend basis. 8 Averages not computed. Sources.—For United States Government bonds, Board of Governors of the Federal Reserve System and U. S. Treasury Department; for other bonds and for stocks, Standard Statistics Co. Back figures.—See Annual Report for 1934 (table 93) and similar tables in previous annual reports, and for U. S. Government bonds, see Federal Reserve Bulletin for May 1936, p. 319. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CONDITIONS 185 No. 74.—BOND YIELDS [Average of daily or weekly figures] Corporate 3 Mu- Year and month U Go .S v . - i n p i a c l - * By ratings By groups ern- (high ment *grade) Total Indus- Rail- Public Aaa Aa Baa trial road utility Number of issues. 2-11 15 120 30 30 30 30 40 40 40 1919 4.62 4.46 6.26 5.48 5.85 6.48 7.23 6.18 6.42 6.20 1920 5.32 4.98 7.08 6.12 6.59 7.41 8.20 6.94 7.12 7.19 1921 5.09 5.09 7.04 5.98 6.55 7.27 8.35 7.06 6.91 7.13 1922 4.30 4.23 5.96 5.12 5.59 6.03 7.08 6.04 5.89 5.95 1923 4.36 4.25 6.04 5.12 5.62 6.17 7.24 6.04 6.24 5.84 1924 4.06 4.20 5.80 5.00 5.44 5.93 6.83 5.90 5.90 5.61 1925 3.86 4.09 5.47 4.88 5.20 5.55 6.27 5.61 5.52 5.29 1926 3.68 4.08 5.20 4.73 4.97 5.24 5.87 5.37 5.13 5.10 1927 3.34 3.98 4.96 4.57 4.77 5.04 5.48 5.10 4.83 4.96 1928 3.33 4.05 4.94 4.55 4.71 5.00 5.51 5.10 4.84 4.86 1929 3.60 4.27 5.21 4.73 4.93 5.27 5.90 5.31 5.18 5.14 1930 3.28 4.07 5.09 4.55 4.77 5.13 5.90 5.25 4.96 5.05 1931 3.31 4.02 5.82 4.58 5.05 6.01 7.61 6.09 6.10 5.27 1932.. 3.66 4.65 6.88 5.01 5.97 7.20 9.30 6.71 7.61 6.30 1933 3.31 4.71 5.88 4.49 5.23 6.09 7.76 5.32 6.06 6.25 1934 3.10 3.95 4.96 4.00 4.44 5.08 6.32 4.52 4.96 5.40 1935 2.70 3.16 4.58 3.74 4.13 4.62 5.81 4.25 4.95 4.53 1933 January 3.19 4.23 5.98 4.44 5.30 6.16 8.01 5.66 6.71 5.56 February.. _ 3.29 4.28 6.13 4.48" 5.35 6.30 8.36 5.83 6.65 5.90 March 3.44 4.88 6.46 4.68 5.61 6.64 8.91 6.10 6.87 6.41 April 3.43 5.05 6.64 4.78 5.81 6.85 9.12 6.10 7.00 6.82 May 3.31 5.27 6.02 4.63 5.40 6.29 7.74 5.60 6.11 6.34 June 3.22 4.71 5.63 4.46 5.09 5.88 7.07 5.21 5.68 5.99 July 3.20 4.60 5.35 4.36 4.83 5.58 6.62 4.95 5.31 5.78 August 3.21 4.54 5.34 4.30 4.77 5.51 6.77 4.84 5.28 5.90 September 3.20 4.59 5.57 4.35 4.96 5.70 7.27 4.87 5.54 6.31 October 3.22 4.60 5.64 4.34 4.97 5.76 7.49 4.87 5.67 6.38 November 3.46 4.89 6.02 4.54 5.35 6.22 7.98 4.99 6.25 6.82 December 3.53 4.89 5.93 4.50 5.27 6.21 7.75 5.03 5.95 6.82 1934 January 3.50 4.67 5.52 4.35 5.00 5.72 7.01 4.87 5.45 6.24 February.. _ 3.32 4.48 5.10 4.20 4.70 5.24 6.27 4.73 4.99 5.58 March 3.21 4.24 5.02 4.13 4.55 5.12 6.26 4.65 4.91 5.50 April 3.12 4.11 4.87 4.07 4.43 4.97 6.01 4.53 4.78 5.31 May 3.01 3.93 4.85 4.01 4.37 4.96 6.05 4.47 4.81 5.27 June 2.94 3.73 4.81 3.93 4.30 4.96 6.06 4.41 4.78 5.24 July 2.85 3.75 4.81 3.89 4.28 4.93 6.13 4.39 4.80 5.23 \ugust 2.99 3.81 4.96 3.93 4.34 5.09 6.49 4.47 5.05 5.38 September 3.20 3.84 5.03 3.96 4.42 5.17 6.57 4.52 5.15 5.43 October 3.08 3.69 4.92 3.90 4.36 5.00 6.40 4.47 4.99 5.30 November 3.05 3.57 4.86 3.86 4.27 4.93 6.37 4.40 4.96 5.22 December 2.97 3.52 4.80 3.81 4.27 4.86 6.23 4.38 4.86 5.15 1935 January 2.83 3.45 4.69 3.78 4.21 4.77 5.99 4.33 4.75 4.97 February 2.73 3.39 4.63 3.72 4.14 4.69 5.97 4.29 4.81. 4.78 March 2.69 3.27 4.70 3.71 4.15 4.72 6.22 4.28 5.14 4.68 April 2.64 3.25 4.70 3.72 4.19 4.75 6.14 4.31 5.14 4.65 May 2.61 3.27 4.64 3.74 4.18 4.66 5.99 4.29 5.11 4.52 June 2.61 3.25 4.59 3.72 4.18 4.62 5.86 4.31 4.99 4.48 July 2.59 2.95 4.54 3.70 4.15 4.54 5.77 4.26 4.97 4.40 August 2.66 2.87 4.54 3.77 4.15 4.57 5.69 4.26 4.95 4.42 September 2.78 3.08 4.52 3.80 4.11 4.56 5.62 4.24 4.91 4.41 October 2.77 3.16 4.52 3.79 4.10 4.57 5.63 4.20 4.97 4.39 November 2.73 3.02 4.45 3.75 4.03 4.53 5.50 4.13 4.90 4.33 December 2.73 2.97 3.72 3.97 4.44 5.37 4.09 4.73 4.31 [ * Computed by Division of Research and Statistics of U. S. Treasury Department. 2 Standard Statistics Co. 3 Moody's Investors' Service. Since the early part of 1934 less than 40 industrial bonds have been included, owing to the fact that the number of industrials with Aaa ratings has been reduced from 10 to 4 and with Aa ratings from 10 to 3. Back figures.—See Annual Report for 1934 (table 94), and similar tables in previous annual reports, and for U. S. Government bonds, Federal Reserve Bulletin for June 1934, p. 322, and August 1935, p. 500. Digitized for FRASE56R0 48—36 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 75.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE * [1923-25 average=100] Industrial production Construction contracts awarded (value) J Freight-car loadings Fac- Factory em- tory Department- Year and month Total Manufactures Minerals Total Residential All other ployment r p o a l y ls Total Mer 1 c . h a c. n 1 d . ise, s ( to v r a e lu s e a ) l e 3 s 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 o 1919 83 84 77 63 44 79 107 97 84 78 1920 87 87 89 63 30 90 108 117 91 71 94 g 1921 67 67 70 56 44 65 82 76 79 87 87 1 1 9 9 2 2 2 3 1 8 0 5 1 1 8 0 6 1 1 7 0 4 5 8 7 4 9 8 6 1 8 8 8 8 6 1 9 0 1 4 1 8 0 1 3 1 8 0 7 0 9 9 4 6 8 9 8 8 o 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 in 112 105 135 126 142 99 102 103 104 108 1929 119 115 117 87 142 105 109 106 105 111 1930 U996 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 1 1 9 9 3 3 4 5 9 7 0 9 9 7 0 8 8 91 6 3 37 2 2 1 1 2 4 50 8 8 7 2 9 6 70 2 6 63 2 6 6 5 4 7 79 5 1 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 91 110 March 124 118 126 120 101 109 121 121 106 101 133 137 104 104 112 98 105 106 105 107 113 April .... 124 121 128 122 103 114 139 123 117 100 158 142 105 105 113 102 108 107 104 103 109 O Mav 126 122 128 123 116 117 143 121 113 97 168 141 105 105 113 109 107 107 104 109 109 o 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 73 144 140 109 106 113 121 106 110 106 117 113 October 121 118 119 118 127 116 104 107 67 67 135 139 108 106 112 118 104 109 104 122 111 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 96 103 191 110 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

January 103 106 102 105 108 110 78 95 46 56 104 128 97 99 96 89 100 94 101 88 107 February _. 109 107 110 107 104 108 89 104 44 49 126 148 97 98 99 91 99 98 101 89 108 March 106 103 109 104 91 98 102 102 54 52 141 144 97 97 99 90 96 101 100 93 107 April 107 104 110 104 94 104 113 101 62 53 156 140 96 96 98 93 97 101 98 110 105 May 105 102 106 101 102 104 125 105 61 52 178 148 95 95 95 97 96 101 98 105 105 June 99 98 98 97 103 102 116 99 54 49 166 140 93 93 92 95 93 98 98 98 103 July 90 93 89 92 100 100 107 95 48 47 155 135 90 90 84 95 92 94 95 71 100 August 90 90 88 88 101 96 85 81 48 49 115 106 89 88 83 96 89 95 95 77 102 September 92 90 90 89 101 94 82 81 52 52 108 105 90 87 84 99 87 99 95 103 99 October 90 88 87 86 105 95 75 78 51 52 94 99 88 86 82 97 86 97 93 112 101 November 84 86 82 85 96 92 68 76 46 48 86 99 85 85 77 86 84 94 92 113 99 December 76 84 74 82 89 93 59 73 37 43 77 98 82 83 75 74 84 86 92 165 96 1931 January 82 83 81 83 87 89 58 71 37 44 75 93 80 82 70 74 82 83 90 81 99 February 87 86 88 86 84 87 68 79 42 47 89 104 80 81 74 74 80 87 89 81 99 March 89 87 91 87 82 89 77 77 50 47 98 100 81 81 76 75 80 89 89 92 100 J A M u p n a r e y il .. __ 9 8 8 0 9 3 8 8 8 8 7 3 9 9 8 1 0 3 8 8 8 7 7 2 8 8 8 3 4 6 9 8 8 1 7 7 8 7 7 2 8 4 7 6 6 3 5 3 5 4 4 2 7 1 4 4 3 4 0 7 1 1 10 0 0 1 7 4 9 8 8 6 5 4 8 8 7 1 0 8 8 8 7 1 0 9 7 7 7 4 3 0 7 7 7 7 9 7 8 7 7 0 9 7 9 8 9 1 9 2 8 8 8 8 9 9 1 9 9 0 7 2 1 1 9 9 0 7 5 0 d w July 80 82 79 82 86 86 68 61 36 35 94 82 77 78 66 78 76 87 88 66 94 hi August . 78 78 77 78 82 79 63 59 32 33 87 81 77 77 66 76 72 86 86 68 89 g September 77 76 76 75 83 78 59 59 32 32 81 80 77 75 63 78 69 88 85 88 85 N O o ct v o e b m er ber 7 7 2 5 7 7 3 3 7 7 2 0 7 7 1 1 9 8 0 4 8 8 3 1 5 4 2 3 4 5 9 5 2 2 9 6 3 2 0 7 7 5 1 7 7 6 6 7 7 7 4 2 7 7 3 2 6 5 1 8 7 7 8 0 6 6 9 8 8 8 7 5 8 8 3 3 9 9 4 7 8 8 5 6 GO December 68 74 66 72 79 84 30 38 20 23 39 50 71 72 58 61 69 77 83 143 a o 1932 January.. 71 72 70 71 74 77 25 31 16 19 33 41 69 70 54 58 64 75 81 64 80 February 71 69 70 68 75 78 23 27 15 17 30 35 70 70 55 59 62 75 78 64 79 March..- 68 67 66 64 78 85 26 26 16 15 35 36 68 68 53 58 61 75 75 69 73 April 64 63 63 61 72 80 31 27 16 14 43 38 66 66 50 57 59 75 73 73 74 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 68 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 64 September 67 66 66 65 74 71 30 30 12 12 45 44 63 62 43 61 54 72 69 71 67 October ._. '69 67 67 66 80 74 28 29 12 12 41 43 64 63 45 65 57 72 69 75 68 November j 65 65 63 63 78 75 24 27 10 10 35 41 63 63 43 58 57 70 68 73 64 December 1 60 66 58 64 73 77 22 28 8 9 33 43 62 62 42 52 58 64 69 106 62 1 Indexes compiled by the Board of Governors of the Federal Reserve System, 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 payrolls (revised series). May and June 1934 (certain revisions Dacember 1935); index of construction contracts awarded, July 1931; index of freight-car loadings,* August 1927 (certain revisions February 1931); index of department store sabs, February 1928 (certain revisions No/ember 1930, April 1935, and August 1936) 2 Based on 3-month moving average of F. W. Dodge data cantered at s cond month. —»•—--- . s Adjusted index revised. ' Revised. Back figures,—See Annual Report for 1934 (table 95). 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 75.—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- Year and month Total Manufactures Minerals Total Residential All other ployment r p o a ll y s Total Mer 1 c . h a c n . d 1 i . se, st ( o v r a e l u s e al ) es 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 1933 January _ _ - 64 65 63 63 72 75 18 22 7 8 27 33 60 61 40 51 56 65 69 49 62 February 64 63 62 61 77 80 16 19 7 8 23 27 61 62 40 51 54 64 66 49 62 March 60 59 58 56 74 81 14 14 8 8 18 18 59 59 37 48 50 63 62 50 58 April 67 66 68 65 65 73 16 14 11 10 19 17 60 60 39 51 53 65 63 68 64 May . 79 78 80 77 77 79 19 16 13 11 24 20 63 63 43 55 55 67 65 67 66 June 91 91 92 93 83 85 21 18 14 13 27 23 67 67 47 61 62 69 69 64 67 July 96 100 97 102 90 91 24 21 13 13 32 28 72 73 51 66 65 70 70 48 69 August 90 91 89 91 95 91 25 24 12 12 36 33 76 r 77 57 6-5 61 69 69 59 74 September 85 84 84 83 94 87 30 30 12 12 45 45 80 78 59 68 60 70 68 73 6S 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 67 December _ _ 69 75 67 73 81 86 45 57 11 13 73 93 '75 75 55 56 63 64 68 121 69 1934 January 77 78 75 76 86 88 40 49 10 12 64 80 73 75 54 58 64 65 70 57 73 February 83 81 82 80 89 92 38 44 10 12 60 70 78 78 61 61 64 65 67 59 73 March 87 84 86 82 91 100 33 33 12 11 50 51 81 81 65 63 66 67 66 73 76 April 88 86 89 85 81 90 36 32 14 12 54 48 82 82 67 60 62 67 65 73 76 May. 89 86 89 86 86 88 32 26 13 11 47 38 83 83 67 63 63 67 65 77 75 June 84 84 84 83 '86 87 31 26 13 12 46 38 81 82 65 64 64 65 65 70 73 July 73 76 71 74 84 '84 30 27 12 12 44 39 79 80 61 63 61 64 65 51 73 August 73 73 71 72 83 80 28 27 10 10 43 40 80 79 62 63 59 65 65 60 76 September . ._ 73 71 70 69 87 82 30 29 11 11 45 44 76 74 58 67 59 67 64 79 74 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 75 December 78 86 76 85 85 90 25 31 10 12 36 47 78 79 63 56 64 62 66 135 77 1935 January 88 91 87 90 91 94 22 27 10 12 32 39 79 81 64 58 64 61 65 59 76 February 91 89 91 88 92 96 24 28 13 14 33 39 81 82 69 61 65 63 65 61 77 March 91 88 91 86 90 97 26 26 16 16 34 35 83 83 71 62 65 65 64 71 79 April 89 86 91 86 79 87 30 27 22 18 38 33 83 82 71 59 61 65 63 79 75 May 87 85 87 84 88 89 32 27 25 21 39 32 81 81 69 61 61 65 63 76 74 June 86 86 85 84 97 98 35 30 26 24 43 36 80 80 66 63 63 64 64 76 79 July 83 86 83 86 84 84 39 35 25 25 50 43 80 81 65 60 58 63 64 55 80 August _- 87 87 87 88 85 81 40 38 24 24 54 50 82 82 70 64 60 64 64 61 77 September 90 90 89 91 92 87 44 43 25 25 59 58 84 82 72 70 62 67 65 86 81 October 97 95 96 95 100 93 45 48 25 25 62 66 85 84 75 73 64 67 64 86 78 November 97 97 98 98 95 92 53 60 25 26 76 88 85 85 75 67 66 66 64 91 82 December 96 104 95 104 96 101 53 67 22 26 79 101 85 86 76 62 71 62 66 145 83 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CONDITIONS 189 No, 76.—INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS [Monthly series adjusted for seasonal variation. 1923-25 average=100] Year and month i t n A r d l i u e l s s - s I a t r n e o e d n l t T i e l x e - s p F u r o c o t o d s d - A b m u i o t le - o s - L e p u e r r c a o a t t d n s h - d - m N r e f o o t e n a u r - l - s s r P l e e i e f t n u i r g n m o - - t R t a b u i u n e r b b e d r e - s s b p u T a r c c o 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 1935 90 79 104 79 99 109 164 97 135 1935 January 90 80 103 92 103 108 151 115 136 February 88 80 100 81 102 110 155 101 133 March 86 72 99 77 105 110 153 93 130 April 86 67 98 80 104 115 153 88 138 May 84 66 102 78 85 114 160 75 134 June 84 66 100 74 99 104 166 79 138 July— -. 86 69 105 74 94 109 168 83 140 August 88 81 104 76 77 105 169 92 130 September 91 83 106 78 69 104 172 102 129 October 95 88 113 83 93 105 176 104 138 November 98 96 106 82 114 109 176 133 137 December 104 103 111 83 125 124 173 142 147 NOTE.—-Paper and printing group and lumber omitted, figures being revised: nonferrous metals group not computed from 1932 to 1935, inclusive; copper figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 77.—INDEX OF PRODUCTION OF MINERALS, BY INDUSTRIES [Monthly series adjusted for seasonal variation. 1923-25 average = 100] Year and month d A us ll t ri i e n s - m B c in i o t o a u l u - s An c t i h te ra- P l c e e r u u tr m d o e - , m s I h r o e o r i n e p n t - - s Copper Zinc Lead Silver 1919 77 89 109 52 91 81 1920 89 109 110 61 113 85 87 1921 _ 70 79 112 64 36 30 39 66 84 1922 74 78 65 75 82 62 68 77 87 1923 105 108 115 99 114 93 96 88 103 1P24 96 93 109 97 82 100 97 102 101 1925 99 99 76 104 104 107 107 110 96 1926 - - 108 110 104 105 113 110 116 116 95 1927 107 99 99 322 98 105 111 112 93 1928 106 96 93 122 104 115 112 106 88 1929 ... 115 102 91 137 126 127 114 113 94 1930 99 89 86 122 90 87 91 97 79 1931 _ 84 73 74 116 45 66 54 68 49 1932 71 59 62 107 7 38 45 37 1933 ... 82 64 61 123 42 58 49 33 1934 86 69 71 123 43 66 57 42 1935 91 71 63 135 54 78 59 60 1935 January - _ _ 94 74 76 131 70 48 50 February 96 81 67 132 73 50 65 March _ _ _ _ 97 87 54 132 74 55 50 April 87 61 69 130 75 58 49 May 89 69 71 131 53 73 63 51 June 98 79 97 133 53 79 55 47 July 84 55 62 134 50 80 59 73 August 81 58 36 133 54 81 60 59 September 87 58 65 135 62 84 59 71 October 93 75 48 140 62 80 68 75 November 92 71 48 144 44 82 67 68 December^ _ _ 101 78 71 146 84 70 68 NOTE.—Copper figures not available from 1932 to 1935, inclusive. Back figures of monthly serie$.—For indexes of manufactures and of minerals (all industries), 1919-34, see table 75 and Annual Report for 1934 (table 95). Tables showing indexes, both adjusted and unadjusted, by groups and industries, 1923-35, may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 78.—INDEX OF FACTORY PAY ROLLS, BY GROUPS [Without seasonal adjustment. 1923-25 average=100. See note on p. 193] Year and month d m f in u a A c s g a t t n l u r i l u i r n e - - - s p s I u a a r t r c n e o o n t e d d n d s l - ch M in a e - ry Tr e a q n u s i p p o m rt e a n ti t on r s R r e h o p a o a a i p d l i - s r f m e p N u a r r e r c n o o t o t a n d d u s l - - s s b L p e u r r u c o m a t d s n - - d S p c g u a t r l l o c n a o a n t y s d d s e s , - , p T u t a r i c n e l o e x t d d s s - - L p e u a r a c n o t t d d h s e - r 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 i r a n n i p n g d e t- r G C ro h u e l p m eu i m c e G a p l x l e e p r s c u t o r r e m a o u o p n d p - t d u c r p t P e l e s f e e t i u r t n o r m i o n - - g p R u b r u c o e b t 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 .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. \ 84.7 1931. 67.5 55.0 63.9 52.3 53.4 61.7 63.1 46.6 53.9 75.1 72.1 93.0 60.1 97.3 91.8 87.5 105.8 62.5 1932. 46.1 29.1 36.1 40.7 42.3 42.7 39.1 25.1 29.1 53.5 58.1 74.2 47.3 74.8 70.4 65.8 85.4 44.9 48.5 36.2 37.9 39.5 42.8 41.7 '41.4 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 1935 70.3 59.8 70.5 88.0 100.2 50.6 67.5 39.9 39.9 79.7 76.4 91.6 46.1 85.3 96.5 95.7 99.2 68.7 1934—January 54.0 41.1 47.6 52.7 58.3 42.1 '47.0 27.4 29.9 64.8 67.5 80.7 39.8 74.3 84.5 83.0 58.7 February... 60.6 45.7 51.8 71.9 82.3 45.6 '52.1 30.5 33.3 77.9 81.7 81.1 45.5 76.0 87.2 86.1 65.2 March '64.7 51.3 55.8 84.4 98. 1 48.5 ' 56. 5 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 '58.7 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 '60.4 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 '57.8 33.9 38.8 66.4 '72.9 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 '53.5 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 '53.0 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 '54.2 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 '57.8 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 '59.1 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 '47.6 60.2 '67.6 76.4 44.4 '61.8 33.3 34.4 75.3 69.1 '93.0 49.9 8f>. 3 91.7 89.9 97.8 66.0 1935—January 64.3 51.9 60.8 79.4 92.2 43.8 58.7 31.7 31.6 78.5 76.4 83.7 41.5 83.4 91.6 90.5 95.2 69.4 February... 69.1 59.0 64.1 94.7 110.3 48.0 63.7 34.8 34.8 84.5 82.5 83.8 40.8 84.1 93.2 92.5 95.3 71.9 March 70.8 59.3 66.9 98.2 112.7 49.6 65.0 36.3 37.4 86.8 84.1 83.3 44.3 84.5 96.1 96.0 96.4 70.6 April 70.8 59.4 67.6 102.7 117.1 50.7 64.7 37.5 39.3 82.4 79.1 85.9 43.1 84.6 95.9 95.6 98.9 7!.2 May 68.5 58.3 67.8 94.2 105.1 52.5 63.7 34.8 40.3 75.5 72.3 87.3 43.8 84.8 94.8 94.1 96.8 66.5 June 66.4 55.7 66.9 82.4 93.4 51.0 62.9 36.3 40.5 70.9 70.9 90.9 46.8 83.4 95.0 93.7 99.3 64.9 July 65.4 52.6 67.5 74.7 85.7 48.2 59.9 38.3 38.9 68.4 77.5 96.9 47.6 81.4 95.4 93.8 100. 5 61.3 August 69.7 59.4 71.2 71.6 80.6 49.0 64.7 44.4 40.9 78.9 81.7 100.9 46.6 83.0 97.0 95.4 102.5 64.3 September.. 72.2 62.7 75.2 65.7 72.1 49.1 70.9 47.3 42.2 84.6 76.9 105.5 49.4 86.2 99.0 97.8 102.8 68.8 October 75.0 65.5 78.4 86.4 97.7 53.1 78.4 48.6 44.5 84.5 73.8 98.0 50.5 88.2 100.6 100.1 102.2 70.8 November. _ 74.5 65.1 78.9 101.5 116.7 54.5 78.5 45.0 43.9 79.7 66.6 91.9 48.9 88.0 99.1 99.2 98.8 70.3 December.. 76.4 80.7 102.2 115.9 57.1 79.4 44.2 44.6 81.9 75.4 90.5 49.6 91.8 100.8 99.8 104.0 74.5 Backf igures.-—For data by months in earlier years see Annual Report for 1934 (table 98) and similar tables in previous annual reports. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 79.—INDEX OF FACTOKY EMPLOYMENT, BY GROUPS CO [1923-25 average=100] to 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 f m in u a g c s a t t n u r i u i n r e - - - s p s u a r t n c e o t e d 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 r e c n o t t a d d s l - s be p u r r c o a t d s n - d p g u a r l c n o a t s d d s s - p u t a r i c n l o e t d d s s - p u a r c n o t d d s - p F u r o c o o t d s d - 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 l x e e r c u t o r e m u o p p - t re P l f e e i u n tr m i o n - g p u b r c o e t d r s - 1919 107 2 99 9 U6 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 56.3 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 '62.2 44.2 45.0 87.9 83.3 94.4 59.7 86.2 94.7 93.5 99.8 '74.7 1934 78.8 69.0 77.7 82.9 93.2 55.5 '76.1 48.7 52.8 91.2 87.8 106.5 62.6 94.8 108.6 108.0 111.1 '84.1 1935.. 82.2 73.0 87.0 95.1 108.9 53.7 84.8 52.6 53.9 95.2 87.9 101.2 57.9 97.0 109.9 110.0 109.6 82.1 Without seasonal adjustment 1934—January... 73.4 63.5 70.0 71.2 80.3 52.8 '68.5 45.6 47.3 88.2 82.9 94.1 54.5 92.4 107.9 107.3 110.3 '83.3 February- 77.8 66.6 72.9 84.6 97.4 53.4 '72.3 47.1 49.8 96.8 90.3 93.9 62.1 93.1 110.5 110.6 110.6 '85.8 March 80.9 70.0 76.8 93.4 108.4 55.5 '76.6 48.5 52.1 100.0 92.7 96.2 64.4 93.7 112.8 113.4 110.2 '88.3 April 82.4 72.6 80.3 99.4 114.9 57.8 '78.6 49.4 55.3 99.1 92.3 97.2 64.7 95.1 113.3 114.7 107.8 '91.2 May 82.5 75.2 81.3 99.7 114.4 59.6 '79.5 51.0 57.7 96.1 91.4 99.6 61.3 95.9 106.1 105.3 109.5 '90.2 June 81.1 76.4 80.8 95.6 106.8 59.8 '77.5 50.0 57.1 90.9 87.7 105.1 62.4 94.7 104.5 102.9 111.4 '86.7 July 78.8 70.3 79.0 88.4 98.4 58.3 '74.7 48.8 54.2 85.9 89.4 110.1 61.1 93.4 105.3 103.8 111.7 '85.2 August 79.6 68.6 78.9 83.7 92.5 55.2 '74.9 49.0 53.1 88.2 91.1 122.1 65.1 93.8 106.9 105.3 113.4 '82.0 September. 75.9 66.0 78.0 74.2 80.9 55.7 '75.4 49.3 52.9 73.1 85.7 127.1 64.7 95.3 108.6 107.6 112.9 '79.7 October.._ 78.4 66.0 77.9 64.2 68.7 53.9 '77.2 49.5 51.9 92.3 83.4 119.5 65.3 96.4 109.4 108.5 112.9 '78.7 November. 76.9 66.2 77.9 62.2 67.1 51.6 '78.2 48.6 52.2 90.9 81.6 109.0 64.0 96.8 108.6 107.9 111.9 '77.9 December. 78.1 66.6 78.5 78.4 88.9 52.0 '79.2 47.8 50.1 92.8 84.8 ' 104.0 61.9 97.5 108.8 108.3 110.8 '80.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1935—January. - 78.8 67.8 79.6 92.4 108.1 51.6 78.3 47.1 47.2 95.2 88.3 94.9 56.5 95.6 108.4 108.2 109.0 83.1 February.. 81.4 70.7 82.0 100.9 117.5 52.9 81.6 49.4 49.6 98.4 91.6 94.4 57.3 96.7 109.4 109.9 107.3 84.2 March 82.5 71.8 84.1 103.6 119.5 53.6 83.0 50.6 51.5 99.2 92.7 93.2 57.8 96.9 112.7 113.9 107.9 84.5 April 82.6 72.2 85.1 104.8 119.9 52.9 83.4 51.7 53.2 97.2 91.5 95.4 56.8 96.9 111.5 112.3 108.3 83.6 May 81.2 72.4 84.5 102.7 116.4 53.6 82.9 50.9 55.0 93.5 86.7 95.8 56.6 96.5 108.0 108.0 108.3 82.4 June 79.7 71.8 84.2 93.7 107.2 53.8 81.8 48.9 55.7 90.4 83.0 98.9 57.8 95.6 107.2 106.4 110.6 80.9 July 79.7 71.3 85.6 87.2 100.6 53.5 80.2 51.9 54.7 87.8 87.3 105.7 57.6 95.5 106.8 105.7 111.2 78.3 August 82.0 73.2 87.3 83.5 95.1 52.8 82.0 55.3 55.9 92.9 90.1 111.8 57.9 95.9 107.9 106.9 112.2 79.1 September. 83.7 74.7 91.1 75.8 84.0 52.6 86.9 57.0 55.8 95.9 88.8 118.2 58.9 97.3 110.7 110.8 110.1 81.1 October... 85.3 76.4 93.1 92.3 105.0 55.1 91.9 57.5 56.7 97.7 86.6 108.5 60.0 98.3 113.1 113. 7 110. 9 82.8 November. 85.0 76.8 93.8 101.0 115.5 55.7 93.1 56.0 56.4 97.0 82.3 100.5 59.7 98.7 112.4 112.9 110.3 82.7 December. 84.6 76.6 93.1 103.4 118.1 55.8 92.3 54.5 55.2 96.9 86.3 96.8 58.2 99.7 111.1 111.4 109.6 83.0 Adjusted for seasonal variation 1934—January... 75.2 64.9 71.8 72.1 81.1 53.6 '69.3 47.2 52.0 88.1 83.6 104.0 58.4 91.7 107.7 106.6 112.4 '84.7 February.. 78.4 66.4 74.0 82.5 94.6 54.2 '71.4 48.4 52.7 95.1 88.4 104.3 62.6 92.9 109.6 109.0 112.1 '86.4 March 81.1 69.1 78.4 89.6 103.7 55.8 ••75.1 49.8 53.1 97.3 90.5 107.8 64.9 93.4 110.9 110.7 111.3 '89.6 April. 82.3 71.5 81.5 94.0 108.8 57.4 '77.6 50.0 54.7 97.8 93.0 104.0 66.7 95.5 109.4 109.8 107.8 '91.1 May 82.6 74.3 82.0 91.2 104.1 59.2 '79.9 51.3 56.2 96.0 94.0 106.4 61.6 96.5 107.9 107.4 109.7 '88.7 June 81.5 76.3 81.2 90.6 101.1 59.4 '78.4 49.8 54.9 92.2 91.4 107.3 62.7 95.5 108.9 108.4 110.4 '84.3 July 79.6 71.4 79.4 85.8 95.5 58.0 '76.6 48.8 53.9 90.2 88.9 106.7 61.8 94.4 109.6 109.7 109.3 '84.1 Augusts. .. 79.4 68.8 78.4 83.7 92.3 55.0 '76.4 48.4 52.0 91.3 87.9 110.8 65.4 95.0 110.9 110.8 111.3 '83.3 September. 74.0 65.4 76.0 75.5 82.1 55.4 '75.9 48.0 51.1 72.9 82.4 110.5 62.9 95.6 108.2 107.6 110.9 '80.3 October. _. 76.8 65.6 75.8 69.3 74.7 53.7 '76.2 47.7 50.0 90.7 81.4 109.3 62.5 96.0 107.5 106.2 113.1 '79.4 November. 76.8 66.4 77.2 70.4 77.4 51.7 '77.1 47.3 51.9 90.2 83.4 107.3 61.1 95.4 107.2 105.8 113.0 '78.1 December. 79.0 67.7 79.2 84.4 96.6 52.1 '78.4 47.8 51.2 92.1 88.9 ' 108. 3 61.6 95.8 108.1 107.1 112.1 '80.7 1935—January.._ 80.7 69.4 81.4 93.5 109.2 52.4 79.2 48.8 51.7 95.1 89.1 106.0 60.7 94.9 108.4 107.9 111.1 84.6 February.. 82.1 70.6 83.1 98.4 114.1 53.6 80.6 50.8 52.4 96.6 89.7 106.2 57.7 96.4 108.6 108.6 108.7 84.8 March 82.7 70.8 85.6 99.4 114.4 53.8 81.4 51.9 52.4 96.6 90.5 103.9 58.2 96.7 110.7 111.1 109.0 85.8 April 82.4 71.1 86.0 99.1 113.5 52.6 82.4 52.4 52.7 96.0 92.2 102.4 57.7 97.3 108.1 108.0 108.3 83.4 May _ 81.4 71.5 84.9 94.0 105.9 53.3 83.3 51.3 53.6 93.6 89.1 103.1 56.8 97.1 109.3 109.5 108.5 81.1 June 80.1 71.7 84.4 88.7 101.5 53.4 82.8 48.8 53.5 91.7 86.4 101.0 58.1 96.4 111.3 111.6 109. 6 78.8 July 80.6 72.4 86.1 84.8 97.7 53.2 82.2 52.0 54.4 92.2 86.9 101.6 58.2 96.5 110.7 111.1 108.8 77.4 August 81.8 73.4 87.1 83.6 94.9 52.7 83.7 54.6 54.8 96.1 87.0 100.3 58.1 97.1 111.4 111.8 110.1 80.4 September. 81.9 74.1 88.8 81.4 91.0 52.4 87.4 55.5 53.9 96.0 85.4 99.8 57.3 97.6 110.3 110.8 108.2 81.7 October.. _ 83.7 75.9 90.6 99.5 113.8 54.8 90.8 55.4 54.6 96.0 84.5 98.1 57.4 97.8 111.3 111.3 111.1 83.4 November. 84.8 77.1 93.0 109.0 125.1 55.8 91.9 54.4 56.1 96.2 84.1 98.4 57.0 97.4 110.8 110.6 111.4 83.0 December. 85.6 77.9 93.9 111.0 128.0 55.9 91.4 54.5 56.4 96.2 90.3 100.7 58.0 98.0 110.3 110.1 110.9 83.4 ' Revised. 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 figuresf or 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 Board of Governors of the Federal Reserve System, see BULLETINS for June 1934, pp. 324-343, and December 1935, p. 888. Underlying figures are for pay-roll period ending nearest middle of month. CO 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 80.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITED STATES, BY MONTHS AND YEARS, 1913-35 J [Index numbers of the U. S. Bureau of Labor Statistics. 1926= 100] Other commodities Y m ea o r n a th nd m c t A o o ie m l d s l i - - F p u r a c o r t m d 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 x t e d s - - m l F r i a i i g a u n 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 a d a s l - l s B m r i i u a n a i t g l l e s d - - d i a h r c n u a e d g l m s s -H g n f o o i i u n u s o r g h s d - e - s - n c M e e o l i l s u a - s - 1913. 69.8 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 85.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1935. 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 80.5 80.6 68.3 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 80.8 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 59.6 67.1 78.9 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 70.8 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 77.8 81.2 71.0 1935 January 78.8 77.6 79.9 77.7 86.2 70.3 72.9 85.8 84.9 79.3 81.2 70.7 February. . 79.5 79.1 82.7 77.4 86.0 70.1 72.5 85.8 85.0 80.4 80.7 70.1 March 79.4 78.3 81.9 77.3 85.4 69.4 73.0 85.7 84.9 81.5 80.7 69.2 April 80.1 80.4 84.5 77.2 86.3 69.2 72.8 85.9 84.6 81.0 80.7 68.7 May 80.2 80.6 84.1 77.6 88.3 69.4 73.1 86.6 84.8 81.2 80.6 68.7 June 79.8 78.3 82.8 78.0 88.9 70.1 74.2 86.9 85.3 80.7 80.5 68.4 July. 79.4 77.1 82.1 78.0 89.3 70.2 74.7 86.4 85.2 78.7 80.4 67.7 August 80.5 79.3 84.9 77.9 89.6 70.9 74.1 86.6 85.4 78.6 80.5 67.3 September- 80.7 79.5 86. 1 77.8 90.9 71.8 73.0 86.6 85.9 80.2 80.5 67.1 October 80.5 78.2 85.0 78.3 93.6 72.9 73.4 86.5 86.1 81.1 80.6 67.5 November. 80.6 77.5 85.1 78.8 95.0 73.4 74.5 86.9 85.8 81.2 81.0 67.4 December. 80.9 78.3 85.7 78.7 95.4 73.2 74.6 86.8 85.5 80.6 81.0 67.5 i 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 1934 (table 100) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 BUSINESS CONDITIONS No. 81.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITED- STATES, BY WEEKS, 1935 [Index numbers of the U. S. Bureau of Labor Statistics. 1926=100] Other commodities i W ng d e a e ( k y S )— a e t n u d r - - m c t A o o ie m l d l s i - - F p u r a c o r t d m s - Foods Total l H e p u a a r i n c 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 g i n a u n a h t g e l d e t s l - - M m p u a r e e c n o t t t d d a a s l - l s B m r i i u n a a i g t l l e s d - - C d i a c r h n u a e g d l m s s -H g n f o o i i u n u s o r g h s d - e - s - n c M e e o l i l s u a - - s 1935 Jan. 5 77.9 75.6 78.5 78.0 86.8 70.0 74.1 85.6 84.6 79.1 82.3 70.9 Jan. 12 78.6 77.2 79.7 78.1 86.9 70.0 74.2 85.6 84.8 79.6 82.2 71.V Jan. 19 78 5 76 7 79.8 77 9 86 8 70 0 74.0 85.3 84.8 79.8 82.1 70.7 Jan. 26 .. 79.0 79.0 80.9 77 9 86 8 70.0 74.3 85.2 84.9 80.0 82.1 70.6 Feb. 2 79.1 78.3 81.5 77.9 86.8 69.9 74.4 85.2 84.9 80.2 82.2 70.2 Feb. 9 79.1 78.1 82.3 77.8 86.6 69.6 74.3 85.2 84.7 80.4 82.3 70 1 Feb. 16 79 4 79 2 83.1 77 7 86 7 69 7 74.0 85.1 84.6 80.4 82.1 70.2 Feb. 23 79.6 79.9 83.2 77.7 86.8 69.7 73.9 85.1 84.8 81.0 81.9 70. 2 Mar. 2 79.6 80.0 82.5 77.6 86.6 69.4 73.9 85.0 84.7 81.6 81.9 69.9 Mar. 9.-. _. 79.6 80.0 82.1 77.5 86.4 69.3 73.8 85.1 85.0 81.6 82.0 69.8 Mar. 16 79.4 79.2 82.6 77.3 86.0 69.0 73.8 85.0 84.6 81.5 81.9 69.0 Mar. 23 78.8 77.6 81.1 77.3 85.8 68.8 74.0 84.9 85.0 80.9 81.9 68.8 Mar. 30 78.9 77.5 81.8 77.3 85.7 68.8 74.2 85.0 84.9 80.4 81.9 68.8 Apr. 6 .. _ 79.2 78.6 82.9 77.2 85.6 68.7 74.1 85.0 84.3 80.2 81.9 68.4 Apr. 13 79.9 81.0 84.5 77.2 85.9 68.8 74.0 85.0 84.5 80.5 81.9 68.4 Apr. 20 80.3 81.8 85.3 77.3 86.5 69.0 74.0 85.1 84.3 80.7 81.9 68.7 Apr. 27 80.3 81.7 85.4 77.5 87.9 68.8 74.3 85.2 84.4 80.8 82.0 68. ft May 4 80.1 81.1 84.9 77.5 88.0 68.7 74.4 85.2 84.9 80.8 82.0 6S.Q May 11 79.9 80.8 84.1 77.5 88.1 68.7 74.4 85.2 84.7 80.7 82.0 68.9 May 18 80.0 80.9 83.8 77.6 88.4 68.8 74.2 85.3 84.8 80.8 82.0 69.0 May 25 80.3 81. 5 84.3 77.8 89.5 69.4 74.1 85.6 84.9 81.0 82.0 69.0 June 1 80.2 80.7 84.4 77.8 89.9 69.3 74.4 85.6 84.9 80.8 82.0 69.0 June 8 79.9 79.9 83.7 77.8 89.1 69.3 74.7 85.6 85.1 80.7 81.8 68.9 June 15 79.8 79.9 83.4 77.9 89.4 69.1 74.9 85.9 85.3 80.4 81.7 68.4 June 22 79.3 78.0 82.5 77.9 89.3 69.7 74.7 85.9 85. 1 80.0 81.7 68.4 June 29 _ 78.9 77. 1 81.6 77.9 89.6 69.7 74.8 86.1 84.9 79.5 81.8 68.0 July 6 _ 79.1 78.0 81.9 77.8 89.8 69.7 74.9 85.7 84.8 79.5 81.8 68 0 Julv 13 79.2 77.7 82.0 78.0 89.8 69.9 75.3 85.7 85.0 79.5 81.8 67.8 July 20 79.1 77.2 82.0 77.9 89.8 69.8 75.3 85.7 84.9 79.5 81.8 67.6 July 27 79.2 77.1 82.2 77.9 90.1 69.9 75.2 85.7 85.1 78.4 81.9 67.5 Aug. 3 79.6 78.4 83.4 77.9 90.0 70.0 75.0 85.8 85.3 78.5 81.9 67.5 Aug. 10 80.1 79.7 84.2 78.0 90.1 70.1 75.4 85.8 85.0 78.5 81.7 67.5 Aug. 17 80.5 80.3 85.4 78.0 90.1 70.5 75.4 85.8 85.1 78.7 81.7 67.2 Aug. 24 80.8 80.7 86.1 78.1 90.2 70.7 75.4 86.0 85.1 79.3 81.7 67.2 Aug. 31 80.5 79.2 86.0 78.1 90.4 70.9 75.4 86.0 85.3 79.0 81.8 67.1 Sept. 7 80.4 79.9 85.9 77.9 90.5 71.0 74.6 86.0 85.4 79.2 81.8 66.8 Sept. 14 80.8 81.2 86.4 78.0 91.6 71.2 74.7 86.0 85.3 78.9 81.8 66.9 Sept. 21 81.0 81.3 86.2 78.2 91.8 71.3 74.8 86.3 86.3 79.2 81.7 67.0 Sept. 28 81.0 80.9 86.6 78.2 91.8 71.6 74.5 86.2 86.1 79.3 81.7 67.2 Oct. 5 _ . 80.5 79.5 85.3 78.3 92.5 71.7 74.6 86.3 86.1 80.2 81.8 67.2 Oct. 12 80.7 80.1 85.7 78.2 93.8 72.1 74.1 85.8 86.1 80.7 81.8 67.5 Oct. 19 80.7 79.5 85.6 78.4 94.4 72.5 74.2 85.9 86.2 81.1 81.8 67.6 Oct. 26 80.3 78.6 84.8 78.4 95.1 72.8 74.3 85.9 85.9 81.3 81 9 67 4 Nov. 2 79.8 77.4 83.8 78.4 95.1 72.7 74.3 85.9 85.6 81.1 82.0 67.5 Nov. 9 80.1 77.5 84.1 78.9 95.6 72.8 75.5 86.2 85.7 81.1 82.1 67.4 Nov. 16 80.4 77.8 84.9 79.0 95.8 73.0 75.6 86.3 86.0 81.1 82.1 67.4 Nov. 23 80.6 78.2 85.8 79.0 95.7 73.1 75.7 86.4 85.8 80.9 82.1 67.4 Nov. 30 80.8 78.5 85.9 79.0 95.5 72.9 75.9 86.3 85.4 81.0 82.1 67.5 Dec. 7 80.9 79.1 86.4 78.9 94.8 72.9 75.9 86.4 85.4 80.7 82.2 67.4 Dec. 14 80.8 79.2 85.8 78.9 95.4 72.8 75.7 86.3 85.3 80.5 82.2 67.4 Dec. 21 80.4 77.3 85.3 78.8 96.2 72.7 75.7 86.2 85.2 80.2 82.2 67.5 Dec. 28 80.6 78.4 85.3 78.8 96.4 72. 8 75.6 85.9 85.1 80.0 82.2 67.5 Back figures.—See Annual Report for 1934 (table 101) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPENDIX 197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS—BOARD OF GOVERNORS Following is a copy of record of actions by the Board of Governors of the Federal Eeserve System on questions of policy, required to be kept by the last paragraph of section 10 of the Federal Reserve Act, as amended by the Banking Act of 1935. MEETING ON MONDAY, AUGUST 2 6, 19 35 Present: Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James. Action on section 10 (b) rates established by Federal Reserve banks. There was presented for consideration a telegram from the Federal Reserve Bank of Kansas City stating that the board of directors of the Federal Reserve Bank of Kansas City, on August 24, 1935, made no change in the existing schedule of rates of discount and purchase, except to establish a rate of 2y percent per annum for loans to mem- 2 ber banks under section 10 (b) of the Federal Reserve Act as amended. In this connection, attention was directed to the fact that the rate in effect at the Kansas City bank at this time on discounts for member banks under the provisions of sections 13 and 13 (a) of the Federal Reserve Act is 2 percent per annum and that, under the law, the rate on advances under section 10 (b) of the Federal Reserve Act as amended may not be less than one-half of 1 percent per annum higher than such discount rate. The Board's Secretary was authorized to advise the Federal Reserve Bank of Kansas City that the Board of Governors has noted with approval that the bank made no change in its existing schedule of rates of discount and purchase, and that the Board approves for the bank a rate of 2y percent per 2 annum on advances to member banks under section 10 (b) of the Federal Reserve Act as amended, effective immediately. Approved unanimously. In accordance with the policy established by the above action the Board on subsequent dates, by unanimous votes of the members present, approved rates established by the other Federal Reserve banks on advances under section 10 (b) which were in each instance one-half of 1 percent higher than the discount rate in effect. Monthly reports from member firms of national securities exchanges. Consideration was given to a recommendation from the Chief of the Division of Security Loans that, in accordance with subsection (b) of section 17 of the Securities Exchange Act of 1934, monthly reports, in a form which was submitted for approval, be required from member firms of national securities exchanges. Attention was directed to the fact that information which had been received indicated that customers' debit balances had begun to increase in recent 199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 ANNUAL KEPORT OF FEDERAL RESERVE GOVERNORS months and that the development of a dependable reporting service would take considerable time. In this connection, the Board was advised that, in the opinion of its counsel, reports in the proposed form may be properly and legally required by the Board from all members of national securities exchanges who extend credit, "as necessary or appropriate to enable it to perform the functions" conferred upon it by the Securities Exchange Act of 1934. It was unanimously directed, in accordance with subsection (b) of section 17 of the Securities Exchange Act of 1934, that monthly reports in the form submitted be required from time to time, as necessary or appropriate to enable the Board to perform the functions conferred upon it by that act, from all firms extending credit, of which any partner is a member of the New York Stock Exchange or of any other national securities exchange and which are subject to the rules and regulations prescribed by the Board. The right was reserved to require such amended or additional report or reports as the Board might from time to time deem necessary or appropriate to enable it to perform the functions conferred upon it by the act. MEETING ON WEDNESDAY, AUGUST 2 8, 19 35 Present: Mr. Thomas, Vice Chairman; Mr. Miller, Mr. James, Mr. Szymczak. Publication of reports of condition of State member banks. In view of the amendment to section 9 of the Federal Eeserve Act contained in the Banking Act of 1935 providing in part that reports of condition of State member banks of the Federal Reserve System rendered to their respective Federal Reserve banks as of call dates fixed by the Board "shall be published by the reporting banks in such manner and in accordance with such regulations as the said Bourd may prescribe",, and, in order that State member banks would be required to publish reports of condition in a manner similar to that followed under existing law in the publication of reports of condition by national banks, it was unanimously voted that the following regulation covering the publication of condition reports be adopted and printed on the reverse side of the form of condition reports submitted by State member banks: Each report of condition made by a State bank member of the Federal Reserve System, which is required to be made to the Federal Reserve bank of its district as of call dates fixed by the Board of Governors of the Federal Reserve System, shall be published by such member bank within 20 days from the receipt of the call therefor. The report must be printed in a newspaper published in the place where the bank is located or, if there is no newspaper published in the place where the bank is located, then in a newspaper published in the same county and in general circulation in the place where the bank is located. By "newspaper", for the purpose of this regulation, is meant a publication with a general circulation published not less frequently than once a week, one of the primary functions of which is the dissemination of news of general interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—BOAED OF GOVERNORS 201 The copy of the report for the use of the printer should be prepared on the face side of form 105e. The published information must agree in every respect with that shown on the face side of the condition report rendered to the Federal Keserve bank, except that any item for which no amount is reported may be omitted in the published statement. All signatures must be the same in the published statement as in the original report submitted to the Federal Keserve bank, but the signatures may be typewritten or otherwise copied on the report for publication. A copy of the printed report must be submitted to the Federal Reserve bank attached to the publisher's certificate on the reverse side of form 105e. Waiver of reports of affiliates of State member banks. The Banking Act of 1935 amended section 21 of the Federal Reserve Act to authorize the Board to waive the requirement for reports of affiliates of State member banks with respect to any report of any affiliate if in the judgment of the Board such report is not necessary to disclose fully the relations between the affiliate and the member bank and the effect thereof upon the affairs of such bank. Pursuant to such authority and in order to carry out the purposes of the law, it was voted unanimously to amend the Board's instructions governing the preparation of reports of affiliates of State member banks to incorporate therein the following provisions, such action being taken with the understanding that the Comptroller of the Currency would adopt similar provisions relating to the waiver of reports of affiliates of national banks since it was deemed important that the waiver of the requirement for reports of affiliates be the same for affiliates of both national banks and State member banks: Pursuant to section 21 of the Federal Reserve Act, as amended, the Board of Governors of the Federal Reserve System waives the requirement for the submission of reports of affiliates (other than of holding company affiliates, as denned in section 2 (c) of the Banking Act of 1933, as amended) of State bank members of the Federal Reserve System, except: (a) Where the affiliation exists by reason of control by the member bank as defined in section 2 (b) (l)of the Banking Act of 1933, as amended, which provision reads a$ follows: "Except where otherwise specifically provided, the term 'affiliate' shall include any corporation, business trust, association, or other similar organization— "Of which a member bank, directly or indirectly, owns or controls either a majority of the voting shares or more than 50 per centum of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions." (b) Where the affiliate has been indebted to the member bank for more than 6 months in the 12 months preceding the report date in an amount in excess of 1 percent of the bank's unimpaired capital and surplus or $5,000, whichever amount is the smaller, Digitized for FRAS5E6R04 8*—36 14 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS regardless of whether the affiliate is so indebted on the report date. (c) Where the affiliate on the report date is indebted to the member bank or the member bank owns obligations of or an interest in said affiliate on said date and the aggregate amount of such indebtedness, obligations, and interest is in excess of 1 percent of the member bank's unimpaired capital and surplus or $5,000, whichever amount is the smaller. The Board of Governors of the Federal Reserve System also waives the requirement for the submission of reports of affiliates in all cases where the affiliate relationship is based solely on ownership or control of any voting shares of the affiliate by a member bank as executor, administrator, trustee, receiver, agent, depositary, or in any other fiduciary capacity, except wThere such shares are held for the benefit of all or a majority of the stockholders of such member banks. The above provisions with respect to the waiving of the requirements for submission of reports of affiliates are subject to change whenever deemed advisable by the Board of Governors of the Federal Reserve System in order to require the submission of reports which are necessary to disclose fully relations between member banks and their affiliates and the effect thereof upon the affairs of member banks. (SECRETARY'S NOTE.—On September 3, 1935, the Board was advised that the Comptroller had approved the provisions set forth above, and these provisions were included in the instructions issued in connection with the next succeeding call for reports of condition of State member banks and their affiliates.) MEETING ON MONDAY, OCTOBER 14, 1935. Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Rules of Securities and Exchange Commission, and amendment to Regulation T, affecting warrants and unissued securities. Consideration was given to a draft of a proposed amendment, No. 6, to Regulation T, recommended by the Division of Security Loans with the concurrence of the Board's counsel, to the effect that any warrant or certificate which evidences a right to subscribe to or otherwise acquire any security and which by its terms expires within 90 days of issuance shall be without loan value, provided that in any case in which an account contains, in addition to such warrant or certificate, the security in respect of which such warrant or certificate has been issued, the current market value of such security shall for the purpose of calculating its maximum loan value, be increased by the current market value of such warrant or certificate. In this connection consideration was also given to certain provisions regarding margins which the Securities and Exchange Commission proposed to incorporate in its rules for the registration of unissued warrants or unissued securities for "when issued" trading on national securities exchanges. The Board was advised that the proposed amendment to Regulation T had the effect of extending to such short term issued warrants Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—BOARD OF GOVERNORS 203 as may be registered on a national securities exchange the principle embodied in the Commission's rules for the registration of unissued warrants, namely, that purchases of short term warrants should be on a cash basis. The Board was also advised that the Securities and Exchange Commission did not wish to issue its registration rules without suitable provision being made at the same time with respect to margin requirements applicable to issued warrants. It was pointed out that the proposed amendment would associate the Board with the Commission in an action which would enable the exchanges to resume under appropriate safeguards, "when issued" trading in securities which had been suspended by the Securities Exchange Act of 1934, the issued warrants covered by the proposed amendment of Regulation T being chiefly warrants which will first be traded on a "when issued" basis; and that it was expected that the proposed action would facilitate somewhat the raising of capital by corporations through giving to stockholders warrants with rights to subscribe to new issues of securities. It also appeared that a reason for the exception, included in the proviso to the amendment, was to conform to the desire of the Securities and Exchange Commission that the maximum loan value of securities in an account should not decline if short-term warrants were issued in respect thereof. Upon consideration of the entire matter it was agreed that the action proposed was desirable and proper for the reasons stated, pending the adoption and issuance by the Board of a revision of Regulation T covering this subject. Thereupon, by unanimous vote, the proposed amendment was approved. In this connection, the Board decided to advise the Securities and Exchange Commission that it interposed no objection to the provisions regarding margins which the Commission contemplated incorporating in its proposed rules but that it reserved the right to issue in the future such regulations of its own as would fix margin requirements on unissued securities and unissued warrants. MEETING ON THURSDAY, OCTOBER 31, 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Procedure in connection with action by Board on discount rates established by Federal Reserve banks. Consideration was given to a draft of a letter to the Governor of the Federal Reserve Bank of Cleveland, reading as follows: Reference is made to your letter of October 7, 1935, from which it is noted that your directors, on October 4, 1935, established rates of discount and purchase for a period of 14 days commencing October 5, and that your bank had been advised by its counsel that it was at least open to question whether the rates of discount and purchase fixed by your bank on September 20, 1935, and approved by the Board of Governors of the Federal Reserve System, continued in effect until the rates fixed by your board at its meeting on October 4, 1935, were reviewed and determined by the Board of Governors of the Federal Reserve System as provided in subsection 14 (d) of the Fed- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS eral Reserve Act, as amended by the Banking Act of 1935, and you had received advice of the Board's approval thereof. Your letter suggests that, in view of this opinion, the Board establish a procedure whereby advice of the Board's action on rates established by your directors will be sent to your bank on the date of receipt by the Board of information from the bank as to rates fixed for a future period, in order that there shall be at all times rates of discount and purchase for the bank without any possibility of question as to the validity of rates in effect. It has been the experience of the Board in the past that, because of the important questions of policy involved in rate changes, it was not always possible to reach a decision on rates submitted to it by a Federal Reserve bank on the date advice of the bank's action was received. In view of the increased responsibilities placed upon the Board by the Banking Act of 1935, there undoubtedly will be occasions in the future when the Board will require more than 1 day in which to review all of the important factors which must be taken into account. For this reason, the Board believes that it would not be advisable to set up a procedure which would require it to pass upon rates of discount established by the banks upon the date upon which advice of the bank's action is received. The only change in subsection 14 (d) of the Federal Reserve Act as amended by the Banking Act of 1935 is the addition of a provision by which the Federal Reserve banks are required to establish their rates of discount every 14 days, or oftener if deemed necessary by the Board. Therefore, the Board takes the position that when a bank has established rates of discount in accordance with this requirement upon which action by the Board is pending, the existing rates continue in effect until rates subsequently established with the approval of the Board become effective. This is on the assumption, of course, that the language used by the bank in establishing the existing rates did not otherwise limit the period for which they were to be in effect. In this connection, the Board feels that it would be preferable for the bank not to place a limitation on the time during which rates established are to remain in effect. Of course, the Board will consider rates of discount submitted to it by the Federal Reserve banks, and will act thereon and advise the banks of its action, as promptly as possible in the circumstances. The letter was approved by unanimous vote for the reasons stated, with the understanding that copies of the letter would be sent to all Federal Reserve banks. MEETING ON TUESDAY, NOVEMBER 5, 193 5 Present: Mr. Eccles, Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Loans to National Bank of Nicaragua. By letter dated November 1, 1935, the Board was informed by the Federal Reserve Bank of New York that advice had been received Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—BOARD OF GOVERNORS 205 from the National Bank of Nicaragua that it was necessary for the bank at that season of the year to borrow dollars for a period of several months to meet its requirements for dollar exchange in connection with the export of the Nicaraguan coffee crop, which loan would be repaid as soon as foreign exchange representing the proceeds of the sale of the crop was received, and that, therefore, it desired to obtain a loan of $100,000 from the Federal Reserve Bank of New York for a term of 120 days to be secured by gold earmarked with the Federal Reserve Bank of New York. The board of directors of the Federal Reserve Bank of New York had voted, subject to the approval of the Board of Governors of the Federal Reserve System, to authorize the loan, interest on such loan to be at the discount rate in effect at the New York bank. The members of the Board were of the opinion that a loan by the New York bank to the National Bank of Nicaragua for the purpose stated was a proper one and, therefore, approved unanimously the action taken by the board of directors of the Federal Reserve Bank of New York and the participation in the loan by the other Federal Reserve banks. On the basis of this action, the Board on November 11, and December 17, 1935, by unanimous vote of the members present, approved actions of the board of directors of the Federal Reserve Bank of New York in authorizing additional loans of $200,000 and $50,000, respectively, to the National Bank of Nicaragua for the same purpose as that for which the original loan was made and participation in the loans by the other Federal Reserve banks. MEETING ON FRIDAY, NOVEMBER 8, 19 3 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James. Advisability of reducing excess reserves of member banks. The Board gave further consideration to the question of the advisability of taking action for the purpose of absorbing a portion of the excess reserves of member banks, and in this connection considered the resolution adopted by the Federal Open Market Committee on October 23, 1935. After reviewing all aspects of the matter in the light of discussions which had taken place and information which had been considered at previous meetings it was agreed unanimously that, since there was at this time no indication of an undue expansion of credit, there was at present no real need for action of this kind by the Board, and that to take such action might, although in the opinion of the Board it should not, result in a more hesitant attitude on the part of business and the banks and might therefore retard the forces of recovery which should be given an opportunity to gain additional momentum. Therefore the Board, by unanimous vote, decided to take no action at this time to increase reserve requirements, but that the situation should be watched carefully, so that the Board would be in position to act whenever developments in the situation indicated that action was necessary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Sale by a Federal Reserve bank of securities from its own investment account. Consideration was given to a letter from a Federal Reserve bank stating that the board of directors had authorized the officers to sell from time to time approximately $23,800,000 of United States Government bonds held in the bank's own investment account, as and when the market for such securities would conveniently permit of such disposal, and to purchase an equivalent amount of Government securities of shorter maturities. The members of the Board voted unanimously to interpose no objection to the sale and purchase of securities by the bank in accordance with the program authorized by the directors, with the understanding that these transactions would result in no change in the total amount of Government securities held in the bank's investment account, as it appeared that the transactions would be in the interest of the proper administration of the investment account of the Federal Reserve bank. MEETING ON FRIDAY, NOVEMBER 8, 19 3 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James. Eligibility for membership of State banks which have outstanding certificates representing waived deposits. The Board had given consideration on several previous occasions to the question whether a State bank which had issued to certain depositors certificates (representing waived deposits) which were payable after other claims of depositors and other creditors were provided for, but before the payment of any dividends or the distribution of any assets of the bank to its shareholders, was eligible for admission to membership in the Federal Reserve System, and had taken the position that the obligation on such outstanding certificates was a liability of the bank and that, in cases where the excess of the bank's assets over liabilities to depositors and other creditors, including the holders of certificates representing waived deposits, was less than the amount of the outstanding capital stock of the bank, the bank's capital was impaired, and therefore, the bank was ineligible for membership in the Federal Reserve System. This position was discussed on various occasions in connection with the question of the eligibility of certain banks for membership in the Federal Reserve System. At this meeting, following consideration of a recommendation of a special committee of the Board appointed to consider the matter, it was agreed that depositors in a bank which had issued certificates representing waived deposits, under the terms of which the certificates were subordinated to claims of depositors and other creditors but were to be paid before any distribution of assets to stockholders, were as fully protected as they would be if such certificates were not outstanding. Therefore, by unanimous vote, the Board took the position that the capital of such a bank would not be impaired for purposes of admission to membership in the Federal Reserve System, and that such a bank would be eligible for membership upon condition (in addition to such other conditions as the Board might see fit to prescribe) that there be indorsed on each certificate of stock Digitized foor FuRtsAtSaEnRd ing or subsequently issued a statement setting forth the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—BOAED OF GOVERNORS 207 obligation to the holders of the certificates representing waived deposits or, in lieu thereof, that there be included in each published statement of condition of such bank a statement setting forth the obligation to the certificate holders. MEETING ON FRIDAY, NOVEMBER 2 2, 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. Szymczak. Procedure in connection with action by Board on discount rates established by Federal Reserve banks. Consideration was given to a letter addressed to the chairman of the Federal Reserve Bank of New York which read as follows: The members of the Board of Governors of the Federal Reserve System have read with interest your letter of November 14, 1935, with regard to changes in discount rates at the Federal Reserve Bank of New York. In reaching the conclusion set forth in its letter of October 31, 1935, to Governor Fleming, the Board had in mind the procedure followed by your bank in submitting changes in discount rates to the Board for approval, as well as the possibility that there will be occasions when expeditious action by the Board on rates established by a Federal Reserve bank will be especially important, and the fact that in all cases the banks desire to receive prompt advice of the Board's action. For these reasons, the Board stated in its letter that it would consider and act upon rates of discount submitted to it by the Federal Reserve banks as promptly as possible in the circumstances, and it may be added that it is the desire of the Board to take action, if reasonably practicable, on the date upon which advice is received from the Federal Reserve banks. However, the Board is charged by law with the final responsibility for the review and determination of the rates established by the Federal Reserve banks and its action in some instances may be of such importance and may involve such difficult questions of policy that a decision cannot be reached immediately and may require a special inquiry into and discussion of the basis for action in addition to the consideration ordinarily given by the Board to the business and credit situation. In this connection you will recall that the Banking Act of 1935 emphasized the necessity for careful study of the grounds upon which the Board's action may be based by requiring that a record be made of the votes with the underlying reasons therefor and that such record be published with the Board's annual report. With the various possibilities in mind, the Board feels that it would not be justified in committing itself to a procedure that would require it in every case to pass upon rates of discount established by a Federal Reserve bank on the date on which advice of the bank's action is received. With respect to your suggestion that an opportunity be afforded to discuss the matter at some appropriate time the Board will be glad to meet a committee of your directors for this purpose at any time that is convenient. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS The letter was approved, by unanimous vote, for the reasons stated. Salaries of officers and employees of Federal Reserve banks during 1936. The Board considered what policy should be followed with respect to the approval of salaries at the Federal Reserve banks for 1936 and voted unanimously that a letter should be sent to all of the Federal Reserve banks expressing the view that the principles set forth in the Board's letter of January 5, 1935, to the chairman at each Federal Reserve bank should be followed with respect to salaries during the year 1936; that no increases should be made in existing salaries of officers and senior employees at Federal Reserve banks unless special circumstances clearly justified particular increases; and that no increases Should be made in the salaries of junior employees unless there had been sufficient change in the character or quantity of work performed clearly to warrant the increases. The letter of January 5, 1935, referred to, contained the statement that the Board felt that any readjustments in salaries that might be found necessary should not result in increasing the aggregate pay roll; that it would be the expectation of the Board under existing conditions that notwithstanding any increases in salaries in individual cases there would be some decrease in the total pay roll as the result of deaths, resignations, and retirements; and that it was the view of the Board that the boards of directors of the Federal Reserve banks and the Federal Reserve Board shared in the responsibility of seeing that every reasonable effort was made by the banks not only to build up the efficiency of their organizations but also to be watchful against increases in expenses which could be avoided without impairing the quality and adequacy of the service which the banks were called upon to render, as would be their duty if they were operating privately owned commercial banking institutions, and therefore that all changes in salaries as well as other expenses should be made the subject of special scrutiny in the light of this responsibility. MEETING ON SATURDAY, NOVEMBER 2 3, 19 3 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. Szymczak. Action on resolutions adopted by Federal Open Market Committee. Consideration was given to a draft of a letter to the Chairman of the Federal Open Market Committee, which had been prepared as a result of discussions during previous meetings of the Board, in regard to the resolutions adopted by the Federal Open Market Committee on October 23, 1935, and, by unanimous vote, the Board approved the following letter, for the reasons stated therein: Reference is made to the resolution adopted by the Federal Open Market Committee at its meeting on October 23, 1935, in Washington. The Board has given careful consideration to the Committee's statement about the present credit situation and the possible desirability of taking steps to absorb some of the excess reserves of member banks, either through the reduction of the System's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—BOARD OF GOVERNORS 209 portfolio of Government securities, or through the raising of member bank reserve requirements. In view of the Committee's observations, with which the Board concurs, that there is nothing in the business or credit situation which at this time necessitates the adoption of any policy designed to retard credit expansion, and that the primary objective of the System at the present time is still to lend its efforts to a furtherance of recovery, the Board feels that it would not be timely to undertake at this stage of business recovery any measure for the absorption of excess reserves. The Board is alive to the injurious consequences that will be caused by the excess reserves if they are permitted to go uncontrolled beyond the point where it will become reasonably clear that further pursuit of the policy followed thus far by the Federal Reserve System during the depression will be attended with economic hazards to the country which the System could not safely assume. When and as that point approaches the Board will act. A preliminary study has been made of the possible effects on the position of member banks of any change in reserve requirements that might be made by the Board. A summary of the results of this study, as presented by the Division of Bank Operations, is attached. The authority granted in the motion adopted by the Federal Open Market Committee at its meeting with respect to the purchase and sale (which it is understood would include allowing maturities to run off without replacement) of Government securities by the executive committee, is in the same form as that approved by the Federal Open Market Committee at its meeting on May 27, 1935, and, inasmuch as it provides that before any purchases or sales are made by the executive committee telegraphic approval of a majority of the Federal Open Market Committee and the approval of the Board will be obtained, there appears to be no necessity for the Board to take action on the authority at this time. However, the Board will hold itself in readiness to consider any action proposed by the executive committee with the approval of a majority of the Federal Open Market Committee, as provided in the motion. The second motion adopted by the Federal Open Market Committee authorizes the executive committee to make shifts of maturities of Government securities in the System account up to $300,000,000, provided that the amount of securities maturing within 2 years be maintained at not less than $1,000,000,- 000 and that the amount of bonds in the account be not over $500,000,000. The Board has carefully considered the reasons given for the adoption of this motion, but feels that a substantial shift in maturities of securities held in the account would not be desirable at this time. Therefore, the Board approves the authority given to the executive committee only to the extent necessary to enable the committee to replace securities maturing between now and the date of the next meeting of the Federal Open Market Committee which will be held sometime before the end of the current year in compliance with the requirement of the law that at least four meetings be held each year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS A copy of this letter is being forwarded to the chairman of the board of directors of each of the Fecteral Reserve banks. The resolutions of the Federal Open Markoi Committee to which reference is made in the foregoing letter art' .• r forth in the separate record of actions taken on questions of policy ijy the Federal Open Market Committee. MEETING ON TUESDAY, NOVEMBER 2 6, 19 3 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. The Board took up for discussion and consideration drafts of revisions of certain regulations which had been prepared following the enactment of the Banking Act of 1935. Regulation I—Relating to capital stock of Federal Reserve banks. Attention was directed to the fact that the Banking Act of 1935 amended existing law so as to require that when a member bank reduces its capital stock or surplus it shall surrender a proportionate amount of its holdings of Federal Beserve bank stock. It was also pointed out that, while the existing regulation of the Board requires that all applications for the issuance and cancelation of Federal Eeserve bank stock shall be approved by the Board, there is no provision of law making such action necessary except in the case of applications for admission to and withdrawal from the System. It was agreed that in addition to such changes as were necessary in order to conform to the law as amended it was desirable to simplify the procedure for handling applications by providing for their approval by the Federal Eeserve agents without sending them to Washington for such action except in the cases of applications for admission to and withdrawal from the System, as such a change in procedure would eliminate duplication of labor and consequent delays. Thereupon, by unanimous vote, the Board approved and adopted revised Regulation I—Increase or decrease of capital stock of Federal Eeserve banks and cancelation of old and issue of new stock certificates, to become effective January 1, 1936. Regulation Q—Relating to the payment of interest on deposits. The more important questions which received the consideration of the Board in connection with the draft of the revision of Eegu- 1 at ion Q were those relating to the maximum rates of interest the member banks would be permitted to pay on time and savings deposits ; the determination of what should be considered to be savings deposits; and the definition of the term "interest" for the purposes of the regulation. It was pointed out that the provisions of section 19 of the Federal Eeserve Act with respect to the payment of interest on deposits had been amended by the Banking Act of 1935 in a number of important respects, among which were included the granting of authority to the Board to define certain terms, to determine what should be deemed to be a payment of interest, and to prescribe such rules and regulations as the Board might deem necessary to effectuate the purpose of the section and prevent evasions thereof. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—BOARD OF GOVERNORS 211 The Board was also required, in limiting by regulation the rate of interest which may be paid by member banks on time and savings deposits, to prescribe different rates for such payment on deposits having different maturities, or subject to different conditions respecting withdrawal or repayment, or subject to different conditions by reason of different locations or according to the varying discount rates of member banks in the several Federal Reserve districts. Prior to the consideration of the revised regulation at this meeting, the Board had consulted its general counsel and had been advised by him that the determination of different rates was not required to be based on all four of the classifications stated in the statute and that the establishment of different rates on the basis of one or more of such classifications would constitute full compliance with the law. This opinion was based in part on the fact that the four bases for prescribing different rates were separated by the disjunctive particle "or", the use of which indicated clearly an alternative or choice of one or more of such classifications and not an injunction to use all four classifications. The Board, after obtaining the comments and suggestions of the Federal Reserve banks and a committee of the American Bankers Association, reached the conclusion that it was impracticable to prescribe a schedule of two different rates based on each of the four classifications of deposits. Careful thought was given to each of these classifications and the Board decided that the classifications of deposits according to different maturities and different conditions respecting withdrawal or repayment were the most practical bases for prescribing different rates. It was the judgment of the Board that the establishment of different rates for different sections of the country would result in serious discriminations and competitive inequalities between member banks in the lower interest rate areas and member banks in the higher rate areas, which could not be justified. The maximum rate of 2y percent pre- 2 scribed by the existing regulation had been adopted by the Board after a careful review of interest rates throughout the country and after consultation with the 12 Federal Reserve banks. The general trend of rates had been steadily downward, the interest yielded by loans and investments had been declining, and many banks were finding it necessary to make further reductions in the rates paid their depositors because of their decreased earnings. It was evident also that banks were not justified in paying as high rates of interest for time deposits having shorter maturities in view of their greater availability for withdrawal and therefore that the rates fixed by the Board on such deposits should be graduated according to maturities. Accordingly, the Board decided that the existing maximum rate of 2y percent per annum should be continued in 2 the revised regulation only as to savings deposits, postal-savings deposits, and time deposits having maturities of 6 months or more or payable upon written notice of 6 months or more; that the maximum rate for time deposits having maturities of less than 6 months and not less than 90 days, or payable upon written notice of less than 6 months and not less than 90 days, should be 2 percent (except in the case of postal-savings deposits) ; and that the maximum rate should be 1 percent for time deposits having maturities, or payable upon written notice, of less than 90 days (except in the case of postal-savings deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS With respect to the definition of savings deposits, it had been found that two requirements of the former definition were impractical in operation, i. e., that savings deposits should consist of funds accumulated for bona-fide thrift purposes and that passbooks should be presented in all cases when withdrawals were made. Various possible definitions were considered and the conclusion was reached that a requirement that savings deposits should consist of funds of one or more individuals or of organizations operated primarily for religious, philanthropic, charitable, educational, fraternal, or other similar purposes and not operated for profit would not only provide a clear line of distinction between savings and other deposits but also would include the deposits of all classes of customers to whom the advantages of savings deposits should properly be made available. The new definition liberalized the requirement of the previous regulation that passbooks be presented whenever withdrawals are made by permitting withdrawals by authorized persons presenting the passbooks and also, without presentation of the passbook, when payments are made to depositors in person or are remitted by instruments payable to them. It was felt that this provision would enable member banks to take care of the classes of cases in which for meritorious reasons the passbooks could not be presented and at the same time prevent the continuance of the practice which had existed in some sections of the country of permitting the withdrawal of savings deposits through the use of checks, thus converting them in effect into ordinary commercial accounts and evading the statutory provision against the payment of interest on demand deposits. Prior to the enactment of the Banking Act of 1935 the Board had found it necessary to issue a number of rulings on the question whether the payment or absorption of out-of-pocket expenses should be considered as the payment of interest on deposits, and the opinion had been expressed that expenses so paid or absorbed must vary with or bear a substantially direct relation to the amount of the depositor's balance in order to be considered as the payment of interest. However, the rulings in question had resulted in confusion and uncertainty, and experience had shown that they were not adequate. The Board concluded that in order to accomplish the purpose of the law the term "interest" should be defined as a payment, credit, service, or other thing of value which is made or furnished by a bank as consideration for the use of funds constituting a deposit and which involves the payment or absorption by the bank of out-ofpocket expenses, regardless of whether such payment, credit, service, or other thing of value varies with or bears a substantially direct relation to the amount of the depositor's balance. Under this definition the payment or absorption of exchange or collection charges which involve out-of-pocket expenses would constitute the payment of interest, as careful study of the question had shown that otherwise the prohibition of the payment of interest on demand deposits would become ineffective in many cases. For these reasons and upon the basis of the conclusions as to the questions of policy involved, the Board, bv unanimous vote, approved and adopted a revised Eegulation Q relating to payment of interest on deposits, to become effective January 1, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTTONS—BOARD OF GOVERNORS 213 Regulation D—Relating to reserves of member banks. A revision of Regulation D had become necessary not only to conform to certain changes made by the Banking Act of 1935 with respect to reserve requirements but also to harmonize the definitions of various classes of deposits with those contained in the revised Regulation Q relating to interest on deposits. In addition, various questions had arisen under the existing regulation and rulings had been made which it was felt should be taken into consideration in a revision. Among these were certain rulings permitting member banks to deduct the amount of balances payable in dollars which were due from domestic branches of foreign banks and from foreign branches of domestic banks. In this connection it was noted that the Banking Act of 1935 prohibited a member bank from deducting from gross demand deposits the amount of balances due from foreign banks, and it appeared that it would not be consistent to continue these rulings in effect. In view of the enlarged power granted the Board with respect to reserve requirements it was agreed that such changes in reserve requirements as the Board might make in the future pursuant to the Banking Act of 1935 should be incorporated in supplements to be issued from time to time instead of in amendments to the regulation. Other changes were necessitated by amendments contained in the Banking Act of 1935. Upon consideration of all these matters, Regulation D as revised, relating to reserves of member banks, was approved and adopted, by unanimous vote, to become effective January 1, 1936. Revocation of Regulation O, issued in 1915, and substitution therefor of letter containing instructions to Federal Reserve agents regarding issuance and retirement of Federal Reserve notes. Attention was called to the fact that the Board's Regulation O, entitled "Regulation for the Guidance of Federal Reserve Agents in the Matter of Issuance and Retirement of Federal Reserve Notes", had not been reissued since it was adopted in 1915; that many of the provisions of the regulation were now obsolete; that the regulation, covering the Board's instructions to the Federal Reserve agents with respect to the issuance and retirement of Federal Reserve notes, did not contain any provisions applicable to operations of member banks or to the relations of the Federal Reserve banks with member banks and the public; and that, therefore, it was desirable that Regulation O be revoked and in lieu thereof a letter containing such instructions as were necessary with respect to the issuance and retirement of Federal Reserve notes be sent to all Federal Reserve agents. For these reasons, and by unanimous vote, Regulation O was revoked and in lieu thereof a letter of instructions to all Federal Reserve agents was approved. Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Regulation O—Loans to executive officers of member banks. Prior to the Banking Act of 1935 the Board was not vested with express authority to make regulations on this subject and as a violation of the provision with respect to loans to executive officers of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS member banks was a criminal offense great difficulty and uncertainty had arisen as to the meaning which should be given to the term "executive officer" and as to the conditions under which extensions of credit might be held by the courts to be prohibited loans. The Banking Act of 1935 authorized the Board to define the term "executive officer"; to determine what should be deemed to be a borrowing, indebtedness, loan, or extension of credit; and to prescribe rules and regulations to effectuate the provisions of the law in accordance with its purpose and to prevent evasions. The criminal penalties were removed as to violations occurring after the amendment and executive officers violating the law after such amendment were made subject to removal from office. Under these new powers it was clear that the Board could by regulation eliminate many of the existing uncertainties which had troubled banking officers. It was agreed that the term "executive officer" should mean the chairman of the board of directors, the president, every vice president, the cashier, secretary, treasurer, and trust officer of a member bank and, in addition, every other officer of a member bank who participates in the management of the bank or any branch thereof, regardless of whether he has an official title or whether his title contains a designation of assistant, and regardless of whether he is serving without salary or other compensation, but that the term "executive officer" should not include a director or member of a committee who is not also an executive officer within this definition. The Board realized that many banks throughout the country, particularly in the smaller communities, have what may be called honorary or inactive officers who take no part as officers in the management of the affairs of the banks, but who are elected to such offices largely for the purpose of lending the influence of their names to the institutions, and that such a definition might result in their severing their official connections with the banks or in preventing them or their interests from obtaining desired credit accommodations from the banks of w^hich they were officers. However, as such individuals are held out to the public as regular officers of the banks and as being responsible at least in part for their proper management, and as it was believed that the public would assume that the prohibitions of the law applied to them as well as to other officers, it was concluded that such officers should be included in the definition. Other provisions of the regulation were also considered necessary and appropriate to accomplish the purpose of the applicable provisions of law as amended. Upon consideration of the new Regulation O in detail, it was approved and adopted, by unanimous vote, to become effective January 1, 1936. Regulation P—Holding company affiliates—Voting permits. The Banking Act of 1935 made a substantial change in existing law by providing that the term "holding company affiliate" shall not include, except for certain limited purposes, any organization which is determined by the Board not to be engaged, directly or indirectly, as a business in holding the stock of, or managing or controlling banks. In addition, experience had shown the desirability of changes in the existing regulation in the interest of simplification and clarification of its operation. The revised Regulation P was drawn accordingly and was adopted and approved, by unanimous vote, to become effective January 1, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—BOARD OF GOVERNORS 215 MEETING ON FRIDAY, NOVEMBER 29, 193 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak, Mr. O'Connor. Action on resolution adopted by the Federal Open Market Committee. The Board gave further consideration to the resolution adopted by the Federal Open Market Committee at its meeting in Washington on October 23, 1935, which authorized the executive committee of the Federal Open Market Committee to make shifts in maturities of securities held in the System account, and the following letter to the Chairman of the Committee was approved by a unanimous vote; the reason for the Board's action being stated in the letter: Keference is made to the Board's letter of November 23, 1935, to you with regard to the resolution and motions adopted by the Federal Open Market Committee at its meeting in Washington on October 22-24, 1935. While the Board took the position that a substantial shift from short to long maturities in the System account would not be desirable at this time, the statement of this position was intended to apply only to a shift to bonds and was not intended to apply to such shifts in the maturities of the bills and notes held in the portfolio as might be advisable in the judgment of the executive committee. Therefore, the Board has requested me to advise you that it approves the authority given to the executive committee to the extent necessary to enable it, during the period before the next meeting of the Federal Open Market Committee, to make shifts, in an aggregate amount not exceeding $300,000,000, in maturities of Treasury bills and Treasury notes held in the System account. A copy of this letter is being forwarded to the chairman of the board of directors of each of the Federal Reserve banks. Before consideration was given to the following matters Mr. O'Connor had left the meeting. Regulation H—Relating to membership in the Federal Reserve System of State banking institutions. The existing Regulation H had been issued in 1930 and had not been amended or revised. Since its issuance a number of changes had been made in the provisions of law relating to State member banks of the Federal Reserve system and the standard conditions under which banks were admitted to membership had increased in number and scope. Experience had shown that the regulation and the standard conditions of membership could be greatly simplified, and as the regulation had become virtually obsolete a revision had been undertaken. For these reasons, the Board adopted and approved, by unanimous vote, the revised Regulation H, to become effective January 1, 1936. Purchase by a Federal Reserve bank from a Federal land bank of Government bonds under repurchase agreement. Consideration was given to a letter received under date of September 24, 1935, from a Federal Reserve bank, which stated that for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 ANNUAL BEPORT OF FEDERAL RESERVE GOVERNORS many years the bank had purchased Government bonds from time to time from a Federal land bank under repurchase agreements, providing for the repurchase of the bonds within not to exceed 15 days, that the Board had previously approved such action by the bank, and that the bank desired to know whether any further action by the bank was necessary at this time. Inasmuch as the amounts of bonds purchased by the Federal Reserve bank from the Federal land bank were small, and, in most instances, the bonds were repurchased within a week, it was voted unanimously to advise the Federal Reserve bank that, under the provisions of section VI of Regulation M, Open Market Operations, approval of the Board is required for all purchases and sales by a Federal Reserve bank of Government securities for its own account (other than in an emergency) and that, in view of the fact that the securities purchased from the land bank were repurchased in most instances in less than a week, the Board granted its consent to the Federal Reserve bank to acquire Government bonds from the land bank at the request of, and for the convenience of that bank in financing its needs, under agreements obligating the land bank to repurchase the bonds within a period not exceeding 15 days in each case, provided that the aggregate principal amount of bonds embraced within the terms of such outstanding repurchase agreements shall not at any time exceed $1,500,000 and that every such transaction would be reported promptly as required by Regulation M. MEETING ON TUESDAY, DECEMBER 3, 1935 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Question of exchange by a Federal Reserve bank of maturing United States notes for securities of a new issue carrying conversion privilege. The Board gave consideration to a letter from a Federal Reserve bank stating that the bank had a certain amount of United States notes maturing on December 15, 1935, and asking whether, in the opinion of the Board of Governors, an exchange directly with the Treasury Department of these notes for a corresponding amount of a new issue carrying the conversion privilege would be contrary to the provisions of the third paragraph of section 14 of the Federal Reserve Act, as amended. The members of the Board were of the opinion that it would be preferable for the bank to effect the exchange in the open market rather than directly with the Treasury, in order that there might be no doubt as to the procedure of the bank being fully in accord with the law, and, therefore, it was decided, by unanimous vote, to advise the Federal Reserve bank that, without regard to the determination of the legal question as to the right of a Federal Reserve bank to make such an exchange directly with the Treasury, the Board felt that as a matter of policy it would be advisable for the bank to effect the exchange in the open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—BOARD OF GOVERNORS - 217 MEETING ON WEDNESDAY, DECEMBER 4, 1935 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James. Standard provisions of agreement required as condition precedent to granting general voting permits. The Board had previously addressed letters to all Federal Reserve agents setting forth seven tentative provisions which were under consideration for incorporation in an agreement which the Board proposed to require all holding company affiliates to execute as a condition to the granting of general voting permits pursuant to section 5144 of the Eevised Statutes. The Federal Reserve agents had been requested to forward to the Board their comments and criticisms, and those of the holding company affiliates in their respective districts, with respect to such tentative provisions. At this meeting, the Board's committee having supervision of voting permit matters submitted a form of agreement prepared after consideration of such comments and criticisms. This form of agreement contained seven numbered paragraphs by which the holding compan}7 affiliate would agree as follows: 1. That, as soon as practicable and, in any event, within two years from the date such voting permit is granted, the undersigned will charge off or otherwise eliminate from its assets, (a) the part of the carrying value on its books of its investments in stocks of subsidiary and/or affiliated organizations which is in excess of the adjusted value of such stocks, after effect shall have been given to the deduction of all estimated losses of such subsidiary and/or affiliated organizations, all depreciation in stocks and defaulted securities, and all depreciation in all other securities not of the four highest grades, as classified by a recognized investment service organization regularly engaged in the business of rating or grading securities, as shown by the latest available reports of examination of such organizations by the appropriate supervisory authorities and/or as shown by the latest appraisal of their assets by other examiners, auditors, or appraisers satisfactory to the designated representative of the Board of Governors of the Federal Reserve System in the district in which the undersigned is located, (b) (i) all depreciation in its other stocks and in its defaulted securities, (it) all depreciation in its securities not of the four highest grades as classified by a recognized investment service organization regularly engaged in the business of rating or grading securities, (in) all losses in all its other assets—all as shown by the latest available reports of examination by the appropriate supervisory authorities and/or as shown by the latest appraisal of assets by other examiners, auditors, or appraisers satisfactory to the designated representative of the Board of Governors of the Federal Reserve System in the district in which the undersigned is located, 56048—36 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS (c) all its other known losses; 2. That the undersigned will take such action within its power as may be necessary to cause each of its subsidiary State banking institutions to charge off or otherwise eliminate from its assets as soon as practicable and, in any event, within two years from the date such voting permit is granted, (a) all estimated losses in loans and discounts, (6) all depreciation in stocks and defaulted securities, (c) all depreciation in securities not of the four highest grades, as classified by a recognized investment service organization regularly engaged in the business of rating or grading securities, (d) all other losses, all such charge-offs or eliminations to be based upon the latest available reports of examination by the appropriate supervisory authorities and/or as shown by the latest appraisal of assets by other examiners, auditors, or appraisers satisfactory to the designated representative of the Board of Governors of the Federal Reserve System in the district in which such institution is located; 3. That the undersigned will take such action within its power as may be necessary to cause each of its subsidiary banking institutions to maintain a sound financial condition and to cause the net capital and surplus funds of each such subsidiary banking institution to be adequate in relation to the character and condition of its assets and to the deposit liabilities and other corporate responsibilities of such subsidiary banking institution; 4. That the undersigned will take such action within its power as may be necessary to cause each subsidiary national bank or affiliate thereof to comply with the recommendations or suggestions of the Comptroller of the Currency based upon any report of examination of such bank or affiliate made to him pursuant to authority conferred by law and to comply with the regulations or requirements of the Board of Governors of the Federal Reserve System made pursuant to authority vested in it by law; 5. That the undersigned will take such action within its power as may be necessary to cause each subsidiary State bankinginstitution or organization affiliated therewith to comply with the recommendations or suggestions of the Board of Governors of the Federal Reserve System or its designated representative in the district in which the institution is located based upon any report of examination of such institution or affiliated organization made pursuant to authority conferred by law and to comply with the regulations or requirements of the Board of Governors of the Federal Reserve System made pursuant to authority vested in it by law; 6. That the undersigned will take all necessary action within its power to prevent any of its subsidiary banks and any other banks with which the undersigned or any of its subsidiaries is affiliated from hereafter making, any loans or extensions of credit to, or purchases of securities under repurchase agreements f rom r the undersigned or any of its subsidiaries or any other organizations with which the undersigned or any of its subsidiaries is affiliated, or any investments in, or advances against, securities of the undersigned or any of its subsidiaries or any other organizations with which the undersigned or any of its subsidiaries is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—BOARD OF GOVERNORS 219 affiliated, except within the same limitations and subject to the same conditions and provisions as are applicable under section 23A of the Federal Keserve Act to such transactions involving member banks and their affiliates; 7. That the management of the undersigned will be, and the undersigned will take such action within its power as may be necessary to cause the management of each of its subsidiaries to be, conducted under sound policies governing its financial and other operations, including statements issued relating" thereto; that the undersigned will maintain a sound financial condition; that its net capital and surplus funds shall be adequate in relation to the character and condition of its assets and to its liabilities and other corporate responsibilities; and that, except with the permission of the Board of Governors of the Federal Keserve System, it shall not cause or permit any change to be made in the general character of its business or investments. Such form of agreement also contained four lettered paragraphs setting forth certain interpretative or qualifying understandings as follows: A. In determining the amount of depreciation in securities owned by the undersigned or by any of its subsidiary or affiliated organizations, appreciation in securities owned by any such organization may be offset against depreciation in securities owned by the same organization, provided that such appreciation shall first be offset against depreciation in securities of the four highest grades owned by such organization, as classified by a recognized investment service organization regularly engaged in the business of rating or grading securities. B. Whenever, under the terms of this agreement, any amounts are required tc be charged off or otherwise eliminated, this agreement shall be deemed to have been complied with to the extent of any valuation reserve that may be set up for the securities or other assets involved; provided that, in all reports and published statements of condition, the amount of such reserves be deducted from the respective assets against which they are allocated. C. Whenever the stock of any of its subsidiary or affiliated organizations is carried on the books of the undersigned at less than its adjusted value, as determined in accordance with the foregoing clause numbered 1, nothing in this agreement shall prevent the undersigned from increasing the amount at which such stock is carried on its books to an amount not exceeding such adjusted value. D. In case any dispute arises with any designated representative of the Board of Governors of the Federal Reserve System as to compliance with the terms of this agreement and such dispute involves disagreement with respect to any appraisal or valuation by any examiner, auditor or appraiser, or any recommendation or suggestion of such designated representative, the undersigned shall have the right to appeal to the Board for review and final determination. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS The Board's committee recommended that the Board, in addition to prescribing such special conditions as it might see fit in connection with the granting of general voting permits to particular holding company affiliates, require in each case the execution by the holding company affiliate of an agreement, in the form submitted to the Board, as a condition precedent to the issuance of the permit, except that if the holding company affiliate be a national bank paragraph numbered 1 be omitted and paragraph numbered 4 be extended to apply to the holding company affiliate as well as its subsidiary national banks. It was agreed by the members of the Board that, in view of the responsibility with which the Board is charged by section 5144 of the Revised Statutes in acting upon applications of holding company affiliates for voting permits; that as the law expressly provides that the Board may in its discretion grant or withhold such permits as the public interest may require; that as the Board, in acting upon such applications, is required to consider the financial condition of the applicants, the general character of their management, and the probable effect of the granting of such permits on the affairs of the subsidiary banks; that a$ general voting permits entitle the holding company affiliates to vote for all purposes for an unlimited period of time subject to revocation of the permits; and that as voting permits are revocable only for violations of the Banking Act of 1933 or violations of agreements pursuant to section 5144 of the Revised Statutes; it is proper and desirable in granting such permits to require each holding company affiliate to execute an agreement containing certain standard provisions which, in the opinion of the Board, will be appropriate to accomplish the purposes of the law. Accordingly, the standard provisions having been carefully considered, the report of the Board's committee and the form of agreement were approved by unanimous vote. MEETING ON TUESDAY, DECEMBER 10, 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James. Trust powers for small national banks in competitive situations. Consideration was given to an application received from a small national bank, having a capital and surplus of $60,000 and located in a community with a population of 5,700, for permission to exercise trust powers. The Federal Reserve agent and executive committee of the Federal Reserve bank, in submitting the application, recommended that the bank be authorized to act as administrator, executor, and guardian of estates, but made the recommendation subject to a reservation as to the question of policy involved of the advisability of granting even the limited powers recommended in any cases where the applicant institution was a small one and probably would not engage in trust business except in a minor way, the application being predicated mainly upon the desire to be on an equal competitive basis with State institutions in the same community, rather than on a desire to engage actively in fiduciary capacities. It appearing to the satisfaction of the Board that, aside from the question of policy raised, the bank was qualified to act in the fidu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—BOARD OF GOVERNORS 221 ciary capacities recommended, and, in view of the fact that the national bank was operating in competition with State banks in the same community, it was decided, by unanimous vote, to grant the application. MEETING ON FRIDAY, DECEMBER 13, 193 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Miller, Mr. James. Retirement of preferred stock, capital notes, and debentures of State member banks. Consideration was given to the question what position should be taken by the Board with respect to the retirement of preferred stock, capital notes, and debentures issued by State member banks. Reviews made under the direction of the Board of the condition of State member banks, of which the Reconstruction Finance Corporation held preferred stock, capital notes, or debenutres, indicated that some banks were in position to retire all or part of the capital investment held by the Reconstruction Finance Corporation and still have capital in an amount adequate for the protection of depositors and other creditors, and it was believed that as recovery continued to progress and further corrections were made of the conditions which weakened the capital structure of the banks there would be other cases in which retirement of excess capital would be justified. It was decided, therefore, by unanimous vote, to send letters to all Federal Reserve agents containing the following instructions with respect to cases involving proposed reductions of preferred stock, capital notes, and debentures of State member banks: The Board requests that the Federal Reserve agents give full consideration to the capital ratio of the bank, the general type of assets held by the bank, its investment in fixed assets, quality of investment securities, trend of deposits, size and activities of trust department, competency of management, and other tangible and intangible factors bearing on the adequacy of the amount of net sound capital of the bank. The Board believes that if, after consideration of the various factors enumerated above, it appears that a bank is in a position to retire with safety part or all of the preferred stock or capital notes or debentures lield by the Reconstruction Finance Corporation or local investors, it should be permitted to do so. It has been indicated, however, that there is a tendency among some banks, in view of improving conditions and a surplus of liquid assets, to retire prematurely part of the capital structure and the Board is strongly of the opinion that such action should not be taken until it is clearly demonstrated that the capital proposed to be retired is no longer needed for the protection of the depositors or in the conduct of the bank's business. It is, of course, desirable that local investors acquire as early as possible the Reconstruction Finance Corporation's holdings of capital in banks. While the Board does not feel that it would be advisable at this time for the Federal Reserve agents to undertake a campaign to promote such transfers to local interests, it desires that such action be encouraged in particular cases when such transfers appear to be practicable. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS MEETING ON TUESDAY, DECEMBER 17, 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Publication of reports of condition of State member banks. Consideration was given to a letter from a Federal Reserve agent to the effect that the State Banking Commissioner and the State member banks in his State desired to work out some arrangement whereby the requirements of both State and Federal law could be satisfied by the publication on the part of the banks of only one form of report at each call for reports of condition; and that the State Banking Commissioner wished to know whether, in the event the State form were revised in such manner that it would be identical with the form approved by the Board of Governors for State member banks, the Board would be willing to accept one publication as covering Federal as well as State requirements. As the members of the Board felt that the unnecessary preparation and publication of reports should be avoided wherever possible and that one publication should be sufficient to satisfy both State and Federal requirements if the form of the two reports were identical, it was decided, by unanimous vote, to authorize the Federal Reserve agent to advise the State Banking Commissioner that, if and when the form of condition report prescribed for State banks in his State by the State Banking Department is identical with the corresponding form prescribed by the Board, the Board will be glad to accept a single publication of reports of condition rendered to the State Banking Department pursuant to the requirements of State law and to the Federal Reserve bank pursuant to the requirements of the Federal Reserve Act, provided the following words appear in the publication report immediately above the caption "Assets": "Published in accordance with calls made by the State Banking Commissioner of and the Federal Reserve bank of this district." MEETING ON WEDNESDAY, DECEMBER 18, 193 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr, Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Investment by member banks of trust funds in insured mortgages. Consideration was given to a draft of a letter to a Federal Reserve agent which had been prepared in response to an inquiry from him, and following several conferences by members of the Board's staff with representatives of the Federal Housing Administration, with regard to the possible investment of trust funds held by a member bank in mortgages insured under title II of the National Housing Act. The letter referred to a copy of a circular forwarded to the Board by the Federal Reserve agent which had been addressed to financial institutions by the Federal Housing Administration and which specifically stated that it was not to be construed as permitting the pooling of insured mortgages in the hands of a trustee for the purpose of issuing participation certificates or other such evidences of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—BOARD OF GOVERNORS 223 interest. The letter stated that the authority of a member bank to invest trust funds in mortgages or other securities depended upon the terms of the particular trust instruments, court orders, and State laws; that a bank, however, should, of course, exercise proper discretion within the limits thus prescribed and act at all times in accordance with the principles of sound trust practices governing the investment of trust funds with careful consideration of the needs of each particular trust; and that, within the above considerations, first mortgages, including mortgages insured under title II of the National Housing Act, would constitute a proper investment for trust funds. The letter also stated that it was understood that the Federal Housing Administration contemplated that institutions exercising fiduciary powers would conform to the fundamental principles of trust administration in connection with insured mortgages; that in a letter which the Federal Housing Administration had forwarded to institutions to which had been forwarded tentative drafts of proposed trust agreements by the Federal Housing Administration it was stated that it was essential that all trust agreements be prepared in accordance with recognized trust practices and that this basic principle, obviously, could in no way be affected simply by reason of the inclusion of insured mortgages in the corpus of any trust, and that it was believed that the enclosed letter from the Federal Housing Administration disposed of the questions raised by the agent relative to the applicability of fundamental principles of trust administration to the investment of trust funds in insured mortgages. The letter was approved, by a unanimous vote, for the reasons stated. MEETING ON WEDNESDAY, DECEMBER 18, 193 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak; and Governors Young, Harrison, N orris, Fleming, Seay, Newton, Schaller, Martin, Geery, Hamilton, McKinney, and Calkins, members of the Federal Open Market Committee. Adoption of statement on open-market policy. Chairman Harrison, of the Federal Open Market Committee, submitted the following recommendation which he reported had been adopted by the Committee at its meeting earlier in the day after a thorough review of the present business and credit situation: The Committee has considered the preliminary memorandum and a memorandum on excess reserves and Federal Reserve policy and has discussed various aspects of the credit situation. The Committee finds that continued improvement has been made in business and financial conditions since its last meeting but the country is still short of a full recovery, and there does not appear to be anything in the situation which makes it necessary for the Reserve System now to reverse its policy of easy money. It is still the unanimous opinion of the Committee that the primary objective of the Reserve System should be to lend its efforts toward the furtherance of recovery. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS It is the view of the Committee, however, that the amount of excess reserves of member banks constitutes a source of danger for the reasons expressed in the reports before the Committee at its October meeting and those considered at this meeting. The Committee believes, therefore, that action should be taken as soon as possible without undue risk to absorb a part of these excess reserves as a safeguard against possible dangers, and not as a policy of credit restraint. Two principal methods of accomplishing this have been discussed by the Committee: (a) Permitting the present system holdings of Treasury bills to mature without replacement, and (b) raising reserve requirements. Some of the members of the Committee would prefer the employment of method (a) and others would prefer method (b). Those members of the Committee who prefer method (&), that is, the reduction of holdings of short-term Government securities by the system, are so strongly of the opinion that some early action should be taken that they join with those members favoring method (5), an increase in reserve requirements, in a recommendation that the Board of Governors of the Federal Reserve System should consider some early and substantial increase in the present reserve requirements of member banks which were fixed at a time when the gold base of the country was substantially lower than it is now. The Committee refrains from recommending or suggesting any precise time or percentage of . increase or the classes of banks to be affected believing that the time or amount and character of action would, of course, have to be determined by the Board of Governors in the light of all the conditions as they appear at the time action is actually taken, not only business and credit conditions but also the banking situation particularly as it may be affected by the Government's fiscal policy. Following a recess, during which the matter was further discussed by the members of the Board in a separate session, the joint meeting was resumed and, by unanimous vote of the members of the Board and of the Committee, the following statement was approved for the reasons stated therein and authority was given to release it for immediate publication: The Board of Governors of the Federal Reserve System and the Federal Open Market Committee have given extended consideration to the general business and credit situation and to the recommendation of the Federal Advisory Council and are of the opinion: 1. That continued improvement has been made in business and financial conditions but that the country is still short of a full recovery. 2. That the primary objective of the System at the present time is still to lend its efforts to a furtherance of recovery. 3. That there is at the present time no evidence of overexpansion of business activity or of the use of business credit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—BOARD OF GOVERNORS 225 4. That the present volume of member bank reserves, which have been greatly increased by imports of gold from abroad, continues to be excessive, far beyond the present or prospective requirements of credit for sound business expansion. Therefore, the special problem created by the continuing excess of reserves has had and will continue to have the unremitting study and attention of those charged with the responsibility for credit policy in order that appropriate action may be taken as soon as it appears to be in the public interest. MEETING ON THURSDAY, DECEMBER 19, 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Determination of the fair value of the assets of member banks. Consideration was given to a letter from the Reconstruction Finance Corporation inquiring whether the Board would be willing to designate a person or persons to determine the fair value of the assets of a State member bank, in accordance with a proposed amendment to the charter of the bank which would provide that the determination of the fair value of the assets of the bank for the purposes mentioned below, unless otherwise provided for, should be made by such person or persons as might be designated to make the same by the Board of Governors of the Federal Reserve System, that it should be based upon the last available report of examination of the bank made under the direction of or approved by the Board of Governors, that it should be in writing and filed with the corporation, and that it should be effective until the filing of another such determination. The provision for the determination of the fair value of the assets of the bank was made in view of other sections of the proposed amendment to the charter which restricted the payment of dividends on preferred stock "B" and common stock and gave special voting rights to the holders of the "A" and "B" preferred stock in the event the fair value of the assets of the bank should be less than specified amounts. It appeared that the procedure to be established in this case might serve as a precedent in other similar cases in which the corporation was interested. The members of the Board felt that the Board was the logical supervisory body to undertake the performance of the function requested by the Reconstruction Finance Corporation and, by unanimous vote, it was decided to advise the Reconstruction Finance Corporation that the Board would be willing to designate a person or persons to make a determination of the fair value of the assets of the bank as provided in the proposed amendment, it being assumed that a request for the determination of the fair value of the assets of the bank as provided in the amendment would not be made until there was reason to believe that the fair value of the assets was sufficient to permit the payment of dividends or until a question arose as to the voting rights of the respective classes of stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS MEETING ON FRIDAY, DECEMBER 2 0, 193 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Discontinuance of issue of Federal Reserve notes of the series of 1928. The Board had received a letter dated December 13 from the Secretary of the Treasury stating that it was the view of the Treasury that the issuance of new Federal Reserve notes of the 1928 series which bear on their face the w^ords "redeemable in gold" should be discontinued by the Federal Reserve banks as soon as a sufficient stock of Federal Reserve notes of the 1934 series is available to meet current requirements of the respective banks; that it was contemplated that instructions would be issued to the Director of the Bureau of Engraving and Printing to cease delivery of Federal Reserve notes of the 1928 series and to cease working on any such notes as might be in process of completion; but that prior to taking such action it would be appreciated if the Board would communicate with the Federal Reserve banks and inform the Secretary of the Treasury whether the procedure proposed would be satisfactory. It was further stated that if this procedure should be followed the Secretary of the Treasury would submit to the appropriate committees in Congress the question of making, at the next session of Congress, an appropriation to defray the cost of printing notes to replace the existing stocks of unissued notes of the 1928 series, the cost of shipping notes to the Federal Reserve banks to replace notes of the old series, and the cost of returning to Washington and the destruction of the old series notes. At a meeting of the Governors of the Federal Reserve banks at Washington on December 17, the proposed procedure was considered and approved and a draft of a reply for the consideration of the Board of Governors was approved containing the following statements : After discussing this matter the Governors advised the Board that they are in accord with the procedure set forth in your letter, with the understanding that, if Congress does not at the forthcoming session authorize the Treasury to replace the stock of new Federal Reserve notes of the 1928 series, the question as to whether the Federal Reserve banks should resume paying out notes of the 1928 series will be given consideration promptly after the adjournment of Congress. It is understood, of course, the acquiescence of the Board and the Federal Reserve banks at this time in the program outlined in your letter will not in any way prejudice the right of the Federal Reserve banks to resume the paying out of the existing stock of notes of the 1928 series in case the Treasury Department is not authorized to replace this stock with notes of the 1934 series. At this meeting of the Board of Governors the proposed reply to the Secretary of the Treasury was considered. It was pointed out that the ninth paragraph of section 16 of the Federal Reserve Act provides that Federal Reserve notes shall be in form and tenor as directed by the Secretary of the Treasury, and, by unanimous vote, the proposed reply to the Secretary of the Treasury was approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—BOARD OF GOVERNORS 227 MEETING ON SATURDAY, DECEMBER 21, 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas. Vice Chairman; Mr. Hamlin, Mr. James, Mr. Szymczak. Financing of shipments of goods to belligerent nations. The members of the Board voted unanimously to approve, for the reasons stated therein, the following letter to the Governor of the Federal Eeserve Bank of New York, which had been prepared as a result of a discussion at a previous meeting: Following receipt of your letter of November 6, 1935, with respect to the financing of shipments of goods to belligerent nations, a copy thereof was sent to the Secretary of State, with a request for an expression of his views concerning the position taken in your letter. A reply was received from the Secretary of State under date of November 30, 1935, a copy of which is attached, together with copies of the enclosures mentioned therein. It will be noted that the Secretary of State refers to the enclosed statements by the President and the Secretary as setting forth the purpose and policy of the Government in respect to commercial transactions with the belligerents; that he does not feel that he can undertake to amplify these statements at this time or to issue a special ruling in respect to any particular case; and that it is assumed that all agencies of the Government and all semigovernmental agencies will wish to conform their action to the policy set forth in the statements. It will also be noted that in the statement of November 15, 1935, reference is made to shipments of goods which are considered to be essential war materials as a class of trade which is directly contrary to the policy of the Government, and that the Secretary states in his letter that the policy with regard to these abnormal shipments of primary war materials flowed naturally from the general purpose and policy of the Government as expressed in earlier statements. The Board suggests that, if other inquiries similar to the one referred to in your letter be received by your bank, you reply by forwarding copies of the statements issued by the President and the Secretary of State as announcing the policy of the Government, and that you state that you are informed that the State Department advised the Board that it did not feel that it could undertake to amplify these statements at this time or to issue a special ruling in respect to any particular case. The Board feels that the only proper course for the Federal Reserve System to follow is to cooperate with the Government in carrying out its announced policy in this matter and believes that the banks of the Federal Eeserve System will agree with the Board. It is not improbable, unless the situation should improve materially, that questions involving not only the attitude of the Federal Reserve System but also the exercise of the discount functions of the Federal Reserve banks may arise. It is the feeling of the Board that such matters might well be left to be dealt with when the occasion for their consideration ap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 ANNTJAL REPORT OF FEDERAL RESERVE GOVERNORS pears, in which event the Board will expect that these questions be brought to its attention. Copies of this letter are being sent to the Chairmen of all Federal Reserve banks and to the Secretary of State. MEETING ON MONDAY, DECEMBER 2 3, 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr, Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Waiver of reports of affiliates of State member banks. Consideration was given to a draft of a letter to the Federal Reserve agents at all Federal Reserve banks transmitting forms and instructions for use in connection with the next call for condition reports of State member banks and enclosing the following statement of provisions with regard to the waiver of reports of affiliates of member banks which would supersede the waiver provisions previously in effect: Pursuant to section 21 of the Federal Reserve Act, as amended, the Board of Governors of the Federal Reserve System waives the requirement for the submission of reports of affiliates (other than of holding-company affiliates, as defined in section 2 (c) of the Banking Act of 1933, as amended) of State bank members of the Federal Reserve System, except: (a) When indebtedness, if any, of the affiliate to the member bank has been carried for more than 6 months in the 12 months preceding the report date as an asset on the bank's books at a value in excess of 1 percent of the bank's capital and surplus, or $5,000, whichever is the smaller, regardless of whether the affiliate is so indebted on the report date. (b) When, on the report date, the affiliate is indebted to the member bank, or the member bank owns obligations of, or stock or other evidences of ownership in, the affiliate, and the aggregate amount of such indebtedness, obligations, stock, or other evidences of ownership is carried as an asset on the bank's books at a value in excess of 1 percent of the member bank's capital and surplus, or $5,000, whichever amount is the smaller. The Board of Governors of the Federal Reserve System also waives the requirement for the submission of reports of affiliates in all cases where the affiliate relationship is based solely on ownership or control of any voting shares of the affiliate by a member bank as executor, administrator, trustee, receiver, agent, depositary, or in any other fiduciary capacity, except where such shares are held for the benefit of all or a majority of the stockholders of such member banks. The above provisions with respect to the waiving of the requirements for submission of reports of affiliates are subject to change whenever deemed advisable by the Board of Governors of the Federal Reserve System in order to require the submission of reports which are necessary to disclose fully relations Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—BOARD OF GOVERNORS 229 between member banks and their affiliates and the effect thereof upon the affairs of member banks. The foregoing statement of waiver provisions was approved by unanimous vote in order to carry into effect in a practical manner the purpose of the last paragraph of section 21 of the Federal Reserve Act which authorizes the Board to waive the requirement for reports of affiliates of State member banks with respect to any report of any affiliate if in the judgment of the Board such report is not necessary to disclose fully the relations between the affiliate and the member bank and the effect thereof upon the affairs of such bank. MEETING ON FRIDAY, DECEMBER 2 7, 1935 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Insured mortgages excepted from provisions of condition of membership re* garding issuance and sale of evidences of indebtedness representing real estate loans. The Board had previously granted a request from a State member bank that mortgages insured under the National Housing Act be excepted from the provisions of a condition of membership, numbered 12, to which the bank was subject, which reads as follows: Such bank shall not engage as a business in issuing or selling, either directly or indirectly (through affiliated corporations or otherwise), notes, bonds, mortgages, certificates, or other evidences of indebtedness representing real-estate loans or participations therein, either with or without a guarantee, endorsement, or other obligation of such bank or an affiliated corporation. In adopting Regulation H as revised, effective January 1, 1936, the Board had incorporated a provision to the effect that a similar standard condition of membership, numbered 3, which was prescribed in the regulation, should not apply to the sale of mortgages insured under the National Housing Act. In view of the conditions under which mortgages may be insured under the National Housing Act and in view of the foregoing decisions of the Board it was decided, by unanimous vote, to request the Federal Reserve agents at all Federal Reserve banks to advise all State members in their respective districts which were subject to the condition of membership quoted above, or any condition to the same general effect, that it would not be treated as applying to the sale of mortgages insured under the National Housing Act. MEETING ON SATURDAY, DECEMBER 2 8, 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Deferment of effective date of subsection 1 (f) of Regulation Q. Attention wTas directed to the fact that subsection (f) of section 1 of the Board's Kegulation Q, which had been issued to become effective January 1, 1936, with regard to the payment by member banks of interest on deposits contained among its provisions a definition of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS interest which included the absorption by member banks of exchange and collection charges involving out-of-pocket expenses; that a number of banking institutions and banking officials had advised members of the Board that in the absence of a similar provision in the new regulations to be issued by the Federal Deposit Insurance Corporation pursuant to the Banking Act of 1935 insured nonmember banks would be given a material advantage in soliciting business which would constitute a serious handicap and source of embarrassment to member banks in view of the provisions of the Board's regulations: and that the suggestion had been made that pending the issuance of the new regulations of the Federal Deposit Insurance Corporation the Board defer the effective date of this particular provision of its regulation. The Board agreed that the request was justified in the circumstances. It was decided, therefore, by unanimous vote, to defer the effective date of subsection (f) of section 1 of Regulation Q of the Board of Governors which had been issued effective January 1, 1936, until further action by the Board and to send a telegram to the Federal Reserve agents at all Federal Reserve banks requesting them to advise all member banks in their respective districts without delay that, pending action by the Federal Deposit Insurance Corporation on its regulation relating to the payment of interest on deposits by insured nonmember banks, the Board deferred, until such date as might be fixed by further action of the Board, the date upon which the subsection designated above would become effective, all other provisions of Regulation Q becoming effective on January 1, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS—FEDERAL OPEN MARKET COMMITTEE The following is a copy of record of actions by the Federal Open Market Committee on questions of policy, required by the last paragraph of section 10 of the Federal Reserve Act, as amended by the Banking Act of 1935, to be kept by the Board of Governors of the Federal Reserve System: MEETINGS ON OCTOBER 22-24, 1935 There were present: Mr. Harrison, Chairman of the Federal Open Market Committee and Governor of the Federal Reserve Bank of New York; Messrs. Young, Norris, Fleming, Seay, Newton, Schaller, Martin, Geery, Hamilton, and Calkins, Governors of the Federal Reserve Banks of Boston, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and San Francisco, respectively; Mr. Gilbert, Deputy Governor of the Federal Reserve Bank of Dallas; and Mr. Burgess, Secretary of the Federal Open Market Committee and Deputy Governor of the Federal Reserve Bank of New York. After a review of business and credit conditions the Committee, by unanimous vote, adopted the following resolution. The reasons for the Committee's action are set forth in the resolution: The Committee reviewed the preliminary memorandum submitted by the Chairman and discussed at length business and credit conditions and the banking position in relation to them. It was the unanimous opinion of the Committee that the primary objective of the System at the present time is still to lend its efforts towards the furtherance of recovery. While much progress has been made, it cannot be said that business activity on the whole is yet normal, or that the effects of the depression are yet overcome. Statistics of business activity and business credit -activity, both short and long term, do not show any undue expansion. In these circumstances, the Committee "was unanimously of the opinion that there is nothing in the business or credit situation which at this time necessitates the adoption of any policy designed to retard credit expansion. But the Committee cannot fail to recognize that the rapid .growth of bank deposits and bank reserves in the past year and a half is building up a credit base which may be very difficult to control if undue credit expansion should become evident. The continued large imports of gold and silver serve to increase the magnitude of that problem. Even now actual reserves of member banks are more than double their requirements, and there is no evidence of a let-up in their growth. That being so, the Committee is of the opinion that steps should be taken by the Reserve 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS System as promptly as may be possible to absorb at least some of these excess reserves, not with a view to checking some further expansion of credit, but rather to put the System in a better position to act effectively in the event that credit expansion should go too far. Two methods of absorbing excess reserves have been discussed by the Committee: (a) the sale of short-term Government securities by the Federal Reserve System, and (&) the raising of reserve requirements. While the Committee feels that method (a), if employed, would have the dual effect of absorbing excess reserves and improving the position of the Eeserve banks, nevertheless, there are two risks in this method, First, that it may be a shock to the bond market, inducing sales of securities by banks all over the country; second, that however it may be explained publicly, it may be misconstrued by the public as a major reversal of credit policy, since this method has never been employed except as a means of restraint, which is not desired at this time. A majority of the Committee is opposed to the sale of Government securities at this time, believing that its advantages do not now justify the risks involved in this method of dealing with the subject. There are also risks incident to method (i)—raising reserve requirements. This method of control is new and untried and may possibly prove at this time to be an undue and restraining influence on the desirable further extension of bank credit. The Committee feels, therefore, that before this method of dealing with the problem of excess reserves is employed, it would be wise for the Board of Governors of the Federal Reserve System to make a thorough study, through the 12 Federal Reserve banks, of the amount and location of excess reserves by districts and by classes of banks, in order thus to determine whether, or to what extent if at all, an increase in reserve requirements might interfere with the extension of loans and investments of member banks. In view of the monetary powers now possessed by the Treasury, the Committee is impressed with the importance of advising with the Treasury relative to any steps that may be taken by the Reserve System in order as far as possible to insure reasonable coordination of action. Furthermore, the Committee recognizes the possible dangers of the public misunderstanding of any action which may be taken in this matter, and would favor a careful public statement before action is taken. In making these suggestions to the Board of Governors regarding reserve requirements, the Committee recognizes that it is going somewhat beyond its own immediate jurisdiction, but it has found it impossible to consider open-market operations independently from the whole credit situation and other Federal Reserve policies. After discussion it was agreed that the authority previously granted to the executive committee of the Federal Open Market Committee to make shifts of maturities in the system open-market account should Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS—FEDEKAL OPEN MARKET COMMITTEE 233 be continued, as necessary in the proper administration of the account, to enable the executive committee to replace maturities from time to time and to make shifts in maturities to meet changing market conditions. Therefore, it was unanimously Voted, that superseding previous authorizations, the executive committee be authorized to make shifts between maturities of Government securities up to $300,000,000, provided that the amount of securities maturing within two years be maintained at not less than $1,000,000,000, and that the amount of bonds be not over $500,000,000. It was also agreed that authority should be given to the executive committee to buy or sell (which would include authority to allow maturities to run off) securities for System account up to a certain amount, in order that the committee might be in a position to act promptly if circumstances not now foreseen should make action appear desirable before a further meeting of the full committee. Therefore, it was unanimously Voted, that the executive committee be authorized to buy or sell up to $250,000,000 of Government securities subject to telegraphic approval of a majority of the Federal Open Market Committee and the approval of the Board of Governors of the Federal Reserve System. MEETINGS ON DECEMBER 17-18, 19 35 There were present: Mr. Harrison, Chairman of the Federal Open Market Committee and Governor of the Federal Reserve Bank of New York; Messrs. Young, Noras, Fleming, Seay, Newton, Schaller, Martin, Geery, Hamilton, McKinney, and Calkins, Governors of the Federal Reserve Banks of Boston, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco, respectively; Mr. Burgess, Secretary of the Federal Open Market Committee and Deputy Governor of the Federal Reserve Bank of New York. After a joint discussion with the members of the Board of Governors of the Federal Reserve System on business and credit conditions and various aspects of credit policy, and after consideration of a preliminary memorandum on credit conditions and a memorandum on excess reserves and Federal Reserve policy presented by the chairman, and after extended discussion of various proposals including a resolution by the Federal Advisory Council, the committee by an 8 to 4 vote adopted the following resolution: The Committee has considered the preliminary memorandum and a memorandum on excess reserves and Federal Reserve policy and has discussed various aspects of the credit situation. The Committee finds that continued improvement has been made in business and financial conditions since its last meeting but the country is still short of a full recovery and there does not appear to be anything in the situation which makes it necessary for the Reserve System now to reverse its policy of easy money. It is still the unanimous opinion of the Committee that 56048—36 16 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS the primary objective of the Reserve System should be to lend its efforts toward the furtherance of recovery. It is the view of the Committee, however, that the amount of excess reserves of member banks constitutes a source of danger for the reasons expressed in the reports before the Committee at its October meeting and those considered at this meeting. The Committee believes, therefore, that action should be taken as soon as possible without undue risk to absorb a part of these excess reserves as a safeguard against possible dangers, and not as a policy of credit restraint. Two principal methods of accomplishing this have been discussed by the Committee: (a) Permitting the present system holdings of Treasury bills to mature without replacement, and (b) raising reserve requirements. Some of the members of the Committee would prefer the employment of method (a) and others would prefer method (b). Those members of the Committee who prefer method (a), that is, the reduction of holdings of short-term Government securities by the system, are so strongly of the opinion that some early action should be taken that they join with those members favoring method (b), an increase in reserve requirements, in a recommendation that the Board of Governors of the Federal Reserve System should consider some early and substantial increase in the present reserve requirements of member banks which were fixed at a time when the gold base of the country was substantially lower than it is now. The Committee refrains from recommending or suggesting any precise time or percentage of increase or the classes of banks to be affected, believing that the time or amount and character of action would, of course, have to be determined by the Board of Governors in the light of all the conditions as they appear at the time action is actually taken, not only business and credit conditions but also the banking situation particularly as it may be affected by the Government's fiscal policy. The vote on this resolution was as follows: Yes, Governors Harrison, Fleming. Norris, Seay, Schaller, Geery, Hamilton, McKinney; No, Governors Young, Newton, Martin, Calkins. After discussion it was agreed that authority voted to the executive committee of the Federal Open Market Committee at two previous meetings to make shifts of maturities in the System open market account, should be continued, as necessary in the proper administration of the account to enable the executive committee to replace maturities from time to time and to make shifts in maturities to meet changing market conditions. With respect to the amount of authority which the committee should have in shifting from shorter maturities to bonds it was agreed that some limited authority was advisable in order to deal with any market situation that might arise. It was therefore unanimously Voted, that superseding previous authorizations, the executive committee be authorized to make shifts between maturities of Government securities up to $300,000,000, provided that the amount of securities maturing within two years be maintained Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY ACTIONS FEDERAL OPEN MARKET COMMITTEE 235 at not less than $1,000,000,000 and that the amount of bonds be not over $300,000,000. It was also agreed that authority should be given to the executive committee to buy or sell (which would include authority to allow maturities to run off) securities for System account within limits as to amount, in order that the committee might be in a position to act promptly if circumstances not now foreseen should make action appear desirable before a further meeting of the full committee. It was therefore unanimously Voted, that the executive committee be authorized to buy or sell up to $250,000,000 of Government securities, subject to telegraphic approval of a majority of the Federal Open Market Committee and the approval of the Board of Governors of the Federal Reserve System. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY OF THE FEDERAL ADVISORY COUNCIL, (Dec. 31, 1935) OFFICERS President, WALTER W. SMITH Vice President, HOWARD A. L0E3 Secretary, WALTER LICHTENSTEIN EXECUTIVE COMMITTEE WALTER W. SMITH JAMES H. PERKINS Howard A. LOEB H. LANE YOUNG 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.—JAMES H. PERKINS, chairman, The National City Bank of New York, N. Y. District No. 3.—HOWARD A. LOEB, chairman, Tradesmens National Bank & Trust Co., Philadelphia, Pa. District No. 4.—ARTHUR E. BRAUN, president, Farmers Deposit National Bank, Pittsburgh, Pa. District No. 5.—CHARLES M. GOHEN, president, First Huntington National Bank, Huntington, W. Va. 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, District No. 8.—WALTER W. SMITH, president, First National Bank in St. Louis, Mo. District No. 9.—THEODORE WOLD, president, Northwestern National Bank and 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, Washington. RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM NOVEMBER 21, 1935 TOPIC NO. 1.—Open-market operations and the excess reserves. RECOMMENDATION.—The Federal Advisory Council, in view of the fact that it has been advised by the Chairman of the Board of Governors of the Federal Reserve System that the Board does not have the authority to initiate open-market operations, requests the Board to submit the following recommendation to the Open Market Committee and to call for that purpose a special meeting of said committee at an early date. The Federal Advisory Council of the Federal Reserve System has received the communication of the Board of Governors of the System, 236 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF FEDERAL ADVISORY COUNCIL 237 wherein reference is made to the statement of the Council made to the Board at its meeting of September 24, 1935, concerning the amount of Government securities held by the System, which has not varied for a long time, and calling the attention of the Board to the basic theory of open market operations: that there should at all times prevail sufficient flexibility to prevent undue expansion and contraction in the credit structure of the country. The Council enquired whether the Board agreed with the principle enunciated. The present communication of the Board recognizes "the necessity ifor the consideration of the factors referred to in the statement as elements in the determination of open-market policy" and closes with the statement that "if the Council has any proposals to make with respect to the operation of the open-market account of the Federal Reserve System, which it believes to be pertinent in the existing situation, all factors considered, the Board will, as in the past, be glad to receive them and consider them." The Council is fully cognizant of and thoroughly appreciates the importance and significance of the obligation imposed upon it by law "to confer directly with the Federal Reserve Board" and "to make recommendations in regard to discount rates, rediscount business, note issues, reserve conditions in the various districts, the purchase and sale of gold or securities by reserve banks, open-market operations by said banks, and the general affairs of the reserve banking system," and it has given its most careful and earnest consideration to the suggestion by the Board that it will be glad to receive from the Council such proposals as it may make with respect to the open market account of the system. As a result of this consideration the Council desires to call the attention of the Board to the fact that, since the discontinuance, more than 2 years ago, of open-market purchases by the System, excess reserves •of member banks held by the System have now reached the unprecedented total of more than 3 billion dollars, which may well be considered as a base upon which additional bank credit can be extended to the extent of at least 30 billion dollars with a corresponding increase of bank deposit liabilities. The Council believes that there have now been some considerable evidences of recovery in business, of an increase in prices generally, and particularly in the security markets of the country, with the possibility, at least, that a too rapid advance of security prices could easily develop into a new wave of speculation such as preceded the market collapse of 1929. The constant pressure of the very large excess reserves of the member banks creating a plethora of the available supply of bank credit has a very distinct tendency to foster and encourage speculative activity, increase prices, and raise the living cost of the population. The Council believes that, even with the practically complete elimination of excess reserves, the banking system of the country would still be prepared and ardently desirous of meeting any and all legitimate and proper demands for bank credit, and the Council is strongly of the opinion that, in order to obviate the probability of an undue and dangerous credit inflation, it is desirable from every point of view to eliminate or at least greatly reduce the excess reserves now being carried in the System. Since the enactment of the Banking Act of 1935, there exist two methods by which this can be accomplished: (1) The selling or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS "permitting to run off" of a portion or all of the System holdings of Government securities. (2) Raising of reserve requirements. The Council has most earnestly considered the question as to which of these two methods might be the more desirable under the present circumstances and has determined to recommend as strongly as possible the first method. The controlling reason for this is the indisputable fact that so long as Government bonds are held under the ownership of the System, either the currency of the country or the reserves of member banks, to a corresponding extent, are dependent entirely upon a Government obligation. The world history of currency and banking has demonstrated the dangers inherent in such a system or policy too many times to make it necessary for them to be elaborated upon in this communication. There is, however, another reason for preferring the first method, namely, the ease and flexibility with which it may be administered. Under that method, Government security holdings may be permitted to run off or may be sold, rapidly or gradually, as in the judgment of the Open Market Committee may seem to be feasible or advisable. If at any time the effects seem to be too severe, it is possible to suspend or even temporarily to reverse the policy. Under the second method, namely, increase of reserve requirements, rigidity is substituted for flexibility, since it must be entirely apparent to any one that frequent changes in reserve requirements would create a chaotic condition in planning for the future by member bank management. Finally, the Council wishes to make perfectly clear to the Board that, after Government security holdings of the System have been eliminated or greatly reduced, and if, then, further curbs upon speculation should seem to be desirable, there would certainly be no possible objection to an increase in reserve requirements. On the contrary, it would become the clear and plain duty of the Board fearlessly and promptly to take such action. TOPIC NO. 2.—Regulations in respect to margin requirements on collateral loans of banks. RECOMMENDATION.—The Federal Advisory Council understands that the Board of Governors of the Federal Reserve System is contemplating issuing regulations to deal with the control of collateral loans to be made by banks. The Council, therefore, reaffirms herewith its recommendation of May 15, 1934, reading as follows: The members of the Federal Advisory Council are of the opinion that the Federal Reserve Board before issuing regulations under this bill (Stock Exchange bill, S. 3420), 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. 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 ii 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF FEDERAL ADVISORY COUNCIL 239 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. DIRECTORY OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Dec. 31, 1935) MARRINER S. ECCLES, of Utah, Chairman. J. J. THOMAS, of Nebraska, Vice Chairman. CHARLES S. HAMLIN, of Massachusetts. ADOLPH C. MILLER, of the District of Columbia. GEORGE R. JAMES, of Tennessee. M. S. SZYMCZAK, of Illinois. Ex officio members: HENRY MORGENTHAU, Jr., Secretary of the Treasury. J. F. T. O'CONNOR, Comptroller of the Currency. LAWRENCE CLAYTON, Assistant to the Chairman. ELLIOTT THURSTON, Special Assistant to the Chairman. CHESTER MORRILL, Secretary. LISTON P. BETHEA, Assistant Secretary. S. R. CARPENTER, Assistant Secretary. J. C. NOELL, Assistant Secretary. WALTER WYATT, General Counsel. GEORGE B. VEST, Assistant General Counsel. B. MAGRUDER WINGFIELD, Assistant General Counsel. LEO H. PAULGER, Chief, Division of Examinations. R. F. LEONARD, Assistant Chief, Division of Examinations. C. E. CAGLE, Assistant Chief, Division of Examinations. FRANK J. DRINNEN, Federal Reserve Examiner. E. A. GOLDENWEISER, Director, Division of Research and Statistics. "WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics*. LATJCHLIN CURRIE, Assistant Director, Division of Research and Statistics.. E. L. SMEAD, Chief, Division of Bank Operations. J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations. J. E. HORBETT, Assistant Chief, Division of Bank Operations. CARL E. PARRY, Chief, Division of Security Loans. PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans. O. E. FOULK, Fiscal Agent. JOSEPHINE E. LALLY, Deputy Fiscal Agent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALARIES OF OFFICERS AND EMPLOYEES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Dec. 31, 1935) OFFICES OF MEMBERS OF THE BOARD Lawrence Clayton, assistant to the Chairman $10, 000. 00 Elliott Thurston, special assistant to the Chairman 10, 000. 00 J. M. Daiger, special assistant to the Board 9, 000. 00 1 at $4,200 4, 200. 00 5 at $3,000 15, 000. 00 1 at $2,300 _ . ___ __ 2,300.00 1 at $2,000 2, 000. 00 2 at $1,800 3, 600. 00 1 at $1,740 1, 740. 00 1 at $1,600 1, 600. 00 Total 59, 440. 00 OFFICE OF THE SECRETARY Chester Morrill, secretary 15, 000. 00 J. C. Noell, assistant secretary 7, 500. 00 L. P. Bethea, assistant secretary 7, 300. 00 'S. R. Carpenter, assistant secretary 5, 000. 00 1 at $3,100 3, 100. 00 1 at $2,900 2, 900. 00 1 at $2,800 2, 800. 00 4 at $2,500 10, 000. 00 2 at $2,400 4, 800. 00 1 at $2,200 2, 200. 00 1 at $2,100 2, 100. 00 1 at $2,000 2, 000. 00 1 at $1,900 1, 900. 00 2 at $1,800 3, 600. 00 2 at $1,740 3, 480. 00 1 at $1,720 1, 720. 00 1 at $1,700 1, 700. 00 1 at $1,680 1, 680. 00 2 at $1,620 3, 240. 00 3 at $1,600. 4, 800. 00 4 at $1,560 6,240.00 1 at $1,440 1, 440. 00 6 at $1,320 7, 920. 00 3 at $1,200 3,600.00 3 at $1,080— 3, 240. 00 1 at $900 900. 00 2 at $840 1, 680. 00 Total Hi; 840. 00 OFFICE OF GENERAL COUNSEL Walter Wyatt, general counsel 15, 000. 00 'George B. Vest, assistant general counsel 10, 000, 00 B. M. Wingfield, assistant general counsel 9, 000. 00 Frederic P. Benedict, assistant counsel 8, 000. 00 r€. Howland Chase, assistant counsel 5, 750. 00 Alfred K. Cherry, assistant counsel 5, 750. 00 John C. Baumann, assistant counsel 5, 500. 00 240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALARIES—BOARD OF GOVERNORS 241 OFFICE OF GENERAL COUNSEL continued Joseph T. Owens, assistant counsel $5, 500. 00 1 at $3,800 3, 800. 00' 1 at $3,600 3, 600. 00 2 at $3,000 6, 000. 00 1 at $2,800 2,800.00 1 at $2,700 2, 700. 00 4 at $2,000 8, 000. 00 3 at $1,900 5, 700. 00 1 at $1,800 1, 800. 00 1 at $1,680 1, 680. 0,0 2 at $1,620 3,240.00 6 at $1,560 9, 360. 00 1 at $1,440 1,440.00 1 at $1,320 1, 320. 00 Total 115, 940. 00 DIVISION OF RESEARCH AND STATISTICS E. A. Goldemveiser, director of division 15, 000. 00 Woodlief Thomas, assistant director 8, 500. 00 L. B. Currie, assistant director 8, 500. 00 George W. Blattner, research assistant 6, 000. 00 Walter R. Gardner, research assistant 6, 000. 00 Frank R. Garfield, research assistant 5, 600. 00 Susan Burr Litchfield, research assistant 5, 200. 00 1 at $4,200 4, 200. 00 1 at $4,000 4, 000. 00 1 at $3,700 3, 700. 00 1 at $3,600 3, 600. 00 1 at $3,500 3, 500. 00 5 at $3,400 17, 000. 00 1 at $3,000 3, 000. 00 2 at $2,900 5, 800. 00 3 at $2,800 8, 400. 00 2 at $2,600 5, 200. 00 1 at $2,400____ 2, 400. 00' 1 at $2,300 2, 300. 00 2 at $2,200 4, 400. 00 3 at $2,100 6, 300. 00 5 at $2,000 10, 000. 00< 1 at $1,900 1,900. 00 6 at $1,800 10, 800. 00 1 at $1,680 1, 680. 00 4 at $1,620 6, 480. 00 1 at $1,600 1, 600. 00' 1 at $1,560 1, 560. 00 8 at $1,440 11, 520. 00 1 at $1,320 1, 320. 00 1 at $1,080 1, 080. 00 1 at $600 (half time) 600. 00 Total 177, 140. 00 DIVISION OF BANK OPERATIONS Edward L. Smead, chief of division 15, 000. 00l John R. Van Fossen, assistant chief 8, 000. 00' J. E. Horbett, assistant chief 6, 000. 00 Bray Hammond, technical assistant 5, 000. 00 L. S. Myriek, technical assistant 5, 000. 00 1 at $4,800 4, 800. 00 1 at $3,800 3,800.00' 1 at $3,200 3, 200. 00 1 at $3,100 3, 100. 00 3 at $2,900 8, 70Q. 00 Digitized for FRA1S aEtR $ 2,800 2,800.00* http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS DIVISION OF BANK OPERATIONS—continued 2 at $2,700 $5,400. 00 1 at $2,600 2, 600. 00 1 at $2,500 2, 500. 00 1 at $2,40.0 2, 400. 00 1 at $2,200 2, 200. 00 1 at $2,100 2, 100. 00 1 at $2,000 2, 000. 00 2 at $1,900 3,800.00 5 at $l,8Q0 9, 000. 00 1 at $1,700 1, 700. 00 3 at $1,680 5, 040. 00 2 at $1,620 3, 240. 00 3 at $1,600 4, 800. 00 3 at $1,560 4, 680. 00 4 at $1,440 5, 760. 00 2 at $1,320 2, 640. 00 1 at $840 840. 00 5 part-time employees 2, 045. 25 Total 128, 145. 25 DIVISION OF EXAMINATIONS Leo H. Paulger, chief of division 15, 000. 00 Frank J. Drirmen, Federal Reserve examiner 9, 000. 00 R. F. Leonard, assistant chief 9, 000. 00 <G. E. Cagle, assistant chief 7, 500. 00 L. A. A. Siems, Federal Reserve examiner 7, 500. 00 M. R. Wilkes, Federal Reserve examiner 6, 600. 00 George S. Sloan, Federal Reserve examiner 6, 000. 00 R. B. Chamberlin, Federal Reserve examiner 5, 500. 00 H. O. Koppang, Federal Reserve examiner 5, 500. 00 C. S. Barker, assistant Federal Reserve examiner 5, 200. 00 Dwight L. Grays, Federal Reserve examiner 5, 200. 00 .J. B. Crosby, Federal Reserve examiner 5, 200. 00 Edwin R. Millard, Federal Reserve examiner 5, 200. 00 Fred A. Nelson, Federal Reserve examiner 5, 200. 00 William B. Pollard, Federal Reserve examiner 5, 200. 00 Hoger M. Calloway, Federal Reserve examiner 5, 000. 00 5 at $4,800 24, 000. 00 3 at $4,500_ .__ 13,500.00 2 at $4,300 8, 600. 00 1 at $4,250 . 4,250.00 1 at $4,200 4, 200. 00 1 at $4,000 4, 000. 00 1 at $3,900 — 3, 900. 00 3 at $3,800 11, 400. 00 5 at $3,600_.. 18, 000. 00 3 at $3,300 9, 900. 00 1 at $3,200_ 3,200.00 2 at $3,000_ 6, 000. 00 2 at $2,700 5, 400. 00 2 at $2,600 5, 200. 00 3 at $2,500 7,500.00 1 at $2,300... 2, 300. 00 1 at $2,200 2, 200. 00 1 at $2,100 2, 100. 00 5 at $2,000 10, 000. 00 1 at $1,900 1, 900. 00 3 at $l,800_. 5, 400. 00 1 at $1,740 1, 740. 00 2 at $1,700 3, 400. 00 1 at $1,660 1, 660. 00 3 at $1,620 4, 860. 00 2 at $1,600.. 3, 200. 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALARIES—BOARD OF GOVERNORS 243 DIVISION OF EXAMINATIONS—continued 1 at $1,560 $1, 560. 00 4 at $1,500 6, 000. 00 1 at $1,460 1, 460. 00 1 at $1,440 1, 440. 00 2 at $1,320 2, 640. 00 1 at $1,200 1, 200. 00 Total 289, 910. 00 DIVISION OF SECURITY LOANS Carl E. Parry, chief of division 9,000.00 Philip E. Bradley, assistant chief 6, 000. 00 1 at $2,600 2, 600. 00 2 at $2,000 _ 4,000.00 1 at $1,800 1, 800. 00 1 at $1,560 1, 560. 00 1 at $960 960. 00 Total 25, 920. 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 Ju. G. Copeland, chief of division 4, 500. 00 1 at $2,500 2, 500. 00 2 at $2,000 4, 000. 00 1 at $1,920 1, 920. 00 2 at $1,860 3, 720. 00 1 at $1,750 1, 750. 00 2 at $1,680 3, 360. 00 2 at $1,620 3, 240. 00 19 at $1,500 28, 500. 00 Total 53, 490. 00 Grand total 968,425. 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECEIPTS AND DISBURSEMENTS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FOR THE YEAR 1935 Special fund account: Balanca Jan. 1, 1935: Available for general expenses of the Board $116, 501.91 Less expanditures chargeable to Federal Reserve banks for which reimbursement had not been received on Jan. 1, 1935— 15, 676. 42 Total. $100,825.49' RECEIPTS Available for general expenses of the Board: Assessments on Federal Reserve banks for estimated general expenses of the Board $1, 405,897.98 Transferred from building account i 10,030.00 Subscriptions to the Federal Reserve Bulletin 4,211. 06 Miscellaneous receipts, refunds, and reimbursements 4,878.12 Reimbursement on account of bank examinations 439. 03 Total receipts available for general expenses of the Board $1,425,426.17 Available for expenses chargeable to Federal Reserve banks: Assessments on Federal Reserve banks for: Cost of preparing Federal Reserve notes $1,017,815.00 Expenses of leased wire system 219,405. 78 Expenses of private telephone lines 33,573. 24 Miscellaneous expenses _ 3,163.88 Total receipts available for expenses chargeable to Federal Reserve banks— 1,273,957.90 Total receipts __ _ _ 2,699,384.07 Total available for disbursement 2,800,209.56 DISBURSEMENTS For general expenses of the Board: Expenses of 1934 paid in 1935.__ _ $24, 495. 72 Expenses of 1935 (per detailed statement) _ _ $1,457,435. 70 Less accounts unpaid Dec. 31, 1935 (estimated). _ 28, 797. 89 Expenses of 1935 paid during the year 1,428,637. 81 Refunds on account of subscriptions to Federal Reserve Bulletin 13.60 Total disbursements for general expenses of the Board $1,453,147.13 For expenses chargeable to Federal Reserve banks: Cost of preparing Federal Reserve notes $859,785.70 Expenses of leased wire system 216,278. 64 Expenses of private telephone lines... 31,667.40 Miscellaneous expenses 2,932.64 Total disbursements for expenses chargeable to Federal Reserve banks. 1,110,664. 38 Total disbursements _ 2,563,811.51 Balance in special fund account Dec. 31, 1935: Available for general expenses of the Board 88,780.95 Available for expenses chargeable to Federal Reserve banks 147,617.10 236, 398. 06 Building account: Balance Jan. 1, 1935 $9,392.75 Received from assessment on Federal Reserve banks 1,001,186.47 Total... $1,010,579.22 Disbursements $825,431.38 Transferred to special fund account * 10,000.00 Total 835,431.38 Balance in building account. 175,147.84 i Represents the return to the special fund account of $10,000 temporarily transferred to the building account in 1934. 244 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECEIPTS AND DISBURSEMENTS OF BOARD OF GOVERNORS 245 STATEMENT OF EXPENSES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, 1935 Personal services _. $1,043, 200.83 Transportation and subsistence 79,675.16 •Communication service - - 21,498.75 Printing, binding, etc ___ 59, 581.39 Repairs _ _ _ _ _ 844.49 Heat, light, and power _ _ 93.00 Miscellaneous, unclassified- _ _ -._ 9,468.80 Equipment rental 33. 00 Supplies, stationery, and office _ _ _._ 13,913.09 Equipment, furniture, and office 13,605.03 Books and periodicals _ _. 3,583.07 Rent. — _ 88,630.31 Retirement contributions — 123,308.78 Total 1,457,435.70 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS CHAIRMEN, DIRECTORS, AND GOVERNORS OF FEDERAL RESERVE BANKS (Dec. 31, 1935) DISTRICT NO. 1—BOSTON DISTRICT NO. 4—CLEVELAND F. H. CURTISS, chairman and Federal Reserve E. S. BURKE, Jr., acting chairman. W. H. FLETCHagent. ALLEN HOLLIS, deputy chairman. R. A. ER, acting Federal Reserve agent. M. J. FLEM- YOUNG, governor ING, governor Term Term Directors expires Directors expires Dec. 31 Dec. 3L Class A: Class A: A. L. Ripley, Boston, Mass _ 1935 R. A. Wardrop, Pittsburgh, Pa 1935 Arthur Sewall, Bath, Maine 1936 B. R. Conner, Ada, Ohio _ . 1936 F. S. Chamberlain, New Britain, Chess Lamberton, Franklin, Pa 1937 Conn 1937 Class B: Class B: G. D. Crabbs, Cincinnati, Ohio 1935 P. R. Allen, East Walpole, Mass 1935 J. E. Galvin, Lima, Ohio 1936 E. J. Frost, Boston, Mass 1936 R. P. Wright, Erie, Pa 1937 E. S. French, Boston, Mass _ 1937 Class C: Class C: E. S. Burke, Jr., Cleveland, Ohio 1935 C F A . . l l H H en . . H C M u o e r l r l t r i i s i s m , s , C a B n o , n o c s P t o o r r o n d v , , i M d N e . a n s H c s e, R. I 1 1 1 9 9 9 3 3 3 6 7 5 W Va . c W an . c y Knight, Toledo, Ohio 1 1 9 9 3 3 6 7 CINCINNATI BRANCH B. J. LAZAR, managing director DISTRICT NO. 2—NEW YORK J. S 0 H O . . N D , C . g A o Y S v O E e , U rn N c o h G r a , ir d m ep an u ty a n c d h a F i e rm de a r n a . l R G e . s e L rv . e H a A g R e R n I t - . J B T o . . h J J n . . D L O a a m z v a w i r s a , , k C C e i , i n n C c c i i i n n n n n c a i a n t t i i n , , a O O ti h , h i i O o o h _ io 1 1 1 9 9 9 3 3 3 5 5 5 G. M. Verity, Middletown, Ohio 1936 Clas E C s . . A K R : . . B M e i r l r ls y , , M W o a r v r e is r t l o y w , N n, . N Y . J 1 1 9 9 3 3 6 5 S B W . . . B H H . . . S K C u r t o o p u g h r e i t r n n , , e C y C i , i n n L c c i e i n x n n i n n a a g t t i t , i o , n O O , h h i K o io y 1 1 1 9 9 9 3 3 3 6 7 7 G. W. Davison, New York, N. Y 1937 Class B: PITTSBURGH BRANCH W. C. Teagle, New York, N. Y _ 1935 R. T. Stevens, New York, N. Y. 1936 T. C. GRIGGS, managing director T. J. Watson, New York, N. Y 1937 Class C: T. C. Griggs, Pittsburgh, Pa 1935 O. D. Young, New York, N. Y 1935 A. L. Humphrey, Pittsburgh, Pa,.. 1935 CM. Woolley, New York, N. Y 1936 Richard Coulter, Greensburg, Pa. 1935 J. H. Case, New York, N. Y 1937 J. S. Jones, Wheeling, W. Va 1936 L. W. Smith, Pittsburgh, Pa 1936 A. E. Braun, Pittsburgh, Pa 1937 H. S. Wherrett, Pittsburgh, Pa 1937 BUFFALO BRANCH R. M. O'HARA, managing director DISTRICT NO. 5—RICHMOND , chairman and Federal Reserve agent.. R. M. O'Hara, Buffalo, N. Y 1935 F. A. DELANO, deputy chairman. G. J F. B. Cooley, Buffalo, N. Y _ 1935 governor r. SEAY,. L. G. Harriman, Buffalo, N. Y 1935 E. G. Miner, Rochester, N. Y 1936 Class A: H E G . o . w B F . . a r V R d r a e K n e d e la , l l n o B d g u , g f , S f a a B l l o u a , f m f N a a l . n o c , Y a N , . N Y . Y_ ._ 1 1 1 9 9 9 3 3 3 7 6 7 J L C . . . C E E . . . B J R o r i a h e s n m w so a e n l n l , , , B A R a l o d l c t e i k r m y s o o M n re , o , W u M n . t d V , _ N a . . . C. 1 1 1 9 9 9 3 3 3 7 6 5 Class B: Edwin Malloy, Cheraw, S. C 1935 C. C. Reed, Richmond, Va _. 1936 DISTRICT NO. 3—PHILADELPHIA J. H. Hanna, Washington, D. C 1937 R. L. AUSTIN, chairman and Federal Reserve agent, Class C: , deputy chairman. G. W. NORRIS, Vacancy 1935 governor. F. A. Delano, Washington, D. C 1936 Robert Lassiter, Mooresville, N. C... 1937 Class A: Joseph Wayne, Jr., Philadelphia, Pa.. 1935 BALTIMORE BRANCH G. W. Reily, Harrisburg, Pa 1936 HUGH LEACH, managing director J. B. Henning, Tunkhannock, Pa 1937 Class B: A. W. Sewall, Philadelphia, Pa 1935 Hugh Leach, Baltimore, Md 1935 J. C. DeLaCour, Camden, N. J 1936 W. H. Matthai, Baltimore, Md.. 1935 C. F. C. Stout, Philadelphia, Pa 1937 E. P. Cohill, Hancock, Md 1935 Class C: L. S. Zimmerman, Baltimore, Md 1935 R. L. Austin, Philadelphia, Pa _ 1935 Norman James, Baltimore, Md 1936 J. D. Stern, Philadelphia, Pa.. 1936 M. M. Prentis, Baltimore, Md..- -. 1936 H. L. Cannon, Bridgeville, Del 1937 L. B. Phillips, Cambridge, Md- 1937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIKMEN, DIRECTORS, AND GOVERNORS 247 DISTRICT NO. 5—RICHMOND—Continued DISTRICT NO. 6—ATLANTA—Continued CHARLOTTE BRANCH NEW ORLEANS BRANCH W..T. CLEMENTS, managing director MARCUS WALKER, managing director Term Term Directors expires Directors expires Dec. 31 Dec. 31 W. T. Clements, Charlotte, N. C 1935 Marcus Walker, New Orleans, La _ 1935 J. L. Morehead, Leaksville, N. 0 1935 L. C. Simon, New Orleans, La 1935 C. A. Cannon, Concord, N. C 1935 F. W. Foote, Hattiesburg, Miss 1935 C. L. Cobb, Rock Hill, S. C 1935 A. P. Bush, Mobile, Ala 1936 R. E. Henry, Greenville, S. C 1936 J. D. O'Keefe, New Orleans, La 1936 Robert Gage, Chester, S. C 1936 Ernest T. George, New Orleans, La 1937 W. H. Wood, Charlotte, N. C 1937 R. S. Hecht, New Orleans, La 1937 DISTRICT NO. 6—ATLANTA DISTRICT NO. 7—CHICAGO E. M. STEVENS, chairman and Federal Reserve , chairman and Federal Reserve agent. agent. JAMES SIMPSON, deputy chairman. W. H. KETTIG, deputy chairman. OSCAR NEW- G. J. SCHALLER, governor TON, governor Class A: Class A: F. D. Williams, Iowa City, Iowa 1935 G. G. Ware, Leesburg, Fla 1935 J. R. Leavell, Chicago, 111.. 1936 R. G. Clay, Atlanta, Ga 1936 E. R. Estberg, Waukesha, Wis 1937 W. D. Cook, Meridian, Miss 1937 Class B: Class B: N. H. Noyes, Indianapolis, Ind 1935 L. C. Simon, New Orleans, La.. - 1935 M. W. Babb, Milwaukee, Wis 1936 J. A. McCrary, Decatur, Ga 1936 S. T. Crapo, Detroit, Mich... 1937 Fitzgerald Hall, Nashville, Tenn 1937 Class C: pjno(, <"<. James Simpson, Chicago, 111 1935 Vacancy - - - 1935 E. M. Stevens, Chicago, 111 1936 J. P. Allen, Atlanta, Ga 1936 Vacancy. 1937 W. H. Kettig, Birmingham, Ala 1937 DETROIT BRANCH R. H. Buss, managing director BIRMINGHAM BRANCH J. H. FRYE, managing director R. H. Buss, Detroit, Mich 1935 John Ballantyne, Detroit, Mich 1935 N. P. Hull, Lansing, Mich 1935 J. H. Frye, Birmingham, Ala David McMorran, Port Huron, Mich 1936 W. H. Kettig, Birmingham, Ala A. C. Marshall, Detroit, Mich 1937 Oscar Wells, Birmingham, Ala James Inglis, Detroit, Mich 1937 F. M. Moody, Tuscaloosa, Ala E. F. Allison, Bellamy, Ala W. E. Henley, Birmingham, Ala DISTRICT NO. 8—ST. LOUIS J. G. Farley, Birmingham, Ala J. S. WOOD, chairman and Federal Reserve agent. PAUL DILLARD, deputy chairman. W. McC. MARTIN, governor JACKSONVILLE BRANCH G. S. VARDEMAN, Jr., managing director Class A: J. G. Lonsdale, St. Louis, Mo 1935 M. B. Nahm, Bowling Green, Ky 1936 G. S. Vardeman, Jr., Jacksonville, Fla F. G. Hitt, Zeigler, 111 1937 F E. u l W to . n L S a a n u e s , s J y a , c J k a s c o k n s v o i n ll v e i , l l F e, l a Fla Clas J M s . B . W : P . . H St a u rr r i d s i , v S an t. t , L o G u l i e s n , d M or o a, Miss 1 1 9 9 3 3 6 5 S. O. Chase, Sanford, Fla W. B. Plunkett, Little Rock, Ark 1937 G. J. Avent, Jacksonville, Fla Class C: B. W. Haynes, Jacksonville, Fla— J. R. Stanley, Evansville, Ind 1935 G. G. Ware, Leesburg, Fla__ J. S. Wood, St. Louis, Mo... 1936 Paul Dillard, Memphis, Tenn 1937 NASHVILLE BRANCH LITTLE ROCK BRANCH J. B. FORT, Jr., managing director A. F. BAILEY, managing director J. B. Fort, Jr., Nashville, Tenn A. F. Bailev, Little Rock, Ark 1935 P. M. Davis, Nashville, Tenn Moorhead Wright, Little Rock, Ark 1935 C. W. Bailey, Clarksville, Tenn G. H. Campbell, Little Rock, Ark 1935 W. P. Ridley, Columbia, Tenn Stuart Wilson, Texarkana, Ark 1935 C. A. Craig, Nashville, Tenn F. K. Darragh, Little Rock, Ark 1936 F. J. Harle, Cleveland. Tenn _. W. A. Hicks, Little Rock, Ark 1936 Fitzgerald Hall, Nashville, Tenn Jo Nichol, Pine Bluff, Ark 1937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 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 Term Term Directors expires Directors expires Dec. 31 Dec. 31 J. T. Moore, Louisville, Ky 1935 J. E. Olson, Denver, Colo 1935 J. B. Hill, Louisville, Ky 1935 R. H. Davis, Denver, Colo 1935 W. R. Cobb, Louisville, Ky 1935 Henry Swan, Denver, Colo 1935 W. P. Paxton, Paducah, Ky 1936 Murdo MacKenzie, Denver, Colo 1935 W. V. Bulleit, New Albany, Ind 1936 M. W. Gano, Denver, Colo 1936 W. W. Crawford, Louisville, Ky. 1937 Harold Kountze, Denver, Colo 1936 A. H. Eckles, Hopkinsville, Ky_. 1937 H. W. Farr, Greeley, Colo 1937 MEMPHIS BRANCH OKLAHOMA CITY BRANCH W. H. GLASGOW, managing director C. E. DANIEL, managing director W. H. Glasgow, Memphis, Tenn 1935 S. E. Ragland, Memphis, Tenn 1935 C. E. Daniel, Oklahoma City, Okla 1935 Wm. Orgill, Memphis, Tenn. 1935 Austin Miller, Oklahoma City, Okla 1935 Willis Pope, Columbus, Miss. 1935 H. H. Ogden, Muskogee, Okla 1935 E. L. Anderson, Clarksdale, Miss— -- 1936 J. B. Doolin, Alva, Okla _ 1936 W. R. King, Memphis, Tenn. 1936 F. T. Chandler, Chickasha, Okla 1936 J. W. Alderson, Forrest City, Ark 1937 Lee Clinton, Tulsa, Okla _ 1937 Ned Holman, Oklahoma City, Okla 1937 DISTRICT NO. 9—MINNEAPOLIS J. N. PEYTON, chairman and Federal Reserve OMAHA BRANCH agent. H. P. CLARK, deputy chairman. W. B. GEERY, governor L. H. EARHART, managing director Class A: H. R. Kibbee, Mitchell, S. Dak L. H. Earhart, Omaha, Nebr 1935 H.C.Hansen, Churchs Ferry, N. Dak R. E. Campbell, Lincoln, Nebr... 1935 M. O. Grangaard, Minneapolis, Minn T. L. Davis, Omaha, Nebr 1935 Class B: Wm. Diesing, Omaha, Nebr 1935 J. E. O'Connell, Helena, Mont D. M. Hildebrand, Seward, Nebr 1936 A. P.Funk, La Crosse, Wis W. D. Clark, Omaha, Nebr_ 1936 W. O. Washburn, St. Paul, Minn A. H. Marble, Cheyenne, Wyo..-. 1937 Class C: J. N.Peyton, Minneapolis, Minn H. P. Clark, St. Paul, Minn DISTRICT NO. 11—DALLAS G.W.McCormick, Menominee, Mich C. C. WALSH, chairman and Federal Reserve agent. HELENA BRANCH S. B. PERKINS, deputy chairman. B. A. Me- KINNEY, governor R. E. TOWLE, managing director R. E. Towle, Helena, Mont Class A: Henry Sieben, Helena, Mont Alf Morris, Winnsboro, Tex 1935 T. A. Marlow, Helena, Mont R. E. Harding, Fort Worth, Tex 1936 J. E. O'Connell, Helena, Mont P. E. Hooks, Itasca, Tex 1937 A. R. McDermott, Billings, Mont. Class B: J. D. Middleton, Greenville, Tex 1935 J. R. Milam, Waco, Tex 1936 A. S. Cleveland, Houston, Tex _ 1937 DISTRICT NO. 10—KANSAS CITY Class C: E. R. Brown, Dallas, Tex 1935 , chairman and Federal Reserve agent. S. B. Perkins, Dallas, Tex 1936 E. P. BROWN, deputy chairman. G. H. HAMIL- C. C. Walsh, Dallas, Tex _ 1937 TON, governor Class A: EL PASO BRANCH E. E. Mullaney, Collyer, Kans C. C. Parks, Denver, Colo,_ _ J. L. HERMANN, managing director F. W. Sponable, Paola, Kans Class B: L. E. Phillips, Bartlesville, Okla J. L. Hermann, El Paso, Tex 1935 W. D. Hosford, Omaha, Nebr _. A. P. Coles, El Paso, Tex 1935 J. M. Bernardin, Kansas City, Mo... A. F. Jones, Portales, N. Mex.. 1935 Class C: C. M. Newman, El Paso, Tex 1935 Vacancy S. P. Applewhite, Douglas, Ariz 1936 E. P. Brown, Davey, Nebr S. D. Young, El Paso, Tex 1936 J. B. Doolin, Alva, Okla C. N. Bassett, El Paso, Tex.. 1937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DIRECTORS, AND GOVERNORS 249 DISTRICT NO. 11-DALLAS-Continued DISTRICT NO. 12—SAN FRANCISCO—Con. HOUSTON BRANCH PORTLAND BRANCH W. D. GENTRY, managing director R. B. WEST, managing director Term Term Directors expires Directors expires Dec. 31 Dec. 31 W. D. Gentry, Houston, Tex 1935 R. B. West, Portland, Oreg 1935 J. C. Wilson, Beaumont, Tex. 1935 H. M. Haller, Portland, Oreg.-. 1935 S. R. Lawder, Houston, Tex.. 1935 J. C. Ainsworth, Portland, Oreg 1935 R. M. Farrar, Houston, Tex.. 1935 E. C. Pease, The Dalles, Oreg_.. 1935 A. A. Home, Galveston, Tex. 1936 R. S. Smith, Eugene, Oreg 1936 Sam Taub, Houston, Tex 1936 J. A. Wilkins, Houston, Tex.. 1937 SALT LAKE CITY BRANCH SAN ANTONIO BRANCH W. L. PARTNER, managing director M. CRUMP, managing director W. L. Partner, Salt Lake City, Utah 1935 Lafayette Hanchett, Salt Lake City, Utah. 1935 M. Crump, San Antonio, Tex H. E. Hemingway, Ogden, Utah 1935 Richard King, Corpus Christi, Tex. M. W. Smith, Idaho Falls, Idaho... 1935 F. C. Groos, San Antonio, Tex E. O. Howard, Salt Lake City, Utah 1936 J. M. Bennett, San Antonio, Tex___ G. C. Hollis, Eagle Pass, Tex F. M. Lewis, Sr., San Antonio, Tex W. P. Napier, San Antonio, Tex__. SEATTLE BRANCH C. R. SHAW, managing director DISTRICT NO. 12—SAN FRANCISCO C. R. Shaw, Seattle, Wash 1935 •, chairman and Federal Reserve agent. C. H. Clarke, Seattle, Wash 1935 W. N. MOORE,, deputy chairman. J. U. G. H. Greenwood, Seattle, Wash 1935 CALKINS, governor H. A. Rhodes, Tacoma, Wash... 1935 J. W. Maxwell, Seattle, Wash... 1936 Class A: T. H. Ramsay, San Francisco, Calif.. Keith Powell, Salem, Oreg SPOKANE BRANCH C. K. Mclntosh, San Francisco, Calif. Class B: D. L. DAVIS, managing director A. B. C. Dohrmann, San Francisco, Calif... Malcolm McNaghten, Los Angeles, D. L. Davis, Spokane, Wash... 1935 Calif . - S. A. Easton, Kellogg, Idaho 1935 E. H. Cox, Madera, Calif D. W. Twohy, Spokane, Wash. 1935 Class C: Peter McGregor, Hooper, Wash 1935 Vacancy R. M. Hardy, Yakima, Wash.. 1936 W. N. Moore, San Francisco, Calif... A. P. Welch, San Francisco, Calif LOS ANGELES BRANCH W. N. AMBROSE, managing director w. N. Ambrose, Los Angeles, Calif 1935 c.B. Voorhis, Pasadena, Calif 1935 F. J. Belcher, Jr., San Diego. Calif. 1935 J, B. Alexander, Los Angeles, Calif 1935 V.H. Rossetti, Los Angeles, Calif 1936 56048—36 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 ANNUAL KEPOET OF FEDERAL RESERVE GOVERNORS NUMBER AND SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE BANKS [Dec. 31,1935] Employees, Annu o a f— l salary Other officers w e h x o c s e e p t s a th la o r s ie e s a w re E h o m re s p e im l s o a b y l u e a r e r s i s e e s d Total are reimbursed to bank Federal Re- to bank serve banks (including branches) Chairman and Federal Gover- Num- Annual Num- Annual Num- Annual Num- Annual Reserve nor ber salaries ber salaries ber salaries ber salaries agent Boston $20,000 $30,000 11 $105,250 616 $945,956 73 $90,890 702 $1,192,096 New York 50,000 50,000 40 480,100 2,250 4,014,086 316 453,015 2,608 5,047, 201 Philadelphia. _ 20,000 30,000 11 105, 200 791 1, 242, 530 109 148,170 913 1,545,900 Cleveland 23, 000 21 177, 400 910 1,484,828 165 270, 735 1,097 1,955,963 Richmond... 25, 000 17 126,100 547 791,014 167 211,136 732 1,153, 250 Atlanta 25,000 30 182,540 368 507,457 329 361, 596 728 1,076, 593 Chicago 35,000 35,000 31 265, 500 1,082 1, 597, 744 376 575, 594 1,491 2, 508,838 St. Louis 20, 000 25, 000 19 135, 200 552 764, 272 188 216, 246 761 1,160, 718 Minneapolis- 20, 000 25, 000 12 79,100 336 542,883 68 103,127 418 770,110 Kansas City 25, 000 19 144,800 491 764,566 160 228, 475 671 1,162,841 Dallas 20, 000 30,000 16 113, 500 339 557,338 119 174,592 476 895, 430 San Francisco. 30,000 30 212,600 775 1,291, 324 148 216,476 954 1, 750, 400 Total.... 185, 000 353,000 257 2,127, 290 9,057 14, 503,998 2,218 3,050, 052 11,551 20, 219, 340 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 251 STATE BANK AND TRUST COMPANY MEMBERS Following is a list of the 1,001 State bank and trust company members of the Federal Reserve System on December 31, 1935, with their loans, investments, deposits, capital, and surplus. [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 1 CONNECTICUT Hartford: Phoenix State Bank & Trust Co 13,977 12,869 35,023 1,600 1,200 New Haven: Union and New Haven Trust Co 6,371 2,788 13,890 1,459 550 Southington: Southington Bank & Trust Co 593 404 1,280 150 75 Torrington: Brooks Bank & Trust Co 675 680 1,742 100 100 Waterbury: Colonial Trust Co 5,557 7,888 1,000 2,000 Waterbury Trust Co 1,947 672 3,400 300 100 Augusta: Depositors Trust Co 2,970 3,277 7,002 611 Bangor: Merrill Trust Co 6,038 12,956 2,600 294 Bar Harbor: Bar Harbor Banking & Trust Co.. 2,045 1,154 3,269 200 300 Ellsworth: Union Trust Co ... 722 1,028 1,846 300 40 Guilford: Guilford Trust Co 1,038 1,319 2,642 100 150 Sanford: Sanford Trust Co 795 1,957 3,090 250 80 MASSACHUSETTS Arlington: Menotomy Trust Co 2,493 611 3,033 300 125 Boston: New England Trust Co.-. 8,702 14,445 36,971 1,000 2,000 Old Colony Trust Co 803 9,199 5,000 5,000 Pilgrim Trust Co.. .__ 2,893 547 4,744 200 125 State Street Trust Co. 31, 570 30,355 71,884 3,000 3,500 Union Trust Co .__ 3,074 3,968 10,038 750 310 United States Trust Co __ 5,251 7,386 12,404 1,700 350 Bridgewater: Bridgewater Trust Co 179 446 663 100 100 Brookline: Norfolk County Trust Co — 5,067 5,380 14, 111 1,000 500 Cambridge: Country Bank & Trust Co _ 2,661 1,160 4,197 300 300 Harvard Trust Co 7,829 8,431 17,814 1,000 1,050 Everett: Everett Bank & Trust Co 2,447 723 3,780 200 200 Fall River: B. M. C. Durfee Trust Co 2,530 3,800 7,772 428 428 Fall River Trust Co 1,693 1,275 3,120 300 68 Gloucester: Gloucester Safe Deposit & Trust Co 2,572 581 3,486 400 25 Greenfield: Franklin County Trust Co.. 3,692 1,297 4,712 400 200 Holyoke: Hadley Falls Trust Co. 5,614 2,469 9,660 1,400 100 Hyannis: Hyannis Trust Co 1,946 1,036 2,886 250 125 Lynn: Security Trust Co 4,903 2,198 8,513 200 300 Milton: Blue Hill Bank & Trust Co .._ 464 1,528 2,209 100 100 Newton: Newton Trust Co 7,305 9,167 15,834 1,080 1,000 Norwood: Norwood Trust Co . 1,793 3,375 5,260 300 200 Quincy: Quincy Trust Co 2,539 1,404 4,361 450 52 Salem: Naumkeag Trust Co... 1,986 3,814 5,829 650 68 Somerville: Somerville Trust Co 4,047 5,590 450 156 Springfield: Springfield Safe Deposit & Trust Co 4,752 4,905 12,974 1,000 1,000 Union Trust Co. of Springfield 8,188 3,854 13, 476 1,000 1,250 Taunton: Bristol County Trust Co.. _ 1,537 2,215 4,221 300 150 Wellesley Hills: Wellesley Trust Co 922 790 1,967 200 100 Winchester: Winchester Trust Co 932 1,034 2,. 27 100 100 Worcester: Worcester County Trust Co , 10,015 14,379 34,609 3,000 1,000 NEW HAMPSHIRE Con way: Carroll County Trust Co 711 1,284 150 RHODE ISLAND Providence: Industrial Trust Co. 47,689 46,054 114,114 4,000 7,500 Union Trust Co 10,058 21,252 1,000 800 • 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

252 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 2 NEW JERSEY (See also district no. 3) Bayonne: Bayonne Trust Co 2, 597 1,300 8,910 400 100 Bloomfield: Bloomfield Bank & Trust Co 5,819 6,811 13,986 1,500 300 Community Trust Co 658 233 931 100 30 Bogota: Bank of Bogota 396 603 1,253 100 25 Boonton: Boonton Trust Co 763 484 1,553 100 100 Carteret: Carteret Bank & Trust Co 381 708 1,159 100 25 Cranford: Cranford Trust Co .- 1,160 1,067 2,403 200 100 Dover: Dover Trust Co 1,496 2,070 4,108 200 250 Dunellen: Peoples Trust Co 256 297 672 100 30 East Orange: Savings Investment & Trust Co 9,677 7,386 18, 055 3,175 200 Elizabeth: Central Home Trust Co 1,614 1,841 3.659 500 31 Elizabethport Banking Co 3,333 1,820 5, 512 400 200 Fort Lee: Fort Lee Trust Co 439 634 1,393 100 50 Franklin: Sussex County Trust Co 700 1,472 2,353 150 100 Glen Kidge: Glen Ridge Trust Co 864 1,875 2, 875 240 60 Hackensack: Peoples Trust Co. of Bergen County. 5,326 4,982 12,866 750 750 Jersey City: Commercial Trust Co. of New Jersey.- 20, 477 30,083 82, 284 3,400 4,000 New Jersey Title Guarantee & Trust Co 21, 782 5,826 23, 574 3,018 618 Linden: Linden Trust Co 1,432 1,364 3,044 200 50 Montclair: Bank of Montclair 2,390 2,112 5,195 600 100 Montclair Trust Co 4,533 6,391 12, 501 1,040 208 Morristown: Morristown Trust Co 2,358 4,785 9,388 600 200 Newark: Clinton Trust Co.. 1,893 460 2,199 1,477 Columbus Trust Co 486 741 1,628 400 58 Federal Trust Co 15,516 8,583 31, 765 1,623 500 Fidelity Union Trust Co 46,484 69, 800 133, 584 11,000 2,500 Franklin-Washington Trust Co 2,299 1,681 5,463 884 50 Merchants & Newark Trust Co 8,464 7,537 17, 490 2,500 1,500 United States Trust Co 2,011 1,152 2,846 600 500 West Side Trust Co 3,532 4,188 8,852 1,075 225 Nutley: Bank of Nutley 1,009 1,847 3,140 275 Passaic: Passaic Park Trust Co --- 990 1,599 2,832 300 60 Peoples Bank & Trust Co 1,483 2,805 4,386 1,000 100 Paterson: Hamilton Trust Co 2,319 1,814 4,055 1,325 Perth Amboy: Perth Amboy Trust Co - — 2,965 1,136 2,562 671 Raritan Trust Co 552 108 401 250 Plainfield: Mid-City Trust Co 407 446 925 100 15 Plainfield Trust Co._ 7,255 7,432 16, 680 1,400 100 State Trust Co - 1,764 1,207 3,613 263 55 Rahway: Rahway Trust Co 406 719 1,298 100 30 Ridgefield Park: Ridgefield Park Trust Co 1,101 1,433 2,873 325 20 Rochelle Park: Roehelle Park Bank 140 216 362 50 35 Rutherford: Rutherford Trust Co 2,422 1,625 4,078 250 300 South Orange: South Orange Trust Co 768 578 1,537 163 34 Summit: Summit Trust Co 2,505 3,558 7,934 600 200 Westfield: Peoples Bank & Trust Co 2,055 1,345 5,561 200 30 Westfield Trust Co 2,795 1,471 4,157 810 2 Westwood: Westwood Trust Co.. 321 374 691 200 NEW YORK Adams: Citizens & Farmers Trust Co 1,286 910 2, 213 250 50 Albany: First Trust Co 10,912 8,009 22,974 3,000 100 Amityville: The Bank of Amityville 441 508 1,295 100 25 Amsterdam: Montgomery County Trust Co.. 2,244 2,305 5,048 200 400 Arcade: Citizens Bank of Arcade 1,031 534 1,720 318 10 Avoca: Bank of Avoca 172 268 426 80 5 Batavia: Genesee Trust Co 792 854 1,920 250 20 Belmont: State Bank of Belmont . 307 123 427 50 85 Binghamton: Marine Midland Trust Co 3,533 2,133 6,812 770 250 Blasdell: Bank of Blasdeil 148 65 260 30 6 Brooklyn. (See New York.) Buffalo: Liberty Bank of Buffalo 24, 242 21, 275 51,560 5,200 1,000 Manufacturers & Traders Trust Co 47,829 50, 510 92,157 9,000 3,000 Marine Trust Co 74, 217 64,104 155, 468 13, 400 5,000 Canandaigua: Ontario County Trust Co 1,090 1,274 2,376 300 100 Caniste : First State Bank 92 485 50 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 253 [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 2—Continued NEW YORK—continued Cattaraugus: Bank of Cattaraugus-._ _ 362 805 1,060 100 100 Center Moriches: Center Moriches Bank... 372 253 631 150 25 Chatham: State Bank of Chatham 838 1,632 2,378 200 50 Clymer: Clymer State Bank _ 115 159 289 30 10 Cohocton: Cohocton State Bank 103 293 406 50 15 Delmar: Bank of Bethlehem 403 345 763 50 25 Dunkirk: Dunkirk Trust Co 585 2,582 2,926 250 125 East Aurora: Bank of East Aurora 1,328 370 1,902 150 75 Ellenburg Depot: The State Bank of Ellenburg___ 294 215 518 50 10 Elmira: Chemung Canal Trust Co 4,155 5,784 10, 643 800 1,300 Endicott: Endicott Trust Co 1,821 2,266 4,535 300 100 Union Trust Co _ 417 968 1, 448 100 100 Evans Mills: Peoples Bank of Evans Mills 171 42 199 53 10 Farmingdale: Bank of Farmingdale 492 438 1,091 150 25 Floral Park: Floral Park Bank 1,073 1,073 2,236 260 25 Fredonia: Citizens Trust Co 762 919 1,712 200 25 Garden City: Garden City Bank & Trust Co 1,149 1,416 3,009 225 70 Geneva: Geneva Trust Co 1,857 1,904 3,888 460 20 Gloversville: Trust Co. of Fulton County.. _ 1,576 733 2,399 350 175 Hamburg: Peoples Bank 857 746 1,737 275 10 Hammondsport: Bank of Hammondsport 387 242 757 75 25 Hicksville: Bank of Hicksville 1,097 1,015 2,214 100 250 Ithaca: Tompkins County Trust Co 4,381 4,159 8,517 860 100 Jamestown: Bank of Jamestown 7,236 4,087 11, 457 1,800 200 Johnson City: Workers Trust Co 1,590 2,574 4,892 380 100 Katonah: Northern Westchester Bank 466 945 1, 586 100 50 Kingston: Kingston Trust Co 3,431 3,301 6,510 750 200 Lackawanna: American Bank _ 401 361 858 150 25 Little Falls: Herkimer County Trust Co 1,214 2,997 4,332 350 250 Locke: The Citizens Bank of Locke 99 107 211 25 25 Lowville: Lewis County Trust Co 839 1,264 2,163 300 50 Malone: Peoples Trust Co 1,295 1,153 2,456 290 100 Messena: Messena Banking & Trust Co 338 410 625 150 75 Mayville: State Bank of Mayville _" 327 554 932 120 15 Millbrook: Bank of Millbrook..._ 467 244 1,920 100 100 Mineola: Nassau County Trust Co 1,341 2,905 5,058 500 150 Mount Kisco: Trust Co. of Northern Westchester 228 177 100 21 Mount Vernon: Fleetwood Bank... 656 1,451 2,627 275 50 Mount Vernon Trust Co .-. 2,983 2,274 5,530 3,000 500 New York: Amalgamated Bank __ 1, 526 1,266 650 Bankers Trust Co 184,773 509,862 877, 536 25,000 50,000 Bank of the Manhattan Co 214,009 132, 273 483,173 20,000 20,000 Bank of New York & Trust Co 42,807 97, 111 180, 600 6,000 9,000 Bank of Yorktown 2,904 1,733 6,556 1,000 500 Brooklyn Trust Co 38, 731 50,642 113, 290 8,200 4,000 Central Hanover Bank & Trust Co 258, 532 821,020 21,000 60,000 Chemical Bank & Trust Co 182, 726 253,021 525, 609 20,000 40,000 City Bank-Farmers Trust Co _ 13, 538 54, 284 87, 527 10,000 10,000 Clinton Trust Co 2,051 2,874 5,290 700 300 Colonial Trust Co 3,551 2,420 6,905 1,000 500 Continental Bank & Trust Co 25,479 21, 517 61, 916 4,000 3,000 Corn Exchange Bank Trust Co 48, 857 154, 509 284, 443 15,000 15,000 Federation Bank & Trust Co 4,623 3,000 9,244 825 725 Fifth Avenue Bank 21,088 18, 228 47,815 500 2,000 Fulton Trust Co 3,877 13, 651 22,023 2,000 2,000 Guaranty Trust Co 564,336 547,820 1,435, 228 90,000 170,000 Harbor State Bank 75 699 718 200 25 Irving Trust Co .__ 192,255 241,412 591,307 50,000 55,000 J. Henry Schroeder Trust Co 113 12, 654 12, 390 1,000 400 Lawyers Trust Co_ _.. 10, 773 19, 537 38,045 2,000 1,000 Manufacturers Trust Co _ 192, 664 309, 525 558, 305 57, 935 6,600 Marine Midland Trust Co 48,069 38, 271 96,466 5,000 5,000 Merchants Bank 1,628 1,361 3,698 400 100 New York Trust Co 123, 752 190, 666 365, 458 12, 500 20,000 Pennsylvania Exchange Bank 1,134 902 2,803 530 50 Trade Bank of New York _ 1,823 1,962 5,272 456 176 United States Trust Co 32,875 32, 351 73, 340 2,000 24,000 Niagara Falls: Power City Trust Co 12, 284 10, 523 24, 298 2,000 2,000 Ogdensburg: Ogdensburg Trust Co _. 3,319 2,123 6,419 600 100 Olean: Olean Trust Co 520 525 1,264 150 23 Oneida: Madison County Trust & Deposit Co 995 777 2,177 350 25 Ontario: State Bank of Ontario 895 288 1,274 70 30 Orchard Park: Bank of Orchard Park 529 358 870 155 5 Oriskany Falls: First Trust & Deposit Co._ 360 578 832 160 10 Ossining: Ossining Trust Co 1,200 1,019 2,241 400 75 Pearl River: State Bank of Pearl River 129 489 100 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [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 Perry: Citizens Bank... 396 316 872 100 15 Pleasantville: Mount Pleasant Bank & Trust Co 1,501 848 2,522 300 45 Port Chester: Mutual Trust Co. of Westchester County _ 1,186 1,130 2,871 345 15 Rochester: Central Trust Co. 9,214 4,039 15, 622 2,100 Lincoln-Alliance Bank & Trust Co 28, 916 23,202 63, 503 4,800 400 Rome: Rome Trust Co 2,278 2, 201 4,873 300 300 Sag Harbor: The Peconic Bank. 114 104 205 25 25 Salamanca: Salamanca Trust Co 1,302 1,644 3,524 200 400 Saratoga Springs: Adirondack Trust Co.._ 2,232 5,524 8,350 250 250 Sayville: The Oystermen's Bank & Trust Co 779 1,304 2,121 250 60 Scarsdale: Caleb Heathcote Trust Co 581 1,467 2,111 200 100 Schenectady: Schenectady Trust Co 4,442 9,769 15,188 750 1,000 Sea Cliff: State Bank of Sea Cliff 295 106 465 100 12 Smithtown B ranch: B ank of Smithtown 544 666 1,274 200 13 Southampton: The Southampton Bank 1,009 293 1,378 200 25 Spring Valley: Ramapo Trust Co 627 216 111 250 20 Stony Brook: Bank of Suffolk County 225 255 485 75 5 Syracuse: First Trust & Deposit Co. 33,893 12, 600 50, 509 9,220 500 Syracuse Trust Co 13,413 15,828 29,401 2,800 200 Tarrytown: Washington Irving Trust Co 572 1,059 1,668 100 100 Utica: First Citizens Bank & Trust Co 24,190 13,915 35, 243 7,000 250 Watertown: Northern New York Trust Co 3.623 5,848 9,637 860 100 Watkins Glen: Watkins State Bank 285 207 523 50 50 Westbury: Bank of Westbury Trust Co 615 1,322 2,194 200 30 Westhampton Beach: Seaside Bank 315 459 826 100 40 West New Brighton: West New Brighton Bank 904 1,031 2,220 100 100 White Plains: Citizens Bank of White Plains... 2,179 3,962 7,774 800 100 County Trust Co 4,723 5,332 10, 734 500 1,000 DISTRICT NO. 3 DELAWARE Wilmington: Equitable Trust Co 5,573 6,264 12,186 1,500 2,100 Industrial Trust Co.__ 1,779 1,271 2,111 625 775 Security Trust Co._. 4,181 2,869 7,917 673 450 Wilmington Trust Co _ 18,182 25, 277 51,456 4,000 9,500 NEW JERSEY (See also district no. 2) Camden: Camden Safe Deposit & Trust Co 11, 673 8,462 22, 225 3,300 230 Hightstown: Hightstown Trust Co__. 401 324 760 145 20 Princeton: Princeton Bank & Trust Co 1,581 2,208 4,186 450 150 Riverside: Riverside Trust Co 571 417 1,416 100 80 Swedesboro: Swedesboro Trust Co 349 243 763 125 22 PENNSYLVANIA (See also district no. 4) Bloomsburg: Bloomsburg Bank-Columbia Trust Co 1,169 825 2,640 225 225 Carlisle: Carlisle Trust Co _ 1,606 667 1,457 450 Chester: Chester-Cambridge Bank & Trust Co 4,252 2,108 7,383 1,050 528 Clearfleld: Clearfield Trust Co 1,157 1,370 2,884 200 300 Danville: Mqntour County Trust Co 164 272 483 125 13 Du Bois: Union Banking & Trust Co 1,124 835 1,926 250 250 Easton: Easton Trust Co 4,810 2,291 7,725 750 510 East Petersburg: East Petersburg State Bank 129 85 209 50 8 Egypt: Farmers Bank of Egypt 266 327 615 60 60 Harrisburg: Central Trust Co 4,209 1,047 3,569 400 800 Dauphin Deposit Trust Co 2,632 6,923 11,352 400 800 Hazleton: Markle Banking & Trust Co 2,835 4,576 7,459 600 1,400 Peoples Savings & Trust Co _. 1,683 2,815 4,261 450 325 Traders Bank & Trust Co 1,215 851 2,074 350 180 Honesdale: Wayne County Savings Bank 1,296 3,049 4,013 730 5 Houtzdale: Houtzdale Trust Co 205 690 865 125 40 Huntingdon: Grange Trust Co 314 489 763 125 44 Jenkintown: Jenkintown Bank & Trust Co 2,497 4,645 7,909 375 1,000 Lancaster: Farmers Bank & Trust Co 1,700 1,769 5,497 600 248 Lemoyne: Lemoyne Trust Co 1,767 571 1,296 200 200 Lewistown: Lewistown Trust Co 455 252 672 125 48 Digitized forL FocRkA HSaEveRn : Lock Haven Trust Co _ 1,783 1,925 3,766 375 375 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 255 [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 3—Continued PENNSYLVANIA—continued Lykens: Miners Bank & Trust Co _ 127 378 395 150 77 Mahanoy City: Merchants Banking Trust Co 615 501 1,014 300 135 Middletown: Citizens Bank & Trust Co 649 245 575 125 m Mount Carmel: Liberty State Bank & Trust Co 616 393 1,047 150 Myerstown: Myerstown Trust Co 496 376 743 150 125 Nanticoke: Peoples Savings & Trust Co 279 271 619 100 95 New Oxford; Farmers & Merchants Bank 215 311 547 107 10 Norristown: 10 Montgomery Trust Co_ 1,988 4,109 5,896 1,000 657 Norristown-Penn Trust Co 4,467 3,080 8,503 1,000 1,000 Orrstown: Orrstown Bank 161 127 255 35 50 Paoli: Paoli Bank & Trust Co 192 131 417 125 30 Philadelphia: Fidelity-Philadelphia Trust Co 34, 086 62,420 104,402 6,700 15,000 First Trust Co. of Philadelphia 162 189 200 100 Gimbel Bros. Bank & Trust Co 11 1,761 2,163 200 32 Girard Trust Co __ 16,132 71, 373 108,041 4,000 9,000 Integrity Trust Co 16,158 9,989 36, 717 7,996 1,000 Ninth Bank & Trust Co 8,471 7,935 17,979 2,375 133 Pennsylvania Co. for Insurance on Lives and Granting Annuities 78,932 81, 664 230,353 8,400 12,000 Provident Trust Co 11, 532 35,289 46,908 3,200 12,260 Prospect Park: Interboro Bank & Trust Co 451 620 1,207 163 36 Quakertown: Quakertown Trust Co 371 1,030 1,380 150 150 Reading: Reading Trust Co 7,323 3,741 14,051 1,170 2,180 Schnecksville: Schnecksville State Bank 47 164 240 25 16 Schuylkill Haven: Schuylkill Haven Trust Co 946 1,015 1,882 150 225 Steelton: Steelton Bank & Trust Co 1,619 786 1,742 350 250 Tamaqua: Peoples Trust Co _ 726 636 1,267 150 1 Temple: Temple State Bank 267 236 559 Wilkes-Barre: Wilkes-Barre Deposit & Savings Bank 1,478 1,470 3,614 500 500 Williamsport: West Branch Bank & Trust Co 1,269 2,590 4,298 225 300 Wyomissing: Peoples Trust Co_ _ 2,691 1,642 4,000 500 York: Guardian Trust Co. _ 1,677 1,995 3,824 500 600 York Trust Co 4,013 2,145 6,204 750 1,000 DISTRICT NO. 4 KENTUCKY (See also district no. 8) Lexington: Security Trust Co 949 2,938 3,702 500 150 Paris: Bourbon-Agricultural Bank & Trust Co. 922 646 1,426 200 200 Richmond: State Bank & Trust Co 794 124 1,393 150 55 Akron: Firestone Park Trust & Savings Bank _.. 3,924 7,743 13 401 950 300 First-Central Trust Co _. 4,848 8,310 17, 731 1,242 383 Apple Creek: Apple Creek Banking Co 140 110 299 25 12 Archbold: Peoples State Bank Co 212 82 388 40 10 Ashland: Ashland Bank & Savings Co 600 769 1,541 150 140 Bellevue: Union Bank & Savings Co 1,003 657 1,963 300 50 Bellville: Farmers Bank 167 196 424 25 30 Brecksville: Brecksville Bank Co... 54 137 207 25 8 Canal Winchester: Peoples Bank Co__ 174 290 493 25 40 Castalia: Castalia Banking Co.. 85 46 109 33 9 Celina: Commercial Bank Co 658 589 1,406 100 60 Christiansburg: Farmers & Merchants Bank Co...! 84 53 121 25 25 Cincinnati: Central Trust Co 21, 547 31,945 64,494 6,500 1,250 Fifth-Third Union Trust Co 33,461 40,199 89,663 10,000 2,000 Peoples Bank & Savings Co 1,736 621 2,578 700 100 Provident Savings Bank & Trust Co 16, 024 14, 653 40,589 1,800 2,700 The Southern Ohio Savings Bank & Trust Co.. 2,871 3,112 5,615 650 250 Western Bank & Trust Co 5,513 4,447 11, 560 2,250 250 Cleveland: Cleveland Trust Co. 155,898 67,857 303,176 28,800 2,700 The Lorain Street Bank 790 1,420 2,272 500 75 Columbiana: Union Banking Co 269 292 910 50 50 Columbus: Fifth Avenue Savings Bank Co 531 1,341 2,105 200 Conneaut: Citizens Banking & Savings Co 145 445 575 100 20 The Conneaut Banking & Trust Co 265 976 1,198 165 30 Cortland: The Cortland Savings & Banking Co 316 149 470 35 18 Coshocton: Peoples Bank & Trust Co 590 478 1,967 150 75 Digitized fo D r a F n R vi A ll S e: E C R o mmercial & Savings Bank Co 235 87 355 25 25 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [In thousands of dollars] Loans Invest- Total Capital Surplus ments deposits DISTRICT NO. 4—Continued OHIO—continued Delphos: Commercial Bank 429 280 969 100 50 Peoples Bank of Delphos 246 292 742 50 15 Delta: Peoples Savings Bank Co 206 333 650 50 10 East Liverpool: Potters Bank & Trust Co 1,068 1,710 3,504 580 300 Fayette: Fayette State Savings Bank Co 129 72 317 50 10 Geneva: Geneva Savings & Trust Co 657 867 1,796 125 105 Gibsonburg: Home Banking Co 313 220 636 70 7 Hillsboro: Hillsboro Bank & Savings Co 97 231 502 50 40 Hubbard: Hubbard Banking Co 404 110 659 50 40 Leesburg: Citizens Bank & Savings Co 79 150 284 25 5 Lyons: Farmers State Bank 135 114 302 25 10 Madison: Citizens Bank 22 157 178 50 10 Mansfield:* The Farmers Savings & Trust Co 431 1,002 1,642 150 35 Marengo: Marengo Banking Co 63 52 151 25 6 Martins Ferry: Peoples Savings Bank Co 1,177 959 2,223 200 152 Marysville: Marysville-Commercial Bank 166 948 1,337 100 26 Mason: The First-Mason Bank 165 246 531 35 17 Massillon: Ohio-Merchants Trust Co 1,064 1,078 2,658 250 50 Middletown: First American Bank & Trust Co 2,153 2,352 5,752 650 150 Minster: Minster State Bank 267 134 807 25 55 Mount Blanchard: Citizens Bank of Mount Blanchaxd 78 107 186 25 13 Mount Vernon: Knox County Savings Bank 453 594 1,608 150 75 Napoleon: The Community Bank 252 281 905 100 20 Newark: Licking County Bank.__ _ _ 1,010 886 2,114 200 75 Newark Trust Co 2,326 540 3,498 400 100 New Lexington: Perry County Bank 194 418 668 75 20 New Philadelphia: Ohio Savings & Trust Co._. 771 653 1,610 250 10 Oak Harbor: Oak Harbor State Bank Co 179 329 679 75 10 Orrville: Orrville Savings Bank 408 478 916 80 21 Pomeroy: Farmers Bank & Savings Co 132 290 687 50 16 Rittman: Rittman Savings Bank 381 149 643 60 21 Russellville: Bank of Russellville __. 271 187 484 25 25 St. Marys: Home Banking Co 512 417 1,650 150 15 Sandusky: Western Security Bank 278 548 1,072 100 25 Shelby: Citizens Bank _. 454 814 1,397 125 25 Shiloh: Shiloh Savings Bank Co 185 58 256 40 10 Toledo: Commerce Guardian Bank 2,320 5,375 12,488 1,250 500 Ohio Citizens Trust Co _. 1,923 3,988 7,813 600 250 Toledo Trust Co 19, 454 22, 033 75, 925 6,000 1,050 Utica: The Utica Savings Bank Co 188 139 501 35 14 Van Wert: Peoples Savings Bank 574 403 1,349 100 100 Wakeman: Wakeman Bank Co 172 115 294 40 14 Wellington: First Wellington Bank __. 621 332 1,132 100 63 Wooster: Commercial Banking & Trust Co 317 335 991 150 7 Yellow Springs: Miami Deposit Bank Co 294 230 494 50 50 PENNSYT.VANIA (See also district no. 3) Aliquippa: Woodlawn Trust Co 1,481 928 2,900 125 150 Ambridge: Economy Bank of Ambridge.- 184 624 904 100 52 Beaver: Beaver Trust Co 661 615 1,238 150 200 Dormont: Dormont Savings & Trust Co 1,059 561 1,989 125 77 East Pittsburgh: East Pittsburgh Savings & Trust Co 1,020 2,423 4,417 300 300 Erie: Security-Peoples Trust Co 5,035 4,197 10, 735 1,150 100 McKeesport: Peoples City Bank _ 2,941 2,284 6,274 500 1,000 Meadville: Crawford County Trust Co 875 1,087 2,509 300 50 New Brighton: Beaver County Trust Co 591 607 918 300 350 New Castle: Lawrence Savings & Trust Co 1,480 1,350 3,645 300 300 Paint Borough (Scalp Level post office): Merchants & Miners Bank 97 198 268 30 32 Pittsburgh: Allegheny Trust Co 2,134 4,299 7,058 700 628 Allegheny Valley Bank of Pittsburgh 1,716 459 2,638 200 200 Colonial Trust Co _ _ 10, 697 13, 686 26,902 4,000 690 Commonwealth Trust Co _ 4,825 13,140 18,811 1,500 1,700 Homewood Bank of Pittsburgh.. 344 978 1,480 100 66 Peoples-Pittsburgh Trust Co__ 25,432 45, 073 85, 544 6,000 7,000 Potter Title & Trust Co 2,864 2,718 4,880 1,250 168 Union Trust Co 74, 753 206,457 246,198 1,500 72, 500 Windber: Windber Trust Co. _ 760 2,178 2, 778 250 350 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 257 [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. 4—Continued WEST VIRGINIA (See also district no. 5) Sistersyille: First-Tyler Bank & Trust Co.. 1,198 140 1,919 200 100 Wheeling: Citizens Mutual Trust Co. 2,050 1,131 4,751 600 300 Security Trust Co 2,023 2,109 4,328 300 300 Wheeling Dollar Savings & Trust Co... 6,761 5,534 17,395 1,800 1,200 DISTRICT NO. 5 DISTRICT OF COLUMBIA Washington: American Security & Trust Co. 12,469 22,890 44,929 3,400 3,400 Washington Loan & Trust Co_. 7,009 8,862 22,933 1,000 1,800 MARYLAND Baltimore: Baltimore Commercial Bank 1,831 1,428 4,644 500 250 Calvert Bank 2,458 3,887 7,302 400 200 Commonwealth Bank of Baltimore 305 60 621 300 150 Fidelity Trust Co .- 2,754 11, 752 16, 393 1,000 500 Maryland Trust Co 9,510 15, 709 33, 837 3,000 500 Union Trust Co. of Maryland 10, 272 11, 216 29, 951 2,500 1,500 Ellicott City: Commercial & Farmers Bank. 46 105 180 50 10 Forest Hill: Forest Hill State Bank _ 228 148 397 50 10 Hagerstown: Hagerstown Trust Co.. 278 682 1,218 150 30 Salisbury: Farmers & Merchants Bank 1,125 296 1,653 175 35 NORTH CAROLINA Charlotte: American Trust Co. 11,194 21, 730 48, 928 1,200 800 Concord: Citizens Bank & Trust Co 417 616 1,293 100 50 Edenton: Bank of Edenton 735 265 1,026 200 40 Elizabethtown: Bank of Elizabethtown _. 114 31 438 25 10 Marshall: Citizens Bank 333 117 551 50 35 Tryon: Tryon Bank & Trust Co 152 255 477 25 20 Washington: Bank of Washington.._ 443 558 1,627 100 13 Wilmington: Peoples Savings Bank & Trust Co 877 820 2,653 200 60 Wilmington Savings & Trust Co __. 5,337 603 7,460 300 400 Winston-Salem: Wachovia Bank & Trust Co.. 18,126 37,179 71,010 4,000 1,250 SOUTH CAROLINA Bishopville: Peoples Bank 40 39 494 25 50 Charleston: Carolina Savings Bank- 1,139 4,909 200 100 Chester: Commercial Bank 309 566 1,352 100 100 Hartsville: Bank of Hartsville 287 454 1,395 75 38 VIRGINIA Abingdon: Farmers Exchange Bank, Inc 267 178 639 50 10 Amelia: Union Bank & Trust Co 165 175 475 50 25 Blackstone: Citizens Bank & Trust Co _ 404 152 650 75 25 Chase City: Peoples Bank & Trust Co 464 199 969 100 30 Farmville: Planters Bank & Trust Co 409 529 1,068 50 80 Glade Spring: Bank of Glade Spring 230 116 420 50 50 Halifax: The Bank of Halifax 201 603 977 50 14 Kenbridge: Bank of Lunenburg (Inc.) 334 416 914 65 80 Lacrosse: Bank of Lacrosse 167 141 413 50 25 Lawrenceville: Farmers & Merchants Bank of Lawrenceville.. 378 160 791 50 30 Lynchburg: Lynchburg Trust & Savings Bank 1,957 1,153 3,555 300 300 Montross: Peoples Bank 194 32 263 25 20 Petersburg: Petersburg Savings & American Trust Co. 1,028 1,090 2,337 376 50 Powhatan: Bank of Powhatan 110 602 25 28 Richmond: Bank of Commerce & Trusts 5,237 1,894 9,211 600 300 Mechanics & Merchants Bank. 1,026 539 1,831 200 40 State-Planters Bank & Trust Co 15, 235 16,151 44,038 1,250 500 Rural Retreat: Peoples Bank 223 102 382 35 32 Smithfield: Merchants & Farmers Bank, Inc. 269 60 356 50 34 South Hill: Citizens Bank, Inc 190 177 713 50 18 Suffolk: The Farmers Bank of Nansemond 2,380 1,106 4,090 500 500 Tazewell: Farmers Bank of Clinch Valley 732 192 1,099 200 50 Williamsburg: Peninsula Bank & Trust Co... 884 436 1,522 125 50 Winchester: Union Bank of Winchester 334 331 100 30 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 5-Continued WEST VIRGINIA (See also district no. 4) Berwind: Berwind Bank _ 406 507 1,019 100 100 Buffalo: Buffalo Bank . 60 166 25 20 Charleston: Kanawha Banking & Trust Co 2,184 1,327 4,585 736 115 Kanawha Valley Bank 6,535 7,011 17, 508 1,000 1,200 Hurricane: Putnam County Bank 145 6 189 50 7 Lewisburg: Greenbrier Valley Bank 334 254 731 75 38 Martinsburg: Peoples Trust Co 1,471 268 1,651 500 130 Parsons: Tucker County Bank _ 128 71 234 25 5 Petersburg: Potomac Valley Bank.. 183 72 325 50 9 Rainelle: The Bank of Rainelle 24 196 229 25 25 Romney: Bank of Romney 553 107 659 200 35 St. Albans: Bank of St. Albans. 219 153 537 50 85 St. Marys: Pleasants County Bank 289 116 498 75 10 Spencer: Traders Trust & Banking Co 467 650 80 16 Summersville: Farmers & Merchants Bank of Sunr mersville - 359 123 733 60 26 DISTRICT NO. 6 Aliceville: Aliceville Bank & Trust Co 109 262 532 40 20 Birmingham: Birmingham Trust & Savings Co 7,071 14,250 25,980 2,500 13 Clanton: Peoples Savings Bank _ 203 276 680 50 25 Clayton: Bank of Commerce ... 84 33 237 50 8 Columbiana: Columbiana Savings Bank 149 28 325 35 7 Cullman: Parker Bank & Trust Co 250 210 957 90 42 Dothan: Dothan Bank & Trust Co 159 822 1,529 60 80 Eutaw: Merchants & Farmers Bank of Greene County 173 373 700 55 55 Faunsdale: Watkins Banking Co _. 49 137 184 50 35 Georgiana: Citizens Bank 20 1 107 25 2 Guin: Marion County Banking Co 105 69 307 25 40 Marion Junction: Marion Junction State Bank 43 1 47 25 15 Oneonta: The Citizens Bank 62 18 146 25 5 Pine Apple: Bank of Pine Apple 87 82 274 25 10 Selma: Peoples Bank & Trust Co 441 539 1,229 120 15 Thomaston: The Planters Bank & Trust Co 95 20 191 25 5 Winfield: Winneld State Bank 40 25 189 25 3 York: Bank of York 422 25 15 FLORIDA Marianna: Citizens State Bank 224 104 430 30 St. Petersburg: Union Trust Co 864 1,446 4,027 200 57 West Palm Beach: Central Farmers Trust Co. 1,046 1,762 3,653 250 200 GEORGIA Adairsville: Bank of Adairsville 37 35 102 25 Atlanta: Trust Co. of Georgia 9,687 5,014 19, 219 2,000 2,000 Augusta: Georgia Railroad Bank & Trust Co.. 3,565 2,461 9,390 1,250 200 Bainbridge: Citizens Bank & Trust Co 304 64 509 150 8 Blackshear: The Blackshear Bank 207 107 388 50 25 Brunswick: Brunswick Bank & Trust Co 526 820 1,461 230 70 Canton: Bank of Canton 363 290 940 150 150 Cochran: State Bank of Cochran 71 115 254 25 7 Columbus: Columbus Bank & Trust Co.__ 3,708 1,040 6,165 850 650 Merchants & Mechanics Bank 1,409 220 2,273 200 200 Commerce: Northeastern Banking Co 187 7 346 100 25 Dawson: Bank of Dawson.. 262 46 621 100 20 Eastman: Bank of Eastman 93 95 227 75 Lawrenceville: Brand Banking Co 132 188 430 50 """50 Lincolnton: Farmers State Bank 58 51 194 25 15 Millen: Bank of Millen 92 127 544 50 50 Monroe: Farmers Bank 127 173 552 100 30 Pelham: Farmers Bank .. 171 10 326 100 25 Reynolds: Citizens State Bank 87 2 152 25 5 Sasser: Bank of Sasser 93 34 111 25 33 Savannah: Citizens Bank & Trust Co 733 435 1,325 350 50 Savannah Bank & Trust Co 2,582 160 3,694 700 100 Soperton: Bank of Soperton 101 46 259 60 10 Swainsboro: Central Bank 112 19 213 25 15 Tifton: Bank of Tifton__ 494 1,360 100 150 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

259 STATE BANK MEMBERSHIP [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. 6—Continued LOUISIANA (See also district no. 11) New Orleans: American Bank & Trust Co. 7,235 14,603 24,453 2,500 500 Slidell: Bank of Slidell 268 193 512 50 MISSISSIPPI (See also district no. 8) Crystal Springs: Truckers Exchange Bank 49 27 225 25 5 16 377 421 25 16 Forest: The Bank of Forest.. TENNESSEE 71 294 433 25 5 Carthage: Citizens Bank & Trust Co _ 2,653 2,295 9,174 625 750 Chattanooga: American Trust & Banking Co 759 156 1,306 200 Greeneville: Greene County Union Bank 119 123 315 25 19 Hartsville: Bank of Hartsville 597 991 2,060 200 40 Knoxville: Commercial Bank & Trust Co DISTRICT NO. 7 ILLINOIS (See also district no. 8) 132 184 354 25 15 Argenta: Gerber State Bank 561 1,089 1,837 100 100 Belvidere: Farmers State Bank 945 2,965 6,281 200 375 Bloomington: Peoples Bank of Bloomington 95 337 558 50 10 Byron: Rock River Community Bank__ Chicago: 605 3,425 5,226 450 50 Amalgamated Trust & Savings Bank. 111 2,916 4,958 450 75 Drexel State Bank 91 690 1,287 200 25 Hamilton State Bank 37,677 108,720 188,236 6,000 7,000 Harris Trust & Savings Bank. 168 970 1,289 200 15 I-C Bank & Trust Co. 2,075 3,869 8,886 800 20 Lake Shore Trust & Savings Bank 1,522 10,170 17,522 500 500 Lake View Trust & Savings Bank 975 1,746 3,391 200 50 Main State Bank 2,527 6,739 13,411 600 200 Mercantile Trust & Savings Bank 1,868 5,898 11,049 500 300 Merchandise Bank & Trust Co. _. 137 1,524 2,033 200 50 Metropolitan State Bank 25, 233 224,796 294,692 3,000 6,000 Northern Trust Co 6,692 77 3,161 2,000 500 Personal Loan & Savings Bank 1,466 2,977 6,179 200 20 Sears-Community State Bank 89 1,689 2,161 200 27 Skala State Bank 526 607 1,631 120 15 State Bank of Clearing _ 768 2,773 4,562 200 200 The Upper Avenue Bank 1,249 2,600 5,061 300 100 Uptown State Bank 129 84 222 25 10 Cowden: State Bank of Cowden 254 171 516 50 20 Elburn: Kane County Bank & Trust Co 169 376 713 50 10 Eureka: Farmers State Bank _ Evanston: 466 1,289 2,131 325 Evanston Trust & Savings Bank 1,885 8,225 12,461 1,250 State Bank & Trust Co _ 138 444 550 50 15 Fulton: Fulton State Bank 834 998 2,588 200 40 Galesburg: Farmers & Mechanics Bank 581 185 953 100 50 Geneva: State Bank of Geneva 446 1,725 2,615 100 50 Kewanee: Peoples State Savings Bank _ 78 44 208 40 15 London Mills: State Bank of London Mills 177 175 433 35 15 Lostant: The Farmers State Bank of Lostant 40 52 124 25 11 Matteson: First State Bank 244 329 601 100 20 Mattoon: Central Illinois Trust & Savings Bank 131 106 444 50 11 Metamora: Metamora State Bank 272 73 615 50 10 Milford: Citizens State Bank _ 130 211 506 50 10 Momence: Parish Bank & Trust Co.. 178 270 485 50 15 Niantic: State Bank of Niantic 2,144 2,667 6,498 500 100 Oak Park: Oak Park Trust & Savings Bank 2,453 5,586 10,322 500 200 Springfield: Springfield Marine Bank 160 15 248 50 10 Stockland: Sumner State Bank.. Tolono: 64 28 184 25 5 Bank of Tolono 79 49 162 25 7 Citizens Bank of Tolono 140 275 635 70 70 Tuscola: Tuscola State Bank _ 102 91 333 25 5 Walnut: Citizens State Bank _ 72 750 858 50 25 Washington: Danforth Banking Co 142 674 927 75 14 Wenona: First State Bank _ 130 936 1,155 100 25 Wheaton: Wheaton Trust & Savings Bank 289 1,801 2,900 175 50 Digitized foWr FilRmAetSteE: RW ilmette State Bank http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 7—Continued INDIANA Connersville: Fayette Bank & Trust Co 752 1,156 2,056 410 Darlington: Farmers & Merchants State Bank 55 57 181 25 1 Indianapolis: Fletcher Trust Co .. _ 6,320 19,632 30,828 2,500 500 Jamestown: Citizens State Bank 163 41 366 40 5 Mohawk: Mohawk State Bank... 78 53 135 25 5 Muncie: Merchants Trust & Savings Co _. . 1,119 879 2,811 225 80 Tipton: Farmers Loan & Trust Co 452 419 922 100 13 Valparaiso: First State Bank of Valparaiso 439 504 1,080 150 IOWA Afton: Commercial State Bank. 205 42 375 25 20 Algona: Iowa State Bank... 680 86 1,665 50 50 Blencoe: Blencoe State Bank 82 92 306 25 13 Cherokee: Cherokee State Bank 643 436 1,606 120 25 Davenport: Davenport Bank & Trust Co 3,915 11, 795 20,125 600 600 Des Moines: Bankers Trust Co 3,210 11, 264 16, 650 1,000 200 Fairfield: Iowa State Bank & Trust Co 268 274 751 100 20 Fontanelle: State Savings Bank 185 107 460 40 17 Fort Dodge: The State Bank 667 245 1,539 100 35 Fort Madison: Fort Madison Savings Bank 835 1,329 2,519 205 20 Glenwood: Glenwood State Bank. 400 439 1,059 50 50 Holstein: Holstein State Bank 252 444 805 50 30 Ida Grove: Ida County State Bank 144 348 651 40 16 Monticello: Monticello State Bank . 2,861 760 3,598 400 80 Moorhead: Moorhead State Bank 120 57 226 30 15 Muscatine: Muscatine Bank & Trust Co 1,023 1,672 4,511 125 175 Newton: Jasper County Savings Bank 1,190 1,458 3,111 100 50 Osage: Home Trust & Savings Bank 378 378 871 50 31 Ottumwa: Union Bank & Trust Co. of Ottumwa 1,967 2,004 4,892 300 100 Riceville: Riceville State Bank 81 19 129 25 6 Royal: Home State Bank 197 71 254 25 13 Shenandoah: Security Trust & Savings Bank... 203 360 917 60 30 Storm Lake: Security Trust & Savings Bank 246 348 662 50 15 Templeton: Templeton Savings Bank 259 113 475 25 8 Washington: Washington State Bank 432 586 1,452 50 50 Williams: Williams Savings Bank 442 68 544 25 13 MICHIGAN (See also district no. 9) Adrian: Adrian State Savings Bank 257 322 792 101 Commercial Savings Bank. ._ _ __ 423 926 1,795 110 Lenawee County Savings Bank 421 614 1,271 110 10 Albion: Commercial & Savings Bank . 217 362 729 100 Algonac: The Algonac Savings Bank 61 140 273 28 Alpena: Alpena Savings Bank 473 1,237 2,028 200 100 Alto: Farmers State Bank of Alto 29 66 139 25 Ann Arbor: Farmers & Mechanics Bank 2,026 744 3, 595 250 250 State Savings Bank 2,582 2,915 5,696 600 100 Armada: Armada State Bank 86 203 395 25 Bay City: Peoples Commercial & Savings Bank 1,794 6,813 9,377 1,250 100 Big Rapids: Big Rapids Savings Bank. . 139 88 252 50 Blanchard: Blanchard State Bank 32 35 105 25 Blissfield: Blissfield State Bank 423 223 838 100 25 Bronson: Peoples State Bank of Bronson 149 98 371 50 5 Brown City: Brown City Savings Bank. 54 131 301 25 Cass City: Cass City State Bank 165 102 261 40 10 The Pinney State Bank 149 228 437 50 10 Cassopolis' Cass County State Bank 138 88 413 40 18 Charlotte1 Eaton County Savings Bank 138 473 749 54 Chelsea: Chelsea State Bank . 463 581 1,048 80 30 Croswell: State Bank of Croswell 59 384 717 72 Davison" Davison State Bank 73 161 281 50 Detroit: 19, 399 60,943 108,919 5,500 750 United Savings Bank 5,722 10,200 16, 215 1,500 300 Dundee* Monroe County Bank _. . . .. 129 36 247 40 Farmington* Farmington State Bank .____. 76 375 495 50 10 Fennville: Old State Bank 168 140 458 50 5 Flint: Citizens Commercial & Savings Bank 5,544 8,151 17, 316 1,000 300 Genesee County Savings Bank 1,382 3,436 6,076 700 100 Fountain: Fountain State Bank 47 29 93 25 Frankenmuth: Frankenmuth State Bank 607 591 1,419 117 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 261 [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 7—Continued MICHIGAN—continued Fremont: Fremont State Bank 220 223 514 50 Old State Bank of Fremont _ J 300 176 58; 62 Gagetown: State Savings Bank of Gagetown 72 4' 153 35 Grand Haven: Grand Haven State Bank 915 816 1,977 120 Peoples Savings Bank 753 530 1,266 95 Grand Rapids: Old Kent Bank _ 13,169 17,574 3,500 Greenville: Commercial State Savings Bank _. 572 283 961 100 First State Bank of Greenville.._ 70 186 276 50 Hillsdale: Hillsdale State Savings Bank 518 1,080 2,501 165 Holland: Holland City State Bank __ 621 447 1,230 191 Howell: First State & Savings Bank 121 137 303 62 Imlay City: Imlay City State Bank 25 161 245 25 Jonesville: Grosvenor Savings Bank 85 203 338 35 Kingston: Kingston State Bank _ 23 37 121 25 Lakeyiew: Bank of Lakeview 86 76 206 30 Lansing: American State Savings Bank __, 1,614 2,774 4,973 700 Lapeer: Lapeer Savings Bank 169 102 286 61 Lawrence: Home State Bank.. 49 154 239 25 Lowell: State Savings Bank 204 240 555 50 Manchester: Peoples Bank _. 58 123 230 25 Union Savings Bank 177 385 575 75 Manistee: Manistee County Savings Bank 905 2,366 3,567 300 Marcellus: G. W. Jones Exchange Bank 323 99 674 40 Marshall: Commercial Savings Bank 363 870 1,423 100 Mason: Farmers Bank 254 225 566 50 First State Savings Bank 163 242 471 55 Midland: Chemical State Savings Bank 755 938 2,918 100 Milan: Peoples State Bank of Milan. 154 123 339 50 Monroe: Dansard State Bank 224 810 1,212 213 Mount Pleasant: Exchange,Savings Bank 233 385 945 50 Isabella County State Bank 729 1,096 2,256 120 New Baltimore: Citizens State Savings Bank 80 120 233 25 New Haven: New Haven Savings Bank 19 133 214 25 Onsted: Onsted State Bank 163 78 251 25 Petosky: First State Bank of Petosky 317 477 990 100 Pigeon: Pigeon State Bank 123 122 282 25 Romeo: Romeo Savings Bank 135 208 474 55 Royal Oak: The Guardian Bank of Royal Oak 221 1,415 2,073 100 Saginaw: Saginaw State Bank 1,413 1,502 3,487 400 St. Charles: St. Charles State Bank 115 244 436 25 St. Clair: Commercial & Savings Bank... 539 1,453 2,043 225 Saugatuck: Fruit Growers State Bank 175 192 389 60 Sebewaing: Farmers & Merchants State Bank 243 285 700 50 South Haven: Citizens State Bank 477 729 1,339 100 Sparta: Sparta State Bank 142 179 455 30 Spring Lake: Spring Lake State Bank. 300 132 525 50 Traverse City: Traverse City State Bank 558 917 1,854 200 Wayne: Wayne State Bank 96 505 740 50 Whitehall: State Bank of Whitehall 103 226 419 40 Williamston: Crossman & Williams State Bank 130 148 357 50 Williamston State Bank 87 120 235 50 Zeeland: Zeeland State Bank 1,752 100 WISCONSIN (See also district no. 9) Burlington: Bank of Burlington 548 706 1,354 125 Edgerton: Tobacco Exchange Bank 231 446 724 50 Manitowoc: Manitowoc Savings Bank 1,958 2,591 5,556 500 Milwaukee: American State Bank... 659 418 1,079 200 Badger State Bank 1,972 2,639 5,055 500 Marshall & Ilsley Bank 12, 630 17,345 39, 734 3,000 West Side Bank -... 1,362 1,462 3,490 400 Platteville: State Bank of Platteville 56 594 100 Sheboygan: Bank of Sheboygan 2,174 1,381 4,061 550 Citizens State Bank 2,184 3,512 6,758 500 South Milwaukee: Home State Bank 293 245 1,014 100 Sturgeon Bay: Bank of Sturgeon Bay 736 754 1,818 100 Waupaca: Farmers State Bank of Waupaca 328 386 80 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 8 Batesville: Citizens Bank & Trust Co 270 190 873 60 1 Blytheville: Farmers Bank & Trust Co 616 144 1,417 200 40 Fordyce: Fordyce Bank & Trust Co 119 137 404 50 10 Little Rock: W. B. Worthen Co., bankers 2,769 5,151 11, 474 675 50 Russellville: Bank of Russellville 173 394 742 100 10 Peoples Exchange Bank 154 102 386 100 10 Waldron: Bank of Waldron 139 103 347 50 20 ILLINOIS (See also district no. 7) Breese: State Bank of Breese 257 403 792 50 25 Chester: First State Bank 520 402 1,032 50 53 East St. Louis: Union Trust Co 589 1,849 2,910 567 Edwardsville: Bank of Edwardsville 417 922 1,655 150 "150 Effingham: Effingham State Bank 596 361 1,363 130 10 Eldorado: C. P. Burnett & Sons 166 742 1,258 100 50 Greenville: State Bank of Holies & Sons 492 203 944 175 20 Harrisburg: First Trust & Savings Bank.. 430 363 1,346 150 75 Hillsboro: Montgomery County Loan & Trust Co. 260 410 739 130 Hoyleston: Hoyleston State & Savings Bank 119 151 347 25 Jacksonville: Elliott State Bank 639 1,509 3,546 200 100 Litchfield: Litchfield Bank & Trust Co 203 415 657 125 15 O'Fallon: First State Bank 127 27 166 25 5 Richview: Richview State Bank 49 39 102 25 3 Steeleville: State Bank of Steeleville 230 248 600 25 30 KENTUCKY (See also district no. 4) Danville: Boyle Bank & Trust Co 597 304 1,017 100 75 Hartford: Citizens Bank 40 197 252 25 20 Hopkinsville: Planters Bank & Trust Co 344 1,240 1,685 100 100 Louisville: Kentucky Title Trust Co 6,979 1,497 3,268 1,000 750 Lincoln Bank & Trust Co _ 5,040 4,347 12,108 1,250 200 Louisville Trust Co 9,790 3,740 12,199 2,000 500 MISSISSIPPI (See also district no. 6) Indianola: Peoples Bank 227 424 25 MISSOURI (See also district no. 10) Camdenton: Camden County Bank 92 74 249 25 5 Clinton: Union State Bank of Clinton..- 174 402 913 50 20 Farmington: United Bank of Farmington 559 534 1,255 120 25 Glasgow: Glasgow Savings Bank .. 216 273 630 75 75 Hannibal: Farmers & Merchants Bank & Trust Co. 377 551 1,107 100 100 Lancaster: Schuyler County State Bank 105 342 565 50 10 Lebanon: State Savings Bank.. 166 140 415 25 18 Luxemburg: Lemay Ferry Bank _ 441 103 731 100 20 Maplewood: Peoples State Bank. _ 120 261 436 100 20 Marshall: Wood & Huston Bank 787 172 1,874 100 100 Memphis: Bank of Memphis 133 123 373 25 10 Moberly: Mechanics Bank & Trust Co 174 1,507 3,107 200 26 Monroe City: Monroe City Bank 123 275 552 50 25 Normandy: Normandy State Bank.. __ _ 90 261 387 50 Pine Lawn: Pine Lawn Bank ._ 74 163 310 45 Sedalia: Sedalia Bank & Trust, Co... 472 190 702 100 St. Louis: Baden Bank 637 1,429 2,288 290 Bremen Bank & Trust Co 657 4,182 5,223 600 100 Cass Bank & Trust Co 1,729 2,892 5,414 600 120 Chippewa Trust Co 1,255 606 2,267 340 Easton-Taylor Trust Co 535 653 1,751 300 "25 Jefferson Bank & Trust Co ._. 1,020 1,097 2,375 445 J L e i f n fe d r e s l o l n T -G ru ra s v t o C is o Bank 1, 9 5 5 2 9 2 2 2 , , 8 2 1 7 8 3 4 3 , , 9 4 7 9 3 2 3 6 0 8 0 0 "166 Manchester Bank 2,224 2,148 4,269 618 Manufacturers Bank & Trust Co. of St. Louis.. 2,333 4,278 7,889 600 "400 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 263 [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. 8-Continued MISSOURI—continued St. Louis—Continued. Mercantile-Commerce Bank & Trust Co 28,770 77,013 148,042 10,000 2000 Mississippi Valley Trust Co ... 26,455 36, 784 80,431 6,000 1,200 Mound City Trust Co... 841 660 1,794 248 North St. Louis Trust Co 833 2,396 3,570 300 150 Northwestern Trust Co 1,928 4,340 6,400 1,036 39 The Plaza Bank of St. Louis 811 826 3,060 200 70 Southern Commercial & Sayings Bank 1,582 1,029 3,114 425 30 Southwest Bank of St. Louis. _ 1,230 972 2,347 270 Tower Grove Bank & Trust Co 4,581 7,514 12, 316 800 300 United Bank & Trust Co 2,209 4, 254 7,799 1,000 200 St. Louis County: Gravois Bank of St. Louis Co_ 388 231 890 110 1 Vandalia: Vandalia State Bank _ 87 117 231 25 5 Versailles: Bank of Versailles 121 84 348 40 10 Washington: Franklin County Bank 334 444 799 80 15 Webster Groves: Webster Groves Trust Co 638 1,245 2,182 100 100 DISTRICT NO. 9 MICHIGAN (See also district no. 7) Escanaba: State Savings Bank__ 525 1,084 1,694 180 Ewen: State Bank of Ewen 144 66 244 50 Gladstone: Gladstone State Savings Bank. 337 348 868 112 Iron Mountain: Commercial Bank 695 784 1,837 200 Menominee: Commercial Bank __, 530 442 1,190 145 Sault Ste. Marie: Central Savings Bank _ 348 704 1,258 150 Sault Savings Bank. 366 1,028 1,547 372 MINNESOTA Aurora: State Bank of Aurora 34 195 331 6 Caledonia: Sprague State Bank 308 544 979 40 Cannon Falls: Security State Bank 145 91 261 5 Chatfield: Root River State Bank 103 238 383 10 Clinton: Clinton State Bank _ 175 30 216 5 Gibbon: State Bank of Gibbon _ 205 135 359 10 Houston: Security State Bank of Houston 136 393 637 8 Plainview: Peoples State Bank 78 251 357 5 Rushmore: First State Bank of Rushmore 162 76 307 5 Sacred Heart: Farmers & Merchants State Bank of Sacred Heart._ 150 58 237 Springfield: Farmers & Merchants State Bank 322 144 543 State Bank of Springfield 203 169 538 10 Wadena: Wadena County State Bank 153 303 577 10 Westbrook: Citizens State Bank... _ _. 216 104 403 15 Wykoff: First State Bank of Wykoff 90 126 5 MONTANA Anaconda: Daly Bank & Trust Co 883 787 2,957 325 25 Big Timber: Citizens Bank & Trust Co 386 211 941 125 15 Billings: Security Trust & Savings Bank... 676 1,120 2,953 140 60 Bozeman: Gallatin Trust & Savings Bank 138 220 741 125 10 Security Bank & Trust Co 227 189 603 100 10 Butte: Metals Bank & Trust Co 3,062 4,919 10, 202 600 400 Columbus: Yellowstone Bank 127 211 521 25 10 Deer Lodge: Deer Lodge Bank & Trust Co.. 415 1,043 1,996 100 50 Denton: Farmers State Bank 87 46 247 25 3 Fromberg: Clarks Fork Valley Bank 62 6 97 30 5 Glasgow: Farmers-Stockgrowers Bank 63 172 515 35 20 Great Falls: Montana Bank & Trust Co 173 1,300 2,019 100 25 Helena: Union Bank & Trust Co 1,762 1,503 7,168 500 50 Laurel: The Yellowstone Bank. 159 85 507 35 8 Libby: First State Bank of Libby 132 233 613 25 13 Richey: First State Bank 92 32 208 25 17 Ronan: Ronan State Bank 124 92 452 25 3 Terry: State Bank of Terry. _ 218 164 745 40 40 Townsend: State Bank of Townsend 134 307 500 50 12 Victor: Farmers State Bank 103 101 402 25 15 Worden: Farmers State Bank 19 127 158 25 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [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. 9—Continued SOUTH DAKOTA Alcester: State Bank of Alcester 243 91 422 25 Alpena: Bank of Alpena _ __. 54 20 76 30 Arlington: Citizens State Bank 109 53 148 25 Belle Fourche: Butte County Bank 673 386 1,471 75 Belvidere: Belvidere State Bank 93 72 326 25 Buffalo: First State Bank. 268 60 325 25 Burke: Burke State Bank 65 47 159 25 Faith: Farmers State Bank _ 114 73 335 25 Flandreau: Farmers State Bank 369 95 618 50 Freeman: Merchants State Bank 129 45 205 40 Huron: Farmers & Merchants Bank 78 776 1,084 100 Madison: Security Bank & Trust Co. 346 55 595 75 Mclntosh: Security State Bank.. _. 30 101 225 30 Miller: Hand County State Bank 139 23 263 25 Mitchell: Commercial Trust & Savings Bank.. 598 756 1,704 200 Mobridge: Citizens Bank & Trust Co 21 131 184 50 Newell: Reclamation State Bank 348 114 559 25 Presho: Farmers & Merchants State Bank 73 24 180 25 Sturgis: Bear Butte Valley Bank _ 204 64 548 25 Toronto: The Bank of Toronto 99 121 229 25 Wessington Springs: Jerauld County Bank 210 23 252 25 Winner: Farmers State Bank 140 162 632 25 Woonsocket: Sanborn County Bank 145 92 312 25 WISCONSIN (See also district no. 7) Boyceville: Bank of Boyceville 55 223 256 65 Qlenwood City: First State Bank. 104 143 284 30 DISTRICT NO. 10 COLORADO Delta: Colorado Bank & Trust Co 294 185 935 50 Denver: Central Savings Bank & Trust Co 1,281 1,640 3,602 350 International Trust Co 4,199 7,486 14,918 500 La Junta: Colorado Savings & Trust Co 374 160 821 75 Sterling: Commercial Savings Bank of Sterling 413 278 1,084 100 KANSAS Abilene: Citizens Bank 346 192 1,000 50 Hiawatha: Morrill & Janes Bank.. 376 263 864 100 Hutchinson: Hutchinson State Bank... 479 386 1,707 150 Kansas City: The Riverview State Bank 704 2,159 3,687 100 Liberal: Citizens State Bank 85 61 418 50 Luray: Peoples State Bank of Luray. 136 9 181 25 Ness City: The First State Bank 148 41 358 25 Onaga: Onaga State Bank 40 31 89 25 Osage City: Citizens State Bank _ 163 140 504 25i Pratt: Peoples Bank _ _ 471 658 2,025 100 Sedan: Sedan State Bank 165 40 332 40 Sylvan Grove: Sylvan State Bank 241 84 346 25 Tonganoxie: First State Bank of Tonganoxie 61 84 173 25 Topeka: Fidelity Savings State Bank 475 1,424 2,855 200 Wakefield: Farmers & Merchants State Bank 85 51 248 25 Winfield: The State Bank 299 289 1,010 110 MISSOURI (See also district no. 8) Albany: Gentry County Bank 183 298 854 50 Carthage: Bank of Carthage 777 444 1,738 150 Craig: Bank of Craig 137 40 290 25 Kansas City: Commerce Trust Co 30,608 47,121 156, 244 6,000 Merchants Bank of Kansas City 1,294 645 2,879 200 King City: First State Bank of King City 150 78 397 30 Lamar: Barton County State Bank 189 60 374 25 Rich Hill: Security Bank of Rich Hill 171 49 248 25 St. Joseph: Empire Trust Co 703 763 2,127 200 South St. Joseph: First St. Joseph Stock Yards Bank 645 1,790 3,986 250 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBEKSHIP 265 [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 10—Continued NEBRASKA Alma: Harlan County Bank 233 68 446 30 8 Bancroft: Citizens Bank. ___ 111 1 177 30 10 Blair: Washington County Bank 271 271 624 35 14 North Platte: McDonald State Bank. 283 171 936 100 16 Pawnee City: Citizens State Bank 94 88 237 25 4 Scribner: Farmers State Bank. 99 286 443 40 7 Stromsburg: Stromsburg Bank 162 237 430 30 15 Valley: Bank of Valley 55 43 190 25 6 Wahoo: Wahoo State Bank 146 148 40 15 NEW MEXICO (See also district no. 11) Aztec: Citizens Bank 118 48 242 30 OKLAHOMA Okarche: First Bank of Okarche. 109 91 50 17 WYOMING Evanston: Stockgrowers Bank 288 435 35 Lusk: Lusk State Bank 134 389 15 Mountain View: Uinta County State Bank. 76 15 Newcastle: First State Bank. 246 13 Sundance: Sundance State Bank 242 506 2 Wheatland: State Bank of Wheatland 447 95 04 Stock Growers Bank 169 118 444 69 Worland: Farmers State Bank of Worland.. 258 82 583 20 DISTRICT NO. 11 ARIZONA (See also district no. 12) Tucson: Southern Arizona Bank & Trust Co. 1,844 2,966 6,514 250 300 Willcox: The Bank of Willcox 148 165 562 50 LOUISIANA (See also district no. 6) Minden: Minden Bank & Trust Co 130 2 60 15 Shreveport: Continental-American Bank & Trust Co 1,964 1,892 6,713 950 NEW MEXICO (See also district no. 10) Carlsbad: American Bank of Carlsbad 123 186 464 Deming: Mimbres Valley Bank... 1 6 6 0 9 55 5 8 5 5 4 2 5 5 Logan: McFarland Bros. Bank TEXAS 335 992 2,274 200 Beaumont: Security State Bank & Trust Co.. 63 60 303 50 11 Beeville: State Bank & Trust Co 1 7 9 1 4 3 5 1 9 3 58 0 8 7 6 5 5 0 5 Bremond: First State Bank... 389 304 1,139 100 "166 E F D G B D D E F F B C C D C r o e a d r l l r e o a e a a a i a o r y s r l e t l l f d l n r r n i e l t w t h a n n i e s a o R s k e s n a o B n : a s n v n y : l i r : n : : d i f i o : e E t : n i l F v o : e r l D : F F d : e i F n F a n l l i C d i D e : a r l a a r o F r e m l : n s r s i r : r e G l i : t d t m t a n r i l F e B S z : s s u e F S S r e a R e t r t y a s i U t B a r o r t n r i a r S a m s t w o & s s a S a n t e t t t e e n S n a e i n t S B o a B M t r t k S t f B B y t e a t s n i a a a e t e t a e n a & a t n l S e B B S n r e d t n k B k t c e a t k a B T k a a B h a n & n S t B t r a n a e & k a k e t u n n k a a n T s B k n t B t T & k t s r e k a u a r C n S T u B n s k t t s o k r a a t u n C t s e C k o t B o C a o nk _. 3, 2 1 2 1 1 2 1 3 1 9 7 2 1 3 7 3 9 4 4 4 8 4 1 8 0 7 3 3 5 6 4 8 7 9 4 9 7 7, 2 1 1 6 1 1 3 6 9 1 2 4 0 7 7 7 0 2 6 2 2 5 3 1 4 5 9 1 5 3 0 18, 4 8 2 3 4 2 4 1 1 1 2 4 1 7 0 8 0 7 9 2 1 2 5 0 1 3 8 8 5 4 6 9 1 3 8 8 6 2 4 2 4 1 1,0 1 4 5 4 2 6 7 5 7 0 7 5 5 5 2 0 0 5 5 0 5 0 0 5 0 0 0 0 5 " 5 1 2 1 0 2 6 8 5 7 5 4 2 2 0 0 5 Gonzales: Gonzales State Bank 437 629 1,488 90 40 Digitized foGr oFoRseA CSrEeeRk : Citizens State Bank & Trust Co http://fraser.stlouis5fe6d0.4o8r—g3/ 6 18 Federal Reserve Bank of St. Louis

266 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 11—Continued TEXAS—continued Greenville: Citizens State Bank 372 506 1,219 100 20 Hamilton: Hamilton Bank & Trust Co.__ 78 45 202 50 21 Huntsville: Huntsville Bank & Trust Co 192 320 622 50 30 Iola: Iola State Bank 35 14 60 25 9 Kirkland: First State Bank 31 28 112 25 3 Kosse: First State Bank __ _... 25 6 113 35 1 Ladonia: Farmers & Merchants State Bank 69 54 161 25 6 Leakey: First State Bank 32 17 50 25 2 Llano: Moore State Bank 226 60 454 50 26 Loraine: First State Bank 77 32 197 60 1 Madisonville: Farmers State Bank 56 79 236 25 13 Matador: First State Bank__. 142 20 486 38 25 Mathis: First State Bank 84 35 190 45 14 McAllen: City State Bank & Trust Co 321 261 923 60 30 Mount Pleasant: Guaranty Bond State Bank _. 175 54 327 65 5 Nacogdoches: Commercial State Bank 506 396 1,331 100 50 Pearsall: Security State Bank 177 22 260 25 11 Rails: Security State Bank & Trust Co _. 152 14 283 50 Richardson: Citizens State Bank 74 10 89 35 Robert Lee: First State Bank 79 5 105 30 Roscoe: Roscoe State Bank 55 76 517 30 15 Rusk: Farmers & Merchants State Bank & Trust Co. 76 115 359 75 2 Shamrock: Farmers & Merchants State Bank of Shamrock 119 100 356 50 12 Shiro: Farmers State Bank ___ 45 6 97 25 10 Silsbee: Silsbee State Bank 151 222 602 40 25 Sinton: Commercial State Bank 217 101 681 50 25 Spearman: First State Bank 109 85 326 25 8 Thorndale: Thorndale State Bank 77 81 229 30 17 Turkey: Farmers & Merchants State Bank 106 6 186 25 2 Wellington: Wellington State Bank _._ 205 22 313 50 10 Wharton: Security Bank & Trust Co— 132 164 803 75 16 Wharton Bank & Trust Co 312 262 973 100 100 DISTRICT NO. 12 ARIZONA (See also district no. 11) Buckeye: Buckeye Valley Bank _. 66 70 173 25 12 CALIFORNIA Carmel: Bank of Carmel 544 149 955 50 65 Downey: Los Nietos Valley Bank 489 553 1,277 75 55 Fairfield: Solano County Bank 145 356 516 75 16 Le Grand: Le Grand Bank 183 64 240 25 13 Long Beach: Farmers & Merchants Bank 5,663 2,692 12,591 1,000 250 Los Angeles: California Bank.. 34, 738 30, 390 83, 901 6,500 1,625 Union Bank & Trust Co 15,430 13, 773 33,871 2,500 1,300 Newman: Bank of Newman 579 605 1,259 150 80 Oakland: Central Bank of Oakland 19, 250 10,206 35, 240 4,146 1,354 Pasadena: Citizens Commercial Trust & Savings Bank 1,087 2,720 4,353 300 150 First Trust & Savings Bank of Pasadena 5,515 5,812 13, 725 1,000 400 Salinas: Monterey County Trust & Savings Bank... 4,054 1,882 7,450 675 180 San Francisco: American Trust Co 106, 746 111, 037 242,652 15,000 4,000 Wells Fargo Bank & Union Trust Co 60,471 129,974 224, 531 9,000 5,000 San Rafael: Bank of San Rafael 2,077 1,042 3,066 100 120 Santa Paula: Citizens State Bank _ 425 73 603 100 50 IDAHO Aberdeen: Bank of Aberdeen. 70 77 227 25 5 Arco: Butte County Bank 81 151 383 35 5 Boise: First Security Bank of Idaho 6,982 10,451 23, 060 1,215 285 Hazelton: Hazelton State Bank 51 84 175 25 8 Kellogg: First State Bank of Kellogg 128 292 495 50 10 Malad City: J. N. Ireland & Co., bankers 128 198 531 40 12 Orofino: Bank of Orofino 93 393 592 25 5 Richfield: First State Bank____ 45 58 161 25 9 Soda Springs: Largilliere Co., bankers.__ 129 146 601 25 13 Twin Falls: Twin Falls Bank & Trust Co 887 797 2,465 100 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

267 STATE BANK MEMBERSHIP [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 12—Continued Albany: Bank of Albany __. 184 307 50 15 Dallas: Dallas City Bank. 241 228 756 50 20 Grants Pass: Grants Pass & Josephine Bank... 360 321 965 100 35 Haines: Bank of Haines - 39 50 144 25 3 Myrtle Point: Security Bank of Myrtle Point. 126 297 553 38 12 Oakland: E. G. Young & Co. Bank 132 145 319 71 UTAH Brigham: State Security Bank 405 432 1,201 150 9 Cedar City: Bank of Southern Utah.. 397 131 641 100 45 Ephraim: Bank of Ephraim 338 61 461 75 35 Gunnison: Gurmison Valley Bank 144 13 254 50 Helper: Helper State Bank 392 250 961 50 "50 Kaysville: Barnes Banking Co 327 72 352 50 65 Logan: Cache Valley Banking Co 591 501 1,685 160 10 Ogden: Commercial Security Bank... 2,227 2,057 5,659 512 Price: Carbon Emery Bank 604 417 1,493 100 ~~50 Provo: Farmers & Merchants Bank.. 429 222 904 125 25 Salina: First State Bank of Salina 851 30 913 25 100 Salt Lake City: Tracy Loan & Trust Co 750 817 1,274 250 200 Utah Savings & Trust Co.. 654 1,124 2,296 300 150 Walker Bank & Trust Co. 6,630 10,010 25,483 2,200 100 Spanish Fork: Bank of Spanish Fork 274 53 352 50 15 Commercial Bank 518 123 658 100 10 Springville: Springville Banking Co. 474 220 783 75 75 Vernal: Bank of Vernal 193 32 236 90 5 Uintah State Bank 108 614 50 36 WASHINGTON Almira: Almira State Bank 79 70 310 50 Cashmere: Cashmere Valley Bank 275 222 577 50 15 Chehalis: Coffman-Dcbson Bank & Trust Co. 857 591 2,126 283 Coulee City: Security State Bank 30 47 141 25 Ellensburg: Farmers Bank _ 614 497 1,288 100 "50 Hoquiam: Bank of Hoquiam _ 418 328 1,304 143 Kalama: Kalama State Bank.. 59 203 339 50 Kelso: Cowlitz Valley Bank 129 351 621 65 3 Lacrosse: First State Bank 123 30 421 12 Pullman: Pullman State Bank 405 101 839 15 Puyallup: Citizens State Bank. 314 671 87 Puyallup State Bank 209 264 591 50 14 Ritzville: Ritzville State Bank 58 361 571 40 5 Rockford: Farmers & Merchants Bank 96 8 174 25 6 Rosalia: Bank of Rosalia 104 314 507 33 10 Seattle: Peoples Bank & Trust Co 7,212 3,940 17,199 1,200 213 Seattle Trust Co 2,217 1,705 3,828 550 200 Selah: Selah State Bank 162 112 378 30 6 South Bend. Pacific State Bank. 127 377 558 65 10 Spokane: Washington Trust Co 3, 076 814 6,044 200 300 Tekoa: Tekoa State Bank _. 144 248 581 45 16 Toppenisn: Traders Bank _ 120 36 271 38 ._-„ CJniontown: Farmers State Bank 62 26 130 25 Wenatchee: Columbia Valley Bank 780 352 1,536 200 25 Wilbur: State Bank of Wilbur 186 53 693 50 10 Yakima: Yakima Valley Bank & Trust Co.... 580 180 1,216 196 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS NUMBER OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK,1 DEC. 31, 1935 Number of banks with a capital stock of— States 82- It New England: Maine New Hampshire. Massachusetts-.. 15 Rhode Island Connecticut Middle Atlantic: New York 119 18 New Jersey. _. 53 1 Pennsylvania. 74 4 East North Central: Ohio 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 52 10 13 Mountain: Montana Idaho Wyoming Colorado New Mexico , Arizona Utah Pacific: Washington- Oregon California 3 Total. 1,001 145 78 123 70 102 176 85 36 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

269 STATE BANK MEMBERSHIP CAPITAL STOCK OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK,1 DEC. 31, 1935 [In thousands of dollars] Aggregate capital stock of banks with a capital stock of— S States §1 II oos" New England: Maine 4,061 100 750 611 2,600 New Hampshire. 150 150 Massachusetts.. 26, 558 4,678 1,400 15,180 5,000 Ehode Island. _. 5,000 5,000 Connecticut 4,609 100 150 ""366" 4,059 Middle Atlantic: New York 440, 682 50 60 300 353 1,300 1,335 9,934 10,395 32, 500 384,455 New Jersey 48, 934 50 900 583 4,553 6,015 25,833 11,000 Pennsylvania 67,929 25 65 50 148 300 2,320 6,600 6,130 23,195 29,096 East North Central: Ohio 67, 755 300 258 450 360 800 1,315 1,800 4,630 6,542 51, 300 Indiana. 3,394 50 40 100 133 571 2,500 Illinois 22, 567 250 75 600 145 600 1,155 3, 525 3,967 6,250 6,000 Michigan 21, 770 350 358 900 731 900 1,793 1,988 2,000 7,250 5,500 Wisconsin 6,300 30 50 145 300 125 600 2,050 3,000 West North Central: Minnesota. 528 150 218 100 60 Iowa 3,670 150 110 300 60 300 245 905 600 1,000 Missouri 33, 577 175 115 250 155 600 1,968 2,036 22,000 South Dakota.... 1,000 350 100 100 150 100 200 Nebraska 355 50 205 100 Kansas 1,075 175 40 100 300 260 200 South Atlantic: Delaware 6,798 1,298 5,500 Maryland 8,125 100 325 700 500 6,500 District of Columbia. 4,400 . 4, 400 Virginia 6,490 50 35 450 140 200 125 1,140 1,100 3, 250 West Virginia.... 5,951 75 150 290 100 700 1,836 2,800 North Carolina.. 6,200 50 50 200 700 5,200 South Carolina... 400 25 75 100 200 Georgia 6,815 150 150 135 500 300 780 1,550 3,250 Florida 30 450 East South Central: Kentucky 5,325 25 200 150 200 500 4,250 Tennessee- 1,075 50 400 625 Alabama 3,250 200 75 150 205 I26' 2,500 Mississippi 75 75 West South Central: Arkansas 1,235 100 200 200 675 Louisiana 3,560 50 950 2,500 Oklahoma 50 50 Texas 3,813 275 368 650 770 400 150 200 "I," 666' Mountain: Montana 2,480 175 140 50 300 390 325 1,100 Idaho 1,565 125 75 50 100 1,215 Wyoming 286 75 161 50 Colorado 1,075 50 75 100 350 500 New Mexico 155 30 100 Arizona 325 50 250 Utah 4.512 250 240 300 435 550 "512' 2,200 Pacific: Washington 3,725 186 250 342 100 339 550 1,200 Oregon 334 38 100 71 100 California 40, 696 50 150 200 150 300 675 8,646 30,500 Total - 879,109 3, 625 6,150 4,920 10, 200 12, 428 48, 700 54,067 191, 356 544,851 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

270 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS DEPOSITS OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK,1 DEC. 31, 1935 [In thousands of dollars] Total deposits of banks with a capital stock of— States Total 8 New England: Maine 30,805 2,642 8,205 7,002 12,956 New Hampshire 1,284 1,284 Massachusetts. 328,145 67,642 15,867 239,737 Rhode Island _. 135,366 135,366 Connecticut... 63,223 I, 742 1,280 "3," 400 56,801 Middle Atlantic: New York 7, 491,226 416 549 3,122 3,141 16,756 9,005100,668 1581,,710 393,960 6,804,[,899 New Jersey 517,935 362 10,599 5,413 55,855 54,070 258,052 133.584 Pennsylvania.. 1,121,748 "240 "523 209 3,003 18,370 69,256 55,668 516,289 457; 016- East North Central: Ohio.. 710, 610 4,113 2,549 5,139 3,542 8,745 13,790 16,171 40,985 82,368 533, 258 Indiana. 38,379 316 366 922 4,867 30,828 Illinois 651,609 2,594 641 7,317 1,562 8,419 ll', 235 50,693 70,598 310,314 188,236 Michigan 277, 778 3,284 3,439 8,290 6,865 13,023 19,797 19, 623 16, 745 77,793 108, 91S Wisconsin 72,575 284 724 1,054 3,426 1,354 4,569 21,430 39, 734 West North Central: Minnesota 6,391 1,883 2,754 775 979 Iowa. 70,153 2,083 1,337 6,514 917 5,401 6,117 11,009 20,125 16, 650 Missouri 496,007 2,180 1,055 3,271 1,429 7,032 3,883 38,157 40,084 14,199 384, 717 South Dakota.. 10,853 4,691 506 802 2,066 1,084 1,704 Nebraska 3,881 427 2,518 936 Kansas 15, 797 1,899 332 1,418 6,576 2,717 2,855 South Atlantic Delaware 73, 670 10,028 63, 642 Maryland 96,196 577 2,871 7,923 4,644 80,181 District of Columbia 67, 862 67, 862 Virginia 78,001 865 3825,852 1,564 1,655 1,522 8,822 13,301 44,038 West Virginia.. 58,107 629 1,051 2,612 1,019 6,906 10,987 34,903 North Carolina- 135, 463 915 551 2,920 11,139 119,938 South Carolina- 8,150 494 1,395 1,352 4,909 Georgia 51,054 1,362 486 3,205 "l,"449 5,059 9,859 28, 608 Florida 8,110 430 7,680 East South Central: Kentucky 37,050 252 2,702 1,393 1,426 3,702 27, 575 Tennessee 13,288 748 3,366 9,174 Alabama 34,036 1,683 857 1,101 3,186 ~I,~229 25,980 Mississippi 1,070 1,070 West South Central: Arkansas 15, 643 751 873 1,128 1,417 11,474 Louisiana 32,147 512 469 6,713 24, 453 Oklahoma 489 489 Texas 41,964 1,828 2,582 5,347 5,999 4,662 491 2,274 18,781 Mountain: Montana 34,544 2,601 1, 500 4,617 4,635 2,957 17,370 Idaho 28,690 1,756 914 495 2,465 23,060 Wyoming 3,579 1,068 2,076 435 Colorado 21,360 935 821 1,084 3,602 14,918 New Mexico 1,345 242 1,018 Arizona 7,249 173 562 6,514 Utah... 46,220 913 2,533 1,480 2,792 3,790 3,570 5, 659 25,483 Pacific: Washington 42,914 445 2,308 2,510 3,110 1,288 2,520 9,706 3,828 17,199 Oregon 3,580 144 553 1,599 319 965 California 666,230 240 955 1,793 3,669 1,259 4,353 7,450 95,427 551,084 Total. __ 13,651, 776 41,06129,061 67,07846,836130, 728116,484 546,297630,341 2,882,177 9,161, 713 Digitized for Fi RInAclSuEdeRs capital notes and debentures and par value of preferred and common stock. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBEESHIP 271 NUMBER OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF TOTAL DEPOSITS, DEC. 31, 1935 Number of banks with total deposits of— States Total New England: Maine New Hampshire M assachusetts Rhode Island Connecticut Middle Atlantic: New York_ 119 20 New Jersey.. __. 53 2 P ennsy 1 vania 74 5 East North Central: Ohio._ 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 1 Id aho ___ W yoming Colo rado New Mexico Arizona ..... Utah Pacific: Washington 4 2 Oregon. ..... ..... California 5 3 Total 1,001 102 170 128 147 165 162 44 1 Trust company member with no deposits (has no banking department). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS TOTAL DEPOSITS OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF TOTAL DEPOSITS, DEC. 31, 1935 Aggregate deposits of banks with total deposits of— States §3 8| g II New England: Maine 30,805 1, 9,001 19,958 New Hampshire 1,284 1,284 Massachusetts 328,145 663 1,967 42, 776 210,855 71,884 Rhode Island 135,366 21, 252 114,114 C onnecticut 63, 223 "37 022 "~3~466 56,801 Middle Atlantic: New York. „.._ 7,491,226 615 3,732 3,708 7,487 24,249 77,999 405,021 6,968,415 New Jersey 517,935 763 1,363 3,379 11,236 59,369 225, 957 215,868 Pennsylvania 1,121, 748 "449 1,818 4,330 3,450 18,925 64,873 253, 363 774, 540 East North Central: Ohio 710, 610 952 4,860 7,473 5,498 22,668 20,952 114,949 533, 258 Indiana 38,379 316 366 922 1,1""" 4,867 30,828 I M W lli i i n c sc h o o i i g s n a si n n 2 6 7 7 5 7 2 1 , , , 6 5 7 0 7 7 9 5 8 2 1 , , 6 4 1 1 1 6 2 9 , , 5 0 3 1 4 9 0 3 6 7 1 , , 6 3 3 1 1 8 4 5 , , 4 3 7 9 4 4 2 1 5 5 3 , , , 2 1 8 6 1 5 2 3 5 3 2 6 9 7 , , , 9 5 4 5 5 4 6 1 0 1 8 5 0 9 7 2 , , , 5 1 8 6 0 9 5 3 6 4 1 8 0 2 8 , , 9 9 2 1 8 9 West North Central: Minnesota 6,391 453 2,664 2, 295 979 Iowa 70,153 355 1,870 1,857 3,344 7,321 18,631 36, 775 Missouri 496, 007 728 3,330 3,180 3,456 9,519 46, 036 45,041 384,717 South Dakota 10,853 76 1,330 2,236 2,952 4,259 Nebraska 3,881 604 1,717 624 """936 Kansas 15,798 602 1,454 504 864 3,718 8,567 South Atlantic: Delaware 73, 670 2,111 20,103 51,456 Maryland 96,196 180 397 621 2,871 4,644 87,483 District of Columbia. 67,862 67,862 Virginia 78, 001 2,309 3,290 3,651 5, 520 9,982 53,249 West Virginia 58,107 818 823 3,310 4,589 13, 664 34,903 North Carolina 135, 463 915 551 3,946 2,653 56, 388 71,010 South Carolina 8,150 494 2,747 4,909 Georgia 51, 054 2,003 2, 226 940 4,146 5,967 34, 773 Florida 8,110 430 7,680 East South Central: Kentucky 37,050 252 5,521 6,970 24,307 Tennessee _ 13, 288 748 1,306 2,060 9,174 Alabama 34,036 47 1,054 1,328 1,912 957 2,758 25,980 Mississippi 1,070 225 845 West South Central: Arkansas 15, 643 1,137 742 873 1,417 11,474 Louisiana 32,147 512 31,166 Oklahoma 489 Texas. _. 41,964 296 2,754 3,010 3,583 5,177 2,274 18,781 Mountain: Montana 34,544 97 613 1,354 4,245 941 1,9 7,928 17,370 Idaho 563 878 1,724 2,465 23, 060 Wyoming 3,579 1,751 1,732 Colorado 21, 360 1,756 1,084 3,602 14,918 New Mexico 1,345 85 242 464 554 Arizona 7,249 173 562 6,514 Utah 46, 220 236 I~419 1,913 3~56l ~5~653 ~2~296 31,142 Pacific: Washington. 42, 914 445 1,719 5,370 839 5,344 5,954 23, 243 Oregon. 3,580 144 319 553 2,564 California 666, 230 240 1,119 955 2,536 7,419 102,877 551,084 Total. 13,651,777 j 879 19,117 63,391 78,534 61,601211,935 522,996 2,365,13110,328,193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 273 FIDUCIARY POWERS GRANTED TO NATIONAL BANKS Under section 11 (k) of the Federal Reserve Act as amended, the Board of Governors of the Federal Reserve System 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 Ito9. Bank. Ansonia: Ansonia National Bank 1 to 9. Winsted: Hurlbut National Bank.__ Ito9. Canaan: Canaan National Bank 1 to 9. Danielson: Windham County Na- 1 to 9. MAINE De ii r o b n y ai : Jt B >a i n r K m . ingham National Bank. 1 to 9. Au B g a u n s k ta . : First National Granite 1 to 9. xiari C io a r p u it . ol National Bank & Trust Ito9. 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 Ito9. Middletown: Biddeford: First National Bank 1 to 9. Central National Bank 1 to 9. Carnden: Camden National Bank. 1 to 9. Middletown National Bank 1 to 9. Damariscotta: First National 1, 2, 3, 5, and Mystic: Mystic River National 1 to 9. Bank 6. Bank. Ellsworth: Liberty National Bank in 1 to 9. Naugatuck: Naugatuck National Ito9. Ellsworth. Bank. Farmington: New Britain: New Britain National Ito9. First National Bank 1 to 9. Bank. Peoples National Bank 1 to 3, and 5. New Haven: Houlton: First National Bank 1 to 5, and 9. First National Bank & Trust Co. 1 to 8. Lewiston: New Haven Bank, N. B. A Ito9. 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 Ito9. New London City National 1, 2, 3, 5, 7, First National Bank at Port- 1 to 7 and 9. Bank. and 8. land. New Milford: First National Bank.. 1 to 9. National Bank of Commerce 1 to 9. Norwich: Uncas-Merchants National Ito8. Portland National Bank 1 to 9. Bank. Rockland: First National Bank 1 to 9. 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.._ Ito9. Thomaston: Thomaston National 1 to 3, 5, 8, Water bury: Bank. and 9. Citizens and Manufacturers Na- Ito9. Waldoboro: Medomak National 1 to 3, 5 to 7, tional Bank. Bank. and 9. Waterbury National Bank Ito9. Waterville: First National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Powers Powers granted granted DISTRICT NO. 1—Continued DISTRICT NO. 1-Continued MASSACHUSETTS MASSACHUSETTS—continued Abington: Abington National Bank_ 1. Newburyport: Adams: First and Ocean National Bank. _ Ito9. First National Bank Ito8. Merchants National Bank Ito8. Graylock National Bank 1 to 7 and 9. Newton: Newton National Bank Ito9. Amherst: First National Bank 1 to 9. North Adams: North Adams Ito9. Andover: Andover National Bank Ito9. National Bank. Athol: First National Bank Ito9. North Attleboro: Manufacturers Ito9. Attleboro: First National Bank Ito9. National Bank. Beverly: Beverly National Bank Ito9. Northampton: Bost F o i n rs : t National Bank 1 to 9. First National Bank Ito9. Merchants National Bank Ito9. Northampton National Bank & Ito9. National Rockland Bank 1 to 9. Trust Co. National Shawmut Bank Ito9. Orange: Orange National Bank Ito9. Second National Bank— Ito9. Palmer: Palmer National Bank Ito9. Webster & Atlas National Bank._ Ito9. Peabody: Warren National Bank Ito9. Brockton: Pittsfield: Brockton National Bank 1 to 9. Agricultural National Bank Ito9. Home National Bank Ito9. Pittsfield-Third National Bank 1 to 7 and 9. Concord: Concord National Bank... Ito9. & Trust Co. Edgartown: Edgartown National Ito3. Plymouth: Plymouth National Ito5. Bank. Bank. Everett: Provincetown: First National Bank. Ito9. Everett National Bank 1 to 9. Rockport: Rockport National Bank. Ito4. Middlesex County National Ito9. Salem: Merchants National Bank Ito9. Bank. Shelburne Falls: Shelburne Falls 1 to 7 and 9. Fall River: Fall River National Bank. Ito9. National Bank. Falmouth: Falmouth National Bank. Ito9. Somerville: Somerville National Ito9. Fitchburg: Safety Fund National Ito9. Bank. Bank. Southbridge: Southbridge National Ito9. Foxboro: Foxboro National Bank Ito9. Bank. Framingham: Framingham National Ito9. Springfield: Bank. Springfield National Bank Ito9. Gardner: First National Bank Ito9. Third National Bank & Trust Ito9. Gloucester: Co. G Ca lo p u e c A es n te n 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 I It t o o 9 9 . . Ti t s io b n u a ry l : B a M nk a . rths's Vineyard Na- Ito8. Gr M ea a t h a B iw a e r B r a i n n k g . ton: National 1 to 9. Townsend: Townsend National Ito3. Greenfield: First National Bank & 1 to 9. Bank. 1 to 4. Trust Co. Uxbridge: Blackstone National Bank aaverhill: Waltham: Waltham National Bank. 1 to 7 and 9 Haverhill National Bank Ito9. Wareham: National Bank of Ware- Ito9. Merrimack National Bank Ito4. ham. Jolyoke: Holyoke National Back___ Ito9. Watertown: Union Market National Ito9. Hudson: Hudson National Bank Ito9. Bank. 1 to 9. Hyannis: Barnstable County Na- Ito9. Webster: First National Bank Ito9. tional Bank. Wellesley: Wellesley National Bank. Ipswich: First National Bank Ito9. Westfield: Ito8. Lawrence: Bay State Merchants Ito9. First National Bank National Bank. Hampden National Bank & 1 to 7 and 9. Leominster: Merchants National 1 to 7 and 9. Trust Co. Ito9. Bank. Winehendon: First National Bank.__ Ito9. Lowell: Winchester: Winchester National A Un p i p o le n t o O n l d N L a o ti w o e n l a l l N B a a ti n o k nal Bank. I I t t o o 9 9 . . W B ob an u k rn . : Woburn National Bank.._ 1 a to n d 3 9 , . 6, 7, Lyn C n: entral National Bank Ito8. W B or a c n e k s . ter: Mechanics National Ito9. M Na a t n io u n fa a c l tu C r i e t r y s B N a a n t k ional Bank.__ I 1 t o to 9 . 5 and 7. Ya o r f m Y o a u r t m hp o o u r t t h : . First National Bank Ito9. Maiden: First National Bank Ito9. Marblehead: National Grand Bank- Ito9. NEW HAMPSHIRE M Me a d r F P l f b o e ir o o r s d r p t o : l e : N F s a i N t r i s o a t n ti N a o l n a t B a i l o a n B n a k a l n B k ank. I 1 1 t , 2 o to , 4 3 . 9 , a . nd 5. C B h e N a r a l r i l t n e io : s n t B o a w e l r n B li : n a n C C k o i . t n y n e N c a ti t c io u n t al R B i a v n e k r .. 1 1 . and 4. Methuen: Methuen National Bank__ Ito8. Claremont: Milf H or o d m : e National Bank Ito4. Claremont National Bank 1, a 2 n , d 4 9 , . 6, 7, Milford National Bank & Trust Ito9. Peoples National Bank 1. Co. Concord: Nantucket: Pacific National Bank... Ito9. First National Bank _ Ito9. Needham: Needham National Bank. Ito9. Mechanicks National Bank 1, 2, and 4. New Bedford: National State Capital Bank 1, 2, and 4. First National Bank Ito9. Dover: Merchants National Bank_ Ito9. Merchants National Bank _ Ito3. Safe Deposit National Bank IIto9. Strafford National Bank Ito4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIAKY POWERS 275 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, 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 1 to 5. Ashuelot-Citizens National Bank. 1 and 4. Windsor: Windsor County National 1 to 3, 5 to 9. Keene National Bank Ito4. 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: A M M m a e n r o c c s h h k a e e n a st t g e s r 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 a n k n k k 1 1 1 , . , 4 2, , a an n d d 9 4. . B D r a T i n d r C b u g u s e it t p r y y o C : N r o t: a . t F io ir n s a t l N B a a t n io k n & al T B r a u n s k t C & o. I 1 t o to 9 . 9. Milford: Souhegan National Bank___ 1 and 4. Danbury National Bank Ito9. Nashua: Greenwich: First National Bank in.. Ito9. Indian Head National Bank 1 a to n d 4 9 , . 6, 7, Ne & w T C ru a s n t a C an o : . First National Bank 1 to 9. Second National Bank 1, 2, and 4. Nor walk: National Bank of Nor walk.Ito9. Newport: Citizens National Bank__, 1, a 2 n , d 4 9 , . 6, 7, Ri T dg ru e s fi t e l C d o : . First National Bank & Ito9. Peterboro: First National Bank 1, 4, and 9. South Norwalk: City National Bank- 1 to 9. Plymouth: Pemigewasset National 1 and 4. Stamford: First Stamford National Ito9. Bank. Bank & Trust Co. Portsmouth: 1, 2, 4, 6, 7, NEW JERSEY First National Bank and 9. New Hampshire National Bank. 1 and 9. (See also district no. 3) Tilton: Citizens National Bank 1 and 2. Wilton: Wilton National Bank 1, 2, 4, 6, 7, Allendale: First National Bank Ito9. and 9. Allenhurst: Allenhurst National Ito9. Wolfeboro: Wolfeboro National Bank. 1 and 4. Bank & Trust Co. Allentown: Farmers National Bank. Ito9. RHODE ISLAND AsburyPark: Asbury Park National 1 to 9. Bank & Trust Co. Newport: Atlantic Highlands: Atlantic High- 1 to 8. Aquidneck National Bank Ito9. lands National Bank. Newport National Bank Ito9. Bayonne: Broadway National Ito9. Providence: Bank. Blackstone Canal National Bank. Ito9. Belleville: Peoples National Bank & Ito9. National Bank of Commerce & Ito9. Trust Co. Trust Co. Bergenfield: Bergenfield National 1 to 9. Providence National Bank Ito9, Bank & Trust Co. Bernardsville: Bernardsville Na- 1 to 9. tional Bank. VERMONT Boonton: Boonton National Bank... 1 to 9. Barre: Peoples National Bank Ito9. B B o u u tl n e d r: b r F o i o r k st : N F a ir t s io t n N a a l t B io a n n a k l Bank.. I I t t o o 9 9 . . Bennington: Caldwell: County National Bank 1 to 9. Caldwell National Bank Ito9. B B r r a a t n F t d l i e r o b s n t o : r N o F a : i t r i V s o t e n N r a m l a o t B i n o a t n n a k P l e B op an le k s Na- 1 1 It o t t o o 4 . 9 9 . . Cliff C si i d C ti e o z e . n P s a N rk a : t ion U a n l it B e a d n k N & a t T io r n u a s l t 1 It o to 9 . 8. tional Bank. Bank. Burlington: Howard National Bank Ito8. Clifton: & Trust Co. Clifton National Bank 1 to 9. D C D h a er n e b s v t y i e l r le : L : N i C n a e a ti : l o e d n o N a n l a i B a ti o a N n n a k a t l i o o f n B a C a l h n B e k s a t n e o k r f . . . 1 1 It , o t 2 o 9 , 3 . 3 , ,5 an , a d n 5 d . Cl T o r s F u te i s r r t s : t C C N o io . a s ti t o er n a N l B at a io n n k al Bank & 1 It o to 9 . 9. M M En N N D a i o d n a a e s d c t t r b l i i h b e o u o e y b n r n s g u a a t L e l r l i y r n B B : F e C a a N . a n n e l a k k l n s t . . t i : e o r E n : a n F l o a s B b c a t u n o r k r g y o f P F M o a i i l n d ls t - 1 I 1 9 t , a o t . 2 o n 9 , d . 9 3 . 7 , . 5, 6, D E D E C C n l r r u o i a a g z n v n n l a e e e f b b r l o w l : u e e r o d t r n N h y o : : : d a : F t F : N i F i o i C r i r a n s r s t i s t a t i t t o i l N z N n N U e a a a n a n t l t s i t i i o i S o o o N n n t n n a a a a t a l B t l e i l o B B a B B n n a a a a a k n n n n l k k k k Bank I I I I 1 It t t t t o o o o o to 9 9 9 9 9 . . . . . 7 and 9. dlebury. & Trust Co. Montpelier: Flemington: Flemington National Ito9. First National Bank Ito4. Bank & Trust Co. Montpelier National Bank 1 to 9. Freehold: Newport: National Bank of Newport. 1 to 7 and 9. Central National Bank Ito9. Northfield: Northfield National Ito9. First National Bank 1 to 9. Bank. Frenchtown: Union National Bank.. 1 and 4. Rutland: Hackensack: Central National Bank 1 to 7 and 9. Bergen County National Bank.. 1 to 9. Clement National Bank 1 to 3, 5 to 7. City National Bank & Trust Co. Ito9. Rutland County National Bank. 1 to 9. Hackettstown: St. Albans: Welden National Bank Ito9. Hackettstown National Bank Ito9. in St. Albans. Peoples National Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 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- Ito9. Somerville: Second National Bank... 1 to 4. Hillside: Hillside National Bank Ito9. South Amboy: First National Bank- Ito9. Irvington: South River: First National Bank... 1 to 9. Irvington National Bank 1 to 9. Summit: First National Bank & Ito9. Peoples National Bank & Trust Ito9. Trust Co. Co. Sussex: Farmers National Bank 1 to 5. Jersey City: Tenafly: Northern Valley National 1 to 9. First National Bank 1 to 9. Bank. Franklin National Bank.... _ 1 to 7 and 9. Union City: First National Bank... 1 to 9. Hudson County National Bank.. 1 to 9. Washington: First National Bank... 1 to 9. Kearny: First National Bank & Ito9. Weehawken: Hamilton National Ito9. Trust Co. Bank. Lambert ville: Westfield: National Bank of West- Ito9. Am well National Bank Ito9. field. Lambertville National Bank 1 to 9. West Orange: First National Bank.. 1 to 9. Little Falls: Little Falls National Ito9. Westwood: First National Bank 1 to 9. Bank. Madison: First National Bank Ito9. NEW YORK Manasquan: Manasquan National Ito9. Albany: Bank. National Commercial Bank & 1 to 8. Millburn: First National Bank Ito9. Trust Co. Milltown: First National Bank Ito9. New York State National Bank.. 1 to 9. Montclair: Amity ville: First National Bank & 1 to 9. First National Bank & Trust Co. 1 to 9. Trust Co. Mor M ris o t n o t w cl n a : ir National Bank Ito9. Ams A te m rd s a te m rd : am City National Bank. 1 to 3, 5 to 8. First National Bank 1 to 9. Farmers National Bank .- 1 to 9. New N a a rk ti : onal Iron Bank 1 to 9. Aub F u i r r n s : t N T a h ti e o na N l a B ti a o n n k al Bank of 1 1 t t o o 9 9 . . Auburn. Lincoln National Bank Ito9. Babylon: Babylon National Bank Ito9. Mount Prospect National Bank.. Ito9. & Trust Co. National Newark & Essex Bank- 1 to 9. Baldwin: Baldwin National Bank & 1 to 9. ing Co. Trust Co. National State Bank Ito9. Baldwinsville: First National Bank Ito9. Union National Bank Ito9. & Trust Co. New Brunswick: Ballston Spa: Ballston Spa National 1 to 9. National Bank of New Jersey 1 to 9. Bank. Peoples National Bank 1 to 9. Batavia: First National Bank Ito9. Newton: Sussex & Merchants Na- Ito9. Bath: Bath National Bank Ito9. tional Bank. Bay Shore: First National Bank & Ito9. Nutley: Trust Co. First National Bank _._ Ito9. Beacon: Franklin National Bank__ 1 to 9. Fishkill National Bank... 1 to 9. Orange: Matteawan National Bank of 1 to 9. Orange-First National Bank 1 to 9. Beacon. Second National Bank Ito9. Binghamton: Passaic: Passaic National Bank & 1 to 9. City National Bank Ito9. Trust Co. First National Bank 1 to 9. Paterson: Bridgehampton: Bridgehampton 1 to 9. First National Bank __ 1 to 9. National Bank. National Bank of America in Ito9. Bronx ville: Gramatan National 1 to 9. Paterson. Bank & Trust Co. Paterson National Bank Ito9. Camden: First National Bank & Ito9. Second National Bank 1 to 9. Trust Co. Perth Amboy: Canajoharie: Canajoharie National 1 to 9. First National Bank Ito9. Bank. Perth Amboy National Bank Ito9. Canandaigua: Canandaigua National 1 to 9. Phillipsburg: Bank & Trust Co. Phillipsburg National Bank & Ito8. Canton: Trust Co. First National Bank 1 to 9. Second National Bank Ito9. St. Lawrence County National Plainfield: Bank. 1 to 3, 5 to 8. First National Bank _ 1 to 9. Carmel: Putnam County National Plainfield National Bank._ 1 to 9. Bank. 1 to 9. Pompton Lakes: First National Ito8. Catskill: Catskill National Bank & Bank & Trust Co. Trust Co. 1 to 8. Prospect Park: Prospect Park Na- Ito9. Cazenovia: Cazenovia National tionnl Bank. Bank. 1 to 9. Rah way: Rah way National Bank 1 to 9. Cedarhurst: Peninsula National Ramsey: First National Bank & 1 to 9. Bank. 1 to 9. Trust Co. Central Square: First National Bank 1 to 9. Red Bank: Second National Bank & 1 to 9. Central Valley: Central Valley Na- 1 to 9. Trust Co. tional Bank. Ridgewood: Citizens First National Ito9. Clayton: First National Exchange 1 to 9. Bank & Trust Co. Bank. Roselle: First National Bank__ Ito9. Clyde: Briggs National Bank & 1 to 9. Rutherford: Rutherford National Ito9. Trust Co. Bank. Cohoes: National Bank of Cohoes... 1 to 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 277 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 Ito8. 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 Ito9. First National Bank of Rondout. 1 to 9. Co. National Ulster County Bank... 1 to 9. Cuba: Rondout National Bank 1 to 9. Cuba National Bank Ito9. State of New York National 1 to 9. First National Bank Ito9. Bank. Delhi: Delaware National Bank Ito9. Liberty: Sullivan County National 1 to 9. Dolgeville: First National Bank 1 to 9. Bank. Dover Plains: Dover Plains Na- Ito9. 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 to 9. East Rockaway: East Rockaway 1 to 9. Bank. National Bank & Trust Co. E E d ll w en a v r i d l s le : : E F d i w rs a t r d N s a N ti a o t n i a o l n a B l a B n a k n k & _. 4. Lyn L br y o n o b k r : ook National Bank & 1 to 9. El T m r i u r s a t : F C i o r . st National Bank & Trust 1 to 9. Pe T o r p u le s s t N C a o t . ional Bank & Trust 1 to 9. Fa C ir o p . ort: Fairport National Bank & Ito9. Malon C e o : . Farmers National Bank 1 to 9. Trust Co. Ito9. Manhasset: First National Bank & 1 to 9. Farmingdale: First National Bank.. Trust Co. Far Rockaway: National Bank of 1 to 9. Massena: First National Bank & Ito9. Far Rockaway. Trust Co. Floral Park: First National Bank 4. Mattituck: Mattituck National 1 to 9. & Trust Co. Bank & Trust Co. Fonda: National Mohawk River Ito9. Merrick: First National Bank Ito9. Bank. Middletown: Fort Plain: Fort Plain National 1 to 8. First Merchants National Bank Ito9. Bank. & Trust Co. Frankfort: Citizens First National Ito9. National Bank of Middletown... Ito9. Bank. Mineola: First National Bank Ito9. Fredonia: National Bank of Fre- 1 to 9. Monticello: National Union Bank of Ito9. donia. Monticello. Freeport: Ito9. Morristown: Frontier National 4. Citizens National Bank 1 to 9. Bank. First National Bank & Trust Co. Ito9. Mount Kisco: Mount Kisco Na- 1 to 9. Fulton: Citizens National Bank & 1 to 9. tional Bank & Trust Co. Trust Co. Mount Vernon: First National Bank. Ito8. Geneseo: Genesee Valley National 1 to 9. Newburgh: Bank & Trust Co. Highland Quassaick National Ito9. Glens Falls: Bank & Trust Co. First National Bank 1 to 9. National Bank of Newburgh Ito9. Glens Falls National Bank & 1 to 9. New Rochelle: First National Bank. 1 to 9. Trust Co. New York: Glov F C e u i r t l s y t v o i N n ll e a C : ti o o u n n a t l y B N a a n t k io & na T l B ru a s n t k C & o. 1 1 t t o o 9 9 . . C C h o a m s m e e N rc a i t a io l na N l a B tio an n k al Ban _ k & I I t t o o 9 9 . . G G G o r r t C i a o s o o n t h n o u v e a n T n n i l l : : r t l y e u B F : N . s a i t r W n a s C t k t i a o . o N s n . h a a in t l i g o B t n o a a n l n k B C a o o n u f k n . t O y r a N ng a- e 2 1 1 t t a o o n d 9 5 . . 3. D F F G K o i r i u T r n a r s n t r c g t b u e s G N a s b N t r r o a e r a C t N e o i t n o o i a o e n . t n i a N o N a l n a l a B a t t i B l i o a o n a n B n k n a a a l k l n . k B . B . a a n n k k o _ f . I 1 1 1 1 t t o t t t o o o o 9 9 . 9 9 9 . . . . Ha N m at p i t o o n n a l B B a a y n s k : . Hampton Bays Ito9. La B fa ro y o et k t l e y n N in a t N io e n w a l Y o B rk a . nk of 1 to 9. H H H a a e T n v m r c e u p o r s s s c t t t k r e C a : a w d o F : . : i r S s e t c N N o a n a t d t i i o o N n n a a a l t l i o B n B a a n a l n k B k an & k.. 1 1 1 t t t o o o 9 9 9 . . . N N Pe a a B o t t i i p r o o o le n n o s a a k l l N l y S C a n a t i f i t i e o y n t n y B N a B l a e B n a w n k a k n Y k & o o r k T f . r B u r s o t o C k o - . 1 I 1 t o t t o o 9 9 9 . . . Ho ti o o s n ic a k l B F a a n l k ls . : Peoples First Na- Ito9. Pu ly b n li c i n N N at e i w on Y al o r B k a . nk & Trust Ito9. Hud F so ar n m : ers National Bank Ito9. Ste C r o li . ng National Bank & Trust 1 to 9. First National Bank & Trust Co. 1 to 9. Co. Hudson Falls: Northport: First National Bank & Ito9. Peoples National Bank Ito9. 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. II ion: National Bank & Trust Co Ito9. Ilion National Bank & Trust Co. 1 to 9. Nyack: Nyack National Bank & 1 to 9. Manufacturers National Bank... 1 to 9. Trust Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Powers Powers granted granted DISTRICT NO. 2-Continued DISTRICT NO. 2—Continued NEW YORK—continued NEW YORK—continued Olean: Sidney: First National Bank in lto 9. Exchange National Bank lto 9. Sidney. First National Bank lto 9. Silver Creek: Silver Creek National lto 9. Oneida: Oneida Valley National lto 9. Bank. Bank. Skaneateles: National Bank & Trust lto 9. Citizens National Bank & Trust lto 9. Southampton: First National Bank.. lto 8. Co. Spring Valley: First National Bank.. 1 to 9. Wilber National Bank lto 9. Springville: Citizens National Bank.. lto 9. Ossining: First National Bank & lto 9. Stamford: National Bank of Stam- lto 9. Trust Co. iora. Oswego: First & Second National lto 9. Suffern: Suffern National Bank & lto 9. Bank & Trust Co. Trust Co. Ovid: First National Bank _. 4. Syracuse: Owego: Lincoln National Bank & Trust lto 9. First National Bank lto 9. Co. Owego National Bank lto 9. Merchants National Bank & lto 9. Pearl River: First National Bank & lto 9. Trust Co. Trust Co. Tarry town: Tarry town National lto3, 5to9. Peekskill* Bank. Peekskill National Bank & Trust lto 9. Ticonderoga: Ticonderoga National lto 9. Bank. Westchester County National lto 9. Troy: Bank. Manufacturers National Bank... lto 9. Perry: First National Bank _. lto 9. National City Bank lto 9. Plattsburg: Union National Bank lto 9. Merchants National Bank in lto 9. Tuckahoe: First National Bank & lto 9. Plattsburg. Trust Co. Plattsburg National Bank & 1 to 5, 7 to 9. Utica: Oneida National Bank & lto 9. Trust Co. Trust Co. Pleasantville: First National Bank.. lto 9. Valley Stream: Valley Stream Na- lto 9. Port Chester: First National Bank lto 9. tional Bank & Trust Co. & Trust Co. Walden: First National Bank & lto 9. Port Henry: Citizens National Bank. lto 9. Trust Co. Port Jervis: Walton: First National Bank & lto 9. First National Bank lto 9. Trust Co. National Bank & Trust Co. of lto 9. Warrensburg: Emerson National lto 9. Port Jervis. Bank. Port Richmond: Staten Island Na- lto 9. Warsaw: Wyoming County Na- lto 9. tional Bank & Trust Co. tional Bank. Port Washington: Port Washington lto 9. Warwick: First National Bank lto 9. National Bank & Trust Co. Watertown: Potsdam: Citizens National Bank._. lto 9. Jefferson County National Bank. lto 9. Poughkeepsie: Watertown National Bank lto 8. Fallkill National Bank & Trust lto 9. Watervliet: National Bank of Water- 1 to 9. Co. vliet. Farmers & Manufacturers Na- lto 9. Waverly: Citizens National Bank... lto 9. tional Bank. Wellsville: Citizens National Bank.. 1 to 9. First National Bank lto 9. Westbury: Wheatley Hills National 1 to 9 Merchants National Bank & lto 9. Bank. Trust Co. Westfield: National Bank of West- lto 9. Red Hook: First National Bank 1, 2, and 3. field. Richfield Springs: First National lto 9. Whitehall: Merchants National lto 9. Ri B ve a r n h k e . ad: Suffolk County National lto 9. W B B hi a a t n n e k k & Pl T ai r n u s s : t C P o e . oples National lto 9. Bank. Rochester: First National Bank & lto 9. Yonkers: Trust Co. Central National Bank lto 9. Rockville Center: Nassau County lto 9. Yonkers National Bank & Trust lto 9. National Bank. Co. Rome: Farmers National Bank & lto 9. Trust Co. DISTRICT NO. 3 Roscoe: First National Bank & lto 9. Trust Co. DELAWARE Roslyn: Roslyn National Bank & lto 9. Trust Co. Delmar: First National Bank 1 to 8. Rye' Rye National Bank lto 9. Dover: First National Bank lto 9. St. Johnsville: First National Bank.. lto 9. Harrington: First National Bank lto 9. Saranac Lake: Adirondack National lto 9. Laurel: Peoples National Bank lto 8. Bank & Trust Co. Milford: First National Bank & lto 9. Saratoga Springs: Saratoga National lto 9. Trust Co. Bank. Seaford: First National Bank ___ lto 8. Saugerties: First National Bank & lto 9. Smyrna: Trust Co. Fruit Growers National Bank & lto 9. Scarsdale: Scarsdale National Bank lto 9. Trust Co. & Trust Co. National Bank of Smyrna _ lto 9. Schenectady: Wilmington: Mohawk National Bank 1 to 9. Central National Bank lto 9. Union National Bank lto 9. Union National Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 279 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 Ito9. Atlantic City: Boardwalk National 1 to 9. Allentown: Bank. Allentown National Bank _ 1 to 9. Audubon: Audubon National Bank. Ito9. Merchants National Bank Ito9. Barnegat: First National Bank 1 to 9. Second National Bank Ito9. Beach Haven: Beach Haven Na- Ito9. Altoona: First National Bank Ito9. tional Bank & Trust Co. Annville: Annville National Bank... Ito9. Beverly: First National Bank & Ito9. Ashland: Ashland National Bank Ito9. Trust Co. Ashley: First National Bank Ito9. Blackwood: First National Bank & Ito9. Avoca: First National Bank Ito9. Trust Co. Bangor: Merchants National Bank.. Ito9. Bordentown: First National Bank- Ito9. Bellefonte: First National Bank Ito9. Bridge ton: Belleville: Kishacoquillas Valley Na- Ito3. Bridgeton National Bank Ito9. tional Bank. Cumberland National Bank 1 to 9. Berwick: Farmers and Merchants Na- 1 to 9. Berwick National Bank .__ Ito9. tional Bank. First National Bank Ito9. Burlington: Mechanics National Ito9. Bethlehem: Bank. Bethlehem National Bank Ito9. Camden: First National Bank & Trust Co_ 1 to 9. American National Bank 1 to 9. Blossburg: Citizens National Bank Ito9. First Camden National Bank & Ito9. & Trust Co. lrust L;O. Boyertown: Third National Bank & Trust Co. 1 to 9. Farmers National Bank & Trust Ito9. Cape May: Merchants National 4. Co. Bank. National Bank & Trust Co Ito9. Collingswood: Citizens National Ito9. Bridgeport: Bridgeport National Ito9. Bank. Bank Elmer: First National Bank Ito9. Bristol: Farmers National Bank of Ito9. Glassboro: First National Bank Ito9. Bucks County. Haddonfield: Haddonfield National Ito9. Catasauqua: Bank. Lehigh National Bank Ito9. Hightstown: First National Bank_._ Ito9. National Bank of Catasauqua Ito9. Hopewell: Hopewell National Bank.. Ito9. Chambersburg: Lakewood: Peoples National Bank in Ito9. National Bank of Chambersburg. Ito9. Lakewood. Valley National Bank __ Ito9. Medford: Burlington County Na- Ito9. Chester: Delaware County National Ito9. M t e io rc n h a a l n B tv a i n ll k e . : Merchantville Na- Ito9. Cl "J e JR a H r aI f nI i K e t. ld: County National Bank Ito9. tional Bank & Trust Co. at Clearfield. Millville: Millville National Bank... Ito9. Coatesville: Mount Holly: Union National Bank Ito9. National Bank of Chester Valley. Ito9. & Trust Co. National Bank of Coatesville Ito9. Paulsboro: First National Bank & Ito9. Columbia: Trust Co. Central National Bank 1 to 9. Pemberton: Peoples National Bank Ito9. First Columbia National Bank.. 1 to 9. & Trust Co. Conshohocken: First National Bank. Ito9. Penns Grove: Penns Grove Nation- 1 to 9. Dallastown: First National Bank & Ito9. al Bank & Trust Co. Trust Co. Pitman: Pitman National Bank & Ito9. Danville: Trust Co. Danville National Bank Ito9. PointPleasant Beach: Ocean County Ito8. First National Bank 1 to 9. National Bank. Doylestown: Doylestown National 1 to 9. Princeton: First National Bank 1 to 9. Bank & Trust Co. Roebling: First National Bank & Ito9. Du Bois: Trust Co. Deposit National Bank 1 to 9. Salem: Du Bois National Bank Ito9. City National Bank & Trust Co. Ito9. East Stroudsburg: Monroe County 1 to 9. Salem National Bank & Trust Ito9. National Bank. OO. Ito9. -Hias E io a n s . ton National Bank Ito9. SwBeadneksb.oro: Swedesboro National First National Bank & Trust Co.Ito9. Toms River: First National Bank.__ Ito9. Ebensburg: First National Bank Ito9. Trenton: Edwardsville: Peoples National Bank. 1 to 9. Broad Street National Bank Ito9. Elizabethtown: First National Bank Ito9. First-Mechanics National Bank_ 1 to 9. & Trust Co. Prospect National Bank Ito9. Emaus: Emaus National Bank Ito9. Ventnor City: Ventnor City Na- Ito9. Ephrata: tional Bank. Ephrata National Bank Ito9. Vineland: Vineland National Bank Ito9. Farmers National Bank Ito9. & Trust Co. Gettysburg: Wildwood: Marine National Bank_. Ito9. First National Bank. _ 1 to 9. Woodbury: First National Bank & Ito9. Gettysburg National Bank Ito9. Trust Co. Greencastle: First National Bank ... Ito9. Woodstown: Harleysville: Harleysville National Ito9. First National Bank Ito9. Bank. Woodstown National Bank & Ito9. Harrisburg: Harrisburg National Ito9. Trust Co. Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Powers Powers granted granted DISTRICT NO. 3-Continued DISTRICT NO. 3—Continued PENNSYLVANIA—continued PENNSYLVANIA—continued Hatsboro: Hatsboro National Bank. - Ito9. Nanticoke: Hatfield: Hatfield National Bank... 1 to 9. First National Bank Ito9. Hazleton: Miners National Bank Ito9. First National Bank... _. Ito9. Nanticoke National Bank Ito9. Hazleton National Bank Ito9. Nazareth: Nazareth National Bank Ito9. Honesdale: Honesdale National 1 to 9. & Trust Co. Bank. New Holland: Farmers National Ito9. Honeybrook: First National Bank... 1 to 9. Bank & Trust Co. Hummelstown: Hummelstown Na- 1 to 9. Newtown: First National Bank & 1 to 7 and 9. tional Bank. Trust Co. Huntingdon: Newyille: First National Bank Ito9. Fiist National Bank 1 to 9. Norristown: Union National Bank & Trust Co.1 to 8. Montgomery National Bank Ito9. John M st o o x w h n a : m National Bank 1 It o to 9 . 9. No B r a t P h n e a k o m p o l p e f t s o S N n ie : a g t f i r o C ie n d e a m . l e B n a t n k National I 1 t o to 8 . 9. Un Jo it h e n d s t S o t w at n e . s National Bank in 1 to 9. No N r a th ti u o m na b l e r B la a n n d k : . Northumberland Ito9. Kane: First National Bank Ito9. Oley: First National Bank Ito9. Kennett Square: National Bank & Orwigsburg: First National Bank 1 to 9. Trust Co. of Kennett Square. Ito9. & Trust Co. Kingston: Kingston National Bank . 1 to 9. Oxford: National Bank of Oxford Ito9. Kutztown: Kutztown National Palmerton: First National Bank 1 to 9. Bank. Pen Argyl: First National Bank Ito9. Lancaster: 1 to 9. Philadelphia: Conestoga National Bank 1 to 9. Central Penn National Bank 1 to 9. Fulton National Bank Ito9. City National Bank 1 to 9. Lancaster County National Bank, Ito9. Corn Exchange National Bank 1 to 9. Langhorne: Peoples National Bank & Trust Co. & Trust Co. 1 to 9. Erie National Bank 1 to 9. Lansdale: First National Bank 1 to 9. First National Bank Ito9. Lansdowne: National Bank of Lans- Kensington National Bank 1 to 3, 5to9. downe. Market Street National Bank 1 to 9. Lsbanon: 1 to 9. National Bank of Germantown 1 to 8. First National Bank 1 to 9. & Trust Co. Labanon National Bank Ito9. North Broad National Bank 1 to 9, Peoples National Bank. Northeast National Bank 1 to 9. L3h.igb.t0n: 1 to 9. Northwestern National Bank in 1 to 9. Ci C tiz o e . ns National Bank & Trust 1 to 9. P Se h P c i o l h a n i d l d a e d l N p e h l a p i t a i h o i n a N . a a l t i B on an al k Bank 1 1 t t o o 9 9 . . First National Bank Ito9. Tioga National Bank & Trust Co,1 to 9. Lewisburg: 1 to 9. Tradesmens National Bank & Ito9. Lewisburg National Bank 1 to 9. Philip T sb r u u r s g t : C F o i . rst National Bank 1 to 9. Union National Bank 1 to 9. Phoenixville: Farmers and Mechan- 1 to 9. Lewistown 1 to 9. ics National Bank. Citizens National Bank Ito9. Pine Grove: Pine Grove National I.to9. Mifflin County National Bank.. Ito9. Bank & Trust Co. Russell National Bank Pittston: Lititz: Farmers National Bank Ito9. First National Bank __ 1 to 9. Littlestown: Littlestown National 1 to 9. Liberty National Bank. _. 1 to 9. Bank. Plymouth: First National Bank 1 to 9. Lock Haven: First National Bank... 1 to 9. Port Allegany: First National Bank. 1 to 9. Luzerne: Luzerne National Bank Ito8. Pottstown: Mahanoy City: 1 to 9. Citizens National Bank & Trust Ito9. U Fi n r i s o t n N N at a io ti n o a n l a l B B an an k k .. I I t t o o 9 9 . . N N a a C t t i i o o o . n n a a l l B Iro an n k B o a f n P k ottstown I 1 t o to 9 . 9. Malvern: National Bank of Malvern. 1 to 9. Pottsville: Manheim: Miners National Bank 1 to 9. Keystone National Bank 1 to 9. Pennsylvania National Bank & 1 to 9. Manheim National Bank Trust Co. Mauch Chunk: Mauch Chunk Na- Ito9. Red Lion: tional Bank. Ito9. Farmers & Merchants National 1 to 9. Mechanicsburg: Second National Bank. M B ed a i n a k : . First National Bank. 1 1 t t o o 9 9 . . R Sa id y g r F e w i : r a s F y t i : N r s R a t t i N i d o g a n w t a io l a n y B a a N l n B a k t a io & n n k a T l r B u a s n t k C — o_ I 1 1 t o t t o o 9 . 9 9 . . Millheim: Farmers National Bank Ito9. Schuylkill Haven: First National Ito9. & Trust Co. Bank & Trust Co. Milton: First Milton National Bank. Schwenksville: National Bank & Ito9. Montoursville: First National Bank. 1 to 9. Trust Co. Montrose: First and Farmers Na- 1 to 9. Scranton: tional Bank & Trust Co. First National Bank Ito9. Mount Carmel: 1 to 9. Third National Bank & Trust Co.1 to 9. First National Bank.. _. 1 to 9. Selinsgrove: First National Bank Ito9. Union National Bank. _. 1 to 4. Shamokin: Mount Joy: Market Street National Bank 1 to 9. Digitized for FRFAirSstE NRa tional Bank & Trust Co. Ito9. National Dime Bank of Shamo- Ito9. http://fraser.stloUunisiofne dN.aotriogn/ al Mount Joy Bank. kin. Federal ResM MeBB o yrve u aaren n nsk t k t vBo.. i wallne n : :k oM Mf o ySu etr n.s tLt v o iow llue ni s N N a a t t i i o o n n a a l l

FIDUCIARY POWERS 281 Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 4—Continued PENNSYLVANIA—continued KENTUCKY—continued Shenandoah: Georgetown: Merchants National Bank Ito9. First National Bank.... 1 to 9. 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 Ito9. 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 Ito9. Mount Sterling National Bank.. 1 to 9. Co. Traders National Bank 1 to 5, 7 to 9. Newport: estat F e i o rs o t i i N eg a e ti . onal Bank Ito9. 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.— Ito9. Sunbury: First National Bank Ito9. Pike ville: Swarthmore: Swarthmore National Ito9. First National Bank Ito8. Bank & Trust Co. Pike ville National Bank. __ _ 1 to 3, 5 to 9 Tamaqua: Richmond: Madison Southern Na- Ito9. First National Bank... Ito9. tional Bank & Trust Co. Tamaqua National Bank _ Ito9. Saylersville: Saylersville National 2 to 8. Topton: National Bank of Topton... Ito4. Bank. Towanda: Citizens National Bank.. Ito9. Somerset: Tyrone: First Blair County National Ito9. Farmers National Bank 1 to 5, 7 to 9 Bank. First National Bank 1 to 9. Watson town: Farmers National Ito9. Williamsburg: First National Bank. Ito4. Bank. Winchester: Clark County National 1 to 5, 7 to 9. Waynesboro: Bank. Citizens National Bank & Trust Ito9. OHIO Co. Ito9. Alliance: Alliance First National Ito9. Fiirns t WNaaytinoensablo Broa.nk & Trust Co. Ashtabula: Weatherly: First National Bank Ito9. Farmers National Bank & Trust Ito9. Werners ville: Werners ville National Ito9. Co. Bank & Trust Co. National Bank of Ashtabula 1 to 7 and 9. West Chester: Athens: First National Bank Ito9. Athens National Bank 1 to 7 and 9. National Bank of Chester County 1 to 9. Bank of Athens, N. B. A 1 to 7 and 9. & Trust Co. Canton: First National Bank 1 to 7 and 9. West Grove: National Bank & Trust Ito9. Cincinnati: Co. Atlas National Bank._ Ito9. Wilkes-Barre: First National Bank 1 to 7 and 9. Miners National Bank Ito9. Lincoln National Bank Ito9. Second National Bank... Ito9. Second National Bank 1 to 7 and 9. Wyoming National Bank Ito9. Circleville: First National Bank 1 to 7 and 9. Williamsport: Cleveland: First National Bank t Ito9. Central United National Bank__ 1 to 7 and 9. Williamsport National Bank 1 to 9. National City Bank 1 to 7 and 9. Wrights ville: First National Bank- Ito9. Columbus: York: City National Bank & Trust Co.1 to 7 and 9. Central National Bank & Trust Ito9. Huntington National Bank 1 to 7 and 9. Co. Ohio National Bank 1 to 7 and 9. Drovers and Mechanics National Ito9. Coshocton: Commercial National 1 to 7 and 9. First National Bank Ito9. "JDRnanllKlr. Industrial National Bank of Ito9. DayMtoenr:cuants National Bank & Ito9. Trust Co We w s e te st r n x N or a K ti . onal Bank Ito9. Third National Bank & Trust 1 to 7 and 9. York County National Bank Ito9. Co. York National Bank & Trust Co. Ito9. Winters National Bank & Trust Ito9. DISTRICT NO. 4 East Liverpool: First National Bank. 1 to 7 and 9. Findlay: First National Bank & 1 to 7 and 9. KENTUCKY Trust Co. Greenville: Second National Bank.. 1 to 7 and 9. (See also district no. 8) Hamilton: First National Bank & Trust 1 to 7 and 9. Ashland: Co. Second National Bank 1 to 5,7 to 9. Second National Bank— Ito9. Third National Bank 1 to 5,7 to 9. Lima: National Bank of Lima 1 to 7 and 9. Brooksville: First National Bank 1 to 5 and 8. Mansfield: Covington: First National Bank & 1 to 9. Citizens National Bank & Trust 1 to 4 and 9. Cynthiana: oo. 1 to 7 and 9. Farmers National Bank Ito9. Mtainosnfaiel ldB anSka.vings Trust Na- National Bank of Cynthiana 1 to 5,7 to 9. Marietta: Citizens National Bank... 1 to 7 and 9. Digitized for FRA5S60E48R— 36 19 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 ANNUAL EEPORT OF FEDERAL RESERVE GOVERNORS Powers Powers granted granted DISTRICT NO. 4—Continued DISTRICT NO. 4—Continued OHIO—continued PENNSYLVANIA—continued Marion: National City Bank & 1 to 7 and 9. Monessen: Peoples National Bank Ito8. Trust Co. & Trust Co. Massillon: First National Bank in 4. Monongahela City: First National 1 to 3, 5 to 8. Massillon. Bank. Mount Vernon: The Knox National 1 to 7 and 9. New Bethlehem: First Nat ion il 1 to 9. Bank. Bank. Newark: Park National Bank 1 to 7 and 9. New Brighton: Union National 1 to 9. New Philadelphia: Citizens National 1 to 7 and 9. Bank. Bank. New Castle: Piqua: Citizens National Bank 1 to 9. Citizens National Bank & Trust Ito9. First National Bank of Lawrence 1 to 9. Co. County. Piqua National Bank & Trust 1 to 7 and 9. New Kensington: Co. First National Bank 1 to 8. Portsmouth: Security Central Na- 1 to 7 and 9. Logan National Bank & Trust 1 to 7. tional Bank. Co. Ravenna: Second National Bank 1, 4, and 9. Oil City: Sandusky: Third National Exchange Ito9. First National Bank.._ 1 to 9. Bank. Oil City National Bank 1 to 9. Springfield: First National Bank & Ito9. 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 _ 1 to 9. 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.. 1 to 9. 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 1 to 8. Warren: Second National Bank.. .. Ito9. Merchants and Manufacturers 1 to 9. 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.. 1 to 9. Bank. 7, and 9. Union National Bank 1 to 7 and 9. Waynesburg: 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 Ito9. W Sis h t e e e rs li n v g il : le: 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 1 to 9. Bank & Trust Co. Charleroi: National Bank of Charle- 1 to 9. DISTRICT NO. 5 roi & Trust Co. 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 1 to 8. National Bank & Trust Co 1 to 9. Liberty National Bank 1 to 8. Franklin: Lamberton National Bank. 1 to 9. Lincoln National Bank. 1 to 8. Greensburg: First National Bank in 1 to 9. National Bank of Washington... 1 to 8. Greensbure. National Metropolitan Bank 1 to 8. Greenville: Riggs National Bank 1 to 8. First National Bank._ Ito9. Second National Bank 1 to 8. Greenville National Bank 1 to 9. Grove City: MARYLAND First National Bank 1 to 9. Baltimore: Grove City National Bank 1 to 9. Baltimore National Bank 1 to 9. Knox: Clarion County National 1 to 9. First National Bank 1 to 9. Bank. Western National Bank Ito9. Leechburg: First National Bank 1 to 9. Cumberland: McKeesport: First National Bank- 1 to 9. First National Bank Ito9. Mead ville: 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 1 to 9. Meyersdale: Citizens National Bank. 1 to 9. National Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

283 FIDUCIARY POWERS 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.. 1 to 9, Second National Bank _ Ito9. Covington National Bank 1 to 4, Rising Sun: National Bank of Rising Ito9. Culpeper: Second National Bank 1 to 9. Sun Rockville: Montgomery County Na- 1 to 3. XTJ^< Q\1 r\ » A V\71m 1i 1111e 3o r. • ican National Bank & Trust 1 to 9, tional Bank. Co. Salisbury: Salisbury National Bank- 1 to 9. First National Bank 1 to 9. Snow Hill: First National Bank 1 to 9. Emporia: Towson: Towson National Bank 1 to 9. Citizens National Bank. 1 to 9, Westminster: First National Bank 1 to 9, Farmers & Mechanics National Ito9. Fairfax: National Bank of Fairfax 1 to 9, Bank. Farmville: First National Bank 1 to 9. First National Bank 1 to 9. Williamsport: Washington County 1 to 9. Peoples National Bank 1 to 9. National Bank. Fredericksburg: Planters National 1 to 9. Bank in Fredericksburg. NORTH CAROLINA Hampton: Merchants National Bank Ito9. Asheboro: First National Bank 1 to 9. Citizens National Bank Ito9. Asheville: First National Bank & 1 to 9. Harrison burg: Trust Co. in Asheville. First National Bank 1 to 9. Charlotte: National Bank of Harrisonburg_. 1 to 9. Charlotte National Bank 1 to 9. Rockingham National Bank 1 to 9. Commercial National Bank 1 to 9. Lees burg: Union National Bank 1 to 9. Loudoun National Bank 1 to 9. Concord: Concord National Bank. . 1 to 9. Peoples National Bank 1 to 9. Elizabeth City: First & Citizens 1 to 9. Lexington: National Bank. First National Bank 1 to 9. Graham: National Bank of Ala- 1 to 9. Peoples National Bank 1 to 9. mance. Rockbridge National Bank 1 to 9. Greensboro: Security National Bank. 1 to 9. Lovingston: First National Bank of 1 to 9. Lenoir: Union National Bank 1 to 9. Nelson County. Lumberton: National Bank of Lum- 1 to 9. Lynchburg: berton. First National Bank. 1 to 9. Mooresville: First National Bank 1 to 9. Lynchburg National Bank & 1 to 9. Morganton: First National Bank 1 to 9. Trust Co. Mount Airy: First National Bank... 1 to 9. Marion: Marion National Bank 1 to 9. Reidsville: First National Bank 1 to 9. Marshall: Marshall National Bank Ito9. Rocky Mount: Planters National 1 to 9. & Trust Co. Bank & Trust Co. Martinsville: First National Bank... 1 to 9. Salisbury: First National Bank 1 to 9. Narrows: First National Bank 1 to 9. Thomasville: First National Bank... 1 to 9. Newport News: First National Bank- Ito9. Wadesboro: First National Bank 1 to 9. Norfolk: National Bank of Commerce 1 to 9. SOUTH CAROLINA Seaboard Citizens National Bank- 1 to 9. Norton: First National Bank Ito9. Anderson: Carolina National Bank.. 1 to 9. Orange: Camden: First National Bank 1 to 9. Citizens National Bank... _ 1 to 9. Charleston: South Carolina National 1 to 9. National Bank of Orange 1 to 9. Bank Petersburg: Citizens National Bank- 1 to 9. Chester: Peoples National Bank 1 to 9. Phoebus: Old Point National Bank. Ito9. Gaffney: Merchants & Planters Na- 1 to 9. Portsmouth: American National 1. tional Bank. Bank. Greenville: Pulaski: First National Bank 1 to 9. Peoples National Bank 1 to 9. Peoples National Bank. 1 to 9. Pulaski National Bank 1 to 9. Holly Hill: First National Bank 1 to 3, 5 to 9. Radford: First and Merchants Na- Ito9. Rock Hill: Peoples National Bank.. Ito9. tional J3ank. Spartansburg: Commercial National 1 and 4. Richmond: Bank. Central National Bank Ito9. Sumter: National Bank of South Ito9. First & Merchants National Ito9. Carolina. Bank. VIRGINIA Roanoke: Colonial American National Alexandria: Bank 1 to 9. Alexandria National Bank 1 to 9. First National Exchange Bank.. Ito9. Citizens National Bank Ito9. Rockymount: Peoples National Ito9. First National Bank Ito9. Bank. Appalachia: First National Bank 1. Salem: Farmers National Bank Ito9. Bedford: Peoples National Bank Ito9. Stanley: Farmers & Merchants Na- Ito9. Blackstone: First National Bank 1 to 9. tional Bank. B C r h i a s N r to lo a C l t : t t i h e o D a s n r v o a l m i o l l l t i e t B n e : i s a o v n n i k l l N e & . at i T o r n u a s l t B C a o n . k a . t .. I I t t o o 9 9 . . Stau S A N n t u a t a o t g u i n u o n : s n t t o a a n l N V N a a a t l t i l i o e o n y n a a B l l a B B n a a k n n k k I 1 I t t o o to 9 9 . . 9. Strasburg: Peoples National Bank 1 to 9. First 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

284 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Powers Powers granted granted DISTRICT NO. 5—Continued DISTRICT NO. 6—Continued VIRGINIA—continued A LAB AM A—continued Warrenton: Fauquier National 1 to 9. Selma: City National Bank 1 to 8. Bank. Sylacauga: Merchants & Planters Ito9. Waynesboro: First National Bank.. Ito9. National Bank. Winchester: Talladega: Farmers & Merchants National Ito9. Isbell National Bank 1 to 3, 5 to 7 Bank & Trust Co. and 9. Shenandoah Valley National 1 to 9. Talladega National Bank Ito9. Bank. Troy: First Farmers & Merchants 1 to 7 and 9. Wytheville: First National Farmers Ito9. National Bank. Bank. Tuscaloosa: WEST VIRGINIA City National Bank Ito8. First National Bank Ito8. (See also district no. 4) Wetumpka: First National Bank Ito9. Beckley: Beckley National Ex- Ito9. FLORIDA change Bank. Bluefield: Bradenton: First National Bank Ito4. First National Bank Ito9. Daytona Beach: First Atlantic Na- Ito9. Flat Top National Bank Ito9. tional Bank. Charleston: De Funiak Springs: First National Ito8. Charleston National Bank. Ito9. Bank. National Bank of Commerce 1 to 9. Jacksonville: Clarksburg: Atlantic National Bank 1 to 9. Empire National Bank 1 to 9. Barnett National Bank Ito9. Merchants National Bank of Ito9. Florida National Bank 1 to 9. West Virginia. Lake City: First National Bank 1 to 9. Union National Bank_... 1 to 9. Miami: Graf ton: First National Bank 1 to 9. First National Bank Ito9. Huntington: First Huntington Na- 1 to 9. Florida National Bank & Trust Ito9. Lo 4t"l g Oi r a iIrl n »£ : nUl N X[}> a AcV t l\ i D o K1^ n . al Bank of Logan 1. Miami C o B . e a a t c J h V : X M iam ia i. mi Beach First Ito9. Madison: Boone National Bank Ito4. National Bank. Martinsburg: Old National Bank 1 to 9. Ocala: Munroe & Chambliss Na- 1 to 9. Montgomery: Montgomery National Ito9. tional Bank. Bank. Orlando: First National Bank at Ito9. Mooreneld: South Branch Valley 1 to 3, 5 to 9. Orlando. National Bank. Palm Beach: First National Bank Ito9. Parkersburg: Parkersburg National 1 to 9. in Palm Beach. Bank. Pensacola: Citizens & Peoples Na- Ito9. St. Marys: First National Bank Ito9. tional Bank. Welch: McDowell County National 1 to 9. St. Augustine: St. Augustine Na- 1 to 9. W X i J l C li IX a I m A. s Il o l n W : 61CX1« Sa t n io fo n r a d l : B S a a n nf k o . rd Atlantic National Ito9. First National Bank 1 to 9. Bank. National Bank of Commerce Ito9. Sarasota: Palmer National Bank & 1 to 3, 5 to 7 Trust Co. and 9. DISTRICT NO. 6 Tampa: Exchange National Bank 1 to 9. ALABAMA First National Bank _ Ito8. 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. Atlanta: First National Bank... Ito8. First National Bank.. Ito9. Birmingham: First National Bank.. Ito9. Fulton National Bank Ito9. Cullman: Leeth National Bank Augusta: National Exchange Bank.. Ito9. Decatur: Morgan County National I,2^3,"and5. Barnesville: First National Bank 1 to 8. Bank. Brunswick: National Bank of Ito9. Dothan: First National Bank Ito8. Brunswick. Fayette: First National Bank Ito9. Cartersville: First National Bank... Ito9. Florence: First National Bank Ito8. Columbus: Fort Payne: First National Bank in 1. First National Bank Ito9. Fort Payne. Fourth National Bank Ito9. Greenville: First National Bank Ito9. Dalton: First National Bank 1 to 5. Mobile: La Grange: La Grange National 1 to 8. American National Bank & Ito9. Bank. Trust Co. Louisville: First National Bank Ito9. First National Bank Ito9. Macon: First National Bank & Ito9. Merchants National Bank Ito9. Trust Co. in Macon. Montgomery: Moultrie: Moultrie National Bank.. Ito9. Alabama National Bank Ito9. Rome: First National Bank Ito9. First National Bank Ito9. Oneonta: First National Bank 1 to 3, 5 to 9. National City Bank Ito9. Opelika: Savannah: Farmers National Bank Ito9. Citizens & Southern National Ito9. First National Bank.. Ito7. Bank. Opp: First National Bank. 1 to 9. Liberty National Bank & Trust Ito9. Piedmont: First National Bank Ito3. Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 285 Powers Powers granted granted DISTRICT NO. 6—Continued DISTRICT NO. 7-Continued ILLINOIS—continued LOUISIANA Batavia: (See also district no. 11) Batavia National Bank.. _ 1 to 9. First National Bank 1 to 8. Baton Rouge: Belvidere: Second National Bank... 1 to 9. City National Bank Ito9. Blue Island: First National Bank... Ito9. Louisiana National Bank 1 to 9. Charleston: Charleston National 1, 2, 3, Gretna: First National Bank of Ito9. Bank. and 8. Jefferson Parish at Qretna. Chicago: La Fayette: First National Bank Ito9. American National Bank & Ito9. New Orleans: Trust Co. Hibernia National Bank in New Ito9. City National Bank & Trust Co Ito9. Orleans. Continental Illinois National Ito9. National Bank of Commerce Ito9. Bank & Trust Co. Whitney National Bank 1 to 9. Continental National Bank & 1 to 9. Trust Co. MISSISSIPPI First National Bank _. Ito9. First National Bank of Engle- Ito4. (See also district no. 8) wood. Lawndale National Bank Ito9. Liberty National Bank.. 1 to 9. Biloxi: First National Bank Ito5. Live Stock National Bank 1 to 9. Canton: First National Bank 1 to 4. Mutual National Bank Ito9. Hattiesburg: First National Bank... Ito9. National Builders Bank Ito9. Jackson: Terminal National Bank _. Ito9. Capital National Bank in Jack- 1 to 9. Chillicothe: First National Bank.... Ito9. son. Cicero: First National Bank h 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... Ito8. M Mc e C rid o i m an b : C C it i y ti : z e F n i s r s N t a N ti a o t n io a n l a B l B an a k n . k .. . 1 to 3 and 5. Dec C at i u ti r z : ens National Bank Ito9. Vicksburg: 1 to 9. National Bank of Decatur Ito9. First National Bank & Trust Co. 1 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- Ito9. TENNESSEE tional Bank. Evanston: First National Bank & 1 toft. (See also district no. 8) Trust Co. Galesburg: First Galeeburg 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 Ito9. Knoxville: Farmers National Bank.. 1 to 9. Clarksville: First National Bank 1. Lake Forest: First National Bank... 1 to 9. G Q D C r o a e B P F e c l p o r e a l h p a a l n n e k t n e e k i r r k n v d . h C l : i : i i l o l n l F l e u : F : i n C r i F s r F t o s y t i i r t u . r s & s n t t N t y N N P a . t a e a i t o o t i i p o n o l n a n e a l a s l l B N B B a a a a n t n n i k o k k n o o a f f l 1 1 1 , t t 3 o o 3 t 9 o , . 5 9 . to 8. M M M M La & o o a a c t n l i t S o T t n o i a m c e r o l u e : l n b e l s : l M : : t o N U C : L o a l o n N a i t n i . i o a o e S t n n i a o N a l N n l l a e a a B t i l t o N i a o B n n a n a k a t a l i n o o l k B n f B a a M o a n l f n k a M k B tt a o o n o n k n - . 1 1 I 1 1 t o t t t t o o o o 9 . 9 3 9 9 , . . . 5 and Kingsport: First National Bank 1 to 9. ticello. 8. Kno H P x a v a r i m l k le il N : to a n ti o N n a a t l i o B n a a n l k Bank 1 1 t t o o 7 9. and 9. P O a t r ta i C s w : i a ti : z e F n i s r s N t a N ti a o t n io a n l a B l a B n a k n ._ k ._ I 1 t o to 9 . 9. Lewisburg: First National Bank Ito9. Edgar County National Bank... 1 to 9. Nashville: 1 to 8. Pekin: American National Bank 1 to 9. A Br m o e a r d i w ca a n y 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 1 t t o o 7 9 . and 9. Peor C ia e : ntral National Bank & Trust Ito9. Shel T b h y i v r i d ll e N : a P ti e o o n p a le l s B N an a k tional Bank. 1 1 t t o o 3 9 , . 5 to 9. Co C m o m . ercial Merchants National 1 to 9. So B u a th n k. Pittsburg: First National 1 to 9. Fi B rs a t n N k a & tio n T a r l u s B t a C n o k . Ito9. Springfield- First National Bank 2, a 3 n , d 5 9 . to 7, R Pr o i c n k c f e o t r o d n : : Citizens National Bank.. 1 to 3, 5 to 8. T W u i l n la c h h o es m te a r : : T F r a a r d m e e rs rs 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 . 3, 5 to 9. I S l w l C in e o o d . i is s h N -A a m tio e n ri a c l a n B ank N & a t T io r n u a s l t 1 to 9. Bank. ltoQ. DISTRICT NO. 7 Third National Bank 1 to 9. St. Charles: St. Charles National Ito9. Bank. ILLINOIS Springfield: First National Bank Ito9. (See also district no. 8) Illinois National Bank Ito9. Streator: Union National Bank Ito9. Aurora: Sycamore: National Bank & Trust Ito9. Merchants National Bank._ Ito9. Co. Digitized for FROAldS SEecRo nd National Bank. Ito9. Waukegan: First National Bank Ito9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued INDIANA INDIANA—continued (See also district no. 8) Shelbyville: Farmers National Bank 1 to 9. Albion: Albion National Bank 2, 3. 5, and 8. Shelby National Bank 1 to 9. Attica: Central National Bank & 1 to 9. South Bend: Merchants National 1 to 9. Auburn: City National Bank 1 to 9. Bank. Aurora: First National Bank 1 to 9. Terre Haute: 1, 2, 3, 5, and Batesville: First National Bank 1 to 9. Merchants National Bank 8. Bloo B m lo in o g m to in n g : ton National Bank Ito9. Terre Haute First National 1 to 9. First National Bank 1 to 7 and 9. Bank. Ito8. Bl i u n f f t B o l n u : f ft O on ld . First National Bank Ito9. T T h ip o t r o n n to : w C n it : iz H en o s m N e a N ti a o t n io a n l a B l a B nk ank... Ito9. Brazil: Riddell National Bank 1 to 9. Wabash: First National Bank in Wa- Ito9. Brookville: bash. Franklin County National Bank- 1 to 4. IOWA National Brookville Bank 1 to 9. Butler: Knisely National Bank 2, 3, and 5. Akron: First National Bank 1 to 9. Cloverdale: First National Bank 1 to 9. Arlington: American National Bank. 1 to 3. Columbus: First National Bank 1 to 9. Boone: Citizens National Bank 1 to 3 and 8. Crawfordsville: Cedar Rapids: Merchants National 1 to 4. Citizens National Bank 1 to 4. Bank. First National Bank 1 to 9. Charles City: Dana: First National Bank 1 to 3. Citizens National Bank. 1 to 9. Danville: First National Bank 1 to 9. Commercial National Bank 1 to 9. Dyer: First National Bank. — 1 to 4. Charter Oak: First National Bank... 1, 2,3, and 5. East Chicago: Clinton: City National Bank 1 to 9. First National Bank in East 1 to 9. Columbus Junction: Louisa County 1, 2,3, and 5 Chicago. National Bank. Union National Bank of Indiana 1 to 9. Council Bluffs: City National Bank.. 1 to 8. Harbor at East Chicago. Creston: First National Bank 1 to 9. Elkhart: First National Bank 3 to 9. Des Moines: Elwood: First National Bank 1 to 8. Central National Bank & Trust 1 to 9. Fort Wayne: Co. Fort Wajne National Bank Ito9. Iowa-Des Moines National Bank Ito9. Lincoln National Bank & Trust Ito9. & Trust Co. Co. Dubuque: First National Bank Ito9. Franklin: Johnson County National 1, 2, 3, 5, Dysart: Dysart National Bank Ito9. Bank. and 8. Eldon: First National Bank 1 to 9. Goshen: First National Bank 1 to 3, 5, and Fairfield: First National Bank in 1 to 9. 8 Fairfleld. Greensburg: Decatur County Na- 2, 3, and 5. Fonda: First National Bank Ito4. tional Bank. Fort Dodge: Fort Dodge National Ito8. Indianapolis: Bank. American National Bank 1 to 9. Gladbrook: First National Bank 1 to 9. Indiana National Bank 1 to 9. Grinnell: Poweshiek County Na- Ito9. Merchants National Bank Ito9. tional Bank. Knightstown: Citizens National 1 to 3, 5 to 7, Harlan: Harlan National Bank Ito8. Bank. and 9. Iowa City: First Capital National 1 to 9. La Fayette: Bank. First-Merchants National Bank Ito8. Knoxville: Community National Ito9. La L P a o r F te a : y e F t i t r e s t N a N ti a o t n io a n l a B l a B nk ank & 1 to 3, and 5. Le B a M nk a r & s: F T i r r u s s t t C N o at . ional Bank in 1 to 3, 5, and Li T b r e u rt s y t : C o U . nion County National Ito9. M L as e o M n C ar i s t . y: First National Bank... It 8 o . 9. Lo B g a a n n k sp . ort: National Bank of Lo- Ito3. N N e e w w e to ll n : : F N ir e s w t t N on at i N on at a i l o n B a a l n B k ank 1 It o to 9 . 9. Lo g w an e s ll p : o L r o t. well National Bank Ito9. O O e ra lw ng e e in C : F it i y rs : t O N ra a n ti g o e n a C l i B ty a n N k ational I I t t o o 7 9 . . Marion: Ito8. Bank. M Fir a s r t i o N n a N tio a n ti a o l n B al a n B k a n in k Marion... Ito9. P P e a r u r l y li : n F a: i r F st i r N st a N tio a n ti a o l n B al a n B k ank. 1 1 t t o o 7 9 . and 9. Michigan City: 1 to 9. Peterson: First National Bank . Ito4. First National Bank 1 to 9. Primghar: First National Bank 1 to 9. Merchants National Bank Ito9. Red Oak: First National Bank 1 to 9. Mishawaka: First National Bank Ito9. Remsen: First National Bank 1 to 8. Monterey: First National Bank 1 to 3, 5 to 9. Rippey: First National Bank 1,2, 3, 5 to 8. New Carlisle: First National Bank.. 1 to 9. Sibley: First National Bank Ito3. Noblesville: American National Ito9. Sioux City: Bank. First National Bank in Sioux Ito9. Plainfield: First National Bank & Ito9. City. Trust Co. Live Stock National Bank 1 to 9. Remington: Farmers National Bank. 1 to 3, 5 to 8. Security National Bank Ito9. Richmond: Toy National Bank Ito9. First National Bank.. Ito9. Spencer: Clay County National 1 to 9. Second National Bank 1 to 9. Bank. Rochester: First National Bank 1 to 5, 7, and Storm Lake: Citizens First National 1 to 9. 9. Bank. Rockville: Rockville National Bank.. Ito9. Thornton: First National Bank Ito9. Rushville: Waverly: First National Bank 1 to 4. Rush County National Bank Ito4. Webster City: Farmers National Ito9. Digitized for FRRAuSshEvRil le National Bank... Ito4. Bank. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

287 FIDUCIAKY POWERS Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 8—Continued MICHIGAN ARKANSAS—continued (See also district no. 9) Fordyce: First National Bank 1 to 9. Forrest City: National Bank of East- Ito9. Ann Arbor: First National Bank & ern Arkansas. Trust Co. Fort Smith: Battle Creek: City National Bank 1 to 9. City National Bank & Trust Co. 1 to 8. First National Bank 1 to 9. Central National Bank at Battle 1 to 3, 5 to 8. Merchants National Bank 1 to 9. Creek. Hot Springs: Arkansas National 1 to 9. Security National Bank 1 to 3, 5 to 8. Bank. Charlotte: First National Bank 2, 3, 5, and 8. Little Rock: Coldwater: Southern Michigan Na- 1 to 9. Commercial National Bank 1 to 9. tional Bank. Peoples National Bank 1 to 9. Detroit: Union National Bank 1 to 9. Manufacturers National Bank. _. 1 to 9. Newport: First National Bank 1 to 8. National Bank of Detroit Ito9. Pine Bluff: Simmons National Bank. 1 to 9. Flint: National Bank of Flint 1, 2, 3, 5, and Texarkana: State National Bank 1 to 9. 8. Jackson: National Bank of Jackson._. Ito9. Kalamazoo: First National Bank & Ito9. ILLINOIS Trust Co. Lapeer: First National Bank 2,3, 5, and 8. (See also district no. 7) Monroe: First National Bank 1 to 9. Muskegon: Hackley Union National 1 to 9. Alton: First National Bank & Trust 1 to 9. Bank. Co. in Alton. Petoskey: First National Bank 1 to 4. Belleville: Port Huron: First National Trust & 1 to 9. Belleville National Bank 1 to 9. Savings Bank. First National Bank 1 to 9. Quincy: First National Bank 2, 3, 5, and 8. St. Clair National Bank 1 to 9. St. Johns: St. Johns National Bank.. 2, 3, 5, and 8 Benld: First National Bank of Benld. 1 to 3, 5 to 8. Saginaw: Second National Bank & 1 to 8. Bridgeport: First National Bank 1 to 9. Trust Co. Bunker Hill: First National Bank... 1 to 9. Union City: Union City National 2,3, 5, and 8. Carlinville: Carlinville National 1 to 9. Bank. Bank. Carmi: National Bank of Carmi 1 to 9. WISCONSIN Centralia: Old National Bank 1 to 9. (See also district no. 9) East St. Louis: Southern Illinois Na- 1 to 9. tional Bank. Beaver Dam: 1 to 9. Edwardsville: Edwardsville Nation- 1 to 3, 5 to 7. American National Bank 1 to 9. al Bank & Trust Co. and 9. Old National Bank 1 to 9. Effingham: First National Bank 1 to 9. Beloit: Second National Bank 1 to 9. Highland: First National Bank 1 to 9. Berlin: First National Bank Jonesboro: First National Bank 1 to 9. Fond du Lac: 1 to 8. Lebanon: First National Bank 1 to 9. Gree N F n i a r t s i B t o F a n y o al : n d E K x d e c u ll h o L a g a n g c g e N C B a i t t a i i o n z n e k n al s B N an a k - . 1 1 ,2 t 8 o , . 3 9 ,5 . , and M M M a e s tr a c o s o p c u o o t l a u i h s ta : : h C F . i i r ty st N N a a t t i i o o n n a a l l B B a a n n k k in 1 1 t t o o 9 4 . . tional Bank. Millstadt: First National Bank 1 to 9. Hartford: First National Bank 1 to 7 and 9. Murphysboro: First National Bank. 1 to 8. Tanesville: First National Bank 1 to 9. Nashville: Lake Geneva: First National Bank.. 1 to 9. Farmers & Merchants National Ito9. Manitqwoc: First National Bank in 1 to 9. Bank. Manitowoc. First National Bank 1 to 9. Marinette: First National Bank 1 to 9. National Stock Yards: National 1 to 9. Menasha: First National Bank 1 and 4. Stock Yards National Bank of Na- Milwaukee. Marine National Ex- 1 to 9. tional City. change Bank O'Fallon: First National Bank Ito9. Monroe: First National Bank 1 to 9. Pittsfleld: First National Bank 1 to 9. Neenah: Sparta: First National Bank 1 to 3, 5 to 7. First National Bank 1 to 9. Vandalia: First National Bank Ito8. National Manufacturers Bank-._ 1 to 3. Platteville: First National Bank 1 to 9. INDIANA Racine: First National Bank & 1 to 9. Trust Co. (See also district no. 7) Ripon: First National Bank 1 to 9. Sheboygan: Security National Bank. 1 to 9. Bedford: Bedford National Bank 1 to 3, 5 to 9. S St p e a v r e ta n : s F P a o r i m nt e : rs National Bank 1 to 9. Bicknell: First National Bank 1 1 t t o o 9 3 . , 5 to 7 Citizens National Bank 1 to 9. Brownstown: First National Bank.. and 9. First National Bank _*._. 1 to 8. Cannelton: First Cannelton Na- 1 to 3, 5 to 8 Waukesha: Waukesha National Bank. 1 to 8. tional Bank. Waupun: National Bank of Waupun. 1 to 9. Evansville: West Bend: First National Bank 1 to 9. National City Bank 1 to 9. Wisconsin Rapids: First National Ito9. Old National Bank in Evansville. Ito9. Bank. Fort Branch: Farmers & Merchants 1 to 9. DISTRICT NO. 8 National Bank. Madison: First National Bank.. _._ Ito9. ARKANSAS Mitchell: ITirst National Bank 1 to 5. El Dorado: First National Bank 1 to 9. New Albany: Union National Bank. Ito9. 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

288 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 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, Sedalia: Third National Bank 1 to 3, 5 to 7. and 9. Springfield: Union National Bank... 1 to 9. Seymour: Seymour National Bank.. 1 to 9. Trenton: Trenton National Bank 1 to 9. Tell City: Unionville: Marshall National Bank. 1 to 3, 5 to 7. Citizens National Bank 1 to 7 and 9. Warrensburg: Peoples National 1 and 4. Tell City National Bank 1 to 9. Bank. Vevay: First National Bank 1 to 9. TENNESSEE V W i a n d c e e s n v n i e ll s e : : A F m ar e m ric e a rs n 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 1 t t o o 9 9 . . (See also district no. 6) Washington: Dyersburg: First-Citizens National Ito9. Peoples National Bank & Trust 1 to 9. Bank. Co. Jackson: Washington National Bank Ito9. First National Bank 1. National Bank of Commerce 1 to 9. KENTUCKY Second National Bank... Ito9. (See also district no. 4) Memphis: Bowling Green—American National 1 and 4. First National Bank Ito9. Bank. National Bank of Commerce in Ito9. Carrollton: First National Bank Ito9. Memphis. Clay: Farmers National Bank Ito9. Union-Planters National Bank & Ito9. Columbia: First National Bank & 1 to 3,5 to 8. Trust Co. Trust Co. Union City: Old National Bank 1 to 9. Danville: DISTRICT NO. 9 Citizens National Bank Ito9. Farmers National Bank 1 to 8. MICHIGAN Elizabethtown: First-Hardin Na- 1 to 9. (See also district no. 7) tional Bank. Frankfort: State National Bank 1 to 9. Hancock: National Metals Bank 1 to 9. Lawrenceburg: Houghton: Houghton National Bank. 1 to 9. Anderson National Bank 1 to 3, 5 to 9. Ironwood: Gogebic National Bank__ 2, 3, 5, and 8. Lawrenceburg National Bank 1 to 8. Lake Linden: First National Bank.. 2, 3,5, and 8. Lebanon: Marquette: Citizens National Bank 1 to 9. First National Bank & Trust Co. 1 to 9. Farmers National Bank 1 to 9. Union National Bank 1 to 9. Marion National Bank 1 to 6 and 8. Menominee: Louisville: First National Bank 1 to 9. Citizens Union National Bank... 1 to 9. Lumbermen's National Bank 2, 3,5, and 8. First National Bank 1 to 9. Munising: First National Bank of 2, 3, 5, and 8. Liberty National Bank and 1 to 9. Alger County. Trust Co. Negaunee: First National Bank 2, 3,5, and 8. Madisonville: Farmers National 1 to 9. MINNESOTA Bank. Mayfield: First National Bank 1 to 9. Albert Lea: First National Bank Ito8. Morganfield: Morganfield National 1 to 9. Bemidji: First National Bank 1 to 9. Bank. Chatfield: First National Bank...... 1 to 5. Owensboro: National Deposit Bank. Ito9. Duluth: Paducah: Peoples National Bank 1 to 9. City National Bank 1 to 9. Princeton: First & American National Bank. 1 to 9. Farmers National Bank 1 to 9. Minnesota National Bank 1 to 9. First National Bank 1 to 3, 5 to 9. Northern National Bank 1 to 9. Eveleth: First National Bank 1 to 3, 5 to 9. MISSISSIPPI Fairmont: (See also district no. 6) First National Bank 1 to 9. Martin County National Bank.. 1 to 9. Columbus: First Columbus National 1 to 9. Faribault: Security National Bank 1 to 9. Bank Greenville: First National Bank 1 to 4. & Trust Co. Fergus Falls: West Point: First National Bank.... 1 to 9. Fergus Falls National Bank & 1 to 8. MISSOURI Trust Co. First National Bank 1 to 9. (See also district no. 10) Hastings: First National Bank 1 to 9. Carrollton: First National Bank 1 to 8. Little Falls: First National Bank 1, 2, 3, 5, 6, Columbia: 8, and 9. Boone County National Bank 1 to 9. Minneapolis: Exchange National Bank 1 to 8. First National Bank & Trust Co. 1 to 9. Hannibal: Hannibal National Bank.. 1 to 9. Marquette National Bank 1 to 9. Jefferson City: Exchange National Ito9. Midland National Bank & Trust 1 to 9. Bank. Co. Kirksville: Citizens National Bank.. 1 to 8. Northwestern National Bank & 1 to 9. Luxemburg: Lafayette National 1 to 9. Trust Co. Bank & Trust Co. Northfield: Northfield National 1 to 9. Monett: First National Bank Ito9. Bank & Trust Co. Pierce City: First National Bank.... Ito9. Owatonna: First National Bank 1 to 9. St. Charles: First National Bank 1 to 9. Proctor: First National Bank 1 to 9. St. Louis: Red Wing: Boatmen's National Bank 1 to 9. First National Bank 1 to 9. First National Bank in St. Louis. 1 to 4. Goodhue County National Bank- Ito9. Mercantile Commerce National 1 to 9. Red Wing National Bank & 1 to 9. Bank in St. Louis. Trust Co. Security National Bank, Savings Ito9. St. Paul: & Trust Co. American National Bank 1 to 9. South Side National Bank in St. 1 to 9. Empire National Bank & Trust 1 to 9. Digitized for FRALSouEiRs. Co. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

289 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 9—Continued DISTRICT NO. 9—Continued MINNESOTA—continued SOUTH DAKOTA—continued St. Paul—Continued. Sioux Falls—Continued. First National Bank 1 to 9. First National Bank & Trust Co. Ito8. Midway National Bank Ito9. in Sioux Falls. St. Peter: First National Bank Ito8. Northwest Security National Ito9. Spring Valley: First National Bank_ _ 1 to 9. Bank. Stillwater: First National Bank . Ito9. Watertown: First Citizens National 1 to 9. Truman: Truman National Bank,.. Ito9. Bank. 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. Windom: First National Bank Ito9. WISCONSIN Winona: First National Bank.. Ito9. (See also district no. 7) W B in a o n n k a . National & Savings Ito9. Barron: First National Bank Ito3. Chippewa Falls: First National Bank 1 to 9. M<K mO y-Nv -VTTA m Nk A"VT A Lumbermens National Bank 1 to 9. B B11i1 o l1l1 z i1n M e M 11g m P^ o i A d a * n a n l t a : a n n d C a o N N m a a m t t i i o e o n r n c a a i l a l l B B a a N n n k k a . tional 1 1 1 t t t o o o 4 9 9 . . . Eau U A C n m 1 l i a o e r i r u n r i e c s : N a t n a o t o io . N n a a t l i o B n a a n l k Bank & 1 It t o o 9 9 . . B D u i B l t l a t o e n n : k : : M Fi i r n s e t r s N N at a io ti n o a n l a B l a B n a k n k ._ 1 1 t t o o 7 9. and 9. M Su e p n e F o r i m i r o s o r t : n N ie a : ti F o i n rs a t l N B a a t n io k nal Bank 1 1 t to o 9 7 . . urea F t ir v s t a i N is a . tional Bank Ito9. National Bank of Commerce 1 to 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 1 to 9. town. Brush: First National Bank. 1 to 3, 5 to 3. Livingston: National Park Bank in Ito9. Canon City: Livingston. First National Bank Ito9. Miles City: First National Bank in Ito9. Fremont County National Bank- 1 to 4. Miles City. Center: First National Bank Ito4. Missoula: Colorado Springs: First National Bank _ 1 to 7 and 9. Colorado Springs National Bank. Ito9. Western Montana National 1 to 8. Exchange National Bank Ito9. Bank. First National Bank... Ito9. Denver: NORTH DAKOTA American National Bank Ito7. Colorado National Bank 1 to 9. Bismarck: Denver National Bank Ito9. Dakota National Bank & Trust 1 to 9. First National Bank 1 to 9. Co. United States National Bank 1 to 9. First National Bank 1 and 9. Durango: Burns National Bank 1 to 7. Dickinson: First National Bank Ito9. Eagle: First National Bank of Eagle Ito4. Ellendale: First National Bank 1 to 4. County. Fargo: Florence: First National Bank Ito9. First National Bank & Trust Co. 1 to 9. Fort Collins: Poudre Valley National 1 to 7 and 9. Merchants National Bank & 1 to 9. Bank. Trust Co. Fort Morgan: First National Bank.. 1 to 4. Grafton: Grafton National Bank 1 to 9. Glen wood Springs: First National 1 to 3, 5 to 7. Grand Forks: First National Bank 1 to 9. Bank. in Grand Forks. Grand Junction: First National Bank 1 to 9. Jamestown: National Bank Ito9. in Grand Junction. Valley City: First National Bank 1 to 9. Greeley: First National Bank Ito9. SOUTH DAKOTA Greeley National Bank 1 to 9. Gunnison: First National Bank 1 to 9. Aberdeen: Hugo: First National Bank. 1 to 3. Aberdeen National Bank & 1 to 9. Las Animas: First National Bank 1 to 9. Fir i s r t u s N T a i_ t ; i O on . al Bank_. _. 1 to 9. Long F m irs o t n N t: ational Bank.. 1 to 9. Arlington: First National Bank in 1 to 4. Longmont National Bank 1 to 9. Arlington. Montrose: Montrose National Bank.. 1 to 9. Brookings: Security National Bank.. 1 to 9. Ordway: First National Bank 1. Clear Lake: Deuel County National 1 to 9. Walsenburg: First National Bank ... 1 to 9. Bank. Windsor: First National Bank 1 to 4. Deadwood: First National Bank Ito9. Lake Norden: First National Bank 1 to 3, 5 to 8. KANSAS & Trust Co. Anthony: Lead: First National Bank _. 1 to 9. Citizens National Bank 1 to 8. Miller: First National Bank 1 to 9. First National Bank 1 to 4. Rapid City: First National Bank... 1 to 7 and 9. Arkansas City: Home National 1 to 9. Sioux Falls* J1UUA C i - t I i - z C e il-i n O* s National Bank & Trust 1 to 9. Atchison: City National Bank 1 to 9. Co. Chanute: First National Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 ANNUAL REPOKT OF FEDERAL RESERVE GOVERNORS Powers Powers granted granted DISTRICT NO. 10—Continued DISTRICT NO. 10—Continued KANSAS—continued NEB R ASK A—continued Coffeyville: Lincoln: Condon National Bank 1 to 3, 5 to 9. Continental National Bank lto 9. First National Bank 1 to 3 and 5. First National Bank lto 9. Dodge City: First National Bank in Ito9. National Bank of Commerce 1 to 9. Dodge City. 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 & 1 to 9. Omaha: Trust Co. First National Bank 1 to 9. 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 1 to 9. South Omaha: Stock Yards National 4. Exchange National Bank Ito8. Bank. First National Bank 1 to 4. Utica: First National Bank 2 and 3. Jewel Citv: First National Bank 1 to 3. Wahoo: First National Bank lto 3, 5 to 9. Kansas City: Security National Bank. lto 9. Wayne: First National Bank 1 to 9. Larned: First National Bank in 1 to 3 and 5. Larned. NEW MEXICO Lawrence: First National Bank lto 8. (See also district no. 11) Lawrence National Bank lto 8. Leavenworth: First National Bank.. 1. Albuquerque: Manhattan: Albuquerque National Trust & lto 9. First National Bank lto 9. Savings Bank Union National Bank __. lto 9. First National Bank in Albu- 1 to 9 Ottawa: Peoples National Bank 1 to 4. querque Paola: Miami County National lto 9. Farmington: First National Bank... 2 and 3. Bank. Raton: First National Bank in Raton 1 to 7. Pratt: First National Bank 1 to 9. Santa Fe: First National Bank 1 to 9. Farmers National Bank 1 to 5 and 8. National Bank of America at lto 9. OKLAHOMA Salina. Topeka: National Bank of Topeka 1 to 9. Ada- First National Bank in Ada— lto 9. Troy: First National Bank 1 to 3. Anadarko: First National Bank. _ ._ 1 to 9. Wellington: First National Bank in lto 9. Bartlesville- Wellington. First National Bank in Bartles- lto 9. Wichita: ville. First National Bank in Wichita. _ lto 9. Union National Bank 4. Fourth National Bank in 1 to 9. Bristow: American National Bank.__ 1 to 9. WiVhita Broken Arrow: First National Bank- 1 to 4, 6 to 9. Southwest National Bank 1 to 9. Cleveland: First National Bank 1 to 9. Union National Bank lto 9. Dewey: First National Bank 1 to 9. Winfield: Enid: First National Bank.. _ 1 to 9. Central National Bank 1 to 9. Winfield National Bank 1 to 9. First National Bank 1 to 9. Guthrie: First National Bank 1 to 8. MISSOURI Holdenville: First National Bank___ 1 to 9. Hominy: National Bank of Com- 1 to 9. (See also district no. 8.) merce. Hooker: First National Bank 1 to 3 and 5. Cameron: First National Bank 1 to 3. Lawton: City National Bank 1 to 3, 5 to 7, Carthage: Central National Bank 1 to 3. and 9. Independence: First National Bank.. 1 to 9. McAlester: First National Bank 1 to 3, 5 to 7. Joplin: Joplin National Bank & lto 9. Miami: First National Bank lto 9. Trust Co. Muskogee: Kansas City: Commercial National Bank in lto 8. City National Bank & Trust Co. 1 to 9. Muskogee. Columbia National Bank 1 to 4 and 9. First National Bank & Trust Co. lto 9. First National Bank... 1 to 9. Norman: Interstate National Bank lto 9. First National Bank 1 to 9. Stockyards National Bank 1 to 9. Security National Bank lto 9. Traders Gate City National Bank. lto 9. Okemah: Union National Bank in Kansas 1 to 9. First National Bank 1 to 8. City. Okemah National Bank lto 9. Neosho: First National Bank... 1 to 9. Oklahoma City: Plattsburg: First National Bank 1 to 9. City National Bank & Trust Co. Lto 9. St. Joseph: Fidelity National Bank to 9. American National Bank 1 to 9. First National Bank & Trust Co. to 9. Burns National Bank lto 4. Liberty National Bank.. Lto 9. Tootle-Lacey National Bank 1 to 8. Tradesmens National Bank . to 7 and 9. Okmulgee: Central National Bank— . to 9. NEBRASKA Ponca City: First National Bank at Lto 9. Belden: First National Bank 1 to 3, 5 to J» Shawnee: Federal National Bank 1 to 9. Butte: First National Bank lto 3. Stillwater: David City: First National Bank.... 1 to 9. First National Bank lto 9. Emerson: First National Bank. lto 8. Stillwater National Bank— lto 9. Genoa: Genoa National Bank 1 to 9. Tulsa: Grand Island: First National Bank.. 1 to 9. First National Bank & Trust Co. lto 9. Digitized forH FolRdrAeSdgEeR: F irst National Bank lto 9. National Bank of Commerce Lto 3, 5to9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

291 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 10—Continued DISTRICT NO. 11—Continued WYOMING TEXAS— continued Buffalo: First National Bank _ Ito4. Del Rio: Del Rio National Bank 1 to 9. Casper: Casper National Bank__ 1 to 5. Citizens National Bank 1 to 9. Wyoming National Bank 1 to 9. State National Bank Ito9. Cheyenne: American National Bank Ito9. El Paso National Bank 1 to 9. 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 Ito3. 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 Ito8. City National Bank _ 1 to 9. Rawlins: First National Bank 1 to 9. 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- 1 to 9. Granger: First National Bank 1 and 2. tional Bank. Greenville: Greenville National Ex- 1 to 4. Sheridan: First National Bank Ito9. change Bank. Thermopolis: First National Bank__ 1 to 9. Hou C st i o ty n : 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 1 to 9. Second National Bank 1 to 7 and 9. (See also district no. 12) South Texas Commercial Na- Ito9. tional Bank. Nogales: First National Bank Ito8. State National Bank— Ito9. Tucson: Consolidated National Bank. 1 to 4. Union National Bank Ito9. Italy: First National Bank Ito9. LOUISIANA Kingsville: First National Bank 1 to 9. La Grange: First National Bank ]. (See also district no. 6) Longview: First National Bank 1 to 3, 5 H Sh o r m ev e e r: p o H rt o : mer National Bank Ito8. McKinney: Collin County National It a o n 9 d . 8. Co S m hr m pv e e rc D ia o l r t National Bank in Ito9. M B ar a fa n : k . Marfa National Bank _ Ito9. First National Bank Ito9. Mar F sh ir a s l t l : National Bank 1 to 3 and 5. Marshall National Bank 1 to 5. NEW MEXICO Midland: Midland National Bank.. 1 to 9. Orange: (See also district no. 10) First National Bank in Orange... 1 to 9. Roswell: First National Bank 1 to 3. Orange National Bank 1 to 9. Silver City: American National Bank. 2 and 3. Palestine: Royall National Bank 1 to 9. OKLAHOMA P P a o r r i t s : A F rt i h rs u t r : National Bank.. ._ Ito9. Durant: Durant National Bank in 1 to 3, 5 to 8. First National Bank 1 to 5. Durant. Merchants National Bank Ito9. TEXAS San Angelo: Abilene: Central National Bank 1 to 4. Farmers & Merchants National 1 to 9. First National Bank 1 to 9. Bank. San Angelo National Bank Ito9. Albany: First National Bank _ 4. San Antonio: Amarillo: First National Bank 1 to 9. Alamo National Bank 1 to 9. Austin: Frost National Bank 1 to 9. American National Bank 1 to 9. Groos National Bank 1 to 9. Austin National Bank.. ___ 1 to 9. National Bank of Commerce 1 to 9. Bay City: First National Bank 1 and 4. Seguin: First National Bank 1 to 9. Beaumont: Sherman: Merchants & Planters Na- Ito9. American National Bank 1 to 9. tional Bank. First National Bank 1 to 9. Stanton: First National Bank 1 to 3. Bonham: First National Bank 1 to 3, 5 to 7. Stephenville: Farmers-First National 1 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-.. Ito9. Terrell: American National Bank 1 to 8. Cameron: Citizens National Bank 1 to 9. Texarkana: Texarkana National Ito9. Childress: First National Bank in 1 to 9. Bank. Childress. Troup: First National Bank 1. Colorado: City National Bank 1 to 4. Tyler: Corpus Christi: Corpus Christi Na- 1 to 7. Citizens National Bank Ito9. tional Bank. Peoples National Bank 1 to 9. Corsicana: First National Bank Ito9. Victoria: Victoria National Bank Ito4. First National Bank in... 1 to 9. Citizens National Bank.. Ito9. Mercantile National Bank at Ito9. First National Bank Ito8. "WinVn' + o TTQIIQ* National Bank of Commerce Ito9. First National Bank Ito9. Republic National Bank & Trust Ito9. City National Bank in Wichita Ito9. Co. Falls. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Powers Powers granted granted DISTRICT NO. 12 DISTRICT NO. 12—Continued ALASKA OREGON—continued Fairbanks: First National Bank Ito9. Athena: First National Bank 1 to 9. Phoenix: ARIZONA B C a o k rv e a r: l li F s: i rs F t i r N st a t N io a n ti a o l n B al a n B k ank I 1 t t o o 9 9 . . Fi a rs t t P N ho a e ti n o i n x a . l Bank of Arizona Ito9. E G u ra g n e t n s e : P a F s i s r : s t F N irs a t t i N on a a ti l o B na a l n k B ank o _ f . I 1 t o to 9 3 . , 5 to 7, Valley National Bank Ito9. Southern Oregon. and 9. Winslow: First National Bank 1. Harrisburg: First National Bank 1 to 3. Hood River: First National Bank... 1 to 9. CALIFORNIA Junction City: First National Bank.. Ito3, 5to7, Be ti v o e n r a ly l B H an il k ls : & B T e r v u e s r t l y C o H . ills Na- Ito9. Klamath Falls: and 9. Fu S l a le v r i t n o g n s : B F a i n rs k t . National Trust & Ito9. A Fi m rs e t r i N ca a n ti o N n a a t l i o B n a a n l k Bank 1 It t o o 9 8 . . L Lo o ti n s o g A n a n B l g e e B a le a c s n h : k : . California First Na- 1 to 9. Mar C F sh i o r f o s ie s t l N d B : a a t y io N na a l t i B on a a n l k B o a f n C k oos Bay. 1 1 t t o o 9 9 . . Ci i t n iz g e s n B s a N nk at . ional Trust & Sav- 1 to 9. Ne B w a b n e k r g o : f N U e n w it b e e d r g. States National 1 to 9. F Se a B a rm b a o n e a k r r s . d & N a M ti e o r n c a h l a B nt a s n k National 1 1 t to o 9 9 . . Port F U la i n r n s i d t t e : d N a S t t i a o t n e a s l N B a a t n io k nal Bank.... 1 1 t t o o 9 9 . . Security-First National Bank.... Ito9. Mountain View: First National 4. UTAH P P O R o a e r B s m a d a n a w o d n g o n e k e o n a : . d : a F : F C ir S i s i r e t s t y c t N : u N r F a i a t t i i y r t o s i o t n N n a N a a l t a l i B t o B i a n o a n a n n k l a k l B B a a n n k k .. 1 I 1 1 t t t o t o o o 9 3 9 . 3 , . , 5 5 t , o 7 7 , . P S L O a r o g N i l g c d t a a e e L t n : n i o a : : F k n F F i e a r i i s l r r C t s s A t t i N t s S N y s a o : e t a i c c t o u i i a o n r t n i a i t o a l y n l B B . B a a n a n n k k k of Utah, 2 1 1 , t t 3 o o , 9 9 5 . . to 8. R Sa i o & v c f r e a S r S m s a a i v d n e i e n n M : t g o s a C : t B i C e t o i a a z n p e C k i n t o . s a u l N n N t a y a t t . i i o o n n a a l l B T a ru n s k t .. I 1 t 8 t o o 9 a 9 n . . d 9. C Fi o T r n s r t t u i N n st e a n C ti t o o al n . a N l B at a io n n k al Bank & 1 1 t t o o 7 4. and 9. Salinas: Salinas National Bank 4. San Bernardino: American National 1 to 9. WASHINGTON Sa B n a F D n i k r ie s . g t o N : ational Trust & Savings Ito9. Bell A B in e m g l h l e i a n ri m g c h a : a n m N a N ti a o ti n o a n l a B l a B ^ a k nk l 1 t t o o 9 3 . and 9. Bank. First National Bank 1 to 5 and 9. San A B F a n ra n g n l k o c o i C s f c a A o li : f m o e rn ri i c a a N N a a ti t o io n n a a l l B T a r n u k s . t . 1 1 t t o o 9 9 . . C B o u l r f l N a i x n o : g r t t F o h a n w r : m e s F e t i e r r r s s n t N N N a a t a i t t o i i o n o n n a a l a l l B B B an a a n k n k k 1 1 1 t t t o o o 9 5 7 . . and 9. B P C a a r & c o n i c f k S k i c a e o v r f N i F n C a g i t a r i s l s o i t A f n o N a s r l s n a o i B t a c io a , i a n n N t k i a o . l n A B . ank I 1 1 t t t o o o 9 9 9 . . . E E Lo l v B l n e e a g n r n e s v k t b i t e . u : w r F g : i : r F s W i t r a s N t s a h N t i i n o a g t n i t a o o l n n a B l a B n N k a a n t k ional 1 1 1 t t t o o o 9 9 9 . . . Sant F F a i i r r A s s t t n a N N : a a ti t o io n n a a l l B B an a k nk in Santa 1 It t o o 9 9 . . M P O o k o r a u t n n A o t g n V a g n e e : l r e n F s o : i n r F s : t i F r N s i t r a s N t t i o N a n t a i a o t l i n o B a n l a a n B l k B a a n n k k .. . 1 1 It t t o o o 9 9 9 . . . Ana. Pullman: First National Bank 1 to 7. Santa Barbara: Seattle: County National Bank & Trust 1 to 9. Seattle-First National Bank 1 to 9. Co. National Bank of Commerce 1 to 9. Stoc F k i t B r o s n a t n : N k F . a i t r i s o t n N al a t T io r n u a st l B & a n S k avings 1 1 t t o o 9 9 . . U Pa n c i i v fi e c r s N it a y t i N on a a ti l o B na a l n B k ank.. 1 1 t t o o 9 9 . . V W e h n i t t u ti r e a r : : U W ni h o i n tt i N er a t N io a n t a io l n B a a l n k Trust I It t o o 9 5 . . Spok F O a i l r n d s e 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 n & S p U ok n a io n n e. 1 1 t t o o 9 9 . . W & oo S d a la v n in d g : s B B an a k n k o . f Woodland, N. A. 1 to 3, 5 to 7. Tacom T a r : ust Co. National Bank of Tacoma Ito9. IDAHO Puget Sound National Bank 1 to 9. Boise: First National Bank of Idaho 1 to 5. Toppenish: First National Bank 1 to 9. Hailey: Hailey National Bank 1 to 3. Waitsburg: First National Bank 1 to 9. Idaho Falls: American National 1 to 9. Walla Walla: Bank. Baker-Boyer National Bank 1 to 9. Lewiston: Lewiston National Bank.. 1 to 9. First National Bank 1 to 9. Moscow: First National Bank Ito4. Wenatchee: First National Bank 1 to 9. Yakima: West Side National Bank.. 1 to 9. NEVADA Reno: First National Bank in Reno_. 1 to 7, and 9. HAWAIIAN ISLANDS OREGON Honolulu: Bishop National Bank of Ito8. Ashland: First 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

ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 293 DESCRIPTION OF FEDERAL RESERVE DISTRICTS Land area Population Federal Reserve district (square July 1, 1935 miles) (estimated) No 1—Boston . 61,345 8,084,000 No. 2—New York 51,890 16, 637,000 No. 3—Philadelphia 36,842 7, 919, 000 No 4—Cleveland 73, 424 11, 633, 000 No 5—Richmond 152, 316 11, 935, 000 No. 6—Atlanta 248,226 12,199, 000 ]sj0 7—Chicago 190,513 18, 586,000 No. 8—St. Louis 194,810 10, 220, 000 J^Q 9—Minneapolis 414,004 5, 381, 000 N0# 10—Kansas City . 480,438 8, 061, 000 No. 11—Dallas 386,116 7, 219, 000 No. 12—San Francisco... 683,852 9, 647, 000 Total 2,973,776 127,521, 000 FEDERAL RESERVE DISTRICTS DISTRICT NO. 1—BOSTC>N 61,345 8,084, 000 Connecticut (excluding Fairfield Countv) 4.189 1, 304, 000 Maine - 29 895 845 000 Massachusetts 8,039 4,375 000 New Hampshire 9 031 502 000 Rhode Island 1,067 681 000 Vermont 9,124 377,000 DISTRICT NO. 2—NEW YORK 51,890 16, 637, 000 Connecticut (Fairfield Cnnntv}_ 631 413 000 New Jersey 3,605 3, 335, 000 Counties of- Bergen Hunterdon Morris Sussex Essex Middlesex Passaic Union Hudson Monmouth Somerset Warren New York 47,654 12,889, 000 DISTRICT NO. 3—PHILADELPHIA 36,842 7,919,000 Delaware.- __ 1,965 256 000 New Jersey 3,909 953?000 Counties of— Atlantic Cape May Gloucester Ocean Burlington Cumberland Mercer Salem Pennsylvania (easte 30.968 6,710,000 Counties of- Adams Clinton Lebanon Philadelphia Bedford Columbia Lehigh Pike Berks Cumberland Luzerne Potter Blair Dauphin Lycoming Schuylkill Bradford Delaware McKean Snyder Bucks Elk Mifflin Sullivan Cambria Franklin Monroe Susquehanna Cameron Fulton Montgomery Tioga Carbon Huntingdon Montour Union Center Juniata Northampton Wayne Chester Lackawanna Northumberland Wyoming Clearfield Lancaster Perry York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1, 1935 miles) (estimated) DISTRICT NO. 4—CLEVELAND 73,424 11, 633, 000 Kentucky (eastern part) 17, 614 1,360, 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 K>nton Mason Scott Elliott Knott Menifee Whitley Estill Knox Montgomery Wolfe Fayette Laurel Morgan Woodford Ohio 40, 740 6, 707, 000 Pennsylvania (western part) 13, 864 3, 356, 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). 1,206 210, 000 Counties of— Brooke Marshall Tyler Hancock Ohio WTetzel DISTKICT No. 5—RICHMOND _. 152,316 11, 935, 000 District of Columbia „ ~. 62 594, 000 Maryland. 9,941 1, 669, 000 North Carolina 48, 740 3, 417, 000 South Carolina 30,495 2, 012, 000 Virginia 40,262 2, 637, 000 West Virginia (southern part) 22,816 1, 606, 000 Counties of— Barbour Hardy Mingo Roane Berkeley Harrison Monongalla Summers Boone Jackson Monroe Taylor Braxton Jefferson Morgan Tucker Cabell Kanawha Nicholas Upshur Calhoun Lewis Pendleton Wayne Clay Lincoln Pleasants Wrebster 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 12, 919, 000 Alabama 51,279 2, 834, 000 Florida 54,861 1, 614, 000 Georgia .> 58,725 3,345, 000 Louisiana (southern part) 26,891 1, 436, 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- WTest Baton Calcasieu La Fourche tist Rouge Cameron Livingston St. Landry West Feliciana East Baton Orleans St. Martin Rouge Plaquemines St. Mary East Feliciana Pointe Coupee St. Tammany Mississippi (southern part) 940, 000 Counties of— Adams Harrison Lawrence Scott A mite Hinds Leake Shark? y Claiborne Issaquena Lincoln Simpson Clarke Jackson Madison Smith Copiah Jasper Marion Stone Covington Jefferson Neshoba Walthall Forrest Jefferson Davis Newton Warren Franklin Jones Pearl River Wayne George Kemp<>r Perry Wilkinson Greeue Lamar Pike Yazoo Hancock Lauderdale Rankin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

295 DESCRIPTION OF FEDERAL RESERVE DISTRICTS FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1,1935 miles) (estimated) DISTRICT NO. 6.—ATLANTA—Continued. Tennessee (easternoart,1) . 30,951 2,030,000 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 Cheatham Hick man 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, 586,000 Illinois (northern part) 35,448 6,546,000 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 2,785,000 Counties of— Adams Fountain La Porte Ripiey 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 Lagrange Putnam White Fayette Lake Randolph Whitley Iowa 55,586 2,534,000 Michigan (southern part) 40,789 4,354,000 Counties of— Alcona Eaton Lapeer Ogemaw Allegan Emmet Leelanau Osceola Alpena Genesee Lena wee Oscoda Antrim Gladwin Livingston Otsego Arenac Grand Traverse Macomb Ottawa Barry Gratiot Manistee Presque Isle Bay Hillsdale Mason Roscommon Benzie Huron Mecosta Saginaw Bern en 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 Wexford Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1,1935 miles) (estimated) DISTRICT NO. 7.—CHICAGO—Continued. Wisconsin (southern part). 31,983 2, 367,000 Counties of— Adams Green Lake Marquette Sheboygan Brown Iowa Milwaukee Vernon Calumet Jackson Monroe Walworth Clark Jefferson 0 con to 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 10,220,000 Arkansas 52,525 1,999,000 Illinois (southern part) 20,595 1, 271,000 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 Indiana (southern r>art) 9,338 644,000 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, 486,000 Counties of- Adair Crittenden Hopkins Ohio Allen Cumberland Jefferson Oldham Anderson Daviess Larue Owen Ballard Edmonson 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 Calloway 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 1,021,000 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

DESCRIPTION OF FEDERAL RESERVE DISTRICTS 297 FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1,1935 miles) (estimated) DISTRICT NO. 8—ST. LOUIS—Continued. Missouri (eastern part* 68,206 2,924,000 Counties of- Adair Douglas Maries Revnolds Audrain Dunklin Marion Ripley Barry Franklin Mercer St. Charles Bentnn (gasconade Miller St. Clair Bollinger Greene Mississippi St. Francois Boone Orundy Moniteau St. Louis Butler Harrison Monroe St. Louis City Caldwell Henry Montgomery Ste. Genevieve Callaway Hickory Morgan Saline Camden Howard New Madrid Schuyler Cape Oirardeau 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 part). - 10, 736 875,000 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 5,381,000 Michigan (northern part).. 16, 691 307,000 Counties of— Alger Dickinson Keweenaw Menominee Baraga Gogebic Luce Ontonagon * Chippewa Houghton Mackinac Schoolcraft Delta Iron Marquette Minnesota 80,858 2, 627,000 M No o r n th ta n D a akota 14 7 6 0 , , 1 1 8 3 3 1 l 7 5 0 3 0 if , 0 6 0 0 0 6 South Dakota 76, 868 675,000 Wisconsin (northern Dart) 23, 273 541,000 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 8,061,000 Colorado 103,658 1,062,000 Kansas 81,774 1,848,000 Missouri (western part). 10,521 989,000 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 l 3fi4 ono New Mexico (northcrn part) 48,350 ±f OuTfcf UUU Counties of- 220,000 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. 56048—36 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1,1935 miles) (estimated) DISTRICT NO. 10—KANSAS CITY—Continued. Oklahoma (northwestern part) 61, 770 2,346,000 Counties of— Adair Ellis Logan Pontotoc Alfalfa Garfield Love Pottawatomie Beaver Garvin McClain Roger Mills Beckharn 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—DALI..AS - 386,116 7, 219,000 Arizona (southeastern nart"> 23, 412 112, 000 Counties of— Cochise Greenlee Pima Santa Cruz Graham Louisiana (northern part) 18, 518 684, 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) 74,144 182,000 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) 7,644 164, 000 Counties of— Atoka Choctaw Johnston Marshall Bryan Coal McCurtain Pushmataha Texas. 262, 398 6,077, 000 DISTRICT NO. 12—SAN FRANCISCO 683,852 9, 647, 000 Arizona (northwestern nart} _ 90, 398 274,000 Counties of- Apache Maricopa Navajo Yavapai Coconino Mohave Pinal Yuma nijrilli aa 155, 652 5, 639,000 ICdaalhifoornia 83, 354 479,000 Nevada. 109, 821 99, 000 Oregon 95, 607 1,008,000 Utah 82,184 515,000 Washington 66,836 1, 633,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BRANCH TERRITORIES [December 31, 1935] 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 Fairfield Laurens Oconee Spartanburg Anderson Greenville Lexington Pickens Union Cherokee Greenwood MeCormick 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).—Th© following 19 counties in the State of Michigan: Bay Ingham Livingston Saginaw Tuscola Genesee Jackson Macomb Saniiac 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 Sys* tern 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.) 299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 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 Winkier 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 Han is Madison San Augustine Washington Chambers Houston Matagorda San Jacinto Wharton Cherokee SAN ANTONIO BRANCH (District No. 11).- following 54 counties in the State of Texas: Aransas Comal Hidalgo Llano Starr Atascosa De Witt Jim Hogg Live Oak Terrell 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 Ben ton Ferry Lincoln Stevens Yakima Chelan Franklin Okanogan IDAHO Benewah Boundary Idaho Latah Nez Perce Bonner Clearwater Kootenai Lewis Shoshone 1 Except the town of Ilwaco (see Portland branch). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

>-^_ FEDERAL RESERVE DISTRICTS I 0 e[ "" i i IV ' V • >2 <?'• } N.DAK. j f «^-r ( 9 I MINN, j4 '—'^ ^ g J MIKWEAPOUSJ \/ y/ . I S.DAK. ! ^v v[ 3 """/*" r-- / WV°- : \ FOWA CHJCAGO^. L NEBR' Om*K-l 10! VT— ^1 ?CO X) •' ^r^H 1 Denver. V.Vyf"J —1 -I/ —COLO. 1 1 KANSAS CITY 7| dl J " 1 % vO—J ^^NashvUle, J I OKLA. \ TENN. X^ *} 1 Oklahoma City 1 1 \ 1 V- i^^A LittleTlocV ATLANL I*. Birmingkiam l.. n DALLAS® V r»Tss. ALA' r 5 P savannaW o J J11 ^ / J o { TEXAS J y•CSL..-.., V^--i' —\:.— aonvilleV L""""* V <^ Houston^ eans \ \ \San Arfonio T;^^' ) FLA.X o • ' BOUNDARIESOF FEDERAL RESERVE DISTRICTS ..... BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES \ ST ® FEDERAL RESERVE BANK CITIES \ t • FEDERAL RESERVE BRANCH CITIES V 1 \ i O FEDERAL RESERVE BANK AGENCY CO o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Dollar bankers' acceptances 174 Held by member banks 142, 160, 162, 164, 174 Maturity of bills held by Federal Reserve banks 91 Outstanding 174 Payable in foreign currencies 82, 84 Rates, discount and open-market: Buying rates of Federal Reserve banks 127 Open-market rates: In New York City 128, 129 In foreign countries 132 Additions and withdrawals, banks in Federal Reserve System 41, 157 Administration of Clayton Antitrust Act 69 Administration of section 32 of Banking Act of 1933 70 Administrator, list of national banks authorized to act as 273 Advances to industries by Federal Reserve banks. (See Industries, loans to.) Advances to member banks under section 10 (b) of Federal Reserve Act: Policy action by Board relative to rates 199 Provisions of Banking Act of 1935 relative to 52 Rates on 2, 125 Advisory Council, Federal: Meetings of 72 Expenses of 106, 108 Members of 236 Recommendations of, to Board of Governors 236-238 Affiliates: Provisions of Banking Act of 1935: "Accidental" holding company affiliates eliminated 54 Assets required of holding company 57 Limited voting permits and cumulative voting clarified 57 Restrictions on loans 61 Voting permit unnecessary for liquidation 57 Waiver of reports or examinations 60, 71 Regulation P, revision of 65, 214 Standard form of agreement required in granting general voting permits; policy action of Board 72, 217 Voting permits issued by Board, number of 71 Waiver of reports of; policy action of Board 201, 228 Agencies of Federal Reserve banks. (See Branches and agencies.) Amendments to the law relating to the Federal Reserve System 5, 48-63 Annual Report of Board, record of actions by Board and Open-Market Committee included in; provision of Banking Act of 1935 52 Area of Federal Reserve districts 293-298 Assessment for expenses of Board 73, 106, 108, 244 Assets and liabilities: Federal Reserve banks: At the end of each month 84 At the end of 1934 and 1935 86-89 Member banks: By classes of banks 136 On call dates 140 Reporting banks: In leading cities 160 In New York City 164 Outside New York City 168 National banks 136 Reserve city member banks 136 State bank members 136 303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 INDEX Page Assets of member banks, de' ermination of; policy action of Board 225 Assignee, list of national banks authorized to act as 273 Automobiles: Factory employment index 192 Factory pay-roll index 191 Production index ^_ 189 Balance sheets. (See Condition of banks.) Bank consolidations 41, 157 Bank examinations 66 Bank debits 24, 175 Bank failures 40, 43, 176-179 Bank mergers 41, 157 Bank premises, Federal Reserve 47, 82, 84, 86, 88, 102, 106 Book value 102 Cost of 102 Date occupied 102 Depreciation charges 108 Repairs, cost of 106, 108 Bank suspensions 40, 43, 176-179 Bankers' acceptances. (See Acceptances.) Bankers' balances of member banks 136, 140, 146, 161, 165, 169 Banking Act of 1933, administration of section 32 of 70 Banking Act of 1935: Amendments to Federal Reserve Act made by 5, 48-62 Date of enactment 5 Provisions of 49-63 Banking conditions in 1935, discussion of 1 Banking corporations engaged in foreign banking business, examination of _ 68 Belligerent nations, financing of shipments of goods to; policy action of Board 227 Bills bought by Federal Reserve banks 76-81, 82, 84, 86, 88 Earnings on 45, 103, 106, 108 Rates of 45 Maturities 91 On call dates 79 Payable in foreign currencies 82, 84 Volume of 46, 93, 94 Bills discounted by Federal Reserve banks 76-81, 82, 84, 86, 88 Earnings on 45, 103, 106, 108 Rates of 45 Holdings: By classes 90 By maturities 91 On call dates 79, 80 Secured by United States Government obligations 82, 86, 88, 90 Volume of 46, 93, 94 Board of Governors of the Federal Reserve System: Assessment for expenses of 73, 106, 108, 244 Bradley, Philip E., appointed assistant chief of Division of Security Loans 1 72 Building for 46 Account 244 Cagle, C. E., appointed assistant chief of Division of Examinations._ 72 Directory 239 Employees, number and salaries 240 Expenses of 73, 244 Federal Reserve Board, name changed by Banking Act of 1935 6, 52 Horbett, J. E., appointed assistant chief of Division of Bank Operations 72 Leonard, R. F., appointed assistant chief of Division of Examinations. 72 Members of 239 Number of members 6, 52 Organization of, under Banking Act of 1935 6, 52 Policy actions: Provisions of Banking Act of 1935 relating to 52 Record of, under section 10 of act 199-230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 305 Board of Governors of the Federal Reserve System—Continued. Receipts and disbursements 244 Reconstitution of Federal Reserve Board under name of 6, 52 Salaries of members 52 Salaries of officers and employees 239 Terms of members 52 Thurston, Elliott, appointed special assistant to chairman 72 Title of Governor and Vice Governor changed to Chairman and Vice Chairman by Banking Act of 1935 52 Vest, George B., appointed assistant general counsel 72 Wingfield, B. M., appointed assistant general counsel 72 Bonds: Capital issues 183 Index of prices 184 United States. (See United States Government securities.) Yield on 29, 185 Borrowings of member banks at Federal Reserve banks 138, 146 Bradley, Philip E., appointed assistant chief of Division of Security Loans. 72 Branch banks: Approval of Board required in establishing; provisions of Banking Act of 1935 z 62 Number of 42 Seasonal agency in resort community, provisions of Banking Act of 1935 relating to 55 Branches and agencies of Federal Reserve banks: Bank premises: Cost of 102 Date occupied 102 Book value 102 Counties comprising territory 299, 300 Directors of 246-249 Expenses of 47 Habana agency operated as a System agency 47 Managers of__"_ 246-249 Number of 47 Territory 299, 300 Volume of operations 47, 96 Brokers, loans to: As reported by New York Stock Exchange 173 By member banks: Chart showing 31 Classes of banks 138 Discussion of 30 In leading cities 160 In New York City 164 On call dates 142 Outside New York City 168 Regulation T governing, amendments to 65 Building: Contracts awarded 38, 186 For Board of Governors 46 Account 244 Materials, wholesale prices 194, 195 Buildings, Federal Reserve banks 47, 102 Book value 102 Cost of bank premises 102 Date occupied 102 Depreciation charges 106, 108 Repairs, cost of 106, 108 Business and credit conditions: Discussion of 36 Resolutions of Open Market Committee regarding 231, 233 Action on, by Board of Governors 208, 223 Cagle, C. E., appointed assistant chief of Division of Examinations 72 Call loans: In New York City 29, 172, 173 Money rates in New York City 29, 128, 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 INDEX Capital: Page Federal Reserve banks 83, 85, 87, 89 Member banks 137, 139, 140 State bank members of System 251 Capital issues 34, 183 Capital stock: Provisions of Banking Act of 1935 relating to Federal Reserve bank stock 58 Reduction in, number of applications approved by Board 69 Regulation I, revision of _" 65, 210 State member banks, number of, classified according to size of 268, 269 Car loadings, index of 186 Cash in vault, member banks 136, 140, 161, 165, 169 Cash reserves of Federal Reserve banks 82, 84, 86, 88 Central banks, foreign: Discount rates 131 Open-market rates 132 Central reserve city banks: Condition of 136 Deposits, reserves, and borrowings at Federal Reserve banks_ 146, 150, 154 Loans and investments 138, 142 Chairmen of board of directors of Federal Reserve banks. (See Federal Reserve agents.) Chairman of Board, title of Governor changed to, by Banking Act of 1935_ 52 Changes in discount rates of Federal Reserve banks 2, 125 Changes in membership in Federal Reserve System 40, 157 Charts: Index of industrial production 37 Loans and investments of all member banks 20 Member bank reserve balances 13 Member bank reserves and related items 12 Reserve bank credit 12 Security loans and stock prices 31 Check clearing and collection: Gold certificate fund transactions 99 Operations, volume of: Federal Reserve banks 46, 93, 94 Federal Reserve branch banks 47, 96 Par list, number of banks on 48, 10.1 Chemicals: Factory employment index 192 Factory pay-roll index 191 Prices, wholesale, index of 194, 195 Circulation, money. (See Currency; Federal Reserve notes; Money.) Classification of loans, investments, borrowings, and capital stock of member banks 138 Classification of loans and investments of member banks 142 Clayton Antitrust Act: Administration of 69 Number of applications for interlocking directorates approved 69 Provisions of Banking Act of 1935 relating to 61, 69 Coal, index of production 190 Coin: Circulation 25, 120, 121 Held by Federal Reserve banks 82, 84, 86 Received and counted: At Federal Reserve banks 46, 93, 94 At Federal Reserve branch banks 47, 96 Collateral held by Federal Reserve banks as security: For Federal Reserve notes 87, 89, 111 For Federal Reserve bank notes 87, 89 Collateral notes of member banks held by Federal Reserve banks 90 Collection of checks. (See Check clearing and collection.) Commercial paper: Money rates in New York City 128, 129 Outstanding 174 Purchased by member banks 142, 160, 164, 168 Commodity prices, wholesale 39, 194, 195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 307 Comptroller of the Currency: Salary of, under provisions of Banking Act of 1935 54 Term as member of Federal Reserve Board terminated by Banking Act of 1935 6, 52 Condition of banks: All banks in the United States 134, 135 Federal Reserve banks: Assets and liabilities: At the end of each month 84 At the end of 1934 and 1935 86-89 Weekly statement and balance-sheet items 82 Bills bought. (See Bills bought.) Bills discounted. (See Bills discounted.) Deposits, reserves, note circulation, and cash ratio 81 United States securities, holdings of. (See United States securities.) Member banks: All banks: Assets and liabilities: On Dec. 31, 1935, by classes of banks 136 On call dates 140 Changes in membership during 1935 41 Classification of loans and investments on call dates 142 Classification of loans, investments, borrowings, and capital stock by classes of banks 138 Deposits subject to reserve, reserves required, and reserves held 150, 154-156 Net demand and time deposits: By months 151, 152 In larger and smaller centers 153 Reserves, deposits, and borrowings on call dates 146 Publication of reports of State member banks: Policy action by Board 200, 222 Provisions of Banking Act of 1935 relating to 58 Reporting banks: In leading cities 160 In New York City 164 Outside New York City 168 Conference of examiners 67 Congress, joint resolutions of: Extending temporary plan for deposit insurance 49 Extending time for renewal of loans to executive officers of banks 48 Consolidations, bank 41, 157 Construction contracts awarded 38, 186 Copper, index of production 190 Cost of Federal Reserve bank premises 102 Counties in Federal Reserve districts 293-298 Counties in Federal Reserve branch territories 299-300 Country member banks: Condition of 136 Deposits, reserves, and borrowings on call dates 149 Deposits subject to reserve, reserves required, and reserves held 150 Loans and investments 138, 142 Credit: Federal Reserve bank. (See Federal Reserve bank credit.) Member bank 19 Credit agreements, Federal Reserve banks with foreign central banks 66 Currency: Amounts received and counted: At Federal Reserve banks 46, 93, 94 At Federal Reserve branch banks 47, 96 Circulation. __. 24-27, 76-81, 119-121 By denominations 25 By kinds 27, 120 By months 119 Paper 25, 121 Federal Reserve, cost of 106, 108, 244 Notes in process of retirement 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 INDEX Page Debits to individual accounts 24, 175 Deferred availability items of Federal Reserve banks 83, 85, 87, 89 Deficient reserve penalties imposed by Federal Reserve banks 103, 106, 108 Definition of various classes of deposits, provisions of Banking Act of 1935 relating to 59 Demand deposits. (See Deposits.) Department-store sales 38, 186 Deposits: All banks in the United States 134 Banks suspended 176-179 Change in method of computing required reserves 18 Definition of various classes of; provisions of Banking Act of 1935__ 59 Federal Reserve bank 81, 83, 85, 87, 89 Foreign bank 81, 83, 85, 87, 89, 140, 146 Government: Held by Federal Reserve banks 76-81, 83, 85, 87, 89 Held by member banks 136, 138, 140, 146, 161, 165, 169 In leading cities 161 In New York City 165 In call dates 140 Outside New York City 169 Insured: Examination of banks 67 Joint resolution of Congress extending plan 49 Number and amount 42 Provisions of Banking Act of 1935 relating to 49 Member bank: All banks 21-23, 136, 140, 146, 150, 151, 152, 153 Net demand and time 151, 152, 153 By months 151, 152 In larger and smaller centers 153 On call dates 146 Subject to reserve, reserves required, and reserves held 150, 154-156 Reporting banks: In leading cities 161 In New York City 165 Outside New York City 169 Nonmember bank I 76-81, 134 Payment of interest on: Amendment to regulation Q 63, 210, 229 Provisions of Banking Act of 1935 relating to 49 Rate of interest fixed by Board 2 Regulation Q: Deferment of effective date of subsection 1 (f); action of Board 229 Policy action of Board 210 Revision of 63 Postal savings 140, 146 Provisions of Banking Act of 1935 regarding 62 Rate of interest fixed by Board on time and savings 2 Reserves against Government deposits; provisions of Banking Act of 1935 regarding 60 State bank members of Federal Reserve System 251-267 Classified according to size of capital stock 269-271 Deputy chairmen of board of directors of Federal Reserve banks, list of _ _246-249 Directors of Federal Reserve banks: List of 246-249 Meetings, expenses of 106, 108 Discount and open-market operations of Federal Reserve banks: Acceptances. (See Acceptances.) Bills bought 76-81, 82, 84, 86, 88 Earnings on 45, 103, 106, 108 Rates of 45 Maturities 91 On call dates 79 Payable in foreign currencies 82, 84 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 309 Discount and open-market operations of Federal Reserve banks—Continued Bills bought—Continued Volume of: Page Federal Reserve banks 46, 93, 94 Federal Reserve branch banks 47, 96 Bills discounted 76-81, 82, 84, 86, 88, 90, 91 Earnings on 45, 103, 106, 108 Rates of 45 Holdings: By classes 90 By maturities 91 On call dates 79, 80 Secured by United States Government obligations 82, 84, 86, 88 Volume of 46,93,94 Collateral notes of member banks discounted and held 90 Discounts for individuals, partnerships, and corporations 90 Dollar exchange bills discounted or purchased 84 Industrial advances and commitments to make industrial advances. _ 98 Maturity of bills purchased or held 91 Loans to industries. (See Industries, loans to.) Number of banks discounting paper 90 Number of pieces handled 46, 93, 94, 96 Rates charged and rates of earnings on bills discounted 45 United States Government securities: Earnings and rates of earnings 45, 103, 106, 108 Paper secured by, purchased and held 82, 86, 88, 90 Purchased and held 76-81, 82, 84, 86, 88, 92 By classes 92 Volume of operations 46, 93, 94, 96 Discount and open-market rates: Advances to member banks under section 10 (b) of act 125 Policy action by Board 199 Average rates earned by Federal Reserve banks on: Bills discounted 45 United States Government securities 45 Buying rates on acceptances 127 Central banks in foreign countries: Changes in 131 Open-market rates 132 Changes in Federal Reserve bank rates 2, 29, 125-127 Establishment of, policy action by Board 203, 207 Open-market rates in New York City 29, 128, 129 Provisions of Banking Act of 1935 relating to 53 Rates charged customers 130 Discounts for individuals, partnerships, and corporations 90 Rates 126 Districts, Federal Reserve. (See Federal Reserve districts.) Dividends: Federal Reserve banks 44, 104, 106, 108 Member banks 158 Dollar bankers' acceptances held by group of accepting banks 174 Dollar exchange bills held by Federal Reserve banks 84 Due from foreign banks to Federal Reserve banks 82, 84, 86, 88 Due to and from banks (bankers' balances) 136, 140, 146, 161, 165, 169, 171 Earmarked gold for foreign account 115, 116 Earnings and expenses: Federal Reserve banks 44, 103-110 Amounts paid to United States Treasurer out of earnings_ 104, 106, 108 Rates of earnings 45 Member banks ^ 24, 158 Eligible paper held by Federal Reserve agent as security for Federal Reserve notes 111 Employees: Board of Governors, number and salaries 240 Federal Reserve banks: Number and salaries 45, 108, 250 Salaries, policy action by Board 208 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 INDEX Page Employment, factory 38, 186, 192 England: Discount rates of Bank of 131 Open-market money rates 132 Examinations, bank: Corporation engaged in foreign banking 68 Federal Reserve banks 68 State member banks 66 Under Federal deposit insurance 67 Examinations of affiliates, waiving of; provisions of Banking Act of 1935__ 60, 71 Examiners, bank: Conference of 67 Provisions of Banking Act of 1935 relative to 60 Excess reserves of member banks 2, 11, 13, 76-81, 150, 151, 154-156 Advisability of reducing; policy record of Board 205 Chart showing 13 Discussion of 2, 11 Recommendations of Federal Advisory Council relative to 236 Resolutions of Federal Open Market Committee regarding 231, 233 Action on, by Board of Governors 208, 223 Statements of Board and Open Market Committee regarding 3 Exchange rates, foreign 118 Executive officers of banks: Joint resolution of Congress extending time for renewal of loans to__ 48 Provisions of Banking Act of 1935 relative to loans to 60 Regulation O 65, 213 Executor, list of national banks authorized to act as 272 Expenses: Board of Governors 73, 244 Branches and agencies of Federal Reserve banks 47 Federal Reserve banks. _ 44, 103-110 T Fiscal agency departments of Federal Reserve banks 110 Member banks 158 Exports and imports: Acceptances based on, held by Federal Reserve banks 174 Gold 8, 117 Merchandise exports, discussion of 8 Expressage, cost of, at Federal Reserve banks 106, 108 Factory employment and pay rolls 38, 186, 191, 192 Failures, bank. (See Bank suspensions.) Farm products, prices of, index of 194 Federal Advisory Council: Meetings of 72 Expenses of 106, 108 Members of 236 Recommendations of, to Board of Governors 236-238 Federal deposit insurance: Examination of banks under 67 Joint resolution of Congress extending plan 49 Number and amount of deposits 42 Provisions of Banking Act of 1935 relating to 49 Federal land banks, purchase of Government bonds of, by Federal Reserve banks; policy action of Board 215 Federal Open Market Committee: Composition of, under Banking Act of 1935 6, 53 Meetings of 4, 72, 231-235 Membership, etc., under provisions of Banking Act of 1935 53 Policy actions, record of 231-235 Federal Reserve Act, amendments to, made by Banking Act of 1935 49-63 Federal Reserve agents: Conferences of, expenses of 106, 108 Federal Reserve note accounts 111 Gold certificate fund, summary of transactions 100 List of 246-249 Salaries of 250 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 311 Federal Reserve bank credit: Page Annual averages 76 By weeks (Wednesday figures) 78 Chart showing 12 Discussion of 2 End of month figures 77 Monthly averages 77 On call dates 79, 80 Federal Reserve bank float 84 Federal Reserve bank notes: Circulation 120 Held by Federal Reserve banks 82, 84, 86, 88 Federal Reserve banks: Agreements with foreign banks to purchase commercial bills 66 Bank premises 47, 82, 84, 86, 88, 102, 106 Cost of 102 Bills bought by. (See Bills bought.) Bills discounted by. (See Bills discounted.) Branches and agencies of: Bank premises 102 Clearing operations 96 Counties comprising territory 298 Directors of 246-249 Expenses of 47 Managers of 246-249 Number of 47 Territory 299-300 Volume of operations 47, 96 Building operations 47, 102 Capital 83, 85, 87, 89 Chairman of boards of directors, list of 246-249 Clearing operations 48, 93, 94 Condition of. (See Condition of banks.) Deposits. (See Deposits.) Directors, list of 246-249 Discount rates. (See Discount and open-market rates.) Discounts. (See Discount and open-market operations.) Dividends paid 44, 104, 106, 108 Earnings and expenses 44, 103-110 Rates of earnings 45 Employees, number and salaries 45, 108, 250 Examinations, number of 68 Fiscal agency operations 110 Franchise tax paid to Government 104 Gold certificate fund 99 Governors: Conferences, expenses of 106, 108 List of 246-249 Salaries of 250 Number of banks discounting paper at 90 Officers and directors, list of 246-249 Officers, salaries of 45, 108, 250 Presidents and vice presidents of, provided for in Banking Act of 1935 51 Profit and loss account 107, 110 Redemption fund 82, 84, 86 Reserves. (See Reserves.) Resources and liabilities. (See Assets and liabilities.) Salaries of officers and employees 45, 108, 250 Policy action by Board 208 Tax, franchise, paid to Government 104 Volume of operations 46, 93, 94, 96 All banks 46, 93 Branches 47, 96 Each bank 94 Federal Reserve Board. (See Board of Governors of the Federal Reserve System.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 INDEX Federal Reserve branch banks: Page Bank premises 102 Counties comprising territory 299-300 Directors of 246-249 Expenses of 47 Managers of 246-249 Number of 47 Territory 299-300 Volume of operations . 47, 96 Federal Reserve districts: Area, square miles 293-298 Counties comprising branch territory 299-300 Counties in divided States 293-298 Map showing outline 301 Population 293-298 Federal Reserve inter district collection system. (See Check clearing and collection.) Federal Reserve notes: Circulation 27, 81, 83, 85, 87, 89, 111, 120 Cost of 106, 108, 224 Discontinuance of issue of series of 1928; policy action by Board 226 Eligible paper held as collateral against 111 Federal Reserve agents' accounts 111 Gold certificates held as collateral against 87, 89, 111 Held by Federal Reserve banks 82, 84, 86, 88 Revocation of Regulation O relative to issuance and retirement of 213 Fiduciary powers of national banks: List of national banks authorized to exercise 273-292 Number of permits issued 68 Small national banks in competitive situations; policy action of Board 220 Financing of shipments of goods to belligerent nations; policy action of Board 227 Fiscal agency operations of Federal Reserve banks 110 Float, Reserve bank 84 Food products: Factory employment index 192 Factory pay-roll index 191 Production index 189 Food prices, wholesale, index of 194 Foreign bank deposits 81, 83, 85, 87, 89, 140, 146 Foreign banking, corporation engaged in, examination of 68 Foreign banks: Deposits 81, 83, 85, 87, 89, 140, 146 Due to Federal Reserve banks from 82, 84, 86, 88 Foreign capital issues 183 Foreign central banks: Agreement with Reserve banks to purchase commercial bills 66 Money rates: Changes in 131 Open-market rates 132 Foreign currency, bills payable in, holdings of Reserve banks 82, 84 Foreign deposits, member banks „ 146 Foreign exchange rates 118 Foreign trade 39 France: Discount rates of Bank of 131 Open-market money rates 132 Franchise tax paid by Federal Reserve banks to Government 104 Freight-car loadings, index of 186 Germany: Discount rates of Reichsbank 131 Open-market money rates 132 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 313 Gold: Page Certificate fund 99 Certificates: Held as collateral against Federal Reserve notes 87, 89, 111 Held by Federal Reserve banks 82, 84, 86, 88 Circulation 120 Earmarked for foreign account 115, 116 Federal Reserve agents' fund 100 Imports and exports 8, 117 Output of mines 9 Purchases 7 Reserves of Federal Reserve banks 7, 9, 82, 84, 86, 88 Reserves of foreign central banks 9 Stock, monetary, in United States 7, 9, 76-80, 115, 116 Analysis of changes in 116 Years 1914-35 115 World stock of 9 Government bonds. (See United States Government securities.) Governor of Board, title changed to Chairman by Banking Act of 1935._ 52 Governors of Federal Reserve banks: Conferences of, expenses of . 106, 108 List of 246-249 Salaries of 250 Great Britain. (See England.) Guardian of estates, national banks authorized to act as 273 Habana agency operated as a System agency 47 Horbett, J. E., appointed assistant chief of Division of Bank Operations. 72 Imports and exports: Bankers' acceptances based on, held by Federal Reserve banks 174 Gold 8,117 Merchandise exports . 8 Index numbers: Factory employment 192 Factory pay rolls 193 Manufactures and minerals 189 Production, employment, and trade 186 Security prices 192 Individuals, partnerships, and corporations: Discounts for 90 Rates of discount 126 Industries, loans to, by Federal Reserve banks 4, 82, 84, 86, 88, 98 Applications received and approved 4, 98 By Federal Reserve districts 98 Commitments 98 Discount rates 2, 126 Earnings on 106, 108 Provisions of Banking Act of 1935 relating to 61 Publicity program ._ 5 Volume "of 46, 93, 94 Insurance: Federal deposit: Examination of banks under 67 Joint resolution of Congress extending plan 49 Number and amount of deposits 42 Provisions of Banking Act of 1935 relating to 49 Federal Reserve banks 106, 108 Interdistrict settlement fund 99 Interest earned by member banks 158 Interest on deposits, payment of: Provisions of Banking Act of 1935 regarding 59 Rate of interest fixed by Board 2 Regulation Q: Deferment of effective date of subsection 1 (f); action of Board_ 229 Revision of 63, 210 Interest rates, open market, in New York City 29, 128, 129 Interlocking directorates under Clayton Act: Number of applications approved by Board : 69 Provisions of Banking Act of 1935 relating to 61, 69 Digitized for FRASER 56048—36 21 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 INDEX Page Interlocking relationships between member banks and securities companies: Number of applications acted upon by Board 70 Provisions of Banking Act of 1935 relative to 56, 71 Investments and loans. (See Loans and investments.) Iron and steel: Factory employment index _. 192 Factory pay-roll index 191 Production index 189 Iron-ore shipments 190 Italy: Discount rates of Bank of 131 Open-market money rates 132 Japan: Discount rates of Bank of 131 Open-market money rates 132 Joint resolutions of Congress: Extending temporary plan for deposit insurance 49 Extending time for renewal of loans to executive officers of banks 48 Land area of Federal Reserve districts 293-298 Lead production, index of 190 Leased-wire system, cost of 244 Leather: Factor employment index 192 Factory pay-roll index 191 Production index 189 products, wholesale prices- 194 Legal fees, Federal Reserve banks 106, 108 Leonard, R. F., appointed assistant chief of Division of Examinations 72 Liberty Loan bonds held by Federal Reserve banks 92 Loans: On securities, by member banks 142, 160, 164, 168, 172 Chart showing 31 Discussion of 30 To brokers: As reported by New York Stock Exchange • 173 By member banks: Chart showing 31 Discussion of 30 In leading cities 160 In New York City 164, 172 By weeks 172 On call dates 142 Outside New York City 168 To executive officers of member banks: Joint resolution of Congress extending time for renewal of 48 Provisions of Banking Act of 1935 regarding 60 Regulation 0 64, 213 To individuals, partnerships, and corporations 90 Discount rates on 126 To industries, by Reserve banks 4, 82, 84, 86, 88, 98 By Federal Reserve districts 98 Commitments 98 Discount rates 2, 126 Earnings on 106, 108 Provisions of Banking Act of 1935 relating to 61 Volume of 46, 93, 94 To member banks under sec. 10 (b) of Federal Reserve Act 90 Discount rates 2, 125 Policy action by Board relative to rates 199 Provisions of Banking Act of 1935 regarding 52 To National Bank of Nicaragua, policy action of Board 204 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 315 Loans and investments: Page All banks in the United States 135 Member banks: All banks 15, 19, 136, 138, 140, 142, 144 By classes of banks 138 Chart showing 20 On call dates 142 Reporting banks: In leading cities 160 In New York City 164 Outside New York City 168 State bank members of Federal Reserve System 251-267 Lumber: Factory employment index 192 Factory pay-roll index 191 Production index 190 Machinery: Factory employment index 192 Factory pay-roll index 191 Managers of branches of Federal Reserve banks, list of 246-249 Manufactures, index of production 186, 189 Map outlining Federal Reserve districts 301 Margins, stock exchange: Policy action by Board 202 Requirements, effect of, on loans 32 Maturities: Bills discounted and bought by Reserve banks 91 Purchase and sale of Government obligations without regard to; provisions of Banking Act of 1935 53 Member banks: Advances to, under section 10 (b) of act 90 Policy action by Board relative to rates 199 Provisions of Banking Act of 1935 regarding 52 Rates on 2, 125 Affiliates of. (See Affiliates.) Assets and liabilities: All banks 136, 140 Reporting banks 160-171 Assets of, determination of fair value of; policy action by Board 225 Bank suspensions _" 40, 43, 176-179 Bankers' balances 136, 140, 146, 161, 165, 169 Borrowings at Federal Reserve banks __ 138, 146 Brokers' loans: Chart showing 31 Classes of banks 138 Discussion of 30 In leading cities 160 In New York City 164 On call dates 142 Outside New York City 168 Regulation T governing, amendments to 65 Capital 137, 139, 140 Changes in membership 40, 157 Deposits: All banks 21-23, 136, 139, 140, 146, 150, 151, 152, 153 Net demand and time 151, 152, 153 Subject to reserve, reserves required, and reserves held 150, 154-156 Reporting banks 161, 165, 169 Dividends declared 158 Dividends paid to, by Federal Reserve banks 44, 104, 106, 108 Earnings, expenses, and dividends 24, 158 Excess reserves 150, 151, 154-156 Failures 40, 43, 176-179 Interlocking relationships between securities companies and; provisions of Banking Act of 1935 relating to 56, 71 List of, with loans, investments, deposits, capital, and surplus-_._ 250-266 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 INDEX Member banks—Continued. Loans and investments: Page All banks |15, 19, 136, 138, 140, 142, 144 By classes of banks 138 Chart showing 20 On call dates 142 Reporting banks 160, 164, 168 Loans to brokers. (See Brokers, loans to.) 142, 160, 164, 168, 172 Mergers 40, 157 National banks: Additions to and withdrawals from System 40, 157 Condition of 136 Loans and investments 135 Number 40, 134, 157 Suspensions 43, 176-179 Trust powers: List of banks authorized to exercise 273, 292 Number of permits issued 68 Number of 40, 134, 157 Number of, discounting paper at Federal Reserve banks 90 Number of, on par list 48, 101 Publication of reports of State members; policy action of Board 200, 222 Reserve balances 11, 13, 76-81, 85, 87, 140, 161, 165, 169 All banks_____ 136, 140, 150 Chart showing 13 On call dates 140 Reporting banks 161, 165, 169 Reserves required, reserves held, and deposits subject to reserve 150, 154-156 State banks: Affiliates. (See Affiliates.) Branches of: Approval of Board required in establishing; provisions of Banking Act of 1935 62 Number of 42 Capital 251 Changes in membership 41, 157 Condition of 136 Deposits 134 Eligibility for membership of banks which have outstanding certificates representing waived deposits; policy action of Board._ 206 Insured deposits 43 List of, with loans, investments, deposits, capital, and surplus__ 251—267 Loans and investments 135, 136, 138 Number of 42, 134, 137, 251 Classified according to size of capital stock and size of deposits 268-271 Preferred stock, retirement of: Policy action by Board 221 Provisions of act 63 Provisions of Banking Act of 1935 relative to membership 51 Publication of reports of: Policy action by Board 200, 222 Provisions of Banking Act of 1935 relating to 58 Regulation H 65, 215 Suspensions 43, 176-178 Waiver of reports of affiliates 60, 201, 228 Suspensions 43, 176-178 Waiver of reports of affiliates of; policy action by Board 201, 228 Withdrawals from System 41, 157 Membership in Federal Reserve System: Changes in 40, 157 Eligibility of State banks which have outstanding certificates representing waived deposits; policy action of Board 206 Provisions of Banking Act of 1935 relating to State banks 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 317 Membership in Federal Reserve System—Continued. F&ge Regulation H, revision of 65, 215 State banks and trust companies, list of 251-267 Membership in par collection system 48, 101 Merchandise exports, discussion of 8 Mergers, bank 41, 157 Metals, wholesale price index of 194, 195 Mineral production, index of 186, 190 Monetary gold stock of United States 7, 9, 76-80, 115, 116 Analysis of changes in 116 Years 1914-35 115 Money in circulation 24-27, 76-81, 119-121 By kinds 27, 120 By months 119 Notes in process of retirement 27 Paper 25, 121 Money rates: In foreign countries 131 In New York City 28, 128, 129 In principal cities 28, 130 Mortgages, insured: Excepted from provisions of condition of membership regarding issuance and sale of evidences of indebtedness representing realestate loans; policy action of Board 229 Investment of trust funds in; policy action of Board 222 Mutual-savings banks: Deposits 134 Insured 43 Loans and investments 135 Number of 42, 134 National bank notes: Circulation. 120 Held by Federal Reserve banks 82 Retirement of 27, 28 National Bank of Nicaragua, loans to; policy action by Board 204 National banks: Additions to and withdrawals from System 41,157 Branch offices, number of 42 Capital stock, reductions in 69 Condition of 136 Deposits 134 Insured 43 Loans and investments 135, 136, 138 Number 42, 134, 157 Real estate loans by; provisions of Banking Act of 1935 54 Stock of, reduction in, approval of Board; provisions of Banking Act of 1935 62 Suspensions 43, 176-178 Trust powers: List of banks authorized to exercise 273-292 Number of permits issued 68 Small banks in competitive situations 220 National securities exchanges: Margins, policy action by Board 202 Monthly reports from member firms of; policy action by Board 199 Netherlands: Discount rates of Bank of 131 Open-market money rates 132 New York Stock Exchange: Borrowings of brokers as reported by 173 Regulation T, amendments to 65 Nonferrous metals: Factory employment index _ 192 Factory pay-roll index.. , _ ... 191 Production index 189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 INDEX Nonmember banks: Page Bills discounted for 82, 84 Branch offices, number of 42 Deposits 76-80, 134 Loans and investments 135 Number of 41, 134, 157 Number on par list 48, 101 Suspensions 176-178 Number of bank suspensions 43, 176-178 Number of banks in the United States 42, 134 Number of banks on par list 48 Number of branch offices of banks 42 Number of insured banks 42 Number of member banks 40, 134, 157 Number of member banks discounting at Federal Reserve banks 90 Number of nonmember banks 41, 134, 157 Number of State member banks classified according to size of capital stock and size of deposits 268-271 Officers and directors of Federal Reserve banks, list of 246-249 Officers and employees: Board of Governors, number and salaries 240-243 Federal Reserve banks: Number and salaries 45, 250 Salaries, policy action by Board 208 Open Market Committee, Federal, meeting of 72 Open market operations: Policy action by Board relative to 208, 223 Resolutions of Open Market Committee regarding 231, 233 Recommendations of Federal Advisory Council relative to_ 236 Open-market rates. (See Discount and open-market rates.) Par collections. (See Check clearing and collection.) Par list, number of banks on 48, 101 Pay rolls, factory, index of 38, 191 Penalties for deficient reserves 106, 108 Permits under Clayton Act 69 Permits under section 32 of Banking Act of 1933 70 Permits, voting, by holding company affiliates 71, 217 Petroleum refining: Factory employment index 192 Factory pay-roll index 191 Production index _• 189 Policy actions, record of: Board of Governors 199-230 Federal Open Market Committee 231-235 Provisions of Banking Act of 1935 relating to 52 Population of Federal Reserve districts 293-298 Postage, Federal Reserve banks, cost of 106, 108 Postal savings deposits: On call dates 140, 146 Provisions of Banking Act of 1935 regarding 62 Preferred stock of State member banks, retirement of: Policy action by Board 221 Provisions of Act 63 Premises, Federal Reserve banks 47, 82, 84, 86, 88, 102, 106 Book value 102 Cost of 102 Date occupied 102 Depreciation charges 108 Repairs, cost of 106 Presidents of Federal Reserve banks, provision in Banking Act of 1935 for_ 51 Prices: Retail 39 Security 184 Wholesale commodity 39, 194, 195 Printing and stationery, Federal Reserve banks, cost of 106, 108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 319 Private banks: Number of ,. 42 Number of branch offices 42 Production: Chart showing 37 Index of 36, 186 Profit and loss account of Federal Reserve banks 110 Public-utility stocks, prices of 184 Publication of condition reports of State member banks: Policy action by Board 200,222 Provisions of Banking Act of 1935 relating to 58 Railroad car loadings, index of 186 Railroad stocks, prices of 184 Rates, discount. (See Discount rates.) Real estate, loans on: Made by member banks 142, 160, 164, 168 Provisions of Banking Act of 1935 relating to 54, 55, 61 Receipts and disbursements, Board of Governors 244 Receiver, list of national banks authorized to act as 272 Receiverships, bank 40, 43, 176-179 Recommendations of Federal Advisory Council 236-238 Reconstruction Finance Corporation, loans to banks by 43 Record of policy actions: Board of Governors 199-230 Federal Open Market Committee 231-235 Provisions of Banking Act of 1935 regarding 52 Redemption fund: Federal Reserve bank notes 84, 86, 88 Federal Reserve notes 82, 84, 86, 88 Registrar of stocks and bonds, list of national banks authorized to act as_ _ 272 Regulations of the Board of Governors: Regulation D—Reserves of member banks 18, 64, 213 Regulation H—Membership of State banks 65,215 Regulation I—Capital stock of Federal Reserve banks 65, 210 Regulation O: Issuance of new regulation entitled "Loans to executive officers of member banks" 65, 213 Revocation of old regulation entitled "Regulation for the guidance of Federal Reserve agents in the matter of issuance and retirement of Federal Reserve notes" 213 Regulation P—Holding company affiliates—Voting permits 65, 214 Regulation Q—Payment of interest on deposits 63,210 Deferment of effective date of subsection 1 (f) 229 Regulation T—Stock Exchange 65, 202 Rent paid by Federal Reserve banks 106, 108 Reporting member banks. (See Member banks.) Report of condition of affiliates, waiver of 60, 201, 228 Report of condition of member banks, publication of 58, 200, 222 Reports, monthly, from member firms of national securities exchanges; policy action of Board 199 Reserve balances of member banks 11, 13, 76-81, 85, 87, 140, 161, 165, 169 All banks 136, 140, 150 Chart showing 13 On call dates 140 Reporting banks 161, 165, 169 In leading cities 161 In New York City 165 Outside New York City 169 Reserve bank float 84 Reserve city member banks: Ml Condition of 136 Deposits, reserves, and borrowings 148 Loans and investments 136, 138, 144 Reserves: , ^ Against Government deposits, provisions of Banking Act of 1935 regarding 60 Change in method of computing, against net time deposits 18 Deficiencies in, penalties for 106, 108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 INDEX Reserves—Continued. Page Federal Reserve banks 81, 82, 84, 86, 88 Cash 82, 84, 86, 88 Excess 76-81 Member banks: All banks 2, 11, 12, 150, 151, 154-156 Chart showing 13 Discussion of 11 Deposits subject to reserve, reserves required, and reserves held 150, 154-156 Excess 2, 11, 150, 151, 154-156 Advisability of reducing; policy record of Board 205 Chart showing 13 Discussion of 2, 11 Recommendations of Federal Advisory Council relative to__ 236 Resolutions of Federal Open Market Committee regarding_ 231, 233 Action on, by Board of Governors 208, 223 Statements of Board and Open Market Committee regarding. 3 On call dates 140 Position of individual banks . 16 Regulation D 64, 213 Requirements, provisions of Banking Act of 1935 regarding 53, 59 Reporting banks 160, 164, 168 Resolutions of Federal Open Market Committee relative to business and credit conditions 231, 233 Action on, by Board of Governors 208, 223 Resources and liabilities: Federal Reserve banks: At the end of each month 84 At the end of 1934 and 1935 86-89 Weekly statement and balance-sheet items 82 Member banks: Country banks 136 National and State banks 136 On call dates- 140 Reporting banks: In leading cities 160 In New York City 164 Outside New York City 168 National banks 136 Reserve city banks 136 State member banks 136 Rubber products: Factory employment index 192 Factory pay-roll index 191 Production index 189 Salaries: Board of Governors 52, 240-243 Comptroller of the Currency, under provisions of Banking Act of 1935_ 54 Federal Reserve banks 45, 106, 108, 249 Policy action by Board > 208 Savings deposits, rate of interest fixed by Board 2 Secretary of the Treasury, term as member of Federal Reserve Board terminated by Banking Act of 1935 6, 52 Securities companies, interlocking relationships between member banks and, provisions of Banking Act of 1935 relating to 56 Security prices 184 Shipment of goods to belligerent nations, financing of; policy action of Board 227 Silver: Circulation 27, 120 Held by Federal Reserve banks 82 Monetary stock 7, 10 Purchase of, under Silver Purchase Act 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 321 State banks: Affiliates of member banks. (See Affiliates.) Branches of: Approval of Board required in establishing; provisions of Banking Page Act of 1935 62 Number of 42 Capital 251 Changes in membership 41, 157 Condition of 136 Deposits 134 Eligibility for membership of banks which have outstanding certificates representing waived deposits; policy action by Board 206 Insured deposits of member banks 43 List of members, with loans, investments, deposits, capital, and surplus 251-267 Loans and investments 135, 136, 138 Number of 42, 134, 157, 251 Classified according to size of capital stock and size of deposits. 268-271 Preferred stock of member banks, retirement of: Policy action by Board 221 Provisions of act regarding 63 Provisions of Banking Act of 1935 relating to membership 51 Publication of reports of: Policy action by Board 200, 222 Provisions of Banking Act of 1935 relating to : 58 Regulation H 65, 215 Suspensions 43, 176-178 Waiver of reports of affiliates of member banks 60, 201, 228 Stock certificates of member banks, separation of, from, those of other corporations; provisions of Banking Act of 1935 57 Stock exchange: Borrowings of brokers as reported by 175 Regulation T 65, 202 Stock of national bank, reduction in, approval of Board not required; provision of Banking Act of 1935 62 Stock, preferred, of member banks, retirement of: Policy action by Board 221 Provisions of act regarding 63 Stocks: Prices of: Chart showing 31 Discussion of 30 Purchase of, by banks for account of customers; provision of Banking Act of 1935 56 Stocks and bonds: Issues of 183 Loans secured by, made by member banks: In New York City 172 On call dates 142 Money rates on loans secured by 128, 129 Prices of 184 Surplus: Federal Reserve banks 44, 83, 85, 87, 89, 104, 106, 108 Member banks 136 State bank members of Federal Reserve System 251 Suspensions, bank. (See Bank suspensions.) Sweden, Bank of, discount rates 131 Switzerland: Discount rates of Bank of 131 Open-market money rates 132 Tax, franchise, paid by Federal Reserve banks to Government 104 Tax on premises, Federal Reserve banks 106, 108 Telegraph, leased-wire system, cost of 244 Telephone and telegraph expenses: Board of Governors 244 Federal Reserve banks ______________ 106, 108 Terms of members of Board of Governors 52 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 INDEX Textiles: Page Factory employment index 192 Factory pay-roll index 191 Prices, wholesale 194, 195 Production index 189 Thurston, Elliott, appointed special assistant to the Chairman of Board. _ 72 Time and demand deposits. (See Deposits.) Tobacco manufactures: Factory employment index 192 Factory pay-roll index 191 Production index 189 Trade, foreign 39 Trade, wholesale 38, 186, 188 Traveling expenses, Federal Reserve banks 106, 108 Treasury bills: Held by Federal Reserve banks 82, 86, 88, 92 Yield on 29 Treasury bonds: Held by Federal Reserve banks 82, 86, 88, 92 Yield on 128 Treasury notes: Circulation 120 Held by Federal Reserve banks 82, 86, 88, 92 Yield on 128 Trust companies. (See State banks.) Trust funds, investment of, in insured mortgages; policy action of Board. _ 222 Trust powers of national banks: List of banks authored to exercise 273-202 Number of permits issued 68 Small banks in competitive situations; policy action by Board 220 United States Government deposits: Held by Federal Reserve banks 81, 83, 85, 87, 89 Held by member banks 136, 138, 140, 142, 146, 161, 165, 169 In leading cities 161 In New York City 165 On call dates 146 Outside New York City 169 Reserves against; provisions of Banking Act of 1935 60 United States Government securities: As collateral against Federal Reserve notes 111 Average yield on 128, 129, 185 Bills discounted secured by, held by Federal Reserve banks. _ 82, 86, 88, 90 Bonds: Held by Federal Reserve banks 82, 86, 88, 92 Prices of 184 Purchase of, by a Federal Reserve bank from a Federal land bank under repurchase agreement; policy action of Board 215 Redemption of 27 Yield on 29, 185 Earnings and rates of earnings on purchases by Reserve banks. _ 45, 103, 106, 108 Held by Federal Reserve banks 76-80, 82-89, 92 By classes 92 Held by member banks 136, 138, 140, 142, 160, 164, 168 Held in System account, shifts in maturities of; policy action of Board and Open Market Committee regarding 209, 215, 234 Issues, redemptions, and exchanges handled by fiscal agency departments of banks 93, 94 Liberty bonds held by Federal Reserve banks 92 Limitation on loans by member banks on; provisions of Banking Act of 1935 regarding 58 Paper secured by, held by Federal Reserve banks 82, 86, 88, 90 Purchase and sale of, without regard to maturities; provisions of Banking Act of 1935 53 Rates of earnings on purchases by Federal Reserve banks 45 Treasury bills held by Federal Reserve banks 82, 86, 88, 92 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 323 United States Government securities—Continued. Treasury bonds: Tage Held by Federal Reserve banks 82, 86, 88, 92 Yield on 128 Treasury notes: Held by Federal Reserve banks 82, 86, 88, 92 Yield on 128 Volume handled by Federal Reserve banks 46, 93, 94, 96 United States notes: Circulation 27, 120 Exchange of, directly with Treasury, for new issues; policy action of Board 216 Vest, George B., appointed assistant general counsel to Board 72 Volume of operations of Federal Reserve banks: All banks 46, 93, 94 Branches 47,96 Each bank 94 Wholesale trade, index of 186 Wingfield, B. M., appointed assistant general counsel to Board 72 Withdrawals from Federal Reserve System 41, 157 Yields on bonds _ 29, 185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis